The manager seeks to grow the Fund (through increases in investment value and income) in real terms over a rolling 5-year period after deducting fees and costs. To grow in real terms, the Fund must increase in value after outperforming the rate of inflation. The manager measures inflation using the Consumer Prices Index (CPI). The manager invests between 20 and 60% of the Fund in the shares of companies from around the world. The manager will also invest in bonds, units in funds (including those managed by Sarasin) and cash, and the manager may hold up to 80% of the Fund in these assets when we deem it appropriate in order to manage difficult market conditions.