diversify allocations across asset classes and macroeconomic environments (which is determined by whether
economic growth and inflation are either rising or falling8), and employ a robust risk allocation process to all
positions by investing in a diverse set of asset classes and dynamically allocating these exposures according
to their performance in various macroeconomic environments. The portfolio targets an appropriate balance
across 4 distinct market environments, i.e. growth, low growth, inflation and stagflation, thereby reducing
reliance on growth markets for achieving their return objectives and differentiating itself from traditional
income solutions (which are limited to return of principal and interest from investments). In determining
asset allocation for the Sub-Fund, there will be an emphasis on income-generating assets so as to achieve a
sustainable level of income;