The investment objective of the Fund is to generate capital growth and income over the longer term (more than 7 years). The Fund will seek to achieve its objectives by investing at least 80% in passive (that is those investments which aim to track the performance of various financial indices) collective investment funds (such as OEICS, exchange traded funds and Investment Trusts, and which may include funds managed and/or operated by the ACD or Investment Manager) which will provide exposure to a diversified portfolio but with a preference (more than 50%) towards exposure (indirectly) to higher risk assets such as equities (and to a limited degree alternatives such as property, infrastructure and commodities) and less emphasis on lower risk assets such as cash and fixed income. It is expected that the exposure to higher risk assets such as equities will typically be between 50-70%.