The fund invests in the constituents of the SA Listed Property Index
and aims to replicate the Index by holding the same weightings of
these constituents. The SAPY is an Index of the top 20 liquid property
companies by market capitalisation that have a primary listing on the
JSE. The fund is rebalanced quarterly and therefore has minimal
trading costs. The fund may also hold a small portion in cash
instruments and listed derivatives to effect efficient portfolio
management.