The Equity Fund invests in the shares of companies listed on the Johannesburg Stock Exchange. The fund can also invest 25% in international equities, plus a further 5% in Africa (outside of South Africa). There are no restrictions on how much exposure the fund can have to different sectors (for example, to mining, financial or industrial companies). The fund will be fully invested in shares at all times. The fund is mandated to use derivative instruments for efficient portfolio management purposes.