The Investment Objective of the Fund over time is to outperform the S&P/ASX 200 Ex-A-REIT Index (Benchmark). The Fund aims to achieve this by investing in a concentrated portfolio comprising no more than 25 ASX listed securities. Where there is a lack of suitable investment opportunities, or as a means of preserving capital, the Fund may hold up to 25% of its Net Asset Value in cash or cash-like securities.