The portfolio is an actively managed, diversified multi-manager strategy. Over the long term, the portfolio aims to have a 85% allocation to defensive assets (cash and fixed interest) and a 15% allocation to growth assets. This portfolio suits investors who are seeking lower investment value volatility (while understanding loss is still possible) and are therefore willing to accept lower potential investment performance. The Morningstar Managed Accounts encapsulate active management across all asset classes. Underlying managers are chosen taking in to account their Morningstar’s Analyst Rating and the role the fund brings from a portfolio construction perspective. On a post fee basis we anticipate these managers can add value over the investment cycle. A key element of picking active managers within these portfolios is the ability to protect the portfolio in down market periods. A key thesis is that we anticipate the portfolios will likely lag in strong up markets but better protect in down markets. This is a trade-off we believe will serve investors over the long term.