The majority of our AUM (95%) consist of Derivative Instruments referencing a range of underlying assets, including the USD/ZAR and EUR/ZAR exchange rates, South African and International Equity market indices (e.g. the FTSE / JSE SWIX 40 Total Return Index and MSCI All Country World Index), South African Nominal and Inflation-linked Bonds etc. We act as agent on behalf of our clients with the instruments being issued by counterparty banks, i.e. the client does not own the underlying asset, but an instrument issued by the bank. We evaluate the ESG credentials of the banks accordingly. The 5% of Fixed Income assets we manage consist of traditional Cash and Bond instruments issued by South African Sovereigns and Corporates.