Investment objective The PPS Conservative Fund of Funds aims to outperform inflation by 2% per year over periods longer than 36 months. It is also a suitable vehicle for retirement savings. Investment mandate This fund of funds is well diversified across managers and asset classes, with limited equity exposure which will not exceed 40% and a maximum effective property exposure of 25% . It may invest in listed and unlisted financial instruments. It solely holds units in local or foreign collective investment schemes or other similar schemes.