The designated Investment Management Team is required first to process (entails assessing) HD Faculty™'s investment objectives, portfolio constraints and risk preferences. An understanding is then reached as to the long-term goals, strategy to be utilised and the parameters that are required for the portfolio.

Next, the Investment Management Team integrates HD Faculty™'s objectives into the context of their own outlook for the economy and capital markets. Expected returns for bonds, stocks and cash are generated and the asset mix for each portfolio is aligned to realise a maximum total return for a given level of risk. As economic conditions and the capital market outlook change, the Investment Management Team is required to realign the portfolio to be more defensive or aggressive, as the case may be.