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Asset allocation is the mix of different asset classes (and assets within each class) in an investment portfolio.

Strategic Asset Allocation (SAA) refers to the strategy used to achieve a particular objective for an investment option.

Actual asset allocation is a snapshot of the mix of assets at a particular point in time. This might vary from the SAA, but only within allowable ranges that are set as part of the overall investment strategy.

Following were the actual asset allocations for the four investment options as at 31 March 2021.

Cash Conservative Balanced High Growth
Public market shares - 20% 41% 60%
Private equity - 6% 12% 12%
Real assets - 5% 15% 15%
Alternative credit - 4% 8% 8%
Bonds - 55% 19% -
Cash 100% 10% 5% 5%