The objective of the VT Redlands Equity Portfolio is to provide capital growth. The Fund seeks to achieve its objective by investing primarily (at least 70%) in collective investment vehicles (including for example collective investment schemes, exchange traded funds and investment trusts) which provide exposure to listed equity securities across developed and emerging markets (that is those markets whose economies are in an emerging growth phase and offer high potential return with higher risks than developed market countries). The Fund may also invest directly in other collective investment schemes (including those which are managed or advised by the ACD or Manager), transferable securities, money market instruments, deposits, cash and near cash.