Create 3 Asset Allocationls} [up to 30% maximum 1500 words]: The SEE's BoD would like to evaluate three different SAA, using three different portfolio construction techniques. Each asset allocations will be constructed using ll} quarterlyr real returns, and {ii} data from 03 1994 to E11 201i} [do not use data up to C12 2&21]. Allocations must be whole numbers [for example a 9.5% allocation to US small cap growth should be changed to either 9% or 10%}, and allocation to each market and asset class must be in multiples of 5% {for example a 4% allocation to emerging market equities must be changed to 5%}. This requirement does not impact the subcapitalisation or issuers. These allocations adjustments may.r be programmed DR can be adjusted manuallv. Subcogitoiisotiongissuers thot will be used in W construction will be restricted to the selection mode in section 2 above. E. An optimised MeanVariance 5AA: lvl'v' Optimised SAA will be created using Excel Solver {or anv optimisation program}. The Basic oonstraints will include: {i} No leverage or short selling {ii} Required return based on the return objective established in Section 1 above. {iii} Ensure a defensegrowth bias as established in Section 1 above. {iv} Constraints on two of the three risk measures. The remaining risk measure will be minimised. Investment proposals have freedom to add additional constraints as deemed appropriate based on the assetfsubasset class discussion in section 2 above and demonstrate that the investment objectives will be met. II. A RiskAllocated Porlfolio: A riskallocated SAA will be created using Excel Solver [or anv optimisation program}. Investment proposals have freedom to allocate risk {marginal contribution} as deemed appropriate based on the assetfsub-asset class discussion in section 2 above and demonstrate that the investment objectives will be met. Constraints for this methodologyr ma'jr not be the same as for the mean variance optimisation. HE. A Bucket-based Portfolio: An SAA based on allocations across three buckets: Safe Bucket, MarketRisk bucket, and a Risk}.r Bucket. Allocation within, and across buckets, can be based on a single methodologv, a combination of methodologies, andfor subjectivelv. Allocation of asset classes and subasset classes, capitalisation [for equities}, and issuers {for bonds}, markets {for equities and bonds} to each bucket must be justied bv the inherent nature