a. You are given three equations below which explains the return on an investment. Provide and explanation of what each of these says about the return on your investment.

Return = Yield - D X ( yield)

Return = Cash Rate + ( Yield - Cash Rate) - D X ( yield)

b. What does a Yield curve represent and why are they typically upward sloping? Demonstrate where the current yield curve of the South African bond market is, the direction it will go at the backdrop of rising inflation and central bank increasing rates.

c. To what extent does environmental, Social and Governance (ESG) consideration and Sustainable Investment have in the context of international diversification and Regulation 28 in particular.