The stated investment objective of a superannuation fund investment option is CPI + 3% p.a. over a 5- to 7-year timeframe, leading to an expected negative return one in every 7 years. Investment teams and Committees use this objective as a to guide in determining the types and quantities of assets to invest in. How is risk (volatility and/or a chance of permanent loss of capital) captured in this objective? Consider how this objective differs from an investment with a CPI +1% p.a. objective and discuss, in general, what differences there might be in the asset allocations between the two.