Today is $4$ Jan $2023.$ You, a financial advisor, just ended a meeting with a client, Mr$.$ Muthu, who is seeking assistance in his investment portfolio. Mr$.$ Muthu shared that he invested $$1,500,000$ into a portfolio of the following investments as at $1$ Jan $2018$: $25\%$ Parkway Life REIT $($Ticker: PRKWF$),25\%$ Singapore Technologies $($ST$)$ Engineering $($Ticker: SGGKY$),$ and $50\%$ OCBC Bank $($Ticker: OVCHY$).$ Since $1$ Jan $2018$ to $31$ Dec $2022,$ Mr$.$ Muthu had not contributed nor withdrawn any amounts, and had reinvested all dividends into the fund. He did not undertake rebalancing of portfolio. Mr$.$ Muthu expected a target annualized geometric return of $8\%,$ with minimal risk. As at $31$ Dec $2022,$ he believed that the portfolio had underperformed. As a financial advisor, you would like to advise Mr$.$ Muthu on how best to improve his portfolio. You understand that Mr$.$ Muthu is planning for retirement, and he hopes to retire in $15-$years$$ time. He intends to retire with an amount that can best serve his retirement needs. A citizen of Singapore, Mr$.$ Muthu is a highly successful and busy businessman owning a few domestic businesses, with exposure to hospitality and real estate sectors$.$ Mr$.$ Muthu treasures liquidity. He wants to have the option of selling his investments if an economic downturn happens. Mr$.$ Muthu is married with no children. His apartment has been fully paid up$.$ He has no major planned expenditures in the foreseeable future. He has an emergency cash reserve of one year of his family$$s household expenditure. You did a risk profiling survey with Mr$.$ Muthu. Survey results showed that Mr$.$ Muthu has little understanding of finance. Mr$.$ Muthu agrees with the statement $$investing is too difficult to understand$.$ He also agrees that $$in terms of investing, safety is more important than returns.$$ Mr$.$ Muthu also has concerns of inflation. It is assumed that inflation rate will be $3\%$ per annum in the long run. Mr$.$ Muthu requires you to summarize and critically discuss your findings, as well as provide a recommendation about the inclusion of investments in Mr$.$ Muthu$$s proposed portfolio. Construct a concise investment policy statement, based on the case facts and suitable assumptions. The statement is to comprise the following: $-$ Purpose of the statement and profile of the client $-$ Return and risk objectives of the client $-$ Investment constraints of the client