In Botswana, the, law gives an option to employees to encash a portion of their Fund Credits as and when they change employers (i.e., one third) and when they do retire. For this reason, time and again there will be withdrawals from the assets invested in the market. The process is normally handled through instructions given to the investment managers by the Fund’s Administrator. Withdrawals reduce the Fund’s total holdings and will be reported as a negative entry.