Key Point No 3 - A single asset cannot be partially segregated.

If the fund holds real estate – then either the real estate is segregated or it is not segregated.  It is not possible to segregate say 1,000 sq metres of the real estate with the balance not being segregated.  

Equally, it is not possible to say that the real estate is held as 40% as a segregated asset and the balance as a non-segregated asset.