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Investment Objective refers to the specific financial goals and objectives that an investor hopes to achieve through their investment portfolio.

a) Portfolio Compliance relative to investor selected restrictions. The investment objective can include restrictions on the types of securities that can be included in the portfolio, such as avoiding certain industries or companies, or adhering to specific environmental, social, and governance (ESG) criteria. 

• To ensure portfolio compliance with these restrictions, the portfolio manager must conduct thorough research and due diligence on potential investments to ensure they align with the investor's objectives and restrictions.

b) Portfolio Rebalancing relative to attribute selection. The investment objective can also include a specific target allocation of assets, such as a certain percentage of stocks and bonds. 

• To maintain this target allocation, the portfolio manager must regularly review and rebalance the portfolio by buying or selling assets as necessary. This is done to ensure that the portfolio remains aligned with the investor's objectives and to take advantage of market conditions.

c) Position Adjustment relative to inflows and redemptions. The investment objective may also include a target size of the portfolio, which can be influenced by inflows and redemptions. Inflows and redemptions refer to cash flowing into or out of the portfolio, respectively. 

• To maintain the target size of the portfolio, the portfolio manager must make adjustments by buying or selling assets as necessary to align with the objectives. This is done to ensure that the portfolio remains aligned with the investor's objectives and to take advantage of market conditions.

Overall, the investment objective is a crucial aspect of managing a portfolio, as it sets the guidelines and parameters for the investment decisions and actions taken by the portfolio manager. It helps to align the portfolio with the investor's goals and objectives, and guides the manager in making investment decisions that are in the best interest of the investor.