The need for clarity in species conservation objectives.

Identifying sensible objectives for conservation programmes should probably be easiest when planning an investment portfolio designed for a single species. Here, however, we show that optimal investment portfolios aiming to conserve African Elephants in protected areas across the continent would differ substantially depending on relatively small differences in objectives. Objectives seeking to maximize the number of elephants across the continent after five years tended to focus new investment on slowing declines in protected areas where large populations are currently declining fast. Objectives aimed at maximizing the number of populations with viable populations redirected new funding towards smaller and medium sized populations where reversing declines was feasible within the given budget. The optimal investment strategy is also dependent on the budget level. We encourage stakeholders and investors to apply a portfolio approach that can achieve success for a range of conservation objectives and use this approach to guide efficient choices for future conservation spending.