alexander forbes

Manager WatchtM Survey OF retIreMent FunD InveStMent ManagerS

December 2011

FInancIaL ServIceS

asset consultants

An Authorised Financial Services Provider

tbsp

///

bey

ond

the

line

3380

7

Sip on a coconut whilst strolling down Copacabana Beach.

Attend the opening ceremony of the Olympics.

Order a beer in German at the Oktoberfest.

Watch Celtic take on Rangers in Glasgow.

Get a haircut in Harlem.

Swim in Lake Titicaca.

Ride an elephant.

Surf in Hawaii.

Stay in an ice hotel.

Snorkel in the Seychelles.

Touch the Great Wall of China.

Travel to the end of the world.

Flirt with an air hostess on Japan Airlines.

Have a mojito in Hemingway’s Bar, Havana.

Drive through the South of France on a Vespa.

Live without regret.

InDex

SectIOn 1

General Information 1

Regulation 28 8

An objective look at Surveys 11

SectIOn 2

Balanced Manager Watch™ Survey 15

Balanced Manager Watch™ Survey Risk Analysis 23

Balanced Manager Watch™ Survey Asset Allocation 31

Balanced Manager Watch™ Survey Internal Composite Dispersions 32

SectIOn 3

S.A. Equity Manager Watch™ Survey 35

S.A. Equity Manager Watch™ Survey Internal Composite Dispersions 43

S.A. Bond Manager Watch™ Survey 45

S.A. Bond Manager Watch™ Survey Internal Composite Dispersions 49

S.A. Money Market Manager Watch™ Survey 51

S.A. Money Market Manager Watch™ Survey Internal Composite Dispersions 53

Absolute Return Manager Watch™ Survey 54

Absolute Return Manager Watch™ Survey Internal Composite Dispersions 57

Targeted Development Investments Manager Watch™ Survey 59

S.A. Fund-of-Hedge Funds Survey 61

S.A. Property Manager Watch™ Survey 62

Multi-Manager Watch™ (Specialist) Survey 63

Multi-Manager Watch™ (Balanced) Survey 65

SA Medical-Aid Manager Watch™ Survey 68

SectIOn 4

Fees (Indicative Ranges) 70

SectIOn 5

Glossary 72

Directory of South African Asset Managers 75

2004 Alexander Forbes.indd 1 2011/12/14 4:11 PM

1

Introduction

The Manager Watch™ Survey of Retirement Fund Investment Managers is an annual survey that showcases the performance of institutional fund managers in South Africa and has been published since 1994.

The Structure of the Retirement Fund Survey

This edition includes thirteen surveys with 45 managers and over 320 funds, covering 4 balanced surveys, 8 specialist surveys, and the multi-manager survey.

The criteria for participation in any of the surveys remains unchanged from 2010 where a fund size of R200 million as well as a 12-month track record, is prerequisite. The R200 million criteria is applicable to all funds in most survey categories except where it is specifically indicated that this criteria is excluded.

Managers are encouraged to submit new entrants into the surveys promptly as we are cognisant of not allowing back-fill bias to skew our historic databases.

All participants are, from time to time, expected to sign a document pertaining to participation rules for the Alexander Forbes Manager Watch™ surveys.

The following surveys are included:

• SAManagerWatch™&GlobalManagerWatch™ –BalancedMandates

• SAEquityManagerWatch™

• SABondManagerWatch™

• SAMoneyMarketManagerWatch™

• AbsoluteReturnManagerWatch™

• TargetedDevelopmentInvestmentSurvey

• FundofHedgeFundSurvey

• MultiManagerWatch™

• MedicalAidManagerWatch™

• S.A.PropertyManagerWatch™Survey

Each survey shows performance returns over different time periods as well as risk-adjusted performance over a three-year period in figures and an easy to use graphical format.

The table overleaf reflects funds that entered or exited the Surveys over the past year, as well as any name changes.

SectIOn 1general Information

2


ENTR

IES

EXITS

PORTF

OLION

AME

CHAN

GES

Merge

rsand

Acq

usition

s

RM

B A

sset

Man

agem

ent a

nd M

etro

polit

an A

sset

Man

ager

s m

erge

d ef

fect

ive

1 Se

ptem

ber 2

011,

rena

med

to M

omen

tum

Ass

et M

anag

emen

t.

SAM

anag

erW

atch

™&

Globa

lMan

ager

Watch

™

SAB

estI

nves

tmen

tView

IS S

pect

rum

Loc

alR

MB

AM re

nam

ed to

Mom

entu

m A

M D

omes

tic B

alan

ced

Fund

Met

ropo

litan

Man

aged

Globa

lDyn

amic

Coro

natio

n M

anag

ed P

ortf

olio

2R

MB

Opt

imis

er re

nam

ed to

Mom

entu

m O

ptim

iser

Fun

d

Met

ropo

litan

(Opt

imum

Gro

wth

)

Globa

lBes

tInv

estm

entV

iew

Met

ropo

litan

Man

aged

RM

BAM

Glo

bal B

alan

ced

rena

med

to M

omen

tum

AM

Glo

bal B

alan

ced

Fund

Sym

met

ry C

PIX

+ 5%

Fun

d re

nam

ed to

Sym

met

ry A

bsol

ute

Def

ensi

ve F

und

SAE

quity

Man

agerW

atch

™El

ectu

s G

row

th P

ortf

olio

Adva

ntag

e D

iver

sifie

dAd

vant

age

Focu

ssed

rena

med

to M

omen

tum

Cla

ssic

Equ

ity

Mom

entu

m T

arge

t Equ

ityCa

diz

Enha

nced

Inde

xR

MB

AM E

quity

Agg

ress

ive

Activ

e re

nam

ed to

Mom

entu

m A

M A

ggre

ssiv

e Eq

uity

Fun

d

OM

IGSA

Act

ive

Qua

nt E

quity

Elec

tus

GAR

P Po

rtfo

lioR

MB

AM E

quity

Dom

estic

Hou

sevi

ew re

nam

ed to

Mom

entu

m A

M H

ouse

view

Equ

ity F

und

OM

IGSA

Dou

ble

Alph

a To

p 40

Met

ropo

litan

Man

aged

Equ

ity

OM

IGSA

Pre

miu

m E

quity

OM

IGSA

Inve

stm

ent R

esea

rch

Smal

l Cap

Gro

wth

SIM

Agg

ress

ive

Equi

tySt

anlib

Sm

all C

ap E

quity

Sygn

ia A

bsol

ute

Focu

s Eq

uity

TOR

OS

Equi

ty C

API

Sygn

ia C

ore

Equi

ty F

und

TOR

OS

Equi

ty P

ortf

olio

SAB

ondMan

agerW

atch

™Pr

esci

ent I

nflat

ion

Link

ed B

ond

Fund

Cadi

z In

flatio

n Li

nked

Bon

dAd

vant

age

Mod

erat

e B

ond

rena

med

to M

omen

tum

Mod

erat

e B

ond

Futu

regr

owth

Pas

sive

ILB

Ort

hogo

nal B

ond

rena

med

to V

unan

i Act

ive

Bon

d Fu

nd

Met

ropo

litan

Man

aged

Gilt

RM

BAM

Bon

d Po

rtfo

lio re

nam

ed to

Mom

entu

m A

M B

ond

Fund

RM

BAM

Infla

tion

Link

ed B

ond

rena

med

to M

omen

tum

AM

Infla

tion

Link

ed B

ond

SIM

Dur

atio

n B

ond

Fund

rena

med

to S

IM In

stitu

tiona

l Tot

al R

etur

n B

ond

Fund

SAM

oney

Marke

tMan

agerW

atch

™At

lant

ic C

ash

Plus

Met

ropo

litan

Man

aged

Mon

ey M

arke

tR

MB

AM C

ash

Plus

rena

med

to M

omen

tum

AM

Cas

h Pl

us

Mom

entu

m (R

5) M

oney

Mar

ket

Prud

entia

l Mon

ey M

arke

tR

MB

AM M

oney

Mar

ket r

enam

ed to

Mom

entu

m A

M M

oney

Mar

ket

Ned

grou

p In

vest

men

ts M

oney

Mar

ket F

und

PSG

Abs

olut

eSt

anlib

Cas

h Pl

us re

nam

ed to

Sta

nlib

Enh

ance

d Yi

eld

RE:

CM M

oney

Mar

ket

Sygn

ia M

oney

Mar

ket

Abso

luteR

eturnMan

agerW

atch

™Ca

diz

Infla

tion

+ 3%

Prud

entia

l Dom

estic

Infla

tion

+ 7%

Met

ropo

litan

Abs

olut

e re

nam

ed to

Mom

entu

m A

M C

PI +

5%

Dom

estic

Fun

d

Coro

natio

n Ab

solu

te C

PI +

6%

(mov

ed fr

om C

PI +

7%

)R

MB

AM P

rom

inen

t Infl

atio

n re

nam

ed to

Mom

entu

m A

M C

PI +

5%

Glo

bal F

und

Mom

entu

m A

bsol

ute

Stra

tegi

esSy

mm

etry

CPI

+ 5

% re

nam

ed to

Sym

met

ry A

bsol

ute

Def

ensi

ve F

und

Mom

entu

m C

apita

l Plu

s Fu

nd (m

oved

from

CPI

+ 5

% to

CPI

+3%

)Sy

mm

etry

CPI

+ 7

% re

nam

ed to

Sym

met

ry A

bsol

ute

Bal

ance

d Fu

nd

Mom

entu

m R

eal R

etur

n

Targeted

Dev

elop

men

tInv

estm

entS

urve

ySy

mm

etry

Soc

ial I

mpa

ct F

und

SIM

SR

I Equ

ityM

etro

polit

an A

fric

an W

ealth

Cre

ator

rena

med

to M

omen

tum

AM

Afr

ican

Wea

lth C

reat

or

Fund

ofH

edge

Fun

dSu

rvey

Blu

e In

k Eq

uity

Agg

ress

ive

Alph

a O

ppor

tuni

stic

Ble

nd o

f Fun

dsAl

pha

Div

ersi

fied

Ble

nd o

f Fun

ds re

nam

ed to

Alp

ha C

autio

us H

edge

Fun

d

Blu

e In

k Eq

uity

Con

serv

ativ

eFR

AIM

ZAR

Mar

ket N

eutr

al F

und

Blu

e In

k Fi

xed

Inco

me

Arbi

trag

e

Blu

e In

k M

arke

t Neu

tral

Edge

Icon

ic A

bsol

ute

Ret

urn

Fund

Edge

Icon

ic In

com

e O

ppor

tuni

ties

FRAI

M Z

AR D

iver

sifie

d re

nam

ed to

Mom

entu

m Z

AR D

iver

sifie

d Fu

nd

Edge

Icon

ic M

atad

or F

und

Edge

Icon

ic M

atad

or F

und

II

Edge

Icon

ic M

atad

or In

stitu

tiona

l

Edge

Icon

ic M

ulti-

stra

tegy

Fun

d

Sygn

ia A

ll St

ar F

und

of H

edge

Fun

ds

Med

icalA

idM

anag

erW

atch

™Ca

diz

Med

ical

Aid

Fun

dSy

mm

etry

Med

ical

Aid

Por

tfol

ioM

etro

polit

an M

edic

al P

rovi

der r

enam

ed M

omen

tum

AM

Med

ical

Pro

vide

r Fun

d

S.A.

Prope

rtyMan

agerW

atch

™S

urve

yO

MIG

SA Q

uote

d Pr

oper

ty

3


We also give indicative fee ranges for the different mandates based on fee scales that asset managers submit. It is important to note that actual negotiated fees could be lower than published fees.

A glossary of commonly used investment terms is included.

EnhancementstotheRetirementFundSurvey

With the need for more qualitative information becoming evident, we have provided a new section on company details. This provides general company information as well as more details on key investment personnel and mandates.

The inclusion of composite dispersion figures across all mandates and over longer periods also provides insights into managers’ composite construction.

ProposedSurveyDevelopmentsin2012

2012 will see a “new look” range of Surveys. The inclusion of additional, mandate relevant information will enable readers to

use surveys with more insight and allow for meaningful, albeit high level, differentiators between manager performances.

Certain surveys will also see changes to the underlying categories in order to allow for more comparable risk measures to be included. Where this is not possible, rankings of risk numbers will not be included.

The Africa Survey and Shariah Survey will be launched early in 2012, while some of the existing surveys will be “mainstreamed” into the traditional asset class surveys.

Furthermore, our asset allocation surveys will be Regulation 28 cognisant in that the asset classes defined in Regulation 28 will be applied in both our requests for information to managers and in the subsequent survey produced.

Finally, a revised set of rules will be made available to all participants for comment.

RegulatoryChangesin2011and2012

Regulation28 of the Pension Funds Act was amended and became effective 1 July 2011.

The new regulation includes a preamble which introduces concepts such as:

• TheFiduciarydutyofTrusteestoactinthebestinterestof the fund;

• Responsiblemanagementoffundassets;

• Thedeploymentofcapitaltoearnadequateriskadjustedreturns;

• Theappropriatenessofassetsthataredeemedsuitabletothefund’s specific member profile, liquidity needs and liabilities;

• Theconsiderationoffactorsthatmayaffectsustainablelong term performance, including environmental, social and governance (ESG) character factors;

• Thepromotionoftheinterestsofthefundinastableandtransparent environment.

Further details regarding the changes to Regulation 28 are summarised in a consultant note on page 8 of the Survey.

In February 2012, it was announced that DividendWithholdingTax(DWT) would come into effect from 1 April 2012, replacing Secondary Tax on Companies.

DWT is a 15% tax levied on investors receiving dividends declared and paid by South African resident companies or foreign companies, listed on the JSE. It is the responsibility of the companies paying the dividends to withhold the tax and pay it to the South African Revenue Service (SARS) on behalf of the ultimate recipients.

The primary change is that DWT is a tax levied on investors while STC (at 10%) is a tax levied on the company declaring the dividend – thus the legal liability shifts to the investor. However, DWT will be paid on the investors behalf so the investor will, in most instances, not be aware of the change.

HISTORYOFALEXANDERFORBESPERFORMANCESURVEYS

4

TOP20ASSETMANAGERS-RANKEDBYTOTALASSETSUNDERMANAGEMENTASAT30JUNE2011


IndustryDevelopmentsin2011

Growth in assets under management was flat during the six months from December 2010 to June 2011. Equity markets started to move into positive territory buoyed by strong performance in the industrial sector but offset, to a degree, by a lag in the resource sector. Bonds and cash produced an average 3% return for the 6 month period with inflation linked bonds presenting top returns of around 5%. Offshore returns were particularly strong in rand terms,

barring Japan where the after-effects of the earthquake and tsunami were still being felt.

Equity funds saw outflows while bond and property portfolios saw an increase in assets over the six month period to June 2011. A move away from SA only mandates was also apparent with growth in International assets showing a greater than reciprocal increase.

In the six month period to end of June 2011, JM Busha, Foord and Stanlib showed the fastest growth in assets (excluding multi-managers) with Kagiso and Coronation also featuring high in this category. Similarly, the biggest gainers in the top 10 Large Manager Watch participants over the same six month period were Foord

gaining 10.6%, Stanlib gaining 9.6% and Coronation and RE:CM gaining 7.1% and 6.2% respectively. RMBAM, Prudential and Oasis were the large managers’ whose assets under management declined the most.

Rank AssetManager AssetsunderManagement(Rm)

1 Old Mutual Investment Group South Africa 458,197.79

2 STANLIB Asset Management 338,184.50

3 Sanlam Investment Management 332,398.28

4 Investec Asset Management 304,867.99

5 Allan Gray Limited 300,533.88

6 Coronation Fund Managers 239,622.93

7 Investment Solutions 167,554.03

8 RMBAM 131,800.60

9 ABSA Asset Management 113,772.00

10 Prudential Portfolio Managers 98,136.41

11 Futuregrowth Asset Management 87,166.73

12 Prescient Investment Management 85,803.11

13 Sanlam Multi-Manager International 79,919.73

14 Metropolitan Asset Management 55,959.22

15 Taquanta Asset Managers 53,824.33

16 Cadiz Asset Management 41,323.48

17 SYmmETRY Multi-Manager 41,056.91

18 Advantage Asset Managers 40,306.95

19 ABAX Investments 39,008.50

20 Foord Asset Management 35,563.84

5


Dec-2004 Dec-2005 Dec-2006 Dec-2007 Dec-2008 Dec-2009 Dec-2010 Jun-2011 Total AUM (R m) 1,519,642.34 1,897,841.16 2,218,265.36 2,627,888.90 2,465,853.16 2,718,458.17 3,082,163.07 3,124,535.91 Total AUM (R m) excl Multi-Manager 1,385,370.68 1,706,123.86 1,943,400.07 2,362,523.89 2,190,067.45 2,433,650.19 2,760,257.16 2,795,698.30

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

Total AUM (R m) Total AUM (R m) excl Multi-Manager

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Top 10 Managers Next 10 Managers Remaining Managers

Dec - 2009 Dec - 2010 Jun - 2011

TOTALVALUEOFASSETSMANAGED(31DECEMBER2004TO30JUNE2011)

MANAGERDISTRIBUTIONACCORDINGTOASSETSIZE

6


Market distribution has remained fairly constant over the last three years after having seen an increased growth in niche players since 2008.

Conclusion

It is important to remember that the surveys only provide a platform for asset managers to display returns in a simple and credible way. Whilst trying to keep these surveys simple and easy to read it is imperative to include a number of useful indicators for greater understanding of risk and performance. We trust that the changes we will be making to the surveys in 2012 will further assist in our endeavours to educate survey users.

Manager evaluation should never be done in isolation but rather with a clear understanding of the weaknesses that any data sources inherently bring to the table. Ideally, analyses need to be done

through different market environments using a number of different sources and advice, before a fair assessment of strengths and weaknesses can be made. Lastly, past performance is no indication of future performance - Caveat Emptor!

AlexanderForbesAssetConsultants

January 2012

Historical data that makes up the different surveys is available on subscription.

The International survey, Namibian survey, BEE survey and Guaranteed Fund survey can be found on our website: www.afac.co.za or can be requested from us directly at [email protected]

7


All rights in the FTSE/JSE Africa Index Series vest in the JSE Limited (JSE) and in FTSE International Limited (FTSE) jointly. FTSE™ is a trade mark of the London Stock Exchange Limited (LSE) and The Financial Times Limited (FT) jointly and issued by FTSE under licence. JSE is a trade mark of the JSE. The FTSE/JSE Africa Index Series is calculated by FTSE International Limited (FTSE) in conjunction with the JSE Limited (JSE) in accordance with standard criteria.

ManagerWatchTMisaregisteredtrademarkofAlexanderForbesFinancialServices(Pty)Ltd,anapprovedfinancialservicesprovider.FAISFSPRegistrationNumber1177

Disclaimer

In preparing this survey, we have taken, on trust, the data supplied by the participants. The data has been checked for reasonability where

Foreign Indices (Source: Bloomberg and Data System)

1 Year (%) 2 Years (% p.a.) 3 Years (% p.a.) 5 Years (% p.a.)

EQUITY(TOTALRETURNINDICES)

FTSE/JSE All Share Index 2.72% 10.57% 17.31% 8.21%FTSE/JSE Capped All Share Index 3.18% 11.09% 17.71% 8.83%FTSE/JSE SWIX All Share Index 4.41% 12.34% 17.85% 8.72%FTSE/JSE Top 40 Index 2.37% 9.56% 16.58% 7.65%FTSE/JSE Resource 20 Index -6.61% 1.81% 12.04% 5.46%FTSE/JSE Industrial 25 Index 10.49% 18.32% 22.26% 12.73%FTSE/JSE Financial 15 Index 7.26% 10.95% 16.08% 3.24%FTSE/JSE Mid Cap Index 4.79% 16.86% 22.64% 12.20%FTSE/JSE Small Cap Index 1.05% 12.22% 17.03% 8.45%

CASH(TOTALRETURNINDICES)

Alexander Forbes Money Market Index 5.77% 6.32% 7.18% 8.79%Short Term Fixed Interest Rate Index 5.71% 6.32% 7.25% 8.55%

BONDS(TOTALRETURNINDICES)

All Bond Index 8.78% 11.94% 7.39% 8.60%1 - 3 Year Bond Index 8.86% 8.86% 8.46% 9.06%3 - 7 Year Bond Index 10.14% 11.54% 8.51% 9.23%7 - 12 Year Bond Index 10.16% 13.16% 7.73% 8.91%12+ Year Bond Index 5.95% 10.95% 4.35% 6.50%Barclays Capital ILB Index 13.05% 12.01% 10.54% 10.87%OTHI Index 8.11% 12.61% 7.55% 8.45%GOVI Index 8.90% 11.82% 7.38% 8.60%

REALESTATE(TOTALRETURNINDICES)

FTSE/JSE SA Listed Property Index 8.65% 18.56% 16.66% 13.80%FTSE/JSE Property Unit Trust Index 11.97% 18.46% 18.05% 12.57%FTSE/JSE Property Loan Stock Index 7.38% 18.46% 16.12% 14.41%

FOREIGN(INRANDS)(TOTALRETURNINDICES)

MSCI World 15.91% 8.16% 6.82% 0.88%Citi WGBI 29.79% 10.74% 0.06% 10.08%Citi 3M US Treasury Bill 22.13% 4.82% -4.30% 4.15%

EXCHANGERATES

Rand / $US -18.05% -8.79% 14.51% -12.67%Rand / Pound -17.45% -5.22% 5.94% 9.98%Rand / Euro -15.32% 0.81% 22.62% -11.29%

MARKETRETURNSANDSTATISTICSASAT31DECEMBER2011

possible. Although we have taken reasonable care to ensure this document is fair and accurate in all material respects, such accuracy cannot be guaranteed.

Reasonable use of the survey may be made for purposes of comment and study provided that full acknowledgment is made to Alexander Forbes Asset Consultants. Past performance is not necessarily a guide to future performance.

FAISNOTICEDISCLAIMER

This information is not advice as defined and contemplated in the Financial Advisory and Intermediary Services Act 37 of 2002 as amended. Alexander Forbes Asset Consultants shall not be liable for any actions taken by any person based on the information in this survey.

8

SectIOn 1regulation 28 amended

Introduction

Regulation 28 of the Pension Funds Act has been amended and became effective 1 July 2011. It comes after a fairly long and consultative process that began before the first draft was published in February 2010, with a second draft being published in December 2010. In June 2011, two additional notices were released, dealing with transitional arrangements and reporting of breaches.

This note provides a summary of the regulation and the two recent notices. For those wanting a deeper understanding of the comments received from industry, and the responses from National Treasury (NT) and the Financial Services Board (FSB), please read the comments matrix. All the documents are available from www.treasury.gov.za or www.fsb.co.za.

Preamble

The new regulation includes a preamble which introduces concepts such as:

• Fiduciarydutytoactinthebestinterestofthefund;

• Responsiblemanagementoffundassets;

• Deploymentofcapitaltoearnadequateriskadjustedreturns;

• Assetsthataresuitabletothefund’sspecificmemberprofile,liquidity needs and liabilities;

• Appropriateconsiderationoffactorsthatmayaffectsustainablelong term performance, including environmental, social and governance (ESG) character factors;

• Promotetheinterestsofthefundinastableandtransparentenvironment.

Definitions

The definitions section of the new regulation has been expanded (relative to the current regulation) to include many new definitions, including:

• Collectiveinvestmentscheme;

• Creditratings;

• Derivativeinstruments;

• Exchange;

• Fundsofhedgefundsandfundsofprivateequityfunds;

• Hedgefundsandprivateequityfunds;

• Investmentpolicystatement;

• IslamicdebtinstrumentsandIslamicliquiditymanagementfinancial instruments.

Principles

The new regulation also introduces principles for the first time, although the regulation remains predominantly rules based. These principles include:

• Compliancewiththeinvestmentlimits.

• Therequirementforaninvestmentpolicystatementwhichmustbe reviewed at least annually.

• Thefollowingadditionalprinciples:

• Promotetheeducationoftrustees;

• Monitorcompliancewiththeregulationbyitsadvisorsandservice providers;

• Considertheneedtopromotebroad-basedblackeconomicempowerment;

• Ensurethatthefund’sassetsareappropriateforitsliabilities;

• Performreasonableduediligencebeforeinvestinginanasset, taking into account the risks associated with the asset (including credit, market, liquidity, operational, and currency and country for foreign assets);

• Althoughcreditratingsmaybeused,theyshouldnotbereliedupon in isolation;

• Understandthechangingriskprofileofassetsovertimeandtake into account a comprehensive risk analysis;

• Considerfactorswhichmayaffectthesustainablelongtermperformance of the asset (including ESG factors).

• Evenwhenappointingthirdpartiestoperformanyofthefunctions above, the fund retains the responsibility for compliance with such principles.

9


AssetLimits

The new regulation retains asset limits which are reflected in a table at the end of the regulation which lists categories of assets with the relevant limits per issuer and in aggregate. In summary, these are:

• Forcash,whichincludes:-

• Notesandcoins;

• Balancesordepositswithabank;

• Moneymarketinstrumentsissuedbybanks,includingIslamicliquidity management financial instruments;

• Positivenetbalancesinmarginorsettlementaccountswithan exchange:

• Up to 100% with local banks, subject to a maximum of 25% per bank;

• Up to 25% (currently) with foreign banks, subject to a maximum of 5% per bank.

• ForDebtInstruments,includingIslamicDebtInstruments(insideand outside the Republic):

• Upto100%indebtinstrumentsissuedorguaranteedbythegovernment of the Republic;

• Upto25%(currently)indebtinstrumentsissuedorguaranteed by the governments of a foreign country, subject to a limit of 10% per issuer;

• Upto75%indebtinstrumentsissuedbySouthAfricanbanksagainst their balance sheets, subject to a limit of:

• 25%iflisted,perissuer(bank)withamarketcapofR20bnormore (or an amount or conditions as prescribed);

• 15%iflisted,perissuer(bank)withamarketcapbetweenR2bn and R20bn (or an amount or conditions as prescribed);

• 10%iflisted,perissuer(bank)withamarketcapoflessthanR2bn (or an amount or conditions as prescribed);

• 5%ifnotlisted,perissuer,and25%inaggregate;

• Upto50%indebtinstrumentsissuedbyentitieslistedonanexchange (unfortunately, no distinction is made between local and foreign listings), or debt instruments issued by a public entity under the PFMA as prescribed, subject to a limit of:

• 10% if listed, per issuer;

• 5% if not listed, per issuer, and 25% in aggregate;

• Upto25%forotherdebtinstruments,subjecttoalimitof:

• 5% if listed, per issuer;

• 5% if not listed, per issuer, and 15% in aggregate;

• ForEquities(insideandoutsidetheRepublic):

• Upto75%inaggregateforlistedpreferenceandordinaryshares (excluding shares in property companies), subject to a limit of:

• 15% per issuer with a market cap of R20bn or more (or an amount or conditions as prescribed);

• 10% per issuer with a market cap of between R2bn and R20bn (or an amount or conditions as prescribed);

• 5% per issuer with a market cap of less than R2bn (or an amount or conditions as prescribed);

• Upto10%inaggregateforunlistedpreferenceandordinaryshares (excluding shares in property companies), subject to a maximum of 2.5% per issuer;

• ForImmovableProperty(insideandoutsidetheRepublic):

• Upto25%inaggregateforlistedpreferenceandordinaryshares, linked units comprising shares linked to debentures in property companies, or units in a collective investment scheme, subject to a limit of:

• 15% per issuer with a market cap of R10bn or more (or an amount or conditions as prescribed);

• 10% per issuer with a market cap of between R3bn and R10bn (or an amount or conditions as prescribed);

• 5% per issuer with a market cap of less than R3bn (or an amount or conditions as prescribed);

• Upto15%inaggregateforimmovableproperty,preferenceand ordinary shares in property companies, and linked units comprising shares linked to debentures in property companies, subject to a maximum of 5% per issuer;

• ForCommoditiesinsideandoutsidetheRepublic:

• Upto10%inKrugerRandsandothercommoditieslistedonan exchange, including exchange traded commodities, subject to a limit of:

• 10% in gold;

• 5% in each other commodity;

• ForInvestmentsinthebusinessofaparticipatingemployer(inside the Republic):

• Up to 5% in terms of section 19(4) of the PFA;

• Up to 10% to the extent it has been allowed by an exemption in terms of section 19(4A) of the PFA;

• ForHousingloansgrantedtomembersinaccordancewiththeprovisions of section 19(5) of the PFA, up to 95%;

• ForHedgeFunds,PrivateEquityFunds,andanyotherassetnotreferred to in the schedule, (inside and outside the Republic):

• Upto10%inhedgefunds,subjecttoalimitof:

• 5% per fund of hedge funds;

• 2.5% per hedge fund;

• Upto10%inprivateequityfunds,subjecttoalimitof:

• 5% per fund of private equity funds;

• 2.5% per private equity fund;

• Upto2.5%inanyotherassetnotreferredtointheschedule.

In addition, there are some further aggregation limitations which have been introduced, including:

• Alllimitsnownotonlyapplyattotalfundlevel,buttheyalsoapply to every single member or category of member where the fund provides individual member choice.

• Thereishoweveragrandfatheringprovisionforcontractualarrangements between a fund and a particular member, entered into before 1 April 2011, which don’t need to comply with the limits, subject to certain restriction (this clause should be carefully read and understood where relevant (e.g. retirement annuity and preservation funds).

• Afundmustnotinvestinanasset,wherethefundmaysuffera loss in excess of its investment. This does not preclude investment in derivative instruments (subject to conditions yet to be prescribed), hedge funds or private equity funds, subject to them being held in a limited liability structure.

• Theaggregateexposuretounlistedinstruments,includingdebt,shares (including shares in property companies), immovable property and linked units comprising shares linked to debentures in property companies, hedge funds, private equity funds, and any other asset not referred to in the regulation, may not exceed 35%.

• Theaggregateexposuretounlistedshares(excludingpropertycompany shares) and private equity funds may not exceed 15%.

• Theaggregateexposuretoforeignassetsissubjecttothemaximum as determined by the SARB, or such other amount as may be prescribed. This means that the new regulation doesn’t explicitly include the current 25% allowed by SARB.

10


Notwithstanding the above, the limits may be exceeded due to a change in the market value of the assets, provided that:

• ThefundinformstheRegistrarofthebreachandthereasonstherefore;

• Thefunddoesnotmakeanyfurtherinvestmentsintotheassetsthat are in breach;

• Thefundmustreversethebreachwithin12monthsorsuchother period as determined by the Registrar.

While Regulation 28 requires any breach to be reported without delay, Notice 2 released on 10 June 2011, provides an exemption to this requirement subject to quarterly notification instead, beginning from the first quarter of 2012.

Look-through

The new regulation also includes specific reference to “look-through” for the first time. In particular:

• Afundmustnotuseanyassettocircumventanyoftheassetlimits;

• Afundmustreportassetsinthecategoriestowhichtheybelong,irrespective of how they are held;

• Notwithstandingthepointsabove,wherethevalueoftheassetis less than 5%, then just the categories of the underlying assets must be disclosed;

• Notwithstandingthepointsabove,directorindirectexposuretohedge funds or private equity funds, must be disclosed as such i.e. no further look-though needed;

• Notwithstandingthepointsabove,foreignassetsshouldalwaysbe accounted for as such.

Borrowing

The new regulation states that a fund must not borrow, unless it:

• isforbridgingpurposestomaintainsufficientliquiditytomeetits operational requirements; and

• doesnotexceed50%ofthegrossincomeofthefundforthepreceding year; and

• mustberepaidwithin12months;and

• mustnotbesubjecttoanyearlysettlementpenalty.

Where a fund does borrow, it may cede a proportionate share of its assets as collateral.

SecuritiesLending

A fund may engage in securities lending subject to conditions as prescribed (no final document available as yet).

DerivativeInstruments

A fund may invest in derivative instruments subject to conditions as prescribed, even though investing in derivative instruments may seem to contradict the requirement that funds may not invest where they could suffer a loss greater than the amount invested (no final document available yet).

ReportingandExclusions

The Registrar may prescribe the format and content in respect of disclosures of compliance. In applying the limits, a fund may exclude the following assets:

• participatoryinterestsinacollectiveinvestmentschemewherea certificate is issued confirming compliance with the limits, and the auditor of the scheme confirms the accuracy of the certificate;

• alinkedpolicyasdefinedintheLong-termInsuranceActwherea certificate is issued confirming compliance with the limits, and the auditor of the insurer confirms the accuracy of the certificate;

• along-termpolicy(otherthanalinkedpolicy)asdefinedintheLong-term Insurance Act, that guarantees or partially guarantees policy benefits, where a certificate is issued (by the statutory actuary of the insurer) confirming compliance with the limits, and the auditor of the insurer confirms the accuracy of the certificate;

• AnassetthatisissuedbyanentitythatisregulatedbytheFSB where a certificate is issued by the auditor of the issuer, confirming compliance with the limits.

Exemptions

The Registrar may on written application by a fund or in general, exempt a fund from the provisions of the regulation, subject to conditions that the Registrar may impose. In the explanatory memo, NT encourages funds to make use of the exemption where they believe that any of the limits constrain the fund from acting in its best interests. NT and the FSB will monitor applications for exemptions to understand whether any of the limits should be changed.

EffectiveDate

The last statement in the new regulation confirms that the regulation came into effect on 1 July 2011, provided that transitional arrangements could be prescribed. Notice No 1 released on 10 June 2011, determined the transitional period for the implementation of Regulation 28 to be from 1 July 2011 to 31 December 2011.

Conclusion

We were excited about the final release of the amended Regulation 28 and subsequent notices, and did substantial work with retirement funds, their trustees and other service providers, in ensuring compliance by 1 January 2012, or assisting with the necessary applications for a further extension or an exemption. We urgently await further guidance notices from the regulator, and expect the release of a notice on the use of derivatives to be released before the end of June 2011.

11

Regulators across the world are concerned with one question when it comes to investment performance surveys, which is: “Are investors/trustees/consultants using manager performance surveys correctly and for the right reasons?” This question was the main theme when the Myners Commission undertook a review of the whole pension fund industry in 2000. Further, at Alexander Forbes, we are concerned about: “Do we really understand exactly how to extract value from them?” In this article we will look at what the concerns behind surveys are and also how best to interpret the numbers presented meaningfully.

Before going further, here are some harsh realities behind that concern:

• Complexityofpensionfundinvesting: Pension fund investing is a complex undertaking. The subtleties behind this complexity are often beyond the experience and skill set of most trustees. For this reason, surveys appear to provide an easy way for trustees to skirt around the complexity in their quest to determine whether their investments are “measuring up”. Surveys appear to provide investors with the most readily available answers.

• Noisinessofperformancenumbers: The problem is that performance figures are particularly “noisy” – that means that the numbers by themselves mask a multitude of factors that are influencing their outcome and yet may have nothing to do with manager excellence or skill.

• Useasatooltochangemanagers: Still, there is a heavy reliance on surveys as a basis for hiring or firing managers. This can lead to particularly high rates of manager “churn”, as managers are often fired and hired for performance that may not be clearly understood. Evidence is emerging worldwide that suggest that both trustees and their consultants appear to be particularly adept at firing their managers just before their performance begins to turn up (typically after three years of underperformance) and replacing them with managers whose successful strategies may have run their course for the near term (again typically after three years of outperformance)1.

• Costofchangingmanagers: The cost of this reflexive decision-making is not trivial. Studies in Australia, where the turnover in managers on a portfolio is very similar to the South African experience, estimate as much as 1% to 5% in value erosion can be attributed to this churn2. Changing managers on a strategy brings us only one certainty – there will be a cost to performance. What we can never be certain of is whether the change will bring enough added value to both cover that cost and then add the additional value initially sought.

Our challenge, as the guardian of one of the mostly respected and widely read surveys in South Africa, is to ensure that we provide our readers with enough information for them to determine whether performance comparisons genuinely reflect a like-with-like situation and, more importantly, whether we have enough information to determine whether there may be explanations for differential manager return that has nothing to do with manager skill.

This commitment means that the surveys must be constantly reassessed and revamped as new instruments, new strategies and new insights as to what drives performance emerge. As such, there will be any number of subtle changes that will be introduced into the survey over the course of the year. We will highlight these changes in our introductory letter as and when they occur.

Criticalcaveatstoreadersofalloursurveys

Each survey in the Manager WatchTM Series of Surveys presents its own challenges and we will try and highlight these challenges in the introduction to each survey. That said, there are still some basic issues that apply to all surveys and these we highlight below:

• Timeframeanddiversification: The greatest limitation of surveys is that they only look at how one manager’s performance compares to another’s over the specified time frame. In fact, most pension funds employ more than one asset manager to provide risk diversification both in terms of manager strategy (no one strategy can typically perform well at all times) and manager stability (manager turnover).

SectIOn 1an objective look at Surveys

1 See studies by Watson, Wyatt, Heisler, Kneittel, Neuman and Stewart, 2009; and Goyal and Wahal, 2008. 2 Ron Bird and Jack Gray 2010.

12


to decipher (particularly when managers are ranked against a specific factor) is that performances are reported in discreet rolling windows of time (1 year, 3 year, 5 year etc.). The problem here is that those performance numbers are as much a function of the latest month’s performance data as it is the dropping off of the first month’s performance data as the rolling window moves on to the next month. As such, rankings in performance can shift wildly due to something that may have happened 1, 3 or 5 years earlier and may in no way be a reflection of the current management capabilities. Unfortunately this phenomenon cannot be detected unless an analyst is working with the full performance data history.

Whattimeframeismeaningful?

Perhaps the most contentious issue in performance surveys is what time periods are meaningful? The increasing focus on capturing up-to-the-minute changes in performance may create the impression that more information is better, but by including these ever-shortening time frames, often the exact opposite happens. We have already indicated the value destruction that goes hand-in-hand with short-termism. But equally important is the fact that different strategies demand different time-frames for their performance potential to manifest themselves. Finally, the choice of benchmark will also have implications on the required time frame for a meaningful assessment. For example, portfolios that declare an inflation-related benchmark need a significantly longer assessment time period than market-linked benchmarks such as the All Share or the All Bond Indices. This is because inflation only varies slowly over time and this movement is not directly linked to the assets the manager holds, whereas market indices are directly linked.

So how short can we go and still make meaningful assessments? To begin with, we are hesitant to integrate any risk parameter into the performance consideration without at least three years of performance data. But a good rule of thumb is that the more ambitious the strategy is about outperforming a given target, the longer one would require to assess the magnitude of skill present. For example, a fund targeting CPI+ 3% could be assessed over a 3 year time period, but a fund trying to achieve CPI+6% could probably only be properly assessed over 8 years.

The easy answer would be to simply not include short term performance numbers in a deliberate effort to curtail the kind of short-termism that plagues our industry. But the reality is that short term numbers can provide insights as to whether something completely unexpected has transpired in a strategy. Clearly that would demand further interrogation as this may simply flag a reporting error. Short term numbers, should only be considered when one has the means to properly interrogate these types of outcomes.

We will now look at examples of surveys and how to best analyse the survey in the new framework that it will be presented in:

S.A.ManagerWatchBestInvestmentViewSurvey(AppliesalsotoLargeManagerWatch)

In many ways the Best Investment View Survey should provide the ultimate showcase of every asset management house in South Africa (the exception being the specialist asset class managers). That said, these portfolio performance outcomes are perhaps some of the most difficult to properly interpret and compare. This is because just about every factor that is listed above which are “drivers of performance differentials” comes into play in a balanced mandate.

Over a long enough time frame (more than 8 years for example), these differentiating factors should start to diminish in importance.

Managers who have similar strategies will tend to perform similarly. If we are trying to introduce diversification into our choice then it stands to reason that the underlying manager performance should be expected to be different. But our inclination to be drawn to selecting managers from the top quartile for our blend can often lead to investors “doubling-up” on a specific investment strategy.

As such, manager surveys are of limited value in identifying how managers should be selected for diversification.

• Analysisofablendofmanagers: What trustees really should be assessing is whether their diversified blend of managers is doing what their fund requires. Unfortunately, the only place where this sort of assessment takes place in an open forum is in the multimanager survey. What is pointedly absent from any performance analysis is how the multiple manager portfolios that trustees and consultants themselves structure perform against similarly mandated blends. This is the true like-with-like comparison for pension funds. That said, the current convention is to report on the individual managers within each strategy survey.

• Whatarethefactorsthatcanresultindifferentialperformanceoutcomeswithoutreferencetomanagerskill?

• Differencesinthemandatedstrategicassetallocations(inclusive of the cash requirements for liquidity).

• Differencesinhowriskmanagementisdefinedforthemandate i.e. is it preservation of capital, or control of the deviation to the benchmark (tracking error), or control of absolute volatility? Differences in risk constraints inclusive of credit risk and tracking errors etc.

• Thetimeframerequiredforaspecificstrategytoreflectitsperformance potential.

• Theunderlyingbenchmarksorperformancetargetsspecifiedin the mandate.

• Changesintheunderlyingmanageroverthetermoftheperformance data – even when the mandate remains the same.

• Multiplemanagerfundsversussinglemanagerprovideno viable point of comparison. Because of the completely different risk profile implicit in the multiple manager strategy, the outcomes are simply not comparable.

• Performancesthatarereflectedgrossofallfeesversusperformances that are reported net of fees.

In all our surveys, we have gone to great lengths to try to address all of these factors in grouping like-mandated funds with like funds but the reality is that it is impossible to make these delineations in all funds at all times.

As such, what we have tried to do is to provide the reader with enough additional information such that when differential performance emerges, there is enough detail to provide insights as to why this may have occurred – again – without reference to whether the manager was skilful or not.

This all means that one set of numbers alone can simply not provide meaningful insights. Performance numbers need to be assessed within the context of the risk, asset allocation, size, duration of strategy.....etc, etc, etc!

• Notatruereflectionofmanagementability: Perhaps the other factor that makes performance surveys particularly difficult

13


Care has been taken to separate comparisons of multiple balanced fund multi-manager solutions from those solutions that manage to fixed asset allocation ranges. In spite of the fact that one cannot make meaningful performance comparisons between the two distinctly different solutions, investors still like to make the comparison. Effectively this is no different from comparing the performance of a boxer with one hand tied to his side (the strategic asset allocation mandates preclude the manager from going outside of the pre-defined asset allocation range), to a boxer with free use of both limbs. Just because one solution may be performing better than another over a given time frame does not mean one solution reflects more skill than the other. Success must be assessed in how well a solution has done against what it was mandated to do. Full stop.

The real problem with providing a meaningful multi-manager survey is that the very act of creating a strategy that deliberately diversifies manager risk means that outperformance of a given benchmark will always be muted. (Note that the same holds true for any strategy that employs multiple managers, whether constructed and managed by a multi-manager or constructed and managed by a consultant or board of trustees). This means that there will often only be marginal performance differences between multi-managers and these differences will again have little reference to “skill”. An important rule of thumb when assessing performance differentials is that the smaller the differentials in any given population, the higher the probability that those differentials were due to random outcomes and not skill. Similarly, the larger the spread in outcomes in a population, the greater the probability that skill might explain some of those differences, assuming we are comparing like-with-like.

But what investors fail to appreciate is that while benchmark outperformance of multiple fund solutions are highly unlikely to be extreme, they typically can generate significantly higher returns than single manager solutions on a risk-adjusted basis. In other words, the diversification effect means that for every unit of risk taken, there is a higher level of return on average.

That said, one still needs to ensure that the multi-manager portfolios being compared have comparable underlying asset class benchmarks. Solutions that employed the All-Share Index versus solutions that employ the SWIX index for the equity components could see as much as 100 bps performance differentials per annum – and again the difference is not attributable to skill.

Even where risk-targeted multi-manager portfolios have been grouped into asset allocation bands, though, the illusion that you are now comparing like-with-like is just that: an illusion. Underlying strategic asset allocation benchmarks that result in only slight differences in the portfolios’ equity holdings can still translate into performance differences that have nothing to do with underlying manager skill.

Identifying the root of performance discrepancies has an easy starting point. Just see if the benchmark performances are the same – the closer the benchmark performances, the greater the assurance that you are comparing like-with-like.

Conclusion

Performance surveys should only be used as indicative tools. The real work begins when you drill down to all the factors that could be influencing those outcomes without reference to skill. Readers will notice that we have scaled back significantly on the rankings that used to be ascribed to everything from asset size of the fund to volatility of performance (was a high ranking on volatility a good or bad thing?) As we revamp our surveys over the coming year, we welcome your inputs and suggestions. We believe we are moving in the right direction – but it will take time, and subtle adjustments in the way we all operate in this industry.

But anyone making performance comparisons without referring to our new information pages may well be drawn to premature conclusions. These new information pages have been added to provide insights into the nature of a portfolio’s structure and strategy.

To begin with, we have tried to be more comprehensive in defining risk. Risk is not just seen as performance volatility but also meaningful to assess is downside risk or risk of capital loss. Similarly we have eliminated the notion of active (above benchmark) returns simply because there is such a wide range of benchmarks that assessing the magnitude of outperformance against one benchmark may not be comparable to the level of outperformance against another. Finally we have tried to remove concepts such as risk/return ratios as again, the underlying benchmarks for making these assessments are not of consistent quality across the manager mandates.

Just the simple reality that some managers benchmark their performances against inflation-plus targets while others prefer benchmarks that reflect a strategic asset allocation (to a fixed range of asset classes), and still others look to a peer group benchmark creates a highly problematic basis for comparison.

Time frame presents the biggest problem. Effectively the three groups should not be compared over anything shorter than 5 years, simply because that time-frame provides enough time for a given strategy to play out its performance potential, and that time-frame allows us to compare inflation-beating performance fairly.

Even with portfolios that employ market-linked indices to measure their asset class performances, a mere 2.5% difference in the equity benchmark component can translate into a significant differential in performances between funds – again without any reference to skill. The same holds for funds that benchmark the equity component of their BIV portfolio against the JSE All Share versus the JSE Share-weighted Index (SWIX). Over the past 12 years, those performance differentials amounted to more than 1% per annum – again, with no reference whether the manager was skilful.

Comparing portfolios with different attitudes towards risk management could well require time frames of 8 years or better but this is certainly no comfort for clients looking for instant answers.

Finally many of these Best Investment View portfolios have been managed since the inception of the given asset management house. But what investors don’t always appreciate is there may be significant changes in who the manager of the fund might have been over that time and how much turnover has occurred at this level. This consideration is key – even when the essential mandate of the fund may not have changed at all over that time.

The differentiating factor may well be the manager’s style or biases. William Sharpe once famously declared that manager style and bias could account for as much as 85% of performance differentials within an asset class. And yet our BIV survey makes no accommodation for defining those differences at such a granular level.

Multi-ManagerWatchTM Survey

Multi-manager performance comparisons suffer from the same factors impacting meaningful comparisons as other multi-asset strategies – it’s just that we have the illusion that we have a greater potential to compare like with like because of the way the survey has been subdivided.

15

Objective - The portfolios included represent the managers’ best investment view subject to the restrictions set out below.

Restrictions - The portfolios are balanced (i.e. multiple asset classes) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act. Further, the portfolios are confined to investing in South Africa only.

Note: The statistics above only include those portfolios that are investable i.e. those portfolios that are closed to new business will be excluded from the calculations.

1Year 3Years(p.a.) 5Years(p.a.)

RETURNSTATISTICS

Highest 9.60% 18.39% 12.80%

Upper Quartile 8.34% 17.05% 11.27%

Median 7.11% 16.40% 10.34%

Average 6.84% 16.05% 10.15%

Lower Quartile 6.08% 15.03% 9.02%

Lowest 4.42% 13.64% 7.66%

Number of participants 15 14 14

20.00%

15.00%

10.00%

5.00%

0.00%1 Year 3 Years (p.a.) 5 Years (p.a.)

25% - 75%

Min - Max

Median

SectIOn 2S.a. Balanced Manager WatchtM Survey - Best Investment view

RANGEOFRETURNSOFS.A.BESTINVESTMENTVIEWINVESTABLEUNIVERSEFORTHEPERIODSENDING31DECEMBER2011

16

Objec

tive

- T

he p

ortf

olio

s ar

e ba

lanc

ed (

i.e.

mul

tipl

e as

set

clas

s) p

ortf

olio

s, s

ubje

ct t

o th

e re

stri

ctio

ns im

pose

d by

Reg

ulat

ion

28

of

the

Pen

sion

Fun

ds A

ct a

nd a

re c

onfin

ed t

o inv

esti

ng in

Sou

th A

fric

a on

ly. Th

ese

port

folio

s re

pres

ent

the

man

ager

s’ b

est

inve

stm

ent

view

s.

PORTF

OLI

ON

AME

INVE

STM

ENTDAT

ATOTHEE

NDO

FDECEMBER2

011

CALE

NDARYEARR

ETU

RNS

1Yea

r3Yea

rs(p.a.)

5Yea

rs(p.a.)

2010

2009

2008

Portfolio

Ty

peS

ize

(Rm)

Ran

k

Portfolio

Ran

kBen

chmark

Portfolio

Ran

kBen

chmark

Portfolio

Ran

kBen

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

SAB

ESTIN

VESTM

ENTVI

EW

AB

SA

Bal

ance

d 6

.14

%1

2

4.8

6%

15

.30

%1

11

4.9

6%

11

.96

%2

9.4

9%

19

.50

%1

7.2

0%

20

.85

%2

3.6

3%

-0.8

2%

-9.4

2%

S1

,86

47

Alla

n G

ray

10

.10

%1

7.0

4%

15

.62

%1

01

6.3

6%

11

.48

%4

10

.05

%1

6.4

6%

18

.47

%2

0.5

4%

24

.24

%-4

.23

%-1

2.3

3%

S2

2,6

83

1

Cor

onat

ion

6.4

8%

86

.60

%1

8.3

9%

11

6.4

4%

11

.77

%3

10

.42

%2

2.3

5%

18

.43

%2

7.3

6%

25

.05

%-8

.56

%-1

0.7

1%

S5

,34

53

Foor

d S

egre

gate

d D

omes

tic

9.6

0%

24

.56

%1

8.0

5%

21

4.2

0%

11

.12

%6

8.3

3%

20

.59

%1

7.7

3%

24

.47

%2

0.9

8%

-9.4

8%

-12

.17

%S

3,6

80

5

Inve

stec

Ass

et M

anag

emen

t6

.15

%1

15

.51

%1

7.5

3%

31

4.3

5%

12

.80

%1

9.0

0%

18

.75

%1

7.8

6%

28

.80

%2

0.2

2%

-14

.19

%-9

.69

%S

4,9

46

4

Inve

stm

ent

Sol

utio

ns P

erfo

rmer

Loc

al8

.03

%6

6

.04

%1

6.9

8%

61

6.2

4%

11

.10

%7

10

.30

%1

9.5

0%

18

.41

%2

4.0

1%

24

.88

%-8

.29

%-1

1.4

1%

PM

14

,29

02

Inve

stm

ent

Sol

utio

ns V

alue

Alp

ha L

ocal

9.1

5%

36

.04

%1

6.4

1%

81

6.2

4%

10

.77

%8

10

.30

%1

8.6

8%

18

.41

%2

1.7

9%

24

.88

%-7

.82

%-1

1.4

1%

PM

30

81

1

Kag

iso

Bal

ance

d Fu

nd5

.48

%1

57

.11

%*

**

*1

7.4

5%

18

.28

%*

**

*P

28

31

2

Mom

entu

m A

M D

omes

tic

Bal

ance

d Fu

nd5

.67

%1

45

.47

%1

4.7

9%

14

14

.37

%8

.89

%1

29

.14

%1

4.5

5%

16

.63

%2

4.9

4%

21

.63

%-1

1.84

%-9

.56

%S

75

39

Oas

is7

.90

%7

6.8

4%

15

.11

%1

21

6.0

5%

10

.17

%9

10

.15

%1

9.0

4%

18

.29

%1

8.7

3%

21

.80

%-1

0.37

%-9

.67

%S

52

31

0

OM

IGS

A M

acro

Str

ateg

y6

.28

%1

05

.89

%1

5.6

9%

91

6.1

1%

9.4

1%

11

9.7

0%

16

.98

%1

9.0

1%

24

.57

%2

4.2

1%

-12

.54

-12

.76

%S

39

16

Pru

dent

ial D

omes

tic

Bal

ance

d8

.87

%4

7

.11

%1

7.0

7%

41

6.4

0%

11

.32

%5

10

.34

%1

9.9

0%

18

.29

%2

2.9

0%

24

.50

%-8

.29

%-1

0.1

4%

S3

,29

16

Pan

-Afr

ican

6

.45

%9

7.1

1%

14

.80

%1

31

6.4

0%

8.6

0%

14

10

.34

%1

5.6

7%

18

.29

%2

2.8

9%

24

.50

%-1

0.8

3%

-10

.14

%S

24

01

4

RE

:CM

Bal

ance

d D

omes

tic

Com

posi

te4

.42

%1

61

4.5

7%

13

.64

%1

51

3.2

4%

9.8

6%

10

15

.33

%1

6.3

3%

11

.83

%2

0.8

2%

13

.35

%0

.30

%2

0.7

3%

S1

,01

88

SIM

Dom

esti

c U

niqu

e6

.02

%1

36

.60

%1

6.5

9%

71

6.4

4%

7.6

6%

15

10

.42

%1

8.8

8%

18

.43

%2

5.7

5%

25

.05

%-1

7.7

5%

-10

.71

%S

25

91

3

Sta

nlib

AM

8.6

6%

57

.11

%1

6.9

9%

51

6.4

0%

8.7

7%

13

10

.34

%2

0.5

8%

18

.29

%2

2.2

0%

24

.50

%-2

2.5

2%

-10

.14

%S

45

15

RETU

RNS

TATI

STI

CS(IN

VESTA

BLE

)

Hig

hest

9.6

0%

18

.39

%1

2.8

0%

Upp

er Q

uart

ile8

.34

%1

7.0

3%

11

.27

%

Med

ian

7.1

1%

16

.41

%1

0.3

4%

Ave

rage

6.8

4%

16

.20

%1

0.1

5%

Low

er Q

uart

ile6

.08

%1

5.0

2%

9.0

2%

Low

est

4.4

2%

13

.64

%7

.66

%

Num

ber

of P

arti

cipa

nts

15

14

14

Tota

l Por

tfol

io S

ize

of P

arti

cipa

nts

59

,56

6

Key

S -

Seg

rega

ted

P -

Poo

led

PM

- P

oole

d M

ulti

-Man

aged

Note:

The

sta

tist

ics

abov

e on

ly in

clud

e th

ose

port

folio

s th

at a

re in

vest

able

i.e.

tho

se p

ortf

olio

s th

at a

re c

lose

d to

new

bus

ines

s w

ill b

e ex

clud

ed f

rom

the

cal

cula

tion

s.


17

Objective - The portfolios included in this survey aim to maximise long-term (i.e. more than five years) capital growth. This may lead to volatility of returns in the short-term (i.e. less than one year).

Restrictions - The portfolios are balanced (i.e. multiple asset classes) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act.


RETURNSTATISTICS

Highest 12.59% 17.91% 11.80%

Upper Quartile 8.86% 15.33% 9.40%

Median 7.88% 15.04% 9.31%

Average 8.27% 14.77% 9.27%

Lower Quartile 7.12% 13.70% 7.95%

Lowest 6.65% 13.29% 7.73%


20.00%

15.00%

10.00%

5.00%

0.00%

1 Year 3 Years (p.a.) 5 Years (p.a.)

25% - 75%

Min - Max

Median

SectIOn 2global Balanced Manager WatchtM Survey - Dynamic

RANGEOFRETURNSOFGLOBALDYNAMICINVESTABLEUNIVERSEFORTHEPERIODSENDING31DECEMBER2011


18

Objec

tive

- Th

e po

rtfo

lios

are

bala

nced

(i.e

. mul

tipl

e as

set c

lass

es) p

ortf

olio

s, s

ubje

ct to

the

rest

rict

ions

impo

sed

by R

egul

atio

n 2

8 o

f the

Pen

sion

Fun

ds A

ct a

nd a

im to

max

imiz

e lo

ng-t

erm

(i.e

. m

ore

than

5 y

ears

) to

tal r

etur

ns. Th

is m

ay le

ad t

o vo

lati

lity

of r

etur

ns in

the

sho

rt t

erm

(i.e

. le

ss t

han

one

year

).

PORTF

OLI

ON

AME

INVE

STM

ENTDAT

ATOTHEE

NDO

FDECEMBER2

011

CALE

NDARYEARR

ETU

RNS

1Yea

r3Yea

rs(p.a.)

5Yea

rs(p.a.)

2010

2009

2008

Portfolio

Type

Siz

e (R

m)

Ran

kPortfolio

Ran

kBen

chmark

Portfolio

Ran

kBen

chmark

Portfolio

Ran

kBen

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

GLO

BALDYN

AMIC

Alla

n G

ray

Life

Glo

bal A

bsol

ute

Por

tfol

io1

4.0

0%

1

8.8

0%

12

.02

% 9

1

4.4

2%

*

*8

.58

%1

4.4

7%

13

.58

%2

0.2

6%

14

.81

%-1

2.3

1%

P2

,47

7 5

Cor

onat

ion

(Man

aged

)9

.04

% 3

8

.45

%1

7.9

1%

1

14

.32

%1

1.8

0%

1

8.5

7%

19

.40

%1

4.5

4%

25

.89

%2

0.2

6%

-7.5

6%

-12

.31

%P

6,8

92

2

Inve

stec

Ass

et M

anag

emen

t M

anag

ed8

.80

% 4

8

.07

%1

4.1

9%

5

14

.58

%8

.41

% 4

9

.08

%1

2.8

1%

13

.95

%2

1.3

2%

20

.11

%-1

4.8

5%

-9.8

5%

P4

,72

0 4

Inve

stec

Opp

ortu

nity

Com

posi

te1

2.5

9%

2

13

.12

%1

5.7

1%

2

11

.82

%1

1.2

7%

2

14

.39

%1

2.9

4%

10

.81

%2

1.8

4%

12

.48

%-3

.95

%1

9.9

3%

P30

,284

1

Inve

stm

ent

Sol

utio

ns E

ntre

pren

eur

7.1

2%

7

9.1

3%

15

.21

% 3

1

4.4

6%

8.7

7%

3

8.3

2%

16

.57

%1

5.6

4%

22

.45

%1

8.8

3%

-11

.84

%-1

2.3

9%

PM

1,0

68

7

Mom

entu

m A

ggre

ssiv

e7

.09

% 8

9

.38

%1

3.2

9%

8

13

.39

%7

.82

% 7

8

.98

%1

2.2

1%

13

.68

%2

1.0

0%

17

.23

%-1

1.6

4%

-7.0

9%

P6

05

8

Mom

entu

m A

M O

ptim

iser

Fun

d8

.69

% 5

8

.59

%1

4.9

5%

4

13

.11

%7

.99

% 6

8

.83

%1

3.8

8%

13

.70

%2

2.7

1%

17

.23

%-1

2.1

4%

-7.0

9%

P1

52

9

OM

IGS

A M

acro

Str

ateg

y (P

rofil

e P

inna

cle)

6.6

5%

9

*1

3.6

9%

7

*8

.28

% 5

*

14

.17

%*

20

.69

%*

-11

.76

%*

P2

,17

6 6

SYm

mE

TRY

Agg

ress

ive

8.2

9%

6

7.6

9%

13

.70

% 6

1

4.0

6%

7.7

3%

8

8.1

5%

14

.97

%1

5.8

4%

18

.06

%1

8.9

6%

-12

.33

%-1

2.2

8%

PM

5,2

07

3

RETU

RNS

TATI

STI

CS(IN

VESTA

BLE

)

Hig

hest

12

.59

%1

7.9

1%

11

.80

%

Upp

er Q

uart

ile8

.86

%1

5.3

3%

9.4

0%

Med

ian

7.8

8%

15

.04

%9

.31

%

Ave

rage

8.2

7%

14

.77

%9

.27

%

Low

er Q

uart

ile7

.12

%1

3.7

0%

7.9

5%

Low

est

6.6

5%

13

.29

%7

.73

%

Num

ber

of P

arti

cipa

nts

88

8

Tota

l Por

tfol

io S

ize

of P

arti

cipa

nts

53

,58

2

Key

P -

Poo

led

PM

- P

oole

d M

ulti

-Man

aged

Note:

The

sta

tist

ics

abov

e on

ly in

clud

e th

ose

port

folio

s th

at a

re in

vest

able

i.e.

tho

se p

ortf

olio

s th

at a

re c

lose

d to

new

bus

ines

s w

ill b

e ex

clud

ed f

rom

the

cal

cula

tion

s.


RANGEOFRETURNSOFGLOBALBESTINVESTMENTVIEWINVESTABLEUNIVERSEFORTHEPERIODSENDING31DECEMBER2011

19


RETURNSTATISTICS

Highest 11.40% 16.84% 11.91%

Upper Quartile 8.84% 15.14% 9.85%

Median 8.07% 14.13% 8.68%

Average 8.12% 14.37% 8.64%

Lower Quartile 7.57% 13.33% 7.44%

Lowest 4.36% 12.00% 6.79%


Objective - The portfolios included in this survey represent the managers’ best investment view subject to the restrictions set out below.



25% - 75%

Min - Max

Median

20.00%

15.00%

10.00%

5.00%

0.00%

SectIOn 2global Balanced Manager WatchtM Survey - Best Investment view


20

Objec

tive

- T

he p

ortf

olio

s ar

e ba

lanc

ed (

i.e. m

ulti

ple

asse

t cl

asse

s) p

ortf

olio

s, s

ubje

ct t

o th

e re

stri

ctio

ns im

pose

d by

Reg

ulat

ion

28

of

the

Pen

sion

Fun

ds A

ct a

nd r

epre

sent

the

m

anag

ers’

bes

t in

vest

men

t vi

ew.

PORTF

OLI

ON

AME

INVE

STM

ENTDAT

ATOTHEE

NDO

FDECEMBER2

011

CALE

NDARYEARR

ETU

RNS

1Yea

r3Yea

rs(p.a.)

5Yea

rs(p.a.)

2010

2009

2008

Portfolio

Type

Siz

e (R

m)

Ran

k

Portfolio

Ran

kBen

chmark

Portfolio

Ran

kBen

chmark

Portfolio

Ran

kBen

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

GLO

BALBESTIN

VESTM

ENTVI

EW

Alla

n G

ray

12

.63

% 1

8

.80

%1

3.3

0%

15

1

4.4

2%

10

.51

% 4

8

.63

%1

1.6

8%

14

.47

%1

5.6

2%

20

.28

%-1

.05

%-1

2.3

1%

S3

5,1

84

1

Cad

iz G

loba

l Bal

ance

d4

.36

% 1

9

8.0

7%

13

.33

% 1

4

13

.91

%7

.40

% 1

5

8.4

6%

15

.91

%1

3.9

5%

20

.33

%2

0.0

4%

-12

.62

%-1

1.5

5%

S4

66

17

Cor

onat

ion

8.2

1%

9

8.0

7%

16

.84

% 1

1

3.9

1%

10

.75

% 3

8

.46

%1

7.7

8%

13

.95

%2

5.1

4%

20

.04

%-8

.30

%-1

1.5

5%

S8

,28

2 6

Foor

d A

sset

Man

agem

ent

11

.40

% 2

7

.29

%1

5.4

6%

4

12

.75

%1

0.2

7%

5

7.8

7%

17

.16

%1

4.6

6%

17

.93

%1

6.5

3%

-5.6

2%

-9.7

1%

S1

4,7

13

4

Inve

stec

Ass

et M

anag

emen

t7

.59

% 1

4

7.6

2%

15

.85

% 2

1

2.9

2%

11

.91

% 2

8

.46

%1

4.5

3%

14

.90

%2

6.1

7%

16

.44

%-1

1.4

9%

-7.7

8%

S1

6,2

73

3

Inve

stec

Ass

et M

anag

emen

t (B

alan

ced)

7.7

2%

11

7

.62

%1

5.7

6%

3

12

.92

%1

1.9

1%

1

8.4

6%

14

.09

%1

4.9

0%

26

.23

%1

6.4

4%

-10

.96

%-7

.79

%P

5,5

50

8

Inve

stm

ent

Sol

utio

ns (

Per

form

er)

9.4

9%

4

9.4

2%

15

.20

% 5

1

4.6

0%

9.7

6%

7

9.4

6%

15

.98

%1

4.0

5%

20

.40

%2

0.3

7%

-8.6

2%

-9.7

2%

PM

22

,16

3 2

Inve

stm

ent

Sol

utio

ns (

Spe

ctru

m)

8.6

3%

7

9.3

6%

14

.72

% 8

1

4.3

7%

8.9

4%

9

9.0

6%

14

.81

%1

4.0

3%

21

.07

%1

9.9

7%

-12

.03

%-1

0.7

6%

PM

2,5

76

12

Mom

entu

m A

M G

loba

l Bal

ance

d Fu

nd7

.54

% 1

6

8.9

2%

12

.67

% 1

8

13

.23

%7

.19

% 1

7

8.8

9%

10

.98

%1

3.7

0%

19

.84

%1

7.2

3%

-12

.40

%-7

.09

%S

10

,88

6 5

Mom

entu

m B

alan

ced

7.2

4%

17

9

.38

%1

3.0

5%

17

1

3.3

9%

7.5

7%

14

8

.99

%1

2.0

5%

13

.68

%2

0.2

5%

17

.23

%-1

1.6

5%

-7.0

9%

P6

83

16

Oas

is8

.55

% 8

8

.12

%1

2.0

0%

19

1

4.3

7%

6.7

9%

19

8

.64

%1

1.9

5%

14

.82

%1

5.6

1%

21

.19

%-1

4.3

9%

-10

.99

%S

96

1 1

5

OM

IGS

A M

acro

Str

ateg

y 7

.57

% 1

5

8.5

9%

13

.44

% 1

2

14

.11

%8

.08

% 1

0

8.9

5%

14

.03

%1

5.1

6%

19

.03

%1

8.8

3%

-12

.02

%-1

0.1

2%

S3

,49

0 1

0

OM

IGS

A M

acro

Str

ateg

y (P

rofil

e B

alan

ced)

7.8

4%

10

8

.74

%1

3.1

5%

16

1

3.9

9%

7.6

5%

13

9

.12

%1

3.7

0%

16

.38

%1

8.1

4%

17

.06

%-1

2.7

9%

-8.1

7%

P1

,26

4 1

3

OM

IGS

A M

acro

Str

ateg

y (P

rofil

e G

row

th)

7.6

5%

12

8

.99

%1

3.3

5%

13

1

4.9

7%

7.7

2%

12

8

.79

%1

3.6

6%

16

.64

%1

9.0

2%

19

.53

%-1

2.8

9%

-12

.01

%P

12

4 1

9

Pru

dent

ial G

loba

l Bal

ance

d8

.92

% 6

8

.07

%1

4.8

8%

7

14

.13

%9

.59

% 8

8

.68

%1

5.9

8%

14

.28

%2

0.0

1%

20

.39

%-8

.71

%-1

0.9

4%

S1

,12

8 1

4

RE

:CM

1

0.0

3%

3

14

.56

%1

4.3

7%

10

1

3.2

5%

9.8

8%

6

15

.33

%1

3.3

0%

11

.84

%2

0.0

0%

13

.36

%-0

.99

%2

0.7

3%

P8

,08

6 7

SIM

Glo

bal U

niqu

e7

.64

% 1

3

8.0

7%

14

.52

% 9

1

3.9

1%

7.1

0%

18

8

.46

%1

5.3

3%

13

.95

%2

0.9

8%

20

.04

%-1

5.4

3%

-11

.55

%S

3,1

18

11

Sta

nlib

AM

9.3

4%

5

8.0

7%

14

.97

% 6

1

4.1

3%

7.2

0%

16

8

.68

%1

8.0

2%

14

.28

%1

7.7

7%

20

.39

%-2

1.1

8%

-10

.94

%S

3,8

30

9

SYm

mE

TRY

Par

agon

7.0

8%

18

8

.82

%1

3.8

5%

11

1

4.2

7%

7.9

1%

11

8

.62

%1

4.7

3%

14

.29

%2

0.1

1%

19

.96

%-1

1.9

7%

-11

.30

%P

18

8 1

8

RETU

RNS

TATI

STI

CS(IN

VESTA

BLE

)

Hig

hest

11

.40

%1

6.8

4%

11

.91

%

Upp

er Q

uart

ile8

.84

%1

5.1

4%

9.8

5%

Med

ian

8.0

7%

14

.13

%8

.68

%

Ave

rage

8.1

2%

14

.37

%8

.64

%

Low

er Q

uart

ile7

.57

%1

3.3

3%

7.4

4%

Low

est

4.3

6%

12

.00

%6

.79

%

Num

ber

of P

arti

cipa

nts

18

18

18

Tota

l Por

tfol

io S

ize

of P

arti

cipa

nts

13

8,9

64

Key

S -

Seg

rega

ted P

- P

oole

d PM

- P

oole

d M

ulti

-Man

aged

Note:

The

sta

tist

ics

abov

e on

ly in

clud

e th

ose

port

folio

s th

at a

re in

vest

able

i.e.

tho

se p

ortf

olio

s th

at a

re c

lose

d to

new

bus

ines

s w

ill b

e ex

clud

ed f

rom

the

cal

cula

tion

s.


RANGEOFRETURNSOFGLOBALCONSERVATIVEINVESTABLEUNIVERSEFORTHEPERIODSENDING31DECEMBER2011

21


RETURNSTATISTICS

Highest 12.98% 14.99% 11.22%

Upper Quartile 9.80% 11.81% 9.88%

Median 8.95% 10.71% 9.48%

Average 9.33% 10.62% 9.33%

Lower Quartile 8.20% 9.96% 8.62%

Lowest 7.31% 7.43% 6.40%


Objective - The portfolios included in this survey aim to minimise the probability of short-term (i.e. less than one year) capital loss while targeting long-term (i.e. more than five years) capital growth.



20.00%

16.00%

12.00%

8.00%

4.00%

0.00%

SectIOn 2global Balanced Manager WatchtM Survey - conservative

25% - 75%

Min - Max

Median


22

Objec

tive

- T

he p

ortf

olio

s ar

e ba

lanc

ed (

i.e. m

ulti

ple

asse

t cl

ass)

por

tfol

ios,

sub

ject

to

the

rest

rict

ions

impo

sed

by R

egul

atio

n 2

8 o

f th

e P

ensi

on F

unds

Act

and

aim

to

min

imis

e t

he p

roba

bilit

y of

sho

rt-t

erm

(i.e

. le

ss t

han

one

year

) ca

pita

l los

s w

hile

tar

geti

ng lo

ng-t

erm

(i.e

. m

ore

than

five

yea

rs)

tota

l ret

urns

.

PORTF

OLI

ON

AME

INVE

STM

ENTDAT

ATOTHEE

NDO

FDECEMBER2

011

CALE

NDARYEARR

ETU

RNS

1Yea

r3Yea

rs(p.a.)

5Yea

rs(p.a.)

20010

2009

2008

Portfolio

Type

Siz

e (R

m)

Ran

kPortfolio

Ran

kBen

chmark

Portfolio

Ran

kBen

chmark

Portfolio

Ran

kBen

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

GLO

BALCONSERVA

TIVE

Alla

n G

ray

Life

Glo

bal S

tabl

e P

ortf

olio

13

.31

% 1

*

8.8

1%

7

**

*

5.8

0%

*7

.46

%*

13

.69

%*

P2

,35

1 4

Cor

onat

ion

(Abs

olut

e)7

.73

% 7

*

14

.99

% 1

*

11

.22

% 1

*

17

.45

%*

20

.15

%*

-0.9

4%

*P

5,3

91

1

Inve

stec

Cau

tiou

s M

anag

ed F

und

12

.98

% 2

8

.28

%1

0.8

9%

4

9.7

8%

10

.00

% 2

8

.31

%6

.82

%1

1.3

7%

12

.98

%9

.72

%6

.01

%2

.70

%P

3,7

60

3

Inve

stm

ent

Sol

utio

ns (

Con

serv

er)

9.8

6%

3

9.4

9%

11

.57

% 3

1

0.3

2%

9.7

5%

3

8.4

1%

10

.94

%1

0.9

9%

13

.95

%1

0.4

8%

2.9

3%

0.9

3%

PM

1,6

53

5

OM

IGS

A M

acro

Str

ateg

y (P

rofil

e C

apit

al)

9.7

5%

4

10

.82

%9

.79

% 6

9

.18

%9

.21

% 4

9

.27

%1

0.7

9%

11

.01

%8

.84

%5

.79

%6

.85

%9

.53

%P

28

9 8

Sta

nlib

AM

(A

bsol

ute)

7.3

1%

8

*7

.43

% 8

*

6.4

0%

7

*7

.58

%*

7.4

0%

*1

.10

%*

P3

,96

8 2

SYm

mE

TRY

Con

serv

ativ

e8

.66

% 6

8

.79

%1

2.0

5%

2

11

.77

%8

.62

% 5

8

.64

%1

3.7

8%

13

.69

%1

3.7

9%

12

.88

%-2

.81

%-2

.63

%P

M3

57

7

SYm

mE

TRY

Abs

olut

e D

efen

sive

Fun

d8

.92

% 5

*

10

.12

% 5

*

8.6

2%

6

*1

0.7

1%

*1

0.7

5%

*2

.59

%*

PM

1,1

15

6

RETU

RNS

TATI

STI

CS

Hig

hest

12

.98

%1

4.9

9%

11

.22

%

Upp

er Q

uart

ile9

.80

%1

1.8

1%

9.8

8%

Med

ian

8.9

5%

10

.71

%9

.48

%

Ave

rage

9.3

3%

10

.62

%9

.33

%

Low

er Q

uart

ile8

.20

%9

.96

%8

.62

%

Low

est

7.3

1%

7.4

3%

6.4

0%

Num

ber

of P

arti

cipa

nts

77

7

Tota

l Por

tfol

io S

ize

of P

arti

cipa

nts

18

,88

4

Key

P -

Poo

led PM

- P

oole

d M

ulti

-Man

aged


23

Objec

tive

- T

he p

ortf

olio

s ar

e ba

lanc

ed (

i.e. m

ulti

ple

asse

t cl

ass)

por

tfol

ios,

sub

ject

to

the

rest

rict

ions

impo

sed

by R

egul

atio

n 2

8 o

f th

e P

ensi

on F

unds

Act

and

are

con

fined

to

inv

esti

ng in

Sou

th A

fric

a on

ly. Th

ese

port

folio

s re

pres

ent

the

man

ager

s be

st in

vest

men

t vi

ew.

PORTF

OLI

ON

AME

RIS

KVSR

ETU

RN(CALC

ULA

TEDO

N3

YEARP

ERFO

RMANCER

ETU

RNS)

3Yea

rRetur

n(p

.a.)

Ran

kVo

latilit

y(R

isk)

Ran

kRetur

n/R

isk

Ran

kActiveRetur

nRan

kTrac

king

Error

Inform

ationRatio

Ran

k

S.A

.BESTIN

VESTM

ENTVI

EW

AB

SA

Bal

ance

d 1

5.3

0%

11

1

0.3

9%

7

1.4

7

10

0

.34

% 9

2

.17

%0

.16

8

Alla

n G

ray

15

.62

% 1

0

8.6

8%

2

1.8

0

2

-0.7

4%

13

5

.76

%-0

.13

12

Cor

onat

ion

18

.39

% 1

1

1.0

4%

9

1.6

7

5

1.9

5%

3

1.2

9%

1.5

1 1

Foor

d S

egre

gate

d D

omes

tic

18

.05

% 2

1

0.6

8%

8

1.6

9

4

3.8

5%

1

4.2

2%

0.9

1 2

Inve

stec

Ass

et M

anag

emen

t1

7.5

3%

3

12

.16

% 1

4

1.4

4

11

3

.19

% 2

3

.83

%0

.83

3

Inve

stm

ent

Sol

utio

ns P

erfo

rmer

Loc

al1

6.9

8%

6

10

.30

% 6

1

.65

6

0

.74

% 4

1

.83

%0

.41

4

Inve

stm

ent

Sol

utio

ns V

alue

Alp

ha L

ocal

16

.41

% 8

9

.19

% 3

1

.79

3

0

.18

% 1

0

3.3

3%

0.0

5 1

1

Mom

entu

m A

M D

omes

tic

Bal

ance

d Fu

nd1

4.7

9%

14

1

1.5

9%

11

1

.28

1

5

0.4

1%

7

2.5

5%

0.1

6 7

Oas

is1

5.1

1%

12

9

.38

% 4

1

.61

7

-0

.94

% 1

4

2.4

7%

-0.3

8 1

4

OM

IGS

A M

acro

Str

ateg

y1

5.6

9%

9

11

.89

% 1

2

1.3

2

14

-0

.42

% 1

2

1.6

9%

-0.2

5 1

3

Pru

dent

ial D

omes

tic

Bal

ance

d1

7.0

7%

4

12

.22

% 1

5

1.4

0

12

0

.66

% 5

2

.21

%0

.30

5

Pan

-Afr

ican

Ass

et M

anag

emen

t1

4.8

0%

13

9

.84

% 5

1

.50

8

-1

.60

% 1

5

2.3

2%

-0.6

9 1

5

RE

:CM

Bal

ance

d D

omes

tic

Com

posi

te1

3.6

4%

15

6

.79

% 2

.01

1

0

.40

% 8

6

.69

%0

.06

10

SIM

Dom

esti

c U

niqu

e1

6.5

9%

7

12

.13

% 1

3

1.3

7

13

0

.15

% 1

1

1.1

6%

0.1

3 9

Sta

nlib

AM

16

.99

% 5

1

1.4

6%

10

1

.48

9

0

.58

% 6

2

.30

%0

.25

6

RIS

KS

TATI

STI

CS

Hig

hest

18

.39

%1

2.2

2%

2.0

1

3.8

5%

6.6

9%

1.5

1

Upp

er Q

uart

ile1

7.0

3%

11

.74

% 1

.68

0

.70

%3

.58

% 0

.35

Med

ian

16

.45

%1

0.6

8%

1.5

0

0.4

0%

2.3

2%

0.1

6

Ave

rage

16

.11

%1

0.5

2%

1.5

6

0.5

8%

2.9

2%

0.2

2

Low

er Q

uart

ile1

5.2

0%

9.6

1%

1.4

2

-0.1

3%

2.0

0%

-0

.04

Low

est

13

.64

%6

.79

% 1

.28

-1

.60

%1

.16

% -

0.6

9

Num

ber

of p

arti

cipa

nts

15

1

5

15

1

5

15

1

5


24

Objec

tive

- T

he p

ortf

olio

s ar

e ba

lanc

ed (

i.e. m

ulti

ple

asse

t cl

ass)

por

tfol

ios,

sub

ject

to

the

rest

rict

ions

impo

sed

by R

egul

atio

n 2

8 o

f th

e P

ensi

on F

unds

Act

and

aim

to

max

imis

e lo

ng-t

erm

(i.e

. m

ore

than

5 y

ears

) ca

pita

l gro

wth

. Th

is m

ay le

ad t

o vo

lati

lity

of r

etur

ns in

the

sho

rt-t

erm

(i.e

. le

ss t

han

one

year

).

PORTF

OLI

ON

AME

RIS

KVSR

ETU

RN(CALC

ULA

TEDO

N3

YEARP

ERFO

RMANCER

ETU

RNSFORTHEP

ERIO

DE

NDIN

G3

1D

ECEMBER

2011)

3Yea

rRetur

n(p

.a.)

Ran

kVo

latilit

y(R

isk)

Ran

kRetur

n/R

isk

Ran

kActiveRetur

nRan

kTrac

king

Error

Inform

ationRatio

Ran

k

GLO

BALDYN

AMIC

Alla

n G

ray

Life

Glo

bal A

bsol

ute

Por

tfol

io1

2.0

2%

9

8.2

2%

1

1.4

6

4

-2.4

0%

8

8.2

8%

-0.2

9 8

Cor

onat

ion

(Man

aged

)1

7.9

1%

1

10

.74

% 7

1

.67

2

3

.59

% 2

1

.35

%2

.66

1

Inve

stec

Ass

et M

anag

emen

t M

anag

ed1

4.1

9%

5

9.1

4%

3

1.5

5

3

-0.3

9%

7

5.7

4%

-0.0

7 6

Inve

stec

Opp

ortu

nity

Com

posi

te1

5.7

1%

2

8.5

9%

2

1.8

3

1

3.8

9%

1

8.5

3%

0.4

6 3

Inve

stm

ent

Sol

utio

ns E

ntre

pren

eur

15

.21

%3

10

.66

% 6

1

.43

5

0

.75

% 4

2

.22

%0

.34

4

Mom

entu

m A

ggre

ssiv

e1

3.2

9%

81

0.6

5%

5

1.2

5

8

-0.0

9%

5

2.4

4%

-0.0

4 5

Mom

entu

m A

M O

ptim

iser

Fun

d1

4.9

5%

4

10

.89

% 8

1

.37

7

1

.84

% 3

2

.08

%0

.88

2

OM

IGS

A M

acro

Str

ateg

y (P

rofil

e P

inna

cle)

13

.69

%7

11

.65

% 9

1

.18

9

*

*

*

SYm

mE

TRY

Agg

ress

ive

13

.70

%6

9.8

3%

4

1.3

9

6

-0.3

7%

6

3.0

7%

-0.1

2 7

RIS

KS

TATI

STI

CS

Hig

hest

17

.91

%1

1.6

5%

1.8

3

3.8

9%

8.5

3%

2.6

6

Upp

er Q

uart

ile1

5.2

1%

10

.74

% 1

.55

2

.27

%6

.38

% 0

.56

Med

ian

15

.24

%1

0.6

5%

1.4

3

0.3

3%

2.7

5%

0.1

5

Ave

rage

14

.85

%1

0.0

4%

1.4

6

0.8

5%

4.2

1%

0.4

8

Low

er Q

uart

ile1

3.6

9%

9.1

4%

1.3

7

-0.3

7%

2.1

9%

-0

.08

Low

est

12

.02

%8

.22

% 1

.18

-2

.40

%1

.35

% -

0.2

9

Num

ber

of p

arti

cipa

nts

9

9

9

8

8

8


25

Objec

tive

- T

he p

ortf

olio

s ar

e ba

lanc

ed (

i.e.

mul

tipl

e as

set

clas

s) p

ortf

olio

s, s

ubje

ct t

o th

e re

stri

ctio

ns i

mpo

sed

by R

egul

atio

n 2

8 o

f th

e P

ensi

on F

unds

Act

and

rep

rese

nt t

he

man

ager

s’ b

est

inve

stm

ent

view

.

PORTF

OLI

ON

AME

RIS

KVSR

ETU

RN(CALC

ULA

TEDO

N3

YEARP

ERFO

RMANCER

ETU

RNS)

3Yea

rRetur

n(p

.a.)

Ran

kVo

latilit

y(R

isk)

Ran

kRetur

n/R

isk

Ran

kActiveRetur

nRan

kTrac

king

Error

Inform

ationRatio

Ran

k

GLO

BALBESTIN

VESTM

ENTVI

EW

Alla

n G

ray

13

.30

% 1

5

8.2

4%

2

1.6

1

5

-1.1

3%

17

5

.19

%-0

.22

12

Cad

iz G

loba

l Bal

ance

d1

3.3

3%

14

1

0.5

8%

12

1

.26

1

4

-0.5

8%

14

2

.33

%-0

.25

14

Cor

onat

ion

16

.84

% 1

9

.86

% 8

1

.71

2

2

.93

% 2

1

.47

%2

.00

1

Foor

d A

sset

Man

agem

ent

15

.46

% 4

9

.55

% 6

1

.62

4

2

.70

% 4

3

.70

%0

.73

4

Inve

stec

Ass

et M

anag

emen

t1

5.8

5%

2

10

.77

% 1

6

1.4

7

9

2.9

3%

1

3.5

4%

0.8

3 2

Inve

stec

Ass

et M

anag

emen

t (B

alan

ced)

15

.76

% 3

1

0.6

9%

15

1

.47

8

2

.84

% 3

3

.65

%0

.78

3

Inve

stm

ent

Sol

utio

ns (

Per

form

er)

15

.20

% 5

9

.27

% 4

1

.64

3

0

.60

% 9

1

.77

%0

.34

8

Inve

stm

ent

Sol

utio

ns (

Spe

ctru

m)

14

.72

% 8

9

.83

% 7

1

.50

6

0

.35

% 1

0

0.9

8%

0.3

6 7

Mom

entu

m A

M G

loba

l Bal

ance

d Fu

nd1

2.6

7%

18

1

0.2

3%

9

1.2

4

17

-0

.56

% 1

3

2.1

6%

-0.2

6 1

5

Mom

entu

m B

alan

ced

13

.05

% 1

7

10

.59

% 1

3

1.2

3

19

-0

.33

% 1

1

2.3

5%

-0.1

4 1

1

Oas

is1

2.0

0%

19

9

.04

% 3

1

.33

1

1

-2.3

7%

19

2

.56

%-0

.93

19

OM

IGS

A M

acro

Str

ateg

y 1

3.4

4%

12

1

0.9

0%

17

1

.23

1

8

-0.6

7%

15

1

.53

%-0

.44

16

OM

IGS

A M

acro

Str

ateg

y (P

rofil

e B

alan

ced)

13

.15

% 1

6

10

.46

% 1

0

1.2

6

15

-0

.85

% 1

6

1.8

8%

-0.4

5 1

7

OM

IGS

A M

acro

Str

ateg

y (P

rofil

e G

row

th)

13

.35

% 1

3

10

.66

% 1

4

1.2

5

16

-1

.62

% 1

8

1.8

9%

-0.8

6 1

8

Pru

dent

ial G

loba

l Bal

ance

d1

4.8

8%

7

11

.37

% 1

9

1.3

1

13

0

.74

% 7

2

.02

%0

.37

6

RE

:CM

1

4.3

7%

10

7

.61

% 1

1

.89

1

1

.12

% 5

7

.63

%0

.15

10

SIM

Glo

bal U

niqu

e1

4.5

2%

9

11

.04

% 1

8

1.3

2

12

0

.61

% 8

1

.38

%0

.44

5

Sta

nlib

AM

14

.97

% 6

1

0.5

3%

11

1

.42

1

0

0.8

4%

6

2.8

0%

0.3

0 9

SYm

mE

TRY

Par

agon

13

.85

% 1

1

9.3

6%

5

1.4

8

7

-0.4

2%

12

1

.85

%-0

.23

13

STA

TISTI

CS

Hig

hest

16

.84

%1

1.3

7%

1.8

9

2.9

3%

7.6

3%

2.0

0

Upp

er Q

uart

ile1

5.0

9%

10

.67

% 1

.56

0

.98

%3

.17

% 0

.40

Med

ian

14

.16

%1

0.4

6%

1.4

2

0.3

5%

2.1

6%

0.1

5

Ave

rage

14

.44

%1

0.0

3%

1.4

3

0.3

8%

2.6

7%

0.1

3

Low

er Q

uart

ile1

3.3

1%

9.4

6%

1.2

6

-0.6

3%

1.8

1%

-0

.25

Low

est

12

.00

%7

.61

% 1

.23

-2

.37

%0

.98

% -

0.9

3

Num

ber

of p

arti

cipa

nts

19

1

9

19

1

9

19

1

9


26

Objec

tive

- T

he p

ortf

olio

s ar

e ba

lanc

ed (

i.e. m

ulti

ple

asse

t cl

ass)

por

tfol

ios,

sub

ject

to

the

rest

rict

ions

impo

sed

by R

egul

atio

n 2

8 o

f th

e P

ensi

on F

unds

Act

and

aim

to

min

imis

e t

he p

roba

bilit

y of

sho

rt-t

erm

(i.e

. le

ss t

han

one

year

) ca

pita

l los

s w

hile

tar

geti

ng lo

ng-t

erm

(i.e

. m

ore

than

five

yea

rs)

capi

tal g

row

th.

PORTF

OLI

ON

AME

RIS

KVSR

ETU

RN(CALC

ULA

TEDO

N3

YEARP

ERFO

RMANCER

ETU

RNSFORTHEP

ERIO

DE

NDIN

G3

1D

ECEMBER2

011)

3Yea

rRetur

n(p

.a.)

Ran

kVo

latilit

y(R

isk)

Ran

kRetur

n/R

isk

Ran

kActiveRetur

nRan

kTrac

king

Error

Inform

ationRatio

Ran

k

GLO

BALCONSERVA

TIVE

Alla

n G

ray

Life

Glo

bal S

tabl

e P

ortf

olio

8.8

1%

7

4.6

7%

4

1.8

9

5

*

**

Cor

onat

ion

(Abs

olut

e)1

4.9

9%

1

6.6

9%

7

2.2

4

3

*

**

Inve

stec

Cau

tiou

s M

anag

ed F

und

10

.89

% 4

6

.56

% 6

1

.66

7

1

.10

%2

5

.38

%0

.20

3

Inve

stm

ent

Sol

utio

ns (

Con

serv

er)

11

.57

% 3

5

.69

% 5

2

.03

4

1

.25

%1

1

.98

%0

.63

1

OM

IGS

A M

acro

Str

ateg

y (P

rofil

e C

apit

al)

9.7

9%

6

4.0

3%

1

2.4

3

1

0.6

1%

3

1.5

2%

0.4

02

Sta

nlib

AM

(A

bsol

ute)

7.4

3%

8

4.6

0%

3

1.6

2

8

*

**

SYm

mE

TRY

Con

serv

ativ

e1

2.0

5%

2

7.0

6%

8

1.7

1

6

0.2

8%

4

2.2

8%

0.1

24

SYm

mE

TRY

Abs

olut

e D

efen

sive

Fun

d1

0.1

2%

5

4.4

2%

2

2.2

9

2

*

**

RIS

KS

TATI

STI

CS

Hig

hest

14

.99

%7

.06

%2

.43

1.2

5%

5.3

8%

0.6

3

Upp

er Q

uart

ile1

1.6

9%

6.5

9%

2.2

51

.14

%3

.05

%0

.46

Med

ian

10

.71

%5

.18

%1

.96

0.8

6%

2.1

3%

0.3

0

Ave

rage

10

.62

%5

.47

%1

.98

0.8

1%

2.7

9%

0.3

4

Low

er Q

uart

ile9

.55

%4

.55

%1

.70

0.5

3%

1.8

7%

0.1

8

Low

est

7.4

3%

4.0

3%

1.6

20

.28

%1

.52

%0

.12

Num

ber

of p

arti

cipa

nts

8

8

8

4

4

4


27

RISKVSRETURNSCATTERPLOT-S.A.BESTINVESTMENTVIEW-3YEARSENDING31DECEMBER2011

TRACKINGERRORVSEXCESSRETURNSCATTERPLOT-S.A.BESTINVESTMENTVIEW3YEARSENDING31DECEMBER2011

SectIOn 2S.a. Balanced Manager WatchtM Survey - return and volatility

28

SectIOn 2global Balanced Manager WatchtM Survey - return & volatility

RISKVSRETURNSCATTERPLOT-GLOBALBESTINVESTMENTVIEW-3YEARSENDING31DECEMBER2011

TRACKINGERRORVSEXCESSRETURNSCATTERPLOT-GLOBALBESTINVESTMENTVIEW-3YEARSENDING31DECEMBER2011

Cadiz Global Balanced

Allan Gray

Coronation

Foord Asset Management

Investec Asset Management

Investec Asset Management (Balanced)

Investment Solutions (Performer)

IS (Spectrum)

Momentum Balanced

Oasis

OMIGSA Macro Strategy OMIGSA (Balanced)

OMIGSA Macro Strategy (Growth)

Prudential Global Balanced

Momentum AM Global Balanced Fund

SIM Global Unique

Stanlib AM

RE:CM

SYmmETRY Paragon

-2.45%

-1.45%

-0.45%

0.55%

1.55%

2.55%

0.85% 1.85% 2.85% 3.85% 4.85% 5.85% 6.85%

Exc

ess

Ret

urn

(% p

.a.)

Tracking Error (% p.a.)

Cadiz Global Balanced Allan Gray

Coronation


Investec Asset Management Investec Asset

Management (Balanced)

Investment Solutions (Performer)

Investment Solutions (Spectrum)

Momentum Balanced

Oasis

OMIGSA Macro Strategy OMIGSA Macro Strategy (Profile Balanced)

OMIGSA Macro Strategy (Profile Growth)



SIM Global Unique

Stanlib AM

RE:CM

SYmmETRY Paragon

11.90%

12.90%

13.90%

14.90%

15.90%

16.90%

7.50% 8.00% 8.50% 9.00% 9.50% 10.00% 10.50% 11.00%

Ret

urn

(p.a

.)

Risk (p.a.) (standard deviation)

29

RISKVSRETURNSCATTERPLOT-GLOBALDYNAMIC-3YEARSENDING31DECEMBER2011

TRACKINGERRORVSEXCESSRETURNSCATTERPLOT-GLOBALDYNAMIC -3YEARSENDING31DECEMBER2011


Coronation (Managed)

OMIGSA Macro Strategy (Profile Pinnacle)

Momentum AM Optimiser Fund

11.90%

12.90%

13.90%

14.90%

15.90%

16.90%

17.90%

8.10% 8.60% 9.10% 9.60% 10.10% 10.60% 11.10% 11.60%

Ret

urn

(p.a

.)


Investment SolutionsEntrepreneur

Investec OpportunityFund

Investec AssestManagement Managed

SYmmETRYAggressive

Allan Gray Life GlobalAbsolute Portfolio

Momentum Aggressive

Allan Gray Life Global Absolute Portfolio

Investec Opportunity Composite

-2.55%

-1.55%

-0.55%

0.45%

1.45%

2.45%

3.45%

1.25% 2.25% 3.25% 4.25% 5.25% 6.25% 7.25% 8.25%

Exc

ess

Ret

urn

(% p

.a.)


Investment SolutionsEntrepreneur

Momentum AMOptimiser Fund

Coronation (Managed)

Investec AssestManagement ManagedSYmmETRY Aggressive

Momentum Aggressive

30

RISKVSRETURNSCATTERPLOT-GLOBALCONSERVATIVE-3YEARSENDING31DECEMBER2011

TRACKINGERRORVSEXCESSRETURNSCATTERPLOT-GLOBALCONSERVATIVE-3YEARSENDING31DECEMBER2011


31

AVERAGEASSETALLOCATIONOFS.A.BESTINVESTMENTVIEWASAT31DECEMBER2011

AVERAGEASSETALLOCATIONOFGLOBALBESTINVESTMENTVIEWASAT31DECEMBER2011

* Average provided is a numeric average calculated by adding asset weights together dividing by number of funds; this treats all funds equally, regardless of size.

15.74%

0.41%

14.56%

0.70%3.40%

5.41%

59.78%

17.28%

0.99%

10.19%

0.84%

4.16%

10.48%

56.06%

14.08%

0.31%

13.22%

1.00%3.06%

6.60%

61.73%

2007 2008 2009 2010 2011

18.23%

0.73%

11.49%

0.89%3.51%

10.13%

55.02%

23.38%

0.89%

13.67%

0.36%2.91%

11.31%

47.47%

2007 2008 2009 2010 2011

0.79%

17.20%

1.02%

3.13%

8.49%

69.38%

0.28%

17.32%

0.86%3.10%

9.55%

68.89%

1.50%

13.95%

1.13%

3.72%

12.68%

67.01%

1.28%

14.95%

0.65%

2.81%

13.61%

66.69%

1.16%

17.98%

0.66%

2.54%

16.01%

61.65%

SectIOn 2global and S.a. Balanced Manager WatchtM Survey - asset allocation

32

0.170%

0.535%

0.348%

0.190%

0.447%

0.174%

0.216%

0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60%

ABSA Balanced

Allan Gray

Coronation


Pan-African

RE:CM Balanced Domestic Composite

Momentum AM Domestic Balanced Fund

DOMESTICBESTINVESTMENTVIEW

DOMESTICBESTINVESTMENTVIEW

2011MEDIANCOMPOSITERETURN

MAXIMUMRETURN MINIMUMRETURN COMPOSITEDISPERSION(1YR)

COMPOSITEDISPERSION(3YRS)


ABSA Balanced 5.96% 6.13% 5.79% 0.170% * *

Allan Gray 9.80% 10.81% 9.14% 0.535% 0.220% 0.230%

Coronation 6.45% 6.60% 5.54% 0.348% 0.114% *

Investec Asset Management 6.22% 6.31% 5.87% 0.190% 0.333% *

Pan-African 6.94% 7.40% 6.31% 0.447% 0.555% 0.970%

RE:CM Balanced Domestic Composite

4.21% 4.54% 4.07% 0.174% 0.120% 0.040%

Momentum AM Domestic Balanced Fund

5.68% 6.13% 5.58% 0.216% 0.133% 0.198%

SectIOn 2composite Dispersion (range) of S.a. Balanced Manager WatchtM Managers

1 Year to 31 December 2011

33

GLOBALBESTINVESTMENTVIEW


MAXIMUMRETURN

MINIMUMRETURN

COMPOSITEDISPERSION

(1YR)

COMPOSITEDISPERSION

(3YRS)

COMPOSITEDISPERSION

(5YRS)

Allan Gray 12.21% 13.19% 11.14% 0.575% 0.920% 0.430%

Coronation 8.33% 8.67% 8.11% 0.152% 0.089% 0.093%

Investec Asset Management 7.42% 8.04% 6.90% 0.242% 0.227% 0.145%

Oasis 8.50% 9.56% 6.99% 0.953% 1.562% 1.083%

OMIGSA Macro Strategy 7.60% 7.74% 7.35% 0.134% 0.081% 0.049%

Prudential Global Balanced 8.53% 8.72% 8.43% 0.102% 0.130% *

Momentum AM Global Balanced Fund 7.76% 8.09% 7.42% 0.336% 0.162% 0.155%

RE:CM 10.07% 12.33% 9.60% 1.192% 0.419% 0.288%

SIM Global Unique 7.78% 7.98% 7.35% 0.262% * *

Stanlib AM 9.17% 9.61% 8.22% 0.436% * *

0.575%

0.152%

0.242%

0.953%

0.134%

0.102%

0.336%

1.192%

0.262%

0.436%

0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40%

Allan Gray

Coronation


Oasis

OMIGSA Macro Strategy



RE:CM

SIM Global Unique

Stanlib AM

Global Best Investment View GLOBALBESTINVESTMENTVIEW


SectIOn 2composite Dispersion (range) of global Balanced Manager WatchtM Managers

34

tbsp /// beyond the line 33926

Go on a shopping spree in Paris.

Dance in the rain with a friend.

Fall asleep under the stars.

Teach someone to read.

Audition for theatre.

Go on a blind date.

Build a snowman.

Kiss a celebrity.

Sing to a child.

Start a pillow fight.

Paint a self-portrait.

Learn to belly dance.

Help someone in need.

Cook something you’ve grown.

Test-drive a car you can’t afford.

Switch your cell phone off for a month.


An Authorised Financial Service Provider

35

SectIOn 3S.a. equity Manager WatchtM Survey

Objective - The portfolios included represent specialist equity funds which are actively managed to various benchmarks. Owing to the differing benchmarks the survey ranks active returns or out - or underperformance over the benchmark and risk adjusted returns. No carve-outs are reflected.

The equity survey covers a broad universe of specialist equity products for institutional investors including value, growth, active quantitative, market-orientated styles all with different risk profiles.


RETURNSTATISTICS

Highest 12.21% 22.48% 15.45%

Upper Quartile 5.11% 18.69% 10.77%

Median 3.80% 17.68% 9.31%

Average 3.80% 17.81% 9.47%

Lower Quartile 1.72% 17.06% 8.25%

Lowest -1.71% 13.42% 6.68%


RANGEOFRETURNSOFEQUITYUNIVERSEFORTHEPERIODSENDING31DECEMBER2011


25% - 75%

Min - Max

Median

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

-5.00%

BENCHMARKSOFPORTFOLIOSINTHEEQUITYSURVEYASPERCENTAGEOFTHESURVEYUNIVERSE

BENCHMARK %OFUNIVERSE

FTSE/JSE All Share Index 22.22%

FTSE/JSE Capped Index 4.76%

FTSE/JSE SWIX 55.56%

FTSE/JSE Top 40 3.17%

Other 14.29%

36

Objec

tive

- T

he p

ortf

olio

s in

clud

ed in

thi

s S

urve

y re

pres

ent

spec

ialis

t ac

tive

equ

ity

port

folio

s w

ith

vari

ous

benc

hmar

ks. N

o ca

rve-

outs

are

refl

ecte

d.Due

todifferingbe

nchm

arks

,th

epo

rtfolio

sbe

lowareran

kedby

activeretu

rnson

ly(i.e

actua

lperform

ance

less

ben

chmarkretu

rn)

PORTF

OLI

ON

AME

BENCHMARK

INVE

STM

ENTDAT

ATOTHEE

ND

OFDECEMBER2

011

CALE

NDARYEARR

ETU

RNS

SIZ

E

ActiveRetur

n1Yea

rRan

kActiveRetur

n3Yea

rs(p.a.)

Ran

kActiveRetur

n5Yea

rs(p.a.)

Ran

kActiveRetur

ns

2010

Ran

kActiveRetur

ns

2009

Ran

kActiveRetur

ns

2008

Ran

kPortfolio

Size(R

m)

Ran

k

ENHANCEDINDEX

Kag

iso

Cor

e S

WIX

Fun

d FT

SE

/JS

E S

WIX

All

Sha

re I

ndex

0.0

4%

21

.13

%1

1.1

8%

10

.11

%2

3.6

0%

11

.78

%1

8,1

13

.76

1

Pre

scie

nt E

quit

y Q

uant

Fun

d FT

SE

/JS

E T

op 4

0 I

ndex

0.4

2%

10

.08

%2

0.6

5%

30

.21

%1

-0.5

2%

31

.37

%2

59

8.4

2

3

Sta

nlib

Enh

ance

d In

dex

Fund

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex-0

.91

%3

-0.3

5%

30

.80

%2

0.0

6%

3-0

.09

%2

0.1

2%

3 2

,45

6.4

1

2

BENCHMARKC

OGNIS

ANT

Afe

na C

apit

al E

quit

y C

AP

IFT

SE/J

SE S

WIX

All

Shar

e In

dex

-1.5

5%

19

-1.1

0%

16

*-3

.42

%1

92

.02

%9

2.8

4%

6 7

,31

1.9

2

6

Afe

na C

apit

al E

quit

y S

WIX

FTS

E/J

SE

Cap

ped

All

Sha

re I

ndex

-1.4

6%

18

-1.4

4%

17

*-3

.19

%1

80

.58

%1

31

.91

%1

1 5

,14

9.5

9

9

Cad

iz E

quit

y A

LSI

FTS

E/J

SE

All

Sha

re I

ndex

-3.3

7%

23

-0.7

1%

14

-1.0

9%

9-1

.46

%1

63

.70

%5

1.0

0%

13

14

6.5

0

22

Cad

iz E

quit

y S

WIX

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex-3

.13

%2

2-0

.73

%1

5-1

.69

%1

0-2

.54

%1

74

.36

%4

0.5

6%

14

9,8

59

.02

4

Cor

onat

ion

Cor

e E

quit

y FT

SE

/JS

E S

WIX

All

Sha

re I

ndex

1.3

1%

82

.78

%2

3.9

7%

13

.89

%1

3.3

9%

78

.32

%1

15

,68

2.6

5

2

Inve

stec

Act

ive

Qua

nts

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex3

.43

%1

2.7

8%

11

.25

%3

-1.3

6%

15

6.5

1%

1-3

.51

%1

7 8

77

.46

1

8

Inve

stm

ent

Sol

utio

ns E

ntre

pren

eur

Equ

ity

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex-0

.55

%1

6*

*0

.62

%7

1.5

2%

10

2.9

7%

4 1

,46

0.4

0

15

Inve

stm

ent

Sol

utio

ns P

ure

Equ

ity

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex0

.80

%1

00

.11

%1

00

.66

%5

0.2

3%

10

-0.8

8%

16

2.1

9%

10

30

,56

.50

1

Kag

iso

Man

aged

Equ

ity F

und

FTSE

/JSE

SW

IX A

ll Sh

are

Inde

x0

.39

%1

22

.59

%3

2.3

2%

21

.69

%4

6.3

2%

21

.40

%1

2 1

0,3

10

.81

3

Mom

entu

m C

lass

ic E

quit

yFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

0.9

0%

9-0

.26

%1

30

.04

%6

-0.0

6%

13

-1.8

9%

18

2.9

0%

5 3

,33

0.3

2

10

Mom

entu

m T

arge

t E

quit

yFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

1.6

8%

7*

**

*

*

6

9.0

8

23

Mer

genc

e S

WIX

Fun

dFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

1.8

9%

6*

*-6

.62

%2

10

.81

%1

22

.78

%7

1,9

62

.67

1

1

Mer

genc

e CA

PI F

und

FTS

E/J

SE

Cap

ped

All

Sha

re I

ndex

0.7

0%

11

-1.5

8%

18

*-5

.36

%2

0-0

.18

%1

42

.55

%9

51

8.9

3

20

OM

IGS

A D

oubl

e A

lpha

Top

40

FTS

E/J

SE

Top

40

Ind

ex2

.14

%4

**

3.4

0%

2*

*

2

62

.83

2

1

Pre

scie

nt E

quit

y A

ctiv

e Q

uant

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex-0

.43

%1

40

.37

%8

*0

.30

%9

1.4

4%

11

-0.4

7%

15

1,2

17

.91

1

6

Pru

dent

ial C

ore

Equ

ity

ALS

IFT

SE

/JS

E A

ll S

hare

Ind

ex1

.92

%5

0.1

5%

91

.23

%4

0.1

5%

11

-2.0

8%

19

4.8

9%

3 1

,74

0.6

9

12

Pru

dent

ial C

ore

Equ

ity

SW

IXFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

2.4

1%

20

.01

%1

1*

-0.4

4%

14

-2.4

2%

20

5.6

1%

2 5

,28

9.5

3

8

SIM

Cor

e H

ouse

view

Equ

ity

Fund

2%

Cal

l Rat

e, 9

8%

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex0

.33

%1

31

.62

%4

*1

.31

%5

3.5

7%

6*

6

81

.80

1

9

Sta

nlib

Cor

e E

quit

y FT

SE/J

SE S

WIX

All

Shar

e In

dex

2.2

0%

31

.00

%5

-0.8

5%

81

.83

%3

-1.3

7%

17

-7.9

4%

18

1,7

25

.78

1

3

Sta

nlib

Res

earc

hFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

-0.4

8%

15

-0.1

8%

12

0.0

2%

70

.46

%8

-0.5

0%

15

-1.0

6%

16

6,4

94

.75

7

Syg

nia

Cor

e E

quit

y Fu

ndFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

-0.8

4%

17

**

*

*

*

1,0

56

.67

1

7

Taqu

anta

Act

ive

All

Sha

reFT

SE

/JS

E A

ll S

hare

Ind

ex-1

.93

%2

00

.45

%7

*0

.78

%6

3.2

1%

82

.55

%8

1,5

25

.70

1

4

Taqu

anta

Act

ive

SW

IXFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

-2.0

9%

21

0.9

8%

6*

0.0

6%

12

5.9

0%

3*

7

,43

3.4

05

INDIC

ES

FTS

E/J

SE

All

Sha

re I

ndex

2.5

7%

17

.27

%8

.09

%1

8.9

8%

32

.13

%-2

3.2

3%

FTS

E/J

SE

Cap

ped

All

Sha

re I

ndex

3.0

9%

17

.70

%8

.74

%1

9.5

6%

32

.29

%-2

1.6

5%

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex4

.25

%1

7.8

5%

8.6

5%

20

.86

%2

9.9

1%

-21

.67

%

FTS

E/J

SE

Top

40

Ind

ex2

.44

%1

6.5

1%

7.5

4%

17

.22

%3

1.7

3%

-23

.58

%

FTS

E/J

SE

Val

ue I

ndex

-0.7

1%

16

.52

%5

.13

%1

8.7

4%

34

.20

%-2

7.4

8%

FTS

E/J

SE

Gro

wth

Ind

ex-3

.78

%1

0.3

3%

4.1

1%

13

.45

%2

3.0

4%

-22

.60

%

RETU

RNS

TATI

STI

CS

Num

ber

of P

arti

cipa

nts

26

21

13

24

23

21

Tota

l Fun

d S

ize

of P

arti

cipa

nts

12

5,4

33

.48

Inde

x -

All

righ

ts in

the

FTS

E/J

SE

Afr

ica

Inde

x S

erie

s ve

st in

the

JSE

Lim

ited

(JS

E)

and

in F

TSE

Int

erna

tion

al L

imit

ed (

FTS

E)

join

tly.

FTS

E™

is

a tr

ade

mar

k of

the

Lon

don

Sto

ck E

xcha

nge

Lim

ited

(LS

E)

and

The

Fina

ncia

l Ti

mes

Li

mit

ed (

FT)

join

tly

and

issu

ed b

y FT

SE

und

er li

cenc

e. J

SE

is a

tra

de m

ark

of t

he J

SE

. Th

e FT

SE

/JS

E A

fric

a In

dex

Ser

ies

is c

alcu

late

d by

FTS

E I

nter

nati

onal

Lim

ited

(FT

SE

) in

con

junc

tion

wit

h th

e JS

E L

imit

ed (

JSE

) in

acc

orda

nce

wit

h st

anda

rd c

rite

ria.

The

FTS

E/J

SE

Afr

ica

Inde

x S

erie

s is

the

pro

prie

tary

info

rmat

ion

of F

TSE

and

the

JS

E.

All

copy

righ

t su

bsis

ting

in t

he F

TSE

/JS

E A

fric

a In

dex

valu

es a

nd c

onst

itue

nt li

st v

ests

in F

TSE

and

the

JS

E jo

intl

y. A

ll th

eir

righ

ts a

re r

eser

ved.


37

Objec

tive

- T

he p

ortf

olio

s in

clud

ed in

thi

s S

urve

y re

pres

ent

spec

ialis

t ac

tive

equ

ity

port

folio

s w

ith

vari

ous

benc

hmar

ks. N

o ca

rve-

outs

are

refl

ecte

d.Due

todifferingbe

nchm

arks

,th

epo

rtfolio

sbe

lowareran

kedby

activeretu

rnson

ly(i.e

actua

lperform

ance

less

ben

chmarkretu

rn).

PORTF

OLI

ON

AME

BENCHMARK

INVE

STMEN

TDAT

ATO

THEEN

D

OFDEC

EMBER

201

1CALE

NDARYEARR

ETU

RNS

SIZ

E

ActiveRetur

n1Yea

rRan

kActiveRetur

n3Yea

rs(p.a.)

Ran

kActiveRetur

n5Yea

rs(p.a.)

Ran

kActiveRetur

ns

2010

Ran

kActiveRetur

ns

2009

Ran

kActiveRetur

ns

2008

Ran

kPortfolioS

ize

(Rm)

Ran

kNOTBENCHMARKC

OGNIS

ANT

AB

SA

Ass

et M

anag

emen

t C

ore

Equ

ity

FTS

E/J

SE

Cap

ped

All

Sha

re I

ndex

4.0

8%

51

.59

%5

*1

.45

% 1

2

-1.3

8%

23

1

0.8

9%

6

1,4

62

.10

2

3A

BS

A A

sset

Man

agem

ent

Valu

eFT

SE

/JS

E A

ll S

hare

Ind

ex3

.70

%6

4.4

9%

27

.37

%1

5.3

3%

4

4.4

9%

8

19

.64

% 1

1

,82

0.1

0

21

Alla

n G

ray

FTS

E/J

SE

All

Sha

re I

ndex

6.1

4%

20

.58

%1

23

.44

%4

0.7

2%

14

-6

.36

% 3

0

11

.64

% 3

4

9,0

95

.97

1

Arg

on S

peci

alis

t E

quit

yFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

-3.2

9%

34

-2.7

5%

28

-1.6

6%

21

-2.2

0%

25

-2

.61

% 2

6

0.2

3%

20

3

,81

3.3

0

16

Cad

iz M

aste

rmin

d Fu

ndFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

-2.8

5%

30

0.6

4%

11

0.1

5%

14

-2.4

6%

27

8

.63

% 1

-0

.64

% 2

1

97

.20

3

5C

anno

n A

ll E

quit

ies

ALS

I P

ortf

olio

FTS

E/J

SE

All

Sha

re I

ndex

-4.2

8%

36

-0.8

0%

22

*-0

.30

% 2

1

3.2

9%

11

-3

.29

% 2

5

57

.10

3

7C

anno

n A

ll E

quit

ies

SW

IX P

ortf

olio

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex-5

.35

%3

7*

*-0

.21

% 2

0

4.9

5%

7

-2.8

7%

24

8

30

.00

2

6C

omm

unit

y G

row

th E

quit

y Fu

ndFT

SE

/JS

E A

ll S

hare

Ind

ex A

djus

ted

-3.1

4%

33

-2.5

4%

27

-0.1

9%

16

-4.2

3%

30

0

.20

% 1

5

3.1

8%

16

2

,13

7.3

0

18

Cor

onat

ion

Agg

ress

ive

Equ

ity

FTSE

/JSE

SW

IX A

ll Sh

are

Inde

x0

.79

%1

24

.62

%1

4.1

5%

27

.06

% 1

6

.82

% 2

6

.59

% 1

0

13

,89

8.5

0

6C

oron

atio

n H

ouse

view

Equ

ity

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex-0

.76

%2

42

.87

%4

2.7

4%

64

.95

% 5

5

.19

% 6

5

.17

% 1

1

17

,73

0.3

0

3E

LEC

TUS

Gro

wth

Por

tfol

ioFT

SE/J

SE S

WIX

All

Sha

re I

ndex

-3.0

6%

32

**

*

*

*

1,9

33

.00

1

9E

LEC

TUS

Mul

ti-C

ap P

ortf

olio

FT

SE

/JS

E S

WIX

All

Sha

re I

ndex

-3.0

0%

31

-0.1

7%

18

-0.4

3%

17

-2.4

5%

26

6.0

1%

3-1

.26

%2

2 8

,59

6.8

0

8E

lem

ent

Equ

ity

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex-0

.29

%1

9-3

.26

%2

9-0

.05

%1

5-4

.58

% 3

3

-5.4

6%

29

1

0.8

7%

7

15

,90

7.9

0

5E

lem

ent

Spe

cial

ist

Equ

ity

90

% F

TSE

/JS

E S

WIX

All

Sha

re I

ndex

/10

% S

TEFI

0.1

6%

17

-3.7

1%

30

0.2

3%

13

-4.8

7%

34

-7

.15

% 3

1

11

.20

% 5

3

,82

5.6

0

15

Foor

d A

sset

Man

agem

ent

FTS

E/J

SE

All

Sha

re I

ndex

5.5

3%

34

.04

%3

3.5

7%

36

.86

% 2

-0

.93

% 2

2

7.2

8%

9

8,1

80

.60

1

0In

vest

ec C

ontr

aria

n E

quit

yFT

SE

/JS

E A

ll S

hare

Ind

ex-0

.40

%2

10

.78

%1

0*

-0.1

2%

18

3

.33

% 1

0

11

.23

% 4

1

,70

6.8

0

22

Inve

stec

Equ

ityFT

SE/J

SE S

WIX

All

Shar

e In

dex

2.2

4%

8-2

.28

%2

6-1

.87

%2

2-6

.26

% 3

5

-3.4

3%

27

-3

.42

% 2

7

4,9

44

.00

1

3In

vest

ec G

row

thFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

0.1

1%

18

-0.9

9%

24

-0.6

4%

20

-1.2

6%

22

-2

.05

% 2

5

-3.3

5%

26

1

,89

2.8

4

20

Inve

stec

RI

Equ

ity

Fund

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex-3

.29

%3

5-0

.08

%1

6*

0.4

5%

16

3

.47

% 9

*

3

10

.34

3

2In

vest

ec V

alue

FTS

E/J

SE

All

Sha

re I

ndex

-1.0

9%

26

1.5

1%

62

.30

%7

6.0

6%

3

-0.0

7%

17

1

0.2

0%

8

19

,70

4.4

0

2M

omen

tum

AM

Agg

ress

ive

Equ

ity F

und

Mom

entu

m A

M C

appe

d Sha

reho

lder

Wei

ghte

d In

dex

1.9

7%

90

.90

%8

-0.5

4%

19

0.9

5%

13

-0.5

2%

20

1.7

1%

18

69

4.3

0

28

Mom

entu

m A

M H

ouse

view

Equ

ity

Fund

Mom

entu

m A

M C

appe

d S

hare

hold

er W

eigh

ted

Inde

x0

.64

%1

3-0

.46

%2

00

.67

%1

2-1

.50

%2

3-0

.68

%2

14

.95

%1

2 2

56

.70

3

3O

asis

Spe

cial

ist

Dom

esti

cS

outh

Afr

ica

OE

(A

SIS

A)

Dom

esti

c E

quit

y G

ener

al4

.23

%4

0.8

2%

92

.21

%8

4.4

2%

6

-7.2

5%

32

4

.64

% 1

3

11

,48

7.4

0

7O

MIG

SA

Act

ive

Qua

nt E

quit

y Fu

ndFT

SE

/JS

E S

hare

hold

er W

eigh

ed I

ndex

-0.6

6%

23

**

*1

.87

% 1

1

*

*

22

7.5

0

34

OM

IGS

A P

rem

ium

Equ

ity

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex7

.96

%1

**

-1.8

8%

24

*

* 7

29

.20

2

7O

MIG

SA

Val

ue E

quit

y In

vest

men

ts V

alue

Por

tfol

ioFT

SE

/JS

E A

ll S

hare

Ind

ex-1

.88

%2

7-0

.01

%1

5-0

.49

%1

8-2

.81

% 2

8

5.6

8%

5

-2.8

5%

23

3

38

.80

3

1O

MIG

SA

Val

ue E

quit

y In

vest

men

ts:

SW

IXFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

-2.6

9%

28

-0.6

5%

21

*-4

.11

%2

95

.86

%4

*

8,3

05

.40

9

Ort

hogo

nal E

quit

yFT

SE

/JS

E A

ll S

hare

Ind

ex0

.53

%1

6*

*0

.47

%1

50

.24

%1

5*

7

3.7

0

36

Pru

dent

ial D

eep

Valu

e E

quit

yFu

nd w

eigh

ted

CA

PI

SW

IX in

dex

0.5

9%

15

0.0

6%

14

1.4

1%

10

-0.1

4%

19

-0.3

8%

18

4.5

8%

14

3,1

84

.90

1

7R

egar

ding

Cap

ital

Man

agem

ent

FTS

E/J

SE

All

Sha

re I

ndex

0.6

3%

14

-0.0

8%

17

1.3

6%

11

2.4

6%

9-3

.72

%2

81

2.9

1%

2 5

,22

3.8

0

12

SIM

Agg

ress

ive

Equ

ity

2%

4 M

ajor

ban

k C

all R

ate;

98

% F

TSE

/JS

E S

WIX

-0.9

0%

25

**

2.2

7%

10

*

*

49

0,5

0

30

SIM

Unc

onst

rain

ed E

quit

y2

% M

ajor

Ban

k C

all R

ate

/ 98

% F

TSE

/JS

E S

WIX

-2

.75

%2

90

.51

%1

32

.10

%9

2.4

7%

82

.53

%1

23

.62

%1

5 5

,75

0.8

0

11

Sta

nlib

Gro

wth

Equ

ity

FTS

E/J

SE

All

Sha

re I

ndex

1.2

4%

10

-0.8

2%

23

*-4

.32

%3

20

.51

%1

3-1

5.1

6%

29

54

4.4

0

29

Sta

nlib

Val

ue F

und

FTS

E/J

SE

All

Sha

re I

ndex

0.9

0%

11

1.3

7%

72

.75

%5

3.1

1%

70

.03

%1

6-6

.07

%2

8 1

,42

5.3

0

24

Syg

nia

Abs

olut

e Fo

cus

Equ

ity

Fund

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex2

.47

%7

**

**

* 1

,02

7.1

0

25

SYm

mE

TRY

Equ

ity

Por

tfol

ioFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

-0.4

2%

22

-0.2

1%

19

*0

.21

%1

7-0

.41

%1

91

.87

%1

7 3

,99

1.6

0

14

TOR

OS

Equ

ity

SW

IX P

ortf

olio

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex-0

.37

%2

0-2

.00

%2

5*

-4.2

6%

13

-1.5

2%

24

1.1

1%

19

17

,28

3.1

0

4

INDIC

ES

FTS

E/J

SE

All

Sha

re I

ndex

2.5

7%

17

.27

%8

.09

%1

8.9

8%

32

.13

%-2

3.2

3%

FTS

E/J

SE

Cap

ped

All

Sha

re I

ndex

3.0

9%

17

.70

%8

.74

%1

9.5

6%

32

.29

%-2

1.6

5%

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex4

.25

%1

7.8

5%

8.6

5%

20

.86

%2

9.9

1%

-21

.67

%FT

SE

/JS

E T

op 4

0 I

ndex

2.4

4%

16

.51

%7

.54

%1

7.2

2%

31

.73

%-2

3.5

8%

FTS

E/J

SE

Val

ue I

ndex

-0.7

1%

16

.52

%5

.13

%1

8.7

4%

34

.20

%-2

7.4

8%

FTS

E/J

SE

Gro

wth

Ind

ex-3

.78

%1

0.3

3%

4.1

1%

13

.45

%2

3.0

4%

-22

.60

%

RETU

RNS

TATI

STI

CS

Num

ber

of P

arti

cipa

nts

37

30

22

35

32

29

Tota

l Fun

d S

ize

of P

arti

cipa

nts

21

8,9

79

.01

Inde

x -

All

righ

ts in

the

FTS

E/J

SE

Afr

ica

Inde

x S

erie

s ve

st in

the

JS

E L

imit

ed (

JSE

) an

d in

FTS

E I

nter

nati

onal

Lim

ited

(FT

SE

) jo

intl

y. F

TSE

™ is

a t

rade

mar

k of

the

Lon

don

Sto

ck E

xcha

nge

Lim

ited

(LS

E)

and

The

Fina

ncia

l Tim

es

Lim

ited

(FT

) jo

intl

y an

d is

sued

by

FTS

E u

nder

lice

nce.

JS

E is

a tra

de m

ark

of the

JS

E. T

he F

TSE

/JS

E A

fric

a In

dex

Ser

ies

is c

alcu

late

d by

FTS

E Int

erna

tion

al L

imit

ed (FT

SE

) in

con

junc

tion

wit

h th

e JS

E L

imit

ed (JS

E) in

acc

orda

nce

wit

h st

anda

rd c

rite

ria.

The

FTS

E/J

SE

Afr

ica

Inde

x S

erie

s is

the

pro

prie

tary

info

rmat

ion

of F

TSE

and

the

JS

E. A

ll co

pyri

ght

subs

isti

ng in

the

FTS

E/J

SE

Afr

ica

Inde

x va

lues

and

con

stit

uent

list

ves

ts in

FTS

E a

nd t

he J

SE

join

tly.

All

thei

r ri

ghts

are

res

erve

d.


38

Objec

tive

- T

he p

ortf

olio

s in

clud

ed in

thi

s S

urve

y re

pres

ent

spec

ialis

t ac

tive

equ

ity

port

folio

s w

ith

vari

ous

benc

hmar

ks. N

o ca

rve-

outs

are

refl

ecte

d

PORTF

OLI

ON

AME

BENCHMARK

RIS

KVSR

ETU

RN(Calcu

latedon

3yea

rpe

rforman

ceretur

nsforthe

perioden

ding

31D

ecem

ber2011)

3Yea

rsR

etur

n(p

.a.)

Ran

kRisk(Volatility)

Ran

kRetur

n/Risk

Ran

kActiveRetur

nRan

kTrac

king

Error

Inform

ationRatio

Ran

k

ENHANCEDINDEX

Kag

iso

Cor

e S

WIX

Fun

d FT

SE

/JS

E S

WIX

All

Sha

re I

ndex

18

.98

% 1

1

6.0

9%

2

1.1

8 1

1

.13

% 1

2

.35

%0

.48

1

Pre

scie

nt E

quit

y Q

uant

Fun

d FT

SE

/JS

E T

op 4

0 I

ndex

16

.50

% 3

1

8.9

1%

3

0.8

7 3

0

.08

% 2

2

.43

%0

.03

2

Sta

nlib

Enh

ance

d In

dex

Fund

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex1

7.5

1%

2

15

.91

% 1

1

.10

2

-0.3

5%

3

1.5

5%

-0.2

3 3

BENCHMARKC

OGNIS

ANT

Afe

na C

apit

al E

quit

y C

AP

IFT

SE

/JS

E C

appe

d A

ll S

hare

Ind

ex1

6.2

4%

16

1

7.0

4%

13

0

.95

14

-1

.44

% 1

6

2.6

9%

-0.5

3 1

6

Afe

na C

apit

al E

quit

y S

WIX

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex1

6.7

5%

14

1

6.2

9%

9

1.0

3 1

2

-1.1

0%

15

2

.94

%-0

.37

15

C

adiz

Equ

ity

ALS

IFT

SE

/JS

E A

ll S

hare

Ind

ex1

6.5

8%

15

1

8.7

2%

17

0

.89

17

-0

.71

% 1

3

2.3

9%

-0.3

0 1

4

Cad

iz E

quit

y S

WIX

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex1

7.1

2%

13

1

8.0

1%

15

0

.95

15

-0

.73

% 1

4

2.7

1%

-0.2

7 1

3

Cor

onat

ion

Cor

e E

quit

y FT

SE

/JS

E S

WIX

All

Sha

re I

ndex

20

.64

% 2

1

6.1

7%

7

1.2

8 3

2

.78

% 2

1

.99

%1

.40

1

Inve

stec

Act

ive

Qua

nts

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex2

0.6

4%

1

16

.24

% 8

1

.27

4

2.7

8%

1

2.5

0%

1.1

1 2

In

vest

men

t S

olut

ions

Pur

e E

quit

yFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

17

.96

% 7

1

4.0

5%

1

1.2

8 2

0

.11

% 9

2

.91

%0

.04

9

Kag

iso

Man

aged

Equ

ity F

und

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex2

0.4

4%

3

15

.71

% 3

1

.30

1

2.5

9%

3

3.6

5%

0.7

1 4

M

omen

tum

Cla

ssic

Equ

ity

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex1

7.6

0%

11

1

4.4

5%

2

1.2

2 5

-0

.26

% 1

2

2.6

8%

-0.1

0 1

1

Mer

genc

e C

AP

I Fu

ndFT

SE

/JS

E C

appe

d A

ll S

hare

Ind

ex1

6.1

0%

17

1

7.2

2%

14

0

.93

16

-1

.58

% 1

7

1.5

3%

-1.0

3 1

7

Pre

scie

nt E

quity

Act

ive

Qua

ntFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

18

.22

% 6

1

5.8

8%

6

1.1

5 7

0

.37

% 7

1

.23

%0

.30

6

Pru

dent

ial C

ore

Equ

ity

ALS

IFT

SE

/JS

E A

ll S

hare

Ind

ex1

7.4

2%

12

1

6.7

8%

11

1

.04

11

0

.15

% 8

3

.13

%0

.05

8

Pru

dent

ial C

ore

Equ

ity

SW

IXFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

17

.87

% 8

1

5.8

1%

5

1.1

3 9

0

.01

% 1

0

3.1

7%

0.0

0 1

0

SIM

Cor

e H

ouse

view

Equ

ity

Fund

2%

Cal

l Rat

e. 9

8%

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex1

9.2

7%

4

16

.86

% 1

2

1.1

4 8

1

.62

% 4

1

.96

%0

.83

3

Sta

nlib

Cor

e E

quit

y FT

SE

/JS

E S

WIX

All

Sha

re I

ndex

18

.86

% 5

1

6.3

4%

10

1

.15

6

1.0

0%

5

2.0

5%

0.4

9 5

S

tanl

ib R

esea

rch

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex1

7.6

8%

10

1

5.7

3%

4

1.1

2 1

0

-0.1

8%

11

1

.52

%-0

.12

12

Ta

quan

ta A

ctiv

e A

ll S

hare

FTS

E/J

SE

All

Sha

re I

ndex

17

.72

% 9

1

8.1

9%

16

0

.97

13

0

.45

% 6

1

.84

%0

.24

7

NOTBENCHMARKC

OGNIS

ANT

Alla

n G

ray

FTS

E/J

SE

All

Sha

re I

ndex

17

.85

% 1

3

12

.72

% 4

1

.40

4

0.5

8%

12

7

.20

%0

.08

13

A

BS

A A

sset

Man

agem

ent

Cor

e E

quit

yFT

SE

/JS

E C

appe

d A

ll S

hare

Ind

ex1

8.6

9%

7

14

.06

% 8

1

.33

7

1.5

9%

5

4.3

4%

0.3

7 5

A

BS

A A

sset

Man

agem

ent

Valu

eFT

SE

/JS

E A

ll S

hare

Ind

ex2

1.7

6%

2

14

.21

% 1

1

1.5

3 1

4

.49

% 2

5

.40

%0

.83

3

Arg

on S

peci

alis

t E

quit

yFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

15

.11

% 2

5

14

.15

% 1

0

1.0

7 2

0

-2.7

5%

26

4

.62

%-0

.59

28

C

adiz

Mas

term

ind

Fund

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex1

8.5

0%

9

18

.07

% 2

6

1.0

2 2

4

0.6

4%

11

5

.47

%0

.12

11

C

omm

unit

y G

row

th E

quit

y Fu

ndFT

SE

/JS

E A

ll S

hare

Ind

ex A

djus

ted

13

.42

% 2

8

15

.37

% 1

4

0.8

7 2

8

-2.5

4%

25

5

.12

%-0

.50

26

C

anno

n A

ll E

quit

ies

ALS

I P

ortf

olio

FTS

E/J

SE

All

Sha

re I

ndex

16

.46

% 2

2

15

.97

% 1

9

1.0

3 2

3

-0.8

0%

21

6

.83

%-0

.12

21

C

oron

atio

n A

ggre

ssiv

e E

quit

yFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

22

.48

% 1

1

6.5

9%

23

1

.35

5

4.6

2%

1

2.7

6%

1.6

8 1

C

oron

atio

n H

ouse

view

Equ

ity

FTSE/J

SE S

WIX

All

Sha

re I

ndex

20

.72

% 4

1

5.8

0%

17

1

.31

10

2

.87

% 4

2

.47

%1

.16

2

ELE

CTU

S M

ulti

-Cap

Por

tfol

io

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex1

7.6

7%

15

1

7.6

8%

25

1

.00

25

-0

.17

% 1

8

4.4

1%

-0.0

4 1

8

Ele

men

t S

peci

alis

t E

quit

y9

0%

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex/1

0%

STE

FI1

4.2

5%

27

1

0.6

1%

1

1.3

4 6

-3

.71

% 2

8

7.1

2%

-0.5

2 2

7

Ele

men

t E

quit

yFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

14

.75

% 2

6

11

.28

% 2

1

.31

11

-3

.26

% 2

7

7.9

8%

-0.4

1 2

5

Foor

d A

sset

Man

agem

ent

FTS

E/J

SE

All

Sha

re I

ndex

21

.30

% 3

1

4.2

5%

12

1

.49

3

4.0

4%

3

6.3

9%

0.6

3 4

In

vest

ec C

ontr

aria

n E

quit

yFT

SE

/JS

E A

ll S

hare

Ind

ex1

8.0

5%

11

1

8.1

1%

27

1

.00

26

0

.78

% 1

0

8.1

3%

0.1

0 1

2

Inve

stec

Equ

ity

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex1

5.5

7%

24

1

3.5

8%

6

1.1

5 1

5

-2.2

8%

24

6

.14

%-0

.37

24

In

vest

ec G

row

thFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

16

.87

% 2

1

16

.12

% 2

1

1.0

5 2

2

-0.9

9%

23

3

.36

%-0

.30

23

In

vest

ec R

I E

quit

y Fu

ndFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

17

.78

% 1

4

15

.53

% 1

5

1.1

4 1

6

-0.0

8%

16

5

.02

%-0

.02

17

In

vest

ec V

alue

FTS

E/J

SE

All

Sha

re I

ndex

18

.78

% 5

1

5.5

8%

16

1

.21

13

1

.51

% 6

8

.06

%0

.19

8

Mom

entu

m A

M A

ggre

ssiv

e E

quit

y Fu

ndR

MB

AM

Cap

ped

Sha

reho

lder

Wei

ghte

d In

dex

18

.77

% 6

1

7.0

0%

24

1

.10

19

0

.90

% 8

2

.90

%0

.31

6

Mom

entu

m A

M H

ouse

view

Equ

ity

Fund

RM

BA

M C

appe

d S

hare

hold

er W

eigh

ted

Inde

x1

7.4

1%

17

1

6.4

8%

22

1

.06

21

-0

.46

% 2

0

2.7

9%

-0.1

7 2

2

Oas

is S

peci

alis

t D

omes

tic

Sou

th A

fric

a O

E (

AS

ISA

) D

omes

tic

Equ

ity

Gen

eral

17

.41

% 1

8

13

.22

% 5

1

.32

9

0.8

2%

9

6.0

6%

0.1

4 1

0

OM

IGS

A V

alue

Equ

ity

Inve

stm

ents

Val

ue P

ortf

olio

FTS

E/J

SE

All

Sha

re I

ndex

17

.25

% 1

9

18

.79

% 2

8

0.9

2 2

7

-0.0

1%

15

4

.29

%0

.00

15

P

rude

ntia

l Dee

p Va

lue

Equ

ity

Fund

wei

ghte

d C

AP

I S

WIX

inde

x1

7.9

0%

12

1

6.0

9%

20

1

.11

18

0

.06

% 1

4

2.4

6%

0.0

2 1

4

Reg

ardi

ng C

apit

al M

anag

emen

tFT

SE

/JS

E A

ll S

hare

Ind

ex1

7.1

9%

20

1

1.3

6%

3

1.5

1 2

-0

.08

% 1

7

9.2

3%

-0.0

1 1

6

SIM

Unc

onst

rain

ed E

quit

y2

% M

ajor

Ban

k C

all R

ate

/ 98

% F

TSE

/JS

E S

WIX

1

8.1

6%

10

1

5.8

8%

18

1

.14

17

0

.51

% 1

3

3.3

5%

0.1

5 9

S

tanl

ib G

row

th E

quit

yFT

SE

/JS

E A

ll S

hare

Ind

ex1

6.4

4%

23

1

4.3

1%

13

1

.15

14

-0

.82

% 2

2

7.5

4%

-0.1

1 2

0

Sta

nlib

Val

ue F

und

FTS

E/J

SE

All

Sha

re I

ndex

18

.63

% 8

1

4.1

2%

9

1.3

2 8

1

.37

% 7

6

.87

%0

.20

7

SYm

mE

TRY

Equ

ity

Por

tfol

ioFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

17

.63

% 1

6

13

.83

% 7

1

.27

12

-0

.21

% 1

9

3.7

1%

-0.0

6 1

9

RIS

KS

TATI

STI

CS

Hig

hest

22

.48

%1

8.9

1%

1.5

3U

pper

Qua

rtile

18

.71

%1

6.8

0%

1.2

8M

edia

n1

7.7

0%

15

.89

%1

.14

Ave

rage

17

.85

%1

5.6

5%

1.1

56

Low

er Q

uart

ile1

6.9

9%

14

.23

%1

.03

Low

est

13

.42

%1

0.6

1%

0.8

7FT

SE

/JS

E A

ll S

hare

Ind

ex1

7.2

7%

17

.49

%1

.01

Num

ber

of P

arti

cipa

nts

48

Inde

x -

All

righ

ts i

n th

e FT

SE

/JS

E A

fric

a In

dex

Ser

ies

vest

in

the

JSE

Lim

ited

(JS

E)

and

in F

TSE

Int

erna

tion

al L

imit

ed (

FTS

E)

join

tly.

FTS

E™

is

a tr

ade

mar

k of

the

Lon

don

Sto

ck E

xcha

nge

Lim

ited

(LS

E)

and

The

Fina

ncia

l Ti

mes

Lim

ited

(FT

) jo

intl

y an

d is

sued

by

FTS

E u

nder

lice

nce.

JS

E is

a t

rade

mar

k of

the

JS

E.

The

FTS

E/J

SE

Afr

ica

Inde

x S

erie

s is

cal

cula

ted

by F

TSE

Int

erna

tion

al L

imit

ed (

FTS

E)

in c

onju

ncti

on w

ith

the

JSE

Lim

ited

(JS

E)

in

acco

rdan

ce w

ith

stan

dard

cri

teri

a.Th

e FT

SE

/JS

E A

fric

a In

dex

Ser

ies

is th

e pr

opri

etar

y in

form

atio

n of

FTS

E a

nd th

e JS

E. A

ll co

pyri

ght s

ubsi

stin

g in

the

FTS

E/J

SE

Afr

ica

Inde

x va

lues

and

con

stit

uent

list

ves

ts in

FTS

E a

nd th

e JS

E jo

intl

y. A

ll th

eir r

ight

s ar

e re

serv

ed.


39


RISKVSRETURNSCATTERPLOTONS.A.EQUITYMANAGERS-ENHANCEDINDEXANDBENCHMARKCOGNISANT3YEARSENDING31DECEMBER2011

TRACKINGERRORVSEXCESSRETURNSCATTERPLOTONS.A.EQUITYMANAGERS-ENHANCEDINDEX&BENCHMARKCOGNISANT3YEARSENDING31DECEMBER2011

FTSE/JSE All Share Index Prudential Core Equity ALSI

Momentum Classic Equity

Investment Solutions Pure Equity

Stanlib Research

Prescient Equity Quant Fund

Stanlib Enhanced Index Fund

Cadiz Equity SWIX

Stanlib Core Equity

Cadiz Equity ALSI

FTSE/JSE SWIX Index

Investec Active Quants Coronation Core Equity

Kagiso Core SWIX Fund

Afena Capital Equity SWIX

Kagiso Managed Equity Fund

Prescient Equity Active Quant

Afena Capital Equity CAPI

Prudential Core Equity SWIX

Mergence CAPI Fund

Taquanta Active All Share

SIM Core Houseview Equity Fund

16.0%

17.0%

18.0%

19.0%

20.0%

13.9% 14.9% 15.9% 16.9% 17.9% 18.9%

Ret

urn

(p.a

.)

Risk (p.a.) (Standard Deviation)

Risk vs Return Scatterplot on SA Equity Managers - Enhanced Index and Benchmark Cognisant

3 Years ended 31 December 2011


Cadiz Equity ALSI



Prudential Core Equity ALSI

Stanlib Research


Cadiz Equity SWIX

Stanlib Core Equity








Mergence CAPI Fund



-1.7%

-1.2%

-0.7%

-0.2%

0.3%

0.8%

1.3%

1.8%

2.3%

2.8%

1.1% 2.1% 3.1%

Exc

ess

Ret

urn

(% p

.a.)


Excess Return vs Tracking Error Scatterplot - SA Equity Managers - Enhanced Index and Benchmark Cognisant 3 Years ended 31 December 2011

Benchmark : FUND SPECIFIC

FTSE/JSE All Share Index Prudential Core Equity ALSI



Stanlib Research



Cadiz Equity SWIX

Stanlib Core Equity

Cadiz Equity ALSI

FTSE/JSE SWIX Index








Mergence CAPI Fund



16.0%

17.0%

18.0%

19.0%

20.0%

13.9% 14.9% 15.9% 16.9% 17.9% 18.9%

Ret

urn

(p.a

.)


Risk vs Return Scatterplot on SA Equity Managers - Enhanced Index and Benchmark Cognisant

3 Years ended 31 December 2011


Cadiz Equity ALSI



Prudential Core Equity ALSI

Stanlib Research


Cadiz Equity SWIX

Stanlib Core Equity








Mergence CAPI Fund



-1.7%

-1.2%

-0.7%

-0.2%

0.3%

0.8%

1.3%

1.8%

2.3%

2.8%

1.1% 2.1% 3.1%

Exc

ess

Ret

urn

(% p

.a.)


Excess Return vs Tracking Error Scatterplot - SA Equity Managers - Enhanced Index and Benchmark Cognisant 3 Years ended 31 December 2011


40


RISKVSRETURNSCATTERPLOTONS.A.EQUITYMANAGERS-NOTBENCHMARKCOGNISANT-3YEARSENDING31DECEMBER2011

TRACKINGERRORVSACTIVERETURNSCATTERPLOTONS.A.EQUITYMANAGERS-NOTBENCHMARKCOGNISANT-3YEARSENDING31DECEMBER2011

S.A. EQUITY MANAGER WATCH™ SURVEY

Risk vs Return Scatterplot on SA Equity Managers - Not Benchmark Cognisant -3 Years ended 31 December 2011

JSE ALSI Index

Prudential Deep Value Equity

Oasis Specialist Domestic

Investec Value


Allan Gray

OMIGSA Value Equity Invest Value Portfolio

Momentum AM Aggressive Equity Fund

Coronation Houseview Equity

ABSA Asset Management Value

Element Equity

Stanlib Value Fund

Regarding Capital Management

Element Specialist Equity

FTSE/JSE SWIX All Share Index

Momentum AM Houseview Equity Fund

Investec Equity

Investec Growth

ABSA Asset Management Core Equity

SYmmETRY Equ Port

Argon Specialist Equity

Stanlib Growth Equity Cannon All Equities ALSI Portfolio

Investec Contrarian Equity

SIM Unconstrained Equity

Cadiz Mastermind Fund

Investec RI Equity Fund

Community Growth Equity Fund

ELECTUS Multi-Cap Portfolio

13.3%

15.3%

17.3%

19.3%

21.3%

10.5% 11.5% 12.5% 13.5% 14.5% 15.5% 16.5% 17.5% 18.5%

Ret

urn

(p.a

.)


Allan Gray


Investec Value


OMIGSA Value Equity Investments

Value Portfolio

Pru Deep Value Equity

Momentum AM Agg



Element Equity

Stanlib Value Fund



Momentum AM Houseview

Investec Equity

Investec Growth

ABSA Asset Management Core

Equity

SYmmETRY Equ Portfolio




SIM Unconstrained Equity Cadiz Mastermind Fund




-3.8%

-2.8%

-1.8%

-0.8%

0.2%

1.2%

2.2%

3.2%

4.2%

2.4% 4.4% 6.4% 8.4%

Exc

ess

Ret

urn

(% p

.a.)


Excess return vs Tracking error Scatterplot - SA Equity Managers - Not Benchmark Cognisant 3 Years ended 31 December 2011


S.A. EQUITY MANAGER WATCH™ SURVEY

Risk vs Return Scatterplot on SA Equity Managers - Not Benchmark Cognisant -3 Years ended 31 December 2011

JSE ALSI Index



Investec Value


Allan Gray

OMIGSA Value Equity Invest Value Portfolio

Momentum AM Aggressive Equity Fund



Element Equity

Stanlib Value Fund



FTSE/JSE SWIX All Share Index

Momentum AM Houseview Equity Fund

Investec Equity

Investec Growth

ABSA Asset Management Core Equity

SYmmETRY Equ Port




SIM Unconstrained Equity

Cadiz Mastermind Fund




13.3%

15.3%

17.3%

19.3%

21.3%

10.5% 11.5% 12.5% 13.5% 14.5% 15.5% 16.5% 17.5% 18.5%

Ret

urn

(p.a

.)


Allan Gray


Investec Value


OMIGSA Value Equity Investments

Value Portfolio

Pru Deep Value Equity

Momentum AM Agg



Element Equity

Stanlib Value Fund



Momentum AM Houseview

Investec Equity

Investec Growth

ABSA Asset Management Core

Equity

SYmmETRY Equ Portfolio




SIM Unconstrained Equity Cadiz Mastermind Fund




-3.8%

-2.8%

-1.8%

-0.8%

0.2%

1.2%

2.2%

3.2%

4.2%

2.4% 4.4% 6.4% 8.4%

Exc

ess

Ret

urn

(% p

.a.)


Excess return vs Tracking error Scatterplot - SA Equity Managers - Not Benchmark Cognisant 3 Years ended 31 December 2011


41

Objec

tive

- T

he p

ortf

olio

s in

clud

ed in

thi

s S

urve

y re

pres

ent

spec

ialis

t ac

tive

equ

ity

port

folio

s w

ith

vari

ous

benc

hmar

ks. N

o ca

rve-

outs

are

refl

ecte

d.PORTF

OLI

ON

AME

BENCHMARK

INVE

STMEN

TDAT

ATO

THEEN

D

OFDEC

EMBER

201

1CALE

NDARYEARR

ETU

RNS

SIZ

E

1Yea

r3Yea

rs(p.a.)

5Yea

rs(p.a.)

2010

2009

2008

PortfolioS

ize

(Rm)

Ran

kPortfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

ENHANCEDINDEX

Kag

iso

Cor

e S

WIX

Fun

d FT

SE

/JS

E S

WIX

All

Sha

re I

ndex

4.3

0%

4.2

6%

18

.98

%1

7.8

5%

9.8

2%

8.6

4%

20

.97

%2

0.8

6%

33

.51

%2

9.9

1%

-19

.89

%-2

1.6

7%

8,1

13

.8

5

Pre

scie

nt E

quit

y Q

uant

Fun

d FT

SE

/JS

E T

op 4

0 I

ndex

2.6

2%

2.2

0%

16

.50

%1

6.4

3%

8.1

3%

7.4

9%

17

.43

%1

7.2

2%

31

.21

%3

1.7

3%

-22

.20

%-2

3.5

8%

59

8.4

2

2

Sta

nlib

Enh

ance

d In

dex

Fund

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex3

.35

%4

.26

%1

7.5

1%

17

.86

%9

.14

%8

.34

%2

0.9

3%

20

.87

%2

9.8

3%

29

.91

%-2

1.5

5%

-21

.67

% 2

,45

6.4

1

2

BENCHMARKC

OGNIS

ANT

Afe

na C

apit

al E

quit

y S

WIX

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex2

.71

%4

.26

%1

6.7

5%

17

.85

%*

*1

7.4

4%

20

.86

%3

1.9

2%

29

.90

%-1

8.8

3%

-21

.67

% 7

,31

1.9

7

Afe

na C

apit

al E

quit

y C

AP

IFT

SE

/JS

E C

appe

d A

ll S

hare

Ind

ex1

.58

%3

.04

%1

6.2

4%

17

.68

%*

*1

6.3

8%

19

.56

%3

2.8

6%

32

.28

%-1

9.7

4%

-21

.65

% 5

,14

9.6

1

0

Cad

iz E

quit

y A

LSI

FTS

E/J

SE

All

Sha

re I

ndex

-0.7

5%

2.6

2%

16

.58

%1

7.2

9%

7.0

1%

8.1

0%

17

.52

%1

8.9

8%

35

.83

%3

2.1

3%

-22

.23

%-2

3.2

4%

14

6.5

2

5

Cad

iz E

quit

y S

WIX

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex1

.13

%4

.26

%1

7.1

2%

17

.85

%6

.95

%8

.65

%1

8.3

1%

20

.86

%3

4.2

7%

29

.91

%-2

1.1

2%

-21

.68

% 9

,85

9.0

4

Cor

onat

ion

Cor

e E

quit

y FT

SE

/JS

E S

WIX

All

Sha

re I

ndex

5.5

7%

4.2

6%

20

.64

%1

7.8

6%

12

.62

%8

.65

%2

4.7

4%

20

.86

%3

3.3

1%

29

.91

%-1

3.3

5%

-21

.67

% 1

5,6

82

.6

2

Inve

stec

Act

ive

Qua

nts

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex7

.70

%4

.26

%2

0.6

4%

17

.86

%9

.90

%8

.65

%1

9.5

0%

20

.86

%3

6.4

3%

29

.92

%-2

5.1

8%

-21

.67

% 8

77

.5

20

Inve

stm

ent

Sol

utio

ns E

ntre

pren

eur

Equ

ity

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex3

.71

%4

.26

%*

**

*2

1.4

8%

20

.86

%3

1.4

3%

29

.91

%-1

8.7

1%

-21

.67

% 1

,46

0.4

1

7

Inve

stm

ent

Sol

utio

ns P

ure

Equ

ity

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex5

.06

%4

.26

%1

7.9

6%

17

.86

%9

.31

%8

.65

%2

1.0

9%

20

.86

%2

9.0

3%

29

.91

%-1

9.4

9%

-21

.67

% 3

0,1

56

.5

1

Kag

iso

Man

aged

Equ

ity

Fund

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex4

.65

%4

.26

%2

0.4

4%

17

.85

%1

0.9

7%

8.6

4%

22

.55

%2

0.8

6%

36

.24

%2

9.9

1%

-20

.27

%-2

1.6

7%

10

,31

0.8

3

Mom

entu

m C

lass

ic E

quit

yFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

5.1

6%

4.2

6%

17

.60

%1

7.8

6%

8.6

9%

8.6

5%

20

.80

%2

0.8

6%

28

.02

%2

9.9

1%

-18

.77

%-2

1.6

7%

3,3

30

.3

11

Mom

entu

m T

arge

t E

quit

yFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

5.9

3%

4.2

6%

**

**

**

**

**

69

.1

26

Mer

genc

e S

WIX

Fun

dFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

6.1

5%

4.2

6%

**

**

14

.23

%2

0.8

5%

30

.73

%2

9.9

1%

-18

.89

%-2

1.6

7%

1,9

62

.7

13

Mer

genc

e C

AP

I Fu

ndFT

SE

/JS

E C

appe

d A

ll S

hare

Ind

ex3

.74

%3

.04

%1

6.1

0%

17

.68

%*

*1

4.1

9%

19

.55

%3

2.1

0%

32

.29

%-1

9.1

0%

-21

.65

% 5

18

.9

23

OM

IGS

A D

oubl

e A

lpha

Top

40

FTS

E/J

SE

Top

40

Ind

ex4

.35

%2

.21

%*

**

*2

0.6

0%

17

.21

%*

**

* 2

62

.8

24

Pre

scie

nt E

quit

y A

ctiv

e Q

uant

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex3

.83

%4

.26

%1

8.2

2%

17

.86

%*

*2

1.1

6%

20

.86

%3

1.3

5%

29

.91

%-2

2.1

4%

-21

.67

% 1

,21

7.9

1

8

Pru

dent

ial C

ore

Equ

ity

ALS

IFT

SE

/JS

E A

ll S

hare

Ind

ex4

.49

%2

.57

%1

7.4

2%

17

.27

%9

.32

%8

.09

%1

9.1

3%

18

.98

%3

0.0

6%

32

.13

%-1

8.3

4%

-23

.23

% 1

,74

0.7

1

4

Pru

dent

ial C

ore

Equ

ity

SW

IXFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

6.6

7%

4.2

6%

17

.87

%1

7.8

6%

**

20

.42

%2

0.8

6%

27

.49

%2

9.9

1%

-16

.06

%-2

1.6

7%

5,2

89

.5

9

SIM

Cor

e H

ouse

view

Equ

ity

Fund

2%

Cal

l Rat

e, 9

8%

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex4

.62

%4

.30

%1

9.2

7%

17

.65

%*

*2

1.8

8%

20

.58

%3

3.0

7%

29

.49

%*

* 6

81

.8

21

Sta

nlib

Cor

e E

quit

y FT

SE

/JS

E S

WIX

All

Sha

re I

ndex

6.4

7%

4.2

6%

18

.86

%1

7.8

6%

7.4

9%

8.3

4%

22

.71

%2

0.8

7%

28

.55

%2

9.9

1%

-29

.61

%-2

1.6

7%

1,7

25

.8

15

Sta

nlib

Res

earc

hFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

3.7

8%

4.2

6%

17

.68

%1

7.8

6%

8.3

6%

8.3

4%

21

.34

%2

0.8

7%

29

.42

%2

9.9

1%

-22

.74

%-2

1.6

7%

6,4

94

.7

8

Syg

nia

Cor

e E

quit

y Fu

ndFT

SE/J

SE S

WIX

All

Sha

re I

ndex

3.4

2%

4.2

6%

**

**

**

**

**

1,0

56

.7

19

Taqu

anta

Act

ive

All

Sha

reFT

SE

/JS

E A

ll S

hare

Ind

ex0

.63

%2

.57

%1

7.7

2%

17

.27

%*

*1

9.7

6%

18

.98

%3

5.3

5%

32

.14

%-2

0.6

8%

-23

.23

% 1

,52

5.7

1

6

Taqu

anta

Act

ive

SW

IXFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

2.1

7%

4.2

5%

18

.83

%1

7.8

5%

**

20

.93

%2

0.8

6%

35

.82

%2

9.9

1%

**

7,4

33

.4

6

INDIC

ES

FTS

E/J

SE

All

Sha

re I

ndex

2.5

7%

17

.27

%8

.09

%1

8.9

8%

32

.13

%-2

3.2

3%

FTS

E/J

SE

Cap

ped

All

Sha

re I

ndex

3.0

9%

17

.70

%8

.74

%1

9.5

6%

32

.29

%-2

1.6

5%

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex4

.25

%1

7.8

5%

8.6

5%

20

.86

%2

9.9

1%

-21

.67

%

FTS

E/J

SE

Top

40

Ind

ex2

.44

%1

6.5

1%

7.5

4%

17

.22

%3

1.7

3%

-23

.58

%

FTS

E/J

SE

Val

ue I

ndex

-0.7

1%

16

.52

%5

.13

%1

8.7

4%

34

.20

%-2

7.4

8%

FTS

E/J

SE

Gro

wth

Ind

ex-3

.78

%1

0.3

3%

4.1

1%

13

.45

%2

3.0

4%

-22

.60

%

RETU

RNS

TATI

STI

CS

Num

ber

of P

arti

cipa

nts

26

21

13

24

23

21

Tota

l Fun

d S

ize

of P

arti

cipa

nts

125

,433

.5

Inde

x -

All

righ

ts i

n th

e FT

SE

/JS

E A

fric

a In

dex

Ser

ies

vest

in

the

JSE

Lim

ited

(JS

E)

and

in F

TSE

Int

erna

tion

al L

imit

ed (

FTS

E)

join

tly.

FTS

E™

is

a tr

ade

mar

k of

the

Lon

don

Sto

ck E

xcha

nge

Lim

ited

(LS

E)

and

The

Fina

ncia

l Ti

mes

Li

mit

ed (

FT)

join

tly

and

issu

ed b

y FT

SE

und

er lic

ence

. JS

E is

a tr

ade

mar

k of

the

JS

E.

The

FTS

E/J

SE

Afr

ica

Inde

x S

erie

s is

cal

cula

ted

by F

TSE

Int

erna

tion

al L

imit

ed (

FTS

E)

in c

onju

ncti

on w

ith

the

JSE

Lim

ited

(JS

E)

in a

ccor

danc

e w

ith

stan

dard

cri

teri

a.Th

e FT

SE

/JS

E A

fric

a In

dex

Ser

ies

is t

he p

ropr

ieta

ry in

form

atio

n of

FTS

E a

nd t

he J

SE

. A

ll co

pyri

ght

subs

isti

ng in

the

FTS

E/J

SE

Afr

ica

Inde

x va

lues

and

con

stit

uent

list

ves

ts in

FTS

E a

nd t

he J

SE

join

tly.

All

thei

r ri

ghts

are

res

erve

d.


42

Objec

tive

- T

he p

ortf

olio

s in

clud

ed in

thi

s S

urve

y re

pres

ent

spec

ialis

t ac

tive

equ

ity

port

folio

s w

ith

vari

ous

benc

hmar

ks. N

o ca

rve-

outs

are

refl

ecte

d.PORTF

OLI

ON

AME

INVE

STMEN

TDAT

ATO

THEEN

D

OFDEC

EMBER

201

1CALE

NDARYEARR

ETU

RNS

SIZ

E

1Yea

r3Yea

rs(p.a.)

5Yea

rs(p.a.)

2010

2009

2008

Portfolio

Ran

kPortfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Size(R

m)

NOTBENCHMARKC

OGNIS

ANT

AB

SA

Ass

et M

anag

emen

t C

ore

Equ

ity

FTS

E/J

SE

Cap

ped

All

Sha

re I

ndex

6.6

4%

2.5

7%

18

.69

%1

7.0

9%

**

20

.43

%1

8.9

9%

30

.18

%3

1.5

5%

-10

.77

%-2

1.6

6%

1,4

62

.1

23

AB

SA

Ass

et M

anag

emen

t Va

lue

FTS

E/J

SE

All

Sha

re I

ndex

6.2

7%

2.5

7%

21

.76

%1

7.2

7%

15

.45

%8

.09

%2

4.3

2%

18

.99

%3

6.6

4%

32

.14

%-3

.61

%-2

3.2

5%

1,8

20

.1

21

Alla

n G

ray

FTS

E/J

SE

All

Sha

re I

ndex

8.7

1%

2.5

7%

17

.85

%1

7.2

7%

11

.53

%8

.09

%1

9.7

0%

18

.98

%2

5.7

8%

32

.13

%-1

1.6

0%

-23

.24

%4

9,0

96

.0

1A

rgon

Spe

cial

ist

Equ

ity

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex0

.96

%4

.25

%1

5.1

1%

17

.86

%6

.99

%8

.65

%1

8.6

4%

20

.84

%2

7.3

6%

29

.97

%-2

1.4

4%

-21

.67

% 3

,81

3.3

1

6C

adiz

Mas

term

ind

Fund

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex1

.44

%4

.25

%1

8.5

0%

17

.85

%8

.80

%8

.65

%1

8.4

0%

20

.86

%3

8.5

4%

29

.91

%-2

2.3

2%

-21

.67

% 9

7.2

3

5C

anno

n A

ll E

quit

ies

ALS

I P

ortf

olio

FTS

E/J

SE

All

Sha

re I

ndex

-1.7

1%

2.5

7%

16

.46

%1

7.2

7%

**

18

.69

%1

8.9

9%

35

.42

%3

2.1

3%

-26

.54

%-2

3.2

5%

57

.1

37

Can

non

All

Equ

itie

s S

WIX

Por

tfol

ioFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

-1.1

1%

4.2

4%

17

.17

%1

7.8

4%

**

20

.64

%2

0.8

6%

34

.85

%2

9.9

0%

-24

.54

%-2

1.6

7%

83

0.0

2

6C

omm

unit

y G

row

th E

quit

y Fu

ndFT

SE

/JS

E A

ll S

hare

Ind

ex A

djus

ted

-1.7

1%

1.4

3%

13

.42

%1

5.9

6%

6.6

8%

6.8

7%

13

.44

%1

7.6

7%

30

.85

%3

0.6

4%

-20

.94

%-2

4.1

2%

2,1

37

.3

18

Cor

onat

ion

Agg

ress

ive

Equ

ity

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex5

.05

%4

.26

%2

2.4

8%

17

.86

%1

2.8

0%

8.6

5%

27

.92

%2

0.8

6%

36

.73

%2

9.9

1%

-15

.08

%-2

1.6

7%

13

,89

8.5

6

Cor

onat

ion

Hou

sevi

ew E

quit

yFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

3.5

1%

4.2

6%

20

.72

%1

7.8

6%

11

.58

%8

.83

%2

5.8

1%

20

.86

%3

5.1

1%

29

.91

%-1

6.5

0%

-21

.67

%1

7,7

30

.3

3E

LEC

TUS

Gro

wth

Por

tfol

ioFT

SE/J

SE S

WIX

All

Shar

e In

dex

1.1

8%

4.2

4%

**

**

**

**

**

1,9

33

.0

19

ELE

CTU

S M

ulti

-Cap

Por

tfol

io

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex1

.25

%4

.24

%1

7.6

7%

17

.85

%8

.21

%8

.65

%1

8.4

1%

20

.86

%3

5.9

2%

29

.91

%-2

2.9

3%

-21

.67

% 8

,59

6.8

8

Ele

men

t E

quit

yFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

3.9

7%

4.2

6%

14

.75

%1

8.0

2%

8.4

5%

8.5

0%

14

.74

%1

9.3

1%

26

.67

%3

2.1

3%

-12

.36

%-2

3.2

3%

15

,90

7.9

5

Ele

men

t S

peci

alis

t E

quit

y9

0%

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex/1

0%

STE

FI4

.62

%4

.46

%1

4.2

5%

17

.97

%8

.61

%8

.39

%1

4.6

1%

19

.48

%2

4.3

8%

31

.53

%-1

0.6

6%

-21

.86

% 3

,82

5.7

1

5Fo

ord

Ass

et M

anag

emen

tFT

SE

/JS

E A

ll S

hare

Ind

ex8

.10

%2

.57

%2

1.3

0%

17

.26

%1

1.6

5%

8.0

8%

25

.84

%1

8.9

8%

31

.19

%3

2.1

3%

-15

.96

%-2

3.2

4%

8,1

80

.6

10

Inve

stec

Con

trar

ian

Equ

ity

FTS

E/J

SE

All

Sha

re I

ndex

2.1

7%

2.5

7%

18

.05

%1

7.2

7%

10

.90

%8

.09

%1

8.8

7%

18

.98

%3

5.4

6%

32

.13

%-1

2.0

1%

-23

.24

% 1

,70

6.8

2

2In

vest

ec E

quit

yFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

6.5

0%

4.2

6%

15

.57

%1

7.8

6%

6.7

8%

8.6

5%

14

.60

%2

0.8

6%

26

.49

%2

9.9

2%

-25

.09

%-2

1.6

7%

4,9

44

.0

13

Inve

stec

Gro

wth

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex4

.38

%4

.26

%1

6.8

7%

17

.86

%8

.01

%8

.65

%1

9.5

9%

20

.86

%2

7.8

7%

29

.92

%-2

5.0

2%

-21

.67

% 1

,89

2.8

2

0In

vest

ec R

I E

quit

y Fu

ndFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

0.9

7%

4.2

6%

17

.78

%1

7.8

6%

**

21

.31

%2

0.8

6%

33

.39

%2

9.9

1%

**

31

0.4

3

2In

vest

ec V

alue

FTS

E/J

SE

All

Sha

re I

ndex

1.4

8%

2.5

7%

18

.78

%1

7.2

7%

10

.39

%8

.09

%2

5.0

5%

18

.98

%3

2.0

6%

32

.13

%-1

3.0

4%

-23

.24

%1

9,7

04

.4

2M

omen

tum

AM

Agg

ress

ive

Equi

ty F

und

Mom

entu

m A

M C

appe

d S

hare

hold

er W

eigh

ted

Inde

x6

.15

%4

.17

%1

8.7

7%

17

.87

%8

.30

%8

.83

%1

9.7

9%

18

.84

%3

1.7

7%

32

.29

%-1

9.9

3%

-21

.65

% 6

94

.3

28

Mom

entu

m A

M H

ouse

view

Equ

ity

Fund

Mom

entu

m A

M C

appe

d S

hare

hold

er W

eigh

ted

Inde

x4

.81

%4

.17

%1

7.4

1%

17

.87

%9

.50

%8

.83

%1

7.3

5%

18

.84

%3

1.6

1%

32

.29

%-1

6.7

0%

-21

.65

% 2

56

.7

33

Oas

is S

peci

alis

t D

omes

tic

FTS

E/J

SE

All

Sha

re I

ndex

7.1

8%

2.9

5%

17

.41

%1

6.5

9%

9.9

3%

7.7

1%

20

.92

%1

6.5

0%

24

.89

%3

2.1

3%

-18

.60

%-2

3.2

4%

11

,48

7.4

7

OM

IGS

A A

ctiv

e Q

uant

Equ

ity

Fund

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex3

.58

%4

.24

%*

**

*2

2.7

2%

20

.86

%*

**

* 2

27

.5

34

OM

IGS

A P

rem

ium

Equ

ity

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex1

2.2

1%

4.2

4%

**

**

18

.98

%2

0.8

6%

**

**

72

9.2

2

7O

MIG

SA

Val

ue E

quit

y In

vest

men

ts V

alue

Por

tfol

ioFT

SE

/JS

E A

ll S

hare

Ind

ex0

.69

%2

.57

%1

7.2

5%

17

.27

%7

.59

%8

.08

%1

6.1

8%

18

.99

%3

7.8

1%

32

.13

%-2

6.1

0%

-23

.25

% 3

38

.8

31

OM

IGS

A V

alue

Equ

ity

Inve

stm

ents

: S

WIX

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex1

.55

%4

.24

%1

7.2

0%

17

.85

%*

*1

6.7

4%

20

.86

%3

5.7

8%

29

.91

%*

* 8

,30

5.4

9

Ort

hogo

nal E

quit

yFT

SE

/JS

E A

ll S

hare

Ind

ex3

.11

%2

.58

%1

7.7

0%

17

.28

%*

*1

9.4

6%

19

.00

%3

2.3

7%

32

.13

%*

* 7

3.7

3

6P

rude

ntia

l Dee

p Va

lue

Equ

ity

Fund

wei

ghte

d C

AP

I S

WIX

inde

x4

.74

%4

.16

%1

7.9

0%

17

.84

%1

0.1

3%

8.7

1%

20

.42

%2

0.5

6%

29

.95

%3

0.3

2%

-16

.97

%-2

1.5

5%

3,1

84

.9

17

Reg

ardi

ng C

apit

al M

anag

emen

tFT

SE/J

SE A

ll Sha

re I

ndex

3.1

9%

2.5

6%

17

.19

%1

7.2

6%

9.4

5%

8.0

9%

21

.45

%1

8.9

9%

28

.41

%3

2.1

3%

-10

.33

%-2

3.2

4%

5,2

23

.8

12

SIM

Agg

ress

ive

Equ

ity

2%

4 M

ajor

ban

k C

all R

ate;

98

% F

TSE

/JS

E S

WIX

3.4

8%

4.3

8%

**

**

22

.85

%2

0.5

8%

**

**

49

0.5

3

0S

IM U

ncon

stra

ined

Equ

ity

2%

Maj

or B

ank

Cal

l Rat

e / 9

8%

FTS

E/J

SE

SW

IX

1.5

5%

4.3

0%

18

.16

%1

7.6

5%

10

.76

%8

.66

%2

3.0

5%

20

.58

%3

2.0

2%

29

.49

%-1

7.4

6%

-21

.08

% 5

,75

0.8

1

1S

tanl

ib G

row

th E

quit

yFT

SE

/JS

E A

ll S

hare

Ind

ex3

.80

%2

.57

%1

6.4

4%

17

.27

%*

*1

4.6

6%

18

.98

%3

2.6

5%

32

.13

%-3

8.4

0%

-23

.23

% 5

44

.4

29

Sta

nlib

Val

ue F

und

FTS

E/J

SE

All

Sha

re I

ndex

3.4

7%

2.5

7%

18

.63

%1

7.2

7%

10

.79

%8

.03

%2

2.1

0%

18

.98

%3

2.1

6%

32

.13

%-2

9.5

1%

-23

.43

% 1

,42

5.3

2

4S

ygni

a A

bsol

ute

Focu

s E

quit

y Fu

ndFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

6.7

4%

4.2

6%

**

**

**

**

**

1,0

27

.1

25

SYm

mE

TRY

Equ

ity

Por

tfol

ioFT

SE

/JS

E S

WIX

All

Sha

re I

ndex

3.8

2%

4.2

4%

17

.63

%1

7.8

5%

**

21

.07

%2

0.8

5%

29

.50

%2

9.9

1%

-19

.80

%-2

1.6

7%

3,9

91

.6

14

TOR

OS

Equ

ity

SW

IX P

ortf

olio

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex3

.87

%4

.24

%1

5.8

5%

17

.85

%*

*1

6.5

9%

20

.86

%2

8.3

9%

29

.91

%-2

0.5

6%

-21

.67

%1

7,2

83

.1

4IN

DIC

ES

FTS

E/J

SE

All

Sha

re I

ndex

2.5

7%

17

.27

%8

.09

%1

8.9

8%

32

.13

%-2

3.2

3%

FTS

E/J

SE

Cap

ped

All

Sha

re I

ndex

3.0

9%

17

.70

%8

.74

%1

9.5

6%

32

.29

%-2

1.6

5%

FTS

E/J

SE

SW

IX A

ll S

hare

Ind

ex4

.25

%1

7.8

5%

8.6

5%

20

.86

%2

9.9

1%

-21

.67

%FT

SE

/JS

E T

op 4

0 I

ndex

2.4

4%

16

.51

%7

.54

%1

7.2

2%

31

.73

%-2

3.5

8%

FTS

E/J

SE

Val

ue I

ndex

-0.7

1%

16

.52

%5

.13

%1

8.7

4%

34

.20

%-2

7.4

8%

FTS

E/J

SE

Gro

wth

Ind

ex-3

.78

%1

0.3

3%

4.1

1%

13

.45

%2

3.0

4%

-22

.60

%RETU

RNS

TATI

STI

CS

Num

ber

of P

arti

cipa

nts

37

32

23

35

32

29

Tota

l Fun

d S

ize

of P

arti

cipa

nts

218,9

79.0

Inde

x -

All

righ

ts in

the

FTS

E/J

SE

Afr

ica

Inde

x S

erie

s ve

st in

the

JS

E L

imit

ed (

JSE

) an

d in

FTS

E I

nter

nati

onal

Lim

ited

(FT

SE

) jo

intl

y. F

TSE

™ is

a t

rade

mar

k of

the

Lon

don

Sto

ck E

xcha

nge

Lim

ited

(LS

E)

and

The

Fina

ncia

l Tim

es L

imit

ed

(FT)

join

tly

and

issu

ed b

y FT

SE

und

er li

cenc

e. J

SE

is a

tra

de m

ark

of t

he J

SE

. The

FTS

E/J

SE

Afr

ica

Inde

x S

erie

s is

cal

cula

ted

by F

TSE

Int

erna

tion

al L

imit

ed (

FTS

E)

in c

onju

ncti

on w

ith

the

JSE

Lim

ited

(JS

E)

in a

ccor

danc

e w

ith

stan

dard

cr

iter

ia.

The

FTS

E/J

SE

Afr

ica

Inde

x S

erie

s is

the

pro

prie

tary

info

rmat

ion

of F

TSE

and

the

JS

E.

All

copy

righ

t su

bsis

ting

in t

he F

TSE

/JS

E A

fric

a In

dex

valu

es a

nd c

onst

itue

nt li

st v

ests

in F

TSE

and

the

JS

E jo

intl

y. A

ll th

eir

righ

ts a

re r

eser

ved.


43

SectIOn 3composite Dispersion of S.a. equity Manager WatchtM Survey

0.140% 0.363%

0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40%

Kagiso Core SWIX Fund Stanlib Enhanced Index Fund

Enhanced Index

0.336%

0.157%

0.162%

0.264%

0.208%

0.186%

0.744%

0.040%

0.160%

0.298%

0.117%

0.329%

0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80%



Cadiz Equity SWIX

Coronation Core Equity

Investec Active Quants


Mergence SWIX Fund

OMIGSA Double Alpha Top 40




Taquanta Active SWIX

Benchmark Cognisant

ENHANCEDINDEX

ENHANCEDINDEX


MAXIMUMRETURN

MINIMUMRETURN

COMPOSITEDISPERSION(1YR)



Kagiso Core SWIX Fund 4.33% 4.44% 4.04% 0.140% 0.125% 0.015%


3.39% 4.06% 3.09% 0.363% 0.314% 0.192%


BENCHMARKCOGNISANT


MAXIMUMRETURN

MINIMUMRETURN




Afena Capital Equity SWIX 2.43% 3.30% 2.22% 0.336% * *

Afena Capital Equity CAPI 1.65% 1.80% 1.48% 0.157% * *

Cadiz Equity SWIX 1.12% 1.37% 0.91% 0.162% 18.010% 18.216%

Coronation Core Equity 5.14% 5.77% 4.97% 0.264% 0.061% 0.034%

Investec Active Quants 7.74% 7.94% 7.53% 0.208% * *


4.64% 4.83% 4.25% 0.186% 0.50% 0.48%

Mergence SWIX Fund 5.49% 6.17% 4.37% 0.744% * *


4.38% 4.42% 4.34% 0.040% * *


3.71% 3.98% 3.60% 0.160% 0.119% *

Prudential Core Equity SWIX 6.66% 6.89% 5.82% 0.298% 0.304% *

Taquanta Active All Share 0.67% 0.83% 0.55% 0.117% 0.168% *

Taquanta Active SWIX 2.55% 2.88% 2.22% 0.33% * *

Taquanta Active SWIX 2.55% 2.88% 2.22% 0.33%

0.336%

0.157%

0.162%

0.264%

0.208%

0.186%

0.744%

0.040%

0.160%

0.298%

0.117%

0.329%

0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60%



Cadiz Equity SWIX

Coronation Core Equity

Investec Active Quants


Mergence SWIX Fund





Taquanta Active SWIX

Benchmark Cognisant BENCHMARKCOGNISANT

44

0.455% 0.633%

0.531% 0.860%

0.576% 0.377%

0.624% 1.416%

0.968% 0.501%

0.853% 1.287%

0.025% 0.360%

0.123% 0.010%

0.632% 0.552%

0.282% 0.080%

0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60%

ABSA Asset Management Value Allan Gray

Argon Specialist Equity Cannon All Equities SWIX Portfolio

Coronation Aggressive Equity Coronation Houseview Equity

Element Equity Foord Asset Management

Investec Equity Investec Growth

Investec Value Oasis Specialist Domestic OMIGSA Premium Equity

ELECTUS Growth Portfolio ELECTUS Multi-Cap Portfolio

OMIGSA Value Equity Investments: SWIX Prudential Deep Value Equity

RECM Regarding Capital Management SIM Unconstrained Equity

TOROS Equity SWIX Portfolio

Not Benchmark Cognisant NOTBENCHMARKCOGNISANT

NOTBENCHMARKCOGNISANT


MAXIMUMRETURN

MINIMUMRETURN





6.45% 6.90% 5.99% 0.455% * *

Allan Gray 8.59% 9.94% 6.42% 0.633% 0.340% 0.360%

Argon Specialist Equity 1.51% 2.12% 0.10% 0.531% 0.259% *

Cannon All Equities SWIX Portfolio

-0.60% 0.05% -2.28% 0.860% 0.600% 0.000%

Coronation Aggressive Equity

4.95% 5.26% 3.85% 0.576% * *


3.57% 4.06% 2.64% 0.377% 0.215% 0.117%

Element Equity 3.65% 4.95% 2.09% 0.624% 0.425% *

Foord Asset Management 8.34% 11.21% 7.20% 1.416% 1.14% 1.35%

Investec Equity 5.91% 6.96% 4.28% 0.968% 0.235% 0.113%

Investec Growth 4.88% 5.06% 3.92% 0.501% 0.350% 0.270%

Investec Value 1.27% 5.15% 0.26% 0.853% 0.230% 0.220%

Oasis Specialist Domestic 6.98% 8.19% 4.08% 1.287% 1.075% 0.631%

OMIGSA Premium Equity 12.24% 12.26% 12.21% 0.025% * *

ELECTUS Growth Portfolio 1.28% 1.82% 0.96% 0.360% 0.029% *


1.31% 1.45% 1.16% 0.123% 1.190% *

OMIGSA Value Equity Investments: SWIX

1.56% 1.57% 1.55% 0.010% 0.125% *


5.41% 5.80% 4.14% 0.632% 0.306% 0.213%

RECM Regarding Capital Management

3.16% 3.80% 2.13% 0.552% 0.990% 0.470%

SIM Unconstrained Equity 1.60% 2.05% 1.27% 0.282% 6.910% *

TOROS Equity SWIX Portfolio

3.92% 4.05% 3.84% 0.080% 0.03% *

SectIOn 3composite Dispersion of S.a. equity Manager WatchtM Survey

45


RETURNSTATISTICS

Highest 11.27% 10.02% 10.80%

Upper Quartile 9.74% 8.90% 9.87%

Median 9.38% 8.53% 9.49%

Average 9.45% 8.52% 9.54%

Lower Quartile 9.17% 8.28% 9.33%

Lowest 6.81% 6.35% 7.97%


RANGEOFRETURNSOFBONDUNIVERSEFORTHEPERIODSENDING31DECEMBER2011

Objective - The portfolios included in this Survey represent specialist bond portfolios which benchmark the All Bond Index.

The survey contains a broad range of investment styles e.g. duration or yield enhancement or both.

14%

11%

8%

5%1 Year 3 Years (p.a.) 5 Years (p.a.)

25% - 75%

Min - Max

Median

SectIOn 3S.a. Bond Manager WatchtM Survey

46

Objec

tive

- The

por

tfol

ios

incl

uded

in th

is S

urve

y re

pres

ent s

peci

alis

t bon

d po

rtfo

lios

with

ALB

I as

thei

r ben

chm

ark

and

have

an

effe

ctiv

e m

odifi

ed d

urat

ion

man

date

of +

/- 2

year

s ar

ound

the

ALB

I

PORTF

OLI

ON

AME

INVE

STM

ENTDAT

ATOTHEE

NDO

FDECEMBER2

011

CALE

NDARYEARR

ETU

RNS

CHARACTE

RIS

TICS

1Yea

rRan

k3

Yea

rs(p.a.)

Ran

k5Yea

rs(p.a.)

Ran

k2010

Ran

k2009

Ran

k2008

Ran

k

Upp

erand

Low

er

Dur

ationLimits

(Yea

rs)(R

elativeto

ALB

I)Portfolio

Dur

ation

%ofpo

rfolio

inve

sted

in

AAArated

instru

men

tsPortfolio

Type

Size(R

m)

Ran

kSPECIA

LISTBONDS

Arg

on D

omes

tic

Cor

e B

ond

6.8

1%

21

6.3

5%

18

7.9

7%

15

13

.81

%2

0-1

.04

%1

81

6.9

8%

16

1.0

05

.70

57

%S

90

.02

1C

adiz

Cor

e B

ond

8.8

2%

20

8.0

0%

16

9.2

0%

14

16

.13

%1

1-0

.33

%1

61

7.5

6%

12

1.0

05

.48

67

%S

1,1

91

.41

4C

adiz

Dyn

amic

Bon

d8

.98

%1

8*

*1

6.0

7%

12

**

2.0

05

.56

67

%S

2,6

05

.01

1C

oron

atio

n A

ctiv

e B

ond

Por

tfol

io (

Com

posi

te)

9.8

5%

48

.37

%1

19

.51

%7

15

.86

%1

30

.00

%1

21

7.7

8%

52

.00

5.8

36

5%

P4

,66

6.8

7C

oron

atio

n S

trat

egic

Bon

d C

ompo

site

9.7

0%

78

.88

%6

*1

6.3

4%

81

.14

%6

18

.54

%2

*5

.28

64

%S

1,8

70

.41

3Fu

ture

grow

th C

ore

Bon

d C

ompo

site

9.3

5%

12

8.2

7%

14

9.3

1%

12

16

.39

%7

-0.2

7%

15

17

.64

%8

1.0

05

.36

64

%S

17

73

2,1

1Fu

ture

grow

th Y

ield

Enh

ance

d1

1.2

7%

11

0.0

2%

11

0.8

0%

11

8.4

4%

11

.06

%7

18

.70

%1

1.0

05

.32

30

%S

3,7

73

.29

Inve

stec

Dyn

amic

Bon

d P

ortf

olio

8.9

2%

19

7.8

7%

17

9.2

4%

13

15

.53

%1

5-0

.24

%1

41

8.1

2%

43

.00

5.5

96

8%

P4

,79

1.5

6In

vest

ec T

ripl

e A

lpha

9.8

2%

5*

*1

6.4

8%

6*

*3

.00

5.5

56

0%

S3

,44

3.5

10

Inve

stm

ent

Sol

utio

ns P

ure

Fixe

d In

tere

st P

ortf

olio

9.2

8%

13

8.3

4%

12

9.4

4%

91

5.5

2%

16

0.7

5%

91

7.6

5%

72

.00

5.0

65

4%

P6

,17

4.6

5JM

BU

SH

A B

ondP

lus

9.2

4%

15

8.1

5%

15

*1

3.6

4%

21

1.8

8%

41

3.7

1%

18

1.5

-25

.92

82

%S

67

0.9

19

Mom

entu

m A

M B

ond

Fund

9.5

8%

98

.91

%5

9.9

4%

31

6.3

0%

91

.35

%5

18

.53

%3

1.0

05

.63

68

%S

6,

41

2,3

4M

omen

tum

Mod

erat

e B

ond

FOF

9.3

8%

11

8.9

7%

49

.92

%4

15

.82

%1

42

.14

%3

17

.18

%1

41

.50

5.4

36

5%

S4

03

.12

0P

an A

fric

a A

M S

egre

gate

d D

omes

tic

Bon

d9

.07

%1

78

.61

%9

9.6

2%

61

6.7

2%

40

.65

%1

01

7.6

1%

92

.00

5.5

55

0%

S2

,29

0.9

12

Pre

scie

nt B

ond

Qua

nt9

.46

%1

08

.44

%1

09

.40

%1

01

5.4

0%

17

0.9

6%

81

7.3

3%

13

0.5

05

.15

62

%S

91

6.1

16

Pre

scie

nt B

ond

Qua

ntP

lus

9.1

7%

16

9.1

3%

21

0.0

4%

21

4.9

1%

19

3.5

9%

11

7.5

8%

11

1.5

04

.00

73

%S

9,1

16

.72

Pru

dent

ial Y

ield

Enh

ance

d P

ortf

olio

10

.58

%3

9.0

7%

39

.82

%5

17

.30

%2

0.0

3%

11

17

.59

%1

01

.00

5.5

65

2%

S1

,12

9.4

15

SIM

Ins

titu

tion

al T

otal

Ret

urn

Bon

d Fu

nd

9.6

7%

88

.32

%1

39

.34

%1

11

6.8

2%

3-0

.78

%1

71

7.7

2%

62

.00

5.8

27

0%

S7

,38

4.9

3S

tanl

ib C

ore

Bon

d P

ortf

olio

10

.61

%2

8.6

8%

89

.49

%8

16

.26

%1

0-0

.19

%1

31

7.0

1%

15

3.8

-7.8

5.8

06

1%

S3

,84

7.1

8S

Ymm

ETR

Y B

ond

Por

tfol

io9

.26

%1

48

.88

%7

*1

5.3

9%

18

2.3

7%

21

5.3

9%

17

2.0

03

.55

72

%P

85

4.1

17

Vuna

ni A

ctiv

e B

ond

Fund

9.7

4%

6*

*1

6.7

2%

5*

*2

.00

5.6

73

7%

S7

34

.21

8IN

FLAT

IONLIN

KEDB

ONDS

Cor

onat

ion

Abs

olut

e B

ond

Por

tfol

io1

3.8

8%

11

3.9

5%

11

2.6

7%

11

5.6

6%

11

2.3

4%

11

3.2

9%

3*

6.4

73

3%

S7

52

.64

Mom

entu

m A

M I

nflat

ion

Link

ed B

ond

Fund

13

.48

%2

**

12

.00

%2

**

2.0

09

.79

81

%P

2,3

84

.13

Pre

scie

nt I

nflat

ion

Link

ed B

ond

Com

posi

te1

1.4

5%

5*

*1

0.9

2%

5*

**

6.8

24

0%

S2

,99

2.0

1P

rude

ntia

l Infl

atio

n Li

nked

Bon

d Fu

nd1

3.2

5%

31

0.6

7%

31

1.0

2%

31

1.5

6%

37

.29

%3

13

.96

%1

*1

0.1

08

4%

S1

97

.85

SIM

Infl

atio

n Li

nked

Bon

d Fu

nd1

3.0

4%

41

0.8

1%

21

1.1

4%

21

1.3

6%

48

.10

%2

13

.93

%2

2.0

09

.03

81

%S

2,6

85

.22

SPECIA

LISTBONDS

TATI

STI

CS

Hig

hest

11

.27

%1

0.0

2%

10

.80

%1

8.4

4%

3.5

9%

18

.70

%U

pper

Qua

rtile

9.7

4%

8.9

0%

9.8

7%

16

.48

%1

.29

%1

7.7

6%

Med

ian

9.3

8%

8.5

3%

9.4

9%

16

.13

%0

.70

%1

7.6

0%

Ave

rage

9.4

5%

8.5

2%

9.5

4%

15

.99

%0

.73

%1

7.3

7%

Low

er Q

uart

ile9

.17

%8

.28

%9

.33

%1

5.5

2%

-0.2

3%

17

.22

%Lo

wes

t6

.81

%6

.35

%7

.97

%1

3.6

4%

-1.0

4%

13

.71

%N

umbe

r of

Par

tici

pant

s/To

tal

21

18

15

21

18

18

80

,09

8.5

INFL

ATIO

NLIN

KEDB

ONDS

TATI

STI

CS

Hig

hest

13

.88

%1

3.9

5%

12

.67

%1

5.6

6%

12

.34

%1

3.9

6%

Upp

er Q

uart

ile1

3.4

8%

12

.38

%1

1.9

0%

12

.00

%1

0.2

2%

13

.95

%M

edia

n1

3.2

5%

10

.81

%1

1.1

4%

11

.56

%8

.10

%1

3.9

3%

Ave

rage

13

.02

%1

1.8

1%

11

.61

%1

2.3

0%

9.2

4%

13

.73

%Lo

wer

Qua

rtile

13

.04

%1

0.7

4%

11

.08

%1

1.3

6%

7.6

9%

13

.61

%Lo

wes

t1

1.4

5%

10

.67

%1

1.0

2%

10

.92

%7

.29

%1

3.2

9%

Num

ber

of P

arti

cipa

nts/

Tota

l5

33

53

39

,01

1.7

MARKETSTA

TISTI

CS

All

Bon

d In

dex

8.8

2%

7.3

9%

8.5

9%

14

.96

%-0

.99

%1

6.9

7%

All

Bon

d In

dex

- D

urat

ion

5.7

9

1-3

Yea

r B

ond

Inde

x8

.90

%8

.46

%9

.05

%8

.75

%7

.74

%1

2.9

0%

3-7

Yea

r B

ond

Inde

x1

0.1

8%

8.5

1%

9.2

3%

12

.79

%2

.80

%1

5.7

2%

7-1

2 Y

ear

Bon

d In

dex

10

.20

%7

.73

%8

.90

%1

6.0

0%

-2.1

9%

17

.43

%1

2+ Y

ear

Bon

d In

dex

6.0

0%

4.3

5%

6.4

9%

15

.86

%-7

.47

%1

8.8

3%

Bar

clay

s -

BE

SA

SA

Infl

atio

n Li

nked

Ind

ex1

3.0

5%

10

.54

%1

0.8

7%

10

.97

%7

.66

%1

3.6

2%

BE

SA

Sta

ndar

d B

ank

Cre

dit

Inde

x1

0.0

2%

10

.77

%1

0.2

1%

20

.50

%2

.51

%1

4.8

2%

GO

VI7

.84

%7

.15

%7

.95

%1

4.5

8%

-0.4

4%

14

.17

%S

TeFI

5.7

3%

7.2

5%

8.5

3%

6.9

3%

9.1

3%

11

.69

%


47

Objec

tive

-Th

e po

rtfo

lios

incl

uded

in

this

Sur

vey

repr

esen

t sp

ecia

list

bond

por

tfol

ios

wit

h A

LBI

as t

heir

ben

chm

ark

and

have

an

effe

ctiv

e m

odifi

ed d

urat

ion

man

date

of

+/-

2

year

s ar

ound

the

ALB

I

PORTF

OLI

ON

AME

RIS

KVSR

ETU

RN(Calcu

latedon

3yea

rpe

rforman

ceretur

nsforthe

perioden

ding

31D

ecem

ber2011)

3Yea

rsR

etur

n(p

.a.)

Ran

kRisk(Volatility)

Ran

kRetur

n/R

isk

Ran

kActiveRetur

nRan

kTrac

king

Error

Inform

ationRatio

Ran

k

SPECIA

LISTBONDS

Arg

on D

omes

tic

Cor

e B

ond

6.3

5%

18

5.9

1%

18

1.0

81

8-1

.04

%1

81

.31

%-0

.79

18

Cad

iz C

ore

Bon

d8

.00

%1

65

.35

%9

1.5

01

50

.61

%1

60

.52

%1

.17

13

Cor

onat

ion

Act

ive

Bon

d P

ortf

olio

(C

ompo

site

)8

.37

%1

15

.49

%1

41

.53

14

0.9

8%

11

0.5

5%

1.7

78

Cor

onat

ion

Str

ateg

ic B

ond

Com

posi

te8

.88

%6

5.4

1%

11

1.6

49

1.4

8%

60

.66

%2

.25

4

Futu

regr

owth

Cor

e B

ond

Com

posi

te8

.27

%1

45

.34

%8

1.5

51

20

.88

%1

40

.50

%1

.76

9

Futu

regr

owth

Yie

ld E

nhan

ced

10

.02

%1

4.8

9%

42

.05

22

.63

%1

1.4

2%

1.8

57

Inve

stec

Dyn

amic

Bon

d P

ortf

olio

7.8

7%

17

5.4

3%

12

1.4

51

70

.48

%1

70

.47

%1

.02

16

Inve

stm

ent

Sol

utio

ns P

ure

Fixe

d In

tere

st P

ortf

olio

8.3

4%

12

5.0

7%

51

.65

80

.95

%1

20

.63

%1

.51

11

JM B

US

HA

Bon

dPlu

s8

.15

%1

54

.67

%3

1.7

44

0.7

5%

15

1.2

1%

0.6

21

7

Mom

entu

m A

M B

ond

Fund

8.9

1%

55

.15

%7

1.7

35

1.5

1%

50

.63

%2

.39

3

Mom

entu

m M

oder

ate

Bon

d FO

F8

.97

%4

5.3

7%

10

1.6

76

1.5

8%

41

.40

%1

.13

15

Pan

Afr

ica

AM

Seg

rega

ted

Dom

esti

c B

ond

8.6

1%

95

.60

%1

61

.54

13

1.2

2%

90

.56

%2

.16

6

Pre

scie

nt B

ond

Qua

nt8

.44

%1

05

.12

%6

1.6

57

1.0

5%

10

0.6

2%

1.6

91

0

Pre

scie

nt B

ond

Qua

ntP

lus

9.1

3%

24

.28

%1

2.1

31

1.7

3%

21

.52

%1

.14

14

Pru

dent

ial Y

ield

Enh

ance

d P

ortf

olio

9.0

7%

35

.57

%1

51

.63

10

1.6

7%

30

.58

%2

.87

1

SIM

Ins

titu

tion

al T

otal

Ret

urn

Bon

d Fu

nd

8.3

2%

13

5.6

9%

17

1.4

61

60

.93

%1

30

.42

%2

.24

5

Sta

nlib

Cor

e B

ond

Por

tfol

io8

.68

%8

5.4

7%

13

1.5

91

11

.28

%8

0.5

2%

2.4

52

SYm

mE

TRY

Bon

d P

ortf

olio

8.8

8%

74

.66

%2

1.9

03

1.4

8%

71

.12

%1

.33

12

RIS

KS

TATI

STI

CS

Hig

hest

10

.02

%5

.91

%2

.13

2.6

3%

1.5

2%

2.8

7

Upp

er Q

uart

ile8

.90

%5

.49

%1

.71

1.5

0%

1.1

9%

2.2

2

Med

ian

8.5

3%

5.3

6%

1.6

31

.13

%0

.62

%1

.72

Ave

rage

8.5

2%

5.2

5%

1.6

41

.12

%0

.81

%1

.59

Low

er Q

uart

ile8

.28

%5

.08

%1

.53

0.8

9%

0.5

3%

1.1

5

Low

est

6.3

5%

4.2

8%

1.0

8-1

.04

%0

.42

%-0

.79

All

Bon

d In

dex

7.3

9%

Num

ber

of P

arti

cipa

nts

18

18

18

18

18

18



48

RISKVSRETURNSCATTERPLOT-S.A.BONDMANAGERS-3YEARSENDING31DECEMBER2011

TRACKINGERRORVSACTIVERETURNSCATTERPLOT-S.A.BONDMANAGERS-3YEARSENDING31DECEMBER2011

Momentum Moderate Bond FOF

Argon Domestic Core Bond

Cadiz Core Bond

Futuregrowth Yield Enhanced

Investec Dyn Bond Port

Investment Solutions Pure Fixed Interest Portfolio

Futuregrowth Core Bond Composite

Prescient Bond Quant

Prescient Bond QuantPlus Prudential

Pan Africa AM Segregated Domestic Bond

Momentum AM Bond Fund

SIM Institutional Total Return Bond Fund

Stanlib Core Bond Portfolio

All Bond Index

SYmmETRY Bond Portfolio

JM BUSHA BondPlus

Coronation Active Bond Portfolio (Composite)

Coronation Strategic Bond Composite

6.3%

6.8%

7.3%

7.8%

8.3%

8.8%

9.3%

9.8%

10.3%

4.2% 4.4% 4.6% 4.8% 5.0% 5.2% 5.4% 5.6% 5.8% 6.0%

Ret

urn

(p.a

.)


Risk vs Return Scatterplot - SA Bond Managers Bond 3 Years ended 31 December 2011

Cadiz Core Bond


Investec Dyn Bond Portfolio





Prescient Bond QuantPlus PruYield Enha Port







JM BUSHA BondPlus Coronation Active Bond Portfolio (Composite)


-1.1%

-0.6%

-0.1%

0.4%

0.9%

1.4%

1.9%

2.4%

2.9%

0.4% 0.6% 0.8% 1.0% 1.2% 1.4%

Exce

ss R

etur

n (%

p.a

.)


Excess return vs Tracking Error Scatterplot - SA Bond Managers 3 Years ended 31 December 2011

Benchmark : ALL BOND INDEX



Cadiz Core Bond


Investec Dyn Bond Port




Prescient Bond QuantPlus Prudential





All Bond Index


JM BUSHA BondPlus



6.3%

6.8%

7.3%

7.8%

8.3%

8.8%

9.3%

9.8%

10.3%

4.2% 4.4% 4.6% 4.8% 5.0% 5.2% 5.4% 5.6% 5.8% 6.0%

Ret

urn

(p.a

.)


Risk vs Return Scatterplot - SA Bond Managers Bond 3 Years ended 31 December 2011

Cadiz Core Bond


Investec Dyn Bond Portfolio





Prescient Bond QuantPlus PruYield Enha Port







JM BUSHA BondPlus Coronation Active Bond Portfolio (Composite)


-1.1%

-0.6%

-0.1%

0.4%

0.9%

1.4%

1.9%

2.4%

2.9%

0.4% 0.6% 0.8% 1.0% 1.2% 1.4%

Exce

ss R

etur

n (%

p.a

.)


Excess return vs Tracking Error Scatterplot - SA Bond Managers 3 Years ended 31 December 2011

Benchmark : ALL BOND INDEX

49

SectIOn 3composite Dispersion (range) of S.a. Bond Manager WatchtM Survey

0.173%

0.085%

0.081%

0.066%

0.116%

0.739%

0.101%

0.150%

0.621%

0.507%

0.151%

0.230%

0.147%

0.531%

0.073%

0.298%

0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80%

Cadiz Core Bond

Cadiz Dynamic Bond





Investec Dynamic Bond Portfolio

Investec Triple Alpha

JM BUSHA BondPlus

Vunani Active Bond Fund



Prescient Bond QuantPlus

Prudential Yield Enhanced Portfolio



Specialist Bonds SPECIALISTBONDS

SPECIALISTBONDS


MAXIMUMRETURN

MINIMUMRETURN




Cadiz Core Bond 9.00% 9.02% 8.65% 0.173% 5.351% 6.941%

Cadiz Dynamic Bond 9.04% 9.12% 8.95% 0.085% 5.302% 6.742%


9.85% 10.01% 9.76% 0.081% 0.028% *


9.74% 9.84% 9.68% 0.066% 0.063% *


9.32% 9.52% 9.20% 0.116% * *

Futuregrowth Yield Enhanced 11.23% 11.62% 9.26% 0.739% 0.200% *

Investec Dynamic Bond Portfolio

8.92% 9.04% 8.71% 0.101% 0.122% 0.120%

Investec Triple Alpha 9.97% 9.99% 9.45% 0.150% 0.080% *

JM BUSHA BondPlus 9.02% 10.25% 8.86% 0.621% 0.100% *

Vunani Active Bond Fund 9.80% 9.88% 8.77% 0.507% * *


9.00% 9.18% 8.81% 0.151% 0.105% 0.045%

Prescient Bond Quant 9.56% 9.79% 9.33% 0.230% 0.281% 0.169%

Prescient Bond QuantPlus 9.13% 9.36% 8.85% 0.147% 0.400% 0.180%

Prudential Yield Enhanced Portfolio

10.41% 11.78% 10.16% 0.531% 0.378% 0.156%


9.68% 9.72% 9.37% 0.073% 0.042% 0.023%

Stanlib Core Bond Portfolio 10.33% 11.24% 10.13% 0.298% 0.394% 0.250%


50

SectIOn 3composite Dispersion (range) of S.a. Bond Manager WatchtM Survey


0.188%

0.046%

0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14% 0.16% 0.18% 0.20%

Coronation Absolute Bond Portfolio

SIM Inflation Linked Bond Fund

Inflation Linked Bonds INFLATIONLINKEDBONDS

INFLATIONLINKEDBONDS

2011MEDIANCOMPOSITERETURN MAXIMUMRETURN MINIMUMRETURN COMPOSITEDISPERSION

Coronation Absolute Bond Portfolio 13.94% 14.13% 13.75% 0.188%

SIM Inflation Linked Bond Fund 13.01% 13.06% 12.97% 0.046%

Note: Composites did not have a 3 or 5 year composite dispersion measure

51

Objec

tive

- T

he p

ortf

olio

s in

thi

s S

urve

y re

pres

ent

shor

t-te

rm d

ebt

secu

riti

es t

hat

are

high

ly m

arke

tabl

e an

d tr

ade

in la

rge

deno

min

atio

ns.T

he p

ortf

olio

s ha

ve d

iffe

rent

mat

urit

ies

an

d em

ploy

a b

road

ran

ge o

f fin

anci

al in

stru

men

ts.

PORTF

OLI

ON

AME

INVE

STMEN

TDAT

ATO

THEEN

DO

FDEC

EMBER

20

11CALE

NDARYEARR

ETU

RNS

CHARACTE

RIS

TICS

1Yea

rRan

k3

Yea

rs

(p.a.)

Ran

k5Yea

rs

(p.a.)

Ran

k2010

Ran

k2009

Ran

k2008

Ran

kVa

luation

Metho

dology

Max

imum

Dur

ationof

Portfolio

%ofpo

rtfolio

inve

sted

in

A1+

rated

inve

stmen

tsPortfolio

Type

Risk

(Volatility)

Ran

kSize(R

m)

Ran

k

MAXI

MUMD

URAT

IONU

PTO9

0D

AYS

AB

SA

Mon

ey M

arke

t6

.31

%4

7.7

2%

69

.03

%5

7.4

2%

11

9.4

7%

61

2.0

2%

7A

ccru

al8

7 d

ays

10

0%

P0

.45

%2

60

,54

4.6

1C

adiz

Cor

e M

oney

Mar

ket

5.9

5%

12

7.7

2%

79

.14

%2

7.5

2%

89

.73

%3

12

.84

%2

Mar

k-to

-Mar

ket

90

day

s 1

00

%S

0.5

5%

85

08

.41

2C

oron

atio

n S

trat

egic

Cas

h*7

.35

%1

**

8.4

0%

1*

*A

ccru

al9

0 d

ays

72

%P

*8

78

.51

1Fu

ture

grow

th C

ore

Mon

ey M

arke

t C

ompo

site

5.9

5%

11

7.6

9%

8*

7.4

6%

10

*1

2.9

5%

1M

ark-

to-M

arke

t9

0 d

ays

10

0%

S0

.54

%7

1,8

09

.88

Gry

phon

Mon

ey M

arke

t6

.11

%9

7.7

9%

49

.01

%6

7.6

1%

59

.68

%4

11

.85

%8

Acc

rual

90

day

s 1

00

%S

0.4

6%

31

,22

5.1

9In

vest

ec M

oney

Mar

ket

Fund

6.1

3%

6*

*7

.56

%6

**

Acc

rual

90

day

s 1

00

%P

*1

9,2

35

.63

Mom

entu

m A

M M

oney

Mar

ket

Fund

*6

.86

%2

8.3

1%

19

.56

%1

8.0

3%

21

0.0

7%

11

2.7

4%

3A

ccru

al9

0 d

ays

10

0%

S0

.46

%4

4,2

27

.16

Ned

grou

p In

vest

men

ts M

oney

Mar

ket

Fund

6.1

2%

8*

**

**

Acc

rual

90

day

s 1

00

%P

*4

,94

5.0

5P

resc

ient

Mon

ey M

arke

t C

ompo

site

6.2

1%

5*

*7

.70

%4

**

Mar

k-to

-Mar

ket

90

day

s 9

7%

S*

2 9

92

.07

Pan

Afr

ica

Seg

rega

ted

Dom

esti

c C

ash*

6.6

5%

37

.87

%2

9.0

7%

37

.85

%3

9.1

2%

71

2.1

2%

6A

ccru

al9

0 d

ays

10

0%

S0

.41

%1

34

7.5

13

RE

CM

Mon

ey M

arke

t Fu

nd5

.79

%1

3*

**

**

Acc

rual

90

day

s 1

00

%P

*1

,11

9.1

10

Sta

ndar

d B

ank

Inst

itut

iona

l (M

gd b

y S

TAN

LIB

)6

.12

%7

7.7

4%

59

.03

%4

7.5

1%

99

.61

%5

12

.39

%5

Mar

k-to

-Mar

ket

90

day

s1

00

%P

0.4

8%

51

8,4

18

.04

Sta

ndar

d B

ank

Cor

pora

te (

Mgd

by

STA

NLI

B)

6.1

0%

10

7.8

0%

3*

7.5

5%

79

.77

%2

12

.67

%4

Mar

k-to

-Mar

ket

90

day

s1

00

%P

0.4

9%

62

6,3

79

.52

RETU

RNS

TATI

STI

CS

Hig

hest

7.3

5%

8.3

1%

9.5

6%

8.4

0%

10

.07

%1

2.9

5%

Upp

er Q

uart

ile6

.31

%7

.82

%9

.12

%7

.78

%9

.75

%1

2.7

7%

Med

ian

6.1

2%

7.7

6%

9.0

5%

7.5

6%

9.6

8%

12

.53

%Ave

rage

6.2

8%

7.8

3%

9.1

4%

7.6

9%

9.6

4%

12

.45

%Lo

wer

Qua

rtile

6.1

0%

7.7

2%

9.0

3%

7.5

2%

9.5

4%

12

.09

%Lo

wes

t5

.79

%7

.69

%9

.01

%7

.42

%9

.12

%1

1.8

5%

Num

ber

of P

arti

cipa

nts

13

86

13

78

Tota

l Fun

d S

ize

of P

arti

cipa

nts

14

2,6

30

.2

MAXI

MUMD

URAT

ION9

1-1

80D

AYS

Atl

anti

c C

ash

Plu

s6

.94

%4

**

**

*A

ccru

al 1

80

day

s 8

1%

S*

40

5.7

13

Cor

onat

ion

Insi

tuti

onal

Cas

h6

.97

%3

**

7.7

6%

9*

12

.87

%7

Mar

k-to

-Mar

ket

18

0 d

ays

82

%S

*1

,16

6.4

9Fu

ture

grow

th E

nhan

ced

Mon

ey M

arke

t C

ompo

site

6.2

4%

14

7.9

4%

99

.34

%7

7.7

8%

79

.82

%9

13

.23

%1

Mar

k-to

-Mar

ket

15

0 d

ays

1

00

%S

0.5

3%

95

,51

6.8

6In

vest

ec M

oney

Fun

d6

.90

%5

8.3

8%

39

.63

%3

8.2

4%

21

0.0

1%

51

3.1

2%

4M

ark-

to-M

arke

t 1

80

day

s

99

%P

0.4

9%

57

,37

7.2

4In

vest

men

t S

olut

ions

Ban

ker

6.8

0%

68

.21

%5

9.5

6%

47

.93

%5

9.9

2%

61

3.1

5%

3M

ark-

to-M

arke

t 1

20

day

s 8

8%

P0

.46

%4

17

,62

0.1

2JM

BU

SH

A C

ashP

lus

6.5

0%

11

8.1

6%

6*

7.7

1%

10

10

.31

%1

11

.97

%9

Acc

rual

18

0 d

ays

94

%S

0.5

0%

85

78

.31

2M

omen

tum

(R

5)

Mon

ey M

arke

t6

.42

%1

3*

**

**

Acc

rual

18

0 d

ays

10

0%

P*

32

2.4

14

Mom

entu

m A

M C

ashP

lus

Fund

7.0

8%

18

.49

%1

9.6

8%

28

.27

%1

10

.15

%3

*A

ccru

al 1

80

day

s

10

0%

S0

.44

%3

16

,54

1.7

3P

resc

ient

Cas

h Q

uant

plus

6.7

0%

88

.12

%7

9.5

3%

67

.77

%8

9.9

1%

71

3.1

5%

2M

ark-

to-M

arke

t 1

80

day

s 9

8%

S0

.49

%7

18

,87

4.7

1S

IM C

ash

Enh

ance

d6

.46

%1

2*

*7

.62

%1

19

.50

%1

0*

Mar

k-to

-Mar

ket

18

0 d

ays

83

%S

*5

,26

7.8

8S

TAN

LIB

Enh

ance

d Yi

eld

Fund

6.7

5%

78

.34

%4

9.5

4%

58

.06

%4

10

.23

%2

12

.88

%6

Mar

k-to

-Mar

ket

18

0 d

ays

1

00

%P

0.4

9%

66

,12

8.6

5S

Ymm

ETR

Y M

oney

Mar

ket

6.6

2%

98

.09

%8

9.2

7%

87

.84

%6

9.8

5%

81

2.3

1%

8M

ark-

to-M

arke

t 1

80

day

s

10

0%

P0

.43

%2

71

5.9

10

Syg

nia

Mon

ey M

arke

t Fu

nd6

.61

%1

0*

**

**

Mar

k-to

-Mar

ket

16

2 d

ays

99

%P

*5

79

.31

1Ta

quan

ta C

ore

Cas

h Fu

nd7

.05

%2

8.4

1%

29

.68

%1

8.1

8%

31

0.0

2%

41

2.9

0%

5A

ccru

al 1

80

day

s

84

%S

0.4

1%

15

,37

9.6

7

RETU

RNS

TATI

STI

CS

Hig

hest

7.0

8%

8.4

9%

9.6

8%

8.2

7%

10

.31

%1

3.2

3%

Upp

er Q

uart

ile6

.93

%8

.38

%9

.64

%8

.12

%1

0.1

1%

13

.13

%M

edia

n6

.73

%8

.21

%9

.55

%7

.84

%9

.97

%1

2.8

8%

Ave

rage

6.7

2%

8.2

4%

9.5

3%

7.9

2%

9.9

7%

12

.83

%Lo

wer

Qua

rtile

6.5

3%

8.1

2%

9.4

8%

7.7

7%

9.8

6%

12

.80

%Lo

wes

t6

.24

%7

.94

%9

.27

%7

.62

%9

.50

%1

1.9

7%

Num

ber

of P

arti

cipa

nts

14

98

11

10

9To

tal F

und

Siz

e of

Par

tici

pant

s8

6,4

74

.5

MARKETSTA

TISTI

CS

Ale

xand

er F

orbe

s M

oney

Mar

ket

Inde

x5

.77

%7

.18

%8

.79

%6

.88

%8

.90

%1

2.3

9%

Sho

rt T

erm

Fix

ed I

nter

est

Rat

e In

dex

5.7

3%

7.2

5%

8.5

3%

6.9

3%

9.1

3%

11

.69

%

SectIOn 3S.a. Money Market Manager WatchtM Survey

52

SectIOn 3S.a. Money Market Manager WatchtM Survey

RISKVSRETURNSCATTERPLOT-MONEYMARKETMANAGERS(91TO180DAYSDURATION)-3YEARSENDING31DECEMBER2011

RISKVSRETURNSCATTERPLOT-MONEYMARKETMANAGERS(UPTO90DAYSDURATION)-3YEARSENDING31DECEMBER2011

Ret

urn

(p.a

.)R

etur

n (p

.a.)

53

SectIOn 3composite Dispersion (range) of S.a. Money Market Manager WatchtM Survey


0.011%

0.007%

0.025%

0.175%

0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14% 0.16% 0.18% 0.20%

Futuregrowth Core Money Market Composite

Gryphon Money Market

Prescient Money Market Composite

Pan Africa Segregated Domestic Cash

Maximum Duration Up To 90 Days

0.118% 0.123%

0.238% 0.196%

0.00% 0.05% 0.10% 0.15% 0.20% 0.25%

Coronation Insitutional Cash JM BUSHA CashPlus

Prescient Cash Quantplus SIM Cash Enhanced

Maximum Duration 91-180 Days

0.011%

0.007%

0.025%

0.175%

0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14% 0.16% 0.18% 0.20%


Gryphon Money Market



Maximum Duration Up To 90 Days

0.118% 0.123%

0.238% 0.196%

0.00% 0.05% 0.10% 0.15% 0.20% 0.25%

Coronation Insitutional Cash JM BUSHA CashPlus

Prescient Cash Quantplus SIM Cash Enhanced

Maximum Duration 91-180 Days

MAXIMUMDURATIONUPTO90DAYS




MAXIMUMRETURN

MINIMUMRETURN





5.95% 5.96% 5.93% 0.011% * *

Gryphon Money Market 6.10% 6.11% 6.10% 0.007% 0.020% 0.224%


6.28% 6.30% 6.25% 0.025% * *


6.72% 7.07% 6.68% 0.175% 0.040% 0.045%



MAXIMUMRETURN

MINIMUMRETURN




Coronation Insitutional Cash 7.00% 7.12% 6.83% 0.118% 0.030% *

JM BUSHA CashPlus 6.46% 6.62% 6.32% 0.123% 0.160% *

Prescient Cash Quantplus 6.47% 6.97% 6.29% 0.238% 0.15% 0.12%

SIM Cash Enhanced 6.43% 6.82% 6.27% 0.196% 0.069% *

54

Objec

tive

- T

he p

ortf

olio

s in

clud

ed in

thi

s S

urve

y co

mpl

y w

ith

Reg

ulat

ion

28

and

rep

rese

nt p

rodu

cts

that

tar

get

posi

tive

rea

l ret

urns

ove

r a

min

imum

per

iod

of 1

2 m

onth

s.

PORTF

OLI

ON

AME

INVE

STM

ENTDAT

ATOTHEE

NDO

FDECEMBER2

011

CALE

NDARYEARR

ETU

RNS

QUAN

TITA

TIVE

ANAL

YSIS

(C

alcu

latedon

3yea

rperform

ance

returns)

CHARACTE

RIS

TICS

1Yea

r3Yea

rs(p.a.)

5Yea

rs(p.a.)

2010

2009

2008

Volatilit

y(R

isk)

Sortino

Ratio

Sortino

Ratio

Globa

l/Dom

estic

Portfolio

Ran

k

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

(Cap

italLos

s)(Infl

ation)

Man

date

Size(R

m)

HEADLI

NEC

PI+

3%

AB

SA

Infl

atio

n B

eate

r Fu

nd9

.34

%9

.12

%*

**

*1

0.2

9%

10

.48

%*

**

*D

omes

tic

51

5.7

25

Cad

iz C

apit

al P

rese

rvat

ion

Fund

6.7

6%

9.1

2%

9.3

4%

7.8

2%

9.4

0%

9.9

0%

9.0

4%

12

.28

%9

.15

%2

.17

%2

3.2

24

.49

Dom

esti

c1

,34

0.8

15

Cad

iz I

nflat

ion

Plu

s 3

7.6

4%

9.1

2%

**

**

15

.08

%*

**

**

Dom

esti

c6

30

.32

3

Cor

onat

ion

Infla

tion

Plu

s Fu

nd1

0.3

2%

9.6

2%

**

**

15

.95

%*

**

**

Glo

bal

92

0.4

18

Mom

entu

m R

eal R

etur

n 3

.10

%9

.12

%*

**

**

**

**

*D

omes

tic

36

4.0

32

Pre

scie

nt P

osit

ive

Ret

urn

Med

ical

Aid

Fun

d #

3.4

4%

9.1

2%

8.3

5%

7.9

2%

10

.72

%9

.91

%8

.95

%1

2.8

6%

13

.28

%3

.06

%1

1.2

12

.52

Dom

esti

c8

69

.31

9

SIM

Abs

olut

e1

0.0

5%

9.1

2%

12

.23

%7

.82

%1

0.4

3%

9.9

0%

13

.51

%1

3.1

7%

4.0

2%

2.8

7%

15

.62

7.3

5D

omes

tic

39

5.0

30

SIM

Abs

olut

e R

etur

n In

com

e Fu

nd8

.63

%9

.12

%*

**

*1

0.7

2%

8.5

1%

**

**

Dom

esti

c4

,97

0.4

7

Taqu

anta

Abs

olut

e #

6.9

9%

9.1

2%

9.9

4%

7.9

2%

10

.27

%9

.91

%1

0.1

3%

12

.79

%1

1.9

5%

1.3

8%

63

.98

8.6

1D

omes

tic

1,3

59

.51

4

Vuna

ni F

und

Man

ager

s C

PI

+3

#6

.67

%9

.12

%9

.81

%7

.92

%7

.76

%9

.91

%1

1.2

5%

11

.58

%0

.62

%3

.75

%7

.57

3.0

7D

omes

tic

47

7.2

27

HEADLI

NEC

PI+

4%

AB

SA

Abs

olut

e R

etur

n Fu

nd1

0.6

0%

10

.12

%1

1.7

8%

8.8

2%

**

12

.72

%1

2.0

4%

*3

.66

%9

.12

4.4

2G

loba

l6

,94

7.7

4

Arg

on A

bsol

ute

Ret

urn

#7

.45

%1

0.1

2%

9.3

3%

8.9

2%

7.9

4%

10

.91

%1

0.3

2%

10

.25

%-3

.11

%6

.31

%2

.68

1.2

7D

omes

tic

42

3.7

28

Inve

stm

ent

Sol

utio

ns S

tabl

e Fo

cus

6.5

6%

10

.12

%1

0.1

5%

8.8

2%

10

.85

%1

0.9

0%

10

.50

%1

3.5

1%

11

.04

%3

.01

%1

0.4

14

.26

Dom

esti

c2

,09

4.7

13

Mom

entu

m A

bsol

ute

Str

ateg

ies

2.7

9%

10

.12

%*

**

**

**

**

*D

omes

tic

86

1.0

20

OM

IGS

A C

apit

al B

uild

er3

.45

%1

0.1

2%

7.2

4%

8.8

2%

**

6.3

1%

12

.15

%*

3.8

8%

4.4

21

.05

Dom

esti

c1

,31

4.9

16

STA

NLI

B M

edic

al I

nves

tmen

t Fu

nd4

.69

%1

0.1

2%

8.0

8%

8.8

2%

8.1

3%

10

.90

%8

.18

%1

1.4

7%

1.0

3%

6.2

8%

2.5

00

.92

Glo

bal

17

5.6

35

HEADLI

NEC

PI+

5%

Cad

iz I

nflat

ion

+ 5

% #

5.8

1%

11

.12

%1

4.6

0%

9.9

2%

**

19

.70

%1

8.8

4%

2.9

6%

8.7

1%

3.1

52

.04

Dom

esti

c2

26

.93

3

Cor

onat

ion

Abs

olut

e #

4.9

9%

11

.12

%1

6.2

0%

9.9

2%

12

.06

%1

1.9

1%

21

.54

%2

2.9

4%

-0.2

0%

7.0

6%

6.4

84

.00

Dom

esti

c8

,94

9.4

3

Foor

d A

bsol

ute

9.9

0%

11

.12

%1

4.4

6%

9.8

2%

9.5

0%

11

.90

%1

5.4

4%

18

.18

%-7

.57

%9

.44

%3

.14

1.9

5G

loba

l5

26

.22

4

Inve

stec

Abs

olut

e B

alan

ced

#6

.41

%1

1.1

2%

8.4

9%

9.9

2%

9.6

8%

11

.91

%7

.67

%1

1.4

4%

11

.63

%1

.74

%6

7.7

34

.17

Dom

esti

c2

,16

5.8

12

Inve

stm

ent

Sol

utio

ns R

eal R

etur

n Fo

cus

Loca

l4

.67

%1

0.5

8%

11

.41

%1

0.4

0%

10

.20

%1

2.8

8%

13

.81

%1

6.0

9%

3.9

2%

4.0

9%

10

.77

4.4

2D

omes

tic

9,3

50

.82

Inve

stm

ent

Sol

utio

ns R

eal R

etur

n Fo

cus

Por

tfol

io7

.18

%1

0.5

8%

10

.28

%1

0.4

0%

9.1

5%

12

.88

%1

0.7

6%

12

.99

%3

.05

%3

.77

%7

.54

2.9

1G

loba

l 4

,00

6.4

8

JM B

US

HA

Abs

olut

e A

llCla

ss #

8.3

1%

11

.12

%1

2.4

7%

9.9

2%

8.9

4%

11

.91

%1

4.4

8%

14

.75

%-3

.38

%6

.75

%4

.35

2.4

5D

omes

tic

42

3.4

29

Mer

genc

e C

PI

+5

% F

und

6.5

3%

11

.12

%9

.53

%9

.82

%8

.12

%1

1.9

0%

9.3

7%

12

.79

%-0

.22

%4

.89

%5

.39

2.0

5D

omes

tic

3,8

18

.71

0

Mom

entu

m A

M C

PI+

5%

Dom

esti

c Fu

nd4

.87

%1

1.1

2%

6.8

2%

9.8

2%

6.5

1%

11

.90

%1

1.5

4%

4.2

2%

-2.7

0%

5.3

3%

2.3

60

.61

Dom

esti

c2

24

.93

4

Mom

entu

m A

M C

PI+

5%

Glo

bal F

und

8.6

8%

11

.12

%1

2.3

7%

9.9

2%

6.1

3%

11

.91

%1

3.4

1%

15

.11

%-1

1.3

4%

7.1

4%

3.5

41

.92

Glo

bal

76

2.0

22

Pre

scie

nt P

osit

ive

Ret

urn

Fund

#3

.22

%1

1.1

2%

7.6

9%

9.9

2%

9.7

5%

11

.91

%8

.18

%1

1.8

3%

12

.22

%2

.75

%1

2.5

62

.22

Dom

esti

c1

8,3

53

.81

Pru

dent

ial G

loba

l Infl

atio

n P

lus

5%

12

.26

%1

1.1

2%

**

**

13

.18

%1

2.1

2%

**

**

Glo

bal

6,3

06

.95

SIM

CP

I + 5

%1

0.7

2%

11

.12

%1

0.5

8%

9.8

2%

9.2

7%

11

.90

%1

0.0

4%

10

.99

%2

.76

%4

.54

%5

.55

2.4

1G

loba

l6

,05

2.7

6

SIM

CP

I + 5

%8

.59

%1

1.1

2%

12

.63

%9

.82

%*

*1

4.1

2%

15

.30

%*

4.6

2%

7.6

54

.12

Dom

esti

c2

,23

3.6

11

SM

M A

bsol

ute

Ret

urn

4.3

5%

11

.12

%*

**

*1

3.4

4%

**

**

*G

loba

l5

09

.72

6

STA

NLI

B A

M A

bsol

ute

7.0

2%

11

.12

%7

.34

%9

.82

%6

.34

%1

1.9

0%

7.5

8%

7.4

0%

1.1

0%

4.5

6%

3.1

70

.87

Glo

bal

3,9

67

.99

STA

NLI

B D

omes

tic

Abs

olut

e R

etur

n6

.63

%1

1.1

2%

8.4

1%

9.8

2%

7.0

1%

11

.90

%7

.96

%1

0.6

6%

-1.2

8%

6.1

1%

2.3

70

.93

Dom

esti

c3

64

.53

1

SYm

mE

TRY

Abs

olut

e D

efen

sive

Fun

d8

.92

%1

1.1

2%

10

.12

%9

.92

%8

.62

%1

1.9

1%

10

.71

%1

0.7

5%

2.5

9%

4.4

2%

5.1

92

.09

Glo

bal

1,1

14

.91

7

Vuna

ni F

und

Man

ager

s C

PI+

5 #

6.5

5%

11

.12

%1

1.9

7%

9.9

2%

8.3

9%

11

.91

%1

5.0

4%

14

.52

%-2

.93

%6

.00

%5

.10

2.6

8D

omes

tic

79

4.6

21

MARKETSTA

TISTI

CS

Com

bina

tion

of

old

CP

IX a

nd n

ew C

PI*

6.1

2%

4.9

2%

6.9

1%

3.5

8%

5.0

9%

12

.09

%

Con

sum

er P

rice

Infl

atio

n (O

ld/N

ew c

ombi

ned

CP

I)*

6.1

2%

4.8

2%

6.9

0%

3.5

8%

4.7

9%

11

.76

%

Con

sum

er P

rice

Infl

atio

n (H

eadl

ine

CP

I) [

I-N

et c

ode:

AE

CP

I]6

.12

%5

.17

%6

.52

%3

.58

%5

.83

%1

0.0

8%

STe

FI5

.73

%7

.25

%8

.53

%6

.93

%9

.13

%1

1.6

9%

Num

ber

of P

arti

cipa

nts

35

27

23

Tota

l Fun

d S

ize

of P

arti

cipa

nts

93

,81

3.3

SectIOn 3absolute return Manager WatchtM Survey

55

Objec

tive

- T

he p

ortf

olio

s in

clud

ed in

thi

s S

urve

y co

mpl

y w

ith

Reg

ulat

ion

28

and

rep

rese

nt p

rodu

cts

that

tar

get

posi

tive

rea

l ret

urns

.

PORTF

OLI

ON

AME

INVE

STM

ENTDAT

ATOTHEE

NDO

FDECEMBER2

011

CALE

NDARYEARR

ETU

RNS

QUANTI

TATI

VEA

NALY

SIS

(C

alcu

latedon

3yea

rperform

ance

returns)

CHARACTE

RIS

TICS

1Yea

r3Yea

rs(p.a.)

5Yea

rs(p.a.)

2010

2009

2008

Volatilit

y(R

isk)

Sortino

Ratio

Sortino

Ratio

Globa

l/Dom

estic

Portfolio

Ran

k

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

(Cap

italLos

s)(Infl

ation)

Man

date

Size(R

m)

HEADLI

NEC

PI+

6%

Cad

iz E

quit

y La

dder

Fun

d0

.29

%1

2.1

2%

**

**

8.5

0%

42

.63

%1

7.5

2%

**

*D

omes

tic

1,4

28

.34

Cor

onat

ion

Abs

olut

e #

7.7

3%

12

.12

%1

4.9

9%

10

.92

%1

1.2

2%

12

.91

%1

7.4

5%

20

.15

%-0

.94

%6

.69

%5

.78

3.3

4G

loba

l5

,39

0.8

2

Pru

dent

ial D

omes

tic

Infla

tion

+ 6

%

9.9

7%

12

.12

%1

5.0

1%

10

.82

%1

2.0

4%

12

.90

%1

8.0

3%

17

.19

%2

.21

%8

.22

%3

.88

2.4

9D

omes

tic

66

2.7

6

Pru

dent

ial G

loba

l Infl

atio

n P

lus

6%

1

1.6

7%

12

.12

%1

2.5

6%

10

.82

%1

0.6

2%

12

.90

%1

3.5

9%

12

.45

%2

.62

%6

.80

%3

.93

2.2

5G

loba

l 2

13

.47

SIM

CP

I + 6

%1

0.2

2%

12

.12

%1

1.8

0%

10

.82

%9

.64

%1

2.9

0%

11

.67

%1

3.5

3%

0.7

5%

6.3

8%

4.1

82

.15

Glo

bal

33

.18

SIM

CP

I + 6

%8

.14

%1

2.1

2%

13

.77

%1

0.8

2%

**

15

.52

%1

7.8

9%

*6

.47

%5

.31

3.1

5D

omes

tic

74

4.2

5

HEADLI

NEC

PIX

+7

%

Inve

stec

Opp

ortu

nity

#

12

.59

%1

3.1

2%

15

.71

%1

1.9

2%

11

.27

%1

3.9

1%

12

.94

%2

1.8

4%

-3.9

5%

8.5

9%

3.6

12

.32

Glo

bal

30

,28

4.1

1

SYm

mE

TRY

Abs

olut

e B

alan

ced

Fund

10

.30

%1

3.1

2%

13

.05

%1

1.9

2%

**

14

.25

%1

4.6

6%

*7

.08

%4

.02

2.2

2G

loba

l1

,99

2.0

3

MARKETSTA

TISTI

CS

Com

bina

tion

of

old

CP

IX a

nd n

ew C

PI*

6.1

2%

4.9

2%

6.9

1%

3.5

8%

5.0

9%

12

.09

%

Con

sum

er P

rice

Infl

atio

n (O

ld/N

ew c

ombi

ned

CP

I)*

6.1

2%

4.8

2%

6.9

0%

3.5

8%

4.7

9%

11

.76

%

Con

sum

er P

rice

Infl

atio

n (H

eadl

ine

CP

I) [

I-N

et c

ode:

AE

CP

I]6

.12

%5

.17

%6

.52

%3

.58

%5

.83

%1

0.0

8%

Con

sum

er P

rice

Infla

tion

excl

udin

g O

ER

[I-

Net

cod

e:

AECPIX

U]

6.3

7%

5.0

0%

6.8

4%

3.5

7%

5.0

8%

11

.48

%

STe

FI5

.73

%7

.25

%8

.53

%6

.93

%9

.13

%1

1.6

9%

Num

ber

of P

arti

cipa

nts

87

5

Tota

l Fun

d S

ize

of P

arti

cipa

nts

40

,74

8.6

# P

ortf

olio

s B

ench

mar

ked

agai

nst

CP

IX +

obj

ecti

ve p

rior

to

Janu

ary

20

09

.

* In

flati

on fi

gure

s la

gged

by

one

mon

th.


56

RISKVSRETURNSCATTERPLOT-ABSOLUTERETURNMANAGERS3YEARSENDING31DECEMBER2011


Cad

iz C

apita

l Pre

serv

atio

n Fu

nd

SIM

Abs

olut

e

Vuna

ni F

und

Man

ager

s C

PI +

3 #

Pre

scie

nt P

ositi

ve R

etur

n M

edic

al A

id F

und

#

Taqu

anta

Abs

olut

e #

Inve

stm

ent S

olut

ions

Sta

ble

Focu

s

STA

NLI

B M

edic

al In

vest

men

t Fun

d

Foor

d A

bsol

ute

Mom

entu

m A

M C

PI+

5% D

omes

tic F

und

SIM

CP

I+5%

G

SIM

CP

I + 5

%

STA

NLI

B A

M A

bsol

ute

STA

NLI

B D

omes

tic A

bsol

ute

Ret

urn

Mer

genc

e C

PI +

5% F

und

Cor

onat

ion

Abs

olut

e #

Inve

stec

Abs

olut

e B

alan

ced

#

JM B

US

HA

Abs

olut

e A

llCla

ss #

Vu

nani

Fun

d M

anag

ers

CP

I+ 5

#

Pre

scie

nt P

ositi

ve R

etur

n Fu

nd*

#

Mom

entu

m A

M C

PI+

5% G

loba

l Fun

d

SY

mm

ETR

Y A

bsol

ute

Def

ensi

ve F

und

Pru

dent

ial D

omes

tic In

flatio

n +

6%

Pru

dent

ial G

loba

l Inf

latio

n P

lus

6%

Cor

onat

ion

Abs

olut

e #

Inve

stec

Opp

ortu

nity

#

SY

mm

ETR

Y A

bsol

ute

Bal

ance

d Fu

nd

SIM

CP

I +6%

G

SIM

CP

I + 6

%

Cad

iz In

flatio

n +

5% #

AB

SA

Abs

olut

e R

etur

n Fu

nd

Arg

on A

bsol

ute

Ret

urn

#

Inve

stm

ent S

olut

ions

Rea

l Ret

urn

Focu

s Lo

cal

Inve

stm

ent S

olut

ions

Rea

l Ret

urn

Focu

s P

ortfo

lio

OM

IGS

A C

apita

l Bui

lder

6.7%

7.7%

8.7%

9.7%

10.7

%

11.7

%

12.7

%

13.7

%

14.7

%

15.7

% 1.

3%

2.3%

3.

3%

4.3%

5.

3%

6.3%

7.

3%

8.3%

9.

3%

Ris

k (p

.a.)

Sta

ndar

d D

evia

tion

Ris

k vs

Ret

urn

Scat

terp

lot o

n A

bsol

ute

Ret

urn

Man

ager

s

for t

he 3

Yea

rs e

nded

Dec

embe

r 201

1

Return (p.a.)

57

SectIOn 3composite Dispersion (range) of absolute return Manager WatchtM Survey

0.132% 0.768%

0.514% 0.653%

0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90%

SIM Absolute Return Income Fund Prescient Positive Return Medical Aid Fund #

Taquanta Absolute # Vunani Fund Managers CPI +3 #

Headline CPI+3%

3.787% 0.186%

0.505% 0.152%

0.321% 0.393%

0.673% 0.421%

0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00%

Foord Absolute SIM CPI + 5%

SIM CPI + 5% (Global) STANLIB AM Absolute

Mergence CPI +5% Fund Coronation Absolute # (Domestic)

JM BUSHA Absolute AllClass # Prescient Positive Return Fund* #

Headline CPI+5%

HEADLINECPI+3%

0.132% 0.768%

0.514% 0.653%

0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90%

SIM Absolute Return Income Fund Prescient Positive Return Medical Aid Fund #

Taquanta Absolute # Vunani Fund Managers CPI +3 #

Headline CPI+3%

3.787% 0.186%

0.505% 0.152%

0.321% 0.393%

0.673% 0.421%

0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00%

Foord Absolute SIM CPI + 5%

SIM CPI + 5% (Global) STANLIB AM Absolute

Mergence CPI +5% Fund Coronation Absolute # (Domestic)

JM BUSHA Absolute AllClass # Prescient Positive Return Fund* #

Headline CPI+5% HEADLINECPI+5%

HEADLINECPI+3%


MAXIMUMRETURN

MINIMUMRETURN




SIM Absolute Return Income Fund 8.62% 8.80% 8.48% 0.132% * *

Prescient Positive Return Medical Aid Fund #

3.94% 4.82% 2.11% 0.768% 0.035% 0.094%

Taquanta Absolute # 7.08% 8.07% 6.78% 0.514% 0.295% *

Vunani Fund Managers CPI +3 # 6.37% 6.88% 5.14% 0.653% 0.440% 0.560%

HEADLINECPI+5%


MAXIMUMRETURN

MINIMUMRETURN




Foord Absolute 14.29% 20.89% 9.36% 3.787% 1.855% 2.154%

SIM CPI + 5% 8.63% 8.87% 8.30% 0.186% 0.129% 0.171%

SIM CPI + 5% (Global) 10.62% 11.08% 9.59% 0.505% * *

STANLIB AM Absolute 6.98% 7.10% 6.69% 0.152% 2.016% 1.176%

Mergence CPI +5% Fund 6.50% 6.80% 6.06% 0.321% 0.022% 0.156%

Coronation Absolute # (Domestic) 5.38% 5.55% 4.62% 0.393% 0.235% *

JM BUSHA Absolute AllClass # 7.93% 9.10% 7.28% 0.673% 1.150% *

Prescient Positive Return Fund* # 3.45% 4.87% 2.90% 0.421% 0.410% 1.126%

58

SectIOn 3composite Dispersion (range) of absolute return Manager WatchtM Survey

HEADLINECPI+6%

HEADLINECPI+6%


MAXIMUMRETURN

MINIMUMRETURN

COMPOSITEDISPERSION

(1YR)

COMPOSITEDISPERSION

(3YRS)

COMPOSITEDISPERSION

(5YRS)

Prudential Domestic Inflation + 6% 10.01% 10.15% 9.88% 0.132% 0.167% 0.244%

Prudential Medical Aid Fund 9.19% 9.20% 9.17% 0.016% * *

SIM CPI + 6% 8.12% 8.20% 7.95% 0.102% * *

HEADLINECPI+7%


MAXIMUMRETURN

MINIMUMRETURN


COMPOSITEDISPERSION

(3YRS)

COMPOSITEDISPERSION

(5YRS)

Investec Opportunity # 12.59% 12.76% 12.08% 0.236% 0.410% 0.268%

0.132% 0.016%

0.102%

0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14%

Prudential Domestic Inflation + 6% Prudential Medical Aid Fund

SIM CPI + 6%

Headline CPI+6%

0.236%

0.00% 0.05% 0.10% 0.15% 0.20% 0.25%

Investec Opportunity #

Headline CPI+7%

HEADLINECPI+7%

0.132% 0.016%

0.102%

0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14%

Prudential Domestic Inflation + 6% Prudential Medical Aid Fund

SIM CPI + 6%

Headline CPI+6%

0.236%

0.00% 0.05% 0.10% 0.15% 0.20% 0.25%

Investec Opportunity #

Headline CPI+7%

59

Objec

tive

- T

he p

ortf

olio

s in

clud

ed in

thi

s su

rvey

aim

to

max

imis

e in

vest

or r

etur

ns w

hile

con

side

ring

Env

iron

men

tal,

Soc

ial a

nd G

over

nanc

e (E

SG

) is

sues

.PORTF

OLI

ON

AME

INVE

STM

ENTDAT

ATOTHEE

NDO

FDECEMBER2

011

CALE

NDARYEARR

ETU

RNS

QUANTI

TATI

VEA

NALY

SIS

1Yea

r3Yea

rs(p.a.)

5Yea

rs(p.a.)

2010

2009

2008

Volatilit

y(R

isk)

Retur

n/Risk

Portfolio

Size(R

m)

Portfolio

Ran

kBen

chmark

Portfolio

Ran

kBen

chmark

Portfolio

Ran

kBen

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ran

kPortfolio

Ran

kTy

pePortfolio

Ran

k

BALA

NCED

Com

mun

ity

Gro

wth

Fun

d of

Fun

ds-0

.01

%4

5.2

3%

9.7

3%

41

3.7

9%

**

9.9

1%

17

.02

%20.2

4%

19

.64

%-9

.52

%-8

.26

%7

.99

% 2

1

.22

3

P 2

2.1

5

Dib

anis

a B

alan

ced

Fund

5.5

6%

16

.75

%1

5.7

8%

11

5.8

1%

**

18

.00

%1

8.4

4%

24.5

9%

22

.85

%-1

3.1

3%

-6.2

7%

11

.81

% 4

1

.34

2

P

72

.6

3

Mom

entu

m A

fric

an W

ealt

h C

reat

or-0

.24

%5

13

.47

%6

.86

%5

12

.46

%5

.78

%3

13

.15

%2

5.3

7%

10

.66

%-2

.43%

13

.27

%-8

.86

%1

6.8

5%

7.6

7%

1

0.8

9

5P

1 1

08

.6

1

Mom

entu

m/A

dvan

tage

Sup

erna

tion

Fun

d5

.56

%2

6.0

6%

14

.11

%2

14

.38

%8

.86

%2

8.4

0%

16

.73

%1

7.3

0%

20.5

9%

20

.28

%-1

0.2

3%

-11

.14

%9

.93

% 3

1

.42

1

P 1

27

.7

2

Sta

nlib

Wea

lth

Dev

elop

men

t Fu

nd1

.71

%3

5.8

0%

14

.10

%3

5.2

0%

11

.85

%1

6.8

0%

39

.20

%3

.48

%4.9

2%

6.3

3%

-1.2

5%

9.5

1%

13

.47

% 5

1

.05

4

P 6

8.8

4

EQUIT

Y

Ele

men

t E

arth

Equ

ity

2.0

9%

64

.77

%1

3.4

5%

31

8.4

9%

6.5

7%

38

.68

%1

3.2

6%

20

.73

%26.2

8%

31

.53

%-1

5.4

2%

-21

.86

%1

1.1

0%

2 1

.21

3

UT

47

7.2

6

Futu

regr

owth

Inf

rast

ruct

ure

& D

evel

opm

ent

Equ

ity

Fund

13

.66

%2

16

.12

%1

2.7

1%

51

5.3

6%

**

*1

1.3

4%

12

.82

%13.1

4%

18

.58

%1

3.5

9%

21

.33

%5

.03

%1

2.5

3

1P

7

05

.4

4

Inve

stec

RI

Equ

ity

Fund

0.9

7%

74

.26

%*

**

**

*2

1.3

1%

20

.86

%*

**

**

*

P

31

0.4

7

Oas

is C

resc

ent

Equ

ity

Fund

3.1

9%

42

.87

%1

1.7

7%

61

3.6

7%

6.0

9%

46

.09

%1

3.1

1%

17

.92

%19.6

3%

21

.07

%-2

3.4

6%

-23

.21

%1

1.7

0%

3 1

.01

4

UT

4

05

.3

1

Oas

is C

resc

ent

Inte

rnat

iona

l Fee

der

Fund

15

.47

%1

14

.34

%4

.20

%7

4.6

8%

0.1

5%

62

.88

%-5

.92

%-2

.92

%4.1

5%

3.3

2%

-15

.14

%-1

2.9

6%

14

.83

%5

0.2

8

7 U

T 5

15

.6

5

Com

mun

ity

Gro

wth

Equ

ity

Fund

-1.7

1%

81

.43

%1

3.4

2%

41

5.9

6%

6.6

8%

26

.87

%1

3.4

4%

17

.67

%30.8

5%

30

.64

%-2

0.9

4%

-24

.12

%1

5.3

7%

6 0

.87

6

S

2,1

37

.3

2

Old

Mut

ual A

lbar

aka

Equ

ity

Fund

*9

.61

%3

-2.6

4%

16

.50

%1

12

.46

%5

.55

%5

5.4

2%

20

.60

%1

1.3

8%

19.5

9%

31

.18

%-3

1.2

9%

-23

.21

%1

1.8

7%

4 1

.39

2

UT

98

5.9

3

OM

IGS

A Q

uant

s S

RI

Fun

d2

.48

%5

1.5

3%

14

.74

%2

15

,84

%7

.05

%1

7.1

4%

15

.51

%1

5.5

3%

27.6

0%

32

.53

%-2

2.6

4%

-24

.64

%1

6.3

0%

7 0

.90

5

P 5

7.3

8

FIXE

DINTE

REST

Cad

iz I

nfra

stru

ctur

e B

ond

Fund

8

.73

%4

8.5

8%

7.4

7%

37

.48

%*

**

15

.15

%1

5.8

1%

-0.8

7%

-1.2

7%

17

.21

%1

6.8

0%

5.6

1%

3 1

.33

3

S

69

2.0

3

Com

mun

ity

Gro

wth

Gilt

Fun

d8

.96

%3

8.1

7%

7.9

9%

26

.76

%9

.27

%2

7.9

4%

16

.33

%1

4.2

8%

-0.6

5%

-1.5

7%

18

.43

%1

6.2

3%

5.5

1%

2 1

.45

2

S

1,1

01

.0

2

Futu

regr

owth

Inf

rast

ruct

ure

& D

evel

opm

ent

Bon

d Fu

nd1

1.3

9%

18

.82

%1

0.4

0%

17

.40

%1

1.3

0%

18

.59

%1

8.9

2%

14

.96

%1

.57

%-0

.98

%1

8.3

1%

16

.98

%4

.90

%1

2.1

2

1 P

5

,08

4.9

1

SIM

SR

I B

ond

Fund

9

.53

%2

8.1

1%

**

**

**

18

.41

%1

5.4

7%

**

**

**

P

13

2.0

14

ABSOLU

TER

ETU

RN

Cad

iz S

RI

Bon

d Fu

nd9

.48

%1

9.2

5%

7.8

7%

27

.68

%*

**

15

.07

%1

5.4

3%

-0.3

8%

-0.9

9%

**

5.0

2%

1 1

.57

2

S 3

24

.6

1

Inve

stec

TD

I Fu

nd6

.56

%3

11

.12

%1

5.0

8%

11

0.1

7%

**

*1

6.9

3%

8.5

9%

22

.31

%1

1.1

5%

1.1

0%

17

.87

%8

.13

%2

1.8

5

1 P

5

6.4

3

SYm

mE

TRY

Soc

ial I

mpa

ct F

und

9.0

0%

29

.57

%*

**

**

**

**

**

**

* P

10

1.2

2

PROPE

RTY

Futu

regr

owth

Com

mun

ity

Pro

pert

y Fu

nd5

.09

%1

10

.12

%8

.14

%1

9.1

7%

12

.17

%1

9.8

8%

11

.20

%6

.80

%8

.22

%1

1.2

5%

8.6

9%

15

.26

%2

.45

%1

3.3

3

1 P

4

,22

6.7

1

ALT

ERNAT

IVE

OM

IGS

A A

lter

nati

ve I

nves

tmen

ts I

DE

AS

Fun

d1

7.9

5%

11

3.1

2%

13

.10

%1

12

.17

%1

4.4

2%

11

3.5

2%

15

.10

%*

6.5

6%

*1

3.2

6%

*5

.70

%1

2.3

0

1P

3,0

78

.41

MARKETSTA

TISTI

CS

Ale

xand

er F

orbe

s S

A B

est

Inve

stm

ent

View

Ave

rage

6

.84

%1

6.0

5%

10

.15

%

Ale

xand

er F

orbe

s S

A E

quit

y Ave

rage

5.9

3%

18

.47

%9

.61

%

Ale

xand

er F

orbe

s S

A B

ond

Ave

rage

10

.32

%9

.10

%9

.63

%

Com

bina

tion

of

old

CP

IX a

nd n

ew C

PI#

6.1

2%

4.9

2%

6.9

1%

Con

sum

er P

rice

Infl

atio

n (O

ld/N

ew c

ombi

ned

CP

I)#

6.1

2%

4.8

2%

6.9

0%

Con

sum

er P

rice

Infla

tion

excl

udin

g O

ER

[I-

Net

cod

e:

AECPIX

U]

6.3

7%

5.0

0%

6.8

4%

Con

sum

er P

rice

Infl

atio

n (H

eadl

ine

CP

I) [

I-N

et c

ode:

A

EC

PI]

6.1

2%

5.1

7%

6.5

2%

Num

ber

of P

arti

cipa

nts

22

18

13

Tota

l Fun

d S

ize

of P

arti

cipa

nts

25,7

91.5

*Key

:S-S

egre

gate

d,P

-P

oole

d,U

T-

Uni

t Tr

ust

# I

nflat

ion

figur

es la

gged

by

one

mon

th.

SectIOn 3targeted Develepment Investments Manager WatchtM Survey

60

RISKVSRETURNSCATTERPLOT-TDIBALANCED&EQUITY-3YEARSENDING31DECEMBER2011

RISKVSRETURNSCATTERPLOT-TDIFIXEDINTERESTPORTFOLIOS-3YEARSENDING31DECEMBER2011

SectIOn 3targeted Development Investments Manager WatchtM Survey

Ret

urn

(p.a

.)R

etur

n (p

.a.)

Return (p.a.) Standard Deviation


61

Objec

tive

- T

he p

ortf

olio

s in

clud

ed i

n th

is S

urve

y sh

ow t

he p

erfo

rman

ce o

f fu

nd-o

f-he

dge-

fund

man

ager

s.

FoH

F m

anag

ers

sele

ct a

num

ber

of u

nder

lyin

g si

ngle

hed

ge

fund

man

ager

s to

pro

vide

div

ersi

ficat

ion

acro

ss a

ran

ge o

f al

tern

ativ

e st

rate

gies

. R

etur

ns s

how

n ar

e ne

t of

fee

s.

PORTF

OLI

ON

AME

INVE

STMEN

TDAT

ATO

THEEN

DO

F

DEC

EMBER

201

1QUANTI

TATI

VEA

NALY

SIS

Ince

ption

Date

Retur

nObjec

tive

s

NetofFo

HFan

dUnd

erlyingMan

agerFee

s(C

alcu

latedon

3yea

rpe

rforman

ceretur

ns)

1Yea

r3Yea

rs

(p.a.)

Calen

darYe

ar

2010

Calen

darYe

ar

2009

Perce

ntag

eof

Pos

itiveMon

ths

Worst

Mon

thMax

Drawdo

wn

Stand

ard

Dev

iation

Portfolio

Size(R

m)

Ran

k

MULT

I-STR

ATEGY

Alp

ha C

auti

ous

Hed

ge F

und

Mar

-04

CP

I + (

4%

- 6

%)

net

of f

ees

(pre

viou

sly

CP

IX)

4.2

4%

6.7

3%

6.9

7%

9.0

3%

86

%-0

.78

%-0

.78

%1

.71

%2

36

.6 1

5

Blu

e In

k E

verg

reen

Nov

-02

Cas

h + 2

-3%

6.9

2%

*9

.50

%1

1.6

9%

**

**

82

1.2

6

Blu

e In

k M

eteo

r Fu

nd o

f H

edge

Fun

dsA

ug-0

11

5%

net

of

fees

7.2

9%

8.6

9%

8.4

0%

10

.41

%8

6%

-0.7

4%

-5.3

0%

2.2

2%

76

.4 2

3

Blu

e In

k S

uper

nova

Fun

dN

ov-0

21

7%

net

of

fees

7.9

6%

9.1

0%

7.8

5%

11

.52

%8

3%

-0.4

9%

-13

.71

%2

.19

%4

73

.4 1

0

Blu

e In

k-ub

ator

Sep

-07

Cas

h + 6

%6

.02

%*

11

.98

%1

9.4

5%

**

**

40

3.0

12

Cav

eo M

oder

ate

Por

tfol

ioM

ar-0

0C

PI

+ 5

% ne

t of

fee

s9

.68

%1

0.1

3%

8.8

4%

11

.90

%8

6%

-1.0

3%

-1.9

6%

2.5

8%

1,8

31

.8 2

Cav

eo P

erfo

rman

ce P

ortf

olio

Jan-

06

35

%E

quit

ies

- 6

5%

Cas

h1

0.2

3%

10

.74

%9

.79

%1

2.2

1%

81

%-1

.12

%-7

.53

%3

.22

%8

82

.9 5

Cav

eo S

tabl

e P

ortf

olio

Jan-

06

CP

I + 3

% ne

t of

fee

s7

.62

%8

.44

%7

.51

%1

0.1

9%

86

%-0

.28

%-0

.28

%1

.67

%6

22

.6 9

Edg

e Ic

onic

Abs

olut

e R

etur

n Fu

ndM

ay-0

3S

TeFI

+ 2

%6

.84

%*

**

**

**

37

5.3

13

Edg

e Ic

onic

Mat

ador

Fun

d II

Dec

-04

STe

FI +

4%

11

.03

%*

**

**

**

86

.7 2

1

Edg

e Ic

onic

Mul

ti-S

trat

egy

Fund

S

ep-0

5S

TeFI

+ 2

%9

.16

%*

**

**

**

1,9

42

.1 1

Mom

entu

m Z

AR

Div

ersi

fied

Fund

Nov

-07

STe

FI +

5%

net

of

fees

7.3

9%

8.8

2%

7.6

0%

11

.50

%8

6%

-1.6

6%

-1.6

6%

2.5

8%

1,5

14

.5 3

Ora

nge

Sat

urn

Fund

Jun-

07

STe

FI +

5%

7.6

5%

*5

.80

%1

1.4

5%

**

**

12

6.3

20

Syg

nia

Abs

olut

e Fu

nd O

f H

edge

Fun

ds

Nov

-03

CP

I +5

% (

prev

ious

ly C

PIX

+5

% )

9.2

3%

10

.39

%7

.35

%1

4.7

2%

94

%-0

.24

%-0

.24

%2

.01

%2

16

.9 1

6

Syg

nia

All-

Sta

r Fu

nd o

f H

edge

Fun

dsD

ec-0

6C

PI

+ 5

%1

1.0

1%

**

**

**

*1

37

.5 1

9

Syg

nia

Sig

natu

re F

und

Of

Hed

ge F

unds

N

ov-0

3C

PI+

7%

(pr

evio

usly

CP

IX+7

%)

10

.68

%1

1.4

1%

7.4

3%

16

.30

%8

3%

-0.7

1%

-4.8

3%

2.8

6%

68

2.9

8

SPECIA

LISTMANDAT

ES

Alp

ha F

ixed

Inc

ome

Ble

nd o

f Fu

nds

Jan-

06

CP

I + 3

% ne

t of

fee

s5

.79

%9

.85

%1

2.9

9%

10

.88

%8

9%

-1.8

3%

-2.0

4%

2.7

6%

16

2.4

17

Blu

e In

k E

quit

y A

ggre

ssiv

eJa

n-0

9S

teFi

9.6

1%

**

**

**

*4

35

.2 1

1

Blu

e In

k E

quit

y C

onse

rvat

ive

Jan-

09

Ste

Fi6

.65

%*

**

**

**

32

1.1

14

Blu

e In

k Fi

xed

Inco

me

Arb

itra

geJa

n-0

9S

teFi

9.4

9%

**

**

**

*1

,05

0.3

4

Blu

e In

k M

arke

t N

eutr

alJa

n-0

9S

teFi

9.0

0%

**

**

**

*1

44

.2 1

8

Edg

e Ic

onic

Inc

ome

Opp

ortu

nite

s Fu

ndJu

n-0

8S

TeFI

+ 2

%8

.49

%*

**

**

**

81

.4 2

2

Edg

e Ic

onic

Mat

ador

Fun

dM

ay-0

4S

TeFI

+ 4

%1

1.2

0%

**

**

**

*7

27

.1 7

Edg

e Ic

onic

Mat

ador

Ins

titu

tion

al I

Fun

dS

ep-0

7S

TeFI

+ 4

%1

1.8

9%

**

**

**

*4

1.2

24

RETU

RNS

TATI

STI

CS

Hig

hest

11

.89

%1

1.4

1%

12

.99

%1

9.4

5%

94

.44

%-0

.24

%-0

.24

%3

.22

%

Med

ian

8.7

5%

9.4

7%

7.8

5%

11

.52

%8

6.1

1%

-0.7

6%

-2.0

0%

2.4

0%

Ave

rage

8.5

5%

9.4

3%

8.6

2%

12

.40

%8

6.1

1%

-0.8

9%

-3.8

3%

2.3

8%

Low

est

4.2

4%

6.7

3%

5.8

0%

9.0

3%

80

.56

%-1

.83

%-1

3.7

1%

1.6

7%

Num

ber

of P

arti

cipa

nts

24

1

0 1

3

13

10

1

0

10

1

0

Tota

l Fun

d S

ize

of P

arti

cipa

nts

13,3

93.3

3

MARKETSTA

TISTI

CS

FTS

E/J

SE

All

Sha

re I

ndex

2.5

7%

17

.27

%1

8.9

8%

32

.13

%

STe

FI5

.73

%7

.25

%6

.93

%9

.13

%

All

Bon

d In

dex

8.8

2%

7.3

9%

14

.96

%-0

.99

%

Con

sum

er P

rice

Infl

atio

n (O

ld/N

ew c

ombi

ned

CP

I)*

6.1

2%

4.8

2%

3.5

8%

4.7

9%

Com

bina

tion

of

old

CP

IX a

nd n

ew C

PI*

6.1

2%

4.9

2%

3.5

8%

5.0

9%

Con

sum

er P

rice

Infl

atio

n (H

eadl

ine

CP

I) [

I-N

et c

ode:

AE

CP

I]6

.12

%5

.17

%3

.58

%5

.83

%

Con

sum

er P

rice

Infla

tion

excl

udin

g O

ER

[I-

Net

cod

e:

AECPIX

U]

6.3

7%

5.0

0%

3.5

7%

5.0

8%

Hed

ge F

unds

are

priv

ate

inve

stm

ent

fund

s th

at a

re n

ot r

egul

ated

by

the

Fina

ncia

l Ser

vice

s B

oard

(FS

B)

in S

outh

Afr

ica,

and

thu

s th

ere

is n

o fo

rmal

reg

ulat

ory

over

sigh

t in

res

pect

of

thes

e pr

oduc

ts w

ithin

SA.

Use

rs s

houl

d ta

ke

addi

tiona

l car

e w

hen

usin

g th

is s

urve

y an

d no

te t

hat

hedg

e fu

nd in

vest

men

ts a

re o

nly

suita

ble

for

info

rmed

inve

stor

s. T

his

surv

ey is

for

info

rmat

ion

purp

oses

onl

y an

d do

es n

ot im

ply

solic

itatio

n, a

nd is

not

an

invi

tatio

n or

an

offe

r to

inve

st in

suc

h pr

oduc

ts.

SectIOn 3S.a. Fund of hedge Fund Survey

62

SectIOn 3S.a. Property Manager WatchtM Survey

Objec

tive

-

The

port

folio

s in

clud

ed in

thi

s S

urve

y ai

m t

o m

axm

imis

e in

vest

or r

etur

ns w

hile

pay

ing

atte

ntio

n to

soc

ially

res

pons

ible

inve

stin

g an

d is

sues

rel

atin

g to

the

deve

lopm

ent

and

uplif

tmen

t of

pre

viou

sly

disa

dvan

tage

d co

mm

unit

ies.

PORTF

OLI

ON

AME

INVE

STM

ENTDAT

ATOTHEE

NDO

FDECEMBER2

011

CALE

NDARYEARR

ETU

RNS

QUANTI

TIVE

ANALY

SIS

1Yea

r3Yea

rs(p.a.)

5Yea

rs(p.a.)

2010

2009

2008

Risk(Volatility)

Retur

n/R

isk

Size(R

m)

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Portfolio

Ran

kPortfolio

Ran

kPortfolio

Ran

k

75%

-1

00%

LIS

TEDP

ROPERTY

Cat

alys

t FM

Com

posi

te P

rope

rty

Cap

ped

Inde

x Fu

nds

5.9

7%

7.1

1%

14

.61

%1

4.6

7%

10

.20

%9

.65

%2

2.9

9%

24

.81

%1

5.5

1%

12

.80

%-9

.08

%-1

1.1

1%

9.7

7%

81

.49

8 6

81

.2

10

Cat

alys

t FM

Com

posi

te S

A L

iste

d P

rope

rty

Inde

x Fu

nds

8.0

8%

8.9

2%

17

.31

%1

7.2

1%

14

.63

%1

4.2

5%

28

.69

%2

9.6

2%

16

.05

%1

4.0

7%

-3.0

5%

-4.4

7%

9.2

3%

61

.87

5 4

,81

7.2

1

Cor

onat

ion

Pro

pert

y E

quit

y1

0.2

3%

8.9

2%

**

**

28

.44

%2

9.6

2%

16

.32

%1

3.4

7%

**

* 1

,50

0.6

9

Inve

stec

Pro

pert

y E

quit

y Fu

nd8

.23

%8

.93

%1

5.9

7%

17

.22

%1

5.0

0%

14

.25

%2

8.9

9%

29

.63

%1

1.7

2%

14

.07

%-0

.87

%-4

.47

%9

.53

%7

1.6

86

2,6

48

.2

5

IS P

rope

rty

Fund

9.3

6%

8.9

3%

17

.78

%1

7.2

2%

15

.12

%1

4.2

5%

28

.57

%2

9.6

2%

16

.21

%1

4.0

7%

-2.3

3%

-4.4

7%

9.2

0%

51

.93

4 3

,08

0.7

4

OM

IGS

A Q

uote

d P

rope

rty

Por

tfol

io8

.99

%8

.92

%*

**

*2

9.3

7%

29

.63

%*

**

**

4,1

30

.0

2

Pru

dent

ial E

nhan

ced

SA

Pro

pert

y Tr

acke

r Fu

nd9

.74

%8

.93

%1

8.2

1%

17

.22

%*

*3

0.5

7%

29

.62

%1

5.2

8%

14

.07

%-2

.19

%-4

.47

%9

.12

%2

2.0

03

1,9

20

.0

7

SIM

Pro

pert

y Fu

nd6

.97

%8

.93

%1

5.3

2%

15

.48

%1

1.5

6%

10

.11

%2

4.3

2%

25

.33

%1

5.3

1%

12

.80

%-8

.48

%-1

1.1

1%

9.1

8%

41

.67

2 1

,72

7.2

8

Sta

nlib

Ins

titu

tion

al P

rope

rty

Fund

9.7

6%

8.9

3%

18

.57

%1

7.2

2%

15

.81

%1

4.2

5%

29

.40

%2

9.6

2%

17

.37

%1

4.0

7%

-2.6

9%

-4.4

7%

9.1

3%

32

.03

2 2

,06

7.0

6

Sta

nlib

Pro

pert

y In

com

e Fu

nd1

0.0

0%

8.9

3%

19

.03

%1

7.2

2%

16

.15

%1

4.3

8%

29

.45

%2

9.6

2%

18

.45

%1

4.0

7%

-2.1

7%

-4.3

9%

9.0

2%

12

.11

1 4

,08

5.7

3

0-7

4%

LIS

TEDP

ROPERTY

Futu

regr

owth

Com

mun

ity

Pro

pert

y Fu

nd5

.09

%8

.73

%8

.14

%8

.91

%1

2.1

7%

9.8

8%

11

.20

%6

.80

%8

.22

%1

1.2

5%

8.6

9%

15

.26

%2

.45

%1

3.3

31

4,2

26

.7

1

RETU

RNS

TATI

STI

CS

Hig

hest

10

.23

%1

9.0

3%

16

.15

%3

0.5

7%

18

.45

%8

.69

%9

.77

%3

.33

Upp

er Q

uart

ile9

.75

%1

8.2

1%

15

.29

%2

9.3

8%

16

.29

%-2

.17

%9

.31

%2

.01

Med

ian

8.9

9%

17

.31

%1

4.8

2%

28

.69

%1

5.7

8%

-2.3

3%

9.1

9%

1.9

0

Ave

rage

8.4

0%

16

.10

%1

3.8

3%

26

.54

%1

5.0

4%

-2.4

6%

9.2

7%

1.8

5

Low

er Q

uart

ile7

.53

%1

5.3

2%

12

.02

%2

6.3

8%

15

.29

%-3

.05

%9

.13

%1

.67

Low

est

5.0

9%

8.1

4%

10

.20

%1

1.2

0%

8.2

2%

-9.0

8%

2.4

5%

1.4

9

Num

ber

of p

arti

cipa

nts

11

98

11

10

9

Tota

l3

0,8

84

.5

MARKETSTA

TISTI

CS

FTS

E/J

SE

Pro

pert

y U

nit

Trus

t1

2.0

7%

18

.63

%1

3.0

8%

FTS

E/J

SE

Pro

pert

y Lo

an S

tock

1.2

8%

8.1

3%

6.5

5%

FTS

E/J

SE

SA

Lis

ted

Pro

pert

y8

.22

%1

6.9

6%

14

.10

%

63

Ben

chmark

Metho

dology

CPI

- D

ue t

o th

e re

wei

ghti

ng a

nd r

ebas

ing

of t

he C

PI

from

Jan

uary

20

09

the

ben

chm

ark

num

bers

refl

ect

a co

mpo

und

of m

onth

to

mon

th C

PI

retu

rns.

Th

e hi

stor

ical

mon

th t

o m

onth

num

bers

use

d in

cal

cula

tion

s ar

e th

e of

ficia

l mon

th t

o m

onth

num

bers

bas

ed o

n th

e ol

d ba

sket

pri

or t

o Ja

nuar

y 2

00

9 a

nd n

ew b

aske

t po

st J

anua

ry 2

00

9.

The

adju

sted

CP

I(I-

Net

cod

e: A

EC

PI)

fig

ures

are

sho

wn

toge

ther

wit

h m

arke

t da

ta b

elow

sho

uld

thes

e nu

mbe

rs b

e pr

efer

red

for

com

pari

son

purp

oses

.

Ben

chmarkMetho

dology

CPIX

- T

he b

ench

mar

k nu

mbe

rs p

rior

to

Janu

ary

20

09

refl

ecte

d a

com

poun

d of

mon

th t

o m

onth

CP

IX r

etur

ns.

Due

to

the

rew

eigh

ting

and

reb

asin

g of

the

CP

I an

d di

scar

ding

of

the

CP

IX

num

bers

fro

m J

anua

ry 2

00

9

the

hist

oric

al m

onth

to

mon

th n

umbe

rs u

sed

in c

alcu

lati

ons

are

the

offic

ial m

onth

to

mon

th n

umbe

rs b

ased

on

the

old

CP

IX

prio

r to

Jan

uary

20

09

and

the

new

CP

I ba

sket

pos

t Ja

nuar

y 2

00

9. T

he C

PI ex

clud

ing

owne

rs e

quiv

alen

t re

nt (I-

Net

cod

e: A

EC

PIX

) an

d ad

just

ed C

PI(

I-N

et c

ode:

AE

CP

I) fi

gure

s ar

e sh

own

toge

ther

wit

h m

arke

t da

ta b

elow

sho

uld

thes

e nu

mbe

rs b

e pr

efer

red

for

com

pari

son

purp

oses

.

INVE

STM

ENTDAT

ATOE

NDO

FDECEMBER2

011

1Yea

r3

Yea

rs5Yea

rsCalen

darYe

ar2

010

Calen

darYe

ar2

009

Calen

darYe

ar2

008

Portfolio

Size(R

m)Ran

k

Ben

chmarkor

Objec

tive

Portfolio

Ben

chmark

Active

Ret

urn

Ran

kPortfolio

Ben

chmark

Active

Ret

urn

Ran

kPortfolio

Ben

chmark

Active

Ret

urn

Ran

kPortfolio

Ben

chmark

Active

Ret

urn

Ran

kPortfolio

Ben

chmark

Active

Ret

urn

Ran

kPortfolio

Ben

chmark

Active

Ret

urn

Ran

k

EQUIT

YMANDAT

ES

BENCHMARKC

OGNIS

ANT

Inve

stm

ent

Solu

tions

Pur

e Eq

uity

FTSE

/JSE

SW

IX

All S

hare

Inde

x5.

06%

4.26

%0.

80%

217

.96%

17.8

6%0.

11%

19.

31%

8.65

%0.

66%

121

.09%

20.8

6%0.

23%

1

29.0

3%29

.91%

-0.8

8% 1

-1

9.49

%-2

1.67

%2.

19%

2

30,

156

1

Mom

entu

m C

lass

ic

Equi

tyFT

SE/J

SE S

WIX

Al

l Sha

re In

dex

5.16

%4.

26%

0.90

%1

17.6

0%17

.86%

-0.2

6%2

8.69

%8.

65%

0.04

%2

20.8

0%20

.86%

-0.0

6% 2

28

.02%

29.9

1%-1

.89%

2

-18.

77%

-21.

67%

2.90

% 1

3

,330

2

Sygn

ia C

ore

Equi

ty

Fund

FTSE

/JSE

SW

IX

All S

hare

Inde

x3.

42%

4.26

%-0

.84%

3*

**

**

**

**

*

**

* *

*

**

*

1,0

57

3

NONB

ENCHMARKC

OGNIS

ANT

Sygn

ia A

bsol

ute

Focu

s Eq

uity

Fun

dFT

SE/J

SE S

WIX

Al

l Sha

re In

dex

6.74

%4.

26%

2.47

%1

**

**

**

**

* *

*

**

*

**

* *

1

,027

2

SYm

mET

RY

Equi

ty

Port

folio

FTSE

/JSE

SW

IX

All S

hare

Inde

x3.

82%

4.24

%-0

.42%

217

.63%

17.8

5%-0

.21%

18.

53%

8.64

%-0

.11%

121

.07%

20.8

5%0.

21%

1

29.5

0%29

.91%

-0.4

1% 1

-1

9.80

%-2

1.67

%1.

87%

1

3,9

92

1

BONDM

ANDAT

ES

Inve

stm

ent

Solu

tions

Pur

e Fi

xed

Inte

rest

Por

tfol

ioAl

l Bon

d In

dex

9.28

%8.

80%

0.48

%2

8.34

%7.

39%

0.96

%3

9.44

%8.

59%

0.85

%3

15.5

2%14

.96%

0.56

% 2

0.

75%

-0.9

9%1.

73%

3

17.6

5%16

.97%

0.67

% 1

6

,175

1

Mom

entu

m

Mod

erat

e B

ond

FOF

All B

ond

Inde

x9.

38%

8.82

%0.

56%

18.

97%

7.39

%1.

58%

19.

92%

8.59

%1.

33%

115

.82%

14.9

6%0.

86%

1

2.14

%-0

.99%

3.13

% 2

17

.18%

16.9

8%0.

20%

2

403

3

SYm

mET

RY

Bon

d Po

rtfo

lioAl

l Bon

d In

dex

9.26

%8.

80%

0.46

%3

8.88

%7.

39%

1.49

%2

9.59

%8.

58%

1.01

%2

15.3

9%14

.94%

0.45

% 3

2.

37%

-0.9

8%3.

35%

1

15.3

9%16

.97%

-1.5

8% 3

8

54

2

MONEYMARKETMANDAT

ES

Inve

stm

ent

Sol

utio

ns B

anke

rSTe

FI C

all

Dep

osit

6.8

0%

5.2

7%

1.5

3%

18.2

1%

6.6

2%

1.5

9%

19.5

6%

8.0

6%

1.4

9%

17.9

3%

6.2

6%

1.6

8%

1

9.9

2%

8.3

6%

1.5

6%

1

13.1

5%

11.3

4%

1.8

0%

1

17,6

20

1

Syg

nia

Mon

ey

Mar

ket

Fund

STe

FI6.6

1%

5.7

3%

0.8

8%

3*

**

**

**

**

*

**

* *

*

**

*

579

3

SYm

mETR

Y M

oney

M

arke

tSTe

FI6.6

2%

5.7

0%

0.9

2%

28.0

9%

7.2

5%

0.8

5%

29.2

7%

8.5

3%

0.7

4%

27.8

4%

6.9

3%

0.9

1%

2

9.8

5%

9.1

3%

0.7

2%

2

12.3

1%

11.6

9%

0.6

1%

2

716

2

ABSOLU

TER

ETU

RNM

ANDAT

ES

Inve

stm

ent

Solu

tions

Sta

ble

Focu

sCP

I+4%

6.56

%10

.12%

-3.5

6%10

.15%

8.82

%1.

33%

10.8

5%*

*10

.50%

7.58

%2.

92%

13.5

1%8.

79%

4.72

%11

.04%

15.7

6%-4

.72%

2,0

95

3

Inve

stm

ent

Solu

tions

Rea

l R

etur

n Fo

cus

Loca

lCP

I+5%

4.67

%11

.37%

-6.7

0%11

.41%

10.6

4%0.

77%

**

*13

.81%

8.58

%5.

23%

16.0

9%9.

79%

6.30

%3.

92%

16.7

6%-1

2.84

% 9

,351

1

Inve

stm

ent

Solu

tions

Rea

l R

etur

n Fo

cus

Port

folio

CPI+

5%7.

18%

11.3

7%-4

.19%

10.2

8%10

.64%

-0.3

6%9.

15%

13.0

0%-3

.85%

10.7

6%8.

58%

2.18

%12

.99%

9.79

%3.

20%

3.05

%16

.76%

-13.

70%

4,0

06

2

SYm

mET

RY

Abso

lute

Def

ensi

ve

Fund

CPI+

5%

(CPI

X+5%

prio

r to

Jan

09)

8.92

%11

.12%

-2.1

9%10

.12%

9.92

%0.

20%

8.62

%11

.91%

-3.3

0%10

.71%

8.58

%2.

13%

10.7

5%10

.09%

0.66

%2.

59%

17.0

9%-1

4.50

% 1

,115

5

SYm

mET

RY

Abso

lute

Bal

ance

d Fu

nd

CPI+

7%

(CPI

X+7%

prio

r to

Jan

09)

10.3

0%13

.12%

-2.8

2%13

.05%

11.9

2%1.

13%

9.49

%13

.91%

-4.4

2%14

.25%

10.5

8%3.

67%

14.6

6%12

.09%

2.57

%-1

.68%

19.0

9%-2

0.76

% 1

,992

4

SMM

Abs

olut

e R

etur

nCP

I+5%

4.35

%11

.12%

-6.7

6%*

**

**

*13

.44%

8.58

%4.

86%

**

**

**

510

6

MEDIC

ALAID

MANDAT

ES

IS M

edic

al S

chem

es

Real

Ret

urn

Focu

sCP

I +4%

4.30

%10

.12%

-5.8

2%11

.24%

8.82

%2.

42%

11.5

8%*

*14

.12%

7.58

%6.

54%

15.6

6%8.

79%

6.87

%10

.64%

15.7

6%-5

.12%

159

1

SectIOn 3Multi-Manager WatchtM Investment Performance (Specialist Mandates)

64

Fixe

dAss

etA

lloca

tion

: Man

ager

s in

clud

ed in

the

abo

ve s

urve

y ty

pica

lly m

ake

use

of fi

xed

asse

t al

loca

tion

s, w

hich

mea

n th

at t

hey

bala

nce

the

asse

t al

loca

tion

bac

k to

th

e st

rate

gic

long

-ter

m a

sset

allo

cati

on ta

rget

(fro

m ti

me

to ti

me,

acc

ordi

ng to

pred

efine

d st

rate

gies

) wit

h no

inte

ntio

n to

enh

ance

retu

rns

from

an

asse

t allo

cati

on p

oint

of

vie

w. H

owev

er, w

hile

som

e of

the

se m

anag

ers

adhe

re rig

idly

to

thes

e fix

ed a

sset

allo

cati

ons

othe

rs m

ay a

llow

the

se a

lloca

tion

s to

dri

ft s

light

ly w

ithi

n ce

rtai

n m

argi

ns.

Strateg

icA

ssetA

lloca

tion

: A

ltho

ugh

man

ager

s in

clud

ed i

n th

e ab

ove

surv

ey m

ay h

ave

long

ter

m s

trat

egic

ass

et a

lloca

tion

tar

gets

, th

ey a

ctiv

ely

man

age

the

asse

t al

loca

tion

in

an a

ttem

pt t

o en

hanc

e re

turn

s. T

he d

iffe

rent

cat

egor

ies

abov

e (L

ow V

olat

ility

, B

est

Inve

stm

ent

View

and

Dyn

amic

) re

pres

ent

the

diff

eren

t ri

sk p

rofil

es

of t

he f

unds

. Th

e Lo

w V

olat

ility

cat

egor

y re

pres

ents

the

man

ager

’s m

ost

cons

erva

tive

ly m

anag

ed p

ortf

olio

whi

le t

he D

ynam

ic c

ateg

ory

repr

esen

ts t

he m

anag

ers

mos

t ag

gres

sive

ly m

anag

ed p

ortf

olio

, ac

cord

ing

to t

he m

anag

er’s

dis

cret

ion.

INVE

STM

ENTDAT

ATOTHEE

NDO

FDECEMBER2

011

RIS

KVSR

ETU

RN(Calcu

latedon

3yea

rpe

rforman

ceretur

ns)

3Yea

rRetur

n(p

.a.)

Ran

kVo

latilit

y(R

isk)

Ran

kRetur

n/R

isk

Ran

kActiveRetur

nRan

kTrac

king

Error

Inform

ationRatio

Ran

k

EQUIT

YMANDAT

ES

Ben

chmarkCog

nisa

nt

Inve

stm

ent S

olut

ions

Pur

e Eq

uity

17.9

6% 1

14

.05%

1

1.2

8 1

0.11

%1

2.91

%0.

041

Mom

entu

m C

lass

ic E

quity

17.6

0% 2

14

.45%

2

1.2

2 2

-0.2

6%2

2.68

%-0

.10

2

Non

Ben

chmarkCog

nisa

ntSY

mm

ETR

Y Eq

uity

Por

tfol

io17

.63%

1

13.8

3% 1

1

.27

1-0

.21%

13.

71%

-0.0

61

BONDM

ANDAT

ES

Inve

stm

ent

Sol

utio

ns P

ure

Fixe

d In

tere

st P

ortf

olio

8.3

4%

3

5.0

7%

2

1.6

5

30

.96

%3

0.6

1%

1.5

61

Mom

entu

m M

oder

ate

Bon

d FO

F8

.97

% 1

5

.37

% 3

1

.67

2

1.5

8%

11

.40

%1

.13

3

SYm

mE

TRY

Bon

d P

ortf

olio

8.8

8%

2

4.6

6%

1

1.9

0

11

.49

%2

1.1

2%

1.3

42

MONEYMARKETMANDAT

ES

Inve

stm

ent

Sol

utio

ns B

anke

r8

.21

% 1

0

.46

% 2

1

7.7

3

21

.59

%1

0.1

8%

8.7

52

SYm

mE

TRY

Mon

ey M

arke

t8

.09

% 2

0

.43

% 1

1

8.8

2

10

.85

%2

0.0

7%

11

.54

1

ABSOLU

TER

ETU

RNM

ANDAT

ES

Inve

stm

ent

Sol

utio

ns S

tabl

e Fo

cus

10

.15

%3

.01

% 3

.37

1

.33

%

Inve

stm

ent

Sol

utio

ns R

eal R

etur

n Fo

cus

Loca

l1

1.4

1%

4.0

9%

2.7

9

0.7

7%

Inve

stm

ent

Sol

utio

ns R

eal R

etur

n Fo

cus

Por

tfol

io1

0.2

8%

3.7

7%

2.7

3

-0.3

6%

SYm

mE

TRY

Abs

olut

e D

efen

sive

Fun

d1

0.1

2%

4.4

2%

2.2

9

0.2

0%

SYm

mE

TRY

Abs

olut

e B

alan

ced

Fund

13

.05

%7

.08

% 1

.84

1

.13

%

MEDIC

ALAID

MANDAT

ES

IS M

edic

al S

chem

es R

eal R

etur

n Fo

cus

11

.24

%4

.01

% 2

.80

1

2.4

2%

SectIOn 3Multi-Manager WatchtM Investment Performance (Specialist Mandates)

65

Fixe

dAssetA

lloca

tion

: M

anag

ers

incl

uded

in t

he a

bove

sur

vey

typi

cally

mak

e us

e of

fixe

d as

set

allo

cati

ons,

whi

ch m

ean

that

the

y ba

lanc

e th

e as

set

allo

cati

on b

ack

to t

he s

trat

egic

long

-ter

m a

sset

al

loca

tion

tar

get

(fro

m t

ime

to t

ime,

acc

ordi

ng t

o pr

edefi

ned

stra

tegi

es)

wit

h no

inte

ntio

n to

enh

ance

ret

urns

fro

m a

n as

set

allo

cati

on p

oint

of

view

. H

owev

er,

whi

le s

ome

of t

hese

man

ager

s ad

here

ri

gidl

y to

the

se fi

xed

asse

t al

loca

tion

s ot

hers

may

allo

w t

hese

allo

cati

ons

to d

rift

slig

htly

wit

hin

cert

ain

mar

gins

.Strateg

icA

ssetA

lloca

tion

: A

ltho

ugh

man

ager

s in

clud

ed in

the

abo

ve s

urve

y m

ay h

ave

long

ter

m s

trat

egic

ass

et a

lloca

tion

tar

gets

, th

ey a

ctiv

ely

man

age

the

asse

t al

loca

tion

in a

n at

tem

pt t

o en

hanc

e re

turn

s. T

he d

iffe

rent

cat

egor

ies

abov

e (L

ow V

olat

ility

, B

est

Inve

stm

ent

View

and

Dyn

amic

) re

pres

ent

the

diff

eren

t ri

sk p

rofil

es o

f th

e fu

nds.

The

Low

Vol

atili

ty c

ateg

ory

repr

esen

ts t

he m

anag

er’s

mos

t co

nser

vati

vely

man

aged

por

tfol

io w

hile

the

Dyn

amic

cat

egor

y re

pres

ents

the

man

ager

s m

ost

aggr

essi

vely

man

aged

por

tfol

io,

acco

rdin

g to

the

man

ager

’s d

iscr

etio

n.IN

VEST

MEN

TDAT

ATO

THEEN

DO

FDEC

EMBER

201

11Yea

r3Yea

rs(p.a.)

5Yea

rs(p.a.)

2010

2009

2008

Portfolio

Siz

e (R

m)

Ran

kPortfolio

Ben

chmark

Active

Ret

urn

Ran

kPortfolio

Ben

chmark

Active

Ret

urn

Ran

kPortfolio

Ben

chmark

Active

Ret

urn

Ran

kPortfolio

Ben

chmark

Active

Ret

urn

Ran

kPortfolio

Ben

chmark

Active

Ret

urn

Ran

kPortfolio

Ben

chmark

Active

Ret

urn

Ran

k

FIXE

DA

SSETALL

OCAT

ION

Equ

ityBan

d:1

5%

-3

4%

(Lo

cal&

Int

erna

tion

alE

quity)

Inve

stm

ent

Sol

utio

ns L

ow E

quit

y9

.61

%8

.68

%0

.92

%1

10.0

6%8

.62

%1

.44

%1

9.0

2%

8.1

0%

0.9

3%

11

0.2

8%

8.8

8%

1.4

0%

1

10.2

9%

8.2

8%

2.0

1%

1

4.7

1%

5.0

9%

-0.3

8%

1

19

0

22

Mom

entu

m C

lass

ic F

acto

r 3

8.4

4%

11

.54

%-3

.10

%2

**

**

**

**

**

* *

*

**

*

**

* *

3

2

6

Mom

entu

m E

nhan

ced

Fact

or 3

8.1

4%

11

.54

%-3

.40

%3

**

**

**

**

**

* *

*

**

*

**

* *

2

03

2

1

Equ

ityBan

d:3

5%

-4

4%

(Lo

cal&

Int

erna

tion

alE

quity)

Inve

stm

ent So

lutio

ns 3

7.5%

Equ

ity9

.59

%9

.01

%0

.58

%2

11.1

5%9

.92

%1

.23

%1

9.0

9%

8.2

9%

0.8

0%

11

1.8

2%

10

.72

%1

.10

% 1

12

.07%

10

.04

%2

.03

% 1

1

.38

%1

.65

%-0

.26

% 1

2

24

2

0

Mom

entu

m C

lass

ic F

acto

r 4

9.9

0%

9.4

9%

0.4

0%

3*

**

**

**

**

*

**

* *

*

**

*

1,0

82

7

Mom

entu

m E

nhan

ced

Fact

or 4

8.8

7%

9.4

9%

-0.6

2%

4*

**

**

**

**

*

**

* *

*

**

*

54

2

5

Syg

nia

Sig

natu

re 4

0 F

und

9.0

7%

8.3

1%

0.7

7%

1*

**

**

* *

*

**

*

**

* *

2

44

1

9

EquityB

and:4

5%-5

4%(Lo

cal&

Interna

tiona

lEqu

ity)

Inve

stm

ent S

olut

ions

Med

ium

Equ

ity8.

80%

9.42

%-0

.62%

312

.40%

11.6

3%0.

78%

18.

91%

8.31

%0.

59%

113

.95%

12.9

2%1.

04%

2

14.5

5%12

.57%

1.98

% 1

-3

.38%

-3.4

5%0.

07%

1

409

1

3

Mom

entu

m C

lass

ic F

acto

r 59.

17%

10.1

0%-0

.93%

5*

**

**

**

**

*

**

* *

*

**

*

77

24

Mom

entu

m E

nhan

ced

Fact

or 5

9.02

%10

.10%

-1.0

7%6

**

**

**

**

* *

*

**

*

**

* *

4

21

11

SMM

50

8.08

%8.

85%

-0.7

7%4

12.1

6%11

.58%

0.59

%2

8.57

%8.

81%

-0.2

4%3

14.7

4%13

.07%

1.67

% 1

13

.78%

12.8

6%0.

92%

2

-2.7

5%-1

.32%

-1.4

3% 3

3

72

16

Sygn

ia S

igna

ture

50

Fund

8.96

%8.

01%

0.95

%1

**

**

**

**

**

*

**

* *

*

**

*

315

1

8

SYm

mET

RY

Cons

erva

tive

8.66

%8.

79%

-0.1

3%2

12.0

5%11

.77%

0.28

%3

8.62

%8.

64%

-0.0

3%2

13.7

8%13

.69%

0.08

% 3

13

.79%

12.8

8%0.

91%

3

-2.8

1%-2

.63%

-0.1

8% 2

3

57

17

Equ

ityBan

d:5

5%

-6

9%

(Lo

cal&

Int

erna

tion

alE

quity)

Inve

stm

ent S

olut

ions

62.

5% E

quity

8.56

%9.

50%

-0.9

4%6

13.3

5%12

.89%

0.46

%3

8.81

%8.

41%

0.40

%1

14.7

0%13

.84%

0.87

%3

16.9

5%15

.42%

1.54

%2

-7.1

9%-7

.30%

0.11

% 2

44

8 10

Mom

entu

m C

lass

ic F

acto

r 69.

01%

8.56

%0.

44%

3*

**

**

**

**

*

**

* *

*

**

*

381

1

4

Mom

entu

m E

nhan

ced

Fact

or 6

8.58

%7.

99%

0.60

%2

13.8

2%13

.06%

0.77

%2

8.65

%8.

26%

0.38

%2

16.1

9%15

.05%

1.14

% 2

16

.89%

16.3

2%0.

57%

3

-8.0

2%-8

.64%

0.63

% 1

2

,822

2

SMM

60

8.12

%8.

36%

-0.2

4%4

13.4

8%12

.49%

0.99

%1

8.66

%8.

53%

0.13

%3

15.0

8%13

.39%

1.69

% 1

17

.46%

15.8

6%1.

59%

1

-7.3

4%-5

.87%

-1.4

7% 4

3

79

15

Sygn

ia S

igna

ture

60

Fund

9.15

%8.

13%

1.02

%1

**

**

**

*

**

* *

*

**

*

412

1

2

SYm

mET

RY

Bal

ance

d7.

91%

8.18

%-0

.27%

513

.24%

13.5

2%-0

.28%

47.

87%

8.37

%-0

.50%

414

.76%

15.0

6%-0

.30%

4

17.2

5%17

.53%

-0.2

9% 4

-1

0.23

%-9

.69%

-0.5

4% 3

9

94

9

Equ

ityBan

d:7

0%

-7

5%

(Lo

cal&

Int

erna

tion

alE

quity)

Inve

stm

ent S

olut

ions

Ent

repr

eneu

r7.

12%

9.13

%-2

.00%

715

.21%

14.4

6%0.

75%

18.

77%

8.32

%0.

45%

116

.57%

15.6

4%0.

93%

2

22.4

5%18

.83%

3.62

% 1

-1

1.84

%-1

2.39

%0.

55%

2

1,0

68

8

Inve

stm

ent S

olut

ions

Hig

h Eq

uity

8.25

%9.

20%

-0.9

5%5

14.3

9%14

.10%

0.28

%4

8.59

%8.

25%

0.35

%2

15.4

4%14

.72%

0.72

% 4

19

.77%

18.5

9%1.

18%

2

-11.

45%

-11.

91%

0.46

% 3

1

,183

6

Mom

entu

m C

lass

ic F

acto

r 78.

45%

8.03

%0.

42%

4*

**

**

**

**

* *

*

**

*

**

* *

8

5 2

3

Mom

entu

m E

nhan

ced

Fact

or 7

8.06

%7.

57%

0.48

%3

14.4

7%14

.02%

0.45

%2

8.18

%7.

99%

0.19

%3

16.9

4%16

.03%

0.91

% 3

18

.68%

18.7

5%-0

.06%

4

-11.

93%

-12.

65%

0.73

% 1

2

,079

3

SMM

70

6.23

%7.

52%

-1.2

9%6

13.6

3%13

.21%

0.42

%3

7.96

%7.

90%

0.06

%4

15.5

0%13

.78%

1.72

% 1

19

.57%

18.5

9%0.

98%

3

-11.

14%

-10.

84%

-0.3

0% 5

1

,428

4

Sygn

ia S

igna

ture

70

Fund

8.79

%7.

93%

0.87

%1

**

**

**

*

**

* *

*

**

*

1,2

92

5

SYm

mET

RY

Aggr

essi

ve8.

29%

7.69

%0.

60%

213

.70%

14.0

6%-0

.37%

57.

73%

8.15

%-0

.42%

514

.97%

15.8

4%-0

.87%

5

18.0

6%18

.96%

-0.9

1% 5

-1

2.33

%-1

2.28

%-0

.05%

4

5,2

07

1

STR

ATEGIC

ASSETALL

OCAT

ION

LowVolatility

Inve

stm

ent S

olut

ions

Con

serv

er9.

86%

9.49

%0.

36%

111

.57%

10.3

2%1.

25%

19.

75%

8.41

%1.

34%

110

.94%

10.9

9%-0

.05%

1

13.9

5%10

.48%

3.47

% 1

2.

93%

0.93

%2.

00%

1

1,6

53

3

Bes

tIn

vestmen

tView

Inve

stm

ent S

olut

ions

Per

form

er9.

49%

9.42

%0.

08%

315

.20%

14.6

0%0.

60%

19.

76%

9.46

%0.

30%

115

.98%

14.0

5%1.

93%

1

20.4

0%20

.37%

0.03

% 3

-8

.62%

-9.7

2%1.

09%

1

2,2

63

1

Inve

stm

ent S

olut

ions

Spe

ctru

m8.

63%

9.36

%-0

.73%

414

.72%

14.3

7%0.

35%

28.

94%

9.06

%-0

.12%

214

.81%

14.0

3%0.

78%

2

21.0

7%19

.97%

1.10

% 1

-1

2.03

%-1

0.76

%-1

.27%

3

2,5

76

2

Mom

entu

m F

lexi

ble

Fact

or 6

8.90

%7.

90%

1.00

%1

**

**

**

**

**

*

**

* *

*

**

*

259

5

Mom

entu

m F

lexi

ble

Fact

or 7

8.58

%7.

60%

0.98

%2

**

**

**

**

**

*

**

* *

*

**

*

1,4

86

4

SYm

mET

RY

Para

gon

7.08

%8.

82%

-1.7

4%5

13.8

5%14

.27%

-0.4

2%3

**

**

14.7

3%14

.29%

0.44

% 3

20

.11%

19.9

6%0.

15%

2

-11.

97%

-11.

30%

-0.6

8% 2

1

88

6

SectIOn 3Multi-Manager WatchtM Investment Performance (Balanced Mandates)

66

Fixe

dAss

etAllo

cation

: Man

ager

s in

clud

ed in

the

abov

e su

rvey

typi

cally

mak

e us

e of

fixe

d as

set a

lloca

tion

s, w

hich

mea

n th

at th

ey b

alan

ce th

e as

set a

lloca

tion

bac

k to

the

stra

tegi

c lo

ng-t

erm

ass

et a

lloca

tion

tar

get

(fro

m t

ime

to t

ime,

acc

ordi

ng t

o pr

edefi

ned

stra

tegi

es)

wit

h no

int

enti

on t

o en

hanc

e re

turn

s fr

om a

n as

set

allo

cati

on p

oint

of

view

. H

owev

er,

whi

le s

ome

of t

hese

man

ager

s ad

here

rig

idly

to

thes

e fix

ed a

sset

allo

cati

ons

othe

rs m

ay a

llow

the

se a

lloca

tion

s to

dri

ft s

light

ly w

ithi

n ce

rtai

n m

argi

ns.

Strateg

icA

ssetA

lloca

tion

: Alt

houg

h m

anag

ers

incl

uded

in t

he a

bove

sur

vey

may

hav

e lo

ng t

erm

str

ateg

ic a

sset

allo

cati

on t

arge

ts, th

ey a

ctiv

ely

man

age

the

asse

t al

loca

tion

in a

n at

tem

pt to

enha

nce

retu

rns.

The

dif

fere

nt c

ateg

orie

s ab

ove

(Low

Vol

atili

ty, B

est In

vest

men

t Vi

ew a

nd D

ynam

ic) re

pres

ent th

e di

ffer

ent ri

sk p

rofil

es o

f th

e fu

nds.

The

Low

Vol

atili

ty

cate

gory

rep

rese

nts

the

man

ager

’s m

ost

cons

erva

tive

ly m

anag

ed p

ortf

olio

whi

le t

he D

ynam

ic c

ateg

ory

repr

esen

ts t

he m

anag

ers

mos

t ag

gres

sive

ly m

anag

ed p

ortf

olio

, acc

ordi

ng t

o th

e m

anag

er’s

dis

cret

ion.

INVE

STM

ENTDAT

ATOTHEE

NDO

FDECEMBER2

011

RIS

KVSR

ETU

RN(Calcu

latedon

3yea

rpe

rforman

ceretur

ns)

3Yea

rRetur

n(p

.a.)

Ran

kRisk(Volatility)

Ran

kRetur

n/R

isk

Ran

kActiveRetur

nRan

kTrac

king

Error

Inform

ationRatio

Ran

k

FIXE

DA

SSETALL

OCAT

ION

Equ

ityBan

d:1

5%

-2

4%

(Lo

cal&

Int

erna

tion

alE

quity)

Inve

stm

ent

Sol

utio

ns L

ow E

quit

y1

0.0

6%

1

3.9

0%

1

2.5

8

11

.44

%1

0.8

4%

1.7

21

Equ

ityBan

d:3

5%

-4

4%

(Lo

cal&

Int

erna

tion

alE

quity)

Inve

stm

ent

Sol

utio

ns 3

7.5

% E

quit

y1

1.1

5%

1

5.3

6%

1

2.0

8

11

.23

%1

1.0

8%

1.1

41

Equ

ityBan

d:4

5%

-5

4%

(Lo

cal&

Int

erna

tion

alE

quity)

Inve

stm

ent

Sol

utio

ns M

ediu

m E

quit

y1

2.4

0%

1

7.2

2%

2

1.7

2

10

.78

%1

1.4

3%

0.5

41

SM

M 5

01

2.1

6%

2

8.0

8%

3

1.5

0

30

.59

%2

1.7

6%

0.3

32

SYm

mE

TRY

Con

serv

ativ

e1

2.0

5%

3

7.0

6%

1

1.7

1

20

.28

%3

2.2

8%

0.1

23

Equ

ityBan

d:5

5%

-6

9%

(Lo

cal&

Int

erna

tion

alE

quity)

Inve

stm

ent

Sol

utio

ns 6

2.5

% E

quit

y1

3.3

5%

3

8.4

8%

1

1.5

7

10

.46

%3

1.7

4%

0.2

63

Mom

entu

m E

nhan

ced

Fact

or 6

13

.82

% 1

9

.63

% 4

1

.44

3

0.7

7%

21

.66

%0

.46

2

SM

M 6

01

3.4

8%

2

9.5

0%

3

1.4

2

40

.99

%1

1.9

8%

0.5

01

SYm

mE

TRY

Bal

ance

d1

3.2

4%

4

8.9

6%

2

1.4

8

2-0

.28

%4

2.8

5%

-0.1

04

Equ

ityBan

d:7

0%

-7

5%

(Lo

cal&

Int

erna

tion

alE

quity)

Inve

stm

ent

Sol

utio

ns E

ntre

pren

eur

15

.21

% 1

1

0.6

6%

3

1.4

3

20

.75

%1

2.2

2%

0.3

41

Inve

stm

ent

Sol

utio

ns H

igh

Equ

ity

14

.39

% 3

9

.76

% 1

1

.47

1

0.2

8%

42

.00

%0

.14

4

Mom

entu

m E

nhan

ced

Fact

or 7

14

.47

% 2

1

0.7

8%

4

1.3

4

40

.45

%2

1.8

4%

0.2

42

SM

M 7

01

3.6

3%

5

11

.05

% 5

1

.23

5

0.4

2%

32

.53

%0

.17

3

SYm

mE

TRY

Agg

ress

ive

13

.70

% 4

9

.83

% 2

1

.39

3

-0.3

7%

53

.07

%-0

.12

5

STR

ATEGIC

ASSETALL

OCAT

ION

LowVolatility

Inve

stm

ent

Sol

utio

ns C

onse

rver

11

.57

% 1

5

.69

% 1

2

.03

1

1.2

5%

11

.98

%0

.63

1

Bes

tIn

vestmen

tView

Inve

stm

ent

Sol

utio

ns P

erfo

rmer

15

.20

% 1

9

.27

% 1

1

.64

1

0.6

0%

11

.77

%0

.34

2

Inve

stm

ent

Sol

utio

ns S

pect

rum

14

.72

% 2

9

.83

% 3

1

.50

2

0.3

5%

20

.98

%0

.36

1

SYm

mE

TRY

Par

agon

13

.85

% 3

9

.36

% 2

1

.48

3

-0.4

2%

31

.85

%-0

.23

3


67

TRACKINGERRORVSEXCESSRETURNSCATTERPLOT-MULTIMANAGERS-FIXED&STRATEGICASSETALLOCATION3YEARSENDED31DECEMBER2011


MULTI-MANAGER WATCH™ INVESTMENT PERFORMANCE (Balanced Mandates)

Investment Solutions Low Equity

Investment Solutions 37.5% Equity

Investment Solutions Medium Equity

SMM 50 SYmmETRY Conservative

Momentum Enhanced Factor 6

Investment Solutions 62.5% Equity SMM 60

SYmmETRY Balanced


Investment Solutions Entrepreneur

Investment Solutions High Equity

SMM 70

SYmmETRY Aggressive

Investment Solutions Conserver

Investment Solutions Performer

IS Spectrum

SYmmETRY Paragon

9.95%

10.95%

11.95%

12.95%

13.95%

14.95%

3.80% 4.80% 5.80% 6.80% 7.80% 8.80% 9.80% 10.80%

Risk vs Return Scatterplot - Multi Managers Fixed & Strategic Asset Allocation 3 Years ended 31 December 2011




SMM 50

SYmmETRY Conservative



SMM 60

SYmmETRY Balanced




SMM 70

SYmmETRY Aggressive



Investment Solutions Spectrum

SYmmETRY Paragon -0.55%

-0.05%

0.45%

0.95%

1.45%

0.70% 1.20% 1.70% 2.20% 2.70% 3.20%

Exess Return vs Tracking Error Scatterplot - Multi Managers Fixed & Strategic Asset Allocation 3 Years ended 31 December 2011

RISKVSRETURNSCATTERPLOT-MULTIMANAGERS-FIXED&STRATEGICASSETALLOCATION3YEARSENDED31DECEMBER2011

MULTI-MANAGER WATCH™ INVESTMENT PERFORMANCE (Balanced Mandates)




SMM 50 SYmmETRY Conservative


Investment Solutions 62.5% Equity SMM 60

SYmmETRY Balanced




SMM 70

SYmmETRY Aggressive



IS Spectrum

SYmmETRY Paragon

9.95%

10.95%

11.95%

12.95%

13.95%

14.95%

3.80% 4.80% 5.80% 6.80% 7.80% 8.80% 9.80% 10.80%

Risk vs Return Scatterplot - Multi Managers Fixed & Strategic Asset Allocation 3 Years ended 31 December 2011




SMM 50

SYmmETRY Conservative



SMM 60

SYmmETRY Balanced




SMM 70

SYmmETRY Aggressive



Investment Solutions Spectrum

SYmmETRY Paragon -0.55%

-0.05%

0.45%

0.95%

1.45%

0.70% 1.20% 1.70% 2.20% 2.70% 3.20%

Exess Return vs Tracking Error Scatterplot - Multi Managers Fixed & Strategic Asset Allocation 3 Years ended 31 December 2011



Exc

ess

Ret

urn

(p.a

.) S

tand

ard

Dev

iatio

nE

xces

s R

etur

n (p

.a.)

Sta

ndar

d D

evia

tion

68

Objec

tive

-T

he p

ortf

olio

s in

thi

s S

urve

y ar

e ta

rget

ed a

t M

edic

al A

ids

and

are

boun

d by

the

res

tric

tion

s im

pose

d by

Reg

ulat

ion

30

of

the

Med

ical

Sch

emes

Act

.Ben

chmarkMetho

dology

CPI

- D

ue t

o th

e re

wei

ghti

ng a

nd r

ebas

ing

of t

he C

PI

from

Jan

uary

20

09

the

ben

chm

ark

num

bers

refl

ect

a co

mpo

und

of m

onth

to

mon

th C

PI

retu

rns.

Th

e hi

stor

ical

mon

th t

o m

onth

num

bers

use

d in

cal

cula

tion

s ar

e th

e of

ficia

l mon

th t

o m

onth

num

bers

bas

ed o

n th

e ol

d ba

sket

pri

or t

o Ja

nuar

y 2

00

9 a

nd n

ew b

aske

t po

st J

anua

ry

20

09

. Th

e ad

just

ed C

PI(

I-N

et c

ode:

AE

CP

I) fig

ures

are

sho

wn

toge

ther

wit

h st

atis

tics

bel

ow s

houl

d th

ese

num

bers

be

pref

erre

d fo

r co

mpa

riso

n pu

rpos

es.

Ben

chmarkMetho

dology

CPIX

- T

he b

ench

mar

k nu

mbe

rs p

rior

to

Janu

ary

20

09

refl

ecte

d a

com

poun

d of

mon

th t

o m

onth

CP

IX r

etur

ns. D

ue t

o th

e re

wei

ghti

ng a

nd r

ebas

ing

of t

he

CP

I an

d di

scar

ding

of

the

CP

IX

num

bers

fro

m J

anua

ry 2

00

9

the

hist

oric

al m

onth

to

mon

th n

umbe

rs u

sed

in c

alcu

lati

ons

are

the

offic

ial m

onth

to

mon

th n

umbe

rs b

ased

on

the

old

CP

IX p

rior

to

Janu

ary

20

09

and

the

new

CP

I ba

sket

pos

t Ja

nuar

y 2

00

9.

The

CP

I ex

clud

ing

owne

rs e

quiv

alen

t re

nt (

I-N

et c

ode:

AE

CP

IX)

and

adju

sted

CP

I(I-

Net

cod

e: A

EC

PI)

fig

ures

are

sho

wn

toge

ther

wit

h st

atis

tics

bel

ow s

houl

d th

ese

num

bers

be

pref

erre

d fo

r co

mpa

riso

n pu

rpos

es.

PORTF

OLI

ON

AME

INVE

STM

ENTDAT

ATOTHEE

NDO

FDECEMBER2

011

PortfolioInf

ormation

Class

ifica

tion

1Yea

r3Yea

rs(p.a.)

Size(R

m)

Ran

kBen

chmark

Portfolio

Ben

chmark

Portfolio

Ben

chmark

Volatilit

y

ABSOLU

TER

ETU

RNFUNDS

Cad

iz C

apit

al P

rese

rvat

ion

Fund

Hea

dlin

e C

PI

+3

%P

6.7

6%

9.1

2%

9.3

4%

7.8

2%

2.1

7%

1,3

40

.81

Cad

iz M

edic

al A

id F

und

Hea

dlin

e C

PI

+4

%S

5.7

6%

10

.12

%*

**

11

4.8

10

Cor

onat

ion

Med

ical

Abs

olut

eH

eadl

ine

CP

I +3

%P

6.5

5%

9.1

2%

13

.26

%7

.82

%5

.22

%7

17

.74

IS M

edic

al S

chem

es R

eal R

etur

n Fo

cus

Hea

dlin

e C

PI

+4

%P

MM

4.3

0%

10

.12

%1

1.2

4%

8.8

2%

4.0

1%

15

9.0

9

Mom

entu

m A

M M

edic

al P

rovi

der

Fund

CP

I + 3

% (

CP

IX +

3%

pri

or J

an 0

9)

P5

.39

%9

.12

%1

0.4

7%

7.9

2%

6.1

4%

91

.31

1

OM

IGS

A C

apit

al B

uild

erH

eadl

ine

CP

I +4

%P

3.4

5%

10

.12

%7

.24

%8

.82

%3

.88

%1

,31

4.9

2

Pre

scie

nt P

osit

ive

Ret

urn

Med

ical

Aid

Fun

dC

PI

+ 3

% (

CP

IX +

3%

pri

or J

an 0

9)

S3

.44

%9

.12

%8

.35

%7

.92

%3

.06

%8

69

.33

Pru

dent

ial M

edic

al A

id F

und

Hea

dlin

e C

PI

+5

%S

9.3

0%

11

.12

%1

3.6

4%

9.8

2%

7.0

9%

62

6.0

6

SIM

Med

ical

Aid

Dom

esti

c A

bsol

ute

Hea

dlin

e C

PI

+5

%S

8.3

8%

11

.12

%*

**

38

0.5

7

STA

NLI

B M

edic

al I

nves

tmen

t Fu

nd*

Hea

dlin

e C

PI

+4

%P

(U

T)4

.69

%1

0.1

2%

8.0

8%

8.8

2%

6.2

8%

17

5.6

8

Taqu

anta

Med

ical

Abs

olut

eH

eadl

ine

CP

I +4

.5%

P6

.94

%1

0.6

2%

9.9

4%

9.3

2%

1.5

9%

65

0.3

5

MONEYMARKETFU

NDS

AB

SA

Ass

et M

anag

emen

t M

edic

al*

50

% A

LBI

: 5

0%

STE

FIS

6.9

6%

7.3

1%

7.6

4%

7.2

6%

1.5

3%

19

0.5

5

Cad

iz A

fric

an H

arve

st C

ore

Mon

ey M

arke

tS

TeFI

S5

.95

%5

.73

%7

.72

%7

.25

%0

.55

%5

08

.44

Gry

phon

Dom

esti

c S

peci

alis

t M

MS

TeFI

S6

.11

%5

.73

%7

.79

%7

.25

%0

.46

%1

,22

5.1

2

Inve

stec

Sta

ble

Mon

ey F

und

STe

FIP

6.6

5%

5.7

3%

8.1

7%

7.2

5%

0.4

6%

92

9.8

3

Taqu

anta

Med

ical

Cas

hS

TeFI

S7

.10

%5

.73

%8

.30

%7

.25

%0

.42

%6

,03

2.3

1

BALA

NCEDFUNDS

Alla

n G

ray

Life

Sta

ble

Med

ical

Por

tfol

ioH

eadl

ine

CP

I +3

%P

9.2

0%

9.1

2%

10

.73

%7

.82

%3

.49

%1

,44

8.3

1

Foor

d M

edic

al5

0%

dom

esti

c bo

nds:

50

% d

omes

tic

equi

ties

S7

.03

%5

.97

%1

1.9

2%

13

.45

%4

.72

%2

10

.63

OM

IGS

A M

acro

Str

ateg

y In

vest

men

ts M

edic

al A

id P

ortf

olio

Hea

dlin

e C

PI

+5

%S

8.7

7%

11

.12

%1

1.7

6%

10

.17

%6

.13

%3

80

.42

MARKETDAT

AC

ombi

nati

on o

f ol

d C

PIX

and

new

CP

I#6

.12

%4

.92

%1

.43

%

Con

sum

er P

rice

Infl

atio

n (O

ld/N

ew c

ombi

ned

CP

I)#

6.1

2%

4.8

2%

1.5

2%

Con

sum

er P

rice

Infl

atio

n ex

clud

ing

OE

R6

.37

%5

.00

%1

.56

%

Con

sum

er P

rice

Infl

atio

n (H

eadl

ine

CP

I)6

.12

%5

.17

%1

.27

%

Med

ical

Con

sum

er P

rice

Infl

atio

n5

.23

%7

.68

%5

.06

%

FTS

E /

JSE

All

Sha

re I

ndex

(Fr

ee F

loat

)2

.57

%1

7.2

7%

17

.49

%

FTS

E /

JSE

SW

IX A

ll S

hare

Ind

ex

4.2

5%

17

.85

%1

6.0

9%

Sho

rt T

erm

Fix

ed I

nter

est

Rat

e In

dex

5.7

3%

7.2

5%

0.4

6%

All

Bon

d In

dex

8.8

2%

7.3

9%

5.5

9%

Num

ber

Of

Par

tici

pant

s1

91

71

7

Tota

l1

7,3

65

.6

* G

loba

l Fun

ds*K

ey:S-S

egre

gate

d,P

-P

oole

d,U

T-

Uni

t Tr

ust,

PMM-P

oole

d M

ulti

-Man

aged

SectIOn 3S.a. Medical-aid Manager WatchtM Survey

151211_AFFS_Print Ad_297mmx210mm.indd 1 15/12/2011 11:55:23 AM

70

BALANCEDGLOBALMANDATE,BIV,SEGREGATEDPORTFOLIOS

AVERAGEFEEPERBANDFEEBAND AVERAGEFEE(%) PARTICIPANTSPERFEEBAND0 - 50 million 0.73% 651 - 100 million 0.64% 6101 - 150 million 0.59% 6151 - 250 million 0.57% 6251 - 500 million 0.53% 6500+ million 0.49% 6International 1.27% 3

HIGHESTANDLOWESTPERFEEBANDFEEBAND HIGH LOW0 - 50 million 1.00% 0.60%51 - 100 million 0.81% 0.53%101 - 150 million 0.75% 0.45%151 - 250 million 0.75% 0.39%251 - 500 million 0.70% 0.36%500+ million 0.64% 0.35%International 1.50% 1.15%

BALANCEDGLOBALMANDATE,BIV,POOLEDPORTFOLIOS

AVERAGEFEEPERBANDFEEBAND AVERAGEFEE(%) PARTICIPANTSPERFEEBAND0 - 50 million 0.74% 651 - 100 million 0.66% 6101 - 150 million 0.61% 6151 - 250 million 0.59% 6251 - 500 million 0.58% 6500+ million 0.56% 6International 1.03% 4

HIGHESTANDLOWESTPERFEEBANDFEEBAND HIGH LOW0 - 50 million 1.00% 0.50%51 - 100 million 0.81% 0.50%101 - 150 million 0.75% 0.45%151 - 250 million 0.75% 0.39%251 - 500 million 0.75% 0.36%500+ million 0.75% 0.35%International 1.50% 0.75%

BALANCEDDOMESTICMANDATE,BIV,SEGREGATEDPORTFOLIOS

AVERAGEFEEPERBANDFEEBAND AVERAGEFEE(%) PARTICIPANTSPERFEEBAND0 - 50 million 0.73% 451 - 100 million 0.61% 4101 - 150 million 0.56% 4151 - 250 million 0.53% 4251 - 500 million 0.50% 4500+ million 0.49% 4

HIGHESTANDLOWESTPERFEEBANDFEEBAND HIGH LOW0 - 50 million 1.00% 0.60%51 - 100 million 0.81% 0.53%101 - 150 million 0.74% 0.45%151 - 250 million 0.71% 0.39%251 - 500 million 0.65% 0.36%500+ million 0.64% 0.35%

BALANCEDDOMESTICMANDATE,BIV,POOLEDPORTFOLIOS



SPECIALISTDOMESTICEQUITYMANDATE



SPECIALISTDOMESTICFIXEDINTERESTMANDATE

AVERAGEFEEPERBANDFEEBAND AVERAGEFEE(%) PARTICIPANTSPERFEEBAND

0 - 50 million 0.38% 9

51 - 100 million 0.37% 9

101 - 150 million 0.35% 9

151 - 250 million 0.34% 9

251 - 500 million 0.31% 9

500+ million 0.27% 9


SPECIALISTDOMESTICMONEYMARKETMANDATE



SPECIALISTABSOLUTERETURNMANDATE



SectIOn 4Fees - Indicative range

71 www.vunanifm.co.za

Others may raise the bar, but it’s through experience that one exceeds what is expected

With an average of over 19 years experience in asset management, Vunani Fund Managers is committed to building a leading, truly black-owned fund management business. We focus on investment performance and client service in Multi-Asset, Specialist Bonds, Specialist Equity and Specialist Property. For more information please call us on (021) 670 4900 or email on [email protected]

Vunani Fund Managers is an Authorised Financial Services Provider (license no. 608) in terms of the Financial Advisory and Intermediary Services Act, No. 37 of 2002.

72

ABSOLUTE/REALRETURNPORTFOLIOS

Employ an investment strategy targeting a positive nominal/real return e.g. capital preservation over rolling 12 months or inflation plus 5% over rolling 36 months.

ACTIVEMANAGEMENT

Approach to investment management, which aims to outperform a particular index or benchmark through either asset allocation or stock selection or both.

ALBI

Bond Exchange of South Africa All Bond Index. A total return index of major bonds traded on the Bond Exchange.

ANNUALISED

To convert an investment return of over one year into an equivalent one-year rate of return.

ASSETCLASS

Broad category of assets e.g. equities, bonds, property and cash.

BALANCEDMANDATES

Where an investment manager is given broad discretion with respect to the management of assets across multiple asset classes.

BASISPOINT

100 Basis points = 1%, i.e. one basis point is 1/100th of 1%.

BENCHMARK

Measure against which a portfolio’s performance is assessed. Benchmarks may take many forms, but unfortunately, some of the benchmarks used are not appropriate for performance evaluation (e.g. CPI+x% or peer universe medians and averages). For performance evaluation, benchmarks used should have the properties of valid benchmarks.

BOND

Debt issued by a government or a company, typically promising regular payments of coupons (interest) on specified dates with a final capital payment at redemption (maturity). Bonds may have many different characteristics to those specified here.

COMPOSITE

A group of similarly managed portfolios within a single asset manager, and typically defined within the asset managers’ GIPS™ policy.

COMPOUNDRATEOFRETURNS

Total return calculated by multiplying returns for different periods.

CREDIT

Debt that is not guaranteed by local (not foreign) Government, and hence could default on its promise to repay the debt holder. Although debt issued and guaranteed by local Government can also default, this does not typically happen because local Government can print unrestricted amounts of local currency.

CPI

Consumer Price Index. Also see Inflation.

CUMULATIVERETURNS

The cumulative return for a portfolio or an asset is the cumulative compound return over the full length of a specified time period. The percentage measure of this return is not annualised and as such represents the actual total return of the portfolio or asset over the period. By annualising the percentage figure, one can calculate the average annual return of the portfolio or asset over the period.

DURATION

Average term of payments from a bond taking into account the present value of each payment. The longer the duration the more sensitive the price of the bond to the changes in yields. Duration effectively measures the price sensitivity of a bond to a change in its yield, and is almost always different to its maturity i.e. the term to its final payment.

EQUITIES

Commonly used name for ordinary shares.

FEES

Charges levied by investment managers usually in the form of a percentage of assets under management. Charges could be on a fixed or sliding scale that decreases with fund size.

FTSE/JSEALLSHAREINDEX

An index of approximately 165 of the largest (by market capitalization) companies with the most liquid shares on the JSE. It includes the Large Cap, Medium Cap and Small Cap shares, but excludes the Fledgling and AltX shares.

GIPSTM

The Global Investment Performance Standards, is a set of standards for promoting fair and full disclosure and transparency for investment managers. They are sponsored by CFA Institute™ and intended for global use.

HEDGEFUNDS

Hedge Funds represent a heterogeneous group of investment strategies. They can operate on very narrow asset classes, or across the globe. They can be very liquid or illiquid. They can contain leveraged exposure to systematic risks, or hedge these away. They may use derivative instruments and may take short positions directly with futures contracts or by borrowing securities and selling these. Due to these factors, hedge funds are subject to unique risks and fewer restrictions compared to traditional investments.

INFLATION

Measure of the rate of increase in prices e.g. CPI.

INFORMATIONRATIO

Ratio of excess return (relative to benchmark) to risk taken (as measured by tracking error). A risk-adjusted measure of return, relative to benchmark.

DISPERSION

The extent to which the returns of all portfolios within a composite differ. It can be measured in different ways, including: the difference between the maximum and the

SectIOn 5glossary

73

minimum return (range); the difference between the 1st and 3rd quartile (inter-quartile range); or the standard deviation of returns.

INVESTMENTMANAGER

Organisation that invests assets on behalf of third parties for a fee.

INVESTMENTPHILOSOPHY

The investment premises and beliefs that asset managers use in formulating the way they invest assets.

LEVERAGE

Arises where the investor’s financial exposure to moves in the price of the underlying asset exceeds that implied by the capital invested by the investor. Leverage can be achieved by borrowing or by purchasing securities or instruments on margin (e.g. futures and options).

LONGPOSITION

Positive exposure to the underlying asset i.e. the value of your investment increases as the underlying asset increases in value. This is in contrast to a short position (see below).

LOWERQUARTILE

The value below which one quarter of returns or data fall.

MAXIMUMDRAWDOWN

The largest continuous cumulative negative return i.e. it represents the maximum change in value (in percentage terms) of a portfolio from a peak to a trough if looking at unit prices/ NAVs / cumulative returns.

MEDIAN

The value which half the returns or data fall above, and half fall below.

MONEYMARKET

Market for short-term loans and deposits with a maturity less than one year.

OVERWEIGHT

Exposure to specific asset or asset class, which is higher than the proportion it represents in the market index or benchmark against which the portfolio is measured.

POOLEDPORTFOLIO

Vehicle in which a number of investors pool their assets so they can be managed on a collective basis. Shares in a pooled fund are denominated in units and are repriced regularly to reflect changes in underlying assets. This allows investors to value their holdings.

QUARTERLY

Usually refers to 3-month periods ending 31 March, 30 June, 30 September, and 31 December.

RETURN

Percentage increase in the value of an investment over a period of time, expressed as a percentage of the value of the investment

at the start of the period. All returns in this survey are calculated as Time Weighted Rates or Return (defined below).

RETURNRISKRATIO

A measure of return per unit of risk, where risk is represented by volatility (defined below).

RISK

Risk is a very generic term. In this survey (and generally in investments), risk is usually represented by volatility (defined below) i.e. volatility is used as a proxy for risk.

SRI

Socially Responsible Investments or Investing. Also a very generic term that refers generally to environmental, social and governance considerations when considering investments.

SEGREGATEDPORTFOLIO

Investment portfolio, which is managed for and on behalf of a single investor and has separately identifiable assets registered in the investors name.

SHARPERATIO

Risk adjusted return ratio of return per unit of risk. It is calculated as excess return (over the risk-free return) divided by volatility.

SHORTPOSITION

Negative exposure to the underlying asset i.e. the value of your investment decreases as the underlying asset increases in value. This is in contrast to a long position (see above).

SORTINORATIO(CAPITALLOSSORINFLATION)

A risk adjusted return measure similar to the Sharpe ratio, with the difference being that the Sharpe ratio uses volatility as the proxy for risk, but the Sortino ratio uses only returns below a certain target (0% in the case of Capital Loss and inflation in the case of Inflation) when calculating the risk.

TDI

Targeted Development Investment.

TIME-WEIGHTEDRATEOFRETURN(TWRR)

Rate of return on an asset or portfolio that removes the effect of cash flows. The time-weighted return can be used to compare portfolio performances against each other and against market indices, without being unduly influenced by the timing of large cash flows.

TRACKINGERROR

Measure of variability of returns relative to benchmark or index. It is usually expressed as annualised standard deviation of active returns.

UPPERQUARTILE

The value above which one quarter of returns or data fall.

VOLATILITY

Is a proxy for risk and is calculated as the annualised standard deviation of monthly returns.

SectIOn 5glossary

An Authorised Financial Services Provider

tbsp

///

bey

ond

the

line

3371

7/E

Securing your financial well-being

ALEXANDERFORBEs

Install solar panels on your roof.

Donate money to a charity.

Dance at the Rio Carnival.

See a gorilla in the wild.

Learn to play piano.

Take more pictures.

Race a sports car.

Raise a dog.

Scuba dive.

Build your own library.

Learn to speak French.

Drink tequila in Mexico.

Teach someone to read.

Buy art that moves you.

Run the New York Marathon.

Write something and get it published.


75

cOMPany DetaILS

FAISFSPRegistrationnumber: 1997/017903/07

SwitchBoard +27 11 480 5344

Faxnumber: +27 11 480 5332

GeneralE-mail: [email protected]

Address: 65 Empire Road Parktown 2193 PO Box 6115 Johannesburg 2000

ComplianceOfficerName: Anthony Smith [email protected] +27 11 350 7555

BuSIneSS PhILOSOPhy

ABSA Asset Management is committed to achieving consistently superior, risk-adjusted long-term performance. We seek do this by committing to the abiding principles of valueinvesting. We invest in shares of a company that trade below our objective assessment of intrinsic value.

We are also prepared to invest in companies with strong growth prospects, but we are not willing to overpay for unrealistic growth expectations. For this reason we think of ourselves as pragmaticvalueorientedinvestors.

We focus on consistent long-term returns and we take every precaution to ensure that the investments we select are reputable and well managed, and will add value to your portfolio.

aBSa aSSet ManageMent (Pty) LtD

www.abam.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Anthony Smith

Please provide the link to the complaints policy on your websiteN/A

OWnerShIP

What is the ownership structure of the company? 100% owned by ABSA Group Limited

Who are the directors of the company?Colin Beggs, Brian Connellan, Yolanda Cuba, Shauket Fakie, Garth Griffin, David Hodnett, Mohamed Husain, Antony Jenkins, Robert Le Blanc, Peter Matlare, Thoko Mokgosi-Mwantembe, Eduardo Mondlane Jr., Trevor Munday, Brand Pretorius, Maria Ramos, Ivan Ritossa, Louis von Zeuner, Johan Willemse

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.No

hIStOry

When was the company established?1997

List of mergers that have taken place since being established.None

B-BBee creDentIaLS

Are you B-BBEE accredited?Yes

What is your B-BBEE statusLevel 3 contributor

By whom have you been accredited?NERA National Empowerment Rating Agency

Date of accreditation15/02/2012

gIPS

Are you GIPS compliant?Yes

Are you GIPS verified?Yes

By whom have you been verified?KPMG

Date of verification03/06/2011(for Period 01/01/2004 to 31/12/2010).

Expiry date of verificationAnnual GIPS verifications done by KPMG for the past calendar year.

InveStMent ManDateS

What are your total Assets Under Management?R101.444 Billion

Please detail the mandates you currently manage and the size of each of these mandates.AUM for period ending December 2011Unit Trust: R79.136 BillionSegregated: R22.307 Billion

Key InveStMent PerSOnneL

Errol Shear Chief Investment Officer BBusSc(Hons) Finance, CA(SA), CFA27 years industry experience6 years with ABAM

Busisa Jiya Managing Director BBusSc(Hons) Economics 15 years industry experience 3 months with ABAM

Greg Kettles Portfolio Manager BCom(Hons), CA(SA), CFA 19 years industry experience 5 years with ABAM

Stephen Arthur Portfolio Manager BScEng(Mining), CFA 23 years industry experience 6 years with ABAM

Snowy Musundwa Head of Instituitional Sales & Marketing BCom(Hons), BEcSc9 years industry experience 1 year with ABAM

76

cOMPany DetaILS

FAISFSPRegistrationnumber: 22877


Faxnumber: +27 21 927 6550


Address: 163 Hendrik Verwoerd Drive, Plattekloof, 7500

ComplianceOfficerName: Segabe Ditodi [email protected]

BuSIneSS PhILOSOPhy

Absa Capital Alternative Asset Management (Pty) Ltd (AAM) is a FSB registered asset management business with Category I and II licenses. The team specialises in the design and management of alternative investment strategies including absolute return, overlay protection, alpha transport and other alternative investment portfolios. The series of absolute return portfolios managed by the team since 1999 have not only provided investors with explicit capital protection at various levels, but also achieved returns significantly in excess of inflation over this period. The building blocks of all AAM’s solutions are acquired through the mechanism of a proven independent, broad-based, best price procedure. Other areas of expertise include bespoke strategies for retail investors, money market strategies, equity market execution in the transition management process, offshore absolute return and hedge fund strategies.

aBSa caPItaL aLternatIve aSSet ManageMent (Pty) LtD

www.absacapital.com

FaIS reQuIreMentS

Who is your FAIS complaints officer?Segabe Ditodi

Please provide the link to the complaints policy on your websitehttp://www.absa.co.za/Absacoza/Contact-Us

OWnerShIP

What is the ownership structure of the company? 100% owned by Absa Group Limited

Who are the directors of the company?Andrew Selby and Andre Visser


hIStOry


List of mergers that have taken place since being established - NoneNone.

B-BBee creDentIaLS



By whom have you been accredited?NERA National Empowerment Rating Agency


gIPS

Are you GIPS compliant?No

Are you GIPS verified?N/A

By whom have you been verified?N/A

Date of verificationN/A

Expiry date of verificationN/A

InveStMent ManDateS

What are your total Assets Under Management?R15 Billion

Please detail the mandates you currently manage and the size of each of these mandates.Capital Protected Portfolios: R6 BillionDynamic Hedging: R3.125 BillionAlpha Transport: R4.6 BillionOffshore Investments: R560 MillionIndex Tracking: R550 Million


Glanville RetiefHead: Portfolio ConstructionBCom(Hons) Mathematics12 years industry experience8 years with ABSA Capital

Chris WattsPortfolio ManagerBBusSci(Hons) Finance, CFA6 years industry experience2.5 years with ABSA Capital

77

cOMPany DetaILS


SwitchBoard +27 21 670 5297/8

Faxnumber: +27 86 508 0685


Address: 4th Floor Montclare Place, Cnr Campground and Main Rds, Claremont, 7708 PO Box 24020, Claremont, 7735

ComplianceOfficerName: Enrique Goosen Independent Compliance Services +27 21 975 6597

BuSIneSS PhILOSOPhy

Our objective is to build a performance signature sought after by clients, focusing solely on investment management and outsourcing all non-core activities. Training and developing investment professionals with a deep understanding of risk and return, and encouraging innovation in research ideas is a key driver and differentiator of the team culture.

Aeon Investment Management directors have a strong history of political activism and commitment to the underprivileged. It is our belief and commitment that cost effective and efficient investment products must be made available to the broader lower income mass market. We are of the view that the problem of a lack of saving amongst lower income households can be tackled through increased value for money and transparency. Over the long term we would like our unit trusts to be efficient investment vehicles for low income savers.

aeOn InveStMent ManageMent

www.aeonim.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Enrique Goosen

Please provide the link to the complaints policy on your websitewww.aeonim.co.za

OWnerShIP

What is the ownership structure of the company? Shareholders: Asief Mohamed & Rashaad Tayob

Who are the directors of the company?Asief Mohamed and Rashaad Tayob

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Asief Mohamed, 50% and Rashaad Tayob, 50%.A third will be reserved for current and future employees (33%). 3% has been allocated to staff as Share Options.

hIStOry

When was the company established?01/12/2005

List of mergers that have taken place since being established.None.

B-BBee creDentIaLS



By whom have you been accredited?PKF BEE Solutions


gIPS


Are you GIPS verified?No




InveStMent ManDateS

What are your total Assets Under Management?R976 Million

Please detail the mandates you currently manage and the size of each of these mandates.Aeon Active Equity Fund: R729 Million Aeon Absolute Return Fund: R145 Million Fixed Income: R101 Million


Asief Mohamed CIOBCom, CA(SA), CFA23 years industry experience6 years with Aeon IM

Rashaad TayobPortfolio ManagerBBusSci, CFA10 years industry experience3 years with Aeon IM

Jordan-Lee RahmanAnalystBBusSci (Actuarial Science)2 years industry experience2 years with Aeon IM

Richard ChinamasaAnalystBCom4 years industry experience2 years with Aeon IM

Dean MarksAnalystBBusSci (Actuarial Science), MPhil(Mathematical Finance)2 years industry experience2 years with Aeon IM

Yanni YangAnalystBBusSci (Actuarial Science), MPhil(Mathematical Finance)1 year industry experience1 year with Aeon IM

78

cOMPany DetaILS

FAISFSPRegistrationnumber:25033

SwitchBoard+27 21 657 6240

Faxnumber:+27 21 671 4658

GeneralE-mail:[email protected]

Address:5th Floor, Montclare Place, C/O Campground and Main Roads, Claremont, 7708PO Box 23883, Claremont, 7735

ComplianceOfficerName:Tim Howse+27 21 671 8162

BuSIneSS PhILOSOPhy

We invest our clients’ money to provide them with excellent long term investment returns. We are active, valuation driven long term investors and generate returns by adhering to a clearly defined investment philosophy. We believe that investing in businesses by buying shares is the best way to grow your money over the long term. Afena Capital is primarily a specialist equity investment firm. Determining equity valuations is our core competency. In our balanced portfolios, we leverage our equity valuation skills to allocate assets across different asset classes based on the relative valuation of equities in order to preserve and grow our investors’ capital. Independent, proprietary research is the basis of our investment decisions. Quality in-depth fundamental research is the heart of our process. Our analysts make use of detailed independent and proprietary research to assess investment ideas and the opportunities that they offer relative to their risks. This enables us to make good long term investment decisions with confidence and conviction. There are always risks with investing, but we take great care to manage and control these risks. Our highly experienced portfolio managers remain individually accountable for their decisions but operate in a team based environment. The team that manages clients’ assets today is the same team that has been managing clients’ assets since our inception. Our professional client service team means that we have a more focused investment team. Our professional client service and operations teams enable our investment team to focus on investment results. The members of our business team (client service and operations) are highly experienced in each of their areas of expertise. The strength of these teams ensure that our analysts and portfolio managers remain completely focused on research and portfolio management.

aFena caPItaL (Pty) LtD

www.afenacapital.com

FaIS reQuIreMentS

Who is your FAIS complaints officer?Michael Dabrowski

Please provide the link to the complaints policy on your websitehttp://www.afenacapital.com/newsletter/doc_download/72-afena-fais-complaints-handling-procedure.html

OWnerShIP

What is the ownership structure of the company? Private company 100% owned by management and staff

Who are the directors of the company?Tebogo Naledi (CEO), Andrew Joannou, Khulekani Dlamini, Khaya Gobodo

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.100%

hIStOry

When was the company established?November 2005


B-BBee creDentIaLS



By whom have you been accredited?Empowerdex


gIPS



By whom have you been verified?eComply

Date of verification14/04/2011


InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Specialist Equity and Multi-Asset Mandates (all are domestic mandates)


Tebogo Naledi CEOBBusSc14 years industry experience6 years with Afena

Andrew JoannouCIOBBusSc, CFA12 years industry experience6 years with Afena

Khulekani DlaminiHead of ResearchBSc, MSc11 years industry experience6 years with Afena

Khaya GobodoPortfolio ManagerBCom, MSc, CFA12 years industry experience6 years with Afena

79

cOMPany DetaILS



Faxnumber: +27 21 415 2490


Address: Granger Bay Court, Beach Road, V&A Waterfront, Cape Town, 8001P O Box 51318, V&A Waterfront, Cape Town, 8002, South Africa ComplianceOfficerName: Edgar Loxton Tel + 27 21 415 [email protected]

BuSIneSS PhILOSOPhy

Allan Gray investment philosophy is valuation orientated which means that our research effort is focused on identifying good quality assets that are priced below intrinsic value. Intrinsic value is calculated using a number of methodologies but is usually defined as the discounted value of expected future cash flows. Valuation investing typically means buying shares when research and analysis indicates that the intrinsic value of the company far exceeds its market price. The valuation oriented investor anticipates that the price will rise to the intrinsic value. This is in contrast to the “momentum” approach where a manager identifies an upward trend and follows this by purchasing stock in the belief that the trend will continue.

aLLan gray PrOPrIetary LIMIteD

www.allangray.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Edgar Loxton

Please provide the link to the complaints policy on your websitewww.allangray.co.za

OWnerShIP

What is the ownership structure of the company? Allan Gray is a privately owned company

Who are the directors of the company?Simon Marais, Rob Dower, Ian Liddle, Mahesh Cooper, William Gray Thando Mhlambiso, Teboho Mahuma

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.14% of the company has been reserved for our staff scheme

hIStOry

When was the company established?June 1974


B-BBee creDentIaLS



By whom have you been accredited?AQRate


gIPS



By whom have you been verified?Ernst and Young

Date of verificationDecember 2010

Expiry date of verificationThe assurance report confirms compliance with the composite construction requirements of the GIPS standards for the period 01/01/2007 - 31/12/2008. Our verification for the two year period ending 31/12/2010 is currently underway, and we expect to receive the assurance report in due course.

InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Segregated: R135.53 BillionPooled: R49.627 BillionUnit Trust: R126.43 BillionOther: R6.01 Billion


Simon MaraisChairman, DirectorMSc, PhD, CFA20 years industry experience20 years with Allan Gray

Rob DowerCOO, DirectorBSc(Eng), MBA19 years industry experience8 years with Allan Gray

Ian LiddleCIO, Portfolio Manager, DirectorBBusSc(Hons), CFA10 years industry experience10 years with Allan Gray

Mahesh CooperDirector, Head Institutional Client ServicingBBusSc, FIA, FASSA, MBA11 years industry experience9 years with Allan Gray

William GrayNon Executive DirectorBCom, MBA, CFA

Thando MhlambisoNon Executive DirectorAB, MBA, DB

Teboho MahumaNon Executive DirectorBA(Social Work) Hons, MPhil

80

cOMPany DetaILS



Faxnumber:+27 21 706 9711


Address:Block D, Hobart Square, Hobart Road, Bryanston 2021, Johannesburg

ComplianceOfficerName:Sueney De Bruin+27 11 707 1340

BuSIneSS PhILOSOPhy

The Alpha Group is a specialist wealth manager with a multimanager investment covering long only asset allocation as well as alternative investment solutions such as hedge funds and private equity, both locally and internationally. The group was established in 1997 and has developed into a best of breed asset manager servicing a full spectrum of clients. Bespoke holistic investment solutions are constructed in line with the Alpha Groups’ value proposition which is to deliver relevant investment advice, superior risk-adjusted investment performance and unparalleled service delivery. Our core philosophy is to preserve and grow capital strategically over the long term, whilst participating tactically in superior return-generating opportunities.

aLPha aSSet ManageMent (Pty) LtD

www.aam.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Sueney De Bruin

Please provide the link to the complaints policy on your websitewww.aam.co.za

OWnerShIP

What is the ownership structure of the company? 100% held by Alpha Holdings (Pty) Ltd

Who are the directors of the company?James Gilfillan and Kerry West Fynn


hIStOry



B-BBee creDentIaLS

Are you B-BBEE accredited?No

What is your B-BBEE statusN/A

By whom have you been accredited?N/A

Date of accreditationN/A

gIPS






InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.4 South African HFOF 8 Offshore Funds and 6 Local Multi- manager


Jacques du PlessisJoint CIOBCompt, CAIA10 years industry experience1 year with Alpha

James GilfillanJoint CIOAB(Harvard), CFA22 years industry experience14 years with Alpha

John HaslettResearch Analyst BCom(Hons) Accounting, CA(SA)1 year industry experience1 year with Alpha

Haseena EssaResearch Analyst BSc(Actuarial Science)5 years industry experience1 year with Alpha

Hazel PillayResearch Analyst BCom2 years industry experience1 year with Alpha

Hubert SteenkampResearch Analyst BBusSci(Hons) Quantitative Finance6 years industry experience6 years with Alpha

Reza HendrickseResearch Analyst BBusSci(Hons) Economics & Finance5 years industry experience5 years with Alpha

81

cOMPany DetaILS



Faxnumber:+27 21 671 8252


Address:1st Floor, Colinton House, The Oval, 1Oakdale Road, Newlands 7700PO Box 23254, Claremont 7735

ComplianceOfficerName:Lentle & [email protected]+27 11 339 7647

BuSIneSS PhILOSOPhy

Premier Asset Management Firm

FaIS reQuIreMentS

Who is your FAIS complaints officer?Lentle & Associates


OWnerShIP

What is the ownership structure of the company? Independent, no group structure

Who are the directors of the company?Mothobi Seseli, Mduduzi Ndlovu, James Mohlaba, Nazeem Hendricks

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.100% currently held by founding members. Staff participation is being finalised

hIStOry

When was the company established?April 2005


argOn aSSet ManageMent (Pty) LtD

www.argonassetmanagement.co.za

B-BBee creDentIaLS



By whom have you been accredited?DTI


gIPS



By whom have you been verified?E Comply - Mrs. Lesley Havey

Date of verificationAnnually

Expiry date of verificationCalendar year

InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Argon SA Value Equity: R8.235 BillionArgon SA Core Bond: R219 MillionArgon Enhanced Money Market: R603 MillionArgon Multi Asset Class Absolute Return: R1.354 BillionArgon Low Equity Domestic Balanced: R241 Million


Dr. Manas BapelaCIOMSc(Mathematics) Sum Laude, PhD(Mathematics)16 years industry experience1.5 years with Argon Saul MillerHead of EquitiesMBusSc(Acturial Science), Fellow of the Faculty of Actuaries,FFA (UK)14 years industry experience7 months with Argon

Mduduzi NdlovuFinancials AnalystBCom, CFA, MPhil cum laude16 years industry experience6 years with Argon

Nazeem HendricksIndustrials AnalystBcompt(Hons) Acc, CFA17 years industry experience6 years with Argon

James MohlabaResources AnalystBCom, BScChemEng, MCom(Finance)10 years industry experience6 years with Argon

Dipolelo MakhubeduEquities DealerBCom(Hons) Fin & Port Mgt, MCom(Fin) II candidate5.5 years industry experience5.5 years with Argon

Kyle HulettHead of Multi Asset ClassBBusSci(Acturial Science), Fellow of the Faculty of Actuaries, FFA(UK), CFA11 years industry experience6 months with Argon

Krishna SatheeHead of Fixed IncomeBSc(Hons) Statistics14 years industry experience2 years with Argon

Mokgatla MadishaFixed Income Portfolio ManagerBSc(Mechanical Eng), BCom(Hons) Financial Analysis & Portfolio Management11 years industry experience9 months with Argon

Sophie van GarderenEquity AnalystBCom(Hons), MCom, CFA16 years industry experience2 months with Argon

Nompumelelo KhumaloPerformance and Risk AnalystBusSci(Finance) UCT3 years industry experience3 years with Argon

82

cOMPany DetaILS



Faxnumber:+27 21 913 9205


Address:1st Floor, Barinor’s Vineyard North, The Vineyard Office Estate and, 99 Jip de Jager Road, Bellville, 7530, South AfricaSuite 243, Private Bag X22, Tygervalley, 7536

ComplianceOfficerName:Louisa Ruwiel (email [email protected])+27 83 663 6634

BuSIneSS PhILOSOPhy

Atlantic Asset Management is a niche fixed income asset manager.

Atlantic’s approach to money management is based upon a macro-thematic top down asset allocation philosophy

atLantIc aSSet ManageMent (Pty) LtD

www.atlanticam.com

FaIS reQuIreMentS

Who is your FAIS complaints officer?Louisa Ruwiel (email [email protected])

Please provide the link to the complaints policy on your websitehttp://www.atlanticam.com/pdf/complaints-procedure.pdf

OWnerShIP

What is the ownership structure of the company? Privately owned

Who are the directors of the company?Murray Anderson, Arno Lawrenz, Roddy Sparks, Paul Stewart

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Murray Anderson 28% Arno Lawrenze 42%

hIStOry

When was the company established?July 2007


B-BBee creDentIaLS

Are you B-BBEE accredited?In process of being accredited


By whom have you been accredited?In process - Contract with Empowerdex


gIPS

Are you GIPS compliant?We follow GIPS standards, but have not been verified.





InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Unit Trust Fund: R1.65 BillionSegregated Funds (Multimanager or Fund of funds): R325 MillionMedical Aid Fund: R95 MillionPension Fund: R405 MillionSegregated Funds: R150 MillionHedge Funds: R121 MillionTotal Return Fund: R195 Million


Arno LawrenzChief Investment Officer, Portfolio Manager BSc(Hons), CFA20 years industry experience4.5 years (founder) with Atlantic

Erik NelFixed Income Strategist ICMQ, FSA11 years industry experience3 years with Atlantic

Albert BothaFixed Income Analyst, Portfolio Manager BCom, Member of Faculty of Actuaries4 years industry experience2.5 years with Atlantic

83

cOMPany DetaILS



Faxnumber:+27 21 673 3344


Address:3rd Floor 200 on Main, cnr Main and Bowwood Roads, Claremont, 7708PO Box 44771, Claremont, 7708

ComplianceOfficerName:Denver Hendricks+27 21 673 3333

BuSIneSS PhILOSOPhy

Protection and preservation of clients’ capital. Production of consistent, risk-adjusted, positive returns.

BLue InK InveStMentS (Pty) LtD

www.blueink.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Complaints can be made directly to the CEO


OWnerShIP

What is the ownership structure of the company? 75% owned by Sanlam and 25% owned by Ubunto-Botho Investments

Who are the directors of the company?Aloysius Jacobs, Nersan Naidoo, Robert Roux


hIStOry



B-BBee creDentIaLS

Are you B-BBEE accredited?Yes - Part of the Sanlam Group


By whom have you been accredited?ICA


gIPS






InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Our investment mandates are risk-profiled products


Thomas SchlebuschChief Executive OfficerMEng, GDP, MBA13 years industry experience5 years with Blue Ink

84

cOMPany DetaILS



Faxnumber:+27 21 670 4651


Address:4th Floor, The Terraces, 25 Protea Road, ClaremontPO Box 44547, Claremont, 7735

ComplianceOfficerName:Lynne Jennings+27 21 670 4692

BuSIneSS PhILOSOPhy

We are value investors. This is an investment approach that has a proven history of generating better returns than the market over the long term, but also provides a natural way of limiting potential losses. Our approach is based on the belief that markets are inefficient in the short term. Within a normal business cycle, asset prices can be substantially different from their long-run true business or intrinsic value. These differences between asset prices and asset values are caused by the collective behaviour of investors acting out of fear or greed. Investors tend to over extend recent asset price trends upwards (in greed) or downwards (in fear). We strive to remain rational, dispassionate and exploit the opportunities that this investor behaviour creates, thereby generating superior returns for our clients. In order to identify the mispriced opportunities, we follow a sound, systematic and disciplined bottom-up fundamental approach. This means we do not perform any forecasting in our investment process but rather price an asset by studying its long-term performance and risk compensation metrics and by normalising these trends. As a discipline, we only become interested in buying an asset once we are convinced that we will be generously compensated for the risk we propose to take. Conversely, we only sell an asset once we believe that we have been more than compensated by its return. In this way, we aim to generate superior returns for our clients with the least amount of risk.

caDIZ aSSet ManageMent (Pty) LtD

www.cadiz.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Lynne Jennings


OWnerShIP

What is the ownership structure of the company? Management and staff 30%, Makana Investment Corporation 15%, and Institutional and private shareholders 55%

Who are the directors of the company?Frank Cadiz, Evan Jones, Phil Sturgess, Ram Barkai

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Management and staff 30%

hIStOry

When was the company established?1996 - originally formed as Cadiz Specialised Asset Management (CSAM)

List of mergers that have taken place since being established.Cadiz bought Prodigy Coris in 2004, then acquired African Harvest Fund Managers in Nov 2006; both were integrated into Cadiz African Harvest Asset Management (CAHAM); CAHAM underwent a name change to Cadiz Asset Management in 2009

B-BBee creDentIaLS




Date of accreditationNovember 2011

gIPS




Date of verificationAugust 2011

Expiry date of verificationAugust 2012

InveStMent ManDateS

What are your total Assets Under Management?R41.4 Billion as at end of November 2011

Please detail the mandates you currently manage and the size of each of these mandates.Absolute Return: R4.259 BillionBalanced: R2.339 BillionEquity: R19.01 BillionFixed Interest: R9.106 BillionMoney Market: R6.415 BillionHedge Funds: R130.666 MillionOther: R161.015 Million


Francois van WykCIO - Head of Multi-Asset Class Funds BScAgric(Hons), MBA15 years industry experience6 years with Cadiz

Kurt BennHead of EquityBBusSc, BEcon(Hons), CFA16 years industry experience5 years with Cadiz

Francois FinlayHead of Protected InvestmentsBBusSc, BCom(Hons) Accounting, HDipTax, Certificate in the Mathematical Modelling of Derivatives, CA(SA), CFA14 years industry experience10 years with Cadiz

Jonathan MyersonHead of Fixed InterestMSocSci(Econ)16 years industry experience5 years with Cadiz

Allan AllisonHead of Dealing: Equities and BondsBCom(Hons, FAPM)20 years industry experience7 years with Cadiz

Heather JacksonHead of SRIBA(Hons), CFA20 years industry experience10 years with Cadiz

85

cOMPany DetaILS



Faxnumber:+27 11 463 3143


Address:First Floor, Building B, Bryanston Corner, 18 Ealing Crescent, Bryanston, 2194, South AfricaPO Box 70997, Bryanston, 2021, South Africa

ComplianceOfficerName:Craig Simpkins+27 31 566 6633

BuSIneSS PhILOSOPhy

Cannon Asset Managers is an owner-managed asset management firm, that manages assets across all of the major asset classes domestically and globally. We manage assets on behalf of private client, retail and institutional clients, in segregated portfolios and in our unit trust funds. Our business philosophy is that we will only manage assets with our well-established deep value investment process, regardless of client type. At all times, we couple superior investment processes with industry-leading risk, administrative and compliance protocols, and always act in the best interests of clients.

cannOn aSSet ManagerS (Pty) LtD

www.cannonassets.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Craig Simpkins

Please provide the link to the complaints policy on your [email protected]

OWnerShIP

What is the ownership structure of the company? 69% owned by Hollard Life Assurance Limited, 31% owned by executive directors

Who are the directors of the company?Geoff Blount (CEO), Adrian Saville (CIO), Craig Simpkins (COO), Ash Desai (non-exec), Scott Gilmour (non-exec)

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.31% of the ownership of the company is held by executive directors, who are listed above. Staff do not participate in ownership, they participate in profit share on invitation.

hIStOry


List of mergers that have taken place since being established.Although there have been shareholding changes over time, there have been no mergers.

B-BBee creDentIaLS


What is your B-BBEE statusLevel 2



gIPS






InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Cannon All Equities ALSI Portfolio: R310 MillionCannon All Equities SWIX Portfolio: R825 MillionCannon All Equities CAPI Porfolio: R170 MillionCannon Multi-Asset(CPI+5%) Portfolio: R32 Million


Dr Adrian Saville - Chief Investment OfficerBA(Hons) Cum Laude, MCom(Cum Laude), PhD17 years industry experience13 years with Cannon

Andrew Dittberner - Senior Investment ManagerBEconSci(Hons), MCom5 years industry experience5 years with Cannon

Tshepo Modiba - Senior Investment ManagerBSc(Hons)5 years industry experience2 years with Cannon

86

cOMPany DetaILS



Faxnumber:+27 11 263 0747


Address:Bldg. 1, Inanda Greens, 54 Wierda Rd. West, Wierda ValleyPO Box 786055 Sandton 2146

ComplianceOfficerName:Andre Vorster+27 11 505 6151

BuSIneSS PhILOSOPhy

Caveo believes that:

Well constructed FoHF’s produce efficient and superb risk adjusted returns to other asset classes;

The inclusion of a fund of hedge funds within a portfolio will add diversification to that portfolio and improve the investor’s risk adjusted return;

Skilled investment managers deliver absolute returns in isolation of the market environment

Creating successful portfolios relies on an in depth qualitative manager due diligence process backed by a sound quantitative framework;

Diversification by manager style is essential in order to achieve the investment objectives in a variety of market conditions;

Ultimately, however, manager selection is the prime source of absolute returns;

Information disclosure by managers has a direct effect on the quality of ongoing risk assessment and proactive risk management that a fund of hedge fund manager can carry out

caveO FunD SOLutIOnS (Pty) LtD

www.caveo.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Andre Vorster


OWnerShIP

What is the ownership structure of the company? 50.01% Investment Solutions; 49.99% Peregrine Holdings

Who are the directors of the company?Byron Green, Derrick Msibi, Steven Price, Jan van Niekerk, Robert Katz


hIStOry



B-BBee creDentIaLS





gIPS






InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Stable: R627 MillionModerate: R1.837 BillionPerformance: R879 MillionSegregated Account: R130 MillionFocus: R1 Million


Gyongyi KingChief Investment OfficerCFA, BSc(Hons)15 years industry experience3 years with Caveo

87

cOMPany DetaILS



Faxnumber:+27 21 680 2100


Address:7th Floor MontClare Place, Cnr Campground and Main Roads, Claremont, Cape Town, South Africa, 7708PO Box 44684, Claremont 7735

ComplianceOfficerName:Leeza Myburgh+27 21 680 2409

BuSIneSS PhILOSOPhy

A single business philosophy of long-term investment

cOrOnatIOn aSSet ManageMent (Pty) LtD

www.coronation.com

FaIS reQuIreMentS

Who is your FAIS complaints officer?Leeza Myburgh


OWnerShIP

What is the ownership structure of the company? Coronation Asset Management Limited is listed on the JSE

Who are the directors of the company?Anton Pillay, Jock McKenzie, Alexandra Watson, Hugo Nelson, Judith February, Shams Pather

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Yes, 29% of the business is staff owned

hIStOry



B-BBee creDentIaLS


What is your B-BBEE statusLevel 3



gIPS





Expiry date of verificationCurrently being audited for a new verification term

InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Specialist equity: R87.940 Billion Global Balanced: R45.703 Billion Domestic Balanced: R14.303 BillionDomestic Absolute: R16.734 BillionGlobal Absolute: R16.951 BillionFixed interest: R10.955 BillionInternational: R6.328 BillionCash: R2.316 BillionHedge funds: R1.284 BillionProperty: R729. 627 MillionUnit trust: R70.349 Billion


Karl LeinbergerChief Investment OfficerBBusSci, PGDA, CFA, CA(SA)14 years industry experience11 years with Coronation

Neville ChesterSenior Portfolio ManagerBCom, PGDA, CA(SA) CFA17 years industry experience11 years with Coronation

Louis StassenSenior Portfolio ManagerBSc, BCom(Hons), CFA 22 years industry experience18 years with Coronation

Gavin JoubertSenior Portfolio ManagerBBusSc, PGDA, CA(SA), CFA 15 years industry experience12 years with Coronation

88

cOMPany DetaILS



Faxnumber:+27 11 217 1355


Address:3rd Floor, Umnotho Building, Old Mutual Square, 93 Grayston Drive, SandtonPO Box 782574, Sandton, 2196

ComplianceOfficerName:Zulfa Abdurahman+27 21 509 2570

BuSIneSS PhILOSOPhy

Efficient Local and Global Index Tracking

OLD MutuaL gLOBaL InDex tracKerS (Pty) LtD, traDIng aS DIBanISa FunD ManagerS, IS a MeMBer OF the OLD MutuaL InveStMent grOuP (SOuth aFrIca) (Pty) LtD.

www.dibanisafundmanagers.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Zulfa Abdurahman


OWnerShIP

What is the ownership structure of the company? 25.1% Stone Capital, 74.9% OMIGSA

Who are the directors of the company?Dr. D Konar, DC Radley, PG de Beyer, CE Maynard, M Patel, LL Dhlamini, Mr RT Mupita, I Kgaboesele, C Chambers, T Musikivanhu

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Yes, 25.1% through DFM with an additional (2.73% in 74.9% of OMIGSA)

hIStOry


List of mergers that have taken place since being established.2001, OMIGSA buys 33%, 2006 OMIGSA buys additional 33% (66%), OMGISA obtained an additional 8.3% in 2011

B-BBee creDentIaLS



By whom have you been accredited?AQ rate


gIPS



By whom have you been verified?PricewaterhouseCoopers

Date of verificationJune 2011

Expiry date of verificationDecember 2010

InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.South Africa- FTSE/JSE ALSI 40: R478.4 MillionSouth Africa- FTSE/JSE SWIX ALSI & 40: R31.24 BillionSouth Africa- FTSE/JSE RAFI ALSI & 40: R761 MillionSouth Africa- ALBI: R187.9 MillionSouth Africa- SRI: R36.13 MillionSouth Africa- Absolute Return: R56.65 MillionSouth Africa- Multi Asset Class: R72.56 MillionSouth Africa- Other Equity (Equally Weighted & Green): R184.76 MillionGlobal-FTSE EDHEC Emerging Market: R772.12 MillionGlobal- MSCI Emerging Market: R912.67 MillionGlobal- MSCI World: R28.74 MillionGlobal- MSCI All Country World: R108.88 MillionGlobal- MSCI Small Cap: R369.27 MillionRegional- S&P Africa Custom: R1.07 BillionGlobal- MSCI Frontiers Global: R2.15 BillionGlobal- Flexible Fund: R1.51 Billion


Tendai MusikavahnuCEOBCompt(Accounting Science), CFA17 years industry experience10 years with Dibanisa

Craig ChambersManaging Director and CIOBCom(Accounts), PDm(Business Administration), CFA, SAFEX SA Futures Exchange Exam16 years industry experience10 years with Dibanisa

Anver DollieDeputy CIOCIS(Chartered Institutes Secretaries & Administration)14 years industry experience6 years with Dibanisa

Kingsley WilliamsPortfolio Manager & Head of ResearchMBA, BSc(Hons)11 years industry experience3 years with Dibanisa

Miranda NelHead of International SalesBCom, CFA19 years industry experience2 years with Dibanisa

Zack BezuidenhoudtBusiness Development ExecutiveBSc(Financial Mathematics), CIPM6 years industry experience2 years with Dibanisa

89

cOMPany DetaILS



Faxnumber:+27 21 426 0999


Address:8th Floor, 125 Buitengracht Street, Cape Town, 8001PO Box 13, Cape Town, 8000

ComplianceOfficerName:Ian [email protected]

BuSIneSS PhILOSOPhy

Long-term value contrarian

eLeMent InveStMent ManagerS

www.elementim.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Ian Jones


OWnerShIP

What is the ownership structure of the company? Element Staff / Staff Trust: 55.5%J&J Group: 25.5%Original BEE VC Investors: 12.0%Original Family: 7.0%”

Who are the directors of the company?Dr. Anwah Nagia (Chairman), Terence Craig (CIO), Ian Jones (COO), Lulamile Xate (Independent, Non-Exec), Yunus Mohamed (Non-Exec), Jayendra Naidoo (Non-Exec), Ashleen Bredeveldt (Independent, Non-Exec)

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Yes, 55%

hIStOry



B-BBee creDentIaLS


What is your B-BBEE statusLevel 3 contributor with a score of 83.87%

By whom have you been accredited?BEEScore


gIPS



By whom have you been verified?E-Comply


Expiry date of verification31/12/2009

InveStMent ManDateS

What are your total Assets Under Management?R23 Billion at 30/11/2011

Please detail the mandates you currently manage and the size of each of these mandates.Institutional Equity: R20 BillionInstitutional Balanced: R907 MillionShari’ah: R556 MillionRetail: R1.8 Billion


Terence CraigCIO, Portfolio ManagerBusSc(Hons), CA(SA), CFA18 years industry experience11 years with Element

Matthew KreevePortfolio ManagerBCom(Hons) (McGill)17 years industry experience8 years with Element

Mohamed Shafee LoonatHead: Shariah, Portfolio ManagerBCom(Eco), BCompt & Advanced Tax(Hons), CA(SA), CFA, PGDip(Islamic Banking and Insurance)14 years industry experience6 years with Element

Johny LambridisPortfolio ManagerBEconSc, FFA14 years industry experience4 years with Element

90

cOMPany DetaILS



Faxnumber:+27 21 532 6999


Address:8 Forest Mews, Forest Drive, Pinelands, 7405PO Box 135, Howard Place, 7450

ComplianceOfficerName:Donnetta McKinley+27 21 532 [email protected]

BuSIneSS PhILOSOPhy

Our investment philosophy is to provide a professional yet personalised investment service. We aim to achieve investment returns for clients in the top quartile of all recognised performance surveys on a rolling 3-year basis. We aim for longer-term consistency, not expecting to achieve industry out-performance each year as we seek absolute investment value. We dislike losing money for clients - a true measure of risk, and avoiding capital losses forms a core tenet of our philosophy. We aim to get the big calls right, take a longer term view when investing our clients’ assets, understand the value of time, and diversify client portfolios.

FOOrD aSSet ManageMent (Pty) LtD

www.foord.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Donnetta McKinley

Please provide the link to the complaints policy on your websitehttp://www.foord.co.za/foord/content/en/complaints

OWnerShIP

What is the ownership structure of the company? The company is owned by the founder and senior staff members.

Who are the directors of the company?Dave Foord, William L Fraser, Paul E Cluer, Brian R Davey

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.The majority of the company is owned by management and staff.

hIStOry



B-BBee creDentIaLS





gIPS






InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Global Balanced: R15 BillionDomestic Balanced: R4 BillionEquity only: R11 BillionLow Equity Balanced: R5 BillionAbsolute Return: R2 BillionInternational: R7 BillionFlexible Asset Allocation: R700 MillionHedge Funds: R400 MillionBond only: R260 MillionMedical Aid Portfolio: R200 Million


Dave FoordCIO, Portfolio ManagerBCom, CA(SA)34 years industry experience30 years with Foord

Brian DaveyPortfolio ManagerBCom, CA(SA)20 years industry experience15 years with Foord

Dane SchrauwenPortfolio ManagerBA, LLB19 years industry experience2 years with Foord

Mike Townsend Head: Company ResearchBSc(Hons), BA, MBA15 years indsutry experience6 years with Foord

William FraserPortfolio ManagerBCom(Actuarial), Cert(Financial Engineering)12 years industry experience6 years with Foord

Nicholas BalkinPortfolio ManagerBCom(Hons) Finance, CFA7 years industry experience6 years with Foord

91

cOMPany DetaILS



Faxnumber:+27 21 659 5333


Address:3rd Floor, 240 Great Westerford, 240 Main Road, Rondebosch, 7800Private Bag X6, Newlands, 7725

ComplianceOfficerName:Gerald Saacks+27 21 6595447

BuSIneSS PhILOSOPhy

The Futuregrowth Fixed interest team manages the full range of fixed interest products, with specialist expertise in corporate debt and a competitive advantage in the unlisted debt space. As the largest fixed interest team in the industry, this team has developed the requisite specialist skills to extract value and manage the risk and reward that these bonds offer.

Apart from delivering enhanced returns, investing in the corporate bond market creates better diversification of portfolios and hence a better risk/return profile. Creating diversified portfolios with substantial yield enhancement allows our fund managers to take relatively small interest rate views and yield curve plays, thereby reducing volatility in producing long-term, stable outperformance.

Our team manages a variety of mandates including money market, active bond funds, passive bond funds, yield enhanced income funds and infrastructure and development funds. The SRI arm of the business supports Futuregrowth’s ethos of doing well by doing good.

Futuregrowth is dedicated to the development and empowerment of South Africa and its people, with many of our products geared towards supporting change. With this in mind the team continuously strives to identify opportunities that will not only yield optimal financial returns for stakeholders, but also make significant contributions to society.

FaIS reQuIreMentS

Who is your FAIS complaints officer?Gerald Saacks

Please provide the link to the complaints policy on your websitehttp://www.futuregrowth.co.za/page/complaints-procedure

FuturegrOWth aSSet ManageMent (Pty) LtD

www.futuregrowth.co.za

OWnerShIP

What is the ownership structure of the company? Futuregrowth is owned by Old Mutual Investment Group South Africa.

Who are the directors of the company?Paul Rackstraw Managing DirectorAndrew Canter Chief Investment Officer Diane Radley Chief Executive Officer (OMIGSA) Henk Beets External Non-Executive Director Mobasheer Patel Financial Director (OMIGSA) Kerrin Land Head of Boutique Capability Management (OMIGSA) Daisy Naidoo Independent Director

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Yes they do, 11.4%

hIStOry


List of mergers that have taken place since being established.In 2002, the company structure changed significantly when Wipcapital, the financial services subsidiary of WIPHOLD bought a 40% equity stake in Futuregrowth. 20% was transferred to an Employee Share Ownership Plan (ESOP) with the remaining 40% owned by Firstrand.In 2005 Wipcapital increased its shareholding to over 70%. In 2008 Old Mutual Investment Group (SA) (OMIGSA), a subsidiary of Old Mutual South Africa, acquired WIPHOLD’s 69% shareholding in Futuregrowth. As a result of the transaction, OMIGSA’s Fixed Income Investments boutique merged with Futuregrowth’s fixed income team under the Futuregrowth brand to create what is one of the largest fixed income asset managers in South Africa.

B-BBee creDentIaLS


What is your B-BBEE statusLevel 3 contributor for 2012 (for the year 2010)



gIPS



By whom have you been verified?E_Comply

Date of verification2008

Expiry date of verification2009 (we are awaiting sign off on 2009-2010)

InveStMent ManDateS

What are your total Assets Under Management?As of December 2011, R109.8 Billion

Please detail the mandates you currently manage and the size of each of these mandates.Fixed Income (31/12/2011) - R89.1 BillionMoney Market Funds: R26.1 MillionYield Enhanced Money Market Funds: R24.5 BillionYield Enhanced Bonds Funds: R4.9 BillionActive Bonds Funds: R21.9 BillionPassive Bonds: R1.0 BillionCPI Linked Funds: R4.4 BillionIncome Funds: R2.8 BillionEnhanced Income Funds: R3.4 BillionInterest Rate Asset Allocation: R0.1 BillionIBA of Balanced Funds (31/12/2011) - R10.9 BillionMoney Market/Inflation Linked: R8.6 BillionMoney Market/Core Bond: R2.3 BillionSRI Funds (31 December 2011) - R9.8 BillionInfrastructure & Development Bonds: R4.7 BillionCommunity Property: R4.2 BillionDevelopment Equity: R0.7 BillionAgri-Fund: R0.2 Billion


Paul Rackstraw - Managing DirectorCA(SA)21 years industry experience11 years with Futuregrowth

Andrew Canter - Chief Investment OfficerBSc, CFA20 years industry experience12 years with Futuregrowth

Wikus Furstenberg - Portfolio ManagerMCom(Economics)20 years industry experience3 years with Futuregrowth

Daphne Botha - Portfolio ManagerBcom(Hons) Diploma in Financial Markets13 years industry experience11 years with Futuregrowth

James Howard - Portfolio ManagerBCom25 years industry experience12 years with Futuregrowth

Michael Van Rensburg - Portfolio ManagerBCom21 years industry experience3 years with Futuregrowth

Ameesha Chagan - Portfolio ManagerBCom17 years industry experience3 years with Futuregrowth

Jenny Sheehy - Portfolio ManagerBSc(Hons)22 years industry experience3 years with Futuregrowth

92

cOMPany DetaILS



Faxnumber:+27 21 915 5111


Address:2nd Floor Prosano Park East, South Gate Tyger Waterfront, Charl Cronje Road, BellvillePrivate Bag X20, Tyger Valley, 7536

ComplianceOfficerName:Pankie KellermanTel: +27 21 915 5120Email: [email protected]

BuSIneSS PhILOSOPhy

Gryphon Asset Management subscribes to a core-satellite approach to funds management in order to deliver an optimal risk-return profile to investors:

The core component comprises no frills, low-cost index tracking with concise and clear mandates, lowest cost execution and no requirement to reassess the choice of asset managers.

Alternative investment strategies make up the satellite component of the approach. These funds are focused on achieving outperformance relative to predetermined absolute returns or relative benchmarks.

gryPhOn aSSet ManageMent (Pty) LtD

www.gryphon.com

FaIS reQuIreMentS

Who is your FAIS complaints officer?Pankie Kellerman

Please provide the link to the complaints policy on your websitehttp://www.gryphon.com/uploads/files/File/Section%2051%20Gryphon%20Asset%20Management.pdf

OWnerShIP

What is the ownership structure of the company? 100% Management

Who are the directors of the company?A Du Plessis and MJ Kellerman


hIStOry



B-BBee creDentIaLS





gIPS






InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Dividend Income: R2.413 Billion Money Market: R1.676 Billion Equity: 32 Million Hedge Funds: R48 Million


Abri Du PlessisCEOMCom21 years industry experience13 years with Gryphon

Reuben BeeldersCIOBCom(Hons), CA(SA), CFA15 years industry experience11 years with Gryphon

Sunette SwartPortfolio ManagerBCompt(Hons)7 years industry experience7 years with Gryphon

Cassie TreurnichtBCom(Hons)5 years industry experience1 year with Gryphon

93

cOMPany DetaILS



Faxnumber:+27 21 416 2001


Address:36 Hans Strijdom Avenue, Cape Town, 8001PO Box 1655, Cape Town, 8001

ComplianceOfficerName:Elsabé de Vries, Head of SA Compliance+27 21 416 1785

BuSIneSS PhILOSOPhy

Investec Asset Management does not have an over-arching house style instead choosing to allow the heads of our small specialist investment teams the freedom to operate according to their investment beliefs, with complete discretion over their own teams.

This has been our approach since the inception of the firm; we believe it is better to be diversified in philosophy and style across the business. This philosophy has not changed over time, and we believe this approach is much more successful long term.

InveStec aSSet ManageMent (Pty) LtD

www.investecassetmanagement.com

FaIS reQuIreMentS

Who is your FAIS complaints officer?Clifford Clibborn-Dyer

Please provide the link to the complaints policy on your websitehttp://www.investecassetmanagement.com/south-africa/footer-menu/complaints/

OWnerShIP

What is the ownership structure of the company? 100% owned entity of Investec Ltd

Who are the directors of the company?Hendrik du Toit (Executive)John Green (Executive)Thabo Khojane (Executive)André Roux (Executive)Cunningham Ngcukana (Executive)John McNab (Executive)Kim McFarland (Executive)

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Employee’s holdings of Investec shares represent approximately 15% of the company’s total shares (at 31/03/2011)

hIStOry


List of mergers that have taken place since being established.Guinness Flight - 1998Alliance Capital - 2006

B-BBee creDentIaLS


What is your B-BBEE statusLevel 4 Contributor

By whom have you been accredited?Emperdex


gIPS


Are you GIPS verified?Yes (for period 01/01/00 to 31/12/10)




InveStMent ManDateS

What are your total Assets Under Management?R665 Billion at 30/09/2011

Please detail the mandates you currently manage and the size of each of these mandates.At 30/09/2011 we managed 1,036 mandates on behalf of Southern Africa institutional


Hendrik du ToitChief Executive OfficerMCom(Econ & Int Fin) Cum Laude, MPhil(Econ & Politics of Dev), BCom(Hons) Economics Cum Laude, BCom(Law)23 years industry experience20 years with Investec

Thabo KhojaneManaging Director, AfricaBA(Hons) Economics, BSc(Eng)13 years industry experience13 years with Investec

John McNabCo-Chief Investment OfficerMEng(Industrial) Cum Laude, CFA16 years industry experience16 years with Investec

André RouxCo-Head of Fixed IncomeMPhil(Economics), MSc(Maths), BSc(Hons) Maths, BSocSc(Maths, Sociology)12 years industry experience12 years with Investec

94

cOMPany DetaILS



Faxnumber:+27 11 263 1001


Address:Building 1, Inanda Greens Office Park, 54 Wierda Road West, Wierda Valley, 2196 PO Box, 786055, Sandton, 2146, RSA

ComplianceOfficerName:Andre [email protected]+27 11 505 6151

BuSIneSS PhILOSOPhy

Multi-Manager

InveStMent SOLutIOnS LIMIteD

www.investmentsolutions.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Andre Vorster

Please provide the link to the complaints policy on your websitehttp://sa.investmentsolutions.co.za/Risk-Compliance/Legislation

OWnerShIP

What is the ownership structure of the company? 100% owned by AF equity Holdings

Who are the directors of the company?EC Kieswetter, DV Viljoen (alternate) Managing Director - DTV Msibi Directors - D Konar, M Msimang, N Nyawo, B Petersen, MC Ramaphosa, Company Secretary - JE Salvado

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Yes - at the AF Equity holdings level through a management share trust

hIStOry


List of mergers that have taken place since being established.Superflex - 1999

B-BBee creDentIaLS




Date of accreditation2011

gIPS





Expiry date of verification

N/A

InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.N/A - pooled multi managed funds


Glenn SilvermanCIOBCom, BAcc, CA(SA), CFA 19 years industry experience13 years with IS

Nina SaadHead of Portfolio ManagementBSc, CFA13 years industry experience3 years with IS

Ann LeepileHead of Manager ResearchBCom, CFA 10 years industry experience1.5 years with IS

Brink VermaakHead of Market & Economic ResearchMCom6.5 years industry experience3.5 years with IS

Chris HartChief StrategistHDipED, BCom10 years industry experience4.5 years with IS

95

cOMPany DetaILS



Faxnumber:+27 11 325 2047


Address:28 Bompas Road, Dunkeld West, 2196PO BOX 31250, Braamfontein, 2017.

ComplianceOfficerName:Joseph Makamba Busha+27 11 325 2027

BuSIneSS PhILOSOPhy

Honesty, transparency, client needs prioritisation and product (service) relevance and value creates a winning and mutually beneficial, sustainable, partnership-based business relationship. Nothing else does other than these aspects.

JM BuSha InveStMent grOuP (Pty) LtD

www.jmbusha.com

FaIS reQuIreMentS

Who is your FAIS complaints officer?Joseph Makamba Busha

Please provide the link to the complaints policy on your websitewww.jmbusha.com

OWnerShIP

What is the ownership structure of the company? Employee Owned

Who are the directors of the company?Joseph Busha, McLean Sibanda, Thokozani W. Magwaza

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.SIP (30%), JMBIG(50%), SEP(20%)

hIStOry



B-BBee creDentIaLS


What is your B-BBEE statusLevel 4 contributor (1/03/2010 - 28/02/2011)

By whom have you been accredited?BEE Rating Solutions (Pty) Ltd

Date of accreditationIn progress

gIPS






InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Institutional: R2.914 BillionRetail (unit trust): R50.6 Million


Joseph M BushaCIOBSc, BSc(Hons), MSc, MPhil19 years industry experience12 years with JM BUSHA - Capital BUSHA

Limakatso LehoboEconomic ResearchBA, BCom, MCom5 years industry experience4 years with JM BUSHA - Capital BUSHA

Mageshine ReddyInvestment ResearchBSc(Act Sci)9 years industry experience2 years with JM BUSHA - Capital BUSHA

Patrick SerereInvestment ResearchBCom10 years industry experience0.5 years with JM BUSHA - Capital BUSHA

96

cOMPany DetaILS



Faxnumber:+27 86 675 8501


Address:Fifth floor, MontClare Place, Cnr Main & Campground Roads, Claremont, 7708.P O Box 1016, Cape Town, 8000.

ComplianceOfficerName:Tracy-Lee Scott+27 21 673 6303 [email protected]

BuSIneSS PhILOSOPhy

Opportunities arise when market prices deviate from intrinsic value

All investments represent a set of future cashflows, which can be valued with reasonable accuracy. The progression of this intrinsic value is fairly stable through time. Investment market prices, however, vary considerably over time – most often due to self-reinforcing cycles of enthusiasm or negativity.

The patient, skilled investor will benefit from buying investments at prices well below intrinsic value and holding them until they can be sold at above intrinsic value.

The future is never certain.

There is considerable danger in operating with the comfort of a false sense of certainty and the accompanying behavioural reinforcement cycles that lead to a distorted evaluation of new information.

Recognition that one’s view may be incorrect, and that one cannot know all the facts, drives one to think more deeply, to work harder and to be more alert. The future should be viewed in terms of probabilities, alternative scenarios should be explored, risk should be diversified and hedged and potential asymmetries should be sought.

KagISO aSSet ManageMent

www.kagisoam.com

FaIS reQuIreMentS

Who is your FAIS complaints officer?Tracy-Lee Scott


OWnerShIP

What is the ownership structure of the company? Kagiso Tiso Holdings (previously Kagiso Trust Investments prior to the merger with Tiso Group on 01/07/2011) owns 50.1% of the company and management and staff own the remaining 49.9%.

Who are the directors of the company?Roland Greaver, Gavin Wood, Frencel Gillion, Bryan Hopkins

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.49.9% owned by management and staff

hIStOry

When was the company established?December 2001


B-BBee creDentIaLS



By whom have you been accredited?NERA

Date of accreditation14/09/2010 (We are in the process of obtaining an up to date certificate)

gIPS




Date of verification2008

Expiry date of verification31/12/2008 (we are in the process of obtaining an up to date certificate which should be available early in 2012)

InveStMent ManDateS

What are your total Assets Under Management?R33.955 Billion as at 30/11/2011

Please detail the mandates you currently manage and the size of each of these mandates.Managed equity: R16.373 BillionCore equity: R16.747 BillionBalanced: R519 MillionOther: R316 Million


Gavin Wood CIOBBusSc, FFA, CFA15 years industry experience10 years with Kagiso

Abdul DavidsHead of ResearchBCom, CFA13 years industry experience4 years with Kagiso

97

cOMPany DetaILS



Faxnumber:+27 21 433 0675


Address:6th Floor, The Equinox, cnr Milton & Main Roads, Sea Point, 8005P O Box 8275, Roggebaai, 8012

ComplianceOfficerName:Brandon Furstenburg (Int)/Richard Rautte (Ext)+27 83 400 2946/ +27 82 775 0730

BuSIneSS PhILOSOPhy

Pragmatic investing.

FaIS reQuIreMentS

Who is your FAIS complaints officer?Brandon Furstenburg

Please provide the link to the complaints policy on your websiteNot currently available on website, but available on request

OWnerShIP

What is the ownership structure of the company? Wholly owned subsidiary of Mergence Africa Holdings (Pty) Ltd.

Who are the directors of the company?Masimo Magerman, Fabian de Beer, Bongani Jack

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.A share incentive scheme allows for up to 30% if the company’s economic interest to be allocated to staff

hIStOry



Mergence InveStMent ManagerS

www.mergence.co.za

B-BBee creDentIaLS


What is your B-BBEE statusAAA, level 1



gIPS



By whom have you been verified?PWC



InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Absolute Mandates (CPI +3%, +4% and +5%): R4.886 Billion Long-only Equity Mandates (SWIX & CAPI): R2.521 Billion SRI Mandates: R98 Million.


Bradley PrestonHead: Quantitative Analysis & Portfolio ManagerBSc(Hons), MSc(Financial Mathematics)6 years industry experience6 years with Mergence

Brandon FurstenburgChief Operating OfficerBCom(Hons), MCom, MSc(Finance)12 years industry experience1 year with Mergence

Chitongwa SiameEquity AnalystBSc(Hons), ACCA4 years industry experience9 months with Mergence

Dirk SteynRisk ManagerBSc, BEng, MSc(Financial Mathematics)6 years industry experience4 years with Mergence

Fabian de BeerChief Investment OfficerBCom, H.Dip.Ed24 years industry experience5 years with Mergence

Masimo MagermanManaging Director & Portfolio ManagerBMSc(Fin), MBA(Fin)16 years industry experience6 years with Mergence

Zwelakhe MnguniHead: Equities & Portfolio ManagerBCom(Hons)UCT, MCom(Finance)12 years industry experience1 year with Mergence

Mark van WykPortfolio ManagerBCom(Hons), CA(SA)11 years industry experience1 year with Mergence

98

cOMPany DetaILS



Faxnumber:+27 11 505 1440


Address:7 Merchant Place, 9 Fredman Drive, Sandton, 2196Private Bag 9959, Sandton, 2146

ComplianceOfficerName:Carmen MalcolmTel +27 11 505 1449 Fax +27 86 573 7449 Email: [email protected]

BuSIneSS PhILOSOPhy

Momentum Asset Management aims to be the asset manager of choice for both clients and employees. To create value for all stakeholders by ensuring the optimal allocation and stewardship of funds, so contributing to a sustainable economy that delivers improving standards of living to the broader society.

To deliver exceptional service to our clients in consistently meeting their investment objectives by leveraging our talented and cohesive team, our innovative and disciplined processes and our best-in-class systems.

FaIS reQuIreMentS

Who is your FAIS complaints officer?Carmen Malcolm

Please provide the link to the complaints policy on your websitehttp://www.momentuminv.co.za/Libraries/Legal_Documents/Complaints_Resolution_Policy_and_Procedure_-_22_June_2011.sflb.ashx

OWnerShIP

What is the ownership structure of the company? N/A

Who are the directors of the company?SC Mabuza, M Mthombeni, FW van Zyl

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Ownership structures are through MMI Shareholding

MOMentuM aSSet ManageMent (Pty) LtD

www.momentuminv.co.za

hIStOry

When was the company established?Momentum Asset Management was formed on 01/09/2011. It is a wholly owned subsidiary of Momentum which is a wholly owned subsidiary of one South Africa’s largest financial services group, MMI. The company, which is an integration of two asset management companies, namely RMB Asset Management and Metropolitan Asset Management was formed as a result of a merger between Momentum and Metropolitan. The merged entity, MMI Holdings was listed on the 01/12/2010.

List of mergers that have taken place since being established.Please refer to above.

B-BBee creDentIaLS

Are you B-BBEE accredited?As a result of the merger, we are still in the process of finalizing teams and processes and therefore do not yet have the new entity’s BBBEE accreditation. Accreditation is expected in April 2012.

What is your B-BBEE statusPlease refer to above.

By whom have you been accredited?Please refer to above.

Date of accreditationPlease refer to above.

gIPS

Are you GIPS compliant?Our firm (as described by GIPS) has just gone through a merger and GIPS verification for the new entity is in the process of being confirmed. RMB Asset Management is GIPS Compliant.

Are you GIPS verified?Our firm (as described by GIPS) has just gone through a merger and GIPS verification for the new entity is in the process of being confirmed. RMB Asset Management had been independently verified for the periods June 1999 to June 2010.

By whom have you been verified?Please refer to above.

Date of verificationPlease refer to above.

Expiry date of verificationPlease refer to above.

InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Absolute Return: R2.747 BillionBalanced: R97.894 BillionBonds: R20.134 BillionCash: R38.845 BillionEquity: R8.354 BillionProperty: R815.639 MillionOther: R16.450 Billion


Jonathan StewartCIOBCom(Hons), MCom, CFA15 years industry experience9 years with Momentum Asset Management

Waynne McCurrieHead: Portfolio ManagersBAcc(Hons), CA(SA)24 years industry experience4 years with Momentum Asset Management

Leon MichaelidesHead: Equity ResearchBcom(Hons), CA(SA)12 years industry experience2 years with Momentum Asset Management

Gordon SmithHead of StrategyBSocSci(Hons) Economics21 years industry experience3 years with Momentum Asset Management

Lynn can CollerHead:Portfolio ConstructionMSc, PhD15 years industry experience4 years with Momentum Asset Management

Conrad WoodHead: Fixed InterestBCom(Economics), CFA17 years industry experience17 years with Momentum Asset Management

99

cOMPany DetaILS



Faxnumber:+27 86 573 7384


Address:2nd floor, 6 Merchant Place, Cnr Fredman Drive and Bute Avenue, SandtonPO Box 330, Gallo Manor, 2052

ComplianceOfficerName:Samantha [email protected]

BuSIneSS PhILOSOPhy

Momentum Manager of Manager’s vision is to partner with consultants, advisers and trustees in delivering a flexible and scalable investment platform, creating custom and pre-packaged investment savings and market-linked liability-management solutions for the needs of corporate, wholesale retail and institutional investors, primarily in South Africa, and other select African countries.

The company aspires to create solutions for clients based on their particular needs. Most investors have unique requirements and therefore a black-box solution is not always appropriate. Momentum Manager of Managers strives to offer the required flexibility, expertise, transparency, service and performance to meet those requirements.

FaIS reQuIreMentS

Who is your FAIS complaints officer?Samantha Padayachee


OWnerShIP

What is the ownership structure of the company? Momentum Manager of Managers is 100% owned by Momentum Investments, a wholly-owned subsidiary of the MMI Group

Who are the directors of the company?Leon Greyling, Sonja Saunderson, Neelan Pillay, Morris Mthombeni (Non-executive), Heidi Kerwan

MOMentuM Manager OF ManagerS (Pty) LtD

www.momentum.co.za


hIStOry

When was the company established?January 2005

List of mergers that have taken place since being established.Momentum International Multi-managers and m Cubed Holdings (2005)

B-BBee creDentIaLS

Are you B-BBEE accredited?Yes. Please note that the accreditation details listed below are for FirstRand Limited. At the time of accreditation, Momentum Manager of Managers (previously known as Advantage Asset Managers) was included in the accreditation as it was part of Momentum Group Limited, which itself was part of FirstRand Limited. Subsequent to this, Momentum Group Limited unbundled from FirstRand Limited and merged with Metropolitan Holdings Limited to form MMI Holdings Limited. MMI Holdings Limited is currently engaged in a process to obtain B-BBEE accreditation.


By whom have you been accredited?SizweNtsaluba VSP


gIPS






InveStMent ManDateS

What are your total Assets Under Management?R40.3 Billion (30/06/2011)

Please detail the mandates you currently manage and the size of each of these mandates.Balanced: R3.6 BillionSpecialist: R30.3 BillionAbsolute Return: R255 MillionOther: R6.1 Billion


Sonja SaundersonCIOBSc, Bcom(Hons), MCom11 years industry experience11 years with Momentum Manager of Managers

Bredan HowieDeputy CIOBSc(Hons), CFA, CIPM12 years industry experience1 year with Momentum Manager of Managers

Jako de JagerHead: Portfolio ManagementBCom(Hons)10 years industry experience10 years with Momentum Manager of Managers

Melissa BredaHead: Portfolio ConstructionBSc(Hons)9 years industry experience9 years with Momentum Manager of Managers

Wynford HeynesHead: ImplementationBSc(Hons), MSc(Cum Laude)15 years industry experience1 year with Momentum Manager of Managers

Jean BadenhorstHead: Manager ResearchBCom18 years industry experience15 years with Momentum Manager of Managers

Eugene BothaHead: Quantitative ResearchBSc(Hons), MSc6 years industry experience6 years with Momentum Manager of Managers

Mike AdsettsHead:Specialised InvestmentsBSc(Hons), CFA, MBA9 years industry experience3 years with Momentum Manager of Managers

100

cOMPany DetaILS

FAISFSPRegistrationnumber:N/A


Faxnumber:+27 861 119 733


Address:2nd Floor BoE Building, Clocktower Precinct, V&A Waterfront, Cape TownPO Box 1510, Cape Town, 8000

ComplianceOfficerName:Liezel Momberg+27 21 416 6204

BuSIneSS PhILOSOPhy

We offer individual and institutional investors access to a range of South African and offshore unit trust portfolios to meet their investment needs. These portfolios are managed by a range of Best of breedTM investment managers that we actively monitor and review, so that clients don’t have to.

neDgrOuP cOLLectIve InveStMentS LtD

www.nedgroupinvestments.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?N/A

Please provide the link to the complaints policy on your websitehttp://www.nedgroupinvestments.co.za/Content/Files/Client_Complaint_procedure_2010.pdf

OWnerShIP

What is the ownership structure of the company? Wholly owned subsidiary on Nedbank Group Ltd

Who are the directors of the company?NA Andrew, CE Sevenaoks, D Macready

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.None.

hIStOry



B-BBee creDentIaLS

Are you B-BBEE accredited?No, fall under Nedbank Ltd accreditation


By whom have you been accredited?SANAS


gIPS

Are you GIPS compliant?N/A





InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.45 pooled mandates - ranging in size up to the largest being R13.5 Billion


Nic AndrewExecutive Head of Asset ManagementBCom, CA(SA), PGDip Tax Law, CFA16 years industry experience13 years with Nedgroup

Matthew De WetHead of InvestmentsBSc, CFA, CFP13 years industry experience11 years with Nedgroup

Trevor GarvinHead of Multi-managementBCom(Hons) Economics, MCom(Finance), MBA, Dip FMI(Cum Laude), SAFEX, ACIBM, CAIA14 years industry experience8 years with Nedgroup

101

cOMPany DetaILS

FAISFSPRegistrationnumber:OCK FSP no: 796 and OAM FSP no: 603

SwitchBoard+27 21 4137860

Faxnumber:+27 21 4137900


Address:Oasis House, 96 Upper Roodebloom Road, University Estate, Cape Town, 8000PO Box 1217, Cape Town, South Africa, 8000

ComplianceOfficerName:Mr Nazeem EbrahimTel: +27 21 4137860Email: [email protected]

BuSIneSS PhILOSOPhy

Integrated business, investment & human resources philosophy;

Experienced management team, driven by long-term goals;

In-sourcing of all asset management disciplines and investment in best of breed systems;

Highly regulated operations and products;

We stick to our proven instrument selection criteria and detailed in-house research;

Our primary focus is on maintaining and growing the wealth of our clients.

OaSIS creScent caPItaL (Pty) LtD (OcK) anD OaSIS aSSet ManageMent (Pty) LtD (OaM)

www.oasiscrescent.com

FaIS reQuIreMentS

Who is your FAIS complaints officer?Mr Nazeem Ebrahim

Please provide the link to the complaints policy on your websiteEmail address available for complaints at http://www.oasis.co.za/default/content.aspx?initial=true&moveto=710. Complaints policy not on website but available on request

OWnerShIP

What is the ownership structure of the company? The underlying subsidiaries are 100% owned by Oasis Group Holdings (PTY) LTD.

Who are the directors of the company?A (Adam) Ebrahim, M S (Mohamed) Ebrahim, N I (Nazeem) Ebrahim

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Yes. Note: Over the period June 2010 to December 2010 our executive share incentive sheme which provided for senior staff to own up to 20% of the value of the company was converted to a profit sharing scheme of a similar value.

hIStOry

When was the company established?OCK est. 2002 and OAM est. 1997


B-BBee creDentIaLS



By whom have you been accredited?IQuad

Date of accreditationDecember 2011

gIPS



By whom have you been verified?SAB&T


Expiry date of verificationAnnual Review

InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.AUM (R) Summary as at 20/12/2011Segregated Equity: R11.282 BillionSegregated Balanced: R1.772 BillionPooled: R1.657 BillionCIS: R13.222 BillionOther: R2.214 Billion


Adam EbrahimCIOCA(SA), CFA23 years industry experience14 years with Oasis

Michael SwinglerSenior AnalystCA(SA), CFA17 years industry experience14 years with Oasis

Hassan MotalaSenior AnalystCA(SA), CFA13 years industry experience10 years with Oasis

102

cOMPany DetaILS



Faxnumber:+27 21 509 4663


Address:West Campus, Entrance 1, Mutualpark, Jan Smuts Drive, Pinelands, 7405P.O.Box 878, Cape Town, 8000

ComplianceOfficerName:Zulfa Abdurahman +27 21 509 2570

BuSIneSS PhILOSOPhy

We believe that by combining independent boutique businesses with world class research and supporting infrastructure, we have a combination that will deliver consistently to clients’ objectives. We believe that performance is achieved through focus - expert professionals, focusing on their areas of specialisation. With boutique members investing alongside their clients for the long-term ensures, the fortunes of the investment professionals are strongly linked with client outcomes - both in terms of the income they receive and the wealth they accumulate. We foster a culture that encourages innovation, empowerment and accountability.

OLD MutuaL InveStMent grOuP (SOuth aFrIca) (Pty) LtD

www.omigsa.com

FaIS reQuIreMentS



OWnerShIP

What is the ownership structure of the company? 100% owned by Old Mutual South Africa

Who are the directors of the company?Dr. D Konar, DC Radley, PG de Beyer, KD Dlamini, CE Maynard, M Patel, LL Dhlamini, RT Mupita, I Kgaboesele

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Staff can take up to 20% ownership

hIStOry


List of mergers that have taken place since being established.In December 2006, OMIGSA bought a controlling stake in Dibanisa Fund Managers. In February 2008, OMIGSA acquired a controlling stake in Futuregrowth Asset Managment and OMIGSA’s Fixed Interest Team merged with Futuregrowth.

B-BBee creDentIaLS



By whom have you been accredited?AQ rate


gIPS




Date of verificationJune 2011


InveStMent ManDateS

What are your total Assets Under Management?R445.683 Billion at 30/09/2011

Please detail the mandates you currently manage and the size of each of these mandates.Absolute Return: R18.257 BillionAlternative: R29.955 BillionGeneral Equity: R140.533 BillionSector Equity: R5.506 BillionBonds: R91.192 BillionIncome Focus: R13.167 BillionShort Term IBA: R51.759 BillionBalanced: R65.236 BillionProperty: R30.074 Billion

103


Tom ConnellHead of Absolute Return InvestmentsCA24 years industry experience16 years with OMIGSA

Paul BoyntonExecutive Director: Head of Alternative InvestmentsBCom, BSc(Hons), MBA, CA(SA)22 years industry experience16 years with OMIGSA

Peter LinleyBoutique Head: Toros Equity BoutiqueBCompt(Accounting Science), CFA17 years industry experience10 years with OMIGSA

Andrew CanterCIO and Head of Fixed InterestBSc(Fin), CFA22 years industry experience12 years with OMIGSA

Tanja TippettBoutique Head: LDIMSc(Applied Maths), CFA13 years industry experience11 years with OMIGSA

Godwin SepengBoutique Head: Long Term Equity InvestmentsBSc, CFA18 years industry experience14 years with OMIGSA

Peter BrookeHead: Macro Strategy InvestmentsBBusSc(Hons) Finance16 years industry experience6 years with OMIGSA

Peter LevettHead of PropertyMCom, CA, MBA22 years industry experience14 years with OMIGSA

Bradley KalilManaging Director OMSFINBBSc, CA(SA), CFA17 years industry experience15 years with OMIGSA

Grant WatsonJoint Boutique Head: Quantitative InvestmentsBCom, MCom, MBA, SAIS, CMMD18 years industry experience8 years with OMIGSA

Saliegh SalaamJoint Boutique Head: Quantitative InvestmentsBCom, CFA18 years industry experience8 years with OMIGSA

Richard HassonELECTUS Senior Portfolio ManagerBCom, CA(SA), CFA14 years industry experience14 years with OMIGSA

Neil BrownELECTUS Senior Porfolio ManagerNatDip(Co. Admin), MBA20 years industry experience7 years with OMIGSA

Michael SchroderHead of Value Equity Investments BoutiqueMSc, MBA21 years industry experience21 years with OMIGSA

Brian PyleHead: Equity ResearchBCom, CA(SA), CFA13 years industry experience13 years with OMIGSA


continued

104

cOMPany DetaILS



Faxnumber:+27 11 463 0299


Address:6 Blackpool Road, Bryanston, 2021Private Bag X9962, Sandton, 2146

ComplianceOfficerName:Independent Compliance Services - Debbi Wahl+27 21 975 6597

BuSIneSS PhILOSOPhy

PAM investment philosophy is based on the fact that markets are increasingly becoming integrated and interactive, that investment risk is as important as investment returns and that both should be managed diligently. The fundamental PAM approach to managing money stems from a clear and consistent investment methodology.

PAM, an asset management company, is driven by independent thinkers, clearly not part of the herd, with a contrarian theme based outlook on markets, while balancing the risk and return of monies invested.

Pan-aFrIcan aSSet ManageMent (Pty) LtD

www.pam-asset.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Independent Compliance Services - Debbi Wahl


OWnerShIP

What is the ownership structure of the company? FABCOS 34%; African General Equity 40%; Staff 26%

Who are the directors of the company?Executive: Helen M. Masson; Non-executive: Dr. George F. Lindeque; Reggie Naidoo; Mxolisi Zwane


hIStOry


List of mergers that have taken place since being established.Oct 2001 - Merger between Real Africa Asset Managment “RAAM” & WIPAM 2006: Name changed from Real Africa Asset Management to Pan-African Asset Management

B-BBee creDentIaLS





gIPS

Are you GIPS compliant?PAM’s performance measurement is outsourced to Maitland Fund Services (Pty) Ltd, GIPS compliant. PAM further subscribes and adheres to the CFA Institute’s Code of Conduct, which encompasses the GIPS principles.





InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Pan-African Money Market Fund: R0.4 BillionPan-African Bond Fund: R2.3 BillionPan-African Balanced Fund: R0.3 BillionStructured Product: R0.3 Billion


Helen MassonCIOMCom(Econometrics), CFA31 years industry experience16 years with Pan-African

Mike HaworthAnalystBSc, MBA27 years industry experience4 years with Pan-African

Thavanesen PadiachyCOOBCom(Hons)21 years industry experience7 years with Pan-African

Miranda ScheepersHead of AdministrationNational diploma & Financial Accounting30 years industry experience6 years with Pan-African

Marga van DeventerAnalystBSc(Hons) Quantitative Risk Management7 years industry experience3 years with Pan-African

Julian MassonTraderBCom(Hons) Financial Analysis and Portfolio Management2 years industry experience1 year with Pan-African

105

cOMPany DetaILS



Faxnumber:+27 21 700 3700


Address:Prescient House, Westlake Business Park, Otto Close,Westlake,7945PO Box31142,Tokai,7966

ComplianceOfficerName:Moneen d` Hotman de Villiers+27 21 700 3600

BuSIneSS PhILOSOPhy

Prescient is a quantitative investment manager. At Prescient, we define risk as the probability of not meeting the investment objectives if the client. To this extent, positions taken in portfolios are mathematically tested using different scenarios to determine portfolio outcome. This ensures that position taken will, on the upside, deliver on client expectation, while at the same time, in down markets, it will not breach the risk objective of the client. The core of Prescient’s investment philosophy is capital preservation and the management of downside risk.

PreScIent InveStMent ManageMent Pty LtD

www.prescient.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Moneen d` Hotman de Villiers


OWnerShIP

What is the ownership structure of the company? Founder members own 50.23%, staff 26.5% and external BEE parties 23.2%

Who are the directors of the company?Herman Steyn, Guy Toms, Carey Millerd, Eldria Fraser, Sharon Bailey

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Management and Staff- 76.8%External Partners- 23.2%

hIStOry

When was the company established?Prescient Investment Management was established on the 1st of September 1998 and is an independent quantitative investment management company specialising in the portfolio and risk management of institutional, pension, provident fund and retail assets.


B-BBee creDentIaLS


What is your B-BBEE status73.33% - Level 4 contributor

By whom have you been accredited?AQRate Verification Services


gIPS






InveStMent ManDateS

What are your total Assets Under Management?Total Asset under Management: R94.4 Billion (AUM - R86.6 Billion AUA - R 7.8 Billion) as at 30 November 2011

Please detail the mandates you currently manage and the size of each of these mandates.Cash: R24.7 BillionIncome: R8.6 BillionBond: R15.4 BillionEquity: R1.9 BillionBalanced: R34.0 BillionGlobal: R2.0 Billion


Herman SteynChairmanBBusSc27 years industry experience13 years with Prescient

Eldria FraserCEOBCom(Hons), CFA18 years industry experience6 years with Prescient

Guy TomsCIOBBusSc26 years industry experience13 years with Prescient

Sharon BaileyExecutive Director- Head of Business Development and Marketing21 years industry experience9 years with Prescient

106

cOMPany DetaILS



Faxnumber:+27 86 614 7173


Address:15 Springbok Close, Pinelands, 7405

ComplianceOfficerName:Enrique Goosen+27 21 975 6468

BuSIneSS PhILOSOPhy

Prowess’ vision is to continue building a business based on expertise, agile structure while focused on customised client-centric solutions and service. Prowess’ philosophy is that focused and specialized attention to core business areas, which is investment management, is crucial in adding investment value to client portfolios. In this vein, Prowess aims to outsource all non core functions and focus on Investment Management and in-source other necessary expertise as the business requires e.g. branding and marketing, risk management, etc.

PrOWeSS InveStMent ManagerS (Pty) LtD

www.prowessinvestments.com

FaIS reQuIreMentS

Who is your FAIS complaints officer?Enrique Goosen


OWnerShIP

What is the ownership structure of the company? 100% held by Kelebogile Moloko

Who are the directors of the company?Kelebogile Moloko and Janine De Bryun

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.100% held by Kelebogile Moloko with plans of establishing an employee share ownership scheme in due course

hIStOry

When was the company established?December 2008


B-BBee creDentIaLS


What is your B-BBEE statusLevel 3 as an exempt micro enterprise

By whom have you been accredited?Rated by Codex Rating


gIPS

Are you GIPS compliant?Not yet

Are you GIPS verified?Not yet




InveStMent ManDateS

What are your total Assets Under Management?R193 Million

Please detail the mandates you currently manage and the size of each of these mandates.3 Mandates. R63 Million, R55 Million, R75 Million


Kelebogile MolokoCIO/CEOBCom(Hons) Portfolio Management and Financial Analysis, Diploma(Advanced Leadership)11 years industry experience3 years with Prowess

107

cOMPany DetaILS



Faxnumber:+27 21 683 7156


Address:7th Floor, Protea Place, 40 Dreyer Street, Claremont, 7708PO Box 44813, Claremont, 7735

ComplianceOfficerName:Kerry Horseley (Head of Risk and Compliance)[email protected]

BuSIneSS PhILOSOPhy

Our philosophy is based on the belief that market prices are broadly efficient over the long term, but can be very inefficient over shorter periods. Therefore, at any point in time, market prices may not reflect fundamental values, either of individual stocks or of entire markets. Prices do not stay at unrealistic levels indefinitely; sooner or later they reflect fundamental economic factors. This convergence of market prices to reflect fundamental values provides the opportunity for active, long-term investors to earn excess returns.

FaIS reQuIreMentS

Who is your FAIS complaints officer?Kerry Horseley

Please provide the link to the complaints policy on your websitehttp://www.prudential.co.za/?pid=57

OWnerShIP

What is the ownership structure of the company? 75% owned by M&G Investments Limited, 10% owned by staff, and 15% owned by Thesele Group

Who are the directors of the company?Directors: Graham Mason - Chairman, Bernard Fick - Chief Executive Officer, John Kinsley - Managing Director: Prudential Unit Trusts, Winston Africa - Financial Director, Marc Beckenstrater - Chief Investment Officer, Doc Sethole - Director of Institutional Business Development, Thabo Leeuw , Sibusiso Mthembo, David Knee - Head of Fixed Income, Ziyaad Bassadien - Risk and Compliance Manager

PruDentIaL POrtFOLIO ManagerS (SOuth aFrIca) (Pty) LtD

www.prudential.co.za

Thabo Leeuw and Sibusiso Mthembu serve on the Board of Thesele, the BEE shareholder of Prudential SA.

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.We are in the process of agreeing a new shareholding structure which aims to better align the various ownership interests in our business.A key part of this new arrangement will be the establishment of the Prudential Staff Investment Company (“NewCo”) which will hold shares in Prudential.

All Prudential staff will become shareholders of the Staff Investment Company, via a Staff Trust that will act as nominee and consolidate voting rights. Note that staff will hold restricted shares in the Investment Company, which entitles them to dividends from their shareholding whilst they remain in service. It is intended that shares will be sold / issued to existing / new employees for nominal subscription value, and repurchased for the same value on termination of service.

hIStOry

When was the company established?Prudential Plc was Founded in 1848. The Cape Town Office opened in 1994.


B-BBee creDentIaLS


What is your B-BBEE statusDTI rating of level 5

By whom have you been accredited?AQRate Verification Services


gIPS



By whom have you been verified?KMPG


Expiry date of verification 31/12/2011

InveStMent ManDateS

What are your total Assets Under Management?R102.2 Billion as at 31/12/2011.

Please detail the mandates you currently manage and the size of each of these mandates.Specialist Fixed Interest: R26.9 BillionSpecialist Listed Property: R2.3 BillionSpecialist Equities: R31.1 BillionMulti Asset Class: R30.4 BillionSpecialist Tactical Asset Allocation: R8.7 BillionSpecialist International: R2.8 Billion


Marc BeckenstraterChief Investment OfficerBSc(Eng), MBA17 years industry experience12 years with Prudential

Gary QuinnHead of EquitiesBSc(Eng), MBA17 years industry experience12 years with Prudential

David KneeHead of Fixed IncomeBSc(Eco), MSc(Eco), ASIP20 years industry experience14 years with Prudential

Michael MoyleHead of Real ReturnBSc(Eng), MSc, MBA, CFA15 years industry experience5 years with Prudential

108

cOMPany DetaILS



Faxnumber:+27 21 674 1085


Address:7th Floor, Claremont Central, 8 Vineyard Road, Claremont, Cape Town, 7700P O Box 45040, Claremont, Cape Town, 7735

ComplianceOfficerName:Guy Simpson+27 21 657 3441

BuSIneSS PhILOSOPhy

Our investment philosophy explains what we aim to do for our clients. We aim to buy cheap assets that are of good quality.Importantly, we distinguish between price and value. •Valueiswhatwecalculateanassettobeworth.•Priceiswhatthemarketispreparedtopayforit.Sometimes they are the same, often they are not. When price is substantially below value, we get interested. When a low price is associated with a good quality asset, we are even more interested. By quality we mean the ability of a company to withstand competitive pressures; as well as its ability to increase its intrinsic value over time.These attributes of a good investment - quality and cheapness - help us reduce the chances of our clients suffering a permanent loss of capital. A cheap asset has a large margin of safety to cater for our analysis being wrong, and a good quality business can grow its way out of trouble over time. We devote a significant amount of our research and debate to understanding the business models of the companies we invest in. We believe in investing in quality companies for long periods of time if we can accumulate them at a good price. We will typically sell as companies approach their fair value. Our overall approach results in low turnover because we are not trying to achieve short-term out-performance. As a result of our equity-centric and bottom-up approach, we set maximum weights for individual equities in our portfolios based on our assessment of long-term fair value, the stage in the cycle and the popularity of each stock. We have a matrix on which we base the range of weights equity can have in the portfolio.Particularly for balanced portfolios, if we cannot fill our full equity allocation in the portfolio, we populate the balance of the portfolio with fixed income investments or property.In this case our base line is the risk-free money market rate. If we think other fixed income investments offer better long-term return prospects than cash we include them in the portfolio. This whole process means that we do not asset allocate, as such. Our asset weightings derive from our bottom-up assessment of value, starting with equities and then relative to cash, on a long-term basis.

regarDIng caPItaL ManageMent (Pty) LtD

www.recm.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Tim House


OWnerShIP

What is the ownership structure of the company? Staff 44%, External Shareholders 56% of RE:CM Holdings (Pty) which owns 100% of Regarding Capital Management (Pty) Ltd and RE:CM Collective Investments (Pty) Ltd

Who are the directors of the company?Piet Viljoen (Chairman), Lonn Potgieter,Daniel Malan, Theunis de Bruyn(non executive),Werner Stals (non executive)

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Staff 44%, External Shareholders 56% of RE:CM Holdings (Pty) which owns 100% of Regarding Capital Management (Pty) Ltd and RE:CM Collective Investments (Pty) Ltd

hIStOry

When was the company established?April 2003


B-BBee creDentIaLS





gIPS



By whom have you been verified?e-Comply



InveStMent ManDateS

What are your total Assets Under Management?R17.975 Billion (as at 30/11/2011)

Please detail the mandates you currently manage and the size of each of these mandates.Institutional R12.812 Billion (Balanced: R8.183 Billion; Equity:R4.628 Billion) Retail: R5.163 Billion (As at 30/11/2011)


Piet ViljoenPortfolio ManagerBCom(Hons), CFA26 years industry experience8 years with RECM

Danie MalanPortfolio ManagerBCom(Mathematics), CFA15 industry experience8 years with RECM

Wilhelm HertzogPortfolio ManagerBCom(Law), BAcc(Hons), CA(SA), CFA6 years industry experience4 years with RECM

Thompson GanyekaPortfolio ManagerBCom(Accounting)8 years industry experience1 year with RECM

109

cOMPany DetaILS



Faxnumber:+27 21 950 2916


Address:55 Willie van Schoor Avenue, Bellville, 7530Private Bag X8, Tyger Valley, 7536

ComplianceOfficerName:Nelize Jacobs+27 21 9502690

BuSIneSS PhILOSOPhy

Our shared business philosophy has its roots in an entrepreneurial culture with its essence captured in traditional values of honesty, diligence, superior ethical behaviour, innovation, stakeholder values and strong ties with business partners. Our business model is focused on client-centricity and on being solution orientated, SIM is a developer of solutions rather than a supplier of “off the shelf products”. As such it has a dedicated Product Development Team which develops customised solutions for prospective clients.In addition, they also scan the market place for opportunities to develop new and innovative solutions for a particular market segment.

FaIS reQuIreMentS

Who is your FAIS complaints officer?Nelize Jacobs

Please provide the link to the complaints policy on your websiteWe do not have a complaints policy on our website.

OWnerShIP

What is the ownership structure of the company? We are a wholly owned subsidiary of Sanlam Limited

Who are the directors of the company?Temba Mvusi, Mbusowemvelo Mtshali, Yvonne Muthien, Bhekithemba Gamedze, Cora Fernandez, Johannes van der Merwe

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Staff and management have no ownership interest in SIM. However, SIM Unconstrained Capital Partners, a division within SIM, was set up in April 2011 in order to allow

SanLaM InveStMent ManageMent (Pty) LtD

www.sim.sanlam.com

Claude van Cuyck and Ricco Friedrich to give their undivided attention to managing the Unconstrained Equity assets. Remuneration is now more aligned to the long term objectives of the clients as the portfolio managers have equity stakes in the business.

The remuneration structure for Claude and Ricco changed effective 01/04/2011 where both have become shareholders of SIM Unconstrained Capital Partners. The newly formed company pays them a basic salary whilst quarterly dividend distributions are made to all shareholders based on their respective shareholding. Claude and Ricco have a 35% equity stake in the business, while Sanlam is the majority shareholder with the remaining 65% equity.

hIStOry



B-BBee creDentIaLS



By whom have you been accredited?AQ Rate Verification Services

Date of accreditation15/12/2011 gIPS



By whom have you been verified?PWC


Expiry date of verificationVerification for the period 01/01/2010 to 31/12/2010. Verification for 2011 year will be undertaken soon

InveStMent ManDateS

What are your total Assets Under Management?R332.398 Billion at 30/05/2011

Please detail the mandates you currently manage and the size of each of these mandates.N/A


André RouxHead: SIM NamibiaBCom(Hons) Economics22 years industry experience13 years with SIM

Erik KnoetzeHead of ImplementationBCom(Economics), BCom(Hons), MCom(Economics)26 years industry experience26 years with SIM

Frederick WhiteHead of ResearchBEng, MEng, MBA, CFA21 years industry experience9 years with SIM

Gerhard CruywagenCIO: Portfolio ManagerCFA, BSc(Pure & Applied Maths), DPhil(Mathematics), BSc (Hons) Applied Mathematics16 years industry experience3 years with SIM

Haydn FrankeissHead of Asset Liability SolutionsCA(SA), BCom, BAccountancy18 years industry experience12 years with SIM

Helena ConradieHead of SIM.SmartcoreMSc(Applied Mathematics), CFA, BSc(Hons)16 years industry experience11 years with SIM

Johan KurtzHead: Gen-XBCom(Hons) Investment Management, BCom(Economics & Bus Economics)18 years industry experience 4 years with AIM

Patrice RassouHead: Equities/ Portfolio ManagerBSc(Econ), MSc, ACA, MBA14 years industry experience5 years with SIM

Philip LiebenbergHead: Absolute ReturnMEng, PhD(Eng), CFA10 years industry experience5 years with SIM

Roy ChapmanHead: Equity ResearchBSc(Engineering), MBA16 years industry experience6 years with SIM

110

cOMPany DetaILS



Faxnumber:+27 21 950 2126


Address:1st Floor, Tygerpark V, Willie van Schoor Avenue, 7530Private Bag X 8, Tygervalley, 7536

ComplianceOfficerName:Noleen [email protected]+27 21 950 2563

BuSIneSS PhILOSOPhy

SMMI’s investment philosophy is based on the belief that if you pick a team of thought leaders to select the finest managers, combine them in ways that optimise their talents, and adopt an active approach to risk management and asset allocation, then significant alpha generation will follow.

SanLaM MuLtI Manager InternatIOnaL (Pty) LtD

www.smmi.com

FaIS reQuIreMentS

Who is your FAIS complaints officer?Carla Fouche

Please provide the link to the complaints policy on your websitehttp://www.sanlam.co.za/wps/wcm/connect/Sanlam_EN/sanlam/contact+us/compliments+and+complaints

OWnerShIP

What is the ownership structure of the company? SMMI is a 100% owned subsidiary of Sanlam and forms part of the Sanlam Investment Cluster

Who are the directors of the company?J.H.P van der Merwe and N. Naidoo

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Staff and Management do not have an interest in ownership. The company is 100% owned by outside shareholders

hIStOry

When was the company established?Sanlam Multi Manager International was established in 2002

List of mergers that have taken place since being established.There has been no mergers, only the acquisition of Coris Capital Multi-managers in 2006.

B-BBee creDentIaLS

Are you B-BBEE accredited?Yes, we fall under Sanlam’s BEE Credentials

What is your B-BBEE status

N/A



gIPS






InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.N/A; multi-managed portfolios.


Andrew RumbelowChief Investment OfficerBCom, PGDAC, CA(SA), CFA 17 years industry experience4 years with SMMI

111

cOMPany DetaILS

FAISFSPRegistrationnumber:26/10/719


Faxnumber:+27 11 448 5555


Address:17 Melrose Blvd, Melrose Arch, Johannesburg, 2196PO Box 202, Melrose Arch, 2076

ComplianceOfficerName:Bernard Pieterse+27 11 448 6399

BuSIneSS PhILOSOPhy

STANLIB provides multiple capabilities to meet the diverse and exacting needs of our clients through different market cycles. Each franchise is focused only on its area of expertise and the franchise business model helps ensure that there is alignment between the interests of clients and their managers.

StanLIB aSSet ManageMent

www.stanlib.com

FaIS reQuIreMentS

Who is your FAIS complaints officer?Barbara Egan

Please provide the link to the complaints policy on your websitewww.stanlib.com/Contactus/Pages/RateSTANLIB.aspx

OWnerShIP

What is the ownership structure of the company? STANLIB is 100% owned by Liberty

Who are the directors of the company?Thabo Dloti, Iain Bennie, Patrick Mamathuba, Martin Rabe, Stewart Rider, Charlotte Mbewu-Sanqela

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.No they do not - they do, however, have their own money invested in units of the funds that they manage

hIStOry

When was the company established?STANLIB was established in May 2002 with the merger of SCMB Asset Management and Liberty Asset Management


B-BBee creDentIaLS


What is your B-BBEE statusAs a subsidiary of Liberty we are rated a Level 2 Contributor



gIPS





Expiry date of verificationVerification currently being finalised

InveStMent ManDateS

What are your total Assets Under Management?June 2011 - R338 Billion

Please detail the mandates you currently manage and the size of each of these mandates.Balanced: R13.3 Billion Absolute Return: R9.1 Billion Equities (Value, Growth Core, Life): R61 Billion, Fixed Interest: R46.5 Billion Money Market: R66.5 Billion Property: R33.1 Billion International: R14.1 Billion and Other: R6.6 Billion


Thabo DlotiCEOBBusSc(Actuarial Science)21 years industry experience2 years with Stanlib

Stewart RiderCIOCA(SA)15 years industry experience2 years with Stanlib

Henk ViljoenHead of Fixed InterestMCom(Econ) Cum Laude27 years indsutry experience21 years with Stablib

Patrick MamathubaHead of AlternativesBCom(Hons), CFA20 years industry experience13 years with Stanlib

Andrew VintcentHead of ResearchBBusSc, CA(SA), CFA12 years industry experience2 years with Stanlib

Herman van VelzeHead of Balanced and Core EquityBEng, MBL19 years industry experience17 years with Stanlib

Keillen NdlovuHead of PropertyBCom(Hons), CAIB(SA) Treasury & Intl Banking7 years indsutry experience7 years with Stanlib

112

cOMPany DetaILS



Faxnumber:+27 21 446 4950


Address:7th Floor, The Foundry, Cardiff Street, Green Point, 8001PO Box 51591, Waterfront, 8002

ComplianceOfficerName:Ferdi Schenck+27 21 446 4954

BuSIneSS PhILOSOPhy

Providing customised multi-manager investment solutions to the institutional investment market, backed by leading edge technology solutions allowing unprecedented levels of investor oversight, reporting and risk management.

SygnIa aSSet ManageMent (Pty) LtD

www.sygnia.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Ferdi Schenck

Please provide the link to the complaints policy on your websitewww.sygnia.co.za

OWnerShIP

What is the ownership structure of the company? The company is wholly owned by its management and staff.

Who are the directors of the company?MF Wierzycka, SJB Peile, WS van der Merwe, SJ Mhkwanazi


hIStOry



B-BBee creDentIaLS

Are you B-BBEE accredited?BEE audit in progress




gIPS






InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Wide range of customised multi-manager portfolios.


Magda WierzyckaCEOBBusSc(Actuarial), PhDip(Actuarial), FFA, FASSA, CFP FIFM18 years industry experience

Niki GilesCOOBBusSc(Finance), CA(SA), CFA14 years industry experience

Simon PeileJoint Head:InvestmentsBBusSc(Actuarial), FFA, FASSA, CFP23 years industry experience

Willem van der MerweJoint Head:InvestmentsBSc(Actuarial), BCom(Honours in Financial Analysis), CFA14 years industry experience

Trevor AbromowitzHead: Institutional BusinessBSc(Actuarial), FIA, FASSA8 years industry experience

113

cOMPany DetaILS



Faxnumber:+27 21 503 4079


Address:WestEnd Mall, 2nd Floor, Mutual Park, Jan Smuts Drive, Pinelands, 7405PO Box 1014, Cape Town, 8000

ComplianceOfficerName:Zulfa Abdurahman [email protected]

BuSIneSS PhILOSOPhy

Our philosophy is built on four key pillars:

•Thoroughmanagerresearchthatstartsbyasking the right questions.

•Portfolioconstructionthatoptimizesthereturn for a given level of risk.

•Riskmanagementthatfocusesonavoidingunintended risk concentration.

•Apatientapproachwithalongtermfocus.

Sym|metry MuLtI-Manager

www.symmetry.co.za

FaIS reQuIreMentS



OWnerShIP

What is the ownership structure of the company? SYm|mETRY Multi-Manager is a division of Old Mutual Life Assurance Company of South Africa Limited (OMLACSA), part of the Old Mutual plc Group.

Who are the directors of the company?Prof AH van Wyk (Chairman), PB Hanratty (Managing Director) (Irish), AS Birrell, T Dloti, Prof GJ Gerwel, Dr IA Goldin, Dr D Konar, Ms AA Maule, J Naidoo, Ms DC Radley, JVF Roberts (British), Mrs GT Serobe, IB Skosana, PGM Truyens (Dutch) and GS van Niekerk. Company Secretary: RF Foster

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Current ownership, based on the Broad-Based BEE Codes of Good Practice, is as follows:10.1% to Management and Staff5.0% to Intermediaries and Customers5.0% to Black Business Partners20.1% of OMSA Group’s South African business

hIStOry



B-BBee creDentIaLS




Date of accreditation18 October 2011 (valid until 17 October 2012)

gIPS

Are you GIPS compliant?Not applicable as SYm|mETRY is a Multi-Manager and this would apply to underlying managers.





InveStMent ManDateS

What are your total Assets Under Management?Approximately R40 billion

Please detail the mandates you currently manage and the size of each of these mandates.Not Available


Trevor PascoeCEOBSc(Hons), FASSA, FIA23 years industry experience2 years with Symmetry

Monene WatsonHead: Equity Manager ResearchBCom(Hons), CFA18 years industry experience9 years with Symmetry

Roland GräbeCIOCFA13 years industry experience1 year with Symmetry

Fred LiebenbergHead: Absolute Investments & Fixed InterestBCom(Actuarial), CFA11 years industry experience10 years with Symmetry

Meyer CoetzeeHead: Product Development & Portfolio ManagementBCom(Actuarial), CFA, FIA20 years industry experience8 years with Symmetry

Stephen BrierleyHead: Fund of Hedge FundsBCom(Economics)12 years industry experience3 years with Symmetry

Andreea BuneaHead: Global InvestmentsBCom(Honours), CFA9 years industry experience4 years with Symmetry

114

cOMPany DetaILS



Faxnumber:+27 21 681 5199


Address:7th Floor, Newlands Terraces, Boundary Road, Newlands, Cape Town, South Africa, 7700PO Box 23540, Claremont, South Africa, 7735

ComplianceOfficerName:Tim Howse+27 21 671 8162

BuSIneSS PhILOSOPhy

We are a specialised institutional asset manager building on our core competencies in cash and quantitative management and seeking to be recognised for our ethical dealing with clients and value adding investment strategies.

taQuanta aSSet ManagerS

www.taquanta.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Tim Howse


OWnerShIP

What is the ownership structure of the company? 100% owned by Taquanta Investment Holdings (Pty) Ltd

Who are the directors of the company?Dr. Vincent Maphai, Sandile Zungu, William Rowland, Justin Kretzschmar

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Yes - 40%

hIStOry


List of mergers that have taken place since being established.In 2002 merged with Nedbank Cash Management Business. In July 2007 Taquanta Investment Holdings, a new black-owned entity whose shareholders include several members of the original Taquanta consortium, acquired Nedbank’s shareholding in Taquanta Asset Managers, Taquanta Securities and Taquanta Treasury Solutions.

B-BBee creDentIaLS





gIPS



By whom have you been verified?eComply Consultants (Pty) Ltd

Date of verificationDecember 2011


InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Cash: R43.2 BillionEquity: R12.7 BillionMulti-Strategy: R5.1 Billion


Stephen RobertsJoint Managing DirectorBA(Hons)27 years industry experience26 years with Taquanta and its predecessors

Steve RogersJoint Managing DirectorFCIS28 years industry experience26 years with Taquanta and its predecessors

Richard GosnellCIO: QuantsMSc(Eng), CFA15 years industry experience15 years with Taquanta and its predecessors

Saleem GamzaHead: Cash ManagementInvestment Management Certificate (UNISA)26 years industry experience24 years with Taquanta and its predecessors

Ray WallaceHead: Asset SeekingBcompt(Hons), CFA17 years industry experience16 years with Taquanta and its predecessors

115

cOMPany DetaILS



Faxnumber:+27 21 683 5788


Address: 6th Floor, Letterstedt House, Newlands on Main, Newlands, 7700P O Box 44586, Claremont, 7735

ComplianceOfficerName:Kirsten Elvin-Jensen+27 21 670 [email protected]

BuSIneSS PhILOSOPhy

With an average of over 19 years experience in asset management, Vunani Fund Managers is committed to building a leading, truly black-owned fund management business. We focus on investment performance and client service in Multi-Asset, Specialist Bonds, Specialist Equity and Specialist Property.

vunanI FunD ManagerS (Pty) LtD

www.vunanifm.co.za

FaIS reQuIreMentS

Who is your FAIS complaints officer?Kirsten Elvin-Jensen

Please provide the link to the complaints policy on your websitehttp://www.vunanifm.co.za/about/downloads/Vunani_FAIS_Disclosure_statement.pdf

OWnerShIP

What is the ownership structure of the company? Vunani Fund Managers is 100% owned by Vunani Capital

Who are the directors of the company?Executive Directors: Romeo Makhubela, Guy Fletcher, Azola Zuma Non-Executive Directors: Butana Khoza, Nathi Chonco

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management.Not currently, but discussions are taking place to allocate 30% of equity to key staff.

hIStOry

When was the company established?July 1999

List of mergers that have taken place since being established.None. In June 2010 long-term empowerment partner, the Vunani Group, increased its stake from 11% to a majority 51% shareholding, whilst the controlling company at the time, Peregrine Holdings, retained a meaningful 49% interest. On 15/08/2011 Vunani Fund Managers became 100% owned by Vunani Capital.

B-BBee creDentIaLS


What is your B-BBEE statusVunani Fund Managers has been BEE verified as a Level 1 Contributor by EmpowerLogic for 2012 at the 169% level.

By whom have you been accredited?EmpowerLogic


gIPS



By whom have you been verified?Deloitte & Touche

Date of verificationVerified to December 2010 in February 2011


InveStMent ManDateS


Please detail the mandates you currently manage and the size of each of these mandates.Equity: R4.195 BillionBonds: R879.24 MillionTarget Return: R2.434 BillionAbsolute Return: R171.87 MillionProperty: 41.08 MillionInternational: R106.20 MillionStructured Products: R953.01 Million


Romeo MakhubelaCEOBCom, PDG Business Administration23 years industry experience4 months with Vunani Fund Managers

Guy FletcherCIOBSc(Hons), CFA23 years industry experience10 years with Vunani Fund Managers

Azola ZumaDirector / Business DevelopmentBBusSc, MBA, MA (Int. Business)7 years industry experience1.5 years with Vunani Fund Managers

Tony BellPortfolio Manager: Multi-AssetBCom(Hons), MBA24 years industry experience10 years with Vunani Fund Managers

Rowan WilliamsShort Portfolio Manager: Interest BearingMSc, FIFM, CFA24 years industry experience4 months with Vunani Fund Managers

aBSa aSSet ManageMent

Snowy Musundwa

Tel: +27 11 480 5006Fax: +27 86 682 0078Email: [email protected]

aFena caPItaL

tebogo naledi


aLLan gray PrOPrIetary LIMIteD

Mahesh cooper

Tel: +27 21 415 2300 Email: [email protected] www.allangray.co.za

argOn aSSet ManageMent (Pty) LtD

Luyanda Joxo


Beyond the becnhmark

atLantIc aSSet ManageMent (Pty) LtD

Murray anderson

Tel: +27 21 913 8941Email: [email protected]

caDIZ aSSet ManageMent (Pty) LtD

gerald Mafunda

Email: [email protected]

caveO FunD SOLutIOnS (Pty) LtD

Byron green


DIBanISa FunD ManagerS

Zack Bezuidenhoudt

Tel: +27 11 217 1147Email: zbezuidenhoudt@dibanisafundmanagers.co.zawww.dibanisafundmanagers.co.za

eLeMent InveStMent ManagerS

Ian Jones


Independent Active Investors

eLectuS

russell Bodill


FuturegrOWth aSSet ManageMent (Pty) LtD

glynnis Jeffries


Returns that matter

InveStec aSSet ManageMent (Pty) LtD

thabo Khojane

Tel: +27 21 416 2000Fax: +27 21 416 2001Email: iam.institutitional@investecmail.comwww.investecassetmanagement.com

JM BuSha InveStMent grOuP (Pty) LtD

Joseph Makamba Busha


Absolutely Positive Performance

Mergence InveStMent ManagerS (Pty) LtD

ronel Bantjes


Pragmatic investing

neDgrOuP InveStMentS

Matthew de Wet



Mike van heerden

Tel: +27 21 509-5082Email: [email protected]

OaSIS aSSet ManageMent LIMIteD

adam ebrahim


Superior returns at lower than market risk

Pan-aFrIcan aSSet ManageMent (Pty) LtD

Miranda Scheepers


Real in Africa- Real in Returns

PreScIent InveStMent ManageMent (Pty) LtD

Sharon Bailey


PruDentIaL POrtFOLIO ManagerS (SOuth aFrIca) (Pty) LtD

valdon theron


ALL THINGS CONSIDERED

SanLaM InveStMent ManageMent (Pty) LtD

Phillip Mjoli


Rational thinking. Smarter investing.

SanLaM MuLtI Manager InternatIOnaL (Pty) LtD

corita van Wyk

Tel: +27 21 950 2600Fax: +27 21 950 2126Switchboard: +27 21 950 2600Email: [email protected]

Sym|metry MuLtI-Manager

trevor Pascoe


taQuanta

Stephen roberts


For Certainty

truFFLe aSSet ManageMent

SJ Du Preez


Asset Management and Customised Solutions

122

nOteS

tbsp

/// beyo

nd th

e line 3

3740

An Authorised Financial Services Provider FAIS Licence no. 30414

Call 0860 111 234 or visit www.alexanderforbes.co.za

MOTOR & HOUSEHOLD INSURANCE

Getting the best insurance should be as easy as a phone call. So we’ve made it our mission to be the best provider of sound insurance advice and tailor-made policies in the country. After all, what’s the use of insurance cover that’s only good some of the time?

Be one of the first 50 callers and get the same incredible advice as our next 50 callers.

aLexanDer FOrBeS aSSet cOnSuLtIng

Alexander Forbes Place, 61 Katherine Street, Sandown, Sandton

PO Box 786055, Sandton, 2146

Tel:+27 (0) 11 269 2030

Fax: +27 (0) 11 263 2435

e-mail: [email protected] or [email protected]

www.alexanderforbes.co.za or www.afac.co.za

Designed by Alexander Forbes Financial Services Communications 5520