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Gray Swan Financial Services (Pty) Ltd (Reg No: 2010/009813/07) is an authorised Financial Services Provider (FSP No: 42290).

GRAYSWAN SCORECARDS

APRIL01 2017

2INVESTMENT CONSULTING I WEALTH MANAGEMENT I REPORTING

we keep the score,you secure the win

EMPOWERING YOU TO INVEST WITH THE BEST


In theory a "Black Swan" as first described in AD 82 depicted a creaturethat did not exist. However, in 1790 a Black Swan was discovered andtherefore proved the existence of the improbable.

Nicholas Taleb used the bird in his book, The Black Swan, to explain thatthe belief that "all swans are white" is based on the limits of ourexperience. Some occurrences are unpredictable because they deviateso far beyond what is normally expected. Such experiences are rare butwhen they occur they have massive consequences.

"Black Swan" events are therefore random and unexpected. They areunpredictable unknowns. However, “GraySwans”, as we coined theterm, are risks that can be identified and which have unintendedconsequences on investors’ portfolios and therefore should bemanaged or avoided.

At GraySwan we do not intend to predict the unpredictable.

“GraySwans” are risks that have unintended consequences but can

be identified and should be managed or avoided. Our superior

investment and risk advisory services empower you to do

exactly that.


Long Short Equity ScoreCard & Long Short FoF ScoreCard

Mid & Small Cap Equity ScoreCard

BEE Equity ScoreCard

Unconstrained Equity ScoreCard

Money Market ScoreCard

Enhanced Cash ScoreCard

Bond ScoreCard

Flexible Fixed Interest ScoreCard

Credit Bond ScoreCard

Inflation Linked Bond ScoreCard

Listed Property ScoreCard

Passive SWIX ScoreCard

Quantitative Equity ScoreCard

LOCAL SPECIALIST ASSET CLASS

Constrained Equity ScoreCard

Equity ALSI ScoreCard

RI Fixed Interest ScoreCard

RI Balanced ScoreCard

RI Equity ScoreCard

RESPONSIBLE INVESTMENT

LOCAL BALANCED

Domestic Balanced ScoreCard

Guaranteed Fund ScoreCard

Domestic Absolute Return ScoreCard

We are your compass to navigate through

the investment world.

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We are your compass to navigate through

the investment world.

MORE SCORECARDS

Offshore Passive Equity DM ScoreCard

Offshore Passive Equity EM ScoreCard

Offshore Passive Equity ACWI ScoreCard

Medical Aid Money Market ScoreCard

Medical Aid Absolute Return ScoreCard

Shariah Balanced ScoreCard

Shariah Equity ScoreCard

Global Absolute Return ScoreCard

Global Balanced ScoreCard

LOCAL MEDICAL AID

Offshore China Equity ScoreCard

Offshore Listed Property ScoreCard

Offshore Emerging Markets Equity ScoreCard

MULTI-MANAGER

Multi-Manager Money Market ScoreCard

SHARIAH

GLOBAL BALANCED

OFFSHORE SPECIALIST

Offshore Equity ScoreCard

Offshore Africa Equity ScoreCard

Offshore Balanced ScoreCard

CONSOLIDATED

GraySwan Risk Profile ScoreCard

Multi-Manager Equity ScoreCard

Multi-Manager Balanced ScoreCard

05 06 07 08

TABLE OF CONTENT

MONEY MARKET FUNDS

ENHANCED CASH FUNDS

BOND FUNDS LISTED PROPERTY FUNDS

+ Compliance Checklist

Page 7 Page 13 Page 19 Page 25

CONSTRAINED EQUITY FUNDS

GLOBAL ABSOLUTE RETURN FUNDS

GLOBAL BALANCED FUNDS

Page 31 Page 37 Page 45 Page 51

UNCONSTRAINED EQUITY FUNDS

7

MONEY MARKET

We always count

8

5 YEAR PERFORMANCE

0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00%

STeFI Call

OMIG MacroSolutions (Profile Banker)

STeFI

Allan Gray Money Market

RE:CM Money Market

ABSA AM Money Market

Stanlib Money Market

Prudential Money Market

Nedgroup Money Market

Futuregrowth 90 Day Core Money Market

GraySwan Money Market Peergroup (Gross)

Prescient Money Market Composite

Median

SIM Moderate Cash

Mean

Cadiz Money Market

Aluwani Money Market (Max 90)

MMI Money Market (Max 90)

Coronation Strategic Cash

Taquanta Pooled Cash

Pan-African Money Market

Taquanta Core Cash

FIVE YEAR ABSOLUTE PERFORMANCE

9

ABSOLUTE PERFORMANCE

Portfolio3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank

ABSA AM Money Market 2.00% 13 2.70% 12 8.44% 9 7.87% 10 7.34% 14 6.66% 14 6.83% 13

Allan Gray Money Market 1.89% 16 2.56% 16 7.96% 16 7.48% 16 7.12% 17 6.46% 16 6.65% 15

Aluwani Money Market (Max 90) 2.15% 6 2.90% 6 8.75% 7 8.17% 7 7.73% 6 7.07% 6 7.23% 6

Cadiz Money Market 2.02% 10 2.71% 11 8.20% 15 8.01% 8 7.52% 10 6.96% 7 7.00% 7

Coronation Strategic Cash 2.09% 7 2.87% 7 8.87% 6 8.24% 5 7.84% 5 7.37% 4 7.56% 2

Futuregrowth 90 Day Core Money Market 2.05% 8 2.74% 9 8.44% 8 7.85% 12 7.42% 11 6.78% 10 6.87% 12

MMI Money Market (Max 90) 2.20% 5 2.95% 4 9.08% 4 8.41% 4 7.93% 3 7.28% 5 7.44% 5

Nedgroup Corporate Money Market 1.98% 14 2.68% 14 8.24% 13 7.73% 15 7.32% 15

Nedgroup Money Market 1.93% 15 2.64% 15 8.24% 14 7.79% 14 7.40% 12 6.77% 11 6.91% 9

OMIG MacroSolutions (Profile Banker) 1.68% 18 2.28% 18 7.11% 18 6.68% 18 6.34% 18 5.79% 17 5.93% 16

Pan-African Money Market 2.31% 3 3.12% 3 9.38% 2 8.68% 2 8.08% 1 7.55% 2 7.46% 4

Prescient Money Market Composite 2.00% 12 2.69% 13 8.39% 12 7.86% 11 7.52% 8 6.84% 9 7.00% 8

Prudential Money Market 2.25% 4 2.93% 5 9.01% 5 8.22% 6 7.52% 9 6.76% 12 6.80% 14

RE:CM Money Market 1.86% 17 2.50% 17 7.77% 17 7.44% 17 7.20% 16 6.66% 15

SIM Moderate Cash 2.01% 11 2.71% 10 8.43% 10 7.95% 9 7.54% 7 6.85% 8 6.91% 10

Stanlib Money Market 2.02% 9 2.74% 8 8.41% 11 7.84% 13 7.39% 13 6.74% 13 6.88% 11

Taquanta Core Cash 2.59% 1 3.36% 1 9.58% 1 8.83% 1 8.07% 2 7.57% 1 7.65% 1

Taquanta Pooled Cash 2.51% 2 3.26% 2 9.36% 3 8.60% 3 7.88% 4 7.39% 3 7.53% 3

STeFI 1.82% 2.46% 7.59% 7.12% 6.80% 6.21% 6.38%

Top Quartile 2.19% 2.92% 8.98% 8.24% 7.81% 7.28% 7.45%

Mean 2.09% 2.80% 8.54% 7.98% 7.51% 6.91% 7.04%

Median 2.02% 2.73% 8.44% 7.91% 7.52% 6.84% 6.96%

Bottom Quartile 1.98% 2.69% 8.24% 7.80% 7.35% 6.74% 6.86%

STeFI Call 1.66% 2.24% 6.91% 6.42% 6.08% 5.58% 5.76%

GraySwan Money Market Peergroup 2.09% 2.80% 8.49% 7.91% 7.44% 6.81% 6.90%

10

ABSOLUTE CALENDAR YEAR PERFORMANCE

Portfolio 2017

Ran

k

2016

Ran

k

2015

Ran

k

2014

Ran

k

2013

Ran

k

2012

Ran

k

2011

Ran

k

2010

Ran

k

2009

Ran

k

2008

Ran

k

ABSA AM Money Market 2.70% 12 8.29% 9 6.94% 12 5.94% 17 5.53% 14 5.86% 13 6.31% 7 7.42% 14 9.47% 12 12.02% 16

Allan Gray Money Market 2.56% 16 7.70% 16 6.81% 16 6.08% 15 5.36% 17 5.61% 16 5.87% 15 7.44% 12 9.54% 11 12.13% 13

Aluwani Money Market (Max 90) 2.90% 6 8.54% 7 7.23% 7 6.49% 6 5.99% 7 6.31% 6 6.54% 6 7.81% 5 10.09% 2 12.70% 7

Cadiz Money Market 2.71% 11 8.15% 13 7.65% 2 6.13% 14 6.28% 5 5.84% 14 5.96% 12 7.53% 9 9.73% 7 12.84% 5

Coronation Strategic Cash 2.87% 7 8.56% 6 7.32% 6 6.82% 1 6.78% 1 6.70% 4 7.35% 1 8.40% 1 9.72% 8 13.23% 1

Futuregrowth 90 Day Core Money Market 2.74% 9 8.23% 10 6.87% 15 6.28% 10 5.78% 8 5.90% 11 5.95% 13 7.46% 11 9.66% 9 12.95% 3

MMI Money Market (Max 90) 2.95% 4 8.86% 4 7.37% 5 6.67% 2 6.19% 6 6.58% 5 6.87% 4 8.02% 4 10.08% 3 12.74% 6

Nedgroup Corporate Money Market 2.68% 14 8.02% 15 6.91% 13 6.19% 13 5.50% 16

Nedgroup Money Market 2.64% 15 8.10% 14 7.00% 10 6.38% 7 5.70% 12 5.97% 9 6.00% 11 7.65% 8 9.73% 6 12.68% 8

OMIG MacroSolutions (Profile Banker) 2.28% 18 7.04% 18 5.87% 18 5.54% 18 4.82% 18 5.16% 17 5.40% 17 6.37% 16 8.46% 16 12.05% 15

Pan-African Money Market 3.12% 3 8.95% 2 7.59% 3 6.59% 3 6.32% 4 7.32% 1 6.69% 5 7.70% 7 9.19% 15 12.11% 14

Prescient Money Market Composite 2.69% 13 8.22% 11 7.02% 9 6.56% 4 5.65% 13 6.03% 8 6.28% 8 7.72% 6 10.13% 1 12.55% 10

Prudential Money Market 2.93% 5 8.90% 3 6.51% 17 6.06% 16 5.51% 15 5.71% 15 5.89% 14 7.20% 15 9.44% 13 12.44% 11

RE:CM Money Market 2.50% 17 7.64% 17 6.95% 11 6.51% 5 5.75% 9 5.93% 10 5.81% 16

SIM Moderate Cash 2.71% 10 8.31% 8 7.06% 8 6.37% 8 5.74% 10 6.08% 7 6.11% 10 7.42% 13 9.28% 14 12.68% 9

Stanlib Money Market 2.74% 8 8.21% 12 6.88% 14 6.22% 12 5.71% 11 5.87% 12 6.14% 9 7.51% 10 9.63% 10 12.39% 12

Taquanta Core Cash 3.36% 1 8.98% 1 7.65% 1 6.36% 9 6.74% 2 7.06% 2 7.12% 2 8.06% 3 9.77% 5 13.01% 2

Taquanta Pooled Cash 3.26% 2 8.72% 5 7.55% 4 6.23% 11 6.50% 3 6.92% 3 7.03% 3 8.09% 2 9.85% 4 12.87% 4

STeFI 2.46% 7.37% 6.45% 5.88% 5.19% 5.54% 5.72% 6.94% 9.13% 11.68%

Top Quartile 2.92% 8.68% 7.36% 6.50% 6.26% 6.58% 6.69% 7.87% 9.79% 12.85%

Mean 2.80% 8.30% 7.07% 6.30% 5.88% 6.17% 6.31% 7.61% 9.61% 12.59%

Median 2.73% 8.26% 7.01% 6.32% 5.74% 5.97% 6.14% 7.59% 9.69% 12.68%

Bottom Quartile 2.69% 8.11% 6.88% 6.15% 5.56% 5.86% 5.95% 7.44% 9.46% 12.33%

STeFI Call 2.24% 6.72% 5.61% 5.28% 4.69% 5.08% 5.29% 6.25% 8.39% 11.35%

GraySwan Money Market Peergroup 2.80% 8.22% 6.93% 6.27% 5.76% 6.00% 6.15% 7.47% 9.50% 12.49%

11

5 YEAR ANNUALISED VOLATILITY & RETURN




Cadiz Money Market









RE:CM Money Market

SIM Moderate Cash

Stanlib Money Market

Taquanta Core Cash


STeFI

STeFI Call


5.50%

6.00%

6.50%

7.00%

7.50%

8.00%

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

AN

NU

ALI

SED

RET

UR

N

ANNUALISED VOLATILITY

12





Cadiz Money Market









SIM Moderate Cash Stanlib Money Market

Taquanta Core Cash


STeFI

STeFI Call


6.00%

6.50%

7.00%

7.50%

8.00%

8.50%

0.50% 0.55% 0.60% 0.65% 0.70%

AN

NU

ALI

SED

RET

UR

N


13

ENHANCED CASH

We always count

14

5 YEAR PERFORMANCE

0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00%

STeFI 3 month

STeFI

JM Busha CashPlus

Investec Stable Money

Futuregrowth Enhanced 180 day MM

Argon Enhanced Money Market

Investec Money

GraySwan Enhanced Cash Peergroup (Gross)

Prudential High Interest

Mean

Coronation Institutional Cash

Median

Nedgroup Core Income

SIM Cash Enhanced

Stanlib Enhanced Yield

MMI Money Market (Max 91-180)

Aluwani Money Market (Max 91-180)

Atlantic Stable Income BCI


15


Portfolio3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank

Aluwani Money Market (Max 91-180) 2.33% 1 3.14% 1 9.24% 4 8.54% 4 8.01% 2 7.41% 2 7.55% 3

Argon Enhanced Money Market 2.08% 9 2.79% 12 8.70% 11 8.13% 10 7.63% 10 7.03% 10 7.06% 11

Atlantic Stable Income BCI 2.10% 8 2.86% 7 9.09% 6 8.63% 2 8.29% 1 7.58% 1 7.75% 1

Coronation Institutional Cash 2.18% 5 2.94% 6 8.55% 12 8.21% 8 7.87% 6 7.20% 7 7.28% 8

Futuregrowth Enhanced 180 day MM 2.14% 7 2.85% 8 8.81% 7 8.17% 9 7.70% 9 6.97% 11 7.08% 10

Investec Money 2.08% 10 2.83% 9 8.78% 9 8.08% 12 7.55% 11 7.08% 9 7.35% 6

Investec Stable Money 2.05% 11 2.83% 10 8.76% 10 8.08% 11 7.45% 12 6.85% 12 7.13% 9

JM Busha CashPlus 1.98% 13 2.67% 13 8.12% 13 7.44% 13 7.22% 13 6.67% 13 6.99% 12

MMI Money Market (Max 91-180) 2.27% 3 3.10% 2 9.16% 5 8.44% 5 7.95% 4 7.41% 3 7.60% 2

Nedgroup Core Income 2.05% 12 2.81% 11 8.79% 8 8.30% 7 7.71% 8 7.21% 6 7.43% 5

Prudential High Interest 2.32% 2 3.07% 3 9.27% 3 8.37% 6 7.79% 7 7.15% 8

SIM Cash Enhanced 2.22% 4 2.97% 4 9.38% 1 8.59% 3 8.00% 3 7.36% 5 7.33% 7

Stanlib Enhanced Yield 2.16% 6 2.97% 5 9.34% 2 8.69% 1 7.94% 5 7.41% 4 7.52% 4

STeFI 1.82% 2.46% 7.59% 7.12% 6.80% 6.21% 6.38%

Top Quartile 2.22% 2.97% 9.24% 8.54% 7.95% 7.41% 7.53%

Mean 2.15% 2.91% 8.92% 8.28% 7.78% 7.18% 7.34%

Median 2.14% 2.86% 8.81% 8.30% 7.79% 7.20% 7.34%

Bottom Quartile 2.08% 2.83% 8.76% 8.13% 7.63% 7.03% 7.12%

STeFI 3 month 1.72% 2.33% 7.23% 6.76% 6.47% 5.94% 6.08%

GraySwan Enhanced Cash Peergroup 2.15% 2.91% 8.97% 8.12% 7.63% 7.08% 7.27%

16


Portfolio 2017

Ran

k

2016

Ran

k

2015

Ran

k

2014

Ran

k

2013

Ran

k

2012

Ran

k

2011

Ran

k

2010

Ran

k

2009

Ran

k

2008

Ran

k

Aluwani Money Market (Max 91-180) 3.14% 1 8.89% 4 7.37% 5 6.67% 4 6.42% 3 6.78% 3 7.04% 2 8.03% 6 10.04% 5 12.83% 6

Argon Enhanced Money Market 2.79% 12 8.78% 5 6.93% 11 6.32% 10 5.88% 10 6.60% 6 6.08% 13 7.23% 12 9.83% 9 12.09% 10

Atlantic Stable Income BCI 2.86% 7 8.73% 6 8.12% 1 7.25% 1 6.35% 5 6.87% 2 7.04% 3 8.95% 1 5.36% 12

Coronation Institutional Cash 2.94% 6 8.23% 12 7.62% 2 6.89% 2 5.97% 9 6.57% 7 7.00% 4 7.61% 11 9.15% 11 12.94% 3

Futuregrowth Enhanced 180 day MM 2.85% 8 8.60% 9 7.14% 8 6.36% 9 5.67% 12 6.25% 12 6.15% 12 7.73% 8 9.89% 8 13.22% 1

Investec Money 2.83% 9 8.48% 10 7.14% 7 6.25% 12 6.25% 7 6.71% 5 6.89% 6 8.24% 4 10.01% 6 13.12% 2

Investec Stable Money 2.83% 10 8.43% 11 7.07% 9 5.91% 13 5.82% 11 6.36% 11 6.65% 8 7.83% 7 10.05% 4 12.24% 9

JM Busha CashPlus 2.67% 13 7.57% 13 6.89% 12 6.46% 6 5.63% 13 6.15% 13 6.50% 10 7.70% 9 10.32% 1 11.96% 11

MMI Money Market (Max 91-180) 3.10% 2 8.66% 7 7.47% 4 6.71% 3 6.46% 2 6.92% 1 7.09% 1 8.25% 3 10.14% 3 12.79% 8

Nedgroup Core Income 2.81% 11 8.60% 8 7.50% 3 6.28% 11 6.34% 6 6.71% 4 6.93% 5 8.30% 2 9.98% 7 12.89% 4

Prudential High Interest 3.07% 3 9.16% 3 6.67% 13 6.39% 8 6.08% 8 6.44% 10 6.54% 9

SIM Cash Enhanced 2.97% 4 9.26% 2 7.31% 6 6.53% 5 6.36% 4 6.55% 8 6.46% 11 7.62% 10 9.50% 10 12.80% 7

Stanlib Enhanced Yield 2.97% 5 9.56% 1 7.04% 10 6.46% 7 6.64% 1 6.51% 9 6.77% 7 8.06% 5 10.23% 2 12.87% 5

STeFI 2.46% 7.37% 6.45% 5.88% 5.19% 5.54% 5.72% 6.94% 9.13% 11.68%

Top Quartile 2.97% 8.89% 7.47% 6.67% 6.36% 6.71% 7.00% 8.24% 10.08% 12.91%

Mean 2.91% 8.69% 7.25% 6.50% 6.14% 6.57% 6.70% 7.96% 9.54% 12.70%

Median 2.86% 8.66% 7.14% 6.46% 6.25% 6.57% 6.77% 7.93% 9.99% 12.83%

Bottom Quartile 2.83% 8.48% 7.04% 6.32% 5.88% 6.44% 6.50% 7.68% 9.74% 12.52%

STeFI 3 month 2.33% 7.03% 6.09% 5.64% 5.04% 5.34% 5.46% 6.57% 8.64% 11.70%

GraySwan Enhanced Cash Peergroup 2.91% 8.49% 7.06% 6.43% 6.13% 6.55% 6.70% 7.91% 9.97% 12.74%

17




Atlantic Stable Income BCI



Investec Money


JM Busha CashPlus



Prudential High Interest

SIM Cash EnhancedStanlib Enhanced Yield

STeFI

STeFI 3 month


5.50%

6.00%

6.50%

7.00%

7.50%

8.00%

0.20% 0.25% 0.30% 0.35% 0.40% 0.45% 0.50%

AN

NU

ALI

SED

RET

UR

N


18






Investec Money


JM Busha CashPlus



SIM Cash Enhanced

Stanlib Enhanced Yield

STeFI

STeFI 3 month


6.50%

7.00%

7.50%

8.00%

8.50%

0.50% 0.55% 0.60% 0.65% 0.70%

AN

NU

ALI

SED

RET

UR

N


19

BOND

We always count

20

5 YEAR PERFORMANCE

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00%

ALBI

Prowess Corporate Bond

BEASSA Inflation Linked

JM Busha Bond Plus

Prescient Bond Quant

SIM Institutional Bond

MMI SA Bond

Pan-African Active Bond

Cadiz Houseview Bond

Investec Triple Alpha

Aluwani SA Bond

Futuregrowth Core Bond

Investec Flexible Bond

Futuregrowth Active Bond

Median

Prudential Yield Enhanced Bonds

Atlantic Bond

Vunani Domestic Active Bond

Prescient Bond Quantplus

Stanlib Core Bond

Mean

GraySwan Bond Peergroup (Gross)

ABSA AM Bond

Coronation Active Bond

Investec Corporate Bond

Futuregrowth Yield Enhanced Bond

Coronation Strategic Bond

Argon Specialist SA Core Bond

Futuregrowth Infrastructure Bond


21


Portfolio3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank

ABSA AM Bond 3.62% 1 5.13% 1 12.95% 1 8.52% 2 9.44% 2 8.40% 7 9.23% 16

Aluwani SA Bond 2.94% 6 4.43% 6 11.58% 11 6.76% 15 8.34% 14 7.97% 16 9.37% 9

Argon Specialist SA Core Bond 3.07% 4 4.58% 5 11.94% 4 7.25% 8 8.83% 6 8.87% 2 9.18% 19

Atlantic Bond 3.09% 3 4.80% 2 11.86% 6 7.63% 5 8.47% 10 8.08% 11

Cadiz Houseview Bond 2.33% 23 3.82% 23 10.40% 23 6.66% 17 7.98% 23 7.96% 18 9.18% 18

Coronation Active Bond 2.53% 19 4.08% 17 11.86% 7 7.13% 11 8.68% 9 8.56% 6 9.73% 5

Coronation Strategic Bond 2.53% 20 4.04% 18 11.64% 10 7.04% 12 8.85% 5 8.84% 3 10.00% 3

Futuregrowth Active Bond 2.65% 17 4.01% 19 10.92% 22 6.25% 24 8.18% 20 8.07% 13 9.31% 11

Futuregrowth Core Bond 2.74% 11 4.15% 13 11.34% 14 6.46% 22 8.27% 17 8.04% 15 9.30% 13

Futuregrowth Infrastructure Bond 2.14% 24 3.49% 24 11.71% 8 7.63% 4 9.87% 1 9.70% 1 11.25% 1

Futuregrowth Yield Enhanced Bond 2.73% 12 4.25% 10 11.20% 19 6.53% 20 9.14% 3 8.65% 4 9.77% 4

Investec Corporate Bond 3.05% 5 4.64% 3 12.39% 2 9.00% 1 8.70% 7 8.63% 5 10.39% 2

Investec Flexible Bond 2.76% 10 4.20% 12 11.01% 21 7.14% 10 8.41% 13 8.06% 14 9.21% 17

Investec Triple Alpha 2.91% 7 4.32% 9 11.31% 16 7.41% 7 8.23% 18 7.97% 17 9.33% 10

JM Busha Bond Plus 2.67% 16 4.15% 14 11.34% 15 7.19% 9 8.45% 11 7.77% 23 8.69% 22

MMI SA Bond 2.90% 8 4.34% 7 11.35% 13 6.56% 19 8.27% 16 7.91% 20 9.31% 12

Pan-African Active Bond 2.59% 18 4.22% 11 11.29% 17 6.62% 18 8.14% 22 7.92% 19 9.26% 15

Prescient Bond Quant 2.87% 9 4.32% 8 11.65% 9 6.97% 13 8.44% 12 7.86% 22 9.02% 21

Prescient Bond Quantplus 3.17% 2 4.59% 4 12.07% 3 7.89% 3 9.00% 4 8.20% 9 9.14% 20

Prowess Corporate Bond 2.73% 15 3.95% 21 10.26% 24 6.75% 16 7.82% 24 7.46% 24 8.64% 23

Prudential Yield Enhanced Bonds 2.53% 21 3.99% 20 11.18% 20 6.51% 21 8.32% 15 8.07% 12 9.59% 7

SIM Institutional Bond 2.73% 13 4.11% 16 11.29% 18 6.40% 23 8.20% 19 7.90% 21 9.28% 14

Stanlib Core Bond 2.73% 14 4.14% 15 11.93% 5 7.49% 6 8.69% 8 8.21% 8 9.57% 8

Vunani Domestic Active Bond 2.43% 22 3.92% 22 11.42% 12 6.91% 14 8.15% 21 8.20% 10 9.63% 6

ALBI 2.60% 3.97% 10.58% 6.07% 7.86% 7.30% 8.48%

Top Quartile 2.92% 4.36% 11.86% 7.43% 8.73% 8.44% 9.61%

Mean 2.77% 4.24% 11.49% 7.11% 8.54% 8.22% 9.45%

Median 2.73% 4.17% 11.39% 7.00% 8.43% 8.07% 9.31%

Bottom Quartile 2.57% 4.03% 11.26% 6.61% 8.22% 7.95% 9.20%

BEASSA Inflation Linked 0.62% 2.04% 2.74% 4.33% 6.26% 7.59% 8.61%

GraySwan Bond Peergroup 2.76% 4.23% 11.56% 7.19% 8.64% 8.32% 9.53%

22


Portfolio 2017

Ran

k

2016

Ran

k

2015

Ran

k

2014

Ran

k

2013

Ran

k

2012

Ran

k

2011

Ran

k

2010

Ran

k

2009

Ran

k

2008

Ran

k

ABSA AM Bond 5.13% 1 16.63% 6 -1.14% 4 10.26% 12 0.71% 24 15.76% 20 9.13% 18 14.45% 21 -0.61% 21 14.91% 21

Aluwani SA Bond 4.43% 6 16.28% 12 -3.52% 22 10.18% 13 1.38% 21 17.21% 10 9.63% 11 16.41% 9 1.33% 7 18.60% 2

Argon Specialist SA Core Bond 4.58% 5 16.37% 11 -2.46% 10 11.08% 5 2.68% 5 18.54% 2 6.83% 23 13.81% 22 -1.04% 23 16.98% 20

Atlantic Bond 4.80% 2 16.51% 9 -2.52% 12 10.70% 6 2.32% 9

Cadiz Houseview Bond 3.82% 23 15.47% 23 -2.52% 11 9.97% 15 1.93% 14 17.15% 13 8.99% 22 16.07% 16 0.72% 12 17.79% 12

Coronation Active Bond 4.08% 17 16.65% 5 -2.98% 13 11.33% 4 2.30% 10 17.66% 6 9.85% 5 16.12% 15 0.00% 17 17.78% 13

Coronation Strategic Bond 4.04% 18 16.12% 14 -2.33% 9 11.68% 3 2.75% 4 18.25% 3 9.70% 8 16.34% 11 1.14% 9 18.54% 5

Futuregrowth Active Bond 4.01% 19 15.61% 21 -3.46% 20 10.50% 8 2.42% 8 17.21% 9 9.69% 9 16.14% 14 -0.13% 18 18.49% 6

Futuregrowth Core Bond 4.15% 13 15.91% 17 -3.53% 23 10.33% 9 2.11% 12 17.30% 8 9.34% 14 16.40% 10 -0.27% 20 17.64% 15

Futuregrowth Infrastructure Bond 3.49% 24 16.63% 7 -0.71% 2 12.80% 2 3.67% 1 19.64% 1 11.38% 2 18.91% 1 1.57% 6 18.31% 7

Futuregrowth Yield Enhanced Bond 4.25% 10 15.55% 22 -3.11% 16 12.94% 1 2.16% 11 17.82% 4 9.21% 15 16.85% 4 0.65% 13 18.75% 1

Investec Corporate Bond 4.64% 3 17.13% 2 -0.20% 1 7.02% 24 3.21% 2 17.16% 12 11.56% 1 18.70% 2 2.63% 2 17.80% 11

Investec Flexible Bond 4.20% 12 15.79% 19 -1.87% 6 9.75% 17 1.95% 13 16.05% 18 9.09% 20 16.03% 17 0.40% 15 18.58% 3

Investec Triple Alpha 4.32% 9 15.99% 16 -2.00% 7 8.82% 23 1.90% 15 16.49% 17 9.82% 6 16.48% 8 0.60% 14 18.05% 8

JM Busha Bond Plus 4.15% 14 15.73% 20 -2.22% 8 9.60% 21 1.28% 23 15.97% 19 9.15% 17 13.65% 23 1.89% 5 13.71% 22

MMI SA Bond 4.34% 7 16.00% 15 -3.51% 21 10.28% 10 1.34% 22 17.17% 11 9.59% 12 16.33% 12 1.33% 8 18.55% 4

Pan-African Active Bond 4.22% 11 15.82% 18 -3.41% 19 10.27% 11 1.70% 17 16.85% 15 9.10% 19 16.81% 6 0.77% 11 17.87% 9

Prescient Bond Quant 4.32% 8 16.13% 13 -3.08% 15 10.13% 14 1.59% 20 15.56% 21 9.48% 13 15.39% 18 0.96% 10 17.34% 18

Prescient Bond Quantplus 4.59% 4 16.37% 10 -1.63% 5 9.68% 18 3.01% 3 13.53% 23 9.17% 16 14.88% 20 3.58% 1 17.59% 17

Prowess Corporate Bond 3.95% 21 13.50% 24 -1.09% 3 9.03% 22 2.49% 6 14.15% 22 9.02% 21 15.34% 19 2.28% 4

Prudential Yield Enhanced Bonds 3.99% 20 16.52% 8 -2.99% 14 9.87% 16 1.77% 16 17.15% 14 10.56% 4 17.30% 3 0.03% 16 17.60% 16

SIM Institutional Bond 4.11% 16 16.73% 4 -4.28% 24 10.66% 7 1.70% 18 16.69% 16 9.67% 10 16.82% 5 -0.78% 22 17.72% 14

Stanlib Core Bond 4.14% 15 17.51% 1 -3.26% 18 9.61% 20 1.62% 19 17.77% 5 10.61% 3 16.27% 13 -0.19% 19 17.02% 19

Vunani Domestic Active Bond 3.92% 22 16.93% 3 -3.26% 17 9.68% 19 2.44% 7 17.59% 7 9.73% 7 16.72% 7 2.33% 3 17.82% 10

ALBI 3.97% 15.45% -3.93% 10.15% 0.64% 15.99% 8.82% 14.96% -0.98% 16.98%

Top Quartile 4.36% 16.63% -1.97% 10.67% 2.45% 17.63% 9.77% 16.76% 1.45% 18.45%

Mean 4.24% 16.16% -2.55% 10.26% 2.10% 16.90% 9.58% 16.18% 0.83% 17.61%

Median 4.17% 16.20% -2.75% 10.22% 2.03% 17.16% 9.59% 16.33% 0.72% 17.79%

Bottom Quartile 4.03% 15.81% -3.30% 9.68% 1.68% 16.27% 9.14% 15.71% -0.07% 17.59%

BEASSA Inflation Linked 2.04% 6.27% 3.68% 11.16% 0.80% 19.35% 13.06% 10.98% 7.65% 13.61%

GraySwan Bond Peergroup 4.23% 16.17% -2.36% 10.35% 2.14% 17.01% 9.61% 16.24% 0.62% 17.58%

23


ABSA AM Bond

Aluwani SA Bond


Atlantic Bond







Futuregrowth Yield Enhanced BondInvestec Corporate Bond



JM Busha Bond Plus

MMI SA Bond




Prowess Corporate Bond



Stanlib Core Bond Vunani Domestic Active Bond

ALBI



7.00%

7.50%

8.00%

8.50%

9.00%

9.50%

10.00%

5.50% 6.00% 6.50% 7.00% 7.50% 8.00% 8.50%

AN

NU

ALI

SED

RET

UR

N


ER = 1

24


ABSA AM Bond

Aluwani SA Bond








Futuregrowth Yield Enhanced Bond

Investec Corporate Bond



JM Busha Bond Plus

MMI SA Bond






Stanlib Core Bond

Vunani Domestic Active Bond

ALBI



9.00%

9.50%

10.00%

10.50%

11.00%

11.50%

12.00%

5.50% 6.00% 6.50% 7.00% 7.50% 8.00%

AN

NU

ALI

SED

RET

UR

N


ER = 2

25

LISTED PROPERTY

We always count

26

5 YEAR PERFORMANCE

0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00%

JSE SWIX

Old Mutual SA Listed Property Index

SAPY

MMI SA Property

SIM Property Fund

Meago Composite

Prescient Property Equity

Prudential Enhanced SA Property

STANLIB Institutional Property

Investec Property Equity

Median

Old Mutual SA Quoted Property

Coronation Property Equity

GraySwan Listed Property Peergroup (Gross)

Mean

Catalyst SA Property Equity PSG

Catalyst SA Property

Bridge Fund Managers Listed Property

Metope Listed Property

Sesfikile SA Listed Property

ABSA AM Property Equity


27


Portfolio3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank

ABSA AM Property Equity 2.67% 1 4.75% 2 5.47% 2 12.45% 1 27.45% 1 24.32% 1

Catalyst SA Property 0.97% 8 2.34% 12 1.53% 8 6.64% 3 17.61% 3 18.03% 5 18.79% 3

Catalyst SA Property Equity PSG 0.94% 9 2.32% 13 1.01% 12 6.28% 6 17.25% 4 17.83% 6 18.69% 4

Coronation Property Equity 0.92% 10 2.38% 10 1.86% 5 4.47% 15 14.58% 15 17.20% 7 18.79% 2

Bridge Fund Managers Listed Property 2.57% 2 5.20% 1 19.26% 1 7.50% 2 16.64% 6 18.17% 4

Investec Property Equity 1.10% 5 2.58% 5 0.58% 14 4.67% 12 15.57% 10 17.01% 9 17.67% 8

Meago Composite 0.81% 11 2.42% 9 1.23% 10 5.33% 8 15.67% 9 16.10% 13 17.25% 9

Metope Listed Property 1.05% 6 2.71% 4 1.01% 11 6.49% 4 17.71% 2 18.42% 3 19.25% 1

MMI SA Property 0.52% 14 2.46% 8 -0.86% 17 4.75% 11 14.72% 14 15.72% 15 17.09% 10

Old Mutual SA Listed Property Index 0.26% 16 1.91% 16 0.04% 15 2.80% 17 13.57% 17 15.22% 16

Old Mutual SA Quoted Property 2.16% 3 3.35% 3 1.23% 9 5.64% 7 16.21% 7 17.04% 8 18.23% 6

Prescient Property Equity 0.37% 15 2.02% 15 0.76% 13 4.51% 14 15.35% 12 16.29% 12 15.40% 12

Prudential Enhanced SA Property 0.56% 13 2.32% 14 1.55% 7 5.22% 10 15.52% 11 16.60% 11 18.17% 7

Satrix Property Index 0.23% 17 1.87% 17 -0.07% 16 3.69% 16 14.04% 16

Sesfikile SA Listed Property 1.03% 7 2.54% 6 1.77% 6 6.45% 5 17.18% 5 18.44% 2

SIM Property Fund 0.59% 12 2.35% 11 2.64% 4 4.67% 13 14.73% 13 15.86% 14 16.90% 11

STANLIB Institutional Property 1.14% 4 2.48% 7 3.63% 3 5.24% 9 15.86% 8 16.77% 10 18.56% 5

SAPY 0.24% 1.88% 0.02% 3.24% 13.80% 15.33% 17.16%

Top Quartile 1.09% 2.57% 1.84% 6.41% 17.04% 18.07% 18.71%

Mean 0.88% 2.56% 1.97% 5.20% 15.97% 17.44% 17.90%

Median 0.93% 2.40% 1.23% 5.23% 15.62% 17.02% 18.20%

Bottom Quartile 0.53% 2.32% 0.63% 4.55% 14.73% 16.24% 17.21%

JSE SWIX 4.80% 7.49% 4.41% 2.00% 7.96% 13.57% 16.94%

GraySwan Listed Property Peergroup 1.13% 2.82% 2.47% 5.46% 16.09% 17.39% 18.65%

28


Portfolio 2017

Ran

k

2016

Ran

k

2015

Ran

k

2014

Ran

k

2013

Ran

k

2012

Ran

k

2011

Ran

k

2010

Ran

k

2009

Ran

k

2008

Ran

k

ABSA AM Property Equity 4.75% 2 11.72% 4 30.40% 1 42.30% 1 11.27% 4 35.57% 9

Catalyst SA Property 2.34% 12 10.84% 7 16.00% 3 29.39% 3 9.88% 8 35.53% 10 7.92% 12 27.84% 7 15.95% 4 -4.26% 7

Catalyst SA Property Equity PSG 2.32% 13 10.24% 10 15.80% 4 29.25% 4 9.74% 11 35.85% 8 8.70% 7 26.94% 9 16.74% 2 -4.33% 8

Coronation Property Equity 2.38% 10 9.60% 13 10.11% 12 27.17% 13 12.87% 3 38.84% 1 10.24% 3 28.46% 6 16.34% 3 -2.90% 5

Bridge Fund Managers Listed Property 5.20% 1 16.43% 1 8.15% 15 25.72% 17 11.24% 5 36.84% 6 12.34% 1

Investec Property Equity 2.58% 5 6.83% 16 14.04% 7 28.43% 7 9.86% 9 38.54% 2 8.23% 10 28.99% 5 11.72% 12 -0.87% 2

Meago Composite 2.42% 9 10.99% 6 10.88% 10 27.36% 11 8.23% 16 34.86% 12 8.68% 8 27.77% 8 14.05% 10

Metope Listed Property 2.71% 4 9.96% 12 15.52% 5 30.07% 2 11.24% 6 38.29% 3 8.46% 9 31.41% 1 14.84% 9 -2.91% 6

MMI SA Property 2.46% 8 8.30% 15 11.78% 8 26.03% 16 8.02% 17 37.22% 4 10.25% 2 22.80% 11 15.68% 5 -9.06% 11

Old Mutual SA Listed Property Index 1.91% 16 10.26% 9 6.99% 18 26.93% 14 8.58% 15

Old Mutual SA Quoted Property 3.35% 3 5.04% 17 17.70% 2 28.65% 6 9.69% 12 35.38% 11 8.99% 6 29.37% 4 15.33% 6 -5.22% 9

Prescient Property Equity 2.02% 15 9.53% 14 11.47% 9 27.97% 9 9.63% 13 30.78% 15 8.06% 11 16.63% 12 13.21% 11 3.32% 1

Prudential Enhanced SA Property 2.32% 14 11.17% 5 10.82% 11 27.34% 12 10.04% 7 34.81% 13 9.72% 5 30.57% 2 15.25% 8 -2.20% 3

Satrix Property Index 1.87% 17 10.04% 11 8.98% 14 26.34% 15 8.01% 18

Sesfikile SA Listed Property 2.54% 6 10.38% 8 14.91% 6 29.17% 5 13.09% 2 36.85% 5

SIM Property Fund 2.35% 11 11.88% 3 7.87% 16 27.53% 10 9.83% 10 32.21% 14 6.97% 13 24.32% 10 15.31% 7 -8.48% 10

STANLIB Institutional Property 2.48% 7 12.46% 2 9.71% 13 27.99% 8 9.47% 14 36.16% 7 9.76% 4 29.40% 3 17.38% 1 -2.70% 4

SAPY 1.88% 10.20% 7.99% 26.65% 8.39% 35.89% 8.92% 29.63% 14.06% -4.47%

Top Quartile 2.57% 11.13% 15.37% 29.04% 11.24% 37.04% 9.76% 29.37% 16.05% -2.45%

Mean 2.56% 9.72% 12.69% 28.19% 10.23% 35.85% 9.10% 27.04% 15.15% -3.60%

Median 2.40% 10.25% 11.17% 27.75% 9.85% 35.85% 8.70% 28.15% 15.32% -2.91%

Bottom Quartile 2.32% 9.55% 9.17% 26.99% 9.51% 35.12% 8.23% 26.29% 14.64% -4.77%

JSE SWIX 7.49% 4.13% 3.61% 15.41% 20.73% 29.10% 4.24% 20.86% 29.91% -21.67%

GraySwan Listed Property Peergroup 2.82% 9.96% 12.59% 28.03% 11.31% 36.08% 10.07% 28.39% 15.90% -4.07%

29


ABSA AM Property Equity


Catalyst SA Property Equity PSG

Coronation Property Equity

Bridge Fund Managers Listed Property


Meago Composite


MMI SA Property

Old Mutual SA Listed Property Index




Sesfikile SA Listed Property

SIM Property Fund


SAPY

JSE SWIX


13.50%

15.50%

17.50%

19.50%

21.50%

23.50%

25.50%

9.50% 10.00% 10.50% 11.00% 11.50% 12.00% 12.50% 13.00% 13.50% 14.00% 14.50%

AN

NU

ALI

SED

RET

UR

N


ER = 2

ER = 1

30



Catalyst SA Property Equity PSGCoronation Property Equity



MMI SA Property




SIM Property Fund


SAPY

JSE SWIX


11.00%

12.00%

13.00%

14.00%

15.00%

16.00%

17.00%

18.00%

19.00%

20.00%

13.00% 13.50% 14.00% 14.50% 15.00%

AN

NU

ALI

SED

RET

UR

N


ER = 1

31

CONSTRAINED EQUITY

We always count

32

5 YEAR PERFORMANCE

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00%

Stanlib Core Equity

Afena Capital SWIX

Prescient Equity

Kagiso Core SWIX

JM Busha Diversified Equity

Mianzo Active Equity

OMIG Managed Volatility

Stanlib Enhanced Index

JSE ALSI

Aluwani Equity

Vunani Core Equity

SIM Aggressive Equity

GraySwan Constrained Equity Peergroup (Gross)

Mean

JSE SWIX

Old Mutual Equities SWIX

Median

Mergence ESG Equity

Coronation Core Equity

OMIG Premium Equity

SIM Moderate Equity

Argon Value Equity

OMIG Double Alpha SWIX 40

Sentio General Equity

Mergence SWIX

Aeon Active Equity

OMIG Managed Alpha Equity

Prudential Core Equity SWIX


33


Portfolio3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank

Aeon Active Equity 7.13% 1 10.36% 1 7.03% 4 3.66% 3 8.98% 5 15.15% 3 17.33% 5

Afena Capital SWIX 4.10% 14 6.94% 16 5.89% 6 1.42% 16 4.69% 23 10.85% 22 14.24% 15

Aluwani Equity 3.56% 18 7.06% 15 4.21% 17 1.61% 14 7.23% 13 12.75% 15 17.03% 7

Argon Value Equity 5.25% 6 7.42% 12 3.72% 20 1.89% 12 8.30% 7 14.57% 7 16.58% 9

Coronation Core Equity 5.41% 4 9.24% 2 5.72% 8 1.80% 13 7.06% 15 14.31% 10 18.25% 3

JM Busha Diversified Equity -1.24% 26 4.33% 24 4.49% 15 -1.45% 23 3.71% 24 11.73% 19

Kagiso Core SWIX 4.58% 10 8.16% 7 5.83% 7 0.99% 18 3.71% 25 11.38% 20 15.46% 12

Mergence ESG Equity 4.08% 15 5.84% 20 3.79% 19 1.56% 15 8.23% 10 13.98% 11

Mergence SWIX 4.29% 11 6.54% 18 5.18% 11 3.21% 5 8.89% 6 14.95% 4 17.13% 6

Mianzo Active Equity 2.60% 23 5.81% 21 5.07% 12 0.57% 20 4.98% 22 12.16% 18

Mianzo Enhanced Equity 4.17% 13 7.32% 14 5.89% 5 1.34% 17 6.99% 16

Mvunonala Core Satelite Equity 4.97% 7 7.40% 13 0.74% 24 -2.28% 25 5.85% 20

Old Mutual Equities SWIX 3.20% 20 6.14% 19 2.25% 22 0.50% 21 7.06% 14 13.70% 12 16.37% 10

OMIG Double Alpha SWIX 40 6.45% 2 9.13% 3 4.90% 13 2.30% 10 8.26% 8 14.78% 6

OMIG Managed Alpha Equity 4.79% 9 7.64% 9 4.69% 14 3.19% 6 9.48% 2 15.49% 2 18.61% 1

OMIG Managed Volatility 2.62% 22 5.08% 23 1.00% 23 0.89% 19 8.26% 9 12.59% 17

OMIG Premium Equity 5.51% 3 8.58% 4 8.19% 2 5.09% 1 9.52% 1 14.50% 9

Prescient Equity 3.34% 19 6.83% 17 0.52% 25 -1.70% 24 5.38% 21 10.99% 21 15.37% 14

Prudential Core Equity SWIX 4.21% 12 7.54% 11 8.29% 1 3.43% 4 9.29% 4 15.50% 1 18.60% 2

Sentio General Equity 2.22% 24 4.25% 25 5.19% 10 2.82% 7 8.11% 11 14.84% 5

SIM Aggressive Equity 2.96% 21 7.63% 10 7.74% 3 4.43% 2 6.97% 17 12.92% 13 16.72% 8

SIM Moderate Equity 4.91% 8 7.77% 8 5.64% 9 2.40% 9 7.84% 12 14.54% 8 18.02% 4

Stanlib Core Equity 0.24% 25 2.05% 26 -4.28% 26 -3.09% 26 2.31% 26 9.75% 23 15.43% 13

Stanlib Enhanced Index 5.39% 5 8.30% 6 4.01% 18 0.37% 22 6.60% 19 12.61% 16 16.20% 11

Truffle SWIX Equity 3.78% 17 8.55% 5 3.39% 21 2.30% 11 9.37% 3

Vunani Core Equity 3.95% 16 5.59% 22 4.28% 16 2.63% 8 6.91% 18 12.81% 14

JSE SWIX 4.80% 7.49% 4.41% 2.00% 7.96% 13.57% 16.94%

Top Quartile 4.95% 8.07% 5.80% 2.77% 8.29% 14.68% 17.68%

Mean 3.94% 6.98% 4.36% 1.53% 7.08% 13.34% 16.75%

Median 4.14% 7.36% 4.80% 1.70% 7.14% 13.70% 16.72%

Bottom Quartile 3.23% 5.92% 3.74% 0.65% 6.03% 12.37% 15.83%

JSE ALSI 3.11% 7.56% 4.50% 2.33% 6.33% 12.67% 16.01%

GraySwan Constrained Equity Peergroup 3.90% 6.95% 4.51% 1.76% 7.01% 13.11% 16.77%

34


Portfolio 2017

Ran

k

2016

Ran

k

2015

Ran

k

2014

Ran

k

2013

Ran

k

2012

Ran

k

2011

Ran

k

2010

Ran

k

2009

Ran

k

2008

Ran

k

Aeon Active Equity 10.36% 1 1.87% 16 7.13% 9 13.50% 18 28.22% 2 27.14% 16 3.18% 19 20.64% 10 27.82% 12

Afena Capital SWIX 6.94% 16 8.39% 3 -1.52% 21 8.26% 26 20.25% 19 19.05% 23 2.73% 20 17.48% 16 31.91% 5 -18.83% 3

Aluwani Equity 7.06% 15 -1.68% 23 9.65% 3 13.59% 17 21.58% 17 27.88% 14 5.91% 7 19.32% 13 31.29% 7 -19.81% 5

Argon Value Equity 7.42% 12 0.36% 20 9.81% 2 16.22% 4 25.26% 11 26.00% 18 0.89% 21 18.64% 15 27.39% 15 -21.45% 10

Coronation Core Equity 9.24% 2 5.55% 9 0.34% 19 12.25% 19 29.00% 1 28.28% 12 5.58% 8 24.74% 2 33.31% 3 -13.36% 1

JM Busha Diversified Equity 4.33% 24 7.03% 5 -5.58% 26 12.06% 20 22.58% 15 34.58% 2

Kagiso Core SWIX 8.16% 7 6.05% 6 -4.73% 25 9.65% 24 25.94% 8 25.08% 21 4.30% 12 20.97% 8 33.50% 2 -19.90% 6

Mergence ESG Equity 5.84% 20 3.02% 14 5.22% 15 16.79% 2 21.55% 18 31.02% 9 4.53% 11

Mergence SWIX 6.54% 18 4.68% 12 7.31% 8 14.61% 14 25.45% 10 26.87% 17 6.22% 5 14.44% 18 30.73% 8 -18.89% 4

Mianzo Active Equity 5.81% 21 9.45% 2 -4.02% 24 11.56% 21 27.52% 5 28.19% 13 3.69% 14

Mianzo Enhanced Equity 7.32% 14 7.91% 4 -1.61% 22 14.38% 16

Mvunonala Core Satelite Equity 7.40% 13 -4.57% 26 5.91% 13 16.64% 3

Old Mutual Equities SWIX 6.14% 19 0.11% 21 6.77% 10 15.58% 8 27.59% 4 25.10% 20 3.87% 13 16.59% 17 28.39% 11 -20.56% 7

OMIG Double Alpha SWIX 40 9.13% 3 0.87% 18 6.64% 11 15.19% 11 23.80% 13 31.27% 6 6.02% 6 20.54% 11

OMIG Managed Alpha Equity 7.64% 9 2.07% 15 8.78% 4 15.69% 6 24.91% 12 33.53% 3 3.58% 16 22.72% 4 27.54% 13 -21.40% 9

OMIG Managed Volatility 5.08% 23 1.71% 17 7.45% 7 15.49% 9 16.24% 24 31.13% 7 10.76% 2 24.82% 1

OMIG Premium Equity 8.58% 4 5.70% 8 6.12% 12 14.79% 13 17.97% 23 31.73% 5 12.21% 1 18.98% 14

Prescient Equity 6.83% 17 -1.76% 24 3.70% 16 15.65% 7 18.01% 22 25.47% 19 3.64% 15 21.30% 7 31.33% 6 -22.14% 12

Prudential Core Equity SWIX 7.54% 11 5.86% 7 5.82% 14 15.11% 12 28.06% 3 30.01% 11 6.67% 3 20.42% 12 27.49% 14 -16.06% 2

Sentio General Equity 4.25% 25 4.71% 11 7.76% 5 15.96% 5 23.03% 14 31.08% 8 4.55% 10

SIM Aggressive Equity 7.63% 10 13.19% 1 -1.97% 23 10.95% 22 25.61% 9 20.04% 22 3.48% 17 22.85% 3 33.53% 1 -21.03% 8

SIM Moderate Equity 7.77% 8 5.30% 10 3.42% 17 14.49% 15 26.84% 6 27.46% 15 4.62% 9 21.88% 6 33.07% 4

Stanlib Core Equity 2.05% 26 -0.07% 22 -0.37% 20 10.09% 23 18.64% 21 35.68% 1 6.45% 4 22.68% 5 28.54% 10 -29.62% 13

Stanlib Enhanced Index 8.30% 6 0.67% 19 2.96% 18 15.48% 10 18.89% 20 30.85% 10 3.34% 18 20.95% 9 29.81% 9 -21.55% 11

Truffle SWIX Equity 8.55% 5 -2.87% 25 14.41% 1 17.92% 1 26.65% 7

Vunani Core Equity 5.59% 22 4.36% 13 7.60% 6 9.19% 25 21.88% 16 31.80% 4

JSE SWIX 7.49% 4.13% 3.61% 15.41% 20.73% 29.10% 4.24% 20.86% 29.91% -21.67%

Top Quartile 8.07% 5.82% 7.41% 15.63% 26.70% 31.20% 6.02% 22.48% 32.49% -18.89%

Mean 6.98% 3.38% 4.12% 13.89% 23.56% 28.66% 5.06% 20.55% 30.38% -20.35%

Median 7.36% 3.69% 5.87% 14.70% 24.35% 28.28% 4.53% 20.80% 30.73% -20.56%

Bottom Quartile 5.92% 0.44% -0.19% 12.11% 21.22% 26.44% 3.58% 19.06% 28.11% -21.45%

JSE ALSI 7.56% 2.63% 5.13% 10.88% 21.44% 26.68% 2.57% 18.99% 32.13% -23.25%

GraySwan Constrained Equity Peergroup 6.95% 3.46% 4.13% 13.22% 22.38% 28.14% 4.65% 20.69% 30.57% -20.41%

35


Aeon Active Equity

Afena Capital SWIX

Aluwani Equity

Argon Value Equity


JM Busha Diversified Equity

Kagiso Core SWIX

Mergence ESG Equity

Mergence SWIX

Mianzo Active Equity


OMIG Double Alpha SWIX 40


OMIG Managed Volatility

OMIG Premium Equity

Prescient Equity


Sentio General Equity


SIM Moderate Equity

Stanlib Core Equity


Vunani Core Equity

JSE SWIX

JSE ALSI


9.50%

10.50%

11.50%

12.50%

13.50%

14.50%

15.50%

16.50%

8.50% 9.00% 9.50% 10.00% 10.50% 11.00% 11.50%

AN

NU

ALI

SED

RET

UR

N


ER = 1

36


Afena Capital SWIX

Aluwani Equity

Argon Value Equity


Kagiso Core SWIX

Mergence SWIX



Prescient Equity



Stanlib Core Equity


JSE SWIX

JSE ALSI


8.00%

9.00%

10.00%

11.00%

12.00%

13.00%

14.00%

12.50% 13.00% 13.50% 14.00% 14.50% 15.00%

AN

NU

ALI

SED

RET

UR

N


ER = 1

37

UNCONSTRAINED EQUITY

We always count

38

5 YEAR PERFORMANCE

0,00% 2,00% 4,00% 6,00% 8,00% 10,00% 12,00% 14,00% 16,00% 18,00%

RE:CM Equity

Element Equity

Cannon ALSI Institutional

Stanlib Unconstrained Equity

Stanlib Value Equity

Investec Value Equity

Afena Capital Aggressive Equity

SIM Unconstrained Equity

ABSA AM Select Equity

Oasis Specialist Domestic Equity

Maestro Prescient Equity

Kagiso Managed Equity Fund

GraySwan Unconstrained Equity Peergroup (Gross)

Mean

Electus Equity

Laurium Equity Long Short

First Avenue Equity

JSE ALSI

Median

Coronation Aggressive Equity

First Avenue Focused Equity

Aylett Institutional Equity

Ashburton Equity

JSE SWIX

ClucasGray Equity

Foord Specialist Equity SWIX

Foord Specialist Domestic Equity

Visio SWIX

Coronation Houseview Equity

Prudential Deep Value Equity

ABAX Equity Fund

MAZI Capital Equity SWIX

Investec General Equity

Allan Gray Domestic Equity (Pool)

Fairtree Capital Equity


39


Portfolio3

Months Ran

k

YTD

Ran

k 1Year R

ank 2Year R

ank 3

Year Ran

k 5Year R

ank 8

Year Ran

k

ABAX Equity Fund 5.70% 3 7.85% 6 4.76% 16 2.69% 11 8.84% 7 15.12% 5 18.23% 6

ABSA AM Select Equity 0.65% 25 4.22% 25 2.34% 29 -1.33% 33 3.17% 26 9.57% 22 15.20% 14

Afena Capital Aggressive Equity 1.61% 21 4.46% 23 6.77% 10 1.32% 26 1.12% 30 8.55% 24

Allan Gray Domestic Equity (Pool) 2.83% 15 5.40% 18 5.83% 11 7.06% 2 9.46% 4 15.51% 2 17.91% 7

Anchor BCI SA Equity -0.46% 32 1.77% 32 -3.63% 36 -0.64% 32

Ashburton Equity 3.31% 14 4.92% 21 2.85% 24 1.94% 19 6.46% 18 13.50% 12 17.42% 10

Aylett Institutional Equity -0.25% 30 2.37% 31 11.22% 3 5.37% 3 7.71% 11 13.43% 13 17.18% 11

Bateleur Equity 5.25% 6 7.00% 9 4.88% 15 3.72% 6 11.78% 1

Cannon ALSI Institutional -5.14% 36 -2.29% 37 8.76% 5 1.70% 20 -0.65% 33 3.97% 28 10.24% 23

ClucasGray Equity 1.38% 23 4.54% 22 7.71% 8 2.49% 14 8.44% 10 13.65% 11

Coronation Aggressive Equity 4.69% 7 9.14% 1 8.99% 4 3.00% 9 5.08% 23 13.01% 15 17.87% 9

Coronation Houseview Equity 5.32% 5 8.87% 3 5.56% 12 2.01% 18 6.35% 19 14.55% 7 18.35% 5

Electus Equity 2.39% 18 5.49% 15 7.93% 7 0.94% 28 6.50% 17 11.74% 18 16.09% 13

Element Equity 1.79% 19 6.15% 11 4.72% 17 2.77% 10 -0.33% 32 3.92% 29 8.24% 25

Fairtree Capital Equity 1.66% 20 7.42% 7 5.53% 13 4.38% 5 11.31% 2 16.67% 1

First Avenue Equity 5.34% 4 6.65% 10 2.80% 26 1.33% 25 7.31% 13 12.34% 16

First Avenue Focused Equity 7.25% 1 8.17% 5 2.59% 27 2.54% 13 8.45% 9 13.14% 14

Foord Specialist Domestic Equity 3.93% 8 5.45% 16 3.09% 21 1.30% 27 6.34% 20 13.99% 9 19.02% 3

Foord Specialist Equity SWIX 3.90% 9 5.44% 17 3.26% 20 1.37% 23 6.26% 21 13.82% 10 18.90% 4

JSE SWIX 4.80% 7.49% 4.41% 2.00% 7.96% 13.57% 16.94%

Top Quartile 3.90% 6.65% 6.77% 2.77% 8.44% 14.22% 17.91%

Mean 1.91% 4.86% 4.41% 1.83% 5.53% 11.38% 15.44%

Median 1.79% 5.24% 3.92% 1.94% 6.46% 12.68% 16.09%

Bottom Quartile 0.16% 3.01% 2.48% 0.94% 2.96% 9.34% 12.92%

JSE ALSI 3.11% 7.56% 4.50% 2.33% 6.33% 12.67% 16.01%

GraySwan Unconstrained Equity Peergroup 1.88% 4.96% 4.05% 1.59% 4.35% 10.64% 15.31%

40

ABSOLUTE PERFORMANCE (continued)

Portfolio3

Months Ran

k

YTD

Ran

k 1Year R

ank 2Year R

ank 3

Year Ran

k 5Year R

ank 8

Year Ran

k

Investec General Equity 1.53% 22 5.19% 20 2.06% 30 3.49% 7 10.66% 3 15.49% 3 17.12% 12

Investec Value Equity -6.96% 37 1.26% 34 -0.86% 34 10.10% 1 5.05% 24 7.73% 25 12.80% 20

Kagiso Managed Equity Fund 3.90% 10 8.93% 2 8.03% 6 2.58% 12 3.23% 25 10.12% 19 15.07% 15

Laurium Equity Long Short 0.93% 24 5.59% 13 4.92% 14 2.26% 15 7.39% 12 12.03% 17 14.03% 18

Maestro Prescient Equity 2.60% 17 2.77% 30 2.80% 25 -2.52% 36 5.13% 22 9.89% 20 12.55% 21

MAZI Capital Equity SWIX 2.73% 16 5.90% 12 1.65% 33 1.53% 22 8.90% 6 15.14% 4 20.43% 1

Mvunonala Pure Active Equity SWIX 5.90% 2 8.55% 4 1.75% 31 -1.45% 34 6.70% 16

Oasis Specialist Domestic Equity -0.16% 29 2.92% 29 3.92% 19 0.39% 29 2.39% 28 9.83% 21 14.41% 16

Perpetua Domestic Specialist Equity 0.16% 28 3.68% 26 3.02% 22 1.36% 24 2.76% 27

Prudential Deep Value Equity 3.68% 11 7.06% 8 7.56% 9 3.42% 8 8.74% 8 14.70% 6 17.89% 8

PSG SA Equity -0.38% 31 0.95% 35 12.86% 2 2.23% 16 7.16% 15

RE:CM Equity -1.31% 35 3.44% 27 18.01% 1 1.60% 21 -3.14% 35 2.59% 30 8.69% 24

SIM Unconstrained Equity 0.54% 26 3.01% 28 2.48% 28 -2.17% 35 1.77% 29 9.26% 23 14.17% 17

Stanlib Unconstrained Equity -0.58% 33 1.47% 33 -2.99% 35 -5.63% 37 -2.94% 34 6.11% 27 11.65% 22

Stanlib Value Equity 0.50% 27 4.43% 24 -6.83% 37 -0.46% 31 0.07% 31 7.71% 26 12.92% 19

Steyn Capital Long Only Equity 3.44% 13 5.24% 19 1.71% 32 4.99% 4

Tower Capital Equity -0.84% 34 0.91% 36 4.17% 18 2.17% 17 9.03% 5

Visio SWIX 3.65% 12 5.53% 14 2.94% 23 -0.05% 30 7.17% 14 14.29% 8 19.62% 2

JSE SWIX 4.80% 7.49% 4.41% 2.00% 7.96% 13.57% 16.94%

Top Quartile 3.90% 6.65% 6.77% 2.77% 8.44% 14.22% 17.91%

Mean 1.91% 4.86% 4.41% 1.83% 5.53% 11.38% 15.44%

Median 1.79% 5.24% 3.92% 1.94% 6.46% 12.68% 16.09%

Bottom Quartile 0.16% 3.01% 2.48% 0.94% 2.96% 9.34% 12.92%

JSE ALSI 3.11% 7.56% 4.50% 2.33% 6.33% 12.67% 16.01%

GraySwan Unconstrained Equity Peergroup 1.88% 4.96% 4.05% 1.59% 4.35% 10.64% 15.31%

41


Portfolio 2017

Ran

k

2016

Ran

k

2015

Ran

k

2014

Ran

k

2013

Ran

k

2012

Ran

k

2011

Ran

k

2010

Ran

k

2009

Ran

k

2008

Ran

k

ABAX Equity Fund 7.85% 6 -0.97% 31 11.01% 8 14.77% 9 28.04% 4 27.06% 11 8.91% 5 20.81% 17 28.71% 17 -21.58% 18

ABSA AM Select Equity 4.22% 25 4.74% 20 -3.25% 25 12.39% 21 18.74% 24 24.03% 17 6.27% 11 24.32% 8 36.64% 2 -3.61% 1

Afena Capital Aggressive Equity 4.46% 23 24.76% 4 -14.58% 34 1.80% 30 17.05% 27 20.02% 22 2.72% 21

Allan Gray Domestic Equity (Pool) 5.40% 18 13.51% 12 5.23% 15 15.92% 6 24.51% 14 19.58% 23 9.00% 4 20.17% 19 25.67% 21 -11.93% 4

Anchor BCI SA Equity 1.77% 32 -7.22% 37 16.82% 1

Ashburton Equity 4.92% 21 3.13% 23 3.82% 17 13.13% 19 26.87% 7 31.05% 6 9.81% 3 21.97% 14 23.38% 23 -20.58% 17

Aylett Institutional Equity 2.37% 31 18.32% 8 -2.18% 24 14.41% 13 23.83% 15 20.50% 20 5.62% 12 22.04% 13 35.91% 4 -8.70% 2

Bateleur Equity 7.00% 9 2.15% 28 13.44% 4 20.29% 1 26.92% 6

Cannon ALSI Institutional -2.29% 37 21.16% 7 -10.83% 30 -1.90% 32 16.02% 30 12.91% 26 -1.71% 25 18.69% 20 35.40% 5 -26.55% 20

ClucasGray Equity 4.54% 22 10.13% 14 1.53% 21 13.89% 17 23.14% 18 26.23% 12

Coronation Aggressive Equity 9.14% 1 15.98% 10 -8.84% 27 7.06% 28 30.91% 2 25.82% 14 5.05% 13 27.92% 2 36.73% 1 -15.08% 7

Coronation Houseview Equity 8.87% 3 6.83% 17 0.10% 22 10.11% 25 32.52% 1 27.60% 9 3.50% 18 25.81% 5 35.11% 6 -16.50% 12

Electus Equity 5.49% 15 7.66% 16 -0.39% 23 14.00% 16 24.63% 13 17.89% 24 2.47% 22 23.68% 9 32.14% 9 -26.70% 21

Element Equity 6.15% 11 21.57% 5 -16.14% 35 1.14% 31 2.16% 32 11.16% 27 3.96% 16 14.76% 23 26.68% 19 -12.38% 5

Fairtree Capital Equity 7.42% 7 9.40% 15 6.61% 13 18.24% 2 23.81% 16 29.84% 8

First Avenue Equity 6.65% 10 -2.68% 33 9.52% 10 13.85% 18 20.21% 22 31.19% 5

First Avenue Focused Equity 8.17% 5 -4.14% 35 12.86% 5 14.28% 14 20.78% 21

Foord Specialist Domestic Equity 5.45% 16 3.11% 24 2.90% 19 16.05% 5 28.49% 3 32.47% 3 8.10% 6 25.83% 4 31.21% 14 -15.96% 9

Foord Specialist Equity SWIX 5.44% 17 3.28% 22 2.92% 18 15.65% 8 27.86% 5 32.27% 4 7.83% 7 25.71% 6 31.39% 13 -15.96% 8

JSE SWIX 7.49% 4.13% 3.61% 15.41% 20.73% 29.10% 4.24% 20.86% 29.91% -21.67%

Top Quartile 6.65% 15.98% 9.52% 14.73% 26.12% 29.84% 7.78% 25.00% 33.23% -14.06%

Mean 4.86% 9.54% 0.25% 11.28% 21.60% 23.63% 5.25% 21.94% 30.65% -18.18%

Median 5.24% 5.09% 2.90% 13.87% 23.77% 25.51% 4.90% 22.04% 31.45% -16.50%

Bottom Quartile 3.01% 2.15% -9.49% 9.60% 18.02% 20.02% 3.26% 20.17% 27.94% -21.08%

JSE ALSI 7.56% 2.63% 5.13% 10.88% 21.44% 26.68% 2.57% 18.99% 32.13% -23.25%

GraySwan Unconstrained Equity Peergroup 4.96% 10.55% -3.39% 9.54% 20.85% 22.39% 4.29% 21.47% 32.67% -20.34%

42

ABSOLUTE CALENDAR YEAR PERFORMANCE (continued)

Portfolio 2017

Ran

k

2016

Ran

k

2015

Ran

k

2014

Ran

k

2013

Ran

k

2012

Ran

k

2011

Ran

k

2010

Ran

k

2009

Ran

k

2008

Ran

k

Investec General Equity 5.19% 20 2.47% 26 15.26% 2 17.72% 3 22.44% 19 25.14% 16 6.51% 10 14.60% 25 26.48% 20 -25.10% 19

Investec Value Equity 1.26% 34 53.50% 1 -18.81% 36 13.09% 20 -0.29% 33 3.03% 29 1.48% 24 25.00% 7 32.04% 10 -13.04% 6

Kagiso Managed Equity Fund 8.93% 2 10.64% 13 -8.71% 26 7.67% 27 25.11% 12 20.17% 21 4.64% 15 22.51% 11 36.24% 3 -20.27% 16

Laurium Equity Long Short 5.59% 13 -3.14% 34 11.58% 7 14.61% 10 25.43% 10 13.84% 25 7.62% 8 17.14% 22 20.08% 24

Maestro Prescient Equity 2.77% 30 -0.63% 30 4.13% 16 10.49% 24 23.77% 17 25.51% 15 -4.38% 26 18.40% 21

MAZI Capital Equity SWIX 5.90% 12 -2.54% 32 12.50% 6 14.49% 12 26.12% 9 36.69% 2 12.44% 2 28.81% 1 31.51% 12 -16.44% 11

Mvunonala Pure Active Equity SWIX 8.55% 4 -5.32% 36 8.77% 11 16.38% 4 21.63% 20

Oasis Specialist Domestic Equity 2.92% 29 15.02% 11 -9.49% 28 10.52% 23 16.55% 28 26.15% 13 7.18% 9 20.92% 16 24.89% 22 -18.60% 15

Perpetua Domestic Specialist Equity 3.68% 26 21.32% 6 -13.15% 33 9.43% 26 17.68% 26

Prudential Deep Value Equity 7.06% 8 5.09% 19 6.23% 14 14.53% 11 26.77% 8 27.41% 10 4.74% 14 20.42% 18 29.95% 16 -16.97% 13

PSG SA Equity 0.95% 35 32.36% 3 -12.43% 32 15.86% 7

RE:CM Equity 3.44% 27 41.60% 2 -30.49% 37 -4.09% 34 12.14% 31 7.68% 28 3.20% 20 21.20% 15 28.36% 18 -10.34% 3

SIM Unconstrained Equity 3.01% 28 17.09% 9 -11.71% 31 10.70% 22 18.02% 25 21.45% 18 1.55% 23 23.05% 10 32.02% 11 -17.48% 14

Stanlib Unconstrained Equity 1.47% 33 2.73% 25 -9.96% 29 5.23% 29 16.26% 29 30.43% 7 3.81% 17 14.66% 24 32.60% 7 -38.40% 23

Stanlib Value Equity 4.43% 24 4.21% 21 2.78% 20 -2.13% 33 19.22% 23 21.15% 19 3.45% 19 22.08% 12 32.17% 8 -29.53% 22

Steyn Capital Long Only Equity 5.24% 19 5.75% 18 14.75% 3

Tower Capital Equity 0.91% 36 2.45% 27 10.73% 9

Visio SWIX 5.53% 14 -0.27% 29 6.85% 12 14.07% 15 25.34% 11 36.92% 1 12.74% 1 27.88% 3 30.31% 15 -16.34% 10

JSE SWIX 7.49% 4.13% 3.61% 15.41% 20.73% 29.10% 4.24% 20.86% 29.91% -21.67%

Top Quartile 6.65% 15.98% 9.52% 14.73% 26.12% 29.84% 7.78% 25.00% 33.23% -14.06%

Mean 4.86% 9.54% 0.25% 11.28% 21.60% 23.63% 5.25% 21.94% 30.65% -18.18%

Median 5.24% 5.09% 2.90% 13.87% 23.77% 25.51% 4.90% 22.04% 31.45% -16.50%

Bottom Quartile 3.01% 2.15% -9.49% 9.60% 18.02% 20.02% 3.26% 20.17% 27.94% -21.08%

JSE ALSI 7.56% 2.63% 5.13% 10.88% 21.44% 26.68% 2.57% 18.99% 32.13% -23.25%

GraySwan Unconstrained Equity Peergroup 4.96% 10.55% -3.39% 9.54% 20.85% 22.39% 4.29% 21.47% 32.67% -20.34%

43


ABAX Equity Fund


Afena Capital Aggressive Equity


Ashburton EquityAylett Institutional Equity


ClucasGray Equity

Coronation Aggressive Equity

Coronation Houseview Equity

Electus Equity

Element Equity

Fairtree Capital Equity

First Avenue Equity

First Avenue Focused Equity

Foord Specialist Domestic EquityFoord Specialist Equity SWIX


Investec Value Equity

Kagiso Managed Equity Fund

Laurium Equity Long Short

Maestro Prescient Equity




RE:CM Equity




Visio SWIX

JSE SWIX

JSE ALSI


2,00%

4,00%

6,00%

8,00%

10,00%

12,00%

14,00%

16,00%

18,00%

4,00% 6,00% 8,00% 10,00% 12,00% 14,00% 16,00% 18,00% 20,00% 22,00%

AN

NU

ALI

SED

RET

UR

N


ER = 2 ER = 1

ER = 0.5

44


ABAX Equity Fund



Ashburton Equity

Aylett Institutional Equity


Coronation Aggressive EquityCoronation Houseview Equity

Electus Equity

Element Equity

Foord Specialist Domestic EquityFoord Specialist Equity SWIX


Investec Value EquityKagiso Managed Equity Fund




RE:CM Equity




Visio SWIX

JSE SWIX

JSE ALSI


4,00%

6,00%

8,00%

10,00%

12,00%

14,00%

16,00%

9,00% 11,00% 13,00% 15,00% 17,00% 19,00% 21,00%

AN

NU

ALI

SED

RET

UR

N


ER = 1

ER = 0.5

45

GLOBAL ABSOLUTE

We always count

46

5 YEAR PERFORMANCE

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00%

CPI

CPI + 3%

MMI Absolute Return (CPI + 5%)

ABSA AM Global Absolute CPI + 4%

CPI + 4%

Vunani Global Absolute CPI + 3%

Coronation Inflation Plus

OMIG MacroSolutions (Profile Capital)

GraySwan Global CPI + 3% to 4% Peergroup (Gross)

CPI + 5%

Allan Gray Global Stable

SIM Global CPI + 5%

OMIG Wealth Defender Capability

Allan Gray Global Absolute


OMIG MacroSolutions (Profile Moderate)


Coronation Absolute


CPI + 6%

SIM Global CPI + 6%

OMIG MacroSolutions (Profile Balanced)

Investec Opportunity

Prudential Global Real Return + 5%

Foord Reg 28 Absolute Return

CPI + 7%

OMIG MacroSolutions (Profile Edge28)


47


Portfolio3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank

CPI + 3%

Allan Gray Global Stable 2.69% 3 3.47% 3 6.85% 3 10.61% 1 9.52% 1 11.16% 1 10.68% 2

Coronation Inflation Plus 3.27% 1 4.55% 2 8.48% 2 7.39% 2 9.02% 2 10.53% 3

OMIG MacroSolutions (Profile Capital) 3.12% 2 4.64% 1 8.74% 1 6.65% 3 8.65% 3 10.54% 2 10.99% 1

Vunani Global Absolute CPI + 3% 0.99% 4 2.66% 4 4.33% 4 5.99% 4 8.09% 4 10.18% 4 10.12% 3

CPI + 4%

ABSA AM Global Absolute CPI + 4% 1.35% 2 2.03% 2 3.51% 2 4.66% 2 7.79% 2 9.45% 2 11.03% 2

OMIG MacroSolutions (Profile Moderate) 3.23% 1 5.17% 1 8.05% 1 5.62% 1 8.81% 1 11.72% 1 12.60% 1

CPI + 5%

Allan Gray Global Absolute 2.60% 8 3.94% 7 5.02% 6 10.33% 1 9.63% 2 11.45% 5 12.30% 4

Foord Reg 28 Absolute Return 3.64% 2 4.68% 2 2.20% 9 3.55% 8 7.30% 8 12.95% 1 15.29% 1

Mergence CPI + 5 % (Global) 2.63% 7 4.32% 4 6.59% 4 5.22% 6 7.51% 7

MMI Absolute Return (CPI + 5%) 2.42% 9 4.10% 5 4.22% 8 3.47% 9 6.50% 9 9.45% 8 11.39% 8

OMIG MacroSolutions (Profile Balanced) 3.65% 1 5.83% 1 7.77% 1 4.78% 7 8.50% 4 12.46% 3 14.20% 2

OMIG Wealth Defender Capability 3.19% 3 4.35% 3 6.78% 3 6.12% 4 7.93% 5 11.41% 6 12.13% 5

Prudential Global Real Return + 5% 2.68% 6 4.07% 6 5.60% 5 6.26% 3 9.66% 1 12.84% 2 13.79% 3

SIM Global CPI + 5% 2.95% 4 3.81% 9 7.28% 2 7.78% 2 9.03% 3 11.29% 7 11.72% 7


CPI + 6%

Investec Opportunity 3.31% 2 5.65% 1 3.41% 3 8.62% 1 9.37% 3 12.71% 2 15.12% 2

OMIG MacroSolutions (Profile Edge28) 2.58% 3 5.13% 2 6.72% 2 4.86% 3 9.66% 2 13.72% 1 15.21% 1

SIM Global CPI + 6% 3.52% 1 4.50% 3 8.31% 1 8.40% 2 9.98% 1 12.46% 3 13.08% 3

CPI + 7%

Coronation Absolute 3.25% 1 4.80% 1 8.22% 1 5.56% 1 8.11% 1 11.88% 2 14.00% 1


CPI 2.30% 2.71% 6.13% 6.20% 5.47% 5.67% 5.45%

Top Quartile 3.31% 4.73% 8.48% 9.38% 9.66% 12.46% 13.75%

Mean 2.91% 4.26% 7.06% 7.30% 8.96% 11.44% 12.31%

Median 3.12% 4.35% 6.85% 6.26% 8.81% 11.49% 12.13%

Bottom Quartile 2.63% 3.83% 4.91% 5.22% 7.93% 10.54% 11.01%

GraySwan Global CPI + 3% to 4% Peergroup 2.52% 3.86% 6.55% 6.61% 8.60% 10.62% 11.43%


48


Portfolio 2017

Ran

k

2016

Ran

k

2015

Ran

k

2014

Ran

k

2013

Ran

k

2012

Ran

k

2011

Ran

k

2010

Ran

k

2009

Ran

k

2008

Ran

k

CPI + 3%

Allan Gray Global Stable 3.47% 3 7.36% 1 14.46% 1 7.77% 4 16.29% 1 8.13% 4 13.31% 1 5.80% 4 7.46% 3 13.69% 1

Coronation Inflation Plus 4.55% 2 6.27% 2 9.34% 3 9.56% 3 13.61% 3 14.52% 3 10.32% 2 15.95% 1

OMIG MacroSolutions (Profile Capital) 4.64% 1 5.64% 3 8.17% 4 9.73% 1 12.70% 4 16.99% 1 9.75% 3 10.79% 2 8.84% 2 6.85% 2

Vunani Global Absolute CPI + 3% 2.66% 4 2.12% 4 12.49% 2 9.58% 2 13.79% 2 16.01% 2 5.03% 4 9.24% 3 11.53% 1 -0.85% 3

CPI + 4%

ABSA AM Global Absolute CPI + 4% 2.03% 2 3.94% 2 9.53% 1 11.59% 2 9.70% 2 16.70% 2 10.60% 1 12.72% 1 12.04% 2 11.48% 1

OMIG MacroSolutions (Profile Moderate) 5.17% 1 4.44% 1 8.41% 2 12.36% 1 15.59% 1 19.27% 1 9.11% 2 12.33% 2 12.05% 1 -2.50% 2

CPI + 5%

Allan Gray Global Absolute 3.94% 7 7.87% 1 11.63% 2 11.45% 3 16.78% 6 6.29% 8 14.00% 1 8.58% 8 13.58% 6 14.81% 1

Foord Reg 28 Absolute Return 4.68% 2 -0.82% 9 11.20% 4 11.17% 4 24.81% 1 26.06% 1 9.90% 4 15.44% 1 18.17% 1 -7.57% 6

Mergence CPI + 5 % (Global) 4.32% 4 5.81% 2 6.64% 9 11.07% 5 12.17% 9

MMI Absolute Return (CPI + 5%) 4.10% 5 0.97% 7 8.03% 8 9.66% 8 13.35% 8 17.80% 5 8.68% 5 13.44% 3 15.11% 4 -11.34% 7

OMIG MacroSolutions (Profile Balanced) 5.83% 1 3.42% 6 8.76% 7 12.15% 2 20.84% 2 19.95% 4 7.84% 6 13.70% 2 18.14% 2 -12.79% 8

OMIG Wealth Defender Capability 4.35% 3 4.11% 5 9.45% 6 9.16% 9 18.94% 3 16.92% 6 7.29% 7 11.47% 6 17.19% 3 -0.83% 4

Prudential Global Real Return + 5% 4.07% 6 5.13% 4 10.24% 5 13.35% 1 16.71% 7 21.32% 2 12.28% 2 13.18% 4 12.12% 7 2.61% 3

SIM Global CPI + 5% 3.81% 9 5.75% 3 11.54% 3 9.82% 7 16.95% 5 13.76% 7 10.72% 3 10.04% 7 10.99% 8 2.76% 2

Vunani Global Absolute CPI + 5% 3.83% 8 0.01% 8 13.42% 1 10.01% 6 18.80% 4 20.02% 3 5.04% 8 12.15% 5 13.91% 5 -4.15% 5

CPI + 6%

Investec Opportunity 5.65% 1 2.32% 3 15.52% 1 10.46% 3 16.20% 3 20.72% 1 12.59% 1 12.94% 2 21.84% 1 -3.94% 2

OMIG MacroSolutions (Profile Edge28) 5.13% 2 3.07% 2 11.07% 3 14.72% 1 23.71% 1 20.27% 2 6.65% 3 14.17% 1 20.69% 2 -11.76% 3

SIM Global CPI + 6% 4.50% 3 6.28% 1 12.32% 2 10.78% 2 19.30% 2 15.19% 3 10.22% 2 11.67% 3 13.53% 3 0.75% 1

CPI + 7%

Coronation Absolute 4.80% 1 6.52% 1 6.20% 2 9.91% 2 21.20% 2 17.74% 2 7.73% 1 17.45% 1 20.15% 1 -0.94% 1

Vunani Global Absolute CPI + 7% 3.07% 2 -2.64% 2 14.53% 1 10.73% 1 21.72% 1 24.06% 1 5.03% 2 14.13% 2 19.35% 2 -10.34% 2

CPI 2.71% 6.61% 4.75% 5.79% 5.31% 5.61% 6.18% 3.47% 5.93% 11.23%

Top Quartile 4.73% 7.36% 12.09% 11.59% 18.94% 19.97% 11.69% 13.51% 17.67% 14.12%

Mean 4.26% 5.49% 10.52% 10.82% 15.84% 16.09% 9.73% 11.60% 14.04% 3.04%

Median 4.35% 5.64% 10.24% 10.73% 16.20% 16.81% 10.06% 11.91% 13.35% 0.75%

Bottom Quartile 3.83% 3.07% 8.76% 9.73% 12.70% 12.74% 7.82% 9.59% 11.37% -4.05%

GraySwan Global CPI + 3% to 4% Peergroup 3.86% 5.09% 9.89% 10.22% 13.75% 15.56% 9.25% 11.94% 11.46% 5.66%

GraySwan Global CPI + 5% to 7% Peergroup 4.69% 3.26% 10.08% 10.73% 18.00% 19.34% 8.83% 12.97% 15.86% -2.83%

49


CPI + 3%

Allan Gray Global Stable

Coronation Inflation PlusOMIG MacroSolutions (Profile Capital)


CPI + 4%



CPI + 5%







SIM Global CPI + 5%


CPI + 6%

Investec Opportunity


SIM Global CPI + 6%

CPI + 7%

Coronation AbsoluteVunani Global Absolute CPI + 7%

CPI



5.50%

6.50%

7.50%

8.50%

9.50%

10.50%

11.50%

12.50%

13.50%

1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00%

AN

NU

ALI

SED

RET

UR

N


ER = 2 ER = 1 ER = 0.5

ER = -1 ER = -0.5ER = -2

50


CPI + 3%

Allan Gray Global StableOMIG MacroSolutions (Profile Capital)


CPI + 4%



CPI + 5%







SIM Global CPI + 5%


CPI + 6%Investec Opportunity

OMIG MacroSolutions (Profile Edge28)SIM Global CPI + 6%

CPI + 7%

Coronation Absolute


CPI



5.50%

6.50%

7.50%

8.50%

9.50%

10.50%

11.50%

12.50%

13.50%

1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00%

AN

NU

ALI

SED

RET

UR

N


ER = 2 ER = 1 ER = 0.5

ER = -1 ER = -0.5ER = -2

51

GLOBAL BALANCED

We always count

52

5 YEAR PERFORMANCE

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00%

RE:CM Balanced Full Discretion

Prescient Global Balanced

Cadiz Global Balanced

CPI + 5%

ABSA AM Global Balanced

Stanlib Full Discretion


Aluwani Global Balanced

Oasis Global Full Discretion

MMI Global Balanced

OMIG MacroSolutions Seg Full Discretion


SIM Global Unique

Mean

Foord Global Balanced - Moderate

GraySwan Global Balanced Peergroup (Gross)


Median

Prudential Global Balanced

Allan Gray Global Balanced (Seg)

Investec Managed

Allan Gray Global Balanced (Pool)

Investec Segregated Full Discretion

Rezco Managed Plus

Rezco Value Trend (Balanced)

Investec Balanced

Coronation Full Discretion

ABAX Balanced Fund

Coronation Managed

PSG Balanced


53


Portfolio3

Months Ran

k

YTD

Ran

k 1Year R

ank 2Year R

ank 3

Year Ran

k 5Year R

ank 8

Year Ran

k

ABAX Balanced Fund 4.79% 2 5.67% 10 9.87% 4 8.33% 4 11.27% 2 14.58% 3

ABSA AM Global Balanced 1.76% 23 3.02% 24 5.26% 17 4.42% 18 6.91% 20 11.00% 22

Allan Gray Global Balanced (Pool) 3.18% 17 4.97% 13 5.58% 14 8.87% 3 9.61% 8 14.22% 9 15.10% 11

Allan Gray Global Balanced (Seg) 3.10% 18 4.91% 15 5.84% 13 9.10% 2 9.73% 6 14.21% 11 14.98% 12

Aluwani Global Balanced 4.49% 4 5.92% 6 6.21% 12 4.31% 19 7.66% 18 11.80% 20 13.98% 17

Cadiz Global Balanced 3.82% 6 6.84% 3 11.55% 2 5.44% 12 5.54% 24 10.33% 23 12.91% 20

Coronation Full Discretion 4.95% 1 7.18% 2 7.26% 10 5.60% 10 9.22% 9 14.58% 4 16.63% 3

Coronation Managed 4.60% 3 7.35% 1 9.65% 5 6.58% 6 9.14% 10 15.06% 2 17.41% 1

Foord Global Balanced - Moderate 3.47% 12 4.95% 14 3.35% 20 4.64% 16 7.65% 19 12.91% 14 15.71% 8

Investec Balanced 3.51% 10 5.86% 7 4.95% 19 5.46% 11 10.33% 5 14.57% 5 15.88% 6

Investec Managed 3.22% 16 4.26% 19 5.39% 16 9.76% 1 11.51% 1 14.22% 10 15.28% 9

Investec Segregated Full Discretion 3.56% 9 5.98% 4 5.51% 15 5.68% 8 10.40% 4 14.27% 8 15.75% 7

MMI Global Balanced 3.45% 13 4.80% 17 5.22% 18 5.32% 13 8.47% 13 12.42% 18 13.84% 18

Oasis Global Full Discretion 1.45% 24 2.54% 25 2.65% 22 3.31% 22 6.29% 22 12.32% 19 13.76% 19

OMIG MacroSolutions (Profile Balanced) 3.65% 8 5.83% 9 7.77% 8 4.78% 15 8.50% 12 12.46% 16 14.20% 16

OMIG MacroSolutions (Profile Edge28) 2.58% 21 5.13% 12 6.72% 11 4.86% 14 9.66% 7 13.72% 13 15.21% 10

OMIG MacroSolutions Seg Full Discretion 3.66% 7 5.86% 8 8.06% 7 4.61% 17 8.46% 14 12.45% 17 14.24% 15

Prescient Global Balanced 2.58% 20 4.84% 16 3.34% 21 0.15% 25 6.01% 23 8.37% 24 9.19% 22

Prudential Global Balanced 3.49% 11 5.34% 11 8.09% 6 6.25% 7 9.02% 11 14.14% 12 16.04% 5

PSG Balanced 3.01% 19 3.99% 20 11.48% 3 7.99% 5 10.99% 3 15.09% 1 16.98% 2

RE:CM Balanced Full Discretion 0.89% 25 4.60% 18 11.84% 1 1.96% 24 -1.24% 25 6.01% 25 9.59% 21

Rezco Managed Plus 3.36% 14 3.27% 22 1.81% 25 3.84% 21 8.20% 15 14.31% 7

Rezco Value Trend (Balanced) 3.25% 15 3.19% 23 2.58% 23 4.28% 20 7.87% 17 14.44% 6 16.13% 4

SIM Global Unique 4.05% 5 5.94% 5 7.53% 9 5.65% 9 7.91% 16 12.66% 15 14.76% 13

Stanlib Full Discretion 2.56% 22 3.40% 21 1.91% 24 3.22% 23 6.48% 21 11.50% 21 14.57% 14

GraySwan Global Balanced Peergroup 3.30% 5.03% 6.58% 5.65% 8.28% 13.09% 14.99%

Top Quartile 3.66% 5.86% 8.06% 6.25% 9.66% 14.31% 15.85%

Mean 3.30% 5.03% 6.38% 5.37% 8.22% 12.87% 14.64%

Median 3.45% 4.97% 5.84% 5.32% 8.47% 13.72% 15.04%

Bottom Quartile 3.01% 4.26% 4.95% 4.31% 7.65% 12.32% 14.03%

CPI + 5% 3.56% 4.40% 11.44% 11.52% 10.76% 10.96% 10.73%


54


Portfolio 2017

Ran

k

2016

Ran

k

2015

Ran

k

2014

Ran

k

2013

Ran

k

2012

Ran

k

2011

Ran

k

2010

Ran

k

2009

Ran

k

2008

Ran

k

ABAX Balanced Fund 5.67% 10 11.64% 3 6.28% 20 16.91% 1 17.14% 23 23.56% 6

ABSA AM Global Balanced 3.02% 24 3.70% 12 8.41% 16 11.57% 12 16.70% 24 20.01% 16 8.38% 12

Allan Gray Global Balanced (Pool) 4.97% 13 7.01% 6 12.83% 6 10.27% 20 25.33% 6 15.43% 22 13.06% 2 11.84% 19 15.95% 18 -1.38% 5

Allan Gray Global Balanced (Seg) 4.91% 15 7.51% 5 12.77% 7 10.29% 19 25.05% 7 15.14% 23 12.63% 3 11.68% 20 15.62% 19 -1.06% 4

Aluwani Global Balanced 5.92% 6 0.42% 21 10.37% 11 9.95% 21 20.67% 21 19.65% 20 5.93% 22 14.37% 10 24.91% 5 -12.39% 15

Cadiz Global Balanced 6.84% 3 5.86% 9 4.90% 24 3.18% 24 18.69% 22 21.55% 10 4.35% 23 15.91% 7 20.33% 10

Coronation Full Discretion 7.18% 2 3.44% 13 8.88% 12 12.10% 10 28.88% 4 21.72% 8 8.21% 13 17.76% 3 25.13% 4 -8.29% 8

Coronation Managed 7.35% 1 7.96% 4 5.09% 23 11.22% 14 30.10% 3 24.00% 5 9.05% 8 19.41% 1 25.89% 3 -7.56% 7

Foord Global Balanced - Moderate 4.95% 14 0.53% 20 10.51% 10 11.00% 16 24.02% 10 25.58% 2 11.43% 4 17.16% 5 17.92% 16 -5.61% 6

Investec Balanced 5.86% 7 1.21% 19 15.80% 4 13.35% 3 24.07% 9 20.60% 13 7.73% 15 14.09% 12 26.23% 1 -10.96% 10

Investec Managed 4.26% 19 4.79% 10 19.30% 2 9.16% 23 23.45% 13 21.66% 9 8.79% 9 12.81% 17 21.33% 7 -14.85% 19

Investec Segregated Full Discretion 5.98% 4 1.68% 18 15.41% 5 13.27% 5 22.33% 15 20.66% 12 7.59% 17 14.53% 9 26.17% 2 -11.49% 12

MMI Global Balanced 4.80% 17 2.33% 17 11.51% 8 10.51% 18 21.21% 18 19.65% 19 7.57% 18 10.98% 21 19.83% 13 -12.40% 16

Oasis Global Full Discretion 2.54% 25 4.43% 11 5.74% 22 12.91% 6 22.80% 14 21.49% 11 8.56% 10 11.95% 18 15.60% 20 -14.39% 18

OMIG MacroSolutions (Profile Balanced) 5.83% 9 3.42% 14 8.76% 14 12.15% 7 20.84% 20 19.95% 18 7.84% 14 13.70% 15 18.14% 15 -12.79% 17

OMIG MacroSolutions (Profile Edge28) 5.13% 12 3.07% 16 11.07% 9 14.72% 2 23.71% 11 20.27% 14 6.65% 20 14.17% 11 20.69% 9 -11.76% 13

OMIG MacroSolutions Seg Full Discretion 5.86% 8 3.40% 15 8.52% 15 12.14% 8 20.89% 19 19.99% 17 7.57% 19 14.03% 13 19.03% 14 -12.02% 14

Prescient Global Balanced 4.84% 16 -1.35% 23 6.07% 21 10.88% 17 12.63% 25 12.88% 24 6.51% 21 10.31% 22 8.76% 22 0.74% 2

Prudential Global Balanced 5.34% 11 6.60% 7 8.83% 13 11.67% 11 24.83% 8 22.68% 7 8.39% 11 15.99% 6 19.99% 12 -8.70% 9

PSG Balanced 3.99% 20 14.54% 2 6.80% 18 13.35% 4 28.31% 5 15.61% 21 10.14% 5 17.25% 4 21.38% 6 -11.11% 11

RE:CM Balanced Full Discretion 4.60% 18 24.34% 1 -19.25% 25 -2.38% 25 23.53% 12 8.25% 25 10.03% 6 13.30% 16 20.00% 11 -1.00% 3

Rezco Managed Plus 3.27% 22 -5.85% 25 20.23% 1 12.13% 9 31.28% 1 24.88% 3

Rezco Value Trend (Balanced) 3.19% 23 -4.39% 24 18.12% 3 11.00% 15 30.10% 2 32.65% 1 15.48% 1 14.01% 14 11.64% 21 6.86% 1

SIM Global Unique 5.94% 5 6.15% 8 6.44% 19 11.33% 13 21.61% 17 20.20% 15 7.66% 16 15.31% 8 20.96% 8 -15.43% 20

Stanlib Full Discretion 3.40% 21 0.42% 22 8.17% 17 9.69% 22 22.30% 16 24.62% 4 9.34% 7 18.03% 2 17.78% 17 -21.19% 21

GraySwan Global Balanced Peergroup 5.03% 4.81% 8.85% 10.88% 23.67% 21.11% 9.42% 14.61% 19.70% -8.92%

Top Quartile 5.86% 6.60% 12.77% 12.15% 25.05% 22.68% 9.68% 15.97% 21.37% -5.61%

Mean 5.03% 4.51% 9.26% 10.89% 23.22% 20.51% 8.82% 14.48% 19.69% -8.89%

Median 4.97% 3.44% 8.83% 11.33% 23.45% 20.60% 8.38% 14.13% 19.99% -11.11%

Bottom Quartile 4.26% 1.21% 6.44% 10.29% 20.89% 19.65% 7.58% 12.93% 17.81% -12.40%

CPI + 5% 4.40% 11.94% 10.02% 11.09% 10.58% 10.88% 11.50% 8.66% 11.22% 16.79%

GraySwan Global CPI + 5% to 7% Peergroup 4.69% 3.26% 10.08% 10.73% 18.00% 19.34% 8.83% 12.97% 15.86% -2.83%

55


ABAX Balanced Fund

ABSA AM Global Balanced

Allan Gray Global Balanced (Pool)

Allan Gray Global Balanced (Seg)


Cadiz Global Balanced


Coronation Managed


Investec Balanced

Investec Managed Investec Segregated Full Discretion

MMI Global BalancedOasis Global Full Discretion






PSG Balanced


Rezco Managed Plus


SIM Global Unique



CPI + 5%


6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 11.00%

AN

NU

ALI

SED

RET

UR

N


ER = 2

ER = 1

56


Allan Gray Global Balanced (Pool)Allan Gray Global Balanced (Seg)



Coronation Managed


Investec Balanced

Investec Managed

Investec Segregated Full Discretion

MMI Global Balanced

Oasis Global Full Discretion






PSG Balanced



SIM Global Unique




7.50%

8.50%

9.50%

10.50%

11.50%

12.50%

13.50%

14.50%

6.00% 6.50% 7.00% 7.50% 8.00% 8.50% 9.00% 9.50% 10.00%

AN

NU

ALI

SED

RET

UR

N


ER = 2

ER = 1


• All performance calculations in excess of 12 months are annualised. • All relative performance statistics are to the indicated benchmark. • Performance numbers are gross of fees. • Performance is noted in ZAR. • The # indicates the ranking of the fund over the specified period of

analysis. • Usually funds with AUM in excess of R100 million and a track

record longer than 12 months may be included in the GraySwan ScoreCards.

“The essence of investment management

is the management of risks, not the management of returns.”

- Benjamin Graham

TAKE NOTE


As with our motto ALWAYS COUNT

we test and verify everything, only thereafter do we trust.

The GraySwan ScoreCards as well as our other range of quantitativereports form part of our initial quantitative screening of the universe ofinstitutional investment managers / products / mandates. As part of ourongoing investment manager monitoring and research we maintain aproprietary local and offshore performance database of more than 1000institutional mandates/products which we monitor across more than 30different peer group surveys. In addition, we also monitor the universe ofmore than 1000 retail unit trust mandates/products not only for ourprivate clients but also for potential investment by our institutionalclients.

We produce summary GraySwan ScoreCards for public consumption butalso produce detailed (30 pager) ScoreCards exclusively for our clients.These detailed reports measure all major risk and performance statisticsover multiple time frames and compare such to individual benchmarks,industry benchmarks and relative to each other. By dissecting allquantitative aspects, we provide our clients with the most comprehensiveand transparent investment manager surveys in the South Africaninvestment industry. We aim to truly compare “apples with apples” andprovide objective and fair results to our clients. We always count, then wetest, we verify and only then do we trust.

We use an evidence-based analytical approach empower us to identifyinvestable opportunities for our clients after which we proceed withrigorous qualitative research and on site due diligence.


Fund Composite Reports

Fact Sheet Reports

Asset Allocation Reports

Asset Class Composite Reports

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We produce a unique and comprehensive range of reports

that provides in-depth and transparent analyses of

investments opportunities and decisions.

Contact us for objective and value-add insights.

GRAYSWAN REPORTS


DISCLAIMERThe GraySwan ScoreCards provide backward looking insight of the universe of institutional investment products and mandates. Users shouldseek appropriate professional advice from their investment advisors before taking any action in reliance on any information provided. All datais factual and is provided for informational purposes. The data is obtained from the investment managers and should be reliable. Noguarantee, representation or warranty is given by GraySwan, and no responsibility or liability, contingent or otherwise, as to its quality,accuracy, timeliness, availability and completeness of the data and information provided. Past performance is no guarantee for futureperformance. This information is not advice as defined and contemplated in the Financial Advisory and Intermediary Services Act, 37 of 2002,as amended. GraySwan shall not be liable for any actions taken by any person based on the correctness of this information.

The core of our investment team has been working together for more than 10 years. Our collective investmentexperience exceeds 110 years of advising to and managing most of the largest institutional client’s assets in SouthAfrica. Since the inception of GraySwan have we not lost any investment consultants making us one of the most stableand experienced investment teams in the industry.

(JHB) 011 431 0141 I (CPT) 021 852 9092 I www.grayswan.co.za

CONTACT US

DAVID MAETLAHead of Peer Group Surveys

[email protected]

GREGOIRE THERONHead of Manager Research

[email protected]

UN PRI is an international investor initiativesponsored by the UN and based on six principlesfor responsible investments. The aim is to helpinvestors actively to incorporate environmental,social and governance issues into theirinvestments.

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