FUND INFORMATION

FUND MANAGEMENT EXPERIENCE

Tony BellBCom (Hons), MBAPortfolio Manager

Warren BrownMBA, PhDPortfolio Manager & Key Individual

Having started out as an accountant, Tony moved to Southern Life Asset Management and soon became assistant General Manager of Investments. His move to Syfrets Managed Assets created the opportunity for Tony to become Chief Investment Officer at Nedcor Investment Bank. As CIO of PeregrineQuant and more recently Vunani Fund Managers Tony brings a wealth of experience especially in running the overall asset allocation of the fund. His MBA thesis “Portfolio Management - an Alternative Approach” which was awarded with distinction reflects Tony’s interest in understanding how the macro environment affects markets and asset class returns.

Key Individual, Head of Multi Management, Warren Brown brings with him extensive experience in derivatives, fixed interest, equity and multi management. Starting his career as a derivative analyst at HSBC, he joined Syfrets and became CIO of Community Growth and portfolio manager of their flagship Unit Trust Fund. Warren then joined Old Mutual’s multimanager Symmetry as Head of Fixed Interest. As CEO of Investment Consulting at Fund Solutions and more recently Independent Actuaries and Consultants, Warren combined his asset management experience with fund solution experience.

Inception date 22 January 2015

Sector South African - Multi-Asset - Medium Equity

Risk profile Moderate

Minimum investment Lump sum: R10 000; Monthly: R1 000

Asset composition Equity, Fixed Interest, Property and Cash

Regulation 28 Compliant with Regulation 28

Benchmark CPI + 4%

Fund Size R 253,440,897

Income declaration Bi-annual (Mar / Sep)

CPU

Sep 2020 14.39

Mar 2021 12.05

Distributions (Class A):

DESCRIPTIONThe objective of the fund is to achieve returns of at least 4-5% annualised in excess of inflation (CPI) over rolling 3 year periods whilst simultaneously controlling the risk of underperforming CPI over any rolling 12 month period. The fund will comply with all prudential requirements and regulations controlling retirement funds or such other applicable legislation as may be determined for retirement funds.

APPLICATIONThis fund is suitable for investors with a moderate risk profile and with an investment time horizon of between 3 and 5 years who wish to have their fund managed to a specified real return target with appropriate risk controls. In achieving this objective, the fund applies asset allocation and manager selection disciplines described herein.

OBJECTIVEThe MultiAsset IP Balanced Fund is a risk-managed balanced portfolio comprising a range of domestic and foreign asset classes. The fund aims to achieve moderate capital appreciation with reasonable volatility. The asset allocation of the fund will be varied according to the manager’s view on the macroeconomic outlook as well as the attractiveness of each asset class and may include equities, bonds, money market and property.

JSE Code

Annualmngmtfee(excl. VAT)

TER(%)

TC(%)

TIC(%) NAV

Unitsin

Issue

Class A: MAIBA 0.90% 1.63 0.11 1.74 1,307.8 5,414,318

Class B1: MAIB1 0.50% 1.17 0.11 1.28 1,309.7 13,944,892

Annual fee breakdown Administration Asset Management

Class A: 0.15% 0.75% (Altinvest 0.60%)

Class B1: 0.15% 0.35% (Altinvest 0.20%)

Total Expense Ratio (TER) of the value of the financial product was incurred as expenses relating to the administration of the financial product. Transaction Cost (TC) of the value of the financial product was incurred as costs relating to the buying and selling of the assets underlying the financial product. Total Investment Charges (TIC) of the value of the financial product was incurred as costs relating to the investment of the financial product. Period (annualised) from 01 Jul 2018 to 30 Jun 2021.

A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER's. Transaction Costs are a necessary cost in adminstering the Financial Product and impacts Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time including market returns, the type of financial product, the investment decisions of the investment manager and the TER.

INVESTMENT PROCESSMultiAsset’s primary tenet is to construct a range of target return portfolios that, individually or combined, allow the investor the greatest opportunity to attain their financial goals. Selecting the right asset manager and implementing an appropriate asset allocation forms the basis of our philosophy.

Selecting the ManagersMultiAsset has identified four key criteria that define a manager’s unique DNA:* Beta – sensitivity of investment returns to changes in market returns* Alpha – extent to which a fund has outperformed the sector average* Win-loss ratio – ratio of “winning trades” (positive returns) to “losing trades” (negative returns)* Recovery-drawdown ratio – ratio of recovery time following maximum drawdown performance to previous peak

With the intimate understanding of each manager’s unique “DNA”, we are able to capture individual manager excellence and combine them synergistically.

Selecting an Appropriate Asset allocation* Understanding the risk and diversification attributes of each asset class in relation to the investment objective and time horizon forms the foundation.* An active tactical asset allocation overlay ensures that the fund is tilted to take cognizance of the global macro environment.

Collective Investment Schemes are generally medium to long term investments. The value of participatory interests or the investment may go down as well as up. Past performance is not necessarily a guide to future performance. Collective investment schemes are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from the manager. The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio.The Manager retains full legal responsibility for the Fund, regardless of Co-Naming arrangements. Transaction cutoff time is 14:30 daily. Each portfolio may be closed for new investments. Valuation time is 20:00. Prices are published daily and available in newspapers countrywide, as well as on request from the Manager. IP Management Company (RF) Pty Ltd is the authorised Manager of the Scheme – contact 021 673 1340 or clientservices@ipmc.co.za. Standard Bank is the trustee / custodian – contact compliance-IP@standardbank.co.za. Additional information including application forms, the annual report of the Manager and detailed holdings of the portfolio as at the last quarter end are available, free of charge, from clientservices@ipmc.co.za. IP Management Company is a member of ASISA. A statement of changes in the composition of the portfolio during the reporting period is available on request. The performance is calculated for the portfolio. The individual investor performance may differ as a result of initial fees, the actual investment date, the date of reinvestment and dividend withholding tax. The fund is invested in portfolios of collective investment schemes that levy their own charges, and which could result in a higher fee structure for the fund. Date of issue: 17/09/2021

MultiAsset IP Balanced Fund31 August 2021THIS IS THE MINIMUM DISCLOSURE DOCUMENT AS REQUIRED BY BOARD NOTICE 92

PORTFOLIO STRUCTURE AS AT 31 August 2021

PORTFOLIO HOLDINGS

Allan Gray-Orbis Global Equity Feeder Fund Global - Equity - General

Ninety One Global Franchise Feeder Fund Global - Equity - General

Old Mutual Global Equity Fund Global - Equity - General

Stanlib Global Equity Feeder Fund Global - Equity - General

Mi-Plan IP Global Macro Fund Global - Multi Asset - Flexible

Ninety One Global Strategic Managed Feeder Fund Global - Multi Asset - High Equity

Catalyst Global Real Estate Prescient Feeder Fund Global - Real Estate - General

Coronation Equity Fund SA - Equity - General

Fairtree Equity Prescient Fund SA - Equity - General

Gryphon Allshare Tracker Fund SA - Equity - General

Kagiso Equity Alpha Fund SA - Equity - General

Mi-Plan IP Beta Equity Fund SA - Equity - General

Ninety One Equity Fund SA - Equity - General

PSG Equity Fund SA - Equity - General

Truffle Sanlam General Equity Fund SA - Equity - General

Allan Gray Bond Fund SA - IB - Variable Term

Prescient Flexible Bond Fund SA - IB - Variable Term

Mi-Plan IP Enhanced Income SA - Multi Asset - Income

Nedgroup Investments Flexible Income Fund SA - Multi Asset - Income

Ninety One Diversified Income Fund SA - Multi Asset - Income

ABSA Property Equity Fund SA - Real Estate - General

Towards the end of August, we received news from Stats SA that a detailed review of data stretching back to the dawn of democracy suggested that South Africa had been underestimating the size of its economy. While growth rates were approximately right, the current size of the economy is about 11 percent larger than previously thought. For struggling residents of South Africa, this will not mean much but for economists it does yield an improved debt-to-GDP ratio.

Having said that, equity markets have started to signal a slowdown in growth. Sector performance leadership is narrowing, and bond yields in the US and elsewhere remain at low levels. We continue to believe that inflation is likely to prove transitory. The real question that needs to be addressed is whether growth will come through sufficiently in 2022 to support earnings. We suspect not.

Given the lag in any fresh stimulus through the money multiplier, China is likely to reflect lower growth in the quarters ahead. The impact of Xi Jinping’s version of cultural revolution and the quest by the Communist Party to quell activity in gaming and the like is likely to amplify the slowdown. In a similar vein the US is moving from fiscal thrust to fiscal drag as stimulus cheques end in September leaving several million American households without an income. Of concern to equity markets will be the impact that this has on consumer spending.

A range of indicators we monitor point to the equity market discounting a much slower rate of earnings growth into 2022 in these sectors.

With this as background we are pleased to report a solid month for your portfolio. Our activity during the month has included implementation of a hedging strategy and judiciously taking profits in key growth stocks.

AltInvest and IP Management Company1st Floor Mariendahl House, Newlands-on-Main, Newlands, 7700P O Box 23271, Claremont, 7735Client Service (IP) T +27 21 673 1340 | Miplan T +27 657 5960E-mail: clientservices@ipmc.co.za

Altinvest (Pty) Ltd trading as Altinvest MultiAsset Fund Management is a licensed Financial Services Provider No. 43208IP Management Company (RF) (Pty) Ltd (Reg. No 2007/017601/07)

CONTACT DETAILS

An analysis of factors affecting the adherence to the policy objective is contained in the fund manager commentary together with performance as reported. A detailed listing of changes from the previous quarter is available on request from info@miplan.co.za  or clientservices@ipmc.co.za

INVESTMENT COMMENTARY

ASSET ALLOCATION

Year Performance

Highest return 2019 10.5%

Lowest return 2018 0.5%* Returns are annualised if period is longer than 12 months.Annualised returns is the weighted average compound growth rate over the performance period measured.Fund returns shown are based on NAV-NAV unit pricings calculated from INET for a lump-sum investment with income distribution reinvested (after fees and cost).Source for ranking and quartile: Profile Data and Financial Express. Based on B1 class.

PERFORMANCE

Fund Bmk

1 Year 14.9% 8.8%

3 Years * 8.2% 8.2%

5 Years * 7.8% 8.5%

Since inception * 7.4% 9.1%

Information ratio -0.2

Active returns (since inception) -1.6%

The portfolio may include foreign investments and the following additional risks may apply: liquidity constraints when selling foreign investments and risk of non-settlement of trades; macroeconomic and political risks associated with the country in which the investment is made; risk of loss on foreign exchange transactions and investment valuation due to fluctuating exchange rates; risk of foreign tax being applicable; potential limitations on availability of market information which could affect the valuation and liquidity of an investment. All of these risks could affect the valuation of an investment in the fund.

The EAC is a standard industry measure which has been introduced to allow you to compare the charges you incur and their impact on the investment returns over specific periods. Please visit http://www.ipmc.co.za/effectiveannual-cost to address the EAC illustrator.You can request an EAC calculation from clientservices@ipmc.co.za or call us on 021 673-1340.

Altinvest (PTY) Ltd.’sordinary shares are owned by Miplan (Pty) Ltd. Miplan has an ownership interest in IP Management Company (RF) (Pty) Ltd, the registered Collective Investment Manager of the fund. Miplan also provides financial services to Altinvest and receives fees for such services.

Investment management has been delegated to Vunani Fund Managers (Pty) Ltd FSP number 608 and Altinvest (Pty) Ltd FSP 43208.

All existing and new investors in the Altinvest range of collective investments are made subject to confirmation and consent that all disclosures set out at www.miplan.co.za/disclosure have been read and agreed to. Importantly, as an investor, your specific consent regarding your personal information is granted to Altinvest as detailed. I consent to Altinvest and IP Management Company using my personal information for the purpose of ensuring compliance with the Protection of Personal Information Act and sharing of personal information as set out in www.miplan.co.za/disclosure and www.ipmc.co.za/terms-and-conditions.

MultiAsset IP Balanced Fund31 August 2021