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Standard Bank Namibia Funds’ Financial Statements

Registration Number: 98/043

Annual Financial Statements for the year ended 31 December 2014

01General Information

03Independent Auditor’s Report

05Standard Bank Namibia Managed Fund

Statement of Financial PositionStatement of Comprehensive IncomeStatement of Changes in Equity

09Standard Bank Namibia Cashplus Fund


11Standard Bank Namibia Income Fund


14Standard Bank Namibia Flexible Property Income Fund


17Standard Bank Namibia Inflation Plus Fund


20Standard Bank Namibia Money Market Fund


23Standard Bank Namibia Income ABIL Retention Fund


26Accounting Policies

30Notes to the Annual Financial Statements

Standard Bank Namibia Managed Fund, Cashplus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund

1

General Information for the year ended 31 December 2014

Management Company STANLIB Namibia Unit Trust Management Company Limited

Portfolio Management STANLIB Namibia (Pty) Ltd

Trustees First National Bank of Namibia

Approved Introducers Our unit trusts funds are represented by brokers, stockbrokers, banks, accountants, attorneys and Stanfin advisors throughout Namibia.

Statutory Information

Unit trusts are generally medium to long-term investments. The value of units may go down as well as up, and past performance is no indication of future growth. You can easily sell your units at the ruling price of the day (calculated on a forward pricing basis). Commission and incentives may be paid, and if so, are included in the overall costs.


Approval of Annual Financial Statements for the year ended 31 December 2014

2

The directors of the fund management company are responsible for the preparation of the annual financial statements and related financial information included in this report.

The annual financial statements set out on pages 5 to 39 have been approved by the Board of Directors of STANLIB Namibia Unit Trust Management Company Limited on 7 April 2015 and are signed on its behalf by:

B Hans BI Amuenje Acting Chairperson Managing Director 7 April 2015 7 April 2015


3

Independent Auditor’s Report for the year ended 31 December 2014

Independent auditor’s report to the unit holders of

Љ Standard Bank Namibia Managed Fund Љ Standard Bank Namibia Cashplus Fund Љ Standard Bank Namibia Income Fund Љ Standard Bank Namibia Flexible Property Income Fund Љ Standard Bank Namibia Inflation Plus Fund Љ Standard Bank Namibia Money Market Fund

Report on the Financial Statements

We have audited the financial statements of the Standard Bank Namibia Managed Fund, Standard Bank Namibia CashPlus Fund, Standard Bank Namibia Income Fund, Standard Bank Namibia Flexible Property Fund, Standard Bank Namibia Inflation Plus Fund and the Standard Bank Namibia Money Market Fund, which comprise the statement of financial position as at 31 December 2014 and the statements of comprehensive income and changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 5 to 39.

Directors’ Responsibilty for the Financial Statements

The Directors are responsible for the preparation of the financial statements in accordance with the basis of accounting described in note 1, for determining that the basis of preparation is acceptable in the circumstances and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.


Independent Auditor’s Report for the year ended 31 December 2014 (continued)

4

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements of Standard Bank Namibia Managed Fund, Standard Bank Namibia Cashplus Fund, Standard Bank Namibia Income Fund, Standard Bank Namibia Flexible Property fund, Standard Bank Namibia Inflation Plus Fund and the Standard Bank Namibia Money Market Fund have been prepared, in all material respects, in accordance with the basis of accounting described in note 1 to the financial statements.

Basis of Accounting and Restriction on Distribution and Use

Without modifying our opinion, we draw attention to note 1 to the financial statements, which describes the basis of accounting. The financial statements are prepared to assist the funds in providing financial statements to the unit holders. As a result, the financial statements may not be suitable for another purpose.

PricewaterhouseCoopersRegistered Accountants & Auditors Chartered Accountants (Namibia) Per: Nangula Uaandja Partner Windhoek 7 April 2015

Standard Bank Namibia Managed Fund

5


Statement of Financial Position at 31 December 2014

Notes 2014 2013 N$’000 N$’000

ASSETS Non-current assets 215,036 191,778 Listed - Equity Securities - Local 1.1 24,648 20,115

Listed - Equity Securities - Foreign 1.1 55,156 66,355

Unlisted - Interest Bearing Securities - Local 1.1 3,083 3,116

Unlisted - Interest Bearing Securities - Foreign 1.1 - 1,256

Unlisted - Unit Trust Schemes - Local 1.1 54,003 47,821

Unlisted - Unit Trust Schemes - Foreign 1.1 78,146 53,115

Current assets 4,954 25,834 Accounts receivable 260 281

Cash and cash equivalents 1.1 4,694 25,553

Total assets 219,990 217,612

EQUITY AND LIABILITIES Total equity 217,686 214,861 Capital value of unit portfolio divided into 53,600,840 units (2013: 56,859,411 units)

217,673 215,043

Undistributed income 13 (182)

Current liabilities 2,304 2,751 Accounts payable 264 222

Unit holders for distribution 2,040 2,529

Total equity and liabilities 219,990 217,612


6

Statement of Comprehensive Income for the year ended 31 December 2014

2014 2013 N$’000 N$’000

Income 7,864 5,786 Dividends Received 2,885 2,701

Interest Received 4,809 2,646

Income adjustment on unit creations and cancellations (95) 239

Sundry Income 265 200

Expenditure 2,660 1,745 Audit Fee 30 31

Bank Charges 2 2

Custody fees - 1

Management company's service charge 2,147 1,280

Withholdings tax 333 343

Sundry Expenses - Namfisa Fees 148 88

Total comprehensive income 5,204 4,041


7

2014 2013 N$’000 N$’000

Retained earningsBalance at beginning of the year (182) 29

Net profit for the year 5,204 4,041

Income available for distribution 5,022 4,070 Income distribution for the year 5,009 4,252 Class A 414 116 2.26 cents per unit declared 31 December 2014, paid 2 January 2015 236 -

2.79 cents per unit declared 31 December 2013, paid 2 January 2014 - 93

2.31 cents per unit declared 30 June 2014, paid 3 July 2014 178 -

1.89 cents per unit declared 30 June 2013, paid 3 July 2013 - 23

Class R 4,595 4,136 4.18 cents per unit declared 31 December 2014, paid 2 January 2015 1,804 -

4.45 cents per unit declared 31 December 2013, paid 2 January 2014 - 2,436

4.13 cents per unit declared 30 June 2014, paid 3 July 2014 2,791 -

3.48 cents per unit declared 30 June 2013, paid 3 July 2013 - 1,700

Undistributed income at the end of the year 13 (182)Capital value of unit portfolioBalance at the beginning of the year 215,043 145,044

Creation of units 121,508 54,290

Liquidation of units (135,499) (12,890)

Capital profit / (loss) reinvested in the fund 16,621 28,599

Balance at the end of the year 217,673 215,043 Total equity end of year 217,686 214,861

Statement of Changes in Equity for the year ended 31 December 2014

Standard Bank Namibia Cashplus Fund

8


Notes 2014 2013 N$’000 N$’000

ASSETS Non-current assets 1,547,614 2,704,605 Unlisted - Interest Bearing Securities - Local 1.2 1,170,401 1,500,828

Unlisted - Unit Trusts Schemes - Foreign 1.2 377,213 1,203,777

Current assets 132,820 299,287 Accounts receivable 25,139 42,445


Total assets 1,680,434 3,003,892

EQUITY AND LIABILITIES Total equity 1,663,804 2,983,161 Capital value of unit portfolio

divided into units 1,089,693,815 (2013: 2,059,596,431 units) 1,578,918 2,848,570

Undistributed income 84,886 134,591

Current liabilities 16,630 20,731 Accounts payable 5,872 1,745

Provision - Withholdings tax 10,756 18,986

Total equity and liabilities 1,680,434 3,003,892


9



2014 2013 N$’000 N$’000

Income 104,477 170,018 Interest received 119,154 183,922

Income adjustment on unit creation (14,677) (13,904)

Expenditure 19,591 35,427 Audit fee 43 42

Bank charges 22 17


Sundry expenses - Namfisa fees 1,005 929

Withholdings tax 8,459 18,970



10


2014 2013 N$’000 N$’000

Retained earningsBalance at beginning of the year 134,591 152,516


Income available for distribution 219,477 287,107 Income distribution for the year - - Transfer to capital (134,591) (152,516)

No declarations were made for the year ended 2013. This is a Roll-up fund and income accumulates year to year and is capitalised on the last business day of the financial year. The last distribution was made in April 2008.

Undistributed income at the end of the year 84,886 134,591 Capital value of unit portfolioBalance at the beginning of the year 2,848,570 3,047,667


Liquidation of units (2,310,509) (942,393)

Capital profit / (loss) reinvested in the fund 134,135 152,165

Balance at the end of the year 1,578,918 2,848,570 Total equity end of year 1,663,804 2,983,161

Standard Bank Namibia Income Fund

11



Notes 2014 2013 N$’000 N$’000

ASSETS Non-current assets 906,885 934,516 Listed - Interest Bearing Securities - Foreign 1.3 544,422 627,102

Unlisted - Interest Bearing - Local 1.3 360,467 300,598

Unlisted - Unit Trust Schemes - Local 1.3 1 148



Cash and cash equivalents 1.3 972 112,259

Total assets 921,715 1,055,939

EQUITY AND LIABILITIES Total equity 902,273 1,039,831 Capital value of unit portfolio

divided into 918,118,526 units (2013: 1,046,338,861 units)

902,206 1,039,684

Undistributed income 67 147

Current liabilities 19,442 16,108 Accounts payable 5,303 1,041


Total equity and liabilities 921,715 1,055,939


12


2014 2013 N$’000 N$’000


Income adjustment on unit creation (1,139)

Sundry Income 47 1,129


Bank charges 4 2

Service charges 9,336 10,252

Sundry expenses - Namfisa fees 672 460



13


2014 2013 N$’000 N$’000

Retained earningsBalance at beginning of the year 147 20


Income available for distribution 57,836 60,706 Income distribution for the year 57,769 60,559 Class A 57,769 60,559 1.54 cents per unit declared 31 December 2014 and paid 3 January 2015 14,139 -

1.44 cents per unit declared 31 December 2013 and paid 3 January 2014 - 15,067

1.67 cents per unit declared 30 September 2014 and paid 3 October 2014 15,106 -

1.55 cents per unit declared 30 September 2013 and paid 3 October 2013 - 14,776

1.56 cents per unit declared 28 June 2014 and paid 3 July 2014 14,378 -

1.46 cents per unit declared 28 June 2013 and paid 3 July 2013 - 15,489

1.47 cents per unit declared 28 March 2014 and paid 4 April 2014 14,146 -

1.45 cents per unit declared 28 March 2013 and paid 4 April 2013 - 15,227

Undistributed income at the end of the period 67 147 Capital value of unit portfolioBalance at the beginning of the year 1,039,684 898,979


Cancellation of units (395,252) (423,703)

Capital profit / (loss) reinvested in the fund (10,179) (6,839)

Balance at the end of the period 902,206 1,039,684 Total equity at end of period 902,273 1,039,831

Standard Bank Namibia Flexible Property Income Fund

14


Notes 2014 2013 N$’000 N$’000

ASSETS Non-current assets 174,915 285,976 Listed - Equity Securities - Local 1.4 5,651 13,455



Current assets 12,273 8,799 Accounts receivable 1.4 26 5

Cash and cash equivalents 12,247 8,794

Total assets 187,188 294,775

EQUITY AND LIABILITIES Total equity 184,510 290,570 Capital value of unit portfolio

divided into units 106,839,573 (2013: 186,170,847 units) 184,499 290,535

Undistributed income 11 35






15


2014 2013 N$’000 N$’000

Income 14,406 17,254 Dividend received 531 342

Interest received 13,916 16,531

Income adjustment on unit creation (870) (79)

Sundry income 829 460


Bank charges 4 1



Witholding tax 1,105



16


2014 2013 N$’000 N$’000

Retained earningsBalance at beginning of the year 35 51


Income available for distribution 9,919 12,321 Income distribution for the year 9,908 12,286 Class A 9,908 12,286 2.07 cents per unit declared 31 December 2014, paid 3 January 2015 2,212 -


1.94 cents per unit declared 30 September 2014, paid 3 October 2014 2,099 -

1.81 cents per unit declared 30 September 2013, paid 3 October 2013 - 3,278



2.21 cents per unit declared 31 March 2014, paid 4 April 2014 3,475 -

1.44 cents per unit declared 31 March 2013, paid 4 April 2013 - 3,288

Class B1 - 0 1.77 cents per unit declared 30 September 2013, paid 3 October 2013 - 0.18

1.14 cents per unit declared 28 June 2013, paid 2 July 2013 - 0.11

1.82 cents per unit declared 28 March 2013, paid 4 April 2013 - 0.18

Undistributed income at the end of the year 11 35 Capital value of unit portfolioOpening balance at the beginning of the year 290,535 242,810


Liquidation of units (143,581) (97,994)

Capital profit / (loss) reinvested in the fund 18,168 (1,121)


Standard Bank Namibia Inflation Plus Fund

17


Notes 2014 2013 N$’000 N$’000

ASSETS Non-current assets 318,477 166,312 Listed - Equity Securities - Local 1.5 686 433


Unlisted - Interest Bearing Securities - Local 1.5 - 1,002

Listed - Interest Bearing Securities - Foreign 1.5 19,194 18,545



Current assets 24,099 54,968 Accounts receivable 1,141 522


Total assets 342,576 221,280


divided into 250,594,283 units (2013: 167,190,538 units) 337,428 217,910

Undistributed income 20 (164)






18


2014 2013 N$’000 N$’000

Income 13,346 8,888 Dividends 1,672 1,291

Interest received 10,457 6,310

Income adjustment on unit creations and cancellations 724 816

Sundry Income 493 471


Bank charges 1 1



Withholding tax 295 153



19


2014 2013 N$’000 N$’000

Retained earningsBalance at beginning of the year (164) 148


Income available for distribution 7,664 5,616 Income distribution for the year 7,644 5,780 Class A 5,099 2,220 1.96 cents per unit declared 31 December 2014, paid 2 January 2015 3,085 -




Class B3 46 507 2.35 cents per unit declared 31 December 2014, paid 2 January 2015 25 -




Class B4 2,387 2,891 1.55 cents per unit declared 31 December 2014, paid 2 January 2015 1,357 -




Class B5 112 162 1.40 cents per unit declared 31 December 2014, paid 2 January 2015 64 -




Undistributed income at the end of the period 20 (164)Capital value of unit portfolioBalance at the beginning of the year 217,910 151,467


Cancellation of units (68,521) (31,215)

Capital profit reinvested in the fund 9,221 6,386

Balance at the end of the period 337,428 217,910 Total equity at end of period 337,448 217,746

Standard Bank Namibia Money Market Fund

20


Notes 2014 2013 N$’000 N$’000

ASSETS Non-current assets 780,621 583,299 Unlisted - Interest Bearing Securities - Local 1.6 607,000 372,000




Total assets 945,646 705,256


divided into 939,988,729 divided into units (2013: 701,677,384.93units)

939,988 701,677






21


2014 2013 N$’000 N$’000



Bank charges 1 1





22


2014 2013 N$’000 N$’000

Retained earningsBalance at beginning of the year - -


Income available for distribution 52,746 32,486 Income distribution for the year 52,746 32,486 Class R 11,251 5,900 6.20 cents per unit declared for the year (2013:5.72) 11,251 5,900

Class A 16,174 7,724 5.60 cents per unit declared for the year (2013: 5.13 ) 16,174 7,724

Class B3 0 0 4.08 cents per unit declared for the year (2013: 3.61) 0 0

Class B4 3,398 2,204 5.95 cents per unit declared for the year (2013: 5.47) 3,398 2,204

Class B5 21,923 16,658 5.70 cents per unit declared for the year (2013: 5.22 ) 21,923 16,658

Undistributed income at the end of the year - - Capital value of unit portfolioBalance at the beginning of the year 701,677 526,939

Creation of units 2,135,907 1,536,113

Liquidation of units (1,897,596) (1,361,375)

Capital profit / (loss) reinvested in the fund - -


Standard Bank Namibia Income ABIL Retention Fund

23


Notes 2014 2013 N$’000 N$’000

ASSETS Non-current assets 48,602 - Interest Bearing Securities - Local 1.6 48,602 -

Current assets 514 - Accounts receivable 514 -

Total assets 49,116 -

EQUITY AND LIABILITIES Total equity 49,116 - Capital value of unit portfolio

divided into 818,412,399 units (2011: 208,190,582 units) 48,972 -

Undistributed income 144 -

Total equity and liabilities 49,116 -



24


2014 2013 N$’000 N$’000

Income 144 - Interest received 144 -

Income adjustment on unit creation - -

Expenditure - - Audit fee - -

Bank charges - -

Management company's service charge - -

Sundry Expenses - Namfisa Fees -

Withholding tax - -

Total comprehensive income 144 -


25


2014 2013 N$’000 N$’000

Retained earningsBalance at beginning of the year - -

Net profit for the year 144 -

Income available for distribution 144 - Income distribution for the year - - Undistributed income at the end of the period 144 - Capital value of unit portfolioBalance at the beginning of the year - -

Creation of units 49,116 -

Cancellation of units - -

Capital profit / (loss) reinvested in the fund (144) -

Balance at the end of the period 48,972 - Total equity at end of period 49,116 -


26

Accounting Policies for the year ended 31 December 2014

1. Accounting policies

The principal accounting policies relating to the unit trust funds (“funds”) are set out below and are consistent with those of the previous year. The principal accounting policies and the presentation and disclosure contained in the financial statements are not intended to, and do not, comply with all the requirements of International Financial Reporting Standards. The annual financial statements are prepared on the historical cost basis, except for unit portfolios that are reflected at fair value.

1.1. Financial instruments

Recognition and measurement

Financial instruments are initially recorded at cost; thereafter they are carried at their estimated fair value except for originated loans which are carried at amortised cost.

Purchases and sales of investments are recognised on trade date, being the date on which the fund commits to purchase or sell the asset. Financial instruments are initially recognised at fair value plus transaction costs that are directly attributable to the acquisition of the asset. Financial assets are subsequently carried at fair value. Loans and receivables are carried at amortised cost.

Gains and losses on subsequent measurement

Realised and unrealised gains or losses on investments are accounted for in the capital value of the funds.

Impairment

Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount the latter being the higher of the net selling price and value in use.

A provision for loans and receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms. The amount of the provision is the difference between the carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the statement of comprehensive income.


Accounting Policies for the year ended 31 December 2014 (continued)

27

Derecognition

Financial instruments are de-recognised when the right to receive cash flows from the instrument has expired or has been transferred, and the fund has transferred substantially all risks and rewards of ownership.

Financial liabilities are de-recognised when the obligations under the contracts are discharged, cancelled or expired.

Basis of fair value

The fair value is determined as follows:

Market seller price quoted on stock exchanges recognised in terms of The Namibian Unit Trust Control Act.

Participatory interests in other unit trust funds (i.e. where a unit trust fund has a holding in another unit trust fund): Valued at the repurchase price as quoted in newspaper publications.

1.2. Cash and cash equivalents

Cash and cash equivalents are carried in the statement of financial position at cost which approximates fair value. Cash and cash equivalents comprise cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

1.3. Dividend income

Dividend income comprises dividends received and accrued on investments, including scrip dividends where there is a cash option, for which the last date to register falls within the accounting period.

1.4. Interest income

Interest is recognised on a time proportionate basis.

Premiums or discounts arising on acquisition of fixed interest securities are amortised on the straight-line basis over the remaining term to maturity.

Dividend income comprises dividends received from and accrued on investments for which the last date to trade falls within the accounting period.

1.5. Foreign denominated assets and liabilities

Foreign denominated assets and liabilities have a South African Rand (Rand) currency. The Namibian Dollar is pegged 1:1 to the Rand. There is no resulting currency adjustment.



28

1.6. Withholding tax

In accordance with the Income Tax Act, withholding tax on interest is applied on all funds:

Tax at a rate of 10% on interest distributed by each unit trust fund, except the Standard Bank Namibia CashPlus Fund. This withholding tax is paid to Inland Revenue at the end of each month of distribution.

In the case of the Standard Bank Namibia Cash Plus Fund, which is a non-distributing fund, tax at the rate of 10% on interest that is received or accrued by the fund, is provided for in accordance with the Income Tax Act. This tax is paid to the Receiver of Revenue at the end of each financial year.”

1.7. Offsetting

Financial assets and liabilities are set off and the net balance reported in the statement of financial position where there is a legally enforceable right to set off, it is the intention to settle on a net basis or to realise the asset and settle the liability simultaneously, the maturity date for the financial asset and liability is the same, and the financial asset and liability are denominated in the same currency.

1.8. Provisions

Provisions are recognised when, as a result of past events, the company has a present legal or constructive obligation of uncertain timing or amount, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are measured as the present value of management’s best estimate of the expenditure required to settle the obligation at the reporting date. The discount rate used to determine the present value reflects current market assessments of the time value of money and the increase specific to the liability.

1.9. Expenses

Expenses of the unit trust funds are recognised when incurred in accordance with the trust deeds of the respective unit trust funds.



29

1.10. Portfolio composition

The composition of the portfolios of the respective unit trust funds comply with the requirements of the Namibian Unit Trust Control Act, some examples which are as follows:

Љ the unit portfolio may not hold securities issued by any one concern to an amount in excess of 5% of the market value of all the securities comprised in the unit portfolio;

Љ the unit portfolio may not hold securities of any one class (other than approved securities) issued by any one concern to an amount in excess of 5% of the aggregate amount representing all the serurities of that class issued by that concern, or, in the case of securities in any investment company, 10% of the aggregate amount of the issued securities of any one class in such company;

Љ at least 95% of market value must consist of stock exchange securities or of securities (other than stock exchnage securities) acquired by the management company pursuant to the exercise of rights attaching to any stock exchange securities included in the unit portfolio.

1.11. Cash flow statements

No cash flow statements are prepared as all cash movements are clearly apparent in the financial statements.

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Cas

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k Ltd

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9%

Kagi

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Mut

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253

0

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Resi

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Pro

pert

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com

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th

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Stan

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Thek

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Driv

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08/

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20

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ber H

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low

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Stan

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Notes to the Annual Financial Statements for the year ended 31 December 2014 (continued)

56

2. Prices

2.1. Standard Bank Namibia Managed Fund

The Fund gained 10.37% (gross) for the year ended 31 December 2014. During the quarter ending 31 December 2014, offshore equities strongly outperformed JSE-listed equities. The major contributing sector was resources suffering a significant sell-off during September 2014 in the face of a strengthening US dollar, while fixed income showed respectable positive returns domestically and offshore. Although we continued to reduce equity exposure as markets across the globe reached new highs; our overweight in industrial companies that demonstrated defensive earnings and sizeable international exposure added to our performance. Similarly, overweights in more cyclical but high quality businesses added to performance. On the other hand, overweights in certain resource-related companies that we believe have long-term intrinsic value upside detracted from performance.

Commodity prices remain under pressure with the continued strengthening of the US dollar against a backdrop of anaemic growth and disinflationary pressures in much of the developed world. This has allowed the world’s major central banks to maintain interest rates at very low levels and made US investments more attractive for global investors given the continued gradual improvement seen in the US economy. The other main detractor from performance was caused by African Bank (“ABIL”) being placed under curatorship and also the fact that equity investors of saw a write-off of their equity share capital.

Given our concerns regarding the weakness of the SA economy and a potential further bond rating downgrade; we have positioned the fund to be underweight SA equities, property and bonds. However, we remain overweight offshore equity because we found far more value and conviction largely due to improving growth prospects in the US over the next few years.

2014 cents 2013 centsLowest Buy Price 389.58 343.81

Highest Buy Price 433.58 403.15

Lowest Sell Price 369.45 326.62

Highest Sell Price 411.17 383.00



57

320

340

360

380

400

420

440

01-Ja

n-14

01-F

eb-1

4

01-M

ar-1

4

01-A

pr-1

4

01-M

ay-1

4

01-Ju

n-14

01-Ju

l-14

01-A

ug-1

4

01-S

ep-1

4

01-O

ct-1

4

01-N

ov-1

4

01-D

ec-1

4

Cent

s

Standard Bank Namibia Managed Fund Buy & Sell Prices 2014

� Buy Price � Sell Price

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

420

400

380

360

340

320

Cents

Standard Bank Namibia Managed FundBuy and Sell Prices 2014

1-Ja

n-20

14

1 -Fe

b-20

14

1-M

ar-2

014

1-Ap

r-20

14

1 -M

ay- 2

014

1-Ju

n -20

14

1 -Ju

l-201

4

1-Au

g -20

14

1 -Se

p -20

14

1 -O

ct-2

014

1-No

v-20

14

1-De

c-20

14

Axis

Title

Standard Bank Namibia Managed Fund Buy & Sell Prices 2013


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Standard Bank Namibia Managed FundBuy and Sell Prices 2013

320330340350360370380390400

Cents

2.2. Standard Bank Namibia CashPlus Fund

The yield curve edged up by an average of 20 basis points at the longer end of the curve during the last quarter, largely driven by banks trying to attract stable and long term funding . Moreover, as rates were more attractive at the far end of the yield curve, we decided to invest more in those buckets which resulted in the portfolio weighted average duration to increase. The portfolio continued to outperform the benchmark, yielding a gross return of 6.37% against benchmark returns of 6.13 % over a one year rolling period.

Oil price dropped by an immense 59% and currently trades below levels of $ 50/barrel, attributed to moderate growth in the US, the UK and the Japan sinking in to recession. As expected this decrease in oil prices will have a positive effect on NCPI, with The National Statistics Agency (NSA) publishing consumer price index (CPI) report for December and it has declining to 4.6% y-oy. Furthermore, Namibian consumers can enjoy the economic spill-over of the drop in oil prices and lower inflation as The Ministry of Mines and Energy has taking a decision to reduce the prices of all the controlled petroleum products by 60c/l, effective 7 January 2015.

Despite above positive attributions the Namibian Central Bank still sites risk, as low commodity price leads to more disposable income and this contributes to import of unproductive goods, financed by strong growth in house hold credit. With expected growth in consumer credit and to support domestic growth, the Central Bank decided to leave repo rates unchanged at 6 %.



2.1. Standard Bank Namibia Managed Fund (continued)



58

� Buy and Sell Price

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Cents

Standard Bank Namibia Cashplus FundBuy and Sell Prices 2014

142

144

146

148

150

152

� Buy and Sell Price

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Cents

Standard Bank Namibia Cashplus FundBuy and Sell Prices 2013

136137138139140141142143144145

2.3. Standard Bank Namibia Income Fund

2014 saw the bond market remain firmly in positive territory for the year as more positive scenarios played out both locally an internationally. The All Bond Index (ALBI) benchmark returned 4.3% for the last quarter and 10.2% for the calendar year. The RSA 10 year government bond ended the year at 7.96%.

The Fund’s exposures to African Bank instruments were written down in line with the SARB’s communication in August 2014, with the remaining exposure side-pocketed. The impact of the write down to the portfolio has been a 1.66% drop in value. Including the impact of ABIL, the 12 months gross return on the Fund is 5.7% versus 5.6% for the benchmark. The modified duration of the portfolio reduced from 0.26 years to 0.20 years, which is defensive given the outlook for the repo rate. The higher exposure to floating rate notes was retained, given that interest rates are still expected to move higher.

The South African Reserve Bank increased the repo rate from 5.00% at the beginning of the year to 5.75% in July as inflationary pressures remained benign. The path for monetary policy is data dependent as stated by the SARB, but with lower growth and inflation, the repo rate may remain unchanged for a considerable length of time.





2.2. Standard Bank Namibia CashPlus Fund (continued)



59


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Standard Bank Namibia Income FundBuy and Sell Prices 2014

Cents

96

97

98

99

100

101

102


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Standard Bank Namibia Income FundBuy and Sell Prices 2013

Cents

98

99

100

101

102

103

2.4. Standard Bank Namibia Flexible Property Income Fund

The fund outperformed the benchmark by 0.58% during the last quarter, delivering a gross total return of 11.66% for the year. The overweight position in retail-focused funds has positively contributed to its relative performance. Furthermore the underweight position in Hospitality-A and –B units also benefited the fund. The largest detractors to the fund’s performance were the overweight and underweight positions in Texton and Acucap respectively.

The last quarter was eventful for the listed property sector. Listed property delivered 11.08%, outperforming bonds (4.25%), local equities (1.36%) and cash (1.55%). Similarly for the year, listed property was the best performing asset class, delivering a total return of 26.6%, outperforming local equities (10.9%) bonds (10.15%), and cash (5.9%). The sector’s strong performance was driven by strengthening bond yields, better than expected company results and increased demand from balanced fund managers. The capital raising momentum from 2013 (R18bn) continued strongly into 2014, raising a staggering c.R40bn for the year.





2.3. Standard Bank Namibia Income Fund (continued)



60


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Standard Bank Namibia Flexible Property Income FundBuy and Sell Prices 2014

Cents

150

155

160

165

170

175

180


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Standard Bank Namibia Flexible Property Income FundBuy and Sell Prices 2013

Cents

150

155

160

165

170

175

2.5. Standard Bank Namibia Inflation Plus Fund

The year 2014 was characterised by subdued returns across different asset classes, inflation testing the upper band of the South African Reserve bank target and extreme volatility as financial markets swung from optimism to pessimism largely driven by macroeconomic factors globally. These factors included but not limited to; emerging markets currencies weakening, China starting to slow down whilst Europe is pondering how to deal with deflation.

Despite these factors, the JSE All Share index returned 1.36% for the quarter ending December 2014 and around 11% for the year 2014. The All bond returned 4.25% whilst listed property returned around 11% for the quarter. The fund has returned 7.93% over a two year annualised period versus the bench mark of 9.05% which resulted in an underperformance of 1.1% over the same period. We are disappointed by the underperformance which is attributed to the lower equity exposure and the acceleration of inflation. However, given the fact that equity market is trading at elevated levels, our exposure to growth assets appear prudent at this stage.





2.4. Standard Bank Namibia Flexible Property Income Fund (continued)



61


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Standard Bank Namibia Inflation Plus FundBuy and Sell Prices 2014

Cents

125127129131133135137139141143


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Standard Bank Namibia Inflation Plus FundBuy and Sell Prices 2013

Cents

115

120

125

130

135

140

2.6. Standard Bank Namibia Money Market Fund

The price of the Standard Bank Namibia Money Market Fund remained at 100 Namibian cents throughout the year.

The quarter under review, the yield curve edged up by an average of 20 basis points at the longer end of the curve, largely driven by banks trying to attract stable and long term funding . Moreover, as rates were more attractive at the far end of the yield curve, we decided to invest more in those buckets which resulted in the portfolio weighted average duration to increase. The portfolio continued to outperform the benchmark, yielding a gross return of 6.44% against benchmark returns of 5.94 % over a one year rolling period.

Oil price has dropped by an immense 59% and currently trades below levels of $ 50/barrel, attributed to moderate growth in the US, the UK and the Japan sinking in to recession. As expected this decrease in oil prices will have a positive effect on NCPI, with The National Statistics Agency (NSA) publishing consumer price index (CPI) report for December and it has declining to 4.6% y-oy. Furthermore, Namibian consumers can enjoy the economic spill-over of drop in oil prices and lower inflation , as The Ministry of Mines and Energy, MME, has taking a decision to reduce the prices of all the controlled petroleum products by 60c/l, effective 7 January 2015, thus putting more disposable income in their pockets. Despite above positive attributions the Namibian Central Bank still sites risk, as low commodity price leads to more disposable income and this contributes to import of unproductive goods, financed by strong growth in house hold credit. With expected growth in consumer credit and to support domestic growth, the Central Bank decided to leave repo rates unchanged at 6 %.

2.5. Standard Bank Namibia Inflation Plus Fund (continued)



62

2.7. Standard Bank Namibia Income ABIL Retention Fund

Standard Bank Namibia Income Fund had exposure to African Bank fixed interest assets when this bank was placed under curatorship in August 2014. The total exposure of the fund was in the range of 6% with the majority of the exposure being to senior debt which was the least effected by the write down provisions.

STANLIB elected and received approval from NAMFISA to establish an ABIL Retention Fund, also known as a side pocket fund, with the main aim of protecting our investors, both existing and new. The side-pocket fund was implemented on 3 December 2014.

Side-pocketing is the process of separating illiquid assets from more liquid assets, by allocating illiquid assets to a retention fund. In this instance, an investor’s share of the portfolio’s exposure to ABIL fixed interest instruments was transferred to this separate portfolio. It means that new investments made by investors into the fund will not be exposed to any ABIL assets, also ensuring that existing investors will not be prejudiced by other investors making withdrawals and leaving the remaining investors with a greater share of the untradeable ABIL fixed interest instruments.

Although the value in the retention fund is currently frozen; as interest accrued on ABIL instruments is paid out and the instruments in the fund mature, or as liquidity for these instruments is restored, the value of these will be credited back to the client.

Clients can continue to transact on the main fund, i.e. the Standard Bank Namibia Income Fund. Their assets in the side pocket fund are still theirs, but are frozen for the time being, until such time as ABIL commences interest and capital repayments.

1st Floor Gutenberg Plaza, 51 - 55 Werner, List Street, Windhoek, NamibiaPO Box 3327, Windhoek, NamibiaT +264 61 294 2252F +264 61 294 2533W stanlib.com

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