Investment Management

Market value-weighted average return of funds in the SA – multi-asset – low equity category.

Cautious

This portfolio aims for long-term capital growth through active stock-picking and asset allocation. This portfolio may have a maximum effective equity exposure (including international equity) of up to 40% and a maximum effective property exposure (including international property) of up to 25% of the market value of the portfolio. Total allowable offshore exposure is 30%. Due to the lower exposure to equities in the portfolio, lower levels of volatility can be expected.

• Focused on capital preservation and stability
• Seeking certain level of capital and income growth
• Discerning investor looking to invest in a customised portfolio that complies with retirement fund investment limits
• Typically has an investment horizon of more than two years

Market value-weighted average return of funds in the SA – multi-asset – low equity category

Moderate

This portfolio aims for long-term capital growth by active stock-picking and asset allocation. This portfolio may have a maximum effective equity exposure (including international equity) of up to 60% and a maximum effective property exposure (including international property) of up to 25% of the market value of the portfolio. Total allowable offshore exposure is 30%. Due to the lower exposure to equities than in the Balanced portfolio, lower levels of volatility can be expected in this portfolio.

• Seeking steady long-term capital growth
• Discerning investor looking to invest in a customised portfolio that complies with retirement fund investment limits
• Accepts a level of risk associated with market fluctuation and potential capital loss, but typically less than that of a high equity balanced portfolio
• Typically has an investment horizon of more than three years

Market value-weighted average return of funds in the SA – multi-asset – high equity category

Moderate Aggressive

This portfolio aims for long-term capital growth. However, a higher exposure to growth assets (equities and property) is likely to lead to higher volatility over the short term. Investment performance will be driven by active stock-picking and asset allocation. This portfolio may have a maximum effective equity exposure (including international equity) of up to 75% and a maximum effective property exposure (including international property) of up to 25% of the market value of the portfolio. Total allowable offshore exposure is 30%.

• Seeking steady long-term capital growth
• Accepts a level of risk associated with market fluctuation and potential capital loss, but typically less than that of an equity portfolio
• Discerning investor looking to invest in a customised portfolio that complies with retirement fund investment limits
• Typically has an investment horizon of more than five years

SA consumer inflation rate + 4%

Aggressive

The mandate allows for an unconstrained view from both an asset allocation and a stock-picking perspective. The portfolio management is likely to reflect high-conviction calls and high levels of trading activity, which will at times reflect tactical investment calls. The asset classes and holdings will be selected according to potential of generating nominal performance and not on a relative valuation perspective.

• Seeking long-term capital growth
• Accepts a level of risk associated with market fluctuation and potential capital loss, but typically less than that of an equity portfolio
• Discerning investor looking to invest in a customised portfolio that reflects a best view of all asset classes without any restrictions
• Typically has an investment horizon of more than five years

FTSE / JSE All Share Index

Aggressive

The portfolio aims to outperform the JSE All Share Index on a total return basis over an investment horizon of three years or more, by investing in companies that we feel are undervalued. The portfolio offers a carefully selected, well-diversified basket of shares from all sectors on the JSE. It may also provide exposure to unlisted shares. The investments in the portfolio are subject to rigorous, in-depth research.

• Seeking long-term capital growth
• Accepts a level of risk associated with market fluctuation and potential capital loss
• Discerning investor looking to invest in a customised portfolio of well-researched companies
• Typically has an investment horizon of more than five years

75% JSE All Share Index and
25% MSCI Developed Markets

Aggressive

This is an equity portfolio that predominantly invests in local shares as well as offshore listed companies. The portfolio aims to achieve capital and income growth over an investment horizon of three years or more, by investing in companies that are undervalued relative to their intrinsic value. The local portion of the portfolio offers a carefully selected, well-diversified basket of shares from all sectors on the JSE. It may also provide exposure to unlisted shares. The investments in the portfolio are subject to rigorous, in-depth research and adhere to our pragmatic value investment philosophy. Offshore exposure is obtained through investment in direct equities or equity funds.

• Seeking long-term capital growth with global diversification
• Accepts a level of risk associated with market fluctuation and potential capital loss
• Discerning investor looking to invest in a customised portfolio of well-researched companies
• Typically has an investment horizon of more than five years

JSE Dividend Income Plus Index

Aggressive

This is a diversified local equity portfolio which may include investments in both ordinary and preference shares. The portfolio aims to outperform the JSE Dividend Plus Index over an investment horizon of three years. The objective of the portfolio is to provide a combination of income and capital growth with an emphasis on growing the income stream in real terms over an investment horizon of three years.

• Seeking capital growth with a need for income
• Accepts a level of risk associated with market fluctuation and potential capital loss
• Discerning investor looking to invest in a customised portfolio of shares and preference shares picked to deliver a growing income stream
• Typically has an investment horizon of more than five years

Average of the Shariah-compliant unit trust ASISA category

Aggressive

The primary objective is to provide Shariah-compliant, above-average total returns over an investment horizon of three years or more by investing in Shariah-compliant ordinary shares listed on the JSE.

• Seeking long-term capital growth
• Accepts a level of risk associated with market fluctuation and potential capital loss, but typically less than that of an equity portfolio
• Discerning investor looking to invest in a customised Shariah-compliant portfolio of listed shares
• Typically has an investment horizon of more than five years