GRAYSWAN SUMMARY SCORECARDS · Credit Bond ScoreCard Inflation Linked Bond ScoreCard Listed...

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

GRAYSWANSUMMARY SCORECARDS

JULY01 2020

2INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS

we keep the score,you secure the win

EMPOWERING YOU TO INVEST WITH THE BEST

Plié

Correct use and development of a plié is a basic but essential movement to a dancer’s technique.


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.


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LOCAL BALANCED

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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

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05 06 07 08

TABLE OF CONTENTS

SA MONEY MARKET FUNDS

SA ENHANCED CASH FUNDS

SA BOND FUNDS SA LISTED PROPERTY FUNDS

Page 8 Page 15 Page 22 Page 29

SA CONSTRAINEDCAPPED SWIX & SWIX EQUITY FUNDS

Page 36 Page 58

SA UNCONSTRAINED EQUITY FUNDS

SA CONSTRAINED CAPPED SWIXEQUITY FUNDS

Page 44

SA CONSTRAINED SWIX EQUITY FUNDS

Page 51

See page 81 for the GraySwan Rating MethodologySee page 82 for general notes

09 10

TABLE OF CONTENTS

AFRICA EQUITY EX SOUTH AFRICA FUNDS

SA GLOBAL BALANCED FUNDS

Page 67 4

See page 81 for the GraySwan Rating MethodologySee page 82 for general notes

SA MONEY MARKET FUNDS

01

We always count.

- GraySwan motto

INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS 9

3 YEAR PERFORMANCE

0% 1% 2% 3% 4% 5% 6% 7% 8% 9%

OMIG MacroSolutions (Profile Banker)

STeFI Call

STeFI 3 Month

STeFI

STANLIB Corporate Money Market

Prudential Money Market

Nedgroup Corporate Money Market

STANLIB Money Market

Nedgroup Money Market

Ashburton Money Market

Absa AM Money Market

Mean

Futuregrowth 90 Day Core Money Market

SIM Moderate Cash

Prescient Money Market

Momentum Investments Money Market

Coronation Strategic Cash

Aluwani Core Money Market

Taquanta Pooled Cash

Cadiz Money Market

3 YEAR ANNUALISED RETURN


5 YEAR PERFORMANCE

0% 1% 2% 3% 4% 5% 6% 7% 8% 9%

STeFI Call

OMIG MacroSolutions (Profile Banker)

STeFI 3 Month

STeFI

STANLIB Corporate Money Market

Nedgroup Corporate Money Market

Ashburton Money Market

Nedgroup Money Market

STANLIB Money Market

Absa AM Money Market

Prudential Money Market

Futuregrowth 90 Day Core Money Market

Mean

SIM Moderate Cash

Prescient Money Market

Aluwani Core Money Market

Momentum Investments Money Market

Coronation Strategic Cash

Cadiz Money Market

Taquanta Pooled Cash



ABSOLUTE PERFORMANCE

PortfolioSwan Star

Rating3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank 10

Year Ran

k 12Year R

ank

Absa AM Money Market ✪✪ 1.42% 8 4.19% 3 7.50% 6 7.75% 9 7.81% 9 7.90% 10 7.15% 11 6.99% 11 7.06% 12

Aluwani Core Money Market ✪✪✪✪ 1.45% 6 4.06% 8 7.52% 5 7.98% 4 8.22% 3 8.28% 5 7.57% 5 7.40% 4 7.48% 4

Ashburton Money Market ✪✪✪ 1.40% 10 3.83% 12 7.20% 11 7.67% 10 7.80% 10 7.85% 13

Cadiz Money Market ✪✪✪✪ 1.37% 12 5.19% 1 8.51% 1 8.45% 1 8.66% 1 8.46% 2 7.68% 3 7.39% 5 7.45% 5

Coronation Strategic Cash ✪✪✪✪✪ 1.45% 7 4.14% 7 7.59% 3 8.08% 3 8.21% 4 8.32% 3 7.75% 2 7.70% 2 7.76% 2

Futuregrowth 90 Day Core Money Market ✪✪✪ 1.49% 4 4.15% 5 7.42% 9 7.82% 8 7.89% 8 7.97% 8 7.27% 8 7.05% 8 7.14% 8

Momentum Investments Money Market ✪✪✪✪ 1.62% 1 4.15% 6 7.55% 4 7.82% 7 8.06% 5 8.28% 4 7.64% 4 7.52% 3 7.60% 3

Nedgroup Corporate Money Market ✪✪ 1.36% 13 3.79% 13 7.12% 13 7.57% 13 7.73% 13 7.81% 14

Nedgroup Money Market ✪✪✪ 1.38% 11 3.84% 11 7.19% 12 7.64% 11 7.79% 11 7.86% 12 7.22% 9 7.03% 9 7.13% 9

OMIG MacroSolutions (Profile Banker) ✪ 0.93% 16 2.82% 16 5.57% 16 6.11% 16 6.32% 16 6.53% 16 6.04% 14 5.94% 14 6.02% 14

Prescient Money Market ✪✪✪ 1.46% 5 4.02% 9 7.43% 8 7.84% 6 7.99% 6 8.01% 6 7.34% 6 7.16% 6 7.25% 6

Prudential Money Market ✪ 1.33% 14 3.72% 15 7.02% 14 7.48% 15 7.67% 14 7.92% 9 7.14% 12 6.92% 13 6.99% 13

SIM Moderate Cash ✪✪✪ 1.54% 3 4.16% 4 7.50% 7 7.86% 5 7.92% 7 8.01% 7 7.33% 7 7.13% 7 7.19% 7

STANLIB Corporate Money Market ✪✪ 1.27% 15 3.74% 14 6.98% 15 7.49% 14 7.64% 15 7.78% 15 7.12% 13 6.96% 12 7.06% 11

STANLIB Money Market ✪✪✪ 1.40% 9 3.87% 10 7.22% 10 7.61% 12 7.75% 12 7.88% 11 7.19% 10 7.02% 10 7.10% 10

Taquanta Pooled Cash ✪✪✪✪✪ 1.60% 2 4.25% 2 7.83% 2 8.35% 2 8.58% 2 8.67% 1 7.89% 1 7.75% 1 7.82% 1

STeFI 1.36% 3.62% 6.66% 6.99% 7.10% 7.18% 6.61% 6.47% 6.55%

Top Quartile 1.47% 4.16% 7.53% 7.89% 8.10% 8.28% 7.62% 7.40% 7.48%

Mean 1.41% 4.00% 7.32% 7.72% 7.88% 7.97% 7.31% 7.14% 7.22%

Median 1.41% 4.04% 7.43% 7.79% 7.85% 7.94% 7.30% 7.09% 7.17%

Bottom Quartile 1.37% 3.82% 7.17% 7.60% 7.75% 7.86% 7.16% 6.99% 7.07%

STeFI 3 Month 1.17% 3.30% 6.17% 6.57% 6.71% 6.79% 6.28% 6.15% 6.23%

STeFI Call 1.00% 3.01% 5.78% 6.21% 6.36% 6.49% 6.00% 5.88% 5.95%


ABSOLUTE CALENDAR YEAR PERFORMANCE

Portfolio 2008

Ran

k

2009

Ran

k

2010

Ran

k

2011

Ran

k

2012

Ran

k

2013

Ran

k

2014

Ran

k

2015

Ran

k

2016

Ran

k

2017

Ran

k

2018

Ran

k

2019

Ran

k

2020

Ran

k

Absa AM Money Market 12.29% 13 9.19% 13 7.46% 11 6.08% 9 5.86% 11 5.52% 12 5.94% 14 6.94% 9 8.29% 7 8.17% 15 7.89% 14 7.97% 12 4.19% 3

Aluwani Core Money Market 12.70% 6 10.09% 2 7.81% 4 6.54% 4 6.31% 4 5.99% 5 6.49% 4 7.23% 5 8.54% 5 8.91% 3 8.52% 4 8.34% 2 4.06% 8

Ashburton Money Market 6.94% 10 8.06% 14 8.20% 14 7.99% 10 8.13% 6 3.83% 12

Cadiz Money Market 12.84% 4 9.73% 7 7.53% 8 5.96% 11 5.84% 12 6.28% 3 6.13% 12 7.65% 1 8.15% 11 8.48% 5 9.11% 1 8.15% 5 5.19% 1

Coronation Strategic Cash 13.23% 1 9.72% 8 8.40% 1 7.35% 1 6.70% 2 6.78% 1 6.82% 1 7.32% 4 8.56% 4 8.72% 4 8.67% 3 8.32% 3 4.14% 7

Futuregrowth 90 Day Core MM 12.95% 2 9.66% 9 7.46% 10 5.95% 12 5.90% 8 5.78% 6 6.28% 7 6.87% 13 8.23% 8 8.36% 8 8.06% 8 8.03% 10 4.15% 5

Momentum Investments MM 12.74% 5 10.08% 3 8.02% 3 6.87% 3 6.58% 3 6.19% 4 6.67% 2 7.37% 3 8.86% 2 8.95% 2 8.26% 5 8.07% 8 4.15% 6

Nedgroup Corporate Money Market 5.50% 14 6.19% 11 6.91% 11 8.02% 15 8.27% 10 7.98% 11 7.97% 13 3.79% 13

Nedgroup Money Market 12.68% 7 9.73% 6 7.65% 6 6.00% 10 5.97% 7 5.70% 9 6.38% 5 7.00% 8 8.10% 13 8.24% 13 8.03% 9 8.05% 9 3.84% 11

OMIG MacroSol. (Profile Banker) 12.05% 14 8.46% 14 6.37% 14 5.40% 14 5.16% 14 4.82% 15 5.54% 15 5.87% 16 7.04% 16 6.98% 16 6.57% 16 6.68% 16 2.82% 16

Prescient Money Market 12.55% 10 10.13% 1 7.72% 5 6.28% 5 6.03% 6 5.65% 10 6.56% 3 7.02% 7 8.22% 9 8.38% 6 8.23% 6 8.18% 4 4.02% 9

Prudential Money Market 12.44% 11 9.44% 11 7.20% 13 5.89% 13 5.71% 13 5.51% 13 6.06% 13 6.51% 15 8.90% 1 8.27% 11 7.89% 15 7.91% 14 3.72% 15

SIM Moderate Cash 12.68% 8 9.28% 12 7.42% 12 6.11% 7 6.08% 5 5.74% 7 6.37% 6 7.06% 6 8.31% 6 8.36% 7 8.09% 7 8.10% 7 4.16% 4

STANLIB Corporate Money Market 12.66% 9 9.77% 5 7.55% 7 6.10% 8 5.90% 9 5.63% 11 6.28% 8 6.81% 14 8.10% 12 8.24% 12 7.94% 13 7.90% 15 3.74% 14

STANLIB Money Market 12.39% 12 9.63% 10 7.51% 9 6.14% 6 5.87% 10 5.71% 8 6.22% 10 6.88% 12 8.21% 10 8.33% 9 7.95% 12 8.02% 11 3.87% 10

Taquanta Pooled Cash 12.87% 3 9.85% 4 8.09% 2 7.03% 2 6.92% 1 6.50% 2 6.23% 9 7.55% 2 8.72% 3 9.34% 1 9.02% 2 8.73% 1 4.25% 2

STeFI 11.70% 9.13% 6.93% 5.73% 5.54% 5.19% 5.91% 6.47% 7.39% 7.54% 7.25% 7.29% 3.62%

Top Quartile 12.81% 9.83% 7.79% 6.48% 6.25% 6.09% 6.44% 7.25% 8.54% 8.54% 8.32% 8.16% 4.16%

Mean 12.65% 9.63% 7.59% 6.26% 6.06% 5.82% 6.28% 6.99% 8.27% 8.39% 8.14% 8.03% 4.00%

Median 12.68% 9.73% 7.54% 6.11% 5.94% 5.71% 6.28% 6.97% 8.22% 8.34% 8.05% 8.06% 4.04%

Bottom Quartile 12.46% 9.49% 7.46% 5.97% 5.87% 5.58% 6.16% 6.87% 8.10% 8.24% 7.95% 7.97% 3.82%

STeFI 3 Month 11.71% 8.64% 6.58% 5.48% 5.34% 5.03% 5.65% 6.08% 7.05% 7.15% 6.92% 6.92% 3.30%

STeFI Call 11.34% 8.36% 6.26% 5.29% 5.11% 4.79% 5.42% 5.79% 6.84% 6.88% 6.57% 6.64% 3.01%


3 YEAR ANNUALISED VOLATILITY & RETURN

02

SA ENHANCED CASHFUNDS

In investing, experience is not only the best teacher, it’s the only teacher.

- Charles D. Ellis


3 YEAR PERFORMANCE

0% 1% 2% 3% 4% 5% 6% 7% 8% 9%

STeFI Call

STeFI 3 Month

STeFI

Prudential High Interest

Futuregrowth Enhanced 180 day MM

Argon Enhanced Money Market

Nedgroup Core Income

Coronation Institutional Cash

Ninety One Stable Money

Ninety One Money

Ashburton Cash Plus

Mean

Balondolozi Cash

STANLIB Enhanced Yield

SIM Cash Enhanced

Aluwani Cash Plus

Prescient Yield QuantPlus

Momentum Investments Enhanced Yield

Taquanta Core Cash



5 YEAR PERFORMANCE

0% 1% 2% 3% 4% 5% 6% 7% 8% 9%

STeFI Call

STeFI 3 Month

STeFI

Prudential High Interest

Futuregrowth Enhanced 180 day MM

Argon Enhanced Money Market

Coronation Institutional Cash

Ninety One Money

Ninety One Stable Money

Nedgroup Core Income

Mean

Balondolozi Cash

Aluwani Cash Plus

Prescient Yield QuantPlus

SIM Cash Enhanced

STANLIB Enhanced Yield

Momentum Investments Enhanced Yield

Taquanta Core Cash




PortfolioSwan Star

Rating3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank 10

Year Ran

k 12Year R

ank

Aluwani Cash Plus ✪✪✪✪ 1.57% 8 4.17% 10 7.73% 10 8.25% 8 8.50% 4 8.62% 6 7.89% 4 7.74% 4 8.15% 3

Argon Enhanced Money Market ✪✪ 1.55% 11 4.63% 3 8.09% 3 8.23% 9 8.29% 13 8.33% 12 7.55% 10 7.35% 11 7.75% 12

Ashburton Cash Plus ✪ 1.56% 9 3.60% 14 7.28% 14 8.12% 14 8.41% 8

Balondolozi Cash ✪✪✪ 1.84% 3 4.79% 2 8.46% 2 8.48% 3 8.45% 7 8.52% 7

Coronation Institutional Cash ✪✪✪ 1.46% 13 4.11% 12 7.56% 12 8.13% 13 8.33% 11 8.36% 11 7.70% 7 7.56% 8 7.91% 9

Futuregrowth Enhanced 180 day MM ✪✪ 1.76% 4 4.43% 6 7.86% 9 8.17% 10 8.18% 14 8.27% 13 7.48% 12 7.29% 12 7.79% 11

Momentum Investments Enhanced Yield ✪✪✪✪✪ 2.57% 1 5.10% 1 8.73% 1 8.72% 1 8.73% 2 8.70% 2 7.96% 3 7.82% 2 8.24% 2

Nedgroup Core Income ✪✪✪ 1.51% 12 4.11% 11 7.66% 11 8.14% 12 8.31% 12 8.39% 8 7.68% 8 7.57% 7 8.03% 6

Ninety One Money ✪✪✪ 1.62% 6 4.46% 5 8.00% 6 8.34% 6 8.38% 9 8.37% 10 7.62% 9 7.53% 9 8.00% 8

Ninety One Stable Money ✪✪ 1.56% 10 4.38% 8 7.93% 8 8.25% 7 8.33% 10 8.39% 9 7.51% 11 7.37% 10 7.82% 10

Prescient Yield QuantPlus ✪✪✪✪✪ 1.65% 5 4.43% 7 8.04% 5 8.45% 4 8.56% 3 8.64% 5 7.97% 2 7.74% 3 8.15% 4

Prudential High Interest ✪ 1.39% 15 3.16% 15 6.54% 15 7.47% 15 7.82% 15 8.15% 14 7.46% 13

SIM Cash Enhanced ✪✪✪✪ 2.03% 2 4.54% 4 8.06% 4 8.38% 5 8.50% 5 8.65% 4 7.88% 5 7.64% 6 8.02% 7

STANLIB Enhanced Yield ✪✪✪ 1.43% 14 3.81% 13 7.36% 13 8.15% 11 8.46% 6 8.68% 3 7.88% 6 7.70% 5 8.13% 5

Taquanta Core Cash ✪✪✪✪ 1.58% 7 4.24% 9 7.96% 7 8.62% 2 8.86% 1 8.94% 1 8.11% 1 7.95% 1 8.31% 1

STeFI 1.36% 3.62% 6.66% 6.99% 7.10% 7.18% 6.61% 6.47% 6.92%

Top Quartile 1.71% 4.50% 8.05% 8.41% 8.50% 8.64% 7.89% 7.74% 8.15%

Mean 1.67% 4.26% 7.82% 8.26% 8.41% 8.50% 7.75% 7.60% 8.03%

Median 1.57% 4.38% 7.93% 8.25% 8.41% 8.46% 7.70% 7.60% 8.02%

Bottom Quartile 1.53% 4.11% 7.61% 8.14% 8.32% 8.36% 7.55% 7.49% 7.88%

STeFI 3 Month 1.17% 3.30% 6.17% 6.57% 6.71% 6.79% 6.28% 6.15% 6.59%

STeFI Call 1.00% 3.01% 5.78% 6.21% 6.36% 6.49% 6.00% 5.88% 6.32%



Portfolio 2008

Ran

k

2009

Ran

k

2010

Ran

k

2011

Ran

k

2012

Ran

k

2013

Ran

k

2014

Ran

k

2015

Ran

k

2016

Ran

k

2017

Ran

k

2018

Ran

k

2019

Ran

k

2020

Ran

k

Aluwani Cash Plus 12.83% 8 10.04% 4 8.03% 6 7.04% 3 6.78% 3 6.42% 5 6.67% 4 7.37% 6 8.89% 6 9.25% 2 8.99% 3 8.64% 5 4.17% 10

Argon Enhanced Money Market 12.09% 12 9.83% 9 7.23% 12 6.08% 13 6.60% 6 5.88% 11 6.32% 10 6.93% 12 8.78% 7 8.83% 13 8.20% 15 8.31% 15 4.63% 3

Ashburton Cash Plus 5.40% 15 8.99% 8 9.03% 2 8.86% 3 3.60% 14

Balondolozi Cash 8.72% 8 8.90% 11 8.52% 11 8.60% 7 4.79% 2

Coronation Institutional Cash 12.94% 5 9.15% 12 7.61% 11 7.00% 4 6.57% 7 5.97% 10 6.89% 2 7.62% 2 8.23% 14 8.96% 9 8.69% 7 8.48% 12 4.11% 12

Futuregrowth Enh. 180 day MM 13.22% 1 9.89% 8 7.73% 9 6.15% 12 6.25% 13 5.67% 13 6.36% 9 7.14% 9 8.60% 11 8.64% 14 8.27% 14 8.34% 13 4.43% 6

Momentum Investments Enh. Yield 12.79% 10 10.14% 2 8.25% 2 7.09% 2 6.92% 2 6.46% 4 6.71% 3 7.47% 5 8.66% 9 9.21% 3 8.65% 8 8.64% 6 5.10% 1

Nedgroup Core Income 12.89% 6 9.98% 6 8.30% 1 6.93% 5 6.71% 4 6.34% 7 6.28% 11 7.50% 4 8.60% 10 8.84% 12 8.56% 10 8.56% 9 4.11% 11

Ninety One Money 13.12% 3 10.01% 5 8.24% 3 6.89% 6 6.71% 5 6.25% 8 6.25% 12 7.14% 8 8.48% 12 8.61% 15 8.59% 9 8.56% 10 4.46% 5

Ninety One Stable Money 12.24% 11 10.05% 3 7.83% 8 6.65% 9 6.36% 12 5.82% 12 5.91% 13 7.07% 10 8.43% 13 8.96% 10 8.48% 12 8.53% 11 4.38% 8

Prescient Yield QuantPlus 13.18% 2 9.92% 7 7.92% 7 6.70% 8 6.49% 10 6.61% 3 7.11% 1 7.54% 3 8.91% 5 9.04% 6 8.77% 5 8.70% 4 4.43% 7

Prudential High Interest 6.54% 10 6.44% 11 6.08% 9 6.39% 7 6.67% 13 9.16% 3 9.01% 7 8.36% 13 8.32% 14 3.16% 15

SIM Cash Enhanced 12.80% 9 9.50% 11 7.62% 10 6.46% 11 6.55% 8 6.36% 6 6.53% 5 7.31% 7 9.26% 2 9.08% 5 8.71% 6 8.59% 8 4.54% 4

STANLIB Enhanced Yield 12.87% 7 10.23% 1 8.06% 4 6.77% 7 6.51% 9 6.64% 2 6.46% 6 7.04% 11 9.56% 1 9.11% 4 8.96% 4 8.90% 2 3.81% 13

Taquanta Core Cash 13.01% 4 9.77% 10 8.06% 5 7.12% 1 7.06% 1 6.74% 1 6.36% 8 7.65% 1 8.98% 4 9.69% 1 9.25% 1 9.19% 1 4.24% 9

STeFI 11.70% 9.13% 6.93% 5.73% 5.54% 5.19% 5.91% 6.47% 7.39% 7.54% 7.25% 7.29% 3.62%

Top Quartile 13.04% 10.05% 8.11% 7.00% 6.71% 6.46% 6.67% 7.50% 8.94% 9.09% 8.86% 8.67% 4.50%

Mean 12.83% 9.88% 7.91% 6.72% 6.61% 6.25% 6.48% 7.26% 8.58% 9.01% 8.67% 8.61% 4.26%

Median 12.88% 9.95% 7.98% 6.77% 6.57% 6.34% 6.39% 7.31% 8.72% 8.99% 8.65% 8.59% 4.38%

Bottom Quartile 12.80% 9.81% 7.70% 6.54% 6.49% 5.97% 6.32% 7.07% 8.54% 8.87% 8.50% 8.51% 4.11%

STeFI 3 Month 11.71% 8.64% 6.58% 5.48% 5.34% 5.03% 5.65% 6.08% 7.05% 7.15% 6.92% 6.92% 3.30%

STeFI Call 11.34% 8.36% 6.26% 5.29% 5.11% 4.79% 5.42% 5.79% 6.84% 6.88% 6.57% 6.64% 3.01%



*excluding benchmarks

03

SA BONDFUNDS

We provide premium and tailor-made investment advisory services.

- GraySwan


3 YEAR PERFORMANCE

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%

BEASSA Inflation Linked

Prescient Flexible Bond

Cadiz Houseview Bond

Coronation Strategic Bond

Prescient Bond Quantplus

Prudential Yield Enhanced Bonds

STeFI

Prescient Bond Quant

Futuregrowth Active Bond

Coronation Active Bond

Aluwani Active Bond

ALBI

Futuregrowth Core Bond

Prowess Corporate Bond

Momentum Investments Bond

Balondolozi Bond

Mean

SIM Institutional Total Return Bond

Ashburton Bond

Ninety One Flexible Bond

Futuregrowth Infrastructure & Development Bond

Vunani Domestic Active Bond

STANLIB Core Bond

Argon SA Bond

Futuregrowth Yield Enhanced Bond

Ninety One Triple Alpha

Abax Bond

Ninety One Corporate Bond

Absa AM Bond



5 YEAR PERFORMANCE

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%

BEASSA Inflation Linked

Cadiz Houseview Bond

Coronation Strategic Bond

Prudential Yield Enhanced Bonds

STeFI

Prescient Flexible Bond

Prescient Bond Quantplus

ALBI

Futuregrowth Active Bond

Futuregrowth Core Bond

Momentum Investments Bond

Aluwani Active Bond

Prescient Bond Quant

Coronation Active Bond

Prowess Corporate Bond

SIM Institutional Total Return Bond

Ninety One Flexible Bond

Ashburton Bond

Mean

Vunani Domestic Active Bond

Argon SA Bond

Futuregrowth Infrastructure & Development Bond

STANLIB Core Bond

Balondolozi Bond

Ninety One Triple Alpha

Futuregrowth Yield Enhanced Bond

Abax Bond

Ninety One Corporate Bond

Absa AM Bond




PortfolioSwan Star

Rating3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank 10

Year Ran

k 12Year R

ank

Abax Bond ✪✪✪✪✪ 6.23% 17 1.48% 4 5.02% 5 7.02% 5 9.20% 3 9.00% 3

Absa AM Bond ✪✪✪✪ 8.39% 1 4.17% 1 8.25% 1 8.77% 1 9.91% 1 9.72% 1 8.27% 4 9.19% 4 9.50% 7

Aluwani Active Bond ✪✪✪ 6.33% 15 -0.08% 15 3.18% 16 5.76% 17 7.77% 17 7.64% 17 7.16% 15 8.42% 14 9.34% 9

Argon SA Bond ✪✪✪ 8.11% 2 0.12% 12 3.94% 9 7.14% 4 8.78% 6 8.44% 9 8.04% 5 8.78% 8 9.32% 11

Ashburton Bond ✪✪✪ 6.78% 9 -0.56% 18 3.05% 18 5.77% 16 8.12% 11 7.96% 11

Balondolozi Bond ✪✪✪ 5.73% 21 -0.76% 19 3.06% 17 5.56% 18 7.88% 13 8.62% 6

Cadiz Houseview Bond ✪ 5.34% 23 -3.68% 24 -1.01% 24 3.94% 22 5.66% 24 6.27% 25 6.31% 22 7.70% 22 8.59% 20

Coronation Active Bond ✪✪✪ 6.19% 19 -0.80% 20 2.28% 20 4.88% 20 7.69% 18 7.75% 15 7.45% 10 8.71% 9 9.49% 8

Coronation Strategic Bond ✪ 6.48% 13 -3.30% 23 -0.51% 23 2.83% 24 6.00% 23 6.60% 24 6.92% 20 8.32% 16 9.23% 15

Futuregrowth Active Bond ✪✪ 6.43% 14 0.29% 8 3.67% 13 5.89% 15 7.68% 19 7.44% 20 7.17% 14 8.46% 12 9.26% 13

Futuregrowth Core Bond ✪✪✪ 6.11% 20 0.15% 11 3.53% 14 5.98% 14 7.82% 16 7.59% 19 7.20% 13 8.44% 13 9.21% 16

Futuregrowth Infrastructure & Dev. Bond ✪✪✪✪ 7.13% 7 -0.51% 17 3.34% 15 6.01% 13 8.56% 9 8.46% 8 8.56% 2 9.98% 2 10.71% 2

Futuregrowth Yield Enhanced Bond ✪✪✪✪✪ 7.18% 6 0.20% 10 4.09% 7 6.62% 8 8.88% 5 8.77% 4 8.68% 1 10.08% 1 10.75% 1

Momentum Investments Bond ✪✪✪ 6.48% 12 0.59% 6 4.12% 6 6.33% 10 7.87% 14 7.61% 18 7.15% 16 8.41% 15 9.32% 10

Ninety One Corporate Bond ✪✪✪✪✪ 7.40% 4 1.97% 3 6.28% 2 8.09% 2 9.83% 2 9.66% 2 8.47% 3 9.71% 3 10.68% 3

Ninety One Flexible Bond ✪✪ 7.53% 3 0.23% 9 3.71% 11 6.03% 12 8.13% 10 7.95% 12 7.45% 11 8.50% 11 9.26% 14

Ninety One Triple Alpha ✪✪✪✪ 7.21% 5 2.39% 2 6.14% 3 7.54% 3 9.14% 4 8.67% 5 7.72% 6 8.85% 6 9.63% 6

Prescient Bond Quant ✪✪ 6.32% 16 -0.29% 16 2.99% 19 5.46% 19 7.55% 20 7.64% 16 7.06% 18 8.20% 18 9.00% 18

Prescient Bond Quantplus ✪✪ 4.66% 24 -2.25% 21 0.10% 22 3.91% 23 6.53% 22 7.40% 21 7.05% 19 8.00% 20 8.88% 19

Prescient Flexible Bond ✪✪✪ 2.35% 25 -4.78% 25 -2.93% 25 2.56% 25 5.12% 25 7.18% 22 7.56% 9 7.94% 21 8.52% 21

Prowess Corporate Bond ✪✪✪ 6.51% 11 0.57% 7 4.00% 8 6.66% 7 7.86% 15 7.77% 14 7.12% 17 8.10% 19

Prudential Yield Enhanced Bonds ✪ 5.69% 22 -2.78% 22 0.47% 21 4.10% 21 6.67% 21 6.88% 23 6.76% 21 8.26% 17 9.08% 17

SIM Institutional Total Return Bond ✪✪ 6.88% 8 0.08% 13 3.67% 12 6.13% 11 8.06% 12 7.77% 13 7.24% 12 8.51% 10 9.29% 12

STANLIB Core Bond ✪✪✪✪ 6.21% 18 1.39% 5 5.21% 4 6.67% 6 8.76% 7 8.55% 7 7.67% 7 8.94% 5 9.65% 4

Vunani Domestic Active Bond ✪✪✪✪ 6.57% 10 -0.08% 14 3.92% 10 6.60% 9 8.65% 8 8.31% 10 7.64% 8 8.84% 7 9.63% 5

ALBI 6.44% 0.97% 4.25% 6.14% 7.79% 7.40% 6.73% 7.93% 8.62%

Top Quartile 7.13% 0.57% 4.09% 6.66% 8.76% 8.55% 7.71% 8.85% 9.63%

Mean 6.41% -0.25% 3.18% 5.85% 7.92% 7.99% 7.48% 8.65% 9.45%

Median 6.48% 0.08% 3.67% 6.01% 7.88% 7.77% 7.35% 8.48% 9.32%

Bottom Quartile 6.19% -0.76% 2.99% 5.46% 7.68% 7.59% 7.13% 8.27% 9.21%

BEASSA Inflation Linked -0.61% -3.71% -5.01% -0.53% 0.23% 1.38% 3.92% 5.82% 6.19%

STeFI 1.36% 3.62% 6.66% 6.99% 7.10% 7.18% 6.61% 6.47% 6.92%



Portfolio 2008

Ran

k

2009

Ran

k

2010

Ran

k

2011

Ran

k

2012

Ran

k

2013

Ran

k

2014

Ran

k

2015

Ran

k

2016

Ran

k

2017

Ran

k

2018

Ran

k

2019

Ran

k

2020

Ran

k

Abax Bond -1.51% 8 17.49% 2 11.91% 5 10.06% 1 11.02% 12 1.48% 4

Absa AM Bond 14.91% 20 -0.61% 20 14.45% 20 9.13% 18 15.76% 18 0.71% 22 10.26% 10 -1.14% 7 16.63% 9 12.41% 3 8.51% 11 11.99% 3 4.17% 1

Aluwani Active Bond 18.60% 2 1.33% 7 16.41% 8 9.63% 12 17.21% 10 1.38% 20 10.18% 11 -3.52% 23 16.28% 14 11.09% 17 8.44% 12 10.39% 18 -0.08% 15

Argon SA Bond 16.98% 19 -1.04% 22 13.81% 21 6.83% 22 18.54% 3 2.68% 7 11.08% 5 -2.46% 13 16.37% 13 11.73% 9 9.30% 4 12.09% 2 0.12% 12

Ashburton Bond 10.12% 13 -2.47% 14 15.81% 19 11.27% 14 8.77% 8 11.21% 8 -0.56% 18

Balondolozi Bond 7.96% 23 -0.82% 5 17.49% 3 12.31% 4 8.53% 10 10.81% 14 -0.76% 19

Cadiz Houseview Bond 17.79% 11 0.72% 12 16.07% 15 8.99% 21 17.15% 13 1.93% 14 9.97% 15 -2.52% 15 15.47% 23 8.95% 25 6.85% 25 10.71% 15 -3.68% 24

Coronation Active Bond 17.78% 12 0.00% 16 16.12% 14 9.85% 6 17.66% 6 2.30% 11 11.33% 4 -2.98% 16 16.65% 8 11.55% 11 8.60% 9 9.86% 22 -0.80% 20

Coronation Strategic Bond 18.54% 5 1.14% 9 16.34% 10 9.70% 9 18.25% 4 2.75% 6 11.68% 3 -2.33% 12 16.12% 16 11.07% 18 7.07% 24 9.03% 23 -3.30% 23

Futuregrowth Active Bond 18.49% 6 -0.13% 17 16.14% 13 9.69% 10 17.21% 9 2.42% 10 10.50% 7 -3.46% 21 15.61% 22 10.62% 24 8.06% 17 10.21% 21 0.29% 8

Futuregrowth Core Bond 17.64% 14 -0.27% 19 16.39% 9 9.35% 16 17.30% 8 2.14% 12 10.32% 8 -3.56% 24 15.78% 21 11.06% 19 8.21% 16 10.47% 17 0.15% 11

Futuregrowth Infr. & Dev. Bond 18.31% 7 1.57% 6 18.91% 1 11.38% 2 19.64% 1 3.67% 2 12.80% 2 -0.71% 3 16.63% 10 11.76% 8 9.20% 5 11.25% 7 -0.51% 17

Futuregrowth Yield Enhanced Bond 18.69% 1 1.06% 10 18.44% 3 11.29% 3 19.58% 2 3.29% 3 12.81% 1 -0.82% 4 16.98% 5 11.88% 6 9.53% 3 11.43% 5 0.20% 10

Momentum Investments Bond 18.55% 4 1.33% 8 16.33% 11 9.59% 13 17.17% 11 1.34% 21 10.28% 9 -3.51% 22 16.00% 17 10.78% 22 7.65% 23 10.92% 13 0.59% 6

Ninety One Corporate Bond 17.80% 10 2.63% 3 18.70% 2 11.56% 1 17.16% 12 3.21% 4 7.02% 24 -0.20% 2 17.13% 4 12.53% 2 10.00% 2 12.50% 1 1.97% 3

Ninety One Flexible Bond 18.58% 3 0.40% 14 16.03% 16 9.09% 19 16.05% 17 1.95% 13 9.75% 17 -1.87% 10 15.79% 20 11.43% 12 7.93% 20 11.20% 9 0.23% 9

Ninety One Triple Alpha 18.05% 8 0.60% 13 16.48% 7 9.82% 7 16.49% 16 1.90% 15 8.82% 22 -2.00% 11 15.99% 18 11.40% 13 8.79% 7 11.33% 6 2.39% 2

Prescient Bond Quant 17.34% 17 0.96% 11 15.39% 17 9.48% 14 15.56% 19 1.59% 19 10.13% 12 -3.08% 18 16.13% 15 11.15% 16 7.95% 19 10.33% 20 -0.29% 16

Prescient Bond Quantplus 17.59% 16 3.58% 2 14.88% 19 9.17% 17 13.53% 21 3.01% 5 9.68% 18 -1.63% 9 16.37% 12 11.81% 7 8.35% 15 8.84% 24 -2.25% 21

Prescient Flexible Bond 12.54% 21 10.07% 1 10.68% 22 9.43% 15 8.93% 22 7.32% 1 10.02% 14 1.53% 1 15.33% 24 13.34% 1 7.83% 22 7.94% 25 -4.78% 25

Prowess Corporate Bond 2.28% 5 15.34% 18 9.02% 20 14.15% 20 2.49% 8 9.03% 21 -1.09% 6 13.50% 25 10.93% 20 8.00% 18 10.58% 16 0.57% 7

Prudential Yield Enhanced Bonds 17.60% 15 0.03% 15 17.30% 4 10.56% 5 17.15% 14 1.77% 16 9.87% 16 -2.99% 17 16.52% 11 10.64% 23 7.93% 21 10.39% 19 -2.78% 22

SIM Institutional Total Return Bond 17.72% 13 -0.78% 21 16.82% 5 9.67% 11 16.69% 15 1.70% 17 10.66% 6 -4.28% 25 16.73% 7 10.84% 21 8.37% 14 11.19% 10 0.08% 13

STANLIB Core Bond 17.02% 18 -0.19% 18 16.27% 12 10.61% 4 17.77% 5 1.62% 18 9.61% 20 -3.26% 20 17.51% 1 11.64% 10 8.40% 13 11.12% 11 1.39% 5

Vunani Domestic Active Bond 17.82% 9 2.33% 4 16.72% 6 9.73% 8 17.59% 7 2.44% 9 9.68% 19 -3.26% 19 16.93% 6 11.17% 15 9.20% 6 11.98% 4 -0.08% 14

ALBI 16.97% -0.99% 14.96% 8.82% 15.99% 0.64% 10.15% -3.93% 15.45% 10.22% 7.69% 10.32% 0.97%

Top Quartile 18.49% 1.51% 16.66% 9.84% 17.64% 2.73% 10.54% -1.14% 16.73% 11.81% 8.79% 11.25% 0.57%

Mean 17.54% 1.23% 16.09% 9.71% 16.66% 2.44% 10.15% -2.16% 16.29% 11.41% 8.46% 10.75% -0.25%

Median 17.79% 0.84% 16.30% 9.65% 17.16% 2.22% 10.13% -2.46% 16.37% 11.40% 8.40% 10.92% 0.08%

Bottom Quartile 17.59% -0.10% 15.55% 9.21% 16.16% 1.72% 9.68% -3.26% 15.81% 11.06% 7.95% 10.39% -0.76%

BEASSA Inflation Linked 13.62% 7.66% 10.97% 13.05% 19.37% 0.79% 11.15% 3.68% 6.27% 2.93% -0.43% 2.25% -3.71%

STeFI 11.70% 9.13% 6.93% 5.73% 5.54% 5.19% 5.91% 6.47% 7.39% 7.54% 7.25% 7.29% 3.62%



*excluding STeFI and BEASSA Inflation Linked benchmarks

04

SA LISTED PROPERTYFUNDS

Consult with wise men, let their wisdom protect thy treasure from unsafe investments.

- George S. Classen


3 YEAR PERFORMANCE

-25% -20% -15% -10% -5% 0% 5% 10%

Nedgroup Investments Property

ALPI

Prudential SA Property

SIM Property

STANLIB Property Income

Ninety One Property Equity

SAPY

Prescient Property

Satrix Property Index

Coronation Property Equity

Catalyst SA Property

Mean

Momentum Investments Property

Metope Listed Property

Old Mutual SA Listed Property Index

Old Mutual SA Quoted Property

Absa AM Domestic Property

Sesfikile SA Listed Property

ALBI



5 YEAR PERFORMANCE

-14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8%

Nedgroup Investments Property

ALPI

SIM Property

SAPY

Prudential SA Property

STANLIB Property Income

Ninety One Property Equity

Coronation Property Equity

Satrix Property Index

Prescient Property

Momentum Investments Property

Mean

Old Mutual SA Listed Property Index

Catalyst SA Property

Metope Listed Property

Old Mutual SA Quoted Property

Sesfikile SA Listed Property

Absa AM Domestic Property

ALBI




PortfolioSwan Star

Rating3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank 10

Year Ran

k 12Year R

ank

Absa AM Domestic Property ✪✪✪✪✪ 13.45% 1 -28.92% 1 -28.92% 1 -13.02% 1 -16.19% 2 -4.40% 1 6.21% 1

Catalyst SA Property ✪✪✪ 7.97% 12 -40.75% 12 -41.15% 11 -23.82% 10 -19.69% 7 -9.16% 5 0.83% 5 4.94% 3 7.62% 4

Coronation Property Equity ✪✪✪ 6.27% 15 -42.81% 15 -42.89% 15 -25.98% 14 -20.11% 8 -10.38% 10 0.02% 6 4.70% 4 7.67% 3

Metope Listed Property ✪✪✪✪ 11.09% 3 -37.53% 5 -39.27% 6 -20.41% 3 -18.82% 5 -8.64% 4 1.35% 4 5.90% 1 8.80% 1

Momentum Investments Property ✪✪✪ 6.99% 14 -39.36% 9 -40.80% 7 -22.26% 5 -19.29% 6 -9.53% 7 -0.19% 9 4.13% 7 6.67% 8

Nedgroup Investments Property ✪ 12.17% 2 -32.99% 2 -41.80% 13 -33.95% 15 -24.80% 15 -12.96% 15 -2.37% 15 2.60% 11

Ninety One Property Equity ✪✪✪ 9.62% 4 -40.91% 13 -38.75% 4 -25.02% 13 -20.23% 11 -10.40% 11 -0.18% 8 4.43% 5 7.11% 6

Old Mutual SA Listed Property Index ✪✪✪✪ 8.77% 9 -39.33% 8 -40.97% 9 -23.22% 9 -18.69% 4 -9.29% 6 -0.04% 7

Old Mutual SA Quoted Property ✪✪✪✪ 8.32% 10 -37.04% 4 -35.78% 3 -21.88% 4 -16.73% 3 -7.93% 3 1.47% 3 5.76% 2 8.50% 2

Prescient Property ✪✪ 8.79% 8 -39.57% 10 -41.20% 12 -23.20% 8 -20.16% 10 -10.08% 8 -0.33% 10 3.28% 9 5.43% 10

Prudential SA Property ✪✪ 8.27% 11 -40.07% 11 -41.09% 10 -24.53% 11 -21.17% 14 -10.53% 13 -0.65% 12 3.91% 8 7.07% 7

Satrix Property Index ✪✪ 9.10% 6 -39.21% 7 -40.89% 8 -23.18% 7 -20.13% 9 -10.37% 9 -0.94% 14

Sesfikile SA Listed Property ✪✪✪✪✪ 9.09% 7 -33.83% 3 -33.46% 2 -18.50% 2 -14.98% 1 -6.05% 2 3.29% 2

SIM Property ✪ 7.93% 13 -40.94% 14 -42.38% 14 -25.00% 12 -20.89% 13 -10.59% 14 -0.82% 13 3.24% 10 5.57% 9

STANLIB Property Income ✪✪✪ 9.33% 5 -38.86% 6 -39.03% 5 -22.40% 6 -20.73% 12 -10.51% 12 -0.51% 11 4.18% 6 7.38% 5

SAPY 8.97% -39.55% -41.19% -23.28% -20.18% -10.55% -0.96% 3.67% 6.70%

Top Quartile 9.48% -37.29% -38.89% -22.07% -18.75% -8.90% 1.09% 4.82% 7.66%

Mean 9.14% -38.14% -39.22% -23.09% -19.51% -9.39% 0.48% 4.28% 7.18%

Median 8.79% -39.33% -40.89% -23.20% -20.11% -10.08% -0.18% 4.18% 7.25%

Bottom Quartile 8.12% -40.41% -41.17% -24.76% -20.48% -10.46% -0.58% 3.59% 6.77%

ALPI 8.58% -40.42% -40.70% -25.44% -21.44% -12.61% -1.52% 2.72% 4.75%

ALBI 6.44% 0.97% 4.25% 6.14% 7.79% 7.40% 6.73% 7.93% 8.62%



Portfolio 2008

Ran

k

2009

Ran

k

2010

Ran

k

2011

Ran

k

2012

Ran

k

2013

Ran

k

2014

Ran

k

2015

Ran

k

2016

Ran

k

2017

Ran

k

2018

Ran

k

2019

Ran

k

2020

Ran

k

Absa AM Domestic Property 35.57% 8 11.27% 3 42.30% 1 30.40% 1 11.72% 4 29.20% 1 -29.55% 15 2.81% 3 -28.92% 1

Catalyst SA Property -4.26% 7 15.95% 3 27.84% 7 7.92% 10 35.53% 9 9.88% 7 29.39% 3 16.00% 3 10.84% 6 18.58% 5 -22.23% 6 1.26% 10 -40.75% 12

Coronation Property Equity -2.90% 5 16.34% 2 28.46% 6 10.24% 3 38.84% 1 12.87% 2 27.17% 11 10.11% 10 9.60% 11 15.71% 12 -18.76% 3 0.53% 13 -42.81% 15

Investec Property Equity -2.91% 6 14.84% 8 31.41% 1 8.46% 7 38.29% 3 11.24% 5 30.07% 2 15.52% 4 9.96% 10 20.62% 2 -24.62% 10 1.77% 8 -37.53% 5

Metope Listed Property -9.06% 10 15.68% 4 22.80% 9 10.25% 2 37.22% 4 8.02% 14 26.03% 14 11.78% 7 8.30% 13 19.87% 4 -24.00% 9 2.08% 5 -39.36% 9

Momentum Investments Prop. 12.34% 1 36.84% 6 11.24% 4 25.72% 15 8.15% 14 16.43% 1 -0.56% 15 -16.98% 1 -21.36% 15 -32.99% 2

Nedgroup Investments Property -0.87% 2 11.72% 10 28.99% 5 8.23% 8 38.54% 2 9.86% 8 28.43% 6 14.04% 6 6.83% 14 18.44% 6 -23.25% 7 1.01% 11 -40.91% 13

Old Mutual SA Listed Prop. Index 8.58% 13 26.93% 12 9.39% 12 10.26% 8 17.27% 8 -21.11% 5 1.69% 9 -39.33% 8

Old Mutual SA Quoted Property -5.22% 8 15.33% 5 29.37% 4 8.99% 6 35.38% 10 9.69% 10 28.65% 5 17.70% 2 5.04% 15 15.09% 14 -17.48% 2 2.86% 2 -37.04% 4

Prescient Property 3.32% 1 13.21% 9 16.63% 10 8.06% 9 30.78% 13 9.63% 11 27.97% 8 11.47% 8 9.53% 12 17.37% 7 -25.20% 12 1.98% 6 -39.57% 10

Prudential SA Property -2.20% 3 15.25% 7 30.57% 2 9.72% 5 34.81% 11 10.04% 6 27.34% 10 10.82% 9 11.17% 5 15.29% 13 -25.16% 11 0.86% 12 -40.07% 11

Satrix Property Index 8.01% 15 26.34% 13 8.98% 13 10.04% 9 17.01% 9 -25.39% 13 1.78% 7 -39.21% 7

Sesfikile SA Listed Property 36.85% 5 13.09% 1 29.17% 4 14.91% 5 10.38% 7 19.99% 3 -19.38% 4 3.90% 1 -33.83% 3

SIM Property -8.48% 9 15.31% 6 24.32% 8 6.97% 11 32.21% 12 9.83% 9 27.53% 9 7.87% 15 11.88% 3 16.01% 10 -23.36% 8 0.23% 14 -40.94% 14

STANLIB Property Income -2.70% 4 17.38% 1 29.40% 3 9.76% 4 36.16% 7 9.47% 12 27.99% 7 9.71% 11 12.46% 2 15.93% 11 -27.21% 14 2.26% 4 -38.86% 6

SAPY -4.47% 14.07% 29.62% 8.93% 35.88% 8.39% 26.64% 7.99% 10.20% 17.15% -25.26% 1.92% -39.55%

Top Quartile -2.32% 15.88% 29.39% 10.00% 37.22% 11.24% 28.91% 15.22% 11.44% 19.23% -20.25% 2.17% -37.29%

Mean -3.53% 15.10% 26.98% 9.18% 35.93% 10.18% 28.74% 13.12% 10.30% 17.06% -22.91% 0.24% -38.14%

Median -2.91% 15.32% 28.72% 8.99% 36.16% 9.86% 27.97% 11.47% 10.26% 17.27% -23.36% 1.77% -39.33%

Bottom Quartile -4.98% 14.94% 25.20% 8.15% 35.38% 9.55% 27.05% 9.55% 9.57% 15.82% -25.18% 0.94% -40.41%

ALPI -11.27% 13.39% 24.73% 7.11% 35.45% 13.19% 25.96% 13.76% -0.39% 14.60% -24.98% -0.40% -40.42%

ALBI 16.97% -0.99% 14.96% 8.82% 15.99% 0.64% 10.15% -3.93% 15.45% 10.22% 7.69% 10.32% 0.97%



*excluding ALBI benchmark

05

SA CONSTRAINED CAPPED SWIX & SWIXEQUITY FUNDS

To invest with success, you must be a long-term investor.

- John Clifton Bogle


CONSTRAINED EQUITY BENCHMARKS

Portfolio Current Benchmark Month of Benchmark Change Benchmark Prior to Change

Absa AM Core Equity SWIX - -

Aeon Active Equity SWIX - -

Afena Capital Moderate Equity Capped SWIX Capped SWIX - -

Aluwani Equity SWIX - -

Aluwani Capped SWIX Equity Capped SWIX - -

Aluwani SWIX Equity SWIX - -

Argon SA Equity SWIX - -

Benguela SA Equity Capped SWIX - -

Benguela SA Equity SWIX - -

Coronation Core Equity Capped SWIX - -

Coronation Core Equity SWIX - -

Mergence ESG Equity SWIX - -

Mergence Capped SWIX Capped SWIX - -

Mergence SWIX SWIX - -

Mianzo Active Equity SWIX - -

Mianzo Enhanced Equity Capped SWIX March 2018 SWIX

Old Mutual Fundamental Equity Capped SWIX October 2017 SWIX

OMIG Double Alpha SWIX 40 SWIX - -

OMIG Managed Alpha Equity Capped SWIX July 2017 SWIX

OMIG Premium Equity Capped SWIX July 2017 SWIX

Prescient Core Equity SWIX - -

Prescient Core Equity Capped SWIX - -

Prudential Core Equity Capped SWIX January 2017 SWIX

Sentio General Equity Capped SWIX - -

Sentio General Equity SWIX - -

SIM Moderate Equity SWIX - -

STANLIB Core Equity SWIX - -

STANLIB Multi Factor Equity Capped SWIX October 2017 SWIX

Truffle Institutional Equity Capped SWIX November 2017 SWIX

Vunani Domestic Active Equity Capped SWIX - -

X-Chequer Equity Strategy Capped SWIX May 2018 SWIX


2 YEAR PERFORMANCE

-12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8%

Afena Capital Moderate Equity Capped SWIX

Prudential Core Equity

Old Mutual Fundamental Equity

Benguela SA Equity (Capped SWIX)

Mergence Capped SWIX

STANLIB Core Equity

Mianzo Active Equity

Vunani Domestic Active Equity

Sentio General Equity (Capped SWIX)

Aluwani Capped SWIX Equity

Coronation Core Equity (Capped SWIX)

JSE Capped SWIX

Absa AM Core Equity

Mergence ESG Equity

Mergence SWIX

Prescient Core Equity (Capped SWIX)

Mianzo Enhanced Equity

Mean

OMIG Managed Alpha Equity

Benguela SA Equity (SWIX)

Sentio General Equity (SWIX)

STANLIB Multi Factor Equity

Aluwani SWIX Equity

X-Chequer Equity Strategy

Coronation Core Equity (SWIX)

JSE SWIX

Prescient Core Equity (SWIX)

Argon SA Equity

OMIG Premium Equity

Aeon Active Equity

Aluwani Equity

OMIG Double Alpha SWIX40

SIM Moderate Equity

JSE ALSI

Truffle Institutional Equity



3 YEAR PERFORMANCE

-6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7%

Afena Capital Moderate Equity Capped SWIXOld Mutual Fundamental Equity

Mergence Capped SWIXSTANLIB Core Equity

Benguela SA Equity (Capped SWIX)OMIG Managed Alpha Equity

Mianzo Active EquityVunani Domestic Active Equity

JSE Capped SWIXPrudential Core Equity

Absa AM Core EquityMergence ESG Equity

Coronation Core Equity (Capped SWIX)Mergence SWIX

Sentio General Equity (Capped SWIX)Mianzo Enhanced Equity

MeanBenguela SA Equity (SWIX)

Aluwani Capped SWIX EquitySTANLIB Multi Factor Equity

JSE SWIXSentio General Equity (SWIX)

X-Chequer Equity StrategyCoronation Core Equity (SWIX)

Prescient Core Equity (SWIX)OMIG Premium Equity

Argon SA EquitySIM Moderate EquityAluwani SWIX Equity

OMIG Double Alpha SWIX40Aeon Active Equity

JSE ALSIAluwani Equity





Portfolio Benchmark3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank 10

Year Ran

k 12Year R

ank

Absa AM Core Equity SWIX 7.51% 25 -10.02% 26 -5.11% 20 -3.80% 20 -1.43% 21 1.90% 14Aeon Active Equity SWIX 9.88% 9 -0.05% 4 0.89% 5 -0.44% 5 2.72% 3 3.90% 3 10.20% 3 11.13% 3Afena Capital Mod. Equity Capped SWIX Capped SWIX 6.32% 27 -17.04% 31 -18.85% 31 -10.65% 31 -5.77% 30Aluwani Equity SWIX 8.60% 14 1.35% 2 3.10% 2 0.20% 4 3.83% 2 3.84% 5 9.54% 6 10.91% 5 10.23% 2Aluwani Capped SWIX Equity Capped SWIX 7.81% 21 -7.51% 20 -5.20% 22 -4.61% 22 -0.14% 14Aluwani SWIX Equity SWIX 7.88% 20 -4.31% 10 -2.89% 14 -1.75% 11 2.13% 5 2.50% 11Argon SA Equity SWIX 8.70% 13 -5.20% 13 0.39% 6 -0.62% 7 1.66% 7 2.60% 10 9.80% 5 10.36% 8 9.75% 4Benguela SA Equity Capped SWIX 5.95% 29 -9.14% 24 -6.21% 24 -7.00% 28 -2.91% 26Benguela SA Equity SWIX 6.16% 28 -3.94% 7 -1.62% 10 -2.96% 14 -0.17% 15 1.73% 15Coronation Core Equity Capped SWIX 7.91% 18 -8.40% 21 -4.13% 15 -4.51% 21 -1.27% 19Coronation Core Equity SWIX 7.80% 22 -4.57% 12 -0.85% 9 -1.48% 9 1.08% 10 2.63% 9 9.31% 7 10.63% 6 11.00% 1Mergence ESG Equity SWIX 8.52% 15 -4.13% 9 -4.95% 19 -3.74% 19 -1.33% 20 0.54% 19 7.84% 13 9.47% 13Mergence Capped SWIX Capped SWIX 7.72% 23 -9.71% 25 -9.34% 27 -6.73% 27 -3.35% 28Mergence SWIX SWIX 7.89% 19 -5.40% 16 -5.62% 23 -3.74% 18 -1.08% 18 1.45% 18 8.67% 11 9.87% 10 8.97% 7Mianzo Active Equity SWIX 9.77% 11 -10.81% 28 -9.54% 28 -5.84% 25 -2.11% 24 0.31% 21 6.73% 15Mianzo Enhanced Equity Capped SWIX 10.70% 3 -7.10% 18 -5.16% 21 -3.40% 16 -0.57% 16 1.70% 16Old Mutual Fundamental Equity Capped SWIX 5.75% 30 -14.03% 30 -11.02% 30 -7.29% 29 -3.67% 29OMIG Double Alpha SWIX 40 SWIX 10.55% 5 0.53% 3 2.66% 3 0.25% 3 2.40% 4 3.84% 4 10.22% 2 11.61% 1OMIG Managed Alpha Equity Capped SWIX 10.61% 4 -5.30% 14 -2.10% 11 -3.11% 15 -2.32% 25 0.50% 20 8.14% 12 9.83% 11 9.60% 5OMIG Premium Equity Capped SWIX 10.84% 2 -4.54% 11 -0.65% 8 -0.58% 6 1.35% 8 3.36% 7 8.91% 8 11.24% 2Prescient Core Equity Capped SWIX 10.04% 7 -7.47% 19 -4.27% 16 -3.73% 17Prescient Core Equity SWIX 9.78% 10 -3.49% 6 -0.56% 7 -0.71% 8 1.18% 9 3.13% 8Prudential Core Equity Capped SWIX 8.78% 12 -11.09% 29 -10.99% 29 -7.93% 30 -1.46% 22 1.52% 17 8.82% 9 10.46% 7 10.19% 3Sentio General Equity Capped SWIX 7.49% 26 -8.47% 23 -8.42% 25 -5.07% 23 -0.67% 17Sentio General Equity SWIX 7.57% 24 -3.95% 8 -4.90% 18 -2.40% 13 0.87% 12 1.95% 13 8.71% 10 10.31% 9SIM Moderate Equity SWIX 10.53% 6 -2.12% 5 1.71% 4 0.72% 2 2.13% 6 3.67% 6 10.03% 4 10.97% 4STANLIB Core Equity SWIX 8.39% 16 -8.46% 22 -9.30% 26 -6.16% 26 -2.94% 27 -1.83% 22 4.57% 16 7.41% 14 6.65% 8STANLIB Multi Factor Equity Capped SWIX 8.20% 17 -5.85% 17 -2.40% 13 -2.31% 12 0.59% 13 2.01% 12 7.65% 14 9.47% 12 9.06% 6Truffle Institutional Equity Capped SWIX 13.69% 1 2.95% 1 13.07% 1 7.34% 1 6.25% 1 5.33% 1 11.76% 1Vunani Domestic Active Equity Capped SWIX 4.46% 31 -10.67% 27 -4.64% 17 -5.49% 24 -1.56% 23X-Chequer Equity Strategy Capped SWIX 10.01% 8 -5.40% 15 -2.22% 12 -1.64% 10 0.95% 11 4.25% 2JSE SWIX 9.57% -4.10% -1.69% -1.41% 0.72% 2.59% 8.57% 9.99% 9.45%Top Quartile 9.94% -4.04% -0.75% -1.09% 1.31% 3.59% 9.86% 10.96% 10.20%Mean 8.57% -6.24% -3.84% -3.20% -0.19% 2.31% 8.81% 10.26% 9.43%Median 8.39% -5.40% -4.27% -3.40% -0.37% 2.26% 8.86% 10.41% 9.67%Bottom Quartile 7.65% -8.81% -5.91% -5.28% -1.54% 1.57% 8.06% 9.84% 9.03%JSE ALSI 10.83% -0.68% 1.58% 1.89% 3.63% 4.58% 9.46% 10.31% 9.24%JSE Capped SWIX 9.74% -8.00% -5.13% -4.29% -1.54% 0.65% 7.29%



Portfolio4, Benchmark 2008

Ran

k

2009

Ran

k

2010

Ran

k

2011

Ran

k

2012

Ran

k

2013

Ran

k

2014

Ran

k

2015

Ran

k

2016

Ran

k

2017

Ran

k

2018

Ran

k

2019

Ran

k

2020

Ran

k

Absa AM Core Equity SWIX 10.04% 2 2.14% 13 22.18% 6 -10.53% 18 10.23% 5 -10.02% 26Aeon Active Equity SWIX 27.82% 7 20.64% 6 3.18% 14 27.14% 13 28.22% 2 13.50% 14 7.13% 8 1.87% 15 25.79% 1 -11.46% 27 8.96% 12 -0.05% 4Afena Capital Mod. Eq. CSWIX Capped SWIX -9.01% 7 3.46% 29 -17.04% 31Aluwani Equity SWIX -19.81% 4 31.29% 3 19.32% 9 5.91% 6 27.88% 11 21.58% 12 13.59% 13 9.65% 4 -1.68% 20 24.35% 3 -10.48% 17 9.46% 9 1.35% 2Aluwani Capped SWIX Equity Capped SWIX 18.73% 13 -9.86% 14 7.87% 14 -7.51% 20Aluwani SWIX Equity SWIX 8.94% 5 -2.19% 21 23.42% 4 -9.60% 11 9.92% 8 -4.31% 10Argon SA Equity SWIX -21.45% 6 27.39% 10 18.64% 11 0.89% 15 26.00% 15 25.26% 8 16.22% 3 9.81% 3 0.36% 18 17.45% 14 -7.24% 4 11.66% 3 -5.20% 13Benguela SA Equity (CSWIX) Capped SWIX -9.77% 13 3.15% 30 -9.14% 24Benguela SA Equity (SWIX) SWIX 6.17% 4 19.70% 11 -10.92% 22 6.28% 20 -3.94% 7Coronation Core Equity Capped SWIX -10.93% 23 8.90% 13 -8.40% 21Coronation Core Equity SWIX -13.36% 1 33.31% 1 24.74% 1 5.58% 7 28.28% 9 29.00% 1 12.25% 15 0.34% 18 5.55% 7 21.94% 7 -11.81% 30 11.64% 4 -4.57% 12Mergence ESG Equity SWIX 4.53% 10 31.02% 6 21.55% 13 16.79% 2 5.22% 14 3.02% 12 15.57% 20 -11.18% 26 4.67% 26 -4.13% 9Mergence Capped SWIX Capped SWIX -9.65% 12 3.70% 28 -9.71% 25Mergence SWIX SWIX -18.89% 3 30.73% 4 14.44% 12 6.22% 4 26.87% 14 25.45% 7 14.61% 10 7.31% 7 4.66% 10 17.07% 16 -10.71% 20 6.01% 22 -5.40% 16Mianzo Active Equity SWIX 3.69% 11 28.19% 10 27.52% 4 11.56% 16 -4.02% 21 9.45% 2 16.26% 17 -8.62% 6 4.52% 27 -10.81% 28Mianzo Enhanced Equity Capped SWIX 14.38% 12 -1.61% 20 7.91% 3 20.45% 10 -10.17% 15 6.12% 21 -7.10% 18Old Mutual Fundamental Eqty Capped SWIX -9.58% 10 7.63% 15 -14.03% 30OMIG Double Alpha SWIX40 SWIX 20.54% 7 6.02% 5 31.27% 4 23.80% 10 15.19% 6 6.64% 10 0.87% 16 25.47% 2 -11.74% 29 9.29% 10 0.53% 3OMIG Managed Alpha Equity Capped SWIX -21.40% 5 27.54% 8 22.72% 2 3.58% 12 33.53% 2 24.91% 9 15.69% 5 8.78% 6 2.07% 14 16.16% 18 -13.80% 31 7.01% 19 -5.30% 14OMIG Premium Equity Capped SWIX 18.98% 10 12.21% 1 31.73% 3 17.97% 16 14.79% 9 6.12% 12 5.70% 6 17.43% 15 -7.52% 5 9.97% 7 -4.54% 11Prescient Core Equity Capped SWIX -10.94% 24 7.40% 16 -7.47% 19Prescient Core Equity SWIX 4.25% 15 4.63% 11 21.62% 9 -11.53% 28 10.02% 6 -3.49% 6Prudential Core Equity Capped SWIX -16.06% 2 27.49% 9 20.42% 8 6.67% 2 30.01% 8 28.06% 3 15.11% 7 5.82% 13 5.86% 5 23.19% 5 -9.42% 8 4.92% 25 -11.09% 29Sentio General Equity (CSWIX) Capped SWIX -10.40% 16 5.77% 23 -8.47% 23Sentio General Equity (SWIX) SWIX 4.55% 9 31.05% 5 23.02% 11 15.97% 4 6.70% 9 4.70% 9 16.04% 19 -11.12% 25 7.39% 17 -3.95% 8SIM Moderate Equity SWIX 33.07% 2 21.88% 4 4.62% 8 27.46% 12 26.84% 5 14.49% 11 3.42% 16 5.30% 8 19.58% 12 -10.82% 21 12.48% 2 -2.12% 5STANLIB Core Equity SWIX -29.62% 8 28.54% 6 22.68% 3 6.45% 3 35.68% 1 18.64% 15 10.09% 17 -0.37% 19 -0.07% 19 13.41% 23 -10.54% 19 2.60% 31 -8.46% 22STANLIB Multi Factor Equity Capped SWIX -21.55% 7 29.81% 5 20.95% 5 3.34% 13 30.85% 7 18.89% 14 15.09% 8 2.69% 17 0.66% 17 21.66% 8 -9.57% 9 9.20% 11 -5.85% 17Truffle Institutional Equity Capped SWIX 26.57% 6 17.84% 1 15.05% 1 -2.39% 22 13.79% 22 -2.61% 1 15.48% 1 2.95% 1Vunani Domestic Active Equity Capped SWIX -6.02% 3 5.22% 24 -10.67% 27X-Chequer Equity Strategy Capped SWIX 6.46% 11 14.26% 1 14.85% 21 -4.27% 2 7.36% 18 -5.40% 15JSE SWIX -21.67% 29.91% 20.86% 4.26% 29.09% 20.71% 15.42% 3.62% 4.13% 21.21% -11.67% 9.32% -4.10%Top Quartile -18.18% 31.15% 22.08% 6.12% 31.16% 27.01% 15.69% 8.78% 5.66% 22.06% -9.49% 9.69% -4.04%Mean -20.27% 29.70% 20.50% 5.16% 29.80% 24.21% 14.54% 5.64% 3.58% 19.40% -9.74% 7.69% -6.24%Median -20.61% 29.17% 20.59% 4.62% 30.01% 25.08% 14.79% 6.46% 3.83% 19.58% -10.40% 7.40% -5.40%Bottom Quartile -21.47% 27.61% 19.23% 3.64% 27.67% 21.57% 13.59% 3.42% 0.71% 16.21% -10.94% 5.50% -8.81%JSE ALSI -23.23% 32.13% 18.98% 2.57% 26.68% 21.43% 10.88% 5.13% 2.63% 20.95% -8.53% 12.05% -0.68%JSE Capped SWIX 29.09% 20.71% 15.42% 2.78% 5.16% 16.49% -10.94% 6.75% -8.00%

06

SA CONSTRAINED CAPPED SWIXEQUITY FUNDS

The essence of investment management is the management of risks, not the management of returns.

- Benjamin Graham


2 YEAR PERFORMANCE

-12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8%

Afena Capital Moderate Equity



Benguela SA Equity



Sentio General Equity


Coronation Core Equity

JSE Capped SWIX

Mean

Prescient Core Equity

Mianzo Enhanced Equity


STANLIB Multi Factor Equity

X-Chequer Equity Strategy

JSE SWIX

OMIG Premium Equity

JSE ALSI




3 YEAR PERFORMANCE

-6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4%

Afena Capital Moderate Equity



Benguela SA Equity


Mean


JSE Capped SWIX





JSE SWIX

OMIG Premium Equity

JSE ALSI




PortfolioSwan Star

Rating3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank 10

Year Ran

k 12Year R

ank

Afena Capital Moderate Equity Capped SWIX ✪ 6.32% 13 -17.04% 16 -18.85% 16 -10.65% 16 -5.77% 11

Aluwani Capped SWIX Equity ✪✪✪✪ 7.81% 10 -7.51% 8 -5.20% 10 -4.61% 9 -0.14% 2

Benguela SA Equity ✪✪ 5.95% 14 -9.14% 11 -6.21% 11 -7.00% 13 -2.91% 8

Coronation Core Equity ✪✪✪ 7.91% 9 -8.40% 9 -4.13% 6 -4.51% 8 -1.27% 4

Mergence Capped SWIX ✪ 7.72% 11 -9.71% 12 -9.34% 13 -6.73% 12 -3.35% 9

Mianzo Enhanced Equity - 10.70% 3 -7.10% 6 -5.16% 9 -3.41% 6

Old Mutual Fundamental Equity ✪✪ 5.75% 15 -14.03% 15 -11.02% 15 -7.29% 14 -3.67% 10

OMIG Managed Alpha Equity ✪✪✪ 10.61% 4 -5.30% 3 -2.10% 3 -3.11% 5 -2.32% 7

OMIG Premium Equity ✪✪✪✪✪ 10.84% 2 -4.54% 2 -0.65% 2 -0.58% 2 1.35% 1

Prescient Core Equity - 10.04% 5 -7.47% 7 -4.27% 7 -3.73% 7

Prudential Core Equity ✪✪✪✪ 8.78% 7 -11.09% 14 -10.99% 14 -7.93% 15 -1.46% 5

Sentio General Equity ✪✪✪✪ 7.49% 12 -8.47% 10 -8.42% 12 -5.07% 10 -0.67% 3

STANLIB Multi Factor Equity - 8.20% 8 -5.85% 5 -2.40% 5 -2.31% 4

Truffle Institutional Equity - 13.69% 1 2.95% 1 13.07% 1 7.34% 1

Vunani Domestic Active Equity ✪✪✪ 4.46% 16 -10.67% 13 -4.64% 8 -5.49% 11 -1.56% 6

X-Chequer Equity Strategy - 10.01% 6 -5.40% 4 -2.22% 4 -1.64% 3

JSE Capped SWIX 9.74% -8.00% -5.13% -4.29% -1.54% 0.65% 7.29%

Top Quartile 10.18% -5.74% -2.35% -2.91% -0.97%

Mean 8.52% -8.05% -5.16% -4.17% -1.98%

Median 8.06% -7.95% -4.90% -4.56% -1.56%

Bottom Quartile 7.20% -9.95% -8.65% -6.79% -3.13%

JSE ALSI 10.83% -0.68% 1.58% 1.89% 3.63% 4.58% 9.46% 10.31% 9.24%

JSE SWIX 9.57% -4.10% -1.69% -1.41% 0.72% 2.59% 8.57% 9.99% 9.45%



Portfolio 2010

Ran

k

2011

Ran

k

2012

Ran

k

2013

Ran

k

2014

Ran

k

2015

Ran

k

2016

Ran

k

2017

Ran

k

2018

Ran

k

2019

Ran

k

2020

Ran

k

Afena Capital Moderate Equity Capped SWIX -9.01% 4 3.46% 15 -17.04% 16

Aluwani Capped SWIX Equity 18.73% 2 -9.86% 10 7.87% 5 -7.51% 8

Benguela SA Equity -9.77% 9 3.15% 16 -9.14% 11

Coronation Core Equity -10.93% 12 8.90% 4 -8.40% 9

Mergence Capped SWIX -9.65% 8 3.71% 14 -9.71% 12

Mianzo Enhanced Equity 6.10% 10 -7.10% 6

Old Mutual Fundamental Equity -9.58% 7 7.63% 6 -14.03% 15

OMIG Managed Alpha Equity -13.80% 14 7.01% 9 -5.30% 3

OMIG Premium Equity -7.52% 3 9.97% 2 -4.54% 2

Prescient Core Equity -10.94% 13 7.40% 7 -7.47% 7

Prudential Core Equity 23.19% 1 -9.42% 5 4.92% 13 -11.09% 14

Sentio General Equity -10.40% 11 5.77% 11 -8.47% 10

STANLIB Multi Factor Equity -9.57% 6 9.20% 3 -5.85% 5

Truffle Institutional Equity -2.61% 1 15.48% 1 2.95% 1

Vunani Domestic Active Equity -6.02% 2 5.22% 12 -10.67% 13

X-Chequer Equity Strategy 7.36% 8 -5.40% 4

JSE Capped SWIX 29.09% 20.71% 15.42% 2.78% 5.16% 16.49% -10.94% 6.75% -8.00%

Top Quartile 22.08% -9.11% 8.13% -5.74%

Mean 20.96% -9.22% 7.07% -8.05%

Median 20.96% -9.62% 7.18% -7.95%

Bottom Quartile 19.85% -10.26% 5.15% -9.95%

JSE ALSI 18.98% 2.57% 26.68% 21.43% 10.88% 5.13% 2.63% 20.95% -8.53% 12.05% -0.68%

JSE SWIX 20.86% 4.26% 29.09% 20.71% 15.42% 3.62% 4.13% 21.21% -11.67% 9.32% -4.10%



*excluding JSE ALSI benchmark

07

SA CONSTRAINED SWIX EQUITYFUNDS

It is not in the stars to hold our destiny but in ourselves.

- William Shakespeare


3 YEAR PERFORMANCE

-3% -2% -1% 0% 1% 2% 3% 4%

STANLIB Core Equity


JSE Capped SWIX

Absa AM Core Equity

Mergence ESG Equity

Mergence SWIX

Benguela SA Equity

Mean

JSE SWIX




Argon SA Equity

SIM Moderate Equity

Aluwani SWIX Equity


Aeon Active Equity

JSE ALSI

Aluwani Equity



5 YEAR PERFORMANCE

-2% -1% 0% 1% 2% 3% 4% 5%

STANLIB Core Equity


Mergence ESG Equity

JSE Capped SWIX

Mergence SWIX

Benguela SA Equity

Absa AM Core Equity


Mean

Aluwani SWIX Equity

JSE SWIX

Argon SA Equity



SIM Moderate Equity

Aluwani Equity


Aeon Active Equity

JSE ALSI




Portfolio Swan Star

Rating3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank 10

Year Ran

k 12Year R

ank

Absa AM Core Equity ✪✪✪ 7.51% 14 -10.02% 14 -5.11% 12 -3.80% 13 -1.43% 13 1.90% 10

Aeon Active Equity ✪✪✪✪✪ 9.88% 3 -0.05% 3 0.89% 4 -0.44% 4 2.72% 2 3.90% 1 10.20% 2 11.13% 2

Aluwani Equity ✪✪✪✪ 8.60% 7 1.35% 1 3.10% 1 0.20% 3 3.83% 1 3.84% 3 9.54% 5 10.91% 4 10.23% 2

Aluwani SWIX Equity ✪✪✪ 7.88% 11 -4.31% 9 -2.89% 9 -1.75% 8 2.13% 4 2.50% 8

Argon SA Equity ✪✪✪ 8.70% 6 -5.20% 11 0.39% 5 -0.62% 5 1.66% 6 2.60% 7 9.80% 4 10.36% 6 9.75% 3

Benguela SA Equity ✪✪ 6.16% 15 -3.94% 6 -1.62% 8 -2.96% 10 -0.17% 10 1.73% 11

Coronation Core Equity ✪✪✪✪ 7.80% 12 -4.57% 10 -0.85% 7 -1.48% 7 1.08% 8 2.63% 6 9.31% 6 10.63% 5 11.00% 1

Mergence ESG Equity ✪✪ 8.52% 8 -4.13% 8 -4.95% 11 -3.74% 12 -1.33% 12 0.54% 13 7.84% 9 9.47% 9

Mergence SWIX ✪✪ 7.89% 10 -5.40% 12 -5.62% 13 -3.74% 11 -1.08% 11 1.45% 12 8.67% 8 9.87% 8 8.97% 4

Mianzo Active Equity ✪ 9.77% 5 -10.81% 15 -9.54% 15 -5.88% 14 -2.13% 14 0.29% 14 6.72% 10

OMIG Double Alpha SWIX40 ✪✪✪✪✪ 10.55% 1 0.53% 2 2.66% 2 0.25% 2 2.40% 3 3.84% 2 10.22% 1 11.61% 1

Prescient Core Equity ✪✪✪ 9.78% 4 -3.49% 5 -0.56% 6 -0.71% 6 1.18% 7 3.13% 5

Sentio General Equity ✪✪✪ 7.57% 13 -3.95% 7 -4.90% 10 -2.40% 9 0.87% 9 1.95% 9 8.71% 7 10.31% 7

SIM Moderate Equity ✪✪✪✪ 10.53% 2 -2.12% 4 1.71% 3 0.72% 1 2.13% 5 3.67% 4 10.03% 3 10.97% 3

STANLIB Core Equity ✪ 8.39% 9 -8.46% 13 -9.30% 14 -6.16% 15 -2.94% 15 -1.83% 15 4.57% 11 7.41% 10 6.65% 5

JSE SWIX 9.57% -4.10% -1.69% -1.41% 0.72% 2.59% 8.57% 9.99% 9.45%

Top Quartile 9.77% -2.81% 0.64% -0.53% 2.13% 3.40% 9.91% 10.96% 10.23%

Mean 8.63% -4.30% -2.44% -2.17% 0.59% 2.14% 8.69% 10.27% 9.32%

Median 8.52% -4.13% -1.62% -1.75% 1.08% 2.50% 9.31% 10.49% 9.75%

Bottom Quartile 7.84% -5.30% -5.03% -3.74% -1.21% 1.59% 8.25% 9.98% 8.97%

JSE ALSI 10.83% -0.68% 1.58% 1.89% 3.63% 4.58% 9.46% 10.31% 9.24%

JSE Capped SWIX 9.74% -8.00% -5.13% -4.29% -1.54% 0.65% 7.29%



Portfolio 2008

Ran

k

2009

Ran

k

2010

Ran

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2011

Ran

k

2012

Ran

k

2013

Ran

k

2014

Ran

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2015

Ran

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2016

Ran

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2017

Ran

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2018

Ran

k

2019

Ran

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2020

Ran

k

Absa AM Core Equity 10.04% 1 2.14% 9 22.18% 5 -10.53% 5 10.23% 4 -10.02% 14

Aeon Active Equity 27.82% 6 20.64% 4 3.18% 10 27.14% 9 28.22% 2 13.50% 8 7.13% 6 1.87% 10 25.79% 1 -11.46% 12 8.96% 9 -0.05% 3

Aluwani Equity -19.81% 3 31.29% 3 19.32% 6 5.91% 4 27.88% 7 21.58% 9 13.59% 7 9.65% 3 -1.68% 14 24.35% 3 -10.48% 4 9.46% 7 1.35% 1

Aluwani SWIX Equity 8.94% 4 -2.19% 15 23.42% 4 -9.60% 3 9.92% 6 -4.31% 9

Argon SA Equity -21.45% 4 27.39% 7 18.64% 7 0.89% 11 26.00% 11 25.26% 6 16.22% 2 9.81% 2 0.36% 12 17.45% 10 -7.24% 1 11.66% 2 -5.20% 11

Benguela SA Equity 6.17% 2 19.70% 8 -10.92% 9 6.28% 11 -3.94% 6

Coronation Core Equity -13.36% 1 33.31% 1 24.74% 1 5.58% 5 28.28% 5 29.00% 1 12.25% 9 0.34% 12 5.55% 3 21.94% 6 -11.81% 15 11.64% 3 -4.57% 10

Mergence ESG Equity 4.53% 8 31.02% 4 21.55% 10 16.79% 1 5.22% 9 3.02% 8 15.57% 14 -11.18% 11 4.67% 13 -4.13% 8

Mergence SWIX -18.89% 2 30.73% 4 14.44% 8 6.22% 2 26.87% 10 25.45% 5 14.61% 5 7.31% 5 4.66% 6 17.07% 11 -10.71% 7 6.01% 12 -5.40% 12

Mianzo Active Equity 3.69% 9 28.19% 6 27.52% 3 11.56% 10 -4.02% 14 9.45% 1 16.26% 12 -8.62% 2 4.45% 14 -10.81% 15

OMIG Double Alpha SWIX40 20.54% 5 6.02% 3 31.27% 2 23.80% 7 15.19% 4 6.64% 8 0.87% 11 25.47% 2 -11.74% 14 9.29% 8 0.53% 2

Prescient Core Equity 4.25% 10 4.63% 7 21.62% 7 -11.53% 13 10.02% 5 -3.49% 5

Sentio General Equity 4.55% 7 31.05% 3 23.02% 8 15.97% 3 6.70% 7 4.70% 5 16.04% 13 -11.12% 10 7.39% 10 -3.95% 7

SIM Moderate Equity 33.07% 2 21.88% 3 4.62% 6 27.46% 8 26.84% 4 14.49% 6 3.42% 11 5.30% 4 19.58% 9 -10.82% 8 12.48% 1 -2.12% 4

STANLIB Core Equity -29.62% 5 28.54% 5 22.68% 2 6.45% 1 35.68% 1 18.64% 11 10.09% 11 -0.37% 13 -0.07% 13 13.41% 15 -10.54% 6 2.60% 15 -8.46% 13

JSE SWIX -21.67% 29.91% 20.86% 4.26% 29.09% 20.71% 15.42% 3.62% 4.13% 21.21% -11.67% 9.32% -4.10%

Top Quartile -18.89% 32.18% 22.08% 5.96% 31.04% 27.18% 15.58% 8.53% 5.00% 22.80% -10.51% 10.12% -2.81%

Mean -20.62% 30.31% 20.36% 4.70% 29.17% 24.63% 14.02% 5.36% 2.98% 19.99% -10.55% 8.34% -4.30%

Median -19.81% 30.73% 20.59% 4.62% 28.19% 25.26% 14.49% 6.67% 3.02% 19.70% -10.82% 9.29% -4.13%

Bottom Quartile -21.45% 28.18% 19.15% 4.11% 27.30% 22.30% 12.88% 3.63% 0.62% 16.66% -11.32% 6.15% -5.30%

JSE ALSI -23.23% 32.13% 18.98% 2.57% 26.68% 21.43% 10.88% 5.13% 2.63% 20.95% -8.53% 12.05% -0.68%

JSE Capped SWIX 29.09% 20.71% 15.42% 2.78% 5.16% 16.49% -10.94% 6.75% -8.00%

08

SA UNCONSTRAINEDEQUITY FUNDS

...everything should be made as simple as possible, but not simpler.

- Einstein


3 YEAR PERFORMANCE

-14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14%

PSG SA EquitySteyn Capital Equity Prescient

Cannon ALSI InstitutionalFirst Avenue Focused Equity

Perpetua Domestic EquityAfena Capital Unconstrained Equity

Foord Domestic EquityFirst Avenue General Equity

Anchor EquityFoord Domestic Equity SWIX

Allan Gray Domestic EquityClucasGray Equity Prescient

Denker SA EquityMazi Capital Equity SWIX

Abax EquityPrudential Select Equity

Visio SWIXJSE Capped SWIX

MeanAshburton SA Equity

Element EquityNinety One Value

Bateleur Long Only EquityCoronation Houseview Equity

JSE SWIXCoronation Aggressive Equity

Vunani Core EquityLaurium Equity Prescient Unit Trust

Oasis Specialist Domestic EquityAylett Institutional Domestic Equity

Matrix Novare EquityKagiso Managed Equity

Ninety One EquityAbsa AM Value Equity

JSE ALSISIM Aggressive Equity

Rezco EquityFairtree Equity Prescient



5 YEAR PERFORMANCE

-6% -4% -2% 0% 2% 4% 6% 8% 10% 12%

Steyn Capital Equity Prescient

PSG SA Equity

Cannon ALSI Institutional

First Avenue Focused Equity

Anchor Equity

First Avenue General Equity

Foord Domestic Equity

Denker SA Equity

Perpetua Domestic Equity

Foord Domestic Equity SWIX

Afena Capital Unconstrained Equity

Visio SWIX

Mazi Capital Equity SWIX

ClucasGray Equity Prescient

Abax Equity

JSE Capped SWIX

Mean

Ashburton SA Equity

Allan Gray Domestic Equity

Prudential Select Equity

Laurium Equity Prescient Unit Trust

Bateleur Long Only Equity

Coronation Houseview Equity

Absa AM Value Equity

Vunani Core Equity

Oasis Specialist Domestic Equity

JSE SWIX

Coronation Aggressive Equity

Element Equity

Ninety One Equity

Kagiso Managed Equity

Aylett Institutional Domestic Equity

JSE ALSI

SIM Aggressive Equity

Ninety One Value

Rezco Equity

Fairtree Equity Prescient



ABSOLUTE PERFORMANCE (1 of 2)

PortfolioSwan Star

Rating3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank 10

Year Ran

k 12Year R

ank

Abax Equity ✪✪✪ 7.35% 19 -8.66% 17 -6.78% 20 -6.75% 24 -2.76% 20 0.10% 19 8.07% 11 9.97% 7 9.01% 14

Absa AM Value Equity ✪✪✪ 8.23% 14 -5.64% 10 1.10% 6 1.14% 6 2.61% 4 2.27% 12 7.06% 16 8.80% 14 10.17% 8

Afena Capital Unconstrained Equity ✪✪ 5.89% 26 -15.91% 28 -18.02% 31 -10.25% 29 -5.69% 29 -1.25% 23 2.77% 25

Allan Gray Domestic Equity ✪✪✪ 7.10% 21 -15.24% 26 -11.43% 25 -9.34% 27 -4.02% 24 1.10% 17 7.47% 13 8.82% 13 9.43% 12

Anchor Equity ✪✪ 5.95% 24 -9.54% 20 -10.94% 24 -5.04% 20 -4.67% 26 -3.10% 29

Ashburton SA Equity ✪✪✪ 8.38% 13 -4.62% 7 -3.50% 14 -3.04% 15 -1.42% 17 1.04% 18

Aylett Institutional Domestic Equity ✪✪✪✪✪ 10.32% 7 -10.42% 22 -7.05% 21 -3.38% 17 1.89% 8 3.98% 5 8.66% 7 9.80% 9 11.58% 2

Bateleur Long Only Equity ✪✪✪✪ 8.78% 11 -5.00% 9 -5.79% 18 -2.36% 13 -0.02% 14 1.60% 14 10.35% 4

Cannon ALSI Institutional ✪ 7.69% 16 -18.86% 30 -18.15% 32 -12.31% 32 -7.82% 32 -3.97% 31 0.17% 27 1.45% 20 2.13% 20

ClucasGray Equity Prescient ✪✪✪ 4.07% 31 -21.13% 32 -17.88% 30 -11.29% 31 -3.72% 23 0.02% 20 6.39% 19

Coronation Aggressive Equity ✪✪✪✪ 9.90% 9 -4.09% 6 2.67% 4 0.83% 7 0.77% 12 3.18% 9 8.65% 8 9.96% 8 10.95% 6

Coronation Houseview Equity ✪✪✪✪ 8.66% 12 -3.45% 3 3.32% 3 -0.17% 9 0.59% 13 2.09% 13 9.18% 6 10.29% 6 10.77% 7

Denker SA Equity ✪✪ 5.92% 25 -12.61% 24 -12.12% 28 -5.50% 21 -3.37% 22 -2.40% 26 4.05% 24 5.44% 17 7.20% 17

Element Equity ✪✪ 3.11% 33 -15.84% 27 -11.72% 27 -3.32% 16 -1.16% 16 3.22% 8 2.07% 26 3.45% 19 4.47% 19

Fairtree Equity Prescient ✪✪✪✪✪ 22.16% 1 9.97% 1 22.97% 1 15.39% 1 12.92% 1 10.97% 1 16.00% 1

First Avenue Focused Equity ✪ 3.86% 32 -8.78% 19 -10.02% 23 -9.42% 28 -7.03% 31 -3.16% 30 5.12% 22

First Avenue General Equity ✪✪ 5.50% 28 -8.62% 16 -9.56% 22 -8.22% 26 -5.31% 27 -2.46% 28 5.49% 21

JSE SWIX 9.57% -4.10% -1.69% -1.41% 0.72% 2.59% 8.57% 9.99% 9.45%

Top Quartile 9.75% -5.16% -1.97% -0.36% 1.36% 3.18% 8.65% 10.41% 11.00%

Mean 8.07% -9.49% -5.77% -3.72% -1.47% 0.96% 7.37% 9.00% 9.41%

Median 7.56% -8.67% -5.55% -3.61% -1.58% 1.10% 7.38% 9.41% 9.56%

Bottom Quartile 5.90% -14.99% -11.62% -8.17% -4.60% -2.17% 5.80% 8.39% 8.73%

JSE ALSI 10.83% -0.68% 1.58% 1.89% 3.63% 4.58% 9.46% 10.31% 9.24%

JSE Capped SWIX 9.74% -8.00% -5.13% -4.29% -1.54% 0.65% 7.29%

INVESTMENT CONSULTING I WEALTH MANAGEMENT I TREASURY SOLUTIONS 62 62

ABSOLUTE PERFORMANCE (2 of 2)

PortfolioSwan Star

Rating3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank 10

Year Ran

k 12Year R

ank

Foord Domestic Equity ✪✪ 6.15% 23 -8.69% 18 -5.30% 17 -6.10% 23 -5.33% 28 -2.41% 27 6.11% 20 8.85% 12 9.33% 13

Foord Domestic Equity SWIX ✪✪✪ 5.89% 27 -5.81% 11 -2.80% 12 -4.80% 19 -4.40% 25 -1.81% 24 6.41% 18 9.03% 11 9.50% 11

Kagiso Managed Equity ✪✪✪ 12.43% 4 -14.24% 25 -4.56% 15 3.22% 5 2.09% 6 3.72% 6 7.38% 14 8.46% 15 9.00% 15

Laurium Equity Prescient Unit Trust ✪✪✪ 10.44% 6 -7.19% 14 -4.90% 16 -2.81% 14 1.30% 10 1.34% 15

Matrix Novare Equity ✪✪✪✪ 7.54% 18 -5.88% 12 -2.35% 11 -0.92% 10 2.05% 7

Mazi Capital Equity SWIX ✪✪✪✪ 9.31% 10 -7.71% 15 -6.44% 19 -5.66% 22 -2.80% 21 -0.25% 21 7.73% 12 11.25% 3 11.55% 3

Ninety One Equity ✪✪✪✪ 10.88% 5 -3.55% 4 2.53% 5 0.59% 8 2.58% 5 3.46% 7 10.31% 5 11.37% 2 9.62% 10

Ninety One Value ✪✪✪ 8.04% 15 -19.07% 31 -2.94% 13 4.22% 4 -0.17% 15 7.58% 3 4.62% 23 5.10% 18 7.07% 18

Oasis Specialist Domestic Equity ✪✪✪ 6.50% 22 -3.99% 5 -1.73% 8 -2.01% 12 1.38% 9 2.32% 10 6.45% 17 8.18% 16 7.91% 16

Perpetua Domestic Equity ✪✪ 4.63% 30 -17.25% 29 -12.70% 29 -11.17% 30 -6.16% 30 -2.17% 25

Prudential Select Equity ✪✪✪ 7.59% 17 -12.58% 23 -11.68% 26 -8.01% 25 -2.00% 19 1.27% 16 8.40% 9 9.79% 10 9.76% 9

PSG SA Equity ✪ 13.88% 2 -21.78% 33 -22.86% 34 -19.19% 34 -11.93% 34 -5.11% 32

Rezco Equity ✪✪✪✪✪ 13.82% 3 8.97% 2 17.62% 2 12.71% 2 9.76% 2 7.72% 2 14.20% 2 18.25% 1 16.40% 1

SIM Aggressive Equity ✪✪✪✪✪ 10.06% 8 -10.06% 21 -1.87% 9 5.39% 3 4.25% 3 6.15% 4 10.43% 3 10.76% 5 11.13% 5

Steyn Capital Equity Prescient ✪ 1.88% 34 -23.47% 34 -20.50% 33 -13.21% 33 -11.63% 33 -5.22% 33

Visio SWIX ✪✪✪ 7.32% 20 -4.97% 8 -2.25% 10 -3.84% 18 -1.74% 18 -0.30% 22 7.32% 15 10.94% 4 11.15% 4

Vunani Core Equity ✪✪✪✪ 5.23% 29 -6.79% 13 -0.42% 7 -1.82% 11 0.87% 11 2.31% 11 8.20% 10

JSE SWIX 9.57% -4.10% -1.69% -1.41% 0.72% 2.59% 8.57% 9.99% 9.45%

Top Quartile 9.75% -5.16% -1.97% -0.36% 1.36% 3.18% 8.65% 10.41% 11.00%

Mean 8.07% -9.49% -5.77% -3.72% -1.47% 0.96% 7.37% 9.00% 9.41%

Median 7.56% -8.67% -5.55% -3.61% -1.58% 1.10% 7.38% 9.41% 9.56%

Bottom Quartile 5.90% -14.99% -11.62% -8.17% -4.60% -2.17% 5.80% 8.39% 8.73%

JSE ALSI 10.83% -0.68% 1.58% 1.89% 3.63% 4.58% 9.46% 10.31% 9.24%

JSE Capped SWIX 9.74% -8.00% -5.13% -4.29% -1.54% 0.65% 7.29%


ABSOLUTE CALENDAR YEAR PERFORMANCE (1 of 2)

Portfolio 2008

Ran

k

2009

Ran

k

2010

Ran

k

2011

Ran

k

2012

Ran

k

2013

Ran

k

2014

Ran

k

2015

Ran

k

2016

Ran

k

2017

Ran

k

2018

Ran

k

2019

Ran

k

2020

Ran

k

Abax Equity -21.58% 18 28.71% 15 20.81% 15 8.91% 5 27.06% 11 28.04% 5 14.77% 10 11.01% 7 -0.97% 29 18.32% 7 -11.09% 26 5.28% 22 -8.66% 17

Absa AM Value Equity -2.72% 1 30.97% 12 24.39% 9 6.29% 10 24.02% 16 18.72% 21 12.39% 20 -3.24% 23 6.09% 18 13.95% 17 -8.24% 19 14.47% 7 -5.64% 10

Afena Capital Unconstrained Equity 2.72% 18 20.02% 21 17.05% 24 1.80% 29 -14.58% 31 24.76% 3 11.42% 24 -9.90% 24 2.73% 30 -15.91% 28

Allan Gray Domestic Equity -11.93% 3 25.67% 19 20.17% 17 9.00% 4 19.58% 22 24.51% 14 15.92% 7 5.23% 15 13.51% 11 14.44% 15 -7.60% 16 3.79% 27 -15.24% 26

Anchor Equity 19.24% 3 16.09% 1 -2.71% 32 2.91% 31 -6.68% 12 2.16% 31 -9.54% 20

Ashburton SA Equity 13.13% 18 3.82% 16 3.13% 23 12.99% 21 -7.86% 18 4.64% 24 -4.62% 7

Aylett Institutional Domestic Equity -8.70% 2 35.91% 3 22.04% 13 5.62% 11 20.50% 18 23.83% 15 14.41% 13 -2.18% 22 18.32% 7 13.40% 19 -2.14% 2 8.92% 13 -10.42% 22

Bateleur Long Only Equity 26.92% 7 20.29% 1 13.44% 4 2.15% 26 14.18% 16 -9.05% 22 8.45% 14 -5.00% 9

Cannon ALSI Institutional -26.55% 20 35.40% 4 18.69% 18 -1.71% 21 12.76% 23 15.24% 26 -2.13% 31 -10.84% 27 21.16% 6 -0.56% 32 -6.25% 10 0.01% 33 -18.86% 30

ClucasGray Equity Prescient 26.23% 12 23.14% 16 13.89% 16 1.53% 19 10.13% 15 18.40% 6 -4.23% 7 6.68% 18 -21.13% 32

Coronation Aggressive Equity -15.08% 6 36.73% 1 27.92% 3 5.05% 12 25.82% 14 30.91% 3 7.06% 28 -8.84% 25 15.98% 9 15.96% 11 -11.84% 27 15.77% 6 -4.09% 6

Coronation Houseview Equity -16.50% 11 35.11% 5 25.81% 6 3.50% 16 27.60% 9 32.52% 2 10.11% 24 0.10% 20 6.83% 17 15.74% 12 -12.46% 30 13.95% 8 -3.45% 3

Denker SA Equity -17.48% 13 32.02% 8 23.05% 10 1.55% 19 21.45% 17 18.02% 22 10.70% 22 -11.71% 28 17.09% 8 -1.69% 33 -3.62% 5 6.85% 17 -12.61% 24

Element Equity -12.38% 4 26.68% 17 14.76% 19 3.96% 15 11.16% 24 2.16% 27 1.14% 30 -16.14% 32 21.57% 4 15.50% 13 -2.60% 4 9.58% 11 -15.84% 27

Fairtree Equity Prescient 31.72% 7 24.93% 13 20.07% 2 8.42% 11 10.71% 14 21.47% 2 -4.00% 6 21.98% 4 9.97% 1

First Avenue Focused Equity 20.78% 19 14.28% 14 12.86% 5 -4.14% 34 16.94% 8 -20.01% 34 2.03% 32 -8.78% 19

First Avenue General Equity 31.19% 8 20.21% 20 13.85% 17 9.52% 10 -2.68% 31 14.65% 14 -16.49% 33 3.03% 28 -8.62% 16

JSE SWIX -21.67% 29.91% 20.86% 4.26% 29.09% 20.71% 15.42% 3.62% 4.13% 21.21% -11.67% 9.32% -4.10%

Top Quartile -14.57% 33.93% 25.82% 8.10% 31.72% 26.81% 15.75% 10.59% 15.74% 16.15% -5.99% 12.03% -5.16%

Mean -16.57% 31.10% 23.29% 6.41% 25.57% 22.36% 12.52% 1.22% 9.77% 12.55% -8.32% 8.67% -9.49%

Median -16.47% 31.30% 22.95% 5.62% 26.15% 24.17% 13.89% 2.92% 6.46% 13.95% -7.73% 6.76% -8.67%

Bottom Quartile -19.15% 28.32% 20.71% 3.50% 20.17% 18.55% 10.32% -8.84% 2.23% 10.32% -10.95% 3.84% -14.99%

JSE ALSI -23.23% 32.13% 18.98% 2.57% 26.68% 21.43% 10.88% 5.13% 2.63% 20.95% -8.53% 12.05% -0.68%

JSE Capped SWIX 29.09% 20.71% 15.42% 2.78% 5.16% 16.49% -10.94% 6.75% -8.00%


ABSOLUTE CALENDAR YEAR PERFORMANCE (2 of 2)

Portfolio 2008

Ran

k

2009

Ran

k

2010

Ran

k

2011

Ran

k

2012

Ran

k

2013

Ran

k

2014

Ran

k

2015

Ran

k

2016

Ran

k

2017

Ran

k

2018

Ran

k

2019

Ran

k

2020

Ran

k

Foord Domestic Equity -15.96% 8 31.21% 11 25.83% 5 8.10% 6 32.47% 4 28.49% 4 16.05% 6 2.90% 18 3.11% 24 5.39% 30 -12.22% 28 5.95% 19 -8.69% 18

Foord Domestic Equity SWIX -15.96% 7 31.39% 10 25.71% 7 7.83% 7 32.27% 5 27.86% 6 15.65% 9 2.92% 17 3.28% 22 5.51% 29 -12.23% 29 5.68% 20 -5.81% 11

Kagiso Managed Equity -20.27% 16 36.24% 2 22.51% 12 4.64% 14 20.17% 19 25.11% 12 7.67% 27 -8.71% 24 10.81% 13 16.20% 9 -6.36% 11 24.59% 3 -14.24% 25

Laurium Equity Prescient UT 10.59% 9 -3.67% 33 19.44% 4 -5.90% 9 8.37% 15 -7.19% 14

Matrix Novare Equity 8.02% 16 21.16% 3 -7.60% 17 11.49% 10 -5.88% 12

Mazi Capital Equity SWIX -16.44% 10 31.51% 9 28.81% 2 12.44% 3 36.69% 3 26.12% 9 14.49% 12 12.50% 6 -2.54% 30 18.55% 5 -13.24% 31 5.37% 21 -7.71% 15

Ninety One Equity -25.10% 19 26.48% 18 14.60% 20 6.51% 9 25.14% 15 22.44% 17 17.72% 5 15.26% 2 2.47% 25 13.21% 20 -7.01% 15 12.21% 9 -3.55% 4

Ninety One Value -13.04% 5 32.04% 7 25.00% 8 1.48% 20 3.03% 25 -0.29% 28 13.09% 19 -18.81% 33 53.50% 1 -4.04% 34 -4.85% 8 28.48% 1 -19.07% 31

Oasis Specialist Domestic Equity -18.60% 14 24.89% 20 20.92% 14 7.18% 8 26.15% 13 16.55% 25 10.52% 23 -9.49% 26 15.02% 10 11.80% 22 -6.91% 13 7.39% 16 -3.99% 5

Perpetua Domestic Equity 17.68% 23 9.43% 25 -13.15% 30 21.32% 5 8.60% 27 -10.52% 25 2.91% 29 -17.25% 29

Prudential Select Equity -16.97% 12 29.95% 14 20.42% 16 4.74% 13 27.41% 10 26.77% 8 14.53% 11 6.23% 14 5.09% 19 23.06% 1 -8.90% 21 4.87% 23 -12.58% 23

PSG SA Equity 15.86% 8 -12.43% 29 32.36% 2 10.02% 26 -9.43% 23 -12.01% 34 -21.78% 33

Rezco Equity -18.78% 15 27.16% 16 33.63% 1 20.58% 1 48.13% 1 35.49% 1 18.09% 4 10.86% 8 0.69% 27 11.22% 25 -1.06% 1 16.56% 5 8.97% 2

SIM Aggressive Equity -21.03% 17 33.53% 6 22.85% 11 3.48% 17 20.04% 20 25.61% 10 10.95% 21 -1.97% 21 13.19% 12 13.95% 18 -2.59% 3 25.89% 2 -10.06% 21

Steyn Capital Equity Prescient 14.75% 3 4.42% 20 6.95% 28 -14.48% 32 3.96% 25 -23.47% 34

Visio SWIX -16.34% 9 30.31% 13 27.88% 4 12.74% 2 36.92% 2 25.34% 11 14.07% 15 6.85% 13 -0.27% 28 11.59% 23 -8.48% 20 3.80% 26 -4.97% 8

Vunani Core Equity 31.80% 6 21.88% 18 9.19% 26 7.60% 12 4.38% 21 16.00% 10 -6.99% 14 9.03% 12 -6.79% 13

JSE SWIX -21.67% 29.91% 20.86% 4.26% 29.09% 20.71% 15.42% 3.62% 4.13% 21.21% -11.67% 9.32% -4.10%

Top Quartile -14.57% 33.93% 25.82% 8.10% 31.72% 26.81% 15.75% 10.59% 15.74% 16.15% -5.99% 12.03% -5.16%

Mean -16.57% 31.10% 23.29% 6.41% 25.57% 22.36% 12.52% 1.22% 9.77% 12.55% -8.32% 8.67% -9.49%

Median -16.47% 31.30% 22.95% 5.62% 26.15% 24.17% 13.89% 2.92% 6.46% 13.95% -7.73% 6.76% -8.67%

Bottom Quartile -19.15% 28.32% 20.71% 3.50% 20.17% 18.55% 10.32% -8.84% 2.23% 10.32% -10.95% 3.84% -14.99%

JSE ALSI -23.23% 32.13% 18.98% 2.57% 26.68% 21.43% 10.88% 5.13% 2.63% 20.95% -8.53% 12.05% -0.68%

JSE Capped SWIX 29.09% 20.71% 15.42% 2.78% 5.16% 16.49% -10.94% 6.75% -8.00%

09

AFRICA EQUITYEX SOUTH AFRICA FUNDS

Quality is the best business plan.

- John Lasseter


3 YEAR PERFORMANCE

-14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8%

Sustainable Capital Africa Alpha

Prudential Africa Equity SICAV

Sanlam African Frontier Markets

Ashmore Africa

Steyn Capital Africa

Coronation Africa Frontiers

All Seasons Africa

Aluwani Africa Equity

MSCI Africa ex SA Index

Ninety One Africa

Rudiarius BCI Africa Equity

Allan Gray Africa Equity ex ZA

Mean

Laurium Limpopo Africa Equity

Altree Africa Opportunities

Absa Africa Equity

Gondo Visio Metsi Fund

Old Mutual African Frontiers

MSCI Emerging Markets

MSCI World



5 YEAR PERFORMANCE

-10% -8% -6% -4% -2% 0% 2% 4% 6% 8%

Ashmore Africa

Ninety One Africa

Rudiarius BCI Africa Equity

Aluwani Africa Equity

All Seasons Africa

Steyn Capital Africa

Sanlam African Frontier Markets

Coronation Africa Frontiers

Altree Africa Opportunities

Prudential Africa Equity SICAV

Mean

Gondo Visio Metsi Fund

MSCI Africa ex SA Index

Absa Africa Equity

Allan Gray Africa Equity ex ZA

Sustainable Capital Africa Alpha

Old Mutual African Frontiers

Laurium Limpopo Africa Equity

MSCI Emerging Markets

MSCI World




PortfolioSwan Star

Rating3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank 10

Year Ran

k 12Year R

ank

Absa Africa Equity ✪✪✪✪ 10.45% 2 -12.81% 3 -9.09% 4 -7.96% 4 -0.58% 3 -2.40% 5

All Seasons Africa ✪✪ 5.30% 7 -19.84% 10 -16.49% 11 -16.52% 11 -7.73% 10 -6.15% 12 -2.69% 10 -3.26% 8 -2.12% 1

Allan Gray Africa Equity ex ZA ✪✪✪✪ 5.63% 6 -11.46% 2 -9.35% 5 -16.30% 10 -6.19% 6 -2.22% 4 -0.48% 4

Altree Africa Opportunities ✪✪ 9.35% 3 -3.21% 1 1.23% 1 -6.90% 3 -1.17% 4 -4.57% 8 -2.16% 8 -0.59% 3 -3.21% 3

Aluwani Africa Equity ✪✪ 5.07% 8 -20.76% 11 -14.75% 9 -15.26% 8 -7.43% 9 -6.82% 13 -2.80% 11 -2.35% 6

Ashmore Africa ✪✪✪ -1.13% 14 -27.21% 16 -23.92% 15 -17.09% 12 -8.55% 13 -8.96% 16 -1.73% 7 -1.81% 5 -2.34% 2

Coronation Africa Frontiers ✪✪✪ 3.44% 12 -22.65% 12 -17.52% 12 -17.31% 13 -7.84% 11 -4.80% 9 -0.18% 3 -0.05% 2

Gondo Visio Metsi Fund ✪✪✪✪ 4.71% 9 -16.82% 6 -8.78% 3 -6.80% 2 0.60% 2 -4.45% 6 -1.31% 5 -1.31% 4

Laurium Limpopo Africa Equity ✪✪✪✪✪ 4.66% 10 -19.26% 9 -14.02% 8 -11.66% 5 -3.06% 5 0.77% 1

Ninety One Africa ✪ -6.21% 16 -17.00% 7 -15.60% 10 -13.20% 7 -6.37% 8 -8.22% 15 -5.18% 12 -5.42% 9 -7.11% 4

Old Mutual African Frontiers ✪✪✪✪✪ 6.39% 4 -14.31% 4 -8.37% 2 -4.89% 1 1.42% 1 0.42% 2 3.18% 1 1.14% 1

Prudential Africa Equity SICAV ✪✪✪ 0.59% 13 -25.44% 15 -18.54% 13 -15.88% 9 -9.61% 15 -4.53% 7

Rudiarius BCI Africa Equity ✪ 5.70% 5 -17.67% 8 -13.03% 7 -12.22% 6 -6.31% 7 -6.84% 14

Sanlam African Frontier Markets ✪✪✪ 4.34% 11 -23.90% 14 -20.09% 14 -18.99% 15 -9.43% 14 -5.26% 10 -1.66% 6 -2.54% 7

Steyn Capital Africa ✪✪✪ -5.79% 15 -23.46% 13 -24.67% 16 -23.53% 16 -7.87% 12 -5.71% 11 0.68% 2

Sustainable Capital Africa Alpha ✪✪✪ 14.44% 1 -14.53% 5 -9.50% 6 -17.64% 14 -12.02% 16 -1.68% 3 -2.66% 9

MSCI Africa ex SA Index 4.66% -20.10% -11.42% -9.34% -6.68% -3.38% -0.64% -1.51% -4.78%

Top Quartile 5.87% -14.48% -9.29% -10.73% -2.59% -2.35% -0.40% -0.59% -2.29%

Mean 4.18% -18.15% -13.91% -13.88% -5.76% -4.46% -1.42% -1.80% -3.70%

Median 4.89% -18.47% -14.39% -15.57% -6.90% -4.68% -1.69% -1.81% -2.78%

Bottom Quartile 2.73% -22.86% -17.78% -17.14% -8.04% -6.32% -2.67% -2.54% -4.19%

MSCI Emerging Markets 17.84% -1.72% 6.55% 2.09% 2.84% 6.15% 4.04% 3.33% 2.74%

MSCI World 12.75% -1.26% 7.23% 5.41% 7.52% 7.52% 10.07% 9.61% 6.61%



Portfolio 2008

Ran

k

2009

Ran

k

2010

Ran

k

2011

Ran

k

2012

Ran

k

2013

Ran

k

2014

Ran

k

2015

Ran

k

2016

Ran

k

2017

Ran

k

2018

Ran

k

2019

Ran

k

2020

Ran

k

Absa Africa Equity -19.74% 5 -11.97% 9 24.62% 14 -4.81% 3 9.17% 5 -12.81% 3

All Seasons Africa 2.05% 5 15.05% 7 -25.06% 6 28.46% 8 19.96% 11 -7.48% 10 -26.87% 14 -11.33% 8 34.99% 6 -10.75% 9 -0.65% 12 -19.84% 10

Allan Gray Africa Equity ex ZA 36.46% 3 19.97% 10 -7.67% 11 -32.59% 15 -6.37% 5 52.85% 2 -5.23% 4 -9.10% 15 -11.46% 2

Altree Africa Opportunities -32.54% 1 3.53% 4 32.03% 2 -9.32% 1 19.05% 11 22.33% 5 -15.19% 12 -23.16% 8 -18.60% 12 27.14% 11 -11.74% 11 5.16% 9 -3.21% 1

Aluwani Africa Equity 22.97% 4 -15.27% 2 23.06% 10 21.42% 6 -6.19% 8 -22.32% 6 -21.47% 15 37.35% 5 -12.39% 12 7.34% 6 -20.76% 11

Ashmore Africa -44.63% 2 35.96% 1 22.54% 5 -18.46% 4 28.32% 9 25.35% 2 -1.88% 4 -19.41% 4 -18.84% 13 25.43% 13 -6.82% 5 6.38% 7 -27.21% 16

Coronation Africa Frontiers 25.11% 2 24.54% 3 -16.44% 3 29.29% 7 22.60% 4 3.27% 3 -25.73% 11 -6.31% 4 34.88% 7 -1.61% 1 -7.00% 14 -22.65% 12

Gondo Visio Metsi Fund 20.14% 6 -18.82% 5 30.10% 6 17.02% 13 -6.35% 9 -25.91% 13 -17.35% 11 25.45% 12 -9.07% 7 20.43% 1 -16.82% 6

Laurium Limpopo Africa Equity 6.30% 1 -11.88% 1 -5.66% 3 47.84% 3 -7.65% 6 10.24% 3 -19.26% 9

Ninety One Africa -49.46% 3 24.21% 3 32.18% 1 -30.99% 8 33.76% 4 21.02% 8 -16.95% 14 -25.86% 12 -25.18% 16 30.42% 9 -10.83% 10 3.31% 10 -17.00% 7

Old Mutual African Frontiers -28.61% 7 32.67% 5 19.70% 12 -3.54% 5 -17.15% 2 -10.01% 7 33.68% 8 -2.39% 2 14.61% 2 -14.31% 4

Prudential Africa Equity SICAV 20.64% 9 -5.63% 6 -17.84% 3 -5.22% 2 28.99% 10 -10.13% 8 5.56% 8 -25.44% 15

Rudiarius BCI Africa Equity -24.54% 10 -18.87% 14 21.50% 15 -12.47% 14 9.54% 4 -17.67% 8

Sanlam African Frontier Markets -31.32% 9 41.02% 2 23.94% 3 -5.78% 7 -23.98% 9 -8.51% 6 44.49% 4 -12.45% 13 -2.56% 13 -23.90% 14

Steyn Capital Africa 44.49% 1 28.13% 1 6.05% 2 -22.85% 7 -12.67% 10 66.01% 1 -13.53% 15 -10.05% 16 -23.46% 13

Sustainable Capital Africa Alpha 21.30% 7 -16.45% 13 -42.98% 16 49.72% 1 15.77% 16 -20.30% 16 1.37% 11 -14.53% 5

MSCI Africa ex SA Index -46.79% 7.12% 17.72% -30.51% 41.12% 18.31% -5.76% -19.52% -7.91% 22.31% -12.95% 16.65% -20.10%

Top Quartile -38.59% 25.11% 28.29% -16.44% 35.11% 22.60% -2.30% -19.66% -6.35% 39.13% -6.42% 9.26% -14.48%

Mean -42.21% 18.17% 24.21% -21.59% 31.52% 21.80% -5.54% -23.93% -9.29% 34.46% -9.51% 3.99% -18.15%

Median -44.63% 24.21% 22.97% -18.82% 30.10% 21.30% -5.99% -23.57% -11.65% 32.05% -10.44% 5.36% -18.47%

Bottom Quartile -47.05% 3.53% 21.34% -28.61% 28.39% 19.97% -7.63% -25.87% -18.66% 25.45% -12.40% -1.13% -22.86%

MSCI Emerging Markets -53.33% 78.51% 18.88% -18.42% 18.22% -2.60% -2.19% -14.92% 11.19% 37.28% -14.58% 18.44% -1.72%

MSCI World -40.71% 29.99% 11.76% -5.54% 15.83% 26.68% 4.94% -0.87% 7.51% 22.40% -8.71% 27.67% -1.26%



*excluding MSCI World benchmark



*excluding MSCI Emerging Markets & MSCI World benchmarks

10

SA GLOBAL BALANCEDFUNDS

The only source of knowledge is experience.

- Einstein


3 YEAR PERFORMANCE

-4% -2% 0% 2% 4% 6% 8% 10% 12%

PSG Balanced

JSE SWIX

Cadiz Global Balanced

Prescient Absolute Balanced

OMIG MacroSolutions (Edge28)

Coronation Managed

Abax Balanced

Allan Gray Global Balanced Life

ClucasGray Equilibrium

Allan Gray Global Balanced Segregated

SIM Global Unique

Absa AM Global Balanced

OMIG MacroSolutions Balanced

Prudential Balanced

Kagiso Global Balanced

Oasis Global Full Discretion

Mean

GraySwan Global Balanced Peergroup Avg.

Coronation Full Discretion

Prescient Balanced

Foord Global Balanced

Balondolozi Active Balanced

Ninety One Segregated Full Discretion

Ninety One Balanced

Truffle Nedgroup Investments Balanced

STANLIB Full Discretion

CPI + 5%

Ninety One Managed

Rezco Managed Plus



5 YEAR PERFORMANCE

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%

PSG Balanced

JSE SWIX

Prescient Absolute Balanced

OMIG MacroSolutions (Edge28)

Cadiz Global Balanced

Oasis Global Full Discretion

Absa AM Global Balanced

OMIG MacroSolutions Balanced

ClucasGray Equilibrium

SIM Global Unique

Abax Balanced

Foord Global Balanced

STANLIB Full Discretion

Coronation Managed

Mean

Prudential Balanced

GraySwan Global Balanced Peergroup Avg.

Coronation Full Discretion

Truffle Nedgroup Investments Balanced

Prescient Balanced

Balondolozi Active Balanced

Allan Gray Global Balanced Segregated

Ninety One Balanced

Allan Gray Global Balanced Life

Ninety One Segregated Full Discretion

Kagiso Global Balanced

Rezco Managed Plus

CPI + 5%

Ninety One Managed




PortfolioSwan Star

Rating3

Months Ran

k

YTD

Ran

k 1Year R

ank 2

Year Ran

k 3Year R

ank 5

Year Ran

k 8Year R

ank 10

Year Ran

k 12Year R

ank

Abax Balanced ✪✪✪ 6.37% 12 -7.27% 23 -0.62% 22 1.83% 17 2.91% 20 5.28% 16 9.70% 12

Absa AM Global Balanced ✪ 6.39% 11 -2.28% 16 0.21% 19 2.36% 15 3.48% 15 4.38% 20 8.19% 18 9.43% 15

Allan Gray Global Balanced Life ✪✪✪✪ 3.47% 23 0.07% 12 4.74% 12 1.42% 19 2.96% 19 6.21% 5 9.87% 9 10.53% 9 10.67% 7

Allan Gray Global Balanced Segregated ✪✪✪ 3.49% 22 -0.40% 14 4.35% 13 1.34% 20 3.09% 17 6.17% 7 9.81% 11 10.43% 10 10.57% 9

Balondolozi Active Balanced ✪✪✪✪ 7.17% 4 1.14% 9 1.63% 17 3.65% 12 5.56% 7 6.10% 8

Cadiz Global Balanced ✪ 2.18% 25 -5.61% 21 -2.88% 23 -0.42% 24 1.97% 24 4.06% 22 7.03% 20 8.16% 17

ClucasGray Equilibrium ✪✪ 5.49% 18 -8.10% 24 -4.10% 25 -0.70% 25 2.99% 18 4.69% 18

Coronation Full Discretion ✪✪✪✪ 8.02% 2 0.98% 10 6.22% 8 4.38% 10 4.58% 10 5.79% 11 10.85% 6 11.43% 4 11.60% 2

Coronation Managed ✪✪✪ 8.59% 1 0.03% 13 5.31% 10 3.23% 14 2.83% 21 5.40% 13 10.50% 7 11.38% 6 11.75% 1

Foord Global Balanced ✪✪✪ 4.53% 21 6.98% 3 12.90% 4 6.39% 5 5.53% 8 5.38% 15 9.83% 10 11.44% 3 10.97% 6

Kagiso Global Balanced ✪✪✪ 6.64% 9 -9.41% 25 -0.59% 21 4.11% 11 3.90% 12 6.52% 3

Mergence Global Balanced - 5.92% 15 2.94% 6 6.00% 9 5.55% 6

Ninety One Balanced ✪✪✪✪ 5.84% 16 2.84% 7 7.74% 5 5.29% 7 6.06% 5 6.20% 6 11.14% 4 11.52% 2 11.37% 4

Ninety One Managed ✪✪✪✪✪ 2.94% 24 8.72% 2 15.52% 3 10.65% 2 9.84% 2 9.89% 1 12.87% 2 13.59% 1 11.59% 3

Ninety One Segregated Full Discretion ✪✪✪✪ 6.02% 14 2.59% 8 7.51% 7 5.27% 8 6.01% 6 6.30% 4 10.96% 5 11.40% 5 11.21% 5

Oasis Global Full Discretion ✪✪ 1.62% 26 -0.85% 15 3.61% 14 2.25% 16 3.94% 11 4.09% 21 8.72% 17 9.56% 14 8.73% 15

OMIG MacroSolutions (Edge28) ✪✪ 6.86% 6 -5.40% 20 -0.54% 20 0.30% 23 2.47% 22 3.85% 23 9.50% 13 10.13% 11 9.72% 11

OMIG MacroSolutions Balanced ✪✪ 6.22% 13 -2.39% 17 1.82% 16 1.80% 18 3.54% 14 4.48% 19 9.04% 16 9.83% 13 9.34% 13

Prescient Absolute Balanced ✪ 6.87% 5 -6.49% 22 -3.06% 24 0.97% 22 2.44% 23 2.70% 24 6.43% 21 6.84% 18 6.70% 16

Prescient Balanced ✪✪✪ 7.22% 3 0.96% 11 5.27% 11 4.50% 9 5.38% 9 6.07% 9

Prudential Balanced ✪✪✪ 6.84% 7 -2.65% 19 0.26% 18 1.18% 21 3.87% 13 5.44% 12 10.06% 8 10.92% 7 10.63% 8

PSG Balanced ✪✪ 4.85% 20 -12.67% 26 -10.96% 26 -8.35% 26 -2.99% 25 1.75% 25 7.88% 19 9.13% 16 9.41% 12

Rezco Managed Plus ✪✪✪✪✪ 6.73% 8 14.72% 1 24.72% 1 15.85% 1 11.54% 1 8.17% 2 13.22% 1

SIM Global Unique ✪✪✪ 5.39% 19 -2.47% 18 1.93% 15 3.32% 13 3.46% 16 4.97% 17 9.16% 15 9.99% 12 9.88% 10

STANLIB Full Discretion ✪✪✪ 6.45% 10 4.82% 5 7.66% 6 6.92% 4 6.92% 3 5.39% 14 9.35% 14 10.80% 8 9.32% 14

Truffle Nedgroup Investments Balanced ✪✪✪✪✪ 5.68% 17 5.65% 4 15.86% 2 9.21% 3 6.17% 4 5.97% 10 11.47% 3

GraySwan Global Balanced Peergroup Avg, 5.69% -0.54% 4.20% 3.59% 4.44% 5.48% 9.66% 10.49% 10.21%

Top Quartile 6.81% 2.78% 7.19% 5.29% 5.56% 6.17% 10.85% 11.39% 11.25%

Mean 5.69% -0.52% 4.25% 3.55% 4.34% 5.41% 9.79% 10.36% 10.22%

Median 6.12% -0.19% 3.98% 3.27% 3.87% 5.40% 9.81% 10.48% 10.60%

Bottom Quartile 4.99% -4.71% -0.35% 1.36% 2.96% 4.48% 9.04% 9.63% 9.39%

CPI + 5% 0.61% 4.16% 7.34% 8.50% 8.93% 9.74% 10.18% 10.25% 10.34%

JSE SWIX 9.57% -4.10% -1.69% -1.41% 0.72% 2.59% 8.57% 9.99% 9.45%



Portfolio 2008

Ran

k

2009

Ran

k

2010

Ran

k

2011

Ran

k

2012

Ran

k

2013

Ran

k

2014

Ran

k

2015

Ran

k

2016

Ran

k

2017

Ran

k

2018

Ran

k

2019

Ran

k

2020

Ran

k

Abax Balanced 23.56% 5 17.14% 19 16.91% 2 6.28% 20 11.64% 2 9.07% 20 0.83% 4 14.67% 5 -7.27% 23

Absa AM Global Balanced 8.38% 10 20.01% 16 16.70% 20 11.57% 12 8.41% 15 3.70% 14 11.26% 19 -1.18% 11 8.16% 23 -2.28% 16

Allan Gray Global Balanced Life -1.38% 3 15.95% 14 11.84% 15 13.06% 1 15.43% 19 25.33% 5 10.27% 18 12.93% 7 7.78% 5 11.87% 18 -1.78% 14 6.20% 25 0.07% 12

Allan Gray Global Balanced Segr. -1.06% 2 15.62% 15 11.68% 16 12.63% 2 15.14% 20 25.05% 6 10.29% 17 12.77% 8 7.51% 6 11.94% 17 -1.40% 12 6.51% 24 -0.40% 14

Balondolozi Active Balanced 6.50% 18 5.23% 11 11.98% 16 3.11% 1 9.09% 22 1.14% 9

Cadiz Global Balanced 20.33% 9 15.91% 7 4.35% 18 21.55% 10 18.69% 18 3.18% 22 4.90% 24 5.86% 10 12.06% 15 -3.09% 18 11.04% 16 -5.61% 21

ClucasGray Equilibrium 13.29% 6 5.96% 9 12.78% 12 2.19% 2 9.71% 19 -8.10% 24

Coronation Full Discretion -8.29% 6 25.13% 4 17.76% 3 8.21% 11 21.72% 8 28.88% 3 12.10% 10 8.88% 12 3.44% 15 14.13% 6 -4.92% 24 14.50% 6 0.98% 10

Coronation Managed -7.56% 5 25.89% 3 19.41% 1 9.05% 6 24.00% 4 30.10% 2 11.22% 14 5.09% 23 7.96% 4 12.54% 13 -6.50% 25 13.99% 7 0.03% 13

Foord Global Balanced -5.62% 4 17.93% 12 17.16% 5 11.42% 3 25.57% 1 24.03% 9 11.00% 15 10.51% 10 0.53% 21 7.76% 22 -3.10% 19 12.24% 11 6.98% 3

Kagiso Global Balanced 9.12% 21 -1.90% 25 11.31% 3 14.79% 3 0.45% 6 19.82% 1 -9.41% 25

Mergence Global Balanced 11.43% 14 2.94% 6

Ninety One Balanced -10.96% 8 26.23% 1 14.09% 11 7.73% 12 20.60% 13 24.07% 8 13.35% 4 15.80% 4 1.21% 20 13.48% 9 -0.64% 7 11.21% 15 2.84% 7

Ninety One Managed -14.85% 14 21.33% 6 12.81% 13 8.79% 7 21.66% 9 23.45% 11 9.16% 20 19.30% 3 4.79% 12 13.78% 7 0.50% 5 14.82% 4 8.72% 2

Ninety One Segr. Full Discretion -11.49% 10 26.17% 2 14.53% 9 7.59% 14 20.66% 12 22.33% 14 13.27% 6 15.41% 5 1.68% 19 13.77% 8 -0.88% 8 11.59% 13 2.59% 8

Oasis Global Full Discretion -14.39% 13 15.60% 16 11.95% 14 8.56% 8 21.49% 11 22.80% 12 12.91% 7 5.74% 22 4.43% 13 6.63% 24 -0.89% 9 9.80% 18 -0.85% 15

OMIG MacroSolutions (Edge28) -11.76% 11 20.69% 8 14.17% 10 6.63% 16 20.44% 14 23.73% 10 14.98% 3 10.78% 9 3.04% 17 15.73% 2 -3.66% 22 9.51% 20 -5.40% 20

OMIG MacroSolutions Balanced -12.02% 12 19.03% 11 14.03% 12 7.57% 15 19.99% 17 20.89% 17 12.14% 8 8.52% 14 3.40% 16 14.29% 5 -1.70% 13 9.28% 21 -2.39% 17

Prescient Absolute Balanced 0.74% 1 8.76% 17 10.31% 17 6.51% 17 12.88% 21 12.63% 21 10.88% 16 6.07% 21 -1.35% 23 13.44% 10 -2.48% 16 12.42% 10 -6.49% 22

Prescient Balanced 9.09% 11 2.32% 18 18.16% 1 -3.32% 21 11.71% 12 0.96% 11

Prudential Balanced -8.70% 7 19.99% 10 15.99% 6 8.39% 9 22.68% 7 24.83% 7 11.67% 11 8.83% 13 6.60% 7 14.49% 4 -2.36% 15 10.49% 17 -2.65% 19

PSG Balanced -11.11% 9 21.38% 5 17.25% 4 10.14% 4 15.61% 18 28.31% 4 13.35% 5 6.80% 17 14.54% 1 12.94% 11 -2.82% 17 -0.14% 26 -12.67% 26

Rezco Managed Plus 24.88% 2 31.28% 1 12.13% 9 20.23% 1 -5.85% 25 7.04% 23 0.92% 3 18.29% 2 14.72% 1

SIM Global Unique -15.43% 15 20.96% 7 15.31% 8 7.66% 13 20.20% 15 21.61% 16 11.33% 13 6.44% 19 6.15% 8 12.37% 14 -3.89% 23 13.68% 8 -2.47% 18

STANLIB Full Discretion -21.19% 16 17.78% 13 18.03% 2 9.34% 5 24.62% 3 22.30% 15 9.69% 19 8.17% 16 0.42% 22 8.64% 21 -0.95% 10 12.44% 9 4.82% 5

Truffle Nedgroup Inv. Balanced 22.85% 6 22.72% 13 18.20% 1 19.45% 2 -1.57% 24 5.92% 25 -3.11% 20 17.48% 3 5.65% 4

GraySwan Glob. Bal. Peergroup Avg -9.58% 20.20% 14.66% 8.89% 20.10% 22.99% 11.13% 8.78% 4.84% 11.96% -1.64% 11.52% -0.54%

Top Quartile -7.07% 21.38% 17.16% 9.27% 22.85% 25.05% 13.18% 12.93% 6.60% 13.78% -0.64% 13.91% 2.78%

Mean -9.69% 19.93% 14.84% 8.67% 20.74% 23.18% 11.76% 9.93% 4.43% 12.03% -1.63% 11.54% -0.52%

Median -11.04% 20.33% 14.53% 8.38% 21.49% 23.45% 11.62% 8.83% 4.43% 12.54% -1.70% 11.51% -0.19%

Bottom Quartile -12.61% 17.78% 12.81% 7.61% 20.01% 21.61% 10.44% 6.44% 1.68% 11.26% -3.10% 9.56% -4.71%

CPI + 5% 16.79% 11.21% 8.66% 11.49% 10.89% 10.58% 11.09% 10.00% 11.94% 9.85% 10.44% 8.74% 4.16%

JSE SWIX -21.67% 29.91% 20.86% 4.26% 29.09% 20.71% 15.42% 3.62% 4.13% 21.21% -11.67% 9.32% -4.10%



*excluding CPI+5% and JSE SWIX benchmarks


The GraySwan Ratingmethodology is based on a

proprietary quantitative analyses methodology which

GraySwan has developed to assess all the funds included in

each ScoreCard universe.

TAKE NOTE

Disclaimer: The information does not constitute financial advice as contemplated in terms of the Financial Advisory and Intermediary Services Act. Use or rely on this information at your own risk. Independent professional financial advice should always be sought before making an investment decision.Gray Swan Financial Services (Pty) Ltd (Reg No: 2010/009813/07) is an authorised Financial Services Provider (FSP No: 42290).

Such ratings forms part of our investment manager selection processand is an initial screening tool of potential funds for further qualitativeassessment.

Funds are scored according to their risk-adjusted performance and relative performance consistency over the long (>10 years), medium (>5 years) and short term.

Funds are then ranked and awarded a Swan (“Sleep Well At Night”) star rating as follows:

• Top 10% of funds 5 stars• Percentiles 67.5 to 90 4 stars• Middle 35% of funds 3 stars• Percentiles 10 to 32.5 2 stars• Bottom 10% of funds 1 star

Only funds with track records longer than 36 months are provided with a rating.

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• All performance calculations in excess of 12 months are annualised. • All relative performance statistics are to the indicated benchmark. • Performance numbers for South African funds are gross of fees. • Performance numbers for Offshore funds are net of fees.• Performance for South African funds are noted in ZAR. • Performance for Offshore funds are noted in USD. • Usually funds with AUM in excess of R100 million and a track record

longer than 12 months may be included in the GraySwan ScoreCards.• Colour legend for performance numbers:

• Blue: top 25% of funds• Black: middle 50% of funds• Red: bottom 25% of funds.

“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

Investment Manager Reports

Investment Manager Hit Rate Reports

Fund & Manager Attribution Reports

Transaction Cost Analysis Reports

Securities Lending Income Reports

Costs & Fees Reports

Pre & Post Trade Transition Reports

Market Summary Reports

Regulation 28 Compliance Reports

Regulation 30 Compliance Reports

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 should seekappropriate professional advice from their investment advisors before taking any action in reliance on any information provided. All data is factualand is provided for informational purposes. The data is obtained from the investment managers and should be reliable. No guarantee,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 future performance. This information isnot advice as defined and contemplated in the Financial Advisory and Intermediary Services Act, 37 of 2002, as amended. GraySwan shall not beliable 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 13 years. Our collective investment experience exceeds a 150 yearsof advising to and managing most of the largest institutional client’s assets in South Africa.

CONTACT US

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

GREGOIRE THERONHead of Manager Research

[email protected]

DAVID GOOSENInvestment Analyst

[email protected]

SAREL LOUWInvestment Analyst

[email protected]

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

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