Investec Asset Management 13 march 2014

The Senate GroupHigh quality solutions in uncertain markets

13 March 2014

| CONFIDENTIAL:16938

Agenda

● Reflecting back on 2013

● Offshore asset class returns and valuations

● Implications for asset allocation

● Investec Global Franchise

− High quality solutions in uncertain markets


South African Equities 2013 in review: A very narrow market

71% of the

ALSI’s total

return came

from 5 stocks:

Naspers,

Richemont,

SABMiller,

Sasol and

MTN

Go

ld F

ield

s

An

glo

Go

ld

Ma

ssm

art

Tru

wo

rth

s

Imp

ala

Pla

t

AL

SI

MT

N

SA

B

Sa

sol

Ric

he

mo

nt

Ste

inh

off

Na

spe

rs

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

-63%-53%

-30% -27% -26%

21%28%

40%48%

57%68%

103%


SA Equities: Trailing PE Ratio20 years to 28 February 2014 (17.9x)

Source: I-Net Bridge

Mean: 14.82

Std Dev: 2.48


Taking a closer look at 2013’s equity returns

Dividend Yield: 2.7%Earnings growth: -6.4%Re-rating: 25.1%Total Return: 21.4%

ALSI return in 2013

Rolling 12-months %-change

Offshore asset class returns and valuations


Global Equities 12-months to 28 February 2014 (All in US Dollars)


Nikkei225 (US$): 16.5%

S&P 500 (US$): 22.8%

MSCI Emerging Market (US$): -5.7%

MSCI ACWI (US$): 18.8%

FTSE100 (US$): 18.2%

ALSI (US$): 3.1%

2011 2012 2013 Jan 2014 Feb 2014

MSCI ACWI (US$) -5.0% 16.5% 23.4% -3.98% 4.88%

MSCI Emerging Market (US$) -18.2% 18.5% -2.3% -6.47% 3.33%

S&P500 (US$) 0.0% 11.7% 29.6% -3.56% 4.31%

FTSE100 (US$) -7.2% 7.4% 16.7% -4.25% 6.56%

Nikkei225 (US$) -13.4% 8.4% 28.1% -5.56% -0.49%

ALSI (US$) -15.90% 21.8% -4.4% -9.03% 8.38%


Global Equities: PE RatioDeveloped & Emerging markets


MSCI ACWI PE Ratio (16.88x)

Mean: 16.94

Std Dev: 3.74

Implications for asset allocation


Investec Cautious ManagedIncome generation and real returns at lower volatility

Source: Investec Asset Management as at 31 December 2013

Domestic -equities19.1%

Offshore -equities20.6%

Domestic -cash

25.4%

Domestic -bonds27.1%

Offshore -bonds & cash

3.1%

Commodities -gold1.8%

Domestic -unit trust

2.9%

● High quality stocks to provide real capital growth in volatile markets with lower levels of risk

SA Equities

● Preferred asset class● High quality global franchises on

attractive valuations

Offshore Equities

● Uncorrelated returns – provides protection in uncertain marketsGold

● Bonds and ILBs provide a superior return to cash which yields a negative real return

SA Fixed Interest

● Cash – looking to take advantage of bond opportunitiesCash


Investec Opportunity FundPositioned to provide investors with inflation-beating returns

Source: Investec Asset Management as at 31 December 2013

Domestic -equities, 36.4%

Offshore -equities, 21.4%

Domestic -cash , 18.1%

Domestic -bonds, 16.1%

Offshore -cash, 3.3%

Commodities -Gold, 2.4%

Offshore -bonds, 2.3%

● High quality stocks to provide real capital growth in volatile markets with lower levels of risk

SA Equities

● Preferred asset class● High quality global franchises on

attractive valuations

Offshore Equities

● Uncorrelated returns – provides protection in uncertain marketsGold

● Bonds provide a superior return to cash which yields a negative real return

SA Fixed interest

● Waiting for more attractive entry points on select equity opportunities

Cash


Investec Opportunity fundA proven investment philosophy

● A strong capital preservation bias through a strong focus on Quality businesses with attractive valuations and risk characteristics

● Aims to provide an attractive long-term rate of return regardless of the outlook for equity markets in the short term

● We expect a higher proportion of excess returns to be generated in falling markets

Superior returns with lower than average absolute volatility

10 11 12 13 14 15 1610

12

14

16

18

20

22

24

Investec Oppor-tunity Equity

carve-outALSI

General Equity sector

Standard deviation (%p.a.)

An

nu

alis

ed r

etu

rn (

%p

.a.)

10 11 12 13 14 15 16 1710

12

14

16

18

20

22

24

26 Investec Oppor-tunity Equity

carve-out

ALSIGeneral Equity

sector

Standard deviation (%p.a.)

An

nu

alis

ed r

etu

rn (

%p

.a.)

5 years 10 years


Investec Asset ManagementInternational Funds – Core Range

Global Fixed Income Global Multi-Asset Global Equity

Exp

ecte

d R

etu

rn

Worldwide Equity Feeder (ZAR)Global Equity (USD)

Global Opportunity Income FoF (ZAR)

Money Market (USD, EUR, GBP)

Global Strategic Managed Feeder (ZAR)Global Strategic Managed (USD)

Global Opportunity Equity FoF (ZAR)Global Franchise (USD)

Volatility

ModerateLow High

Investec Global Franchise FundHigh quality solutions in uncertain markets

Abrie Pretorius


Agenda

● Key facts

● Key benefits

● Performance

● Why invest in global franchise companies?

● Current positioning

● Summary


Investec GSF Global Franchise FundKey facts

Align top

Align left

GSF Global Franchise Fund OGGFRAN

Portfolio managerDomicileFund structureObjective

Performance comparison indexFund launchFund sizeStategy sizeShare classesOngoing chargesPerformance target*

Source: Investec Asset Management, March 2014* Performance target may not necessarily be achieved, losses may be made. Subject to change w ithout notif ication.

MSCI AC World NR (MSCI World NR pre 1/10/11)10 April 2007US$ 1,859.5 million (28 February 2014)US$ 2.9 billion (28 February 2014)A, F, IX, C, S, J, I1.92% (A-Share class)3%-5% p.a. outperformance (gross) over a full market cycle

The Fund aims to achieve long-term capital growth primarily through investment in shares of companies around the world. The Fund will have a blend of investments and will be unrestricted in its choice of companies either by size or industry, or in terms of the geographical make-up of the portfolio. The Fund will focus investment on stocks deemed to be of high quality which are typically associated with global brands or franchises.

Clyde RossouwLuxembourgLuxembourg-based SICAV, UCITS compliant


Key benefits

● Differentiated 'global franchise' philosophy

● We are long term holders of quality compounders

● Concentrated, global, high conviction portfolio

● Record of long-term outperformance:

− Participating meaningfully in up markets

− With smaller draw-downs in down markets

− Lower than average absolute volatility

We seek to invest in companies with business models which can provide some certainty in uncertain markets


Investec Global Franchise sufficiently uncorrelated to SA equities

Sector composition ALSI Investec Global Franchise

Basic Materials 24.7% Avoid. High capital intensity, no pricing power

Financials 18.7% ~ Typically low exposure. High leverage

Consumer Goods 23.4% Consumer staple bias

Consumer Services 11.9% Consumer staple bias

Telecommunication 7.0% Avoid. High capital intensity, no pricing power

Oil & Gas 4.6% Avoid. High capital intensity, no pricing power

Industrials 6.2% ~ Selected niches

Health Care 3.2% Typically high exposure

Technology 0.4% Selected niches

100.0%

As at 30 September 2013


Investec GSF Global Franchise FundPerformance track record

Annual performance in USD Cumulative performance in USD

-60%

-40%

-20%

0%

20%

40%

60%

Apr 07 Jan 09 Sep 10 May 12 Feb 14

Investec GSF Global Franchise A Acc

MSCI AC World NR (MSCI World NR pre 1/10/11)

41.8

18.5

Past Performance figures are not audited and should not be taken as a guide to the futureSource: Lipper, dates to 28 February 2014, NAV based, (inclusive of all annual management fees but excluding any initial charges),gross income reinvested, in USD. *Inception date: 10 April 2007.The performance is based on the OEIC Investec Global Select Equity Fund from 10 April 2007 which then merged into the Luxembourg-domiciled Investec GSF Global Franchise Fund on 03 September 2009. Quartile rankings within Lipper Global Equity Global Sector

3 months YTD 1 year 3 years p.a. 5 years p.a.

Investec GSF Global Franchise A Acc 0.5% 0.6% 10.1% 12.0% 18.7% 5.7%

MSCI AC World NR (MSCI World NR pre 1/10/11) 2.4% 0.6% 18.2% 8.5% 19.1% 2.8%

Relative performance -1.9% -0.1% -8.1% 3.5% -0.3% 2.9%

Quartile ranking 4 3 4 1 2 1

3 months YTD 1 year 3 years p.a. 5 years p.a.Since

inception p.a.*

Investec GSF Global Franchise A Acc 0.5% 0.6% 10.1% 12.0% 18.7% 5.7%

MSCI AC World NR (MSCI World NR pre 1/10/11) 2.4% 0.6% 18.2% 8.5% 19.1% 2.8%

Relative performance -1.9% -0.1% -8.1% 3.5% -0.3% 2.9%

Quartile ranking 4 3 4 1 2 1

5.9%

-32.6%

36.1%

5.9% 7.4%

14.7% 15.3%

0.6%3.9%

-40.7%

30.0%

11.8%

-5.9%

16.1%

22.8%

0.6%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2007 (Apr) 2008 2009 2010 2011 2012 2013 2014 (YTD)

Investec GSF Global Franchise A AccMSCI AC World NR (MSCI World NR pre 1/10/11)


-60%

-40%

-20%

0%

20%

40%

60%

80%

Volatility Positive months %

Negative months %

Max Drawdown

Worst month

Best month

Tracking Error

Investec GSF Global Franchise Fund

MSCI AC World (net)

Investec GSF Global Franchise Fund 14.3% 65% 35% -40.8% -12.14% 12.03% 8.57%

MSCI AC World (net) 18.7% 52% 48% -53.7% -18.96% 11.22% -

Attractive relative risk characteristics

Past performance should not be taken as a guide to the future, losses may be made. Data is not auditedSource: Investec Asset Management. Data to 28 February 2014. Performance is gross of fees in USDReturns are calculated on a bid to bid basis of the S class with gross income reinvested in USD. Relevant fund TERs have been added back. Inception date: 30 April 2007.

Risk statistics since inception to 28 February 2014

Why invest in global franchise companies?


Highly differentiated 'global franchise' philosophy

High Quality Sustainable Growth

Compelling Valuation

Measure value in absolute terms based on the free cashflow yield for each investment

Above Average Yield

Enduring franchises that consistently support high returns

Sustainable and free cashflow growth Consistently shown to compound shareholder wealth at superior rates of return over the long term


High qualityReflected by high returns on invested capital with low leverage

Attractive Valuation

High Quality Sustainable Growth Above Average Yield

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

Q1

Q2

Q3

Q4

Global Franchise

Global Franchise ROIC vs. the market ROIC

Source: Investec Asset Management analysis of FactSet data For the full research methodology, please refer to our recent white paper entitled ‘Tracking down great ideas – why return on invested capital is a crucial metric’

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

40%

50%

60%

70%

80%

90%

100%

Market (MSCI ACWI)

Consumer Discre-tionary

Consumer Staples

EnergyFinancials

Health Care

Industrials

Information Tech-nology

Telecommunication Services

Utilities

Percentage of companies maintaining 1st quartile returns

● Strong business models and management

● Low capital intensity

● Strong balance sheets

● By actively managing companies with high barriers to entry, the Global Franchise Fund has been able to maintain an ROIC typically 10% higher than the overall market


1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2,000,000

4,000,000

6,000,000

8,000,000

Nestlé Anglo American plc

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-60%

-40%

-20%

0%

20%

40%

60%

Nestlé Anglo American

Why we shun capital intensity

Free Cashflow Margin Capital Expenditure (US$)

Source: Investec Asset Management, Bloomberg

● Nestlé generated $131bn of free cashflow returning over $80bn to shareholders

● Anglo American generated a mere $11bn of free cashflow, returning $22bn to shareholders during the best

commodity bull market in 50 years


High qualityReflected by high returns on invested capital with low leverage

● Strong business models and management

● Low capital intensity

● Strong balance sheets

● Portfolio has AA average credit rating

● CDS spreads below many AAA and AA sovereigns

● Average age of companies held within the portfolio is 110 years

Sources: Investec Asset Management and FactSet, 28 February 2014. Investec GSF Global Franchise Fund re-weighted excluding cash and equivalents



Low leverage (Net debt to EBITDA)

Superior returns (Return on Invested Capital)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Apr-07 Aug-09 Nov-11 Feb-14

Global Franchise Fund

MSCI ACWI

1.0

2.0

3.0

4.0

5.0

6.0

7.0


Global Franchise FundMSCI ACWI


Sustainable growthStrong business models provide sustainable long-term growth prospects

● The Global Franchise Fund has demonstrated long-term sustainable free cashflow growth benefitting from:

− Competitive advantages that are difficult to erode or replicate (brands, patents…etc.)

− Stable growing industries

− Disciplined capital allocation



High Quality Sustainable Growth Above Average Yield Global Franchise: Growth Rates

0%

2%

4%

6%

8%

10%

12%

14%


Investec Global Franchise 7-yr Free Cash Flow Compound Growth Rate (CAGR)


Above average yieldsExcess cash returned to shareholders


● Strong cash generation – free cashflow is our preferred operating and valuation metric

● History of returning a high proportion of free cashflows to shareholders through dividends and share repurchases.


High Quality Sustainable Growth Above Average Yield Return of capital to shareholders

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


Total Return of CapitalDividend YieldShare Repurchase Yield


Compelling valuationsAbsolute valuations are attractive

● Despite being composed of high quality companies with strong growth prospects, the Global Franchise Fund remains at a valuation discount to the MSCI ACWI on a free cashflow basis

This is not a buy or sell recommendation for any particular stockSources: Investec Asset Management, Company reports, FactSet, 28 February 2014

Global Franchise free cashflow yield vs. MSCI ACWI



0%

2%

4%

6%

8%

10%

12%

Apr 07 Aug 09 Nov 11 Feb 14

Global Franchise

MSCI All Country World (excluding Financials)


Portfolio construction

We aim to remain fully invested at all times. Cash can build up temporarily as a result of our inability to find undervalued stocks

Position size ● At least 1% at purchase

● Maximum individual position size: 10%

● Typical number of stocks: 25-40

● Maximum industry position size: 20%

● Unconstrained at sector level

Sector ● Sector and industry weightings are a product of our bottom-up stock selection process

● The characteristics that we seek are typically found in companies producing branded consumer goods, and pharmaceuticals, media and advertising

Country ● Country weightings are a product of our bottom-up stock selection process. The typical concentrations in our portfolios are Europe (non-UK), North America and the UK

These internal parameters are subject to change, not necessarily with notice to shareholdersIndustry defined in accordance with the Global Industry Classification Standard (GICS)

Current positioning


Name Weight P/E FCF Yield Dividend

Yield EM % Sales

Nestle (Nescafé, Maggi, Nesquik, Nespresso) 6.7% 21.7x 4.5% 3.1% 49%

Reckitt Benckiser Group (Nurofen, Finish, Vanish, Dettol, Strepsils) 5.5% 21.2x 5.1% 2.6% 39%

Japan Tobacco (Camel, Winston, Mild Seven, B&H) 5.2% 14.2x 5.5% 2.8% 27%

Microsoft (Windows 8, Office365, Skype, Bing, Xbox One, Surface) 5.0% 14.5x 7.3% 2.6% 13%

Imperial Tobacco (Davidoff, Gauloises, West) 4.7% 14.0x 7.0% 4.8% 27%

Roche (MabThera, Herceptin, Avastin, Pegasys) 4.7% 20.8x 5.1% 2.8% 18%

International Business Machines (IBM) 4.7% 12.0x 7.3% 2.0% 40%

Anheuser-Busch InBev (Budweiser, Beck's, Stella Artois) 4.5% 12.6x 6.1% 2.6% 56%

Novartis (Gleevec, Diovan, Lucentis, Gilenya) 4.5% 20.7x 5.1% 3.2% 10%

Samsung (Samsung, Galaxy) 4.3% 6.1x 13.0% 1.1% 48%

49.8% 15.8x 6.6% 2.8% 33%

Global Franchise Top 10An attractive mix of Value and Growth

Not a buy, sell or hold recommendation. The portfolio may change significantly over a short period of time. Financial metrics are based on blended forward and trailing financial data according to individual constituent company fiscal year endsSource: FactSet, as at 28 February 2014

A concentrated portfolio


Top holdingsReckitt Benckiser

● 19 Powerbrands are global number 1 & 2 in fast growing categories driving 70% of net revenue● Since 2000 revenue and profit more than doubled and market cap quadrupled● 12 years of high quality above market growth

GrowthFree Cash Flow

Quality

178256

386527

644 650745

929841

1117

1790

1374

15761722

19212039

2162

0

500

1000

1500

2000

2500

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

F

2015

F

Fre

e C

ash

Flo

w (

$m)

18.5% 14 year CAGR

Source: Bloomberg

This is not a recommendation to buy, sell or hold a particular security. The specific companies listed or discussed herein are included as representative transactions of the portfolio. No representation is being made that any investment will or is likely to achieve


735.2

250.4

124.3

0

100

200

300

400

500

600

700

800

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Tota

l Sha

reho

lder

Ret

urn

(Reb

ased

to

100

)

Reckitt Benckiser

HPC Competitors (Average)

MSCI ACWI

Top holdingsReckitt Benckiser

● Returned 60% of FCF to shareholders● Superior shareholder return of CAGR of 18.5% vs. the market of 2.3% over the last 13 years

ValuationShare price and EPS in GBP

YieldShareholder returns

0.2

0.7

1.2

1.7

2.2

2.7

5

10

15

20

25

30

35

40

45

50

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Price (LHS)

EPS 12m fwd. (RHS)

Source: Bloomberg, as at 31 December 2012 Source: FactSet, as at 31 May 2013

Past performance should not be taken as a guide to the futureThis is not a recommendation to buy, sell or hold a particular security. The specific companies listed or discussed herein are included as representative transactions of the portfolio. No representation is being made that any investment will or is likely to achieve


● World's third largest tobacco company with brands sold in 120 countries

● Dominant market share in two of the worlds largest markets, namely Japan and Russia.

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

0%

2%

4%

6%

8%

10%

12%

14%

Top holdingsJapan Tobacco – Looking beyond the country

QualityStrong and improving profitabilityReturn on Invested Capital

Growth 10 Year CAGR in operating profit of 11%

Source: Company reports, 2014

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

100

200

300

400

500

600

700

0%

5%

10%

15%

20%

25%

30%

35%Operating Profit

Operating Profit Margin


● Structural changes in local market and privatisation driving improved capital allocation and growth

YieldAttractive shareholder return profileImproving Capital Allocation

ValuationGrowth potential not recognised by market

Top holdingsJapan Tobacco – Looking beyond the country

Source: Bloomberg, 2014

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

0

20

40

60

80

100

120

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Dividend per share Payout Ratio

Jan-

06

Jun-

06

Dec-0

6

May

-07

Nov-0

7

Apr-0

8

Oct-0

8

Mar

-09

Sep-0

9

Feb-1

0

Aug-1

0

Jan-

11

Jul-1

1

Dec-1

1

Jun-

12

Nov-1

2

May

-13

Nov-1

3 5.0

7.0

9.0

11.0

13.0

15.0

17.0

19.0

21.0

PE Ratio '- 1 Stdev Average'+ 1 Stdev


Top holdingsMicrosoft Corp... re-inventing itself

● Uniquely poised to take advantage of opportunities in enterprise, cloud, search and mobile

Source: Company data, Investec Asset Management, August 2013. This is not a recommendation to buy, sell or hold a particular security. The specific companies listed or discussed herein are included as representative transactions of the portfolio. No representation is being made that any investment will or is likely to achieve

Growth Well positioned in large scalable markets

QualityStrong and improving profitability

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

20%

30%

40%

50%

60%

70%

Incremental ROIC


Top holdingsMicrosoft Corp... re-inventing itself

YieldAttractive shareholder return profileTotal return of capital

ValuationGrowth potential not recognised by market

● Track record of attractive shareholder returns● Market discounts perpetual decline and value destruction

Source: FactSet, October 2013. This is not a recommendation to buy, sell or hold a particular security. The specific companies listed or discussed herein are included as representative transactions of the portfolio. No representation is being made that any investment will or is likely to achieve

Apr-07 Dec-08 Jul-10 Feb-12 Sep-130.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Global Franchise FundMSCI All Country World Information TechnologyMicrosoft

Mar-04 Oct-05 May-07 Dec-08 Jul-10 Feb-12 Sep-13-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

6.1%

-2.8%

Actual Sales Growth

Implied Terminal Growth Rate


Sector and geographic allocation

Sector allocation Geographic allocation

The portfolio may change significantly over a short period of timeSource: Investec Asset Management, FactSet, as at 28 February 2014

Consumer Staples51.7%

Information Technology

18.5%

Health Care18.3%

Consumer Discretionary

6.2%

Financials2.7%

Other0.3% Cash

2.3%

North America42.6%

Europe ex UK25.4%

United Kingdom

19.8%

Japan5.2%

Emerging Markets

4.3%

Other0.3%

Cash2.3%


Current portfolio characteristicsFocus on quality and value

● Low gearing, low capital intensity (growth requires less capital)

● Overweight consumer staples (defensive and ideal for declining equity markets)

● No banks, but selected financials

Global Franchise

MSCI ACWI*

Free Cashflow Yield 5.9% 5.0%

Dividend Yield 2.5% 2.4%

Return on Invested Capital 18.9% 9.5%

P/E 16.3x 15.2x

Average Market Capitalisation**

$144bn $85bn

Tracking error 8.6%

Current Beta 0.69

The portfolio may change significantly over a short period of time. Source: FactSet, Investec Asset Management. The above reflects the portfolio characteristics of the Investec GSF Global Franchise Fund reweighted excluding cash and cash equivalents, as at 28 February 2014. Financial metrics are based on blended forward and trailing financial data according to individual constituent company fiscal year ends*Comparative index has changed to MSCI AC World Index from 1 October 2011**Market Capitalisation is market weighted

Summary


0.45

0.50

0.55

0.60

0.65

0.70

0.75


Global Franchise Portfolio Beta (7-yr Sample)

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


Total Return of CapitalDividend YieldShare Repurchase Yield

Low market sensitivity (Beta to MSCI ACWI)

Investec GSF Global Franchise FundWhat is important to us…

Superior returns (Return on Capital) Low leverage (Net debt to EBITDA)

Return of capital to shareholders


1.0

2.0

3.0

4.0

5.0

6.0

7.0


Global Franchise FundMSCI ACWI

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


Global Franchise Fund

MSCI ACWI


Attractive risk-adjusted returns

Since inception annualised return & risk versus peer group*

Past performance should not be taken as a guide to the future, losses may be made. Data is not auditedSource: Lipper, data to 28 February 2014, NAV based, (inclusive of all annual management fees but excluding any initial charges), in USD. *Inception is 30 April 2007. The fund performance is based on the OEIC Investec Global Select Equity Fund from 10 April 2007 which then merged into the Luxembourg-domiciled Investec GSF Global Franchise Fund on 03 September 2009

MSCI AC World NR (MSCI World NR pre

1/10/11)

Investec GSF Global Franchise A Acc

Lipper Global Equity Global

-15.0

-10.0

-5.0

0.0

5.0

10.0

10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 32.0 34.0

Ann

ualis

ed p

erfo

rman

ce %

cha

nge

Annualised standard deviation


Conclusion

● Advantages for a South African Client

− Differentiated and clearly defined philosophy and process

− Non correlated

− attractively valued

− Developed market centric exposure

● Consistent and relative predictability in our investment results

● Attractive real return and below peer group volatility

● Bottom-up, fundamental research-based approach

● Manage the absolute risks that are most likely to jeopardise the achievement of long-term total returns

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Disclaimer

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In the event that specific collective investment schemes in securities (unit trusts) are mentioned please refer to the relevant fact sheet in order to obtain all the necessary information in regard to that unit trust.

Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of charges, fees and adviser fees is available on request from the manager. Additional adviser fees may be paid and if so, are subject to the relevant FAIS disclosure requirements. Forward pricing is used. The scheme trustee is FirstRand Bank Ltd (011) 371 2111.

Certain Investec Asset Management funds are offered as long-term insurance policies issued by Investec Assurance Limited, a registered insurer in terms of the Long-term Insurance Act.

Investec Asset Management is an authorised financial services provider.


Investec Asset ManagementSouth African Funds – core range

Fixed Income Multi-Asset Equity

Exp

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rn

Value

Equity

Absolute Income

Diversified Income

Money Market

Opportunity

Cautious Managed

Managed

Expected Volatility

ModerateLow High

Opportunity Income

Investec Asset Management 13 march 2014

Economy & Finance

Transcript of Investec Asset Management 13 march 2014