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IP MANAGEMENT COMPANY (RF) PROPRIETARY LIMITED
ANNUAL REPORT
31 MARCH 2019
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INDEX
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Managing Director’s Report 3 Directors’ Statement 4 Trustees Report 5 Independent Auditor’s Report 6 Portfolios 10
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Managing Director’s Report
I am pleased to present the Annual Report for IP Management Company and the IP Collective Investment Scheme for
the year ended 31 March 2019. It is a statutory requirement that each investor receive an abridged copy of the annual
financial statements. Kindly note that performance and other figures reflect the position at the year end of the scheme
and thus may not be the most recent figures available.
The year ending March 2019 saw assets under management end the year at R15.5bn, representing improved market
growth and investor inflows, notwithstanding the ongoing challenges experienced in financial markets. We remain
optimistic for an improved trading environment based on improved political certainty now that elections are behind us.
Our ongoing objective is to provide excellent administration for investors, asset managers and advisors, and we continue
to enhance and streamline our administration processes. During the year, we migrated our investor administration to a
new strategic partner in the form of JTC Fund Solutions RSA, and are pleased to report, that notwithstanding normal
teething issues, the migration was successful, and we look forward to ongoing process improvements and a long
relationship.
Kindly note that investors can access their portfolio details and investment statements via the secure web access portal
on our website: http://www.ipmc.co.za. Please contact our client services team at [email protected] in order to
register. If you have any queries, please don’t hesitate to contact us or consult your Investment Manager or Financial
Advisor.
Thank you for your on-going support. I wish you all the best for the remainder of 2019.
BRETT PATON
MANAGING DIRECTOR
20 JUNE 2019
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SECTION ONE
IP COLLECTIVE INVESTMENT SCHEME PORTFOLIOS
Directors’ Statement
The annual financial statements are the responsibility of the directors of IP Management Company (RF) (Pty) Limited.
The fund financial statements, prepared in accordance with the accounting policies as set out on pages 10 to 13 give a
fair reflection of the Collective Investment Scheme portfolios’ financial position and the results of their operations.
The directors are satisfied that an adequate system of internal control exists and that it is maintained on a continuous
basis to ensure the completeness and the accuracy of the accounting records, to safeguard the assets and to ensure
the integrity and reliability of the financial statements with reasonable assurance. In the directors’ opinion, the Collective
Investment Scheme portfolios are financially sound and will continue to operate as going concerns.
The annual financial statements set out on pages 14 to 70 were approved by the board of directors of the management
company and are signed on their behalf by:
BRETT PATON
MANAGING DIRECTOR
20 JUNE 2019
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Report of the Trustee for the IP Collective Investment Scheme
We, the Standard Bank of South Africa Limited, in our capacity as Trustee of the IP Collective Investment Scheme (“the Scheme”) have prepared a report in terms of Section 70(1)(f) of the Collective Investment Schemes Control Act, 45 of 2002, as amended (“the Act”), for the financial year ended 31 March 2019. In support of our report we have adopted certain processes and procedures that allow us to form a reasonable conclusion on whether the Manager has administered the Scheme in accordance with the Act and the Scheme Deed. As Trustees of the Scheme we are also obliged to in terms of Section 70(3) of the Act to satisfy ourselves that every statement of comprehensive income, statement of financial position or other return prepared by the Manager of the Scheme as required by Section 90 of the Act fairly represents the assets and liabilities, as well as the income and distribution of income, of every portfolio of the Scheme. The Manager is responsible for maintaining the accounting records and preparing the annual financial statements of the Scheme in conformity with Generally Accepted Accounting Principles. This responsibility also includes appointing an external auditor to the Scheme to ensure that the financial statements are properly drawn up so as too fairly represent the financial position of every portfolio of its collective investment scheme are in accordance with Generally Accepted Accounting Principles and in the manner required by the Act. Our enquiry into the administration of the Scheme by the Manager does not cover a review of the annual financial statements and hence we do not provide an opinion thereon. Based on our records, internal processes and procedures we report that nothing has come to our attention that causes us to believe that the accompanying financial statements do not fairly represent the assets and liabilities, as well as the income and distribution of income, of every portfolio of the Scheme administered by the Manager. We confirm that according to the records available to us, no losses were suffered in the portfolios and no investor was prejudiced as a result thereof. We conclude our report by stating that we reasonably believe that the Manager has administered the Scheme in accordance with:
(i) the limitations imposed on the investment and borrowing powers of the manager by this Act;
(ii) and the provisions of this Act and the deed;
Melinda Mostert Seggie Moodley Standard Bank of South Africa Limited Standard Bank of South Africa Limited
14 June 2019
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44003Inception
Benchmark CPI & 2% AS AT 31/03/2019Sector South African - Multi Asset - Low Equity R’000 R’000
Risk Profile Low Assets Income 13,627
Income Declaration Quarterly Non-Current Assets 220,479 Dividends 1,178Investments at Market Value 220,479 Interest 12,868
FUND COMPOSITION Source: GIRSA 31/03/2019 Current Assets 3,277 Other income 1Debtors & Income Accrued 4 Income adjustment due (420)Cash 3,273 to movement of unitsTotal Assets 223,756
Expenses 2,183Equity and Liabilities Service Fees 2,116Capital and Reserves 223,562 Audit Fees 27Current Liabilities 194 Bank Charges 40Accrued expenses 194 Performance fees 0Total Equity and Liabilities 223,756 Other expenses 0
Net Income 11,444AS AT 31/03/2019Retained earnings FUND PERFORMANCE *annualisedBalance at the beginning 3,031 Period Class A BenchmarkDistribution of opening earnings (3,031) 1 year 5.8% 6.2%
INCOME DISTRIBUTION (CPU) Net Income 11,444 3 year* 4.8% 6.8%
Jun-18 Sep-18 Dec-18 Mar-19 Income Distribution (8,716) 5 year* 5.7% 7.0%
Class A 1.62 1.70 1.76 1.72 Undistributed Income at year end 2,728 Since Inception* 12.1% 13.4%
Class B2 1.73 1.81 1.87 1.82 Source: Minimum disclosure document 31/03/2019Capital value of portfolio
PARTICIPATORY INTERESTS Balance at the beginning of year 254,874 FEE ANALYSISUnits ('000) Class A Class B2 Creation and Liquidation (36,338) Service fees (excl VAT)Balance at the beginning of year 15,638 160,346 of participatory interests Class A 1.00%
Creations 819 14,548 Capital profit / (loss) 2,298 Class B2 0.75%
Liquidations (3,811) (36,589) Balance at the end of the year 220,834
Balance at the end of the year 12,646 138,305
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STATEMENT OF CHANGES IN EQUITY
21/11/2005
IP Diversified Income Fund of Funds
STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD ENDED 31/03/2019
Local Cash
Foreign Cash
Local Bonds
Foreign Bonds
Local Property
Foreign Property
Local Equities
Foreign Equities
44004
Inception
Benchmark CPI & 5% AS AT 31/03/2019Sector South African - Multi Asset - Flexible R’000 R’000
Risk Profile Moderate Assets Income 1,462
Income Declaration Bi-Annual Non-Current Assets 85,930 Dividends 917Investments at Market Value 85,930 Interest 654
FUND COMPOSITION Source: GIRSA 31/03/2019 Current Assets 1,659 Other income 0Debtors & Income Accrued 5 Income adjustment due (109)Cash 1,654 to movement of unitsTotal Assets 87,589
Expenses 1,097Equity and Liabilities Service Fees 1,035Capital and Reserves 87,490 Audit Fees 18Current Liabilities 99 Bank Charges 44Accrued expenses 99 Other expenses 0Total Equity and Liabilities 87,589
Net Income 365
AS AT 31/03/2019 FUND PERFORMANCE *annualisedRetained earnings Period Class B2 BenchmarkBalance at the beginning 125 1 year 2.5% 9.4%Distribution of opening earnings (125) 3 year* 1.5% 10.1%
INCOME DISTRIBUTION (CPU) Net Income 365 5 year* 3.3% 10.3%
Sep-18 Mar-19 Income Distribution (423) Since Inception* 15.2% -
Class A1 - - Undistributed Income at year end (58) Source: Minimum disclosure document 31/03/2019
Class B2 1.58 0.23 Capital value of portfolio FEE ANALYSIS
PARTICIPATORY INTERESTS Balance at the beginning of year 105,144 Service fees (excl VAT)
Units ('000) Class A1 Class B2 Creation and Liquidation (20,161) Class A1 1.50%Balance at the beginning of year 10,312 27,494 of participatory interests Class B2 0.75%
Creations 277 2,151 Capital profit / (loss) 2,565
Liquidations (1,805) (7,784) Balance at the end of the year 87,548
Balance at the end of the year 8,784 21,861
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STATEMENT OF CHANGES IN EQUITY
IP Flexible Fund of Funds
11/02/2005 STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD ENDED 31/03/2019
Local Cash
Foreign Cash
Local Bonds
Foreign Bonds
Local Property
Foreign Property
Local Equities
Foreign Equities
44005Inception
Benchmark CPI & 3% AS AT 31/03/2019Sector South African - Multi Asset - Medium Equity R’000 R’000
Risk Profile Low to moderate Assets Income 4,900
Income Declaration Bi-Annual Non-Current Assets 122,213 Dividends 819Investments at Market Value 122,213 Interest 4,375
FUND COMPOSITION Source: GIRSA 31/03/2019 Current Assets 2,300 Other income 2Debtors & Income Accrued 1 Income adjustment due (296)Cash 2,299 to movement of unitsTotal Assets 124,513
Expenses 1,380Equity and Liabilities Service Fees 1,318Capital and Reserves 124,392 Audit Fees 18Current Liabilities 121 Bank Charges 44Accrued expenses 121 Other expenses 0Total Equity and Liabilities 124,513
Net Income 3,520
AS AT 31/03/2019 FUND PERFORMANCE *annualisedRetained earnings Period Class B2 BenchmarkBalance at the beginning 1,749 1 year 4.7% 7.3%Distribution of opening earnings (1,749) 3 year* 2.8% 7.9%
INCOME DISTRIBUTION (CPU) Net Income 3,520 5 year* - -
Sep-18 Mar-19 Income Distribution (1,830) Since Inception* 14.2% 16.1%
Class A1 2.29 2.29 Undistributed Income at year end 1,690 Source: Minimum disclosure document 31/03/2019
Class B2 3.27 3.25 Capital value of portfolio FEE ANALYSIS
PARTICIPATORY INTERESTS Balance at the beginning of year 146,818 Service fees (excl VAT)
Units ('000) Class A1 Class B2 Creation and Liquidation (27,495) Class A1 1.50%Balance at the beginning of year 10,790 56,288 of participatory interests Class B2 0.75%
Creations 306 4,469 Capital profit / (loss) 3,379
Liquidations (2,981) (14,238) Balance at the end of the year 122,702
Balance at the end of the year 8,115 46,519
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STATEMENT OF CHANGES IN EQUITY
IP Prudential Fund of Funds
26/01/2005 STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD ENDED 31/03/2019
Local Cash
Foreign Cash
Local Bonds
Foreign Bonds
Local Property
Foreign Property
Local Equities
Foreign Equities
Other
44006
Inception
Benchmark CPI & 6% AS AT 31/03/2019Sector Worldwide - Multi Asset - Flexible R’000 R’000
Risk Profile Moderate to High Assets Income 3,241
Income Declaration Bi-Annual Non-Current Assets 241,618 Dividends 2,063Investments at Market Value 241,618 Interest 1,285
FUND COMPOSITION Source: GIRSA 31/03/2019 Current Assets 1,555 Other income 26Debtors & Income Accrued 20 Income adjustment due (133)Cash 1,535 to movement of unitsTotal Assets 243,173
Expenses 2,373Equity and Liabilities Service Fees 2,281Capital and Reserves 242,966 Audit Fees 26Current Liabilities 207 Bank Charges 51Accrued expenses 207 Performance fees 15Total Equity and Liabilities 243,173 Other expenses 0
Net Income 868AS AT 31/03/2019Retained earnings FUND PERFORMANCE *annualisedBalance at the beginning (352) Period Class B2 BenchmarkDistribution of opening earnings 0 1 year 3.6% 10.5%
INCOME DISTRIBUTION (CPU) Net Income 868 3 year* 1.8% 11.2%
Sep-18 Mar-19 Income Distribution (764) 5 year* 5.0% 11.4%
Class A1 0.02 - Undistributed Income at year end (248) Since Inception* 11.4% 15.1%
Class B2 0.70 - Source: Minimum disclosure document 31/03/2019Capital value of portfolio
PARTICIPATORY INTERESTS Balance at the beginning of year 289,010 FEE ANALYSISUnits ('000) Class A1 Class B2 Creation and Liquidation (55,016) Service fees (excl VAT)Balance at the beginning of year 5,251 124,055 of participatory interests Class A1 1.00%
Creations 140 5,509 Capital profit / (loss) 9,219 Class B2 0.75%
Liquidations (1,932) (28,014) Balance at the end of the year 243,213
Balance at the end of the year 3,459 101,550
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STATEMENT OF CHANGES IN EQUITY
IP Worldwide Flexible Fund of Funds
01/10/2008 STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD ENDED 31/03/2019
Local Cash
Foreign Cash
Local Bonds
Foreign Bonds
Local Property
Foreign Property
Local Equities
Foreign Equities
Other
44008
Inception
Benchmark STeFI AS AT 31/03/2019Sector South African - Interest Bearing - Short Term R’000 R’000
Risk Profile Low Assets Income 14,291
Income Declaration Quarterly Non-Current Assets 187,536 Dividends 0Investments at Market Value 187,536 Interest 14,343
FUND COMPOSITION Source: GIRSA 31/03/2019 Current Assets 2,590 Other income 0Debtors & Income Accrued 1,905 Income adjustment due (52)Cash 685 to movement of unitsTotal Assets 190,126
Expenses 1,271Equity and Liabilities Service Fees 1,199Capital and Reserves 189,986 Audit Fees 27Current Liabilities 140 Bank Charges 45Accrued expenses 140 Other expenses 0Total Equity and Liabilities 190,126
Net Income 13,020
AS AT 31/03/2019 FUND PERFORMANCE *annualisedRetained earnings Period Class A BenchmarkBalance at the beginning 3,154 1 year 7.6% 7.3%Distribution of opening earnings (3,154) 3 year* 8.1% 7.4%
INCOME DISTRIBUTION (CPU) Net Income 13,020 5 year* - -
Jun-18 Sep-18 Dec-18 Mar-19 Income Distribution (9,546) Since Inception* 7.1% 6.5%
Class A 1.88 1.94 1.98 1.83 Undistributed Income at year end 3,474 Source: Minimum disclosure document 31/03/2019
PARTICIPATORY INTERESTS Capital value of portfolio FEE ANALYSISUnits ('000) Class A Balance at the beginning of year 164,448 Service fees (excl VAT)
Balance at the beginning of year 163,561 Creation and Liquidation 22,411 Class A 0.60%Creations 60,264 of participatory interests
Liquidations (37,949) Capital profit / (loss) (348)
Balance at the end of the year 185,876 Balance at the end of the year 186,511
#N/A
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STATEMENT OF CHANGES IN EQUITY
IP Interest Plus Fund
01/01/2012 STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD ENDED 31/03/2019
Local Cash
Local Bonds
Foreign Bonds
44013Inception
Benchmark 3 month US$ Libor +4% AS AT 31/03/2019Sector Global - Multi Asset - Flexible R’000 R’000
Risk Profile Moderate to High Assets Income (106)
Income Declaration Bi-Annual Non-Current Assets 70,218 Dividends 0Investments at Market Value 70,218 Interest 38
FUND COMPOSITION Source: GIRSA 31/03/2019 Current Assets 244 Other income 0Debtors & Income Accrued 1 Income adjustment due (144)Cash 243 to movement of unitsTotal Assets 70,462
Expenses 361Equity and Liabilities Service Fees 299Capital and Reserves 70,416 Audit Fees 19Current Liabilities 46 Bank Charges 43Accrued expenses 46 Other expenses 0Total Equity and Liabilities 70,462
Net Income (467)
AS AT 31/03/2019 FUND PERFORMANCE *annualisedRetained earnings Period Class A1 BenchmarkBalance at the beginning (2,936) 1 year 16.3% 30.6%Distribution of opening earnings 0 3 year* 2.3% 5.3%
INCOME DISTRIBUTION (CPU) Net Income (467) 5 year* - -
Sep-18 Mar-19 Income Distribution 0 Since Inception* 10.9% 13.6%
Class A1 - - Undistributed Income at year end (3,403) Source: Minimum disclosure document 31/03/2019
PARTICIPATORY INTERESTS Capital value of portfolio FEE ANALYSISUnits ('000) Class A1 Balance at the beginning of year 60,870 Service fees (excl VAT)
Balance at the beginning of year 22,287 Creation and Liquidation 2,832 Class A1 0.40%Creations 3,879 of participatory interests
Liquidations (2,865) Capital profit / (loss) 10,117
Balance at the end of the year 23,301 Balance at the end of the year 73,819
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STATEMENT OF CHANGES IN EQUITY
01/11/2011
IP Foreign Flexible Feeder Fund
STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD ENDED 31/03/2019
Foreign Cash
Foreign Bonds
Foreign Property
Foreign Equities
Other
44124Inception
Benchmark Average of Multi - Asset High Equity Category AS AT 31/03/2019Sector South African - Multi Asset - High Equity R’000 R’000
Risk Profile Moderate to High Assets Income 21
Income Declaration Bi-Annual Non-Current Assets 0 Dividends 0Investments at Market Value 0 Interest 21
FUND COMPOSITION Source: GIRSA 31/03/2019 Current Assets 1,014 Other income 0Debtors & Income Accrued 4 Income adjustment due 0Cash 1,010 to movement of unitsTotal Assets 1,014
Expenses 15Equity and Liabilities Service Fees 1Capital and Reserves 1,006 Audit Fees 8Current Liabilities 8 Bank Charges 6Accrued expenses 0 Performance fees 0Total Equity and Liabilities 1,014 Other expenses 0
Net Income 6AS AT 31/03/2019Retained earnings FUND PERFORMANCEBalance at the beginning 0 Not Applicable -Distribution of opening earnings 0
INCOME DISTRIBUTION (CPU) Net Income 6
Mar-19 Income Distribution 0
Class B 0 Undistributed Income at year end 6
Capital value of portfolio FEE ANALYSISPARTICIPATORY INTERESTS Balance at the beginning of year 0 Service fees (excl VAT)
Units ('000) Class B Creation and Liquidation 1,000 Class B 1.00%Balance at the beginning of year 0 of participatory interests
Creations 1,000 Capital profit / (loss) 0 Discounted Service Fees may apply
Liquidations 0 Balance at the end of the year 1,000
Balance at the end of the year 1,000
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The fund's inception date is 1 December 2018, and performance may only be published after one rolling year
STATEMENT OF CHANGES IN EQUITY
IP ESG Balanced Fund
01/12/2018 STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD ENDED 31/03/2019
Local Cash
44019
Inception
Benchmark Capped All Share Index (J303) AS AT 31/03/2019Sector South African - Equity - General R’000 R’000
Risk Profile High Assets Income 6,592
Income Declaration Annual Non-Current Assets 142,771 Dividends 6,575Investments at Market Value 142,771 Interest 246
FUND COMPOSITION Source: GIRSA 31/03/2019 Current Assets 4,665 Other income 0Debtors & Income Accrued 727 Income adjustment due (229)Cash 3,938 to movement of unitsTotal Assets 147,436
Expenses 1,591Equity and Liabilities Service Fees 1,355Capital and Reserves 147,301 Audit Fees 26Current Liabilities 135 Bank Charges 46Accrued expenses 135 Performance fees 164Total Equity and Liabilities 147,436 Other expenses 0
Net Income 5,001AS AT 31/03/2019Retained earnings FUND PERFORMANCE *annualisedBalance at the beginning 3,023 Period Class A BenchmarkDistribution of opening earnings (3,023) 1 year -6.2% 3.5%
INCOME DISTRIBUTION (CPU) Net Income 5,001 3 year* 0.3% 5.0%
Mar-19 Income Distribution (10) 5 year* n/a n/a
Class A 4.35 Undistributed Income at year end 4,991 Since Inception* 6.8% 9.5%
Class B 4.11 Source: Minimum disclosure document 31/03/2019
Class C 4.49 Capital value of portfolio
###### ###### Balance at the beginning of year 186,896 FEE ANALYSISPARTICIPATORY INTERESTS Creation and Liquidation (29,060) Service fees (excl VAT)Units ('000) Class A Class B Class C of participatory interests Class A 0.75%
Balance at the beginning of year 135,174 1 1,473 Capital profit / (loss) (15,526) Class B 1.00%
Creations 17,219 0 256 Balance at the end of the year 142,310 Class C 0.75%
Liquidations (38,656) 0 (553) Performance fees (Class A and B only)
Balance at the end of the year 113,737 1 1,176
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20% of outperformance of the benchmark capped at 1.25% p.a
STATEMENT OF CHANGES IN EQUITY
05/12/2012
IP High Conviction Equity Fund
STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD ENDED 31/03/2019
Local Cash
Local Equities
44030Inception
Benchmark AS AT 31/03/2019
R’000 R’000Sector South African - Multi Asset - High Equity Assets Income 4,906Risk Profile Moderate to High Non-Current Assets 211,946 Dividends 2,153Income Declaration Bi-Annual Investments at Market Value 211,946 Interest 2,308
Current Assets 23,320 Other Income 38
FUND COMPOSITION Source: GIRSA 31/03/2019 Debtors & Income Accrued 6,724 Rebate Income 0Cash 16,596 Income adjustment due 407
Total Assets 235,266 to movement of units
Equity and Liabilities Expenses 1,040Capital and Reserves 226,341 Service Fees 825Current Liabilities 8,925 Audit Fees 29Accrued expenses 8,925 Bank Charges 69Total Equity and Liabilities 235,266 Other expenses 19
Rebates 98
Net Income 3,866AS AT 31/03/2019Retained earnings FUND PERFORMANCE *annualisedBalance at the beginning 1,333 Period Class A BenchmarkDistribution of opening earnings (1,333) 1 year 8.4% 9.4%
Income DISTRIBUTION (CPU) Net Income 3,866 3 year* 3.9% 10.1%
Sep-18 Mar-19 Income Distribution (1,483) 5 year* 5.3% 10.3%
Class A 9.69 12.63 Undistributed Income at year end 2,383 Since Inception* 5.3% 10.5%
Source: Minimum disclosure document 31/03/2019
PARTICIPATORY INTERESTS Capital value of portfolio
Units ('000) Class A Balance at the beginning of year 157,187 FEE ANALYSISBalance at the beginning of year 14,068 Creation and Liquidation 55,474 Service fees (excl VAT)Creations 6,983 of participatory interests Class A 0.40%
Liquidations (2,202) Capital profit / (loss) 11,296
Balance at the end of the year 18,849 Balance at the end of the year 223,957
#N/A
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STATEMENT OF CHANGES IN EQUITY
IP Active Beta Fund
25/02/2014 STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD ENDED 31/03/201955% SWIX; 17% MSCI WI; 12.5% ALBI; 7.5% JSE
SA Listed Prop; 2% CWGBI; 6% 3 month JIBAR
Local Cash
Foreign Cash
Local Bonds
Local Property
Foreign Property
Local Equities
Foreign Equities
Other
44052
Inception
Benchmark CPI & 5% AS AT 31/03/2019Sector South African - Multi Asset - High Equity R’000 R’000
Risk Profile Moderate to High Assets Income 4,066
Income Declaration Bi-Annual Non-Current Assets 171,580 Dividends 2,128Investments at Market Value 171,580 Interest 2,084
FUND COMPOSITION Source: GIRSA 31/03/2019 Current Assets 3,453 Other income 17Debtors & Income Accrued 1,756 Income adjustment due (163)Cash 1,697 to movement of unitsTotal Assets 175,033
Expenses 1,454Equity and Liabilities Service Fees 1,353Capital and Reserves 173,090 Audit Fees 34Current Liabilities 1,943 Bank Charges 63Accrued expenses 1,943 Other expenses 4Total Equity and Liabilities 175,033
Net Income 2,612
AS AT 31/03/2019 FUND PERFORMANCE *annualisedRetained earnings Period Class A BenchmarkBalance at the beginning 1,165 1 year 4.3% 9.4%Distribution of opening earnings (1,165) 3 year* 3.2% 10.1%
INCOME DISTRIBUTION (CPU) Net Income 2,612 5 year* n/a n/a
Sep-18 Mar-19 Income Distribution (1,567) Since Inception* 3.4% 10.2%
Class A 1.10 0.80 Undistributed Income at year end 1,045 Source: Minimum disclosure document 31/03/2019
PARTICIPATORY INTERESTS Capital value of portfolio FEE ANALYSISUnits ('000) Class A Class B Balance at the beginning of year 192,137 Service fees (excl VAT)
Balance at the beginning of year 137,507 47,205 Creation and Liquidation (25,366) Class A 0.75%Creations 7,238 8,413 of participatory interests Class B 0.40%
Liquidations (33,871) (5,660) Capital profit / (loss) 5,274
Balance at the end of the year 110,874 49,958 Balance at the end of the year 172,045
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STATEMENT OF CHANGES IN EQUITY
IP Prudential Equity Fund
24/02/2016 STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD ENDED 31/03/2019
Local Cash
Foreign Cash
Local Bonds
Local Property
Foreign Property
Local Equities
Foreign Equities
Other
CONTACT DETAILS
IP MANAGEMENT COMPANY
Physical: 1st Floor, Mariendahl House Newlands on Main Main Road Newlands 7700
Postal: PO Box 23271
Claremont 7735
Telephone: 021 673 1340 Fax: 086 557 4848 Email: [email protected]
MITONOPTIMAL ASSET MANAGEMENT
Physical: Great Westerford, Suite 202 2nd Floor, South Wing 240 Main Road, Rondebosch 7700
Postal: PO Box 144 Rondebosch 7701
Telephone: 021 689 3579 Fax: 021 685 6944 Email: [email protected]
Copies of the audited Annual Financial Statements of IP Management Company and all the portfolios of the IP Collective Investment Scheme are available, free of charge, on request. This abridged report only includes the abridged financial statements for the specific portfolios in which you are invested. For the latest terms and conditions applicable to your investment, kindly consult the most recent application form.