www.fairtree.com

MONTHLY INSIGHTSJULY 2017

Time Period: 2017/07/01 to 2017/07/31

Return

Lonmin PLC

Anglo American PLC

BHP Billiton PLC

Glencore PLC

Gold Fields Ltd

Exxaro Resources Ltd

28.62

25.01

19.76

18.91

17.92

17.12

JSE Winners ­ 1 month

Time Period: 2017/01/01 to 2017/07/31

Return

Gold Fields Ltd

Naspers Ltd

Clicks Group Limited

BidCorp Ltd

Exxaro Resources Ltd

Mondi PLC

50.51

44.41

32.18

30.23

26.32

25.33

JSE Winners ­ YTD

1 M 3 M 6 M 1 Y 3 Y 5 Y YTD

FTSE/JSE All Share TR ZAR

FTSE/JSE Top 40 TR ZAR

FTSE/JSE SA Resources TR ZAR

FTSE/JSE Ind/Industrials TR ZAR

FTSE/JSE Financial 15 TR ZAR

FTSE/JSE Top 40 SWIX TR ZAR

FTSE/JSE Mid Cap TR ZAR

FTSE/JSE Small Cap TR ZAR

Beassa ALBI TR ZAR

STeFI Composite ZAR

7.03

7.65

13.32

1.91

5.58

6.91

4.69

0.76

1.50

0.62

2.86

4.00

5.32

­1.93

1.71

3.41

­3.29

­4.58

1.58

1.87

6.07

7.85

­2.35

­0.58

4.86

9.48

­4.58

­5.09

4.17

3.72

7.59

9.42

10.67

­1.05

5.62

5.64

­5.95

0.60

7.21

7.64

5.47

4.87

­13.19

2.40

5.86

5.89

6.93

6.70

7.29

6.97

13.12

13.25

­2.32

8.71

13.58

13.81

10.98

14.11

6.10

6.32

10.64

12.89

8.14

­2.82

3.82

12.14

­2.99

­2.80

5.58

4.39

South African Indices

American Indices

1 M 3 M 6 M 1 Y 3 Y 5 Y YTD

DJ Industrial Average TR USD

S&P 500 TR USD

NASDAQ Composite TR USD

US Dollar

CBOE Market Vola�lity (VIX)

2.68

2.06

3.42

­2.92

­8.23

5.21

4.14

5.26

­6.25

­5.18

11.58

9.51

13.70

­6.68

­14.43

21.81

16.04

24.41

­2.79

­13.56

12.54

10.87

14.60

4.47

­15.41

13.79

14.78

18.11

2.36

­11.53

12.28

11.59

18.64

­9.14

­26.92

European Indices

World Index (USD)

1 M 3 M 6 M 1 Y 3 Y 5 Y YTD

FTSE 100 TR GBP

FSE DAX TR EUR

Euronext Paris CAC 40 PR EUR

0.86

­1.68

­0.53

3.24

­2.57

­3.30

6.19

5.05

7.26

14.01

17.23

14.73

7.08

8.81

6.25

9.53

12.34

9.13

5.59

5.55

4.76

1 M 3 M 6 M 1 Y 3 Y 5 Y YTD

MSCI ACWI NR USD 3.51 4.04 9.17 11.41 13.84 21.87 10.56

World Index (ZAR)

1 M 3 M 6 M 1 Y 3 Y 5 Y YTD

MSCI ACWI NR USD 2.79 5.54 11.54 17.06 6.22 10.85 14.59

Time Period: 2017/05/01 to 2017/07/31

2017/05 2017/06 2017/0794.0

96.0

98.0

100.0

102.0

104.0

106.0

FTSE/JSE All Share TR ZAR DJ Shanghai PR CNY S&P 500 TR USD

FTSE 100 TR GBP

Global Indices ­ Performance

Global Indices ­ Cumula�ve Performance YTD

1 M YTD0.00

0.75

1.50

2.25

3.00

3.75

4.50

5.25

6.00

6.75

7.50

8.25

9.00

9.75

10.50

11.25

12.00

7.03

10.64

3.24

6.12

2.00

9.54

2.06

11.59

0.86

5.59

FTSE/JSE All Share TR ZAR DJ Shanghai PR CNY S&P GSCI Gold TR

S&P 500 TR USD FTSE 100 TR GBP

Re

turn

JSE Losers ­ 1 month

Time Period: 2017/07/01 to 2017/07/31

Return

Eoh Holdings Limited

PPC Ltd

Bri�sh American Tobacco PLC

Ascendis Health Ltd

Famous Brands Limited

Reinet Investments SCA DR

­14.35

­9.83

­7.96

­7.58

­7.42

­5.50

JSE Losers ­ YTD

Time Period: 2017/01/01 to 2017/07/31

Return

ArcelorMi�al South Africa Ltd.

Lonmin PLC

Sun Interna�onal Ltd.

Eoh Holdings Limited

Brait SA

Famous Brands Limited

­56.26

­39.80

­36.21

­34.15

­28.15

­25.47

July 2017 Page 1

JSE Top 40 ­ Holdings

Por�olio Holding's Date: 2017/07/31

Market Cap (mil) 1 M 1 Y 3 Yr YTD

Anglo American PLC

Anglogold Ashan� Ltd

Aspen Pharmacare Holdings Ltd

Barclays Africa Group Ltd

BHP Billiton PLC

Bid Corp Ltd

Bidvest Group Ltd

Bri�sh American Tobacco PLC

Cie Financiere Richemont SA DR

Discovery Ltd

Firstrand Ltd

Fortress Income Fund Ltd Class A

Fortress Income Fund Ltd Class B

Gold Fields Ltd

Growthpoint Proper�es Ltd

Impala Pla�num Holdings Ltd

Intu Proper�es PLC

Investec Ltd

Investec PLC

Life Healthcare Group Holdings Ltd

Mediclinic Interna�onal PLC

Mondi Ltd

Mondi PLC

Mr Price Group Ltd

MTN Group Ltd

Naspers Ltd Class N

Nedbank Group Ltd

Netcare Ltd

Old Mutual PLC

Redefine Proper�es Ltd

Reinet Investments SCA DR

Remgro Ltd

Rmb Holdings Ltd

Sanlam Ltd

Sappi Ltd

Sasol Ltd

Shoprite Holdings Ltd

Standard Bank Group Ltd

Steinhoff Interna�onal Holdings NV

Tiger Brands Ltd

Truworths Interna�onal Ltd

Vodacom Group Ltd

19 158.82 22.31 50.81 ­5.98 7.97

29 512.34 ­1.36 ­24.53 ­10.57 ­15.43

53 764.05 3.98 ­55.66 ­9.79 ­11.92

97 500.54 5.72 24.03 — 30.06

126 077.86 0.59 0.92 1.31 ­10.90

132 075.84 ­3.78 ­25.67 ­0.90 ­2.58

77 426.40 17.18 50.47 ­7.17 7.99

94 215.92 9.69 13.68 16.70 23.31

653 901.17 3.68 35.21 5.11 23.59

109 033.35 ­9.94 1.21 14.18 4.55

56 737.18 6.42 8.01 15.25 ­6.23

62 307.09 10.09 8.86 54.50 20.59

53 552.81 ­5.50 ­2.21 9.55 3.96

62 307.09 2.74 12.89 8.45 10.50

69 882.06 1.23 1.23 6.68 ­0.62

47 443.51 17.92 ­16.13 25.99 43.44

312 253.83 9.99 11.61 10.52 ­0.23

3 896.46 2.70 33.26 7.55 9.89

27 376.47 4.46 22.63 6.22 11.07

3 353.72 ­5.13 ­10.26 ­3.37 ­5.90

29 316.61 ­4.45 ­42.28 ­30.82 ­17.62

7 660.64 ­0.94 33.56 26.57 21.69

35 220.53 5.73 ­10.25 5.58 ­1.72

170 880.94 0.91 24.59 24.64 24.09

1 273 446.16 14.28 33.67 29.99 44.41

5 475.94 ­0.20 ­30.36 — ­3.41

48 288.14 10.98 ­21.45 ­1.79 11.26

55 392.74 2.38 ­2.74 11.29 0.25

33 472.17 ­3.11 ­20.68 ­4.07 ­19.91

10 155.47 1.60 ­3.82 3.99 ­3.57

110 365.99 4.92 16.12 2.56 ­5.36

141 854.18 2.39 5.55 6.46 9.75

94 105.88 8.24 7.15 8.89 ­1.93

251 433.72 8.32 11.44 ­10.21 0.73

44 100.71 0.25 25.75 29.71 ­1.28

72 931.69 8.59 5.24 11.63 3.13

199 240.19 0.14 ­14.48 ­0.13 ­3.30

269 906.07 13.67 23.80 8.38 10.79

261 249.84 ­1.57 ­22.28 10.01 ­6.83

119 112.33 1.15 1.54 9.73 18.67

228 276.29 3.85 ­10.54 ­12.10 ­2.52

308 493.41 8.40 15.81 17.20 19.70

JSE Top 40 ­ Return per annum

2012 2013 2014 2015 2016 YTD­5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.026.1

22.8

9.27.5

­1.6

12.9

FTSE/JSE Top 40 TR ZAR

Re

turn

South African Headlines

KIO

Even though Kumba Iron Ore will be releasing very impressive six months results, the

most upse�ng aspect for investors and world stock markets, is news that the Chinese

economy is heading for a slump.

Kumba, the JSE listed subsidiary of Anglo American, is one of South Africa’s major

producers of iron ore, much of which it sells to China. Having had a very good run on

the iron ore price earlier this year to $90 a ton (see chart), the price has moved

significantly lower and there are rumours in the steel industry that Chinese inventory

levels are growing all the �me.

�

�

Kumba Iron Ore rallied 17.34% to R193.46 per share as the company

announced that it will resume dividends for the first �me in two years due

to an increase in iron ore prices along with more efficient produc�on

methods which have helped boost first­half earnings by 53% to

R4.6bn. Strong cash genera�on on volume and prices. Capex only R1.1bn –

another R2bn to be incurred in H2. R2.7bn WC release.

Sales were up 5% to 21.2Mt. 8% increase in export sales, up to 19.5 Mt.

Revenue up 22%. Due sales volumes and strong commodity prices. Average

realised price was $71/t vs $55/t in 1H16.

Compared to 2016: Index price +US$22/t, lump premium ­US$3/t. Rand

14% stronger

Glencore

A leading global integrated producer and marketer of leading commodi�es,

supplemented my different ac�vi�es. Management has tailored its balance sheet to

withstand harsher commodi�y winters. Glencores industrial assets are demonstra�ng

industry leading cost and cashflow performances while the marke�ng business

providesa unique and defensive earnings driver. We think there is a strong investment

case to be made for Glencore, due to:

�

�

�

Diversified exposure to commodi�es with solid fundamentals – Copper,

Zinc & Cobalt in par�cular ­ with significant (low­cost) latent capacity.

The unique marke�ng business which provides resilient “fee­like” income,

and provides something of a value/dividend underpin.

An a�rac�ve valua�on: FCF yield of 14% and a spot EV/EBITDA of 5x – with

low capex requirements & supply op�onality.

Stock Informa�on

1 M YTD0.00

2.00

4.00

6.008.00

10.00

12.00

14.00

16.00

7.65

12.89

6.65

14.63

4.62

2.434.28

11.86

6.74 7.64

FTSE/JSE Top 40 TR ZAR Fairtree Select Equity (Daily Track) (ASISA) South African EQ Financial

(ASISA) South African EQ Industrial (ASISA) South African EQ Resources

Re

turn

Local Indices ­ Performance

Time Period: 2016/08/01 to 2017/07/31

2017/01 2017/0790.0

95.0

100.0

105.0

110.0

FTSE/JSE Top 40 TR ZAR 109.4

JSE Top 40 Index

Taking a look at local markets during July, a combina�on of a weaker rand, which

declined 0.7% against an already weak dollar, and firm commodity prices led the basic

materials index 13.3% higher. The unexpected cut in interest rates also helped the

return from bank shares. Financial indices proved to perform well during the period up

5% and industrials also performed strongly with a gain of 5.7%. The SARB noted a

significant move lower in its infla�on forecasts for this year and next. It now expects

headline infla�on to average 5.3% in 2017 and 4.9% in 2018. The SARB clearly stated

the move to cut interest rates by 25 basis points to 6.75% was made in reac�on to its

improved outlook on infla�on and in response to the deteriorated view on domes�c

growth.

July 2017 Page 2

In the US infla�on has remained below the US Federal Reserve’s (Fed) infla�on

target of 2% for four years in a row. The Fed however, may be more willing to look

through weak growth and infla�on data, in an effort to normalise its interest rate

structure and address excessive risk taking by investors. Disappointment at the rate

of US economic ac�vity have taken some steam out of expecta�ons of further US

interest rate rises.

American Headlines S&P 500

Time Period: 2017/07/01 to 2017/07/31

2017/0799.5

100.0

100.5

101.0

101.5

102.0

102.5

S&P 500 TR USD 102.1

NASDAQ

Time Period: 2017/07/01 to 2017/07/31

2017/0798.5

99.3

100.0

100.8

101.5

102.3

103.0

103.8

104.5

105.3

NASDAQ Composite TR USD 103.4

DJ INDUSTRIAL AVE

Time Period: 2017/07/01 to 2017/07/31

2017/0799.5

100.0

100.5

101.0

101.5

102.0

102.5

103.0

DJ Industrial Average TR USD 102.7

1 M 3 M 6 M 1 Y 3 Y 5 Y YTD

DJ Industrial Average TR USD

S&P 500 TR USD

NASDAQ Composite TR USD

1.74

0.62

­0.87

3.95

3.09

4.16

22.12

17.90

28.30

11.01

9.61

13.02

13.45

14.63

17.36

9.35 9.35

9.34 9.34

14.71 14.71

American Indices

Asian Indices

European Indices

Within the Euro zone the European Central Bank (ECB) affirmed that data points to a

strengthening of the economic expansion in the euro area. ECB president Mario

Draghi clarified his view on infla�on in the July 2017 rate­se�ng mee�ng by sta�ng

infla�on remains subdued, owing to weak underlying price pressures. Under its

current forward guidance, the ECB is buying €60 billion a month in (mostly)

government bonds un�l at least December 2017. Prime Minister Theresa May’s

decision to hold an early elec�on has resulted in her government losing its grip on a

so­called ‘hard’ Brexit. There is rising disagreement between cabinet ministers on

what form Brexit should take. It has been more than a year since the Britons voted

to leave the European Union (EU), but it is becoming increasingly apparent that

Britain triggered exit talks before working out the details.

European Headlines FTSE 100

Time Period: 2017/07/01 to 2017/07/31

2017/07

100.0

100.5

101.0

101.5

102.0

102.5

FTSE 100 TR GBP 100.9

DAX

Time Period: 2017/07/01 to 2017/07/31

2017/07

97.8

98.5

99.3

100.0

100.8

101.5

102.3

103.0

FSE DAX TR EUR 98.3

CAC 40

Time Period: 2017/07/01 to 2017/07/31

2017/07

99.3

100.0

100.8

101.5

102.3

Euronext Paris CAC 40 PR EUR 99.5

1 M 3 M 6 M 1 Y 3 Y 5 Y YTD

FTSE 100 TR GBP

FSE DAX TR EUR

Euronext Paris CAC 40 PR EUR

0.86

­1.68

­0.53

3.24

­2.57

­3.30

6.19

5.05

7.26

14.01

17.23

14.73

7.08

8.81

6.25

9.53

12.34

9.13

5.59

5.55

4.76

Asian Headlines

July saw China on pace to overtake the United States as the world's biggest oil

importer this year, cemen�ng its status as Asia's most pivotal oil market actor that

will increasingly dominate the region's fuel trade. For the first �me, China imported

more crude oil in the first half of the year than the U.S., government sta�s�cs

showed. The shi� highlights the change in the centre of gravity in global oil markets

from West to East.

NIKKEI

Time Period: 2017/07/01 to 2017/07/31

2017/07

99.0

99.5

100.0

100.5

101.0

Nikkei 225 Average TR JPY 99.5

HANG SENG

Time Period: 2017/07/01 to 2017/07/31

2017/07

98.0

100.0

102.0

104.0

106.0

108.0

Hang Seng HSI TR HKD 106.6

SHANGAI

Time Period: 2017/07/01 to 2017/07/31

2017/07

99.0

100.0

101.0

102.0

103.0

104.0

DJ Shanghai PR CNY 103.2

1 M 3 M 6 M 1 Y 3 Y 5 Y YTD

Nikkei 225 Average TR JPY

Hang Seng HSI TR HKD

DJ Shanghai PR CNY

2.14

1.43

3.53

6.15

8.51

0.11

31.07

27.78

9.34

11.73

7.40

17.60

19.48

9.65

9.28

5.82 5.82

19.52 19.52

2.79 2.79

July 2017 Page 3

Commodity Headlines

In response to the backlash following Mineral Resource Minister Mosebenzi Zwane’s

3rd edi�on of the new Mining Charter in mid­June 2017, the minister was forced to

suspend the implementa�on of the Charter. Confidence in the industry was knocked

further on 9 July, when the minister announced a proposal to restrict the gran�ng of

new mining and prospec�ng rights and the transfer of mineral rights between

companies. The Chamber of Mines (represen�ng 90% of industry players) has since

moved to interdict the blanket ban on new mining and prospec�ng licenses.

Commodi�es

Something Interes�ng

A surge in Amazon.com Inc. shares Thursday morning in advance of the online retailer’s

earnings report briefly propelled founder Jeff Bezos past Bill Gates as the world’s

richest person.

Shares of the online retailer fell 0.7 percent to $1,046 at 4 p.m. in New York, a�er

climbing as high as $1,083.31 four hours earlier, which gave Bezos a net worth of $92.3

billion. Gates had a net worth of $90.8 billion as of the Wednesday close.

Bezos remains ranked second on the Bloomberg Billionaires Index, behind the

Microso� Corp. co­founder. Gates, 61, has held the top spot since May 2013.

Bezos, 53, owns about 17 percent of Sea�le­based Amazon, which had surged 40

percent this year through Wednesday, helping to add $24.5 billion to his net worth. He

started 2017 as the world’s fourth­wealthiest person and has since surpassed Warren

Buffe� and Inditex SA founder Amancio Ortega, 81, who ranks third with $82.7 billion.

1 Bill Gates $90.7B ­$115M +$8.33B United States Technology

2 Jeff Bezos $89.3B ­$544M +$23.9B United States Technology

3 Amancio Ortega $82.7B ­$3.61M +$10.6B Spain Retail

4 Warren Buffe� $74.5B +$5.00M +$1.40B United States Diversified

5 Mark Zuckerberg $72.5B +$1.99B +$22.5B United States Technology

6 Carlos Slim $65.3B ­$973M +$15.4B Mexico Diversified

7 Larry Ellison $52.2B ­$622M +$10.7B United States Technology

8 Bernard Arnault $51.8B ­$635M +$12.6B France Consumer

9 Charles Koch $47.7B +$192M +$2.10B United States Industrial

10 David Koch $47.7B +$192M +$2.10B United States Industrial

July 2017

Time Period: 2017/01/01 to 2017/07/31

2017/01 2017/04 2017/07

77.5

85.0

92.5

100.0

107.5

115.0

S&P GSCI Gold TR 109.5 Oil Price Brent Crude PR 92.7

Currency Headlines

The main theme in July’s market ac�vity was the Dollar weakness against all other

currencies, with the excep�on of the rand. Disappointment at the rate of US economic

ac�vity has taken some steam out of the expecta�ons of further US interest rate rises

with the market not pricing in another rte increase in 2017. Added to that is the fact

that economic growth in the Eurozone is proving to be stronger than expected, leading

to a strong Euro. Dollar weakness meant that assets denominated in dollar terms rose

during the month. This was par�cularly true for commodi�es, emerging equi�es and

currency markets. One of the important things to note is that growth remains above

trend in the US and in the Eurozone, which means the output gap is closing which will

cause infla�onary pressure to return to the markets. Wage increases in the US will also

cause infla�on to rise which might put sufficient pressure on the Fed to hike rates at

the end of 2017 and possibly more hikes in 2018. Policy remains accommoda�ve

around the globe, with some central authori�es star�ng to look at balance sheet

normaliza�on into 2018.

Time Period: 2017/01/01 to 2017/07/31

2017/01 2017/04 2017/0712.9

13.7

14.4

15.2

15.9

Currency EUR 15.6

Time Period: 2017/01/01 to 2017/07/31

2017/01 2017/04 2017/07

14.9

15.9

16.9

17.9

Currency GBP 17.4

GBP/ZAR

Time Period: 2017/01/01 to 2017/07/31

2017/01 2017/04 2017/07

12.2

12.7

13.2

13.7

14.2

Currency USD 13.2

USD/ZAR

Page 4

EUR/ZAR

Monthly Returns ­ FTSE/JSE All share Monthly Returns ­ FTSE/JSE SA Listed Property

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2017

2016

2015

2014

2013

2012

4.31 ­3.11 2.68 3.64 ­0.42 ­3.49 7.03

­2.99 0.59 6.44 1.70 1.84 ­3.02 1.16 0.26 ­0.93 ­2.49 ­0.55 0.97

3.08 4.07 ­1.33 4.70 ­3.95 ­0.76 0.52 ­3.55 0.95 7.61 ­3.86 ­1.72

­2.36 4.88 1.83 2.65 1.60 2.77 0.93 ­0.46 ­2.58 1.01 0.54 ­0.19

3.23 ­1.89 1.19 ­2.49 8.51 ­5.70 4.41 2.58 5.08 3.61 ­1.10 2.98

5.73 1.70 ­1.41 2.83 ­3.59 1.85 2.71 2.74 1.64 4.22 2.64 3.15

2.63

5.13

10.88

21.43

26.68

13.57

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2017

2016

2015

2014

2013

2012

1.63 ­0.36 0.11 0.51 0.11 0.29 3.70

­2.98 3.65 9.48 1.95 ­3.47 1.17 3.26 ­4.89 1.09 0.50 ­3.34 4.24

7.38 3.16 2.64 0.04 ­5.93 ­0.36 5.14 0.22 0.82 2.08 ­0.50 ­6.12

­7.13 4.66 4.76 2.32 ­1.26 3.37 1.91 2.96 2.18 6.84 2.83 1.11

0.99 4.64 3.28 7.37 ­11.09 4.38 ­4.19 ­3.47 6.71 3.04 ­2.96 1.00

4.75 1.01 2.10 2.61 0.55 6.91 8.60 5.65 ­3.27 ­4.08 6.74 0.36

10.20

7.99

26.64

8.39

35.88

6.88

Monthly Returns ­ MSCI World (ZAR) Monthly Returns ­ MSCI World (USD)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2017

2016

2015

2014

2013

2012

1.27 ­0.25 3.77 1.37 0.70 ­0.18 3.51

­3.58 ­1.41 0.08 ­2.16 11.05 ­7.45 ­1.26 6.50 ­5.97 ­3.62 4.82 ­0.40

­1.03 5.77 2.36 1.54 1.64 ­2.60 4.85 ­2.08 0.47 7.69 3.58 5.52

2.37 0.82 ­1.65 1.08 2.64 2.41 ­0.49 1.44 2.79 ­1.54 1.67 2.71

10.14 0.43 4.12 0.70 11.69 ­4.20 4.60 1.19 3.35 3.42 3.05 4.80

2.22 0.33 3.70 ­0.17 0.56 0.25 1.82 4.83 0.98 4.73 3.41 ­2.31

­4.81

30.78

15.05

51.60

22.04

9.33

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2017

2016

2015

2014

2013

2012

2.73 2.81 1.22 1.56 2.21 0.45 2.79

­6.03 ­0.69 7.41 1.48 0.13 ­0.61 4.31 0.34 0.61 ­1.70 0.76 2.16

­1.56 5.57 ­1.55 2.90 ­0.13 ­2.35 0.87 ­6.86 ­3.62 7.85 ­0.83 ­1.80

­4.00 4.83 0.44 0.95 2.13 1.88 ­1.21 2.21 ­3.24 0.70 1.67 ­1.93

4.61 ­0.02 1.83 2.86 ­0.27 ­2.92 4.79 ­2.08 5.17 4.02 1.42 1.73

5.81 5.03 0.67 ­1.14 ­8.97 4.94 1.37 2.17 3.15 ­0.67 1.28 2.27

7.86

­2.36

4.16

22.80

16.13

15.03

Beassa ALBI SA CPI Synthe�c (Headline)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2017

2016

2015

2014

2013

2012

1.36 0.71 0.40 1.42 1.03 ­0.95 1.50

4.57 ­0.72 2.63 1.85 ­1.47 4.04 2.19 ­1.72 2.98 0.64 ­1.83 1.54

6.47 ­2.77 ­0.51 ­0.49 ­0.76 ­0.15 1.04 0.14 ­0.07 1.30 ­1.02 ­6.67

­3.24 2.44 1.79 0.32 1.14 0.97 1.02 2.80 ­1.57 3.41 2.36 ­1.51

0.07 0.66 0.20 4.09 ­4.64 ­1.56 ­0.62 ­1.32 3.92 0.39 ­1.37 1.13

2.02 0.18 0.14 1.81 ­0.03 3.36 3.94 0.07 0.90 ­0.57 0.88 2.30

15.42

­3.93

10.15

0.64

15.95

6.67

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2017

2016

2015

2014

2013

2012

0.40 0.60 1.09 0.59 0.10 0.29 0.19

0.32 0.75 1.38 0.73 0.83 0.21 0.51 0.82 ­0.10 0.20 0.51 0.30

­0.22 ­0.11 0.56 1.45 0.88 0.22 0.44 1.09 0.00 0.00 0.21 0.11

0.24 0.71 1.06 1.40 0.46 0.11 0.34 0.80 0.34 0.00 0.22 0.00

0.25 0.25 1.00 1.23 0.36 ­0.24 0.24 1.09 0.24 0.48 0.24 0.12

0.13 0.53 0.52 1.17 0.39 0.00 0.39 0.26 0.26 0.89 0.63 0.25

6.64

4.71

5.81

5.38

5.54

3.61

STeFI FTSE/JSE Ind/Industrials

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2017

2016

2015

2014

2013

2012

0.65 0.57 0.63 0.61 0.63 0.61 0.62

0.56 0.53 0.58 0.58 0.61 0.59 0.62 0.62 0.60 0.63 0.61 0.61

0.52 0.48 0.53 0.51 0.53 0.51 0.53 0.54 0.52 0.54 0.52 0.55

0.44 0.41 0.46 0.46 0.48 0.47 0.50 0.50 0.49 0.51 0.50 0.52

0.43 0.39 0.43 0.41 0.43 0.41 0.43 0.43 0.42 0.43 0.42 0.44

0.47 0.44 0.47 0.45 0.47 0.44 0.48 0.46 0.43 0.44 0.42 0.43

7.37

6.47

5.91

5.19

5.54

5.04

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2017

2016

2015

2014

2013

2012

­2.25 0.73 ­2.12 2.82 ­0.04 ­3.73 1.91

1.79 ­2.02 7.84 1.98 0.03 2.96 5.68 ­2.08 ­1.22 0.03 ­0.83 6.12

3.14 ­0.63 ­1.70 0.53 ­4.46 0.13 ­0.31 ­0.69 ­2.07 6.81 ­5.03 ­5.62

­6.73 0.34 5.55 4.26 1.55 ­0.13 1.35 1.08 ­4.19 5.40 ­1.16 0.17

1.70 5.23 3.31 ­2.40 5.42 ­2.85 ­0.36 0.74 4.25 3.99 ­1.34 2.39

8.11 5.40 3.73 1.51 ­3.25 1.40 5.51 0.23 0.83 2.01 0.10 6.54

21.55

­10.07

6.99

21.50

36.53

1.62

FTSE/JSE Financial 15 FTSE/JSE SA Resources

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2017

2016

2015

2014

2013

2012

­0.99 ­0.10 ­0.87 4.09 ­1.63 ­2.07 5.58

­3.45 ­2.87 12.41 ­1.26 ­2.18 ­2.80 2.85 ­2.88 1.52 ­1.37 1.34 3.23

4.57 3.39 2.26 4.93 ­6.76 ­0.54 3.46 ­4.04 ­2.19 7.31 ­3.96 ­6.13

­7.13 8.38 6.38 3.84 1.94 2.70 0.56 0.70 ­1.75 6.98 2.98 0.18

3.61 ­1.01 2.81 0.08 2.08 ­4.18 2.37 ­0.75 6.54 7.54 ­3.05 2.87

6.54 4.63 1.78 2.24 ­1.09 2.54 3.10 2.15 0.01 2.03 2.23 6.61

3.55

1.06

27.83

19.83

37.80

6.86

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2017

2016

2015

2014

2013

2012

10.74 ­9.91 2.91 0.01 ­4.11 ­3.08 13.32

­2.72 15.57 5.08 13.45 ­3.81 ­2.47 4.33 ­0.85 4.48 ­3.41 6.11 ­3.60

1.16 8.38 ­8.94 7.96 ­5.19 ­7.07 ­8.45 ­0.38 ­9.96 5.93 ­20.66 ­3.87

5.92 4.44 ­0.05 3.97 ­4.32 3.45 4.75 ­5.44 ­6.26 ­9.90 ­6.06 ­4.66

3.32 ­6.51 ­2.64 ­9.00 12.15 ­13.60 9.15 7.55 1.96 2.76 ­2.22 1.66

8.11 ­2.18 ­8.53 2.50 ­6.85 1.02 ­1.77 ­0.86 5.68 6.18 ­1.83 2.98

34.24

­36.99

­14.74

1.38

3.05

13.65

Page 5July 2017

The por�olio has performed well, taking into considera�on that the fund has only 39.66% equity exposure and that the fund has realized a return of 2.71% for the month of July.

The limited equity exposure limits the par�cipa�on when markets rally ­ as in the month of July ­ but also protects on the drawdown months ­ like the month of June. The

conserva�ve por�on in terms of income instruments, like bonds and cash, adds consistency to the por�olio and gives steady returns. The por�olio is designed to have to recover

from a massive drawdown. Currently this por�olio has been doing par�cularly well with regards to its objec�ves and benchmark.

Commentary

Correla�on Matrix

Time Period: 2015/08/01 to 2017/07/31

1 2 3 4 5 6

1.00

0.83 1.00

0.81 0.99 1.00

0.73 0.93 0.95 1.00

0.85 0.98 0.98 0.92 1.00

0.89 0.98 0.98 0.93 0.98 1.00

1 FTSE/JSE All Share TR ZAR

2 Fairtree Cau�ous Mul�­Managed Por�olio (Momentum)

3 Fairtree Cau�ous Mul�­Managed Por�olio (Investec, Stanlib & Glacier)

4 Fairtree Cau�ous Por�olio (PPS)

5 Fairtree Cau�ous Mul�­Managed Por�olio (Allan Gray)

6 (ASISA) South African MA Low Equity

Posi�vely Correlated Nega�vely Correlated

Fairtree Cau�ous Mul�­Managed Por�olio (Momentum) Fairtree Cau�ous Mul�­Managed Por�olio (Investec, Stanlib & Glacier)

Fairtree Cau�ous Por�ollio (PPS)

July 2017

Fairtree Cau�ous Mul�­Managed Por�olio (Allan Gray)

Page 6

Wrap / House View 1 M 3 M 6 M 1 Y 3 Y 5 Y YTD

Fairtree Cau�ous Mul�­Managed Por�olio (Momentum)

Fairtree Cau�ous Mul�­Managed Por�olio (Investec, Stanlib & Glacier)

Fairtree Cau�ous Por�olio (PPS)

Fairtree Cau�ous Mul�­Managed Por�olio (Allan Gray)

(ASISA) South African MA Low Equity

2.71 1.96 4.61 5.97 8.27 10.05 5.88

2.30 2.22 4.73 5.86 7.82 9.78 5.75

2.21 1.97 4.49 7.05 8.85 5.76

2.03 1.66 3.95 5.08 6.25 8.50 5.01

2.10 1.62 4.62 5.63 7.81 9.94 5.66

Trailing Returns

REGULATION 28 SOLUTIONS: CAUTIOUS PORTFOLIOS

Time Period: 2015/08/01 to 2017/07/31

1 2 3 4 5 6 7

1.00

0.88 1.00

0.89 0.99 1.00

0.87 0.97 0.98 1.00

0.88 0.96 0.96 0.94 1.00

0.89 0.98 0.98 0.96 0.97 1.00

0.91 0.98 0.97 0.93 0.97 0.98 1.00

1 FTSE/JSE All Share TR ZAR

2 Fairtree Balanced Mul�­Managed Por�olio (Investec, Stanlib & Glacier)

3 Fairtree Balanced Mul�­Managed Por�olio (Momentum)

4 Fairtree Balanced Por�olio (PPS)

5 Fairtree Smart Beta Balanced Por�olio (Investec)

6 Fairtree Balanced Mul�­Managed Por�olio (Allan Gray)

7 (ASISA) South African MA Medium Equity

Posi�vely Correlated Nega�vely Correlated

Correla�on Matrix

Wrap / House View 1 M 3 M 6 M 1 Y 3 Y 5 Y YTD

Fairtree Balanced Mul�­Managed Por�olio Por�olio (Momentum)

Fairtree Balanced Mul�­Managed Por�olio (Investec, Stanlib & Glacier)

Fairtree Balanced Por�olio (PPS)

Fairtree Smart Beta Balanced Por�olio (Investec)

Fairtree Balanced Mul�­Managed Por�olio (Allan Gray)

(ASISA) South African MA Medium Equity

2.84 1.61 4.02 6.09 8.04 12.35 5.25

3.31 1.79 4.41 4.79 7.26 11.78 6.14

2.81 1.72 4.18 4.08 5.56 9.43 5.64

3.69 1.58 4.30 4.87 7.87 12.16 6.33

3.03 1.74 4.53 4.62 9.15 11.88 5.59

3.05 1.62 4.31 5.50 8.34 5.93

Trailing Returns

The diversifica�on in equity managers has been frui�ul thus far. By alloca�ng a bigger por�on of +­33% of the por�olio to the exper�se and skill of the ac�ve and flexible managers

has provided opportunity to par�cipate in the market rally. The equity por�on on both local and offshore to passive factor based investment manager, has also reaped fruit. The

excep�onal performance of a fund like Naspers over the year has pushed market returns, whereas the nature of the factor based manager would never allow for the par�cipa�on

of such a rally in one stock, yet we are very comfortable with that, as it allows opportuni�es in different market circumstances. The por�olio has been doing well against the

benchmark and we are happy with the current asset alloca�on.

Smart Beta Balanced

The Smart Beta Balanced Por�olio saw a return of 3.03% for the month of June. The por�olio has a total of 49.01% equity exposure, which allows for about 49.01% market

par�cipa�on when the market is on the rally. It means that the por�olio has par�cipated with the market rally as expected. The por�olio has outperformed the benchmark for the

month of July as well as rolling one­year return. Currently we are happy with the construct of the por�olio in terms of asset classes and believe it will con�nue to add value for our

clients over the investment horizon. The outperformance of the tracker­like funds is what this fund is able to bring to the table and has done so over the last while an we believe

holds the opportunity to con�nue to do so.

Commentary

Fairtree Balanced Mul�­Managed Por�olio (Momentum) Fairtree Balanced Mul�­Managed Por�olio (Investec, Stanlib & Glacier)

Fairtree Balanced Por�olio (PPS) Fairtree Balanced Mul�­Managed Por�olio (Allan Gray) Fairtree Smart Beta Balanced Por�olio (Investec)

July 2017 Page 7

REGULATION 28 SOLUTIONS: BALANCED PORTFOLIOS

Time Period: 2015/08/01 to 2017/07/31

1 2 3 4 5 6 7

1.00

0.91 1.00

0.91 0.99 1.00

0.90 0.98 0.98 1.00

0.90 0.93 0.94 0.95 1.00

0.91 0.96 0.97 0.97 0.97 1.00

0.92 0.95 0.97 0.95 0.96 0.99 1.00

1 FTSE/JSE All Share TR ZAR

2 Fairtree Growth Mul�­Maanged Por�olio (Momentum)

3 Fairtree Growth Mul�­Managed Por�olio (Investec, Stanlib & Glacier)

4 Fairtree Growth Por�olio (PPS)

5 Fairtree Smart Beta Growth (Investec)

6 Fairtree Growth Mul�­Managed Por�olio (Allan Gray)

7 (ASISA) South African MA High Equity

Posi�vely Correlated Nega�vely Correlated

Correla�on Matrix

Wrap / House View 1 M 3 M 6 M 1 Y 3 Y 5 Y YTD

Fairtree Growth Mul�­Managed Por�olio (Mom

Fairtree Growth Mul�­Managed Por�olio (Inve

Fairtree Growth Por�olio (PPS)

Fairtree Smart Beta Growth (Investec)

Fairtree Growth Mul�­Managed Por�olio (Allan

(ASISA) South African MA High Equity

4.62 1.24 3.90 3.63 7.42 13.42 6.58

4.57 1.12 3.57 3.55 7.23 13.30 6.25

3.38 1.48 4.11 4.01 5.49 10.06 5.84

3.40 1.45 4.20 4.80 8.06 5.98

3.89 1.29 4.00 2.96 9.09 13.44 5.25

3.15 1.47 3.84 4.74 7.41 13.21 5.22

Trailing Returns

The FTSE/JSE ALSI hit a new record of 55,207.40 on 31 July 2017, driven by posi�ve news flow both on the global front – dovish central bank commentary, and the local front –

surprise SARB rate­cute. The FTSE/JSE Top 40 realized a return of 7.64% for the month of July. Naspers contributed 33.28% of the total return for the FTSE/JSE ALSI as the rally in

Tencent con�nued. Considering the fact that the por�olio is Regula�on 28­compliant and thus has a limited equity exposure, the par�cipa�on in the market rally would always be

limited to a certain extent. This specific drag on the por�olio also serves as protec�on, like we have seen in the last month, when the market was down 3.49% vs the por�olio at

only 2.27%. This differen�a�on of asset classes over the longer term has proven that the downside protec�on serves well and allows the por�olio to outperform over the

investment horizon, as the ground needed to gain a�er market drawdowns is less.

Smart Beta Growth

With the core of the por�olio being allocated to the Fairtree Smart Beta funds, both locally as well as globally, the factor driven exposure is doing what it is designed to. This is

reflected in the lag in returns against the JSE in the first month of the quarter, as the main driver was Naspers and because of the equally weighted nature of the fund it will never

be overweight in one par�cular stock. The beauty of the exact reason for the drag is the opportunity for the fund to outperform when the biggest one stock of the JSE is not firing.

The por�olio, as seen in the previous month, is protec�ng on the downside and bringing something different to the table on the upside. Over the 12­month rolling return the

por�olio has lagged, but it would make perfect sense as the main driver was mostly a single stock and the JSE Top 40 has been driving the JSE significantly.

Commentary

Fairtree Growth Mul�­Managed Por�olio (Momentum) Fairtree Growth Mul�­Managed Por�olio (Investec, Stanlib & Glacier)

Fairtree Growth Por�olio (PPS)

July 2017

Fairtree Growth Mul�­Managed Por�olio (Allan Gray) Fairtree Smart Beta Growth Por�olio (Investec)

Page 8

REGULATION 28 SOLUTIONS: GROWTH PORTFOLIOS

Trailing Returns

Time Period: 2015/08/01 to 2017/07/31

1 2 3 4

1.00

0.78 1.00

0.81 0.97 1.00

0.83 0.96 0.97 1.00

1 FTSE/JSE All Share TR ZAR

2 Fairtree High Growth Mul�­Managed Por�olio (Momentum & Glacier)

3 Fairtree High Growth Por�olio (PPS)

4 Fairtree Tax Free Savings Mul�­Managed Por�olio (Investec)

Posi�vely Correlated Nega�vely Correlated

Correla�on Matrix

Wrap / House View 1 M 3 M 6 M 1 Y 3 Y 5 Y YTD

Fairtree High Growth Mul�­Managed Por�olio (Momentum & Glacier)

Fairtree High Growth Por�olio (PPS)

Fairtree Tax Free Savings Mul�­Managed Por�olio (Investec)

FTSE/JSE All Share TR ZAR 7.03 2.86 6.07 7.59 5.47 13.12 10.64

3.53 2.23 6.57 6.56 10.26 16.21 7.53

4.04 1.58 4.42 2.46 6.67 5.55

3.65 1.57 4.72 5.03 8.43 15.85 6.07

Commentary

Between the month of June and July, respec�vely being down 3.49% and up 7.03%, showing exactly how vola�le the FTSE ALL SHARE INDEX is at the moment, the diversified

por�olio is a buffer against such a risk. The por�olio has a 73.56% total equity exposure in the market, showing our confidence in the chosen managers to u�lize the upside

poten�al there is to be captured in the SA and global stock market. The different asset classes have done well over the last year and performed within the desired outcome of what

we had in mind. We have a few bumps in the road to ride out and uncertainty is far from over.

Tax Free Savings Account

The por�olio has done well over the last month, with a bigger por�on of offshore equi�es than mo st other Regula�on 28 compliant por�olios. The offshore exposure has done well

against its peers. The fla�sh move of the Rand against the Dollar means that there is not much upside to be captured on Rand deprecia�on over the last month. When one is only

allowed to use funds that has no performance fees, you are also limited to mostly trackers. The SA equity exposure has been allocated to the factor based investment philosophy

and will not be able to capture the single stock driven market in a par�cular �me like this, but h olds the opportunity to do so when there is not a lot that the market gives. Focusing

on the long­term we are comfortable with the current construct of the por�olio.

Fairtree High Growth Por�olio (PPS) Fairtree High Growth MM Por�olio (Mom & Glacier) Fairtree Tax­Free Savings MM Por�olio (Investec)

July 2017 Page 9

NON­REGULATION 28 SOLUTIONS: HIGH GROWTH PORTFOLIOS

The major contributors to the JSE return for July, included Naspers 14.28% as the rally in Tencent con�nued. The interest­sensi�ve sectors, including MSCI SA Banks (+8.1%) and

MSCI SA Retail (+7.1%) rallied, driven by a surprise SARB rate­cut. MSCI SA Materials (+11.1%) bounced back, as metals and oil rallied in July. Of the sectors that slid into the red,

MSCI SA Healthcare (­3.9%) suffered the most, followed by MSCI SA Consumer Durables (Steinhoff), down ­2.2%. This all said, the SA equity market experienced a record ou�low of

$3.4bn, significantly lagging inflows into EM equi�es of $42bn year to date. However there was a ch ange of sen�ment as in the month of July SA equi�es with an inflow of $0.70bn.

On the other side of the coin so to speak, SA bonds have experienced a record inflow and even in the month of July with another $0.80bn. The ra�ng agencies s�ll play a vital role

in the view ahead, as confidence in the SA equity market and yields in the bond market can be heavily affected. The rate cut alleviated some pressure on the consumer, but will not

alter the current weak growth momentum. Consumer and business confidence remain weak along with credit growth and retail sales. However, the second quarter’s growth

number show a marked improvement, mainly due to a low base from the first quarter and driven by agriculture, net exports and consump�ons.

Markets have rallied under very uncertain poli�cal environments, not just locally but from a global point of view as well. Does the rally mean market confidence in SA’s market or

just less doubt than the rest of the developed market? We are awai�ng an elec�on to play out at the end of the year. By exposure to niche products and solu�ons, such like the

RMB note solu�ons, there is an opportunity to navigate these vola�le �mes. The por�olios has not seen any major changes in the last month and the trust in the different

managers s�ll stand strong. With our convic�on on our Fairtree funds shown through the Best Ideas range of the solu�ons andthe Mul� Manager range reflec�ng the blend of

proven award winning managers and hedge fund products. The exposure to the underlying hedge funds ha s also been the cause for somewhat of a drag on the solu�ons. With the

long short posi�on on equity, limi�ng the par�cipa�on on the rally of markets, together with underperforming global exposure has been the culprits for the recent drag on the

solu�ons. However, this is also the same instruments that provides the opportunity when there is no other within markets. Believing in the managers and the process with a rugged

commitment over �me has proven to be the key for investment success.

Commentary

Correla�on Matrix

Time Period: 2015/08/01 to 2017/07/31

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

1.00

0.79 1.00

0.75 0.59 1.00

0.70 0.83 0.73 1.00

0.54 0.74 0.53 0.91 1.00

0.65 0.86 0.56 0.96 0.93 1.00

0.47 0.70 0.39 0.88 0.96 0.94 1.00

0.77 0.69 0.91 0.83 0.70 0.71 0.56 1.00

0.91 0.91 0.69 0.87 0.77 0.86 0.73 0.77 1.00

0.47 0.45 0.85 0.70 0.57 0.53 0.42 0.85 0.48 1.00

0.78 0.75 0.94 0.91 0.76 0.80 0.65 0.95 0.82 0.84 1.00

0.47 0.72 0.38 0.87 0.96 0.95 0.99 0.56 0.73 0.41 0.64 1.00

0.89 0.84 0.77 0.80 0.61 0.74 0.58 0.77 0.92 0.48 0.83 0.57 1.00

0.66 0.87 0.60 0.92 0.86 0.94 0.83 0.71 0.87 0.56 0.81 0.85 0.75 1.00

0.65 0.85 0.60 0.94 0.88 0.96 0.87 0.71 0.86 0.53 0.82 0.87 0.75 0.96 1.00

1 FTSE/JSE All Share TR ZAR

2 Fairtree Aggressive Growth

3 Fairtree Balanced Mul� Manager

4 Fairtree Best Ideas Balanced Growth

5 Fairtree Best Ideas Cau�ous

6 Fairtree Best Ideas Aggressive Growth

7 Fairtree Capital Guarantee

8 Fairtree Cau�ous Mul� Manager

9 Fairtree Equity Index + Alpha

10 Fairtree Global

11 Fairtree Aggressive Growth Mul� Manager

12 Fairtree High Growth

13 Fairtree Select Equity

14 Fairtree Empress Por�olio

15 Fairtree Juniper Por�olio

Posi�vely Correlated Nega�vely Correlated

Fairtree Cau�ous Mul� Manager Fairtree Best Ideas Cau�ous

Wrap / House View 1 M 3 M 6 M 1 Y 3 Y 5 Y YTD

Fairtree Aggressive Growth

Fairtree Balanced Mul� Manager

Fairtree Best Ideas Balanced Growth

Fairtree Best Ideas Cau�ous

Fairtree Best Ideas Aggressive Growth

Fairtree Capital Guarantee

Fairtree Cau�ous Mul� Manager

Fairtree Equity Index + Alpha

Fairtree Expo Growth

Fairtree Global

Fairtree Aggressive Growth Mul� Manager

Fairtree High Growth

Fairtree Select Equity

Fairtree Empress Por�olio

Fairtree Juniper Por�olio

1.65 ­0.14 2.66 3.27 7.22 12.56 5.27

0.61 ­0.72 2.28 7.73 9.18 4.67

2.13 ­2.63 0.47 2.35 8.53 14.57 5.10

2.35 1.48 4.05 3.71 8.47 5.52

0.54 ­1.03 1.52 7.21 8.71 11.56 3.93

1.68 0.77 3.30 5.38 6.99 5.27

6.78 ­1.26 4.41 1.01 4.27 14.42 11.12

3.71 0.27 4.62 3.10 10.51 7.60

2.30 ­0.52 2.25 0.77 6.28 5.65

6.61 2.75 8.60 4.80 10.45 23.53 12.82

0.61 ­3.40 ­0.10 7.58 9.22 15.61 3.96

1.11 ­0.41 1.34 2.57 5.00

1.48 ­2.09 0.94 2.06 4.43

9.88 ­3.98 ­1.51 ­2.65 8.63 15.23 4.61

Trailing Returns

July 2017 Page 10

NON­REGULATION 28 SOLUTIONS: RMB NOTE STRUCTURE

Fairtree High Growth

Fairtree Aggressive Growth Mul� Manager

Fairtree Aggressive Growth

Fairtree Best Ideas Aggressive Growth

Fairtree Capital Guarantee

Fairtree Juniper

July 2017

Fairtree Select Equity

Fairtree Empress

Page 11

Fairtree Global Por�olio

Fairtree Equity Index plus Alpha

NON­REGULATION 28 SOLUTIONS: RMB NOTE STRUCTURE ­ con�nued

Fairtree Best Ideas Balanced GrowthFairtree Balanced Mul� Manager

www.fairtree.com

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