CHARTBOOK | August 2020

Topic Page

Market Returns 3 - 5

Valuations 6 - 19

Local Economics 20 - 27

Global Economics 28 - 33

Local Markets 34 - 42

Offshore Markets 43 - 49

Currencies 50 - 54

Commodities 55 - 60

Market Returns

Local Market

Morningstar Direct as at: 31/08/2020

Offshore Market

Morningstar Direct as at: 31/08/2020

Valuations

6

8

10

12

14

16

18

20

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

FTSE/JSE All Share7-Year PE

8

10

12

14

16

18

20

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

FTSE/JSE Top 407-Year PE

5

7

9

11

13

15

17

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

FTSE/JSE Mid Cap7-Year PE

12

14

16

18

20

22

24

26

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

FTSE/JSE Industrial 257-Year PE

4

6

8

10

12

14

16

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

FTSE/JSE Financial 157-Year PE

5

7

9

11

13

15

17

19

21

23

25

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

FTSE/JSE Resource 207-Year PE

3

5

7

9

11

13

15

17

19

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

FTSE/JSE SA Listed Property7-Year PE

10

12

14

16

18

20

22

24

26

28

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

S&P 5007-Year PE

10

12

14

16

18

20

22

24

26

28

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Dow Jones Industrials7-Year PE

8

10

12

14

16

18

20

22

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

FTSE 1007-Year PE

10

12

14

16

18

20

22

24

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Nikkei 2257-Year PE

8

9

10

11

12

13

14

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Hang Seng7-Year PE

6

8

10

12

14

16

18

20

22

24

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Euro Stoxx 507-Year PE

SA Economics

1,5

2,5

3,5

4,5

5,5

6,5

7,5

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

SA CPI7-Year Growth

75

80

85

90

95

100

105

110

115

2013/08/31 2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

South Africa - Business Confidence Index7-Year Growth

-55

-45

-35

-25

-15

-5

5

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

SA Retail Sales YoY Growth (%)5-Year Growth

445

450

455

460

465

470

475

480

1

2

3

4

5

6

7

2014/08/31 2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

SA CPI vs CRB Index6-Year Price

SACPIYOY Index CRB CMDT Index

7,26

9,14

11,26 11,34

6,50

7,50

8,50

9,50

10,50

11,50

12,50

5 Year 10 Year 20 Year 30 Year

SA Bond Yields5 vs 10 vs 20 vs 30 Year Yields

Implied SA 10 Year Bond Yield vs Actual Yield

SA 10yr Fair Value 5,76%

Trading at 9,14%

Cheap/(Expensive) 3,38%

6,72

0,73

2,13

2,909,14

US 10Y Avg Inf Diff SA CDS Spread SA 10Y

5,76

6

7

8

9

10

11

0

1

2

3

4

5

6

2018/08/31 2019/08/31 2020/08/31

US 10 Year vs SA 10 Year2-Year Yields

US 10 Year Yield SA 10 Year Yield

Global Economics

5

10

15

20

25

30

35

40

45

50

55

60

65

70

75

80

85

90

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Market Volatility Index (VIX)5-Year Price

-30

-25

-20

-15

-10

-5

0

5

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Eurozone - Consumer Confidence5-Year Price

95

100

105

110

115

120

125

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

China (Mainland) - Consumer Confidence5-Year Price

-1

-0,5

0

0,5

1

1,5

2

2,5

3

3,5

2018/08/31 2019/08/31 2020/08/31

Developed Market Bond Yields10 Year Yields

USGG10YR Index GUKG10 Index GTDEM10Y Govt

0,27

0,72

1,431,49

0,00

0,20

0,40

0,60

0,80

1,00

1,20

1,40

1,60

1,80

2,00

5 Year 10 Year 20 Year 30 Year

US Bond Yields5 vs 10 vs 20 vs 30 Year Yields

Local Markets

37000

42000

47000

52000

57000

62000

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Johannesburg Stock Exchange All Share Index5-Year Price

33000

38000

43000

48000

53000

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Johannesburg Stock Exchange Top 40 Tradeable Index5-Year Price

18000

23000

28000

33000

38000

43000

48000

53000

58000

63000

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Johannesburg Stock Exchange Resource 10 Index5-Year Price

42000

52000

62000

72000

82000

92000

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Johannesburg Stock Exchange Industrial 25 Index5-Year Price

7500

9500

11500

13500

15500

17500

19500

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Johannesburg Stock Exchange Financial 15 Index5-Year Price

40000

45000

50000

55000

60000

65000

70000

75000

80000

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Johannesburg Stock Exchange Mid Cap Index5-Year Price

25000

30000

35000

40000

45000

50000

55000

60000

65000

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Johannesburg Stock Exchange Small Cap Index5-Year Price

150

200

250

300

350

400

450

500

550

600

650

700

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

SA Listed Prop Index5-Year Price

Offshore Markets

1600

1800

2000

2200

2400

2600

2800

3000

3200

3400

3600

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

S&P 500 Index5-Year Price

13000

16000

19000

22000

25000

28000

31000

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Dow Jones Industrial Index5-Year Price

4550

5050

5550

6050

6550

7050

7550

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

FTSE 100 Index5-Year Price

12000

14000

16000

18000

20000

22000

24000

26000

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Nikkei 225 Index5-Year Price

17500

19500

21500

23500

25500

27500

29500

31500

33500

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Hang Seng Index5-Year Price

2300

2500

2700

2900

3100

3300

3500

3700

3900

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Euro Stoxx 50 Index5-Year Price

Currencies

85

90

95

100

105

110

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

DXY US Dollar Currency Index5-Year Price

9

11

13

15

17

19

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

US Dollar/South African Rand FX Spot Rate5-Year Price

1

1,05

1,1

1,15

1,2

1,25

1,3

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Euro/US Dollar FX Spot Rate5-Year Price

1,1

1,15

1,2

1,25

1,3

1,35

1,4

1,45

1,5

1,55

1,6

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

UK Pound Sterling/US Dollar FX Spot Rate5-Year Price

Commodities

1000

1200

1400

1600

1800

2000

2200

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Gold Spot Commodity5-Year Price

500

700

900

1100

1300

1500

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Platinum Spot Commodity5-Year Price

5

25

45

65

85

105

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Brent Crude5-Year Price

4000

4500

5000

5500

6000

6500

7000

7500

8000

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Copper Spot5-Year Price

320

340

360

380

400

420

440

460

480

500

520

2015/08/31 2016/08/31 2017/08/31 2018/08/31 2019/08/31 2020/08/31

Commodity Research Bureau Index5-Year Price

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Independent Investment Solutions (Proprietary) Limited (Reg No 2015/149383/07) (“i²”) is a licensed Financial

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Act”), with FSP number 48201, regulated by the Financial Sector Conduct Authority.

This document and any other information supplied in connection with the financial product (“product”) is not

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own independent advice prior to investing in the product. Any investment is speculative and involves significant

risks and therefore, prior to investing, investors should fully understand the product and any risks associated

with the product.

Investments in securities are generally medium to long term investments. The value of the product may go

down as well as up and past performance is not necessarily a guide to the future.

i² and its affiliates disclaims and assumes no liability for any loss or damage (direct, indirect or consequential)

that may be suffered from using or relying on the information contained herein.

END