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GLACIER INVEST Leaders in Discretionary Fund Management

Succession Financial Planning

Investment Committee Pack

Q2 | 2020

AGENDA

1. Matters Arising

2. Investment Committee – Investment Policy Statement

3. Economic Review

4. Investment Education – Fixed Income Hedge Fund and Smoothing Solutions in lowering

volatility and correlation

a. Fixed Income Hedge Strategies

b. Asset Managers in the Fixed Income Hedge Fund Arena

c. Some Volatility & Correlation Statistics

d. Smoothing Mechanism & Methodology

5. Asset Manager Views

6. Portfolio Review

7. Appendices

a. Underlying Peer Comparisons

b. Total Expense Ratio Buy List

8. Disclaimer

Investment Committee Investment Policy Statement Summary Document The SMMI Investment Committee Framework offers intermediaries input in the process of multi management. This framework provides investment committee members a platform to share their research and views while adhering to the fundamental principles of investing stipulated in this investment policy document.

Investment Philosophy The Investment Committee’s (here on referred to as the “committee”) Investment Philosophy is built around the belief

that markets are generally inefficient over the short term and can be exploited through different strategies over the

longer term.

These strategies include the following:

• Selection of skilful managers (Manager selection)

• Combination of complementary managers (Portfolio construction via optimisation methods)

• Successful tactical asset allocation and/or risk management

The committee believes that this can only be accomplished successfully through rigorous research. The committee

believes that a long term investment horizon improves the likelihood of achieving superior investment returns. The

committee however accepts that maintaining a long term horizon could detract from returns in the shorter term based

on prevailing market conditions, but is necessary to achieving long term superior returns.

The committee believes that risk should be managed by holding a diversified portfolio of asset class and investment style, but is cognisant of the risks associated with over diversification in achieving its long term superior

returns.

Investable Universe The objectives of investment portfolios will be achieved by investing in collective investment schemes, managed by

specialist investment managers. While the investment universe consists of the total universe of collective investment

schemes across asset class, sector and region, the committee understands that not all asset managers or funds may

qualify as the committee believes that skill is rare. Therefore, only a subset of the universe of funds are able to be

invested in based on the asset managers ability to outperform and the use or purpose the fund serves in the overall

portfolio.

Criteria and selection of underlying managers

The manager selection process aims to identify managers with superior skill relative to their peers. Any fund for

consideration must have been researched both qualitatively and quantitatively, and must be rated via the SMMI buy-list or Glacier Shopping List.

The investment committee may put forward a request for a new strategy or fund to be analysed for placement onto the

Buy-List. In doing so the committee firstly provides research showing that the fund adheres to the adequate asset size

or percentage allocation, has a sufficiently long enough track record and has the ability to offer superior long term

performance. The committee will then have to substantiate why it believes this manager has skill in this specific

category/strategy.

Important is that the committee would not terminate a manager due to shorter term underperformance; given the

prevailing market conditions aren’t suitable to the manager’s investment philosophy and process, as these

1

occurrences would be expected. The incumbent buy-list managers will therefore not automatically be terminated

within the portfolios and/or the buy-list in the event of explainable short term poor performance. Given the committee

anticipates managers to underperform in different market cycles; the portfolio will tactically be adjusted to take into

account the prevailing market conditions and the committee’s expectation for the incumbent managers within each

portfolio. A fund may be removed from the buy-list if there are any material changes to the investment team, or if any

quantitative or qualitative concerns arise.

Tactical changes and decision making process While the Investment Committee believes in a long term approach to managing portfolios to produce long term

superior returns, should compelling and robust research be presented by committee member/s that suggest a tactical

manager change (be it additions, omissions, up-weighting or down-weighting of a fund/manager), underlying

funds/managers may be tweaked so as to benefit from the prevailing market conditions.

Market and Manager Research will form the cornerstone of the any tactical movements within the Investment

Committee Framework. Additionally individuals within the committee may offer their views on the markets and

substantiate their view with research highlighting what direction (overweight/underweight) they would prefer for the

asset class in question.

These tactical changes will be tabled at the quarterly Investment Committee meetings and a decision will be made by

the close of the meeting. This decision will be defined in terms of direction, as well as weighting per asset class and

will adhere to the investment guidelines. The over-riding view within tactical asset allocation however vests with the

asset manager (SMMI) and in cases where opposing views are tabled at the investment committee, the appointed asset manager reserves the right to veto changes tabled.

The committee will refute any recommendations which aren’t within mandate and if the current view breaches

mandate parameters, the committee will also request the portfolio be rebalanced closest to strategy but within

mandate. Intra quarter requests will also be tabled at the next Investment Committee meeting.

Trading and rebalancing The committee agrees that tactical changes proposed intra quarter or at the Investment Committee meetings will be

implemented within an agreed period after the Investment Committee meeting. In addition to the quarterly Investment

Committee meeting, the committee will make provision for ad hoc meetings/interactions if major exogenous changes

are experienced in financial markets. These exogenous factors include, but are not exclusive to, potential market

crashes based on contagion, any large factors that could have dire consequences on the market, as well as key

changes which will influence the buy-list.

2

MARK ET UPD AT E & AS SET A LLO CAT I ON – J ULY 2020

3

AGENDA

• A Review of Markets YTD

• Macroeconomic Megatrends

• Is There a Gap – Economics & Valuations?

• Economic Data

• Monetary & Fiscal Stimulus

• Valuations

• What is Your Investment Horizon?

• TAA Recommendations

• Closing

AGENDA




• Economic Data


• Valuations



• Closing

4

A CRAZY RIDE FOR T HE JSE

Down 3.16% YTD

BIGGEST QUARTERLY RETURN FOR THE JSE IN 19 YEARS

5

BEST QUARTERLY GAIN FOR T HE S&P 500 S INCE 1998

GLOBAL CAPITAL MARKET RET URNS - END JUNE

6

AGENDA




• Economic Data


• Valuations



• Closing

SECULAR MEGA T RENDS – TECH BOOM

7

ECONOMIC GROWT H IN SA FROM DIGIT ISATION

SECULAR MEGA T RENDS – GROWTH OF GLOBAL MIDDLE CLASS

Think About The Increase in Global Consumption = GDP

8

AGENDA




• Economic Data


• Valuations



• Closing

BUT T HE ECONOMIC DATA SHOW T HE OPPOSITE

9

BUT T HE ECONOMIC DATA SHOW T HE OPPOSITE

D O E S T H E S P E E D O F T H E R E C O V E RY ME A N MA R K E T S A R E D I S C O N N E C T E D F R O M T H E U N D E R LY I N G F U N D A ME N TA L S ?

10

AGENDA




• Economic Data


• Valuations



• Closing

IT IS NORMAL FOR T HE STOCK MARKET TO IMPROVE BEFORE THE ECONOMY DOES

11

ARE THE ECONOMIC RECOVERY PREDICTIONS REAL IST IC?Economic indicators can give us a view of the economy and where it is headed

The metrics are divided into:

• High Frequency Economic Indicators (Noisy But Timely)

• Leading Economic Indicators (Monthly –Turn Before Economy Does)

• Lagging Economic Indicators (Turn After The Economy)

HIGH FREQUENCY DATA – US PETROLEUM SUPPL IED

12

T HE BENEFITS OF A FLEXIBLE LABOUR POLICY

US RETAIL VEHICLE SALES & PART S RECOVERING

13

BEATING EXPECTATIONS ON T HE DATA FRONT IN GENERAL

BLOOMBERG GDP GLOBAL TRACKER

-10

-8

-6

-4

-2

0

2

4

6

8

Jan

-20

05

Jul-

200

5

Jan

-20

06

Jul-

200

6

Jan

-20

07

Jul-

200

7

Jan

-20

08

Jul-

200

8

Jan

-20

09

Jul-

200

9

Jan

-20

10

Jul-

201

0

Jan

-20

11

Jul-

201

1

Jan

-20

12

Jul-

201

2

Jan

-20

13

Jul-

201

3

Jan

-20

14

Jul-

201

4

Jan

-20

15

Jul-

201

5

Jan

-20

16

Jul-

201

6

Jan

-20

17

Jul-

201

7

Jan

-20

18

Jul-

201

8

Jan

-20

19

Jul-

201

9

Jan

-20

20

Jul-

202

0

BE GDP Growth Tracker QoQ

Source: Bloomberg Economics (2020)

14

PMI COMPOSITE INDICES

Source: Bloomberg Economics (2020)

AGENDA




• Economic Data


• Valuations



• Closing

15

SO WHY ARE STOCKS GOING UP? – THE LENDER OF LAST RESORT

T HE LENDER OF LAST RESORT

16

GLOBAL MONETARY POL ICY RESPONSE HAS MAT CHED IT

GLOBAL F ISCAL ST IMULUS RESPONSE HAS BEEN IMMENSE

17

QE CAUSES F INANCIAL REPRESSION

MONETARY POL ICY

Long Term Inflation @ Circa 2%

18

DUT CH SAVINGS ACCOUNT INTEREST RAT ES

MONEY MARKET RAT ES NOT ENOUGH TO COVER INFLATION

19

MONEY PRINTING (FED’S B /S EXPECT ED TO GROW TO ABOVE $10 T RILL ION

All this money looking for a home = asset price inflation

FED’S B /S VS . S&P 500 2008 - 2014

20

FED’S B /S VS . S&P 500 2009 – TO DATE

ECB BALANCE SHEET

21

AGENDA




• Economic Data


• Valuations



• Closing

SO WHAT ARE T HE EFFECTS OF F INANCIAL REPRESSION?• Central Banks Are Creating Money & Buying Financial Assets

• Governments Around The World Are Spending Money Through Fiscal Support Programs

• Cash Interest Rates Are At Record Lows

• Investors Are Moving Capital Into Higher Yielding Asset Classes

• Bonds

• Credit

• Equities

• Leading To Asset Price Inflation

• But Are Asset Prices Detached From Their Underlying Fundamentals?

22

ARE TRAIL ING PE’S A FAIR REFLECTION OF VALUATIONSS&P 500 PE RATIO 22.39EARNINGS YIELD ~ 4.5%100/22.39 = 4.46

T RAIL ING PE RAT IO - JSE

23

QUARTERLY EARNINGS GROWTH RAT ES –S&P 500

HOW IS US GDP GROWTH EXPECTED TO RECOVER?

24

T RAIL ING PE’S UP VS FORWARD PE’S DOWN

SA GDP PATH

25

WHAT ’S T HE DIFFERENCE IN YIELD?

WHAT ARE CORPORATE DEBT YIELDS?

26

CORPORATES RAISING DEBT F INANCE AT RECORD LOW RAT ES

W H AT ’ S FA I R VA L U E F O R T H E S & P 5 0 0 U S I N G C U R R E N T C O R P O R AT E Y I E L D S A S T H E D I S C O U N T R AT E ?

27

JSE FUNDAMENTALS

HOW EXPOSED IS T HE JSE TO T HE SA ECONOMY?

Weight in JSE

Anglogold Ashanti 1.09% 74.00% 0.81%

Aspen Pharmacare Holdings 1.84% 78.60% 1.45%

Barclays Africa Group Ltd 1.10% 22.80% 0.25%

BHP Billiton 8.17% 100.00% 8.17%

BidCorp Ltd 1.64% 100.00% 1.64%

Bidvest Group 0.97% 48.50% 0.47%

British American Tobacco PLC 4.34% 97.00% 4.21%

Compagnie Financiere Richemont AG

9.93% 91.20% 9.05%

Discovery Ltd 0.77% 34.30% 0.27%

Firstrand Limited * 2.63% 1.00% 0.03%

Fortress Income Fund Ltd. (A) * 0.36% 42.30% 0.15%

Fortress Income Fund Ltd. (B) * 0.46% 42.30% 0.20%

Gold Fields 0.72% 87.00% 0.62%

Growthpoint Prop Ltd 1.31% 20.90% 0.27%

Impala Platinum Hlds 0.57% 74.50% 0.43%

Intu Properties Plc 0.83% 100.00% 0.83%

Investec Ltd 0.46% 58.20% 0.27%

Investec PLC 1.08% 58.20% 0.63%

% of Earnings Offshore

Weighted % Offhore Earnings

Contribution to JSE

Life Healthcare Group Holdings 0.73% 7.20% 0.05%

Mediclinic International plc 0.82% 69.20% 0.57%

Mondi Ltd 0.71% 93.90% 0.67%

Mondi Plc 2.21% 93.90% 2.07%

Mr Price Group 0.70% 7.00% 0.05%

MTN Group 4.08% 70.50% 2.88%

Naspers 18.56% 53.70% 9.96%

Nedbank Group 0.97% 3.40% 0.03%

Netcare 0.70% 49.80% 0.35%

Old Mutual * 2.98% 50.00% 1.49%

Redefine Properties 1.00% 52.10% 0.52%

Reinet Investments * 0.80% 97.02% 0.78%

Remgro 2.04% 21.47% 0.44%

RMB Holdings 0.73% 0.00% 0.00%

Sanlam 2.21% 15.50% 0.34%

Sappi 0.95% 76.80% 0.73%

Sasol 4.03% 52.70% 2.13%

Shoprite 1.57% 18.80% 0.29%

Standard Bank Group 3.23% 28.70% 0.93%

Tiger Brands 1.21% 17.00% 0.20%

Truworths International 0.71% 23.80% 0.17%

Vodacom Group 1.44% 22.60% 0.32%

Woolworths Holdings 1.24% 40.80% 0.50%

FTSE/JSE Top40 100% 62.00%

28

ALSI VALUAT ION MATRIXCurrent P/E: Total Return Matrix - SA Equities (Alsi)

17.21 FTSE/JSE Valuation Matrix - Consensus vs Top-Down EarningsExpected Earnings Growth %

13.5 14.0 14.5 15.0 15.5 16.0 16.5 17.0 17.5 18.0 18.5 19.0

6.0 -13.1 -10.1 -7.0 -3.9 -0.8 2.3 5.4 8.4 11.5 14.6 17.7 20.86.5 -12.7 -9.6 -6.5 -3.5 -0.4 2.7 5.8 8.9 12.0 15.1 18.2 21.37.0 -12.3 -9.2 -6.1 -3.0 0.1 3.2 6.3 9.4 12.5 15.6 18.7 21.9 I-Net Consensus Rolling 2-Yr

7.5 -12.0 -8.8 -5.7 -2.6 0.5 3.7 6.8 9.9 13.0 16.2 19.3 22.48.0 -11.6 -8.4 -5.3 -2.1 1.0 4.1 7.3 10.4 13.5 16.7 19.8 23.08.5 -11.2 -8.0 -4.9 -1.7 1.4 4.6 7.7 10.9 14.1 17.2 20.4 23.59.0 -10.8 -7.6 -4.4 -1.3 1.9 5.1 8.2 11.4 14.6 17.7 20.9 24.19.5 -10.4 -7.2 -4.0 -0.8 2.3 5.5 8.7 11.9 15.1 18.3 21.4 24.610.0 -10.0 -6.8 -3.6 -0.4 2.8 6.0 9.2 12.4 15.6 18.8 22.0 25.210.5 -9.6 -6.4 -3.2 0.0 3.2 6.5 9.7 12.9 16.1 19.3 22.5 25.7

11.0 -9.2 -6.0 -2.8 0.5 3.7 6.9 10.1 13.4 16.6 19.8 23.0 26.3 I-Net Consensus Rolling 2-Yr Avg11.5 -8.8 -5.6 -2.3 0.9 4.1 7.4 10.6 13.9 17.1 20.3 23.6 26.812.0 -8.4 -5.2 -1.9 1.3 4.6 7.8 11.1 14.4 17.6 20.9 24.1 27.412.5 -8.0 -4.8 -1.5 1.8 5.0 8.3 11.6 14.9 18.1 21.4 24.7 27.913.0 -7.6 -4.4 -1.1 2.2 5.5 8.8 12.1 15.3 18.6 21.9 25.2 28.5

13.5 -7.2 -3.9 -0.7 2.6 5.9 9.2 12.5 15.8 19.1 22.4 25.7 29.014.0 -6.9 -3.5 -0.2 3.1 6.4 9.7 13.0 16.3 19.6 23.0 26.3 29.614.5 -6.5 -3.1 0.2 3.5 6.8 10.2 13.5 16.8 20.2 23.5 26.8 30.1 I-Net Consensus Rolling 1-Yr

15.0 -6.1 -2.7 0.6 4.0 7.3 10.6 14.0 17.3 20.7 24.0 27.3 30.715.5 -5.7 -2.3 1.0 4.4 7.7 11.1 14.5 17.8 21.2 24.5 27.9 31.216.0 -5.3 -1.9 1.5 4.8 8.2 11.6 14.9 18.3 21.7 25.1 28.4 31.816.5 -4.9 -1.5 1.9 5.3 8.6 12.0 15.4 18.8 22.2 25.6 29.0 32.3

Exit P/E

Source: IRESS (2020)

ALSI CAPE RATIO

Source: Bloomberg, IRESS (2020)

29

MSCI WORLD VALUATION MATRIXCurrent P/E Total Return Matrix - MSCI World

21.6 MSCI Valuation Matrix - Consensus vs Top-Down EarningsExpected Earnings Growth % 10-Yr Exit P/E LT Exit P/E

15.5 16.0 16.5 17.0 17.5 18.0 18.5 19.0 19.5 20.0 20.5 21.0 21.5 22.0-7.0 -31.0 -28.8 -26.7 -24.5 -22.4 -20.2 -15.9 -13.8 -11.6 -9.5 -7.3 -5.1 -3.0

-6.0 -30.3 -28.1 -25.9 -23.7 -21.6 -19.4 -17.2 -15.0 -12.9 -10.7 -8.5 -6.3 -4.2 -2.0 Bloomberg Consensus 12 months

-5.0 -29.6 -27.4 -25.2 -23.0 -20.8 -18.6 -16.4 -14.2 -12.0 -9.8 -7.6 -5.4 -3.2 -1.0-4.0 -28.8 -26.6 -24.4 -22.2 -19.9 -17.7 -15.5 -13.3 -11.1 -8.8 -6.6 -4.4 -2.2 0.119.0 -12.3 -9.6 -6.8 -4.1 -1.3 1.4 4.2 7.0 9.7 12.5 15.2 18.0 20.7 23.519.5 -12.0 -9.2 -6.4 -3.7 -0.9 1.9 4.6 7.4 10.2 12.9 15.7 18.5 21.2 24.020.0 -11.6 -8.8 -6.1 -3.3 -0.5 2.3 5.1 7.8 10.6 13.4 16.2 19.0 21.7 24.520.5 -11.2 -8.5 -5.7 -2.9 -0.1 2.7 5.5 8.3 11.1 13.9 16.6 19.4 22.2 25.021.0 -10.9 -8.1 -5.3 -2.5 0.3 3.1 5.9 8.7 11.5 14.3 17.1 19.9 22.7 25.521.5 -10.5 -7.7 -4.9 -2.1 0.7 3.5 6.3 9.2 12.0 14.8 17.6 20.4 23.2 26.022.0 -10.2 -7.3 -4.5 -1.7 1.1 3.9 6.8 9.6 12.4 15.2 18.1 20.9 23.7 26.5

22.5 -9.8 -7.0 -4.1 -1.3 1.5 4.4 7.2 10.0 12.9 15.7 18.5 21.4 24.2 27.1 Bloomberg Consensus 2-year avg23.0 -9.5 -6.6 -3.8 -0.9 1.9 4.8 7.6 10.5 13.3 16.2 19.0 21.9 24.7 27.623.5 -9.1 -6.2 -3.4 -0.5 2.3 5.2 8.1 10.9 13.8 16.6 19.5 22.4 25.2 28.1


MSCI WORLD CAPE RAT IO


30

MSCI EM VALUATION MATRIXCurrent P/E Total Return Matrix - MSCI EM

16.39 MSCI EM's Valuation Matrix - Consensus vs Top-Down EarningsExpected Earnings Growth %

11.5 12.0 12.5 13.0 13.5 14.0 14.5 15.0 15.5 16.0 16.5 17.0 17.5 18.0

0.0 -27.2 -24.1 -21.1 -18.0 -15.0 -11.9 -8.9 -5.8 -2.8 0.3 3.3 6.4 9.4 12.50.5 -26.8 -23.8 -20.7 -17.6 -14.6 -11.5 -8.4 -5.4 -2.3 0.8 3.8 6.9 10.0 13.01.0 -26.5 -23.4 -20.3 -17.2 -14.1 -11.1 -8.0 -4.9 -1.8 1.3 4.3 7.4 10.5 13.6 Bloomberg Consensus 12m Avg

1.5 -26.1 -23.0 -19.9 -16.8 -13.7 -10.6 -7.5 -4.4 -1.3 1.8 4.9 7.9 11.0 14.12.0 -25.8 -22.7 -19.5 -16.4 -13.3 -10.2 -7.1 -4.0 -0.9 2.2 5.4 8.5 11.6 14.72.5 -25.4 -22.3 -19.2 -16.0 -12.9 -9.8 -6.7 -3.5 -0.4 2.7 5.9 9.0 12.1 15.23.0 -25.1 -21.9 -18.8 -15.6 -12.5 -9.4 -6.2 -3.1 0.1 3.2 6.4 9.5 12.6 15.83.5 -24.7 -21.6 -18.4 -15.2 -12.1 -8.9 -5.8 -2.6 0.5 3.7 6.9 10.0 13.2 16.34.0 -24.4 -21.2 -18.0 -14.8 -11.7 -8.5 -5.3 -2.2 1.0 4.2 7.4 10.5 13.7 16.920.5 -12.8 -9.1 -5.4 -1.8 1.9 5.6 9.3 13.0 16.6 20.3 24.0 27.7 31.3 35.021.0 -12.4 -8.7 -5.0 -1.4 2.3 6.0 9.7 13.4 17.1 20.8 24.5 28.2 31.9 35.621.5 -12.1 -8.4 -4.7 -1.0 2.7 6.5 10.2 13.9 17.6 21.3 25.0 28.7 32.4 36.122.0 -11.7 -8.0 -4.3 -0.6 3.2 6.9 10.6 14.3 18.0 21.8 25.5 29.2 32.9 36.722.5 -11.4 -7.6 -3.9 -0.2 3.6 7.3 11.0 14.8 18.5 22.3 26.0 29.7 33.5 37.223.0 -11.0 -7.3 -3.5 0.2 4.0 7.7 11.5 15.2 19.0 22.7 26.5 30.3 34.0 37.8 Bloomberg Consensus 2-Year Avg

23.5 -10.7 -6.9 -3.1 0.6 4.4 8.2 11.9 15.7 19.5 23.2 27.0 30.8 34.5 38.324.0 -10.3 -6.5 -2.8 1.0 4.8 8.6 12.4 16.2 19.9 23.7 27.5 31.3 35.1 38.9

10-Yr Exit P/E LT Exit P/E


MSCI EM CAPE RAT IO


31

SA L ISTED PROPERTY


SA L ISTED PROPERTY: VALUATION MATRIX

Bond Yields Unchanged

1.58 Prop / Bond Rel Yield 0.98 1.08 1.18 1.28 1.38 1.58 1.60 1.63 1.65 1.68 1.70 1.73 1.75 1.789.53 10 Year Bond Yield 9.53 9.53 9.53 9.53 9.53 9.53 9.53 9.53 9.53 9.53 9.53 9.53 9.53 9.53

15.03 Prop Yield 9.31 10.26 11.22 12.17 13.12 15.03 15.27 15.51 15.75 15.98 16.22 16.46 16.70 16.94

-40.0 5.9 -3.1 -10.6 -16.9 -22.3 -31.0 -31.9 -32.8 -33.7 -34.6 -35.4 -36.2 -37.0 -37.7-30.0 23.5 13.0 4.3 -3.0 -9.3 -19.5 -20.6 -21.6 -22.7 -23.7 -24.6 -25.6 -26.5 -27.4-20.0 41.2 29.2 19.2 10.8 3.6 -8.0 -9.2 -10.4 -11.6 -12.7 -13.9 -14.9 -16.0 -17.0-10.0 58.8 45.3 34.1 24.7 16.6 3.5 2.1 0.8 -0.6 -1.8 -3.1 -4.3 -5.5 -6.6

0.9 0.0 76.5 61.5 49.0 38.5 29.6 15.0 13.5 12.0 10.5 9.1 7.7 6.3 5.0 3.8

1.0 78.2 63.1 50.5 39.9 30.9 16.2 14.6 13.1 11.6 10.2 8.8 7.4 6.1 4.82.0 80.0 64.7 52.0 41.3 32.2 17.3 15.7 14.2 12.7 11.2 9.8 8.5 7.1 5.83.0 81.8 66.3 53.5 42.7 33.4 18.5 16.9 15.3 13.8 12.3 10.9 9.5 8.2 6.94.0 83.5 67.9 55.0 44.1 34.7 19.6 18.0 16.4 14.9 13.4 12.0 10.6 9.2 7.95.0 85.3 69.6 56.5 45.5 36.0 20.8 19.1 17.6 16.0 14.5 13.1 11.7 10.3 9.06.0 87.1 71.2 58.0 46.8 37.3 21.9 20.3 18.7 17.1 15.6 14.1 12.7 11.3 10.07.0 88.8 72.8 59.5 48.2 38.6 23.1 21.4 19.8 18.2 16.7 15.2 13.8 12.4 11.08.0 90.6 74.4 61.0 49.6 39.9 24.2 22.5 20.9 19.3 17.8 16.3 14.8 13.4 12.19.0 92.4 76.0 62.4 51.0 41.2 25.4 23.7 22.0 20.4 18.9 17.4 15.9 14.5 13.110.0 94.1 77.6 63.9 52.4 42.5 26.5 24.8 23.2 21.5 20.0 18.5 17.0 15.5 14.1

Current Yields

Target Yield Rel

Total Return Matrix - SA Property (FTSE/JSE SA Listed Property)Exit Yield

Expected Dividend Growth %


32

EM BOND VALUATIONS


NOMINAL BONDSH I S T O R I C A L LY H I G H R E A L Y I E L D S

33

BONDSR E A L Y I E L D S V S 1 Y E A R P E R F O R M A N C EReal Yields Subsequent 12 Month Return Subsequent 12 Month Real Return

When Real Yields above 3.4% 9.4% 4.8%

When Real Yields below 3.4% 8.2% 1.8%







SA FRA’S


34

AGENDA




• Economic Data


• Valuations



• Closing

FOCUS ON T HE CORRECT INVESTMENT T IME HORIZON

35

FOCUS ON T HE CORRECT INVESTMENT T IME HORIZON

HOW DOES THAT LONG TERM RET URN GET DEL IVERED

36

HOW DOES THAT LONG TERM RET URN GET DEL IVERED

AGENDA




• Economic Data


• Valuations



• Closing

37

TACTICAL ASSET ALLOCATION V IEW

Legend: 0 = neutral+/-1 = 1% to 2% over/underweight+/- 2 = 2% to 4% over/underweight

0

1

2

3

4

5

6

7

8

9

1 0

1 1

1 2

1 3

-2% -1% 0% 1% 2%

Current ST 0-3 MonthsLT 6-12 Months

SA Equity

SA Bonds

SA ILBs

SA Property

SA Cash

DM Equity

EM Equity

DM Bonds

Global ILBs

DM Property

DM Cash

EM Bonds

CurrentST 0-3 Months

LT 6-12 Months

SA Equity 1% 1% 1%SA Bonds 1% 1% 0%SA ILBs 0% 0% 1%SA Property 0% 1% 1%SA Cash -2% -2% -2%DM Equity 2% 2% 2%EM Equity 1% 2% 2%DM Bonds -2% -2% -2%EM Bonds 0% 0% 0%Global ILBs -1% -1% -1%Global Property 0% 0% 0%Global Cash 0% -2% -2%

Domestic 0% 1% 1%

International 0% -1% -1%

Balancing item 0% 0% 0%

38

FIXED INCOME HEDGE FUNDS AND SMOOTHING IN LOWERING VOLAT IL ITY &

CORRELATION

40

T RADING ST RATEGIES• FRA Curve shape trades

• Swap Curve shape trades

• Bond-Swap arbitrages

• Arbitrages (Money market vs. FRAs)

• Theta trades

• Directional

• Options

FUND CONSTRUCT

Acumen 25% Relative Value

Matrix 25% Short End FRA Specialists

Terebinth Macro 25% Macro Thematic

Marblerock 25% Relative Value

25%

25%25%

25%

Acumen Matrix Terebinth Marblerock

41

HEDGE FUNDS | F IXED INCOME F O U R D I V E R S E S T R AT E G I E S

Existing name Sanlam Alternative Zeta Sanlam Alternative Rho Sanlam Alternative Vega Sanlam Alternative Veta

Strategy Moderate Aggressive Fixed Income Stable Fixed Income Assertive Fixed Income Cautious Moderate Fixed Income

AUM R750 million R283 million R3.2 billion R810 million

Strategy inception date

Aug-09 Feb-15 Oct-08 Aug-13

Risk rating Moderate to Aggressive Cautious to Moderate Aggressive Moderate to Aggressive

Strategy aim

Provide positive returns over the long term, regardless of the direction of interest rates, and capitalise on inefficiencies that occur as a result of supply and demand.

Provide uncorrelated and superior, risk-adjusted returns through the dynamic implementation of investment strategies across a variety of underlying asset classes, primarily fixed-income securities.

Provide net annualised returns of cash + 8% over rolling three-year periods by pursuing opportunistic, directional, relative value and correlation strategies. The investment objective is pursued irrespective of the performance of the financial markets or any particular asset class.

Provide returns in excess of 5% over benchmark on an average annual basis over rolling 36-month periods with a low degree of volatility. Macro focused strategy with a strong focus on risk management.

Investable universe

Primarily South African government bonds and interest rate derivatives such as swaps and forward rate agreements (FRAs).

Fixed income securities including listed and unlisted financial instruments (derivatives), and may invest offshore.

South African fixed-income and related derivative markets.

Primarily concentrated in the most liquid areas of the broader income spectrum.

Fund manager Acumen Capital Marble Rock Asset Management Matrix Fund Managers Terebinth Capital

Note: All investments in the above strategies are subject to the provisions and limitations of Board Notice 52 of 2015

Acumen Capital Marble Rock Asset Management Matrix Fund Managers Terebinth Capital

Manager description

Owner-managed | Focus on the South African interest rate environment | 60 years’ collective market experience | Philosophy: Fixed-income markets are misunderstood and, as such, there are several inefficiencies which they can take advantage of across the yield curve

Owner managed | Established in 2014 by Flip du Plessis and includes experienced team of multi-strategy portfolio managers | Pursues uncorrelated returns within a wide universe of markets

Owner managed | Highly qualified, multi-skilled investment managers boasting more than 140 years’ collective experience | Absolute return mindset | Pragmatic and opportunity-driven | Consistent investment process across | Disciplined risk management drawing on central research and idea generation.

Owner managed | Specialist fixed-income asset manager with multiple hedge fund awards | Application of quantitative and qualitative methodologies across three disciplines: structural/strategic, technical and tactical analysis.Designed to provide investors with a high degree of confidence regarding liquidity.

Portfolio Managers

Stuart Conway Barry Ross Lourens Pretorius Erik Nel

Mark O’Brien Flip du Plessis Konstantin Egorov Johan Kurtz

Greg Kamstra Sollie vd Linde

Investment process

Determine the macroeconomic factors affecting the shape of the curve and take advantage of short- and medium-term opportunities and pricing anomalies. The various yield curves are analysed with the manager operating on the middle to the long end of the curve.

Employs a broad macro investment style across various asset classes. The majority of this fund is typically made up of domestic fixed-income strategies, complemented by building blocks across global fixed-income, currency and select commodity opportunities.

Identify hedge fund investment opportunities through macroeconomic forecasting and rigorous analysis of the term structure of interest rates. This fund’s investment strategies invest independently, without a house view approach.

A macroeconomic description of the current and expected investment environment is formulated, and within this macro context the team produces expected asset class return projections from their quantitative modelling framework..

Competitive edge

Fundamental relative value fixed income manager with extensive experience.

Able to generate alpha across the short and long end of the yield curve. The manager is one of the few that plays in the 30year swa.

Experienced team that have seen many macro cycles.

A good grasp on South African politics and is the one manager that navigates domestic politics well.

Focused approach not getting caught up in the prevailing trends and “noise”

Has a degree of foreign exposure which gives it a lower volatility return signature.

Well defined strategy buckets that operate over the whole yield curve.

One of few managers in the country with a broad macro-economic understanding

The team have a good chemistry and get the best out of each other.

Experienced manager wo used to run one of the first hedge fund strategies in SA.

Manager tactically trades the portfolio more frequently compared to peers which allows for more alpha to be generated.

Skilled in trading inflation linked bonds.

HE DGE FU NDS | F IX E D I NCO ME M A N A G E R I N S I G H T S

42

Fund NameStrategymanager

Strategyinception date

Cumulative performance (%) Annualised performance (%) Calendar performance (%)

1 Month 3 Months 6 Months Year-to-Date 1 Year 3 YearsSince

inception 2017 2018 2019

Sanlam Alternative Zeta Retail Hedge Fund

Acumen Capital

September 2010

2.08 -1.25 4.42 2.31 15.49 12.62 19.10 14.72 10.36 17.29

Sanlam Alternative Rho Retail Hedge Fund

Marble RockAsset Management

August 2016

3.25 3.00 9.25 6.30 9.03 9.61 9.50 13.07 8.91 4.86

Sanlam Alternative Vega Retail Hedge Fund

Matrix Fund Managers

October 2008 1.90 21.42 26.89 20.21 29.55 14.52 16.75 15.3 6.0 11.9

Sanlam Alternative VetaRetail Hedge Fund

TerebinthCapital

April 2013

-6.91 -2.96 7.15 7.56 14.25 16.96 12.25 20.46 14.91 12.95

Blended portfolio 0.08 5.05 11.93 9.10 17.08 13.43 14.40* 15.89 10.05 11.75

FTSE/JSE All Share 0.31 0.47 -7.15 -10.11 -5.95 1.33 - 20.95 -8.53 12.05

FTSE/JSE SWIX -0.96 -3.02 -10.14 -13.33 -10.40 -1.89 - 12.92 -8.88 9.32

ALBI 7.01 0.37 3.40 1.51 6.39 8.18 - 10.24 7.69 10.32

STFCAD | STeFI Call Deposit 0.36 1.41 3.00 2.45 6.35 6.57 - 7.54 7.25 7.31

(ASISA) South African MA Income 1.46 0.46 2.19 1.33 5.71 7.14 - 8.18 7.51 8.24

(ASISA) South African MA Low Equity 1.14 0.08 -0.29 -0.89 2.92 4.45 - 8.30 1.34 8.43

(ASISA) South African MA Medium 0.94 0.03 -1.63 -2.49 1.53 3.26 - 9.24 -1.83 9.52

(ASISA) South African MA High Equity 0.45 -0.94 -3.72 -4.80 -0.71 1.97 - 10.05 -3.56 9.60

(ASISA) South African MA Flexible -0.13 --3.04 -4.38 -5.44 -1.96 0.77 - 9.07 -4.01 8.33

(ASISA) South African EQ General -0.22 -3.89 -10.88 -13.08 -10.08 -2.57 - 12.92 -8.87 8.32

HEDGE FUNDS | PERFORMANCE AT GLANCEA S AT E N D M AY 2 0 2 0

Source: Morningstar as at end May 2020 | *August 2019

RISK RETURN SCATTER PLOT

ALSI

ALBI

Terebinth

Matrix

Marblerock

Acumen

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00%

Risk/Return

Source - Manager MDDs. Note: 2020 performance number based on estimate of June 2020 return.

43

RISK RETURN SCATTER PLOT

HF Portfolio

(ASISA) South African MA Low Equity

90% MA Low Equity + 10% HF Portfolio

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00%

Risk/Return

HF Portfolio ALSI ALBI(ASISA) South African MA Medium Equity (ASISA) South African MA Low Equity (ASISA) South African MA High Equity(ASISA) South African MA Flexible 90% MA Medium Equity + 10% HF Portfolio 90% MA Low Equity + 10% HF Portfolio90% MA High Equity + 10% HF Portfolio 90% MA Flexible Equity + 10% HF Portfolio

Source - Source - Manager MDDs. Note: 2020 performance number based on estimate of June 2020 return. ASISA Category Performance from MorningStart MDDs. Note: 2020 performance number based on estimate of June 2020 return.

CORRELATIONS

Source - Manager MDDs. Note: 2020 performance number based on estimate of June 2020 return. ASISA Category Performance from MorningStart

44

SMOOTH BONUS• If you invest money in a Balanced Fund, you will receive exactly the investment return earned on the

underlying assets after fees. In a Smooth Bonus fund you will not receive all the return earned by the underlying assets after fees however you will receive the monthly bonus declared by the Insurer net of fees. The declaration of the bonus “smoothes” the investment returns earned on the underlying assets over time. Parts of the investment return arising from exceptional years will be held back and then released in the years when markets are performing poorly.

An example :

• If a return on an underlying asset is 30% per annum, the insurer may only declare a bonus rate of 15% per annum with the other 15% kept in a Bonus smoothing account. If the following year resembles what we have seen so far in 2020 (a financial crisis) and returns less than or equal to zero for the year, the Insurer may declare a bonus of 7% per annum, drawing on the Bonus Smoothing Account.

SMOOTH BONUS –HOW IT WORKS

45



46

SMM SMOOTH BONUS FUND

- 5.0

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Rolling 3 year return

SMM Smooth Bonus (ASISA) South African MA High Equity


- 5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Rolling 3 year Risk/Reward

SMM Smooth Bonus (Return) (ASISA) South African MA High Equity (Return)

47


- 25.0

- 20.0

- 15.0

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- 5.0

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Drawdowns

SMM Smooth Bonus (ASISA) South African MA High Equity

48

Asset Manager Views

Local Negative Neutral Neutral Neutral Neutral

Cas

h

While cash offers no risk of capital loss, better

opportunities exist in domestic bonds and equities

where valuations have become extremely attractive

with better real return prospects.

Abax see cash rates materially lower, and they no longer provide a real return. They feel though,

that it still provides optionality.

They are holding more cash than usual - to be deployed when opportunities arise.

Their cash buffer has served them well as they have

reduced cash into the sell down but given broad macro risks, they continue to hold a

reasonable cash buffer to protect the portfolio.

Cash returns are poor given lower rates, however

Laurium hold more cash than usual as look to take

advantage of further market dislocations.

Neutral Neutral Neutral Neutral Positive

Bon

ds

At 9.7%, the benchmark 10-year bond offers

attractive real value given the benign inflation outlook

and potential for further monetary policy easing.

However, a larger fiscal risk premium is justified given

the serial increases in government issuance and

risk for a higher debt trajectory in the absence of fiscal and macroeconomic

reforms.

Bonds look fairly valued to cheap, even after revising RSA’s required Country

Risk Premium higher. They are wary of longer maturities

though, as SA's fiscal position has become more

precarious.

Truffle see that real yields are generous relative to

history and other international bond markets

but the domestic fiscal situation remains a

significant risk. They prefer shorter dated credit bonds where the risk of default is

acceptably low.

Bateleur have no bond weighting, but see real yields as attractive in

absolute terms. The asset class is firmly on their watch list, however the

increasing size of issuance and deteriorating fiscal

metrics keep them on the side-lines.

Laurium are overweight relative to their SAA, where they believe that there are

attractive yields available in both government bonds and

bank credit.

Positive Positive Neutral Neutral Negative

Prop

erty

Their base case returns for this asset class look

attractive relative to other asset classes, even with

their assumption of a 10% decline in distributions,

however near term potential catalysts remain negative

and this tempers any overweight allocation to the

sectors. The already pressured rental escalations

and vacancies will face more pronounced strain due to the COVID-19 lockdown

and non-payment, with negative reversions and rising vacancies in the

medium term.

Although the industry faces structural challenges, Abax sees compelling value on offer. In that regard, it is

important to be selective, as many counters are highly

leveraged and have asset/liability mis-matches.

The outlook for property is challenging but this is

starting to be discounted into the valuations of some

of the counters.

Fundamentals in the property sector remain weak, the impact of the

coronavirus disruptions has still to fully play out. The valuations Bateleur see

have adjusted meaningfully, with select opportunities

beginning to emerge.

Laurium are underweight relative to their SAA as they

believe property will be a tough place to be, in

particular retail but office too. Laurium do though like

exposure to storage and warehousing.

Negative Positive Neutral Positive Negative

Equi

ty

SA Equity screens attractive relative to offshore equity

and cash, but wide tails and near-term uncertainty make

the asset class less compelling versus bonds,

despite the relatively low PE valuation on ‘SA Inc.’

counters.

Abax see the market as attractively priced, although they maintain a preference

for quality/resilient counters. Global liquidity and low

interest rates combined with reasonable valuations

should be supportive to the view.

Truffle are positive on non-domestic companies and some miners, but they are negative on average, on

domestically exposed companies. The impact of the Covid-19 virus will be extremely challenging for

the SA economy. The government has limited

fiscal room to help support business and consumers.

There a large number of attractively valued

opportunities, where their preference is for strong

balance sheets, predictable cash flows and resilient

business models - positioned better to

withstand disruption from the coronavirus. Currently, significant upside potential in domestic facing holdings is somewhat dependent on

an economic recovery.

Laurium are slightly underweight relative to their

SAA, with most of the exposure taken to non “SA Inc.” assets in the space.

49

Asset Manager Views

Global Neutral Neutral Positive Negative Negative

Cas

h

The rand is looking more attractively valued (base-

case fair-value R16/$), but domestic risks remain high both on government’s debt

trajectory as well as COVID-19 risks to the local economy, which are

compounded by lack of capacity for SA to revive the

economy through fiscal policy.

There is a store of value and optionally in this asset class and they hold it, to wait to buy other assets.

Yields are inadequate but a lack of value in equity markets and sovereign

bonds means that by default they would hold more cash

than usual.

Cash offers no yield pick-up, and they have a low to no

foreign cash weighting.

Cash returns are poor given lower rates, however they hold more cash than usual

as look to take advantage of further market dislocations.

Negative Negative Negative Negative Neutral

Bon

ds

The US nominal yields are fairly valued versus TIPS,

but are vulnerable to larger issuance if the Fed does not

reaccelerate the pace of QE. With the rand still

moderately undervalued, the risk/reward makes them

negative on offshore bonds. While the base case is that US yields will remain very low for a prolonged period

given Fed QE, the high duration (9 years) on the US 10-year bond skews the risk

to the downside from an asset allocation perspective.

Bonds are priced to produce ultra-low to negative returns and they are especially wary

of longer maturities.

Yields in the developed world are at record lows with

some in negative territory. Truffle do own some credit

where the returns are compelling.

Bateluer have no foreign bond exposure, as yields

make for unfavourable risk reward payoff.

In general, Laurium are negative on this asset class given a long run outlook for

lower rates. There have been some corporate credit

opportunities, which they have taken advantage of.

Neutral Neutral Negative Neutral

Prop

erty

Not covered.

While many sectors in this space face structural challenges, there is

selective value on offer. Abax emphasize being

selective, as many counters are highly leveraged and

face material property devaluations.

In selection, this asset class would be sector dependent as Truffle expect continued underperformance in retail

and outperformance in logistics as structural shifts

intensify.

Bateleur have limited exposure given LTV

uncertainty.

Laurium are underweight relative to their base case.

Negative Positive Negative Positive Positive

Equi

ty

Global stocks have re-rated sharply, looking through the pending slump in earnings,

yet elevated uncertainty and the "second wave" of

infections in the US pose downside risk to valuations. There will be more pressure on offshore earnings (-15%) compared to SA earnings (-3%) given the higher impact on DM employment relative to SA, which will counter a

stronger re-rating in the post-COVID rebound.

Most markets (ex US) are attractively priced, although,

but Abax maintain a preference for

quality/resilient counters. Global liquidity and low

interest rates combined with reasonable valuations

should be supportive for the asset class.

US is at best fair value. Most other regions are in fair value territory. US is a substantial portion of the

world market and hence, on average, the global market is on the wrong side of fair

value.

The select exposures Bateluer have maintains a

preference to positions centred around two key themes: (1) defensive,

stable cash generators & (2) companies exposed to

growth industries.

Laurium have adjusted their strategic asset allocation to have a higher weighting to offshore relative to South African exposure. In doing that Laurium believe that it

will take South Africa longer to emerge from the CoVid-19 crisis than developed

markets, given the fiscal fire power difference between

South Africa and the industrialised nations.

50

Asset Manager Views

Local Negative Negative Negative Neutral Negative

Cas

h

Over the past quarter, the SARB lowered interest rates by a

further 1.5% to the current repo rate of 3.75%. Duly, Allan Grays

expectations of future money market returns have changed

from their views coming into this year and these expectations are

lower in line with those of national interest rates.

Coronation expect local cash to generate less than a 1% real return over the following year.

The real yields have declined on the back of significant repo rate

cuts. Ninety One see better alternative return prospects from

other asset classes over the medium term.

SIM have a neutral to underweight position in local cash as yields on cash have

fallen and may well fall further. Even so, cash is still offering

decent real returns, given that inflation is also expected to

surprise on the low side.

Prudential remain underweight cash where their cash allocation

has been used to fund more attractive investment

opportunities. The prospective real returns from this asset class are now negative and no longer

even beating inflation.

Positive Positive Positive Positive Positive

Bon

ds

Allan Gray increased their exposure to long-dated nominal government bonds and added medium-term inflation-linked government bonds to their

portfolio, as they believe these provide a more attractive return than credit. Allan Gray believe the investment in government bonds and bonds of SOEs is a conservative positioning, which is warranted given heightened

risks in the credit space.

Given the aggressive repricing of SAGB’s over the last quarter, Coronation believe that from a valuation perspective, they are very attractive. They trade at

multiples of the cash rates, well above EM peers.

While the front end of the bond yield curve has been anchored by significant interest rate cuts,

Ninety One continue to see opportunities along the steep

curve, without understating the fact that their assessment of fair value (the appropriate yield to compensate lenders for risk) is now substantially higher given

the heightened credit risk.

SA bonds are offering astounding real returns and under normal circumstances

bonds at current yields would be expected to give returns in

excess of equities. However, the SA economy is taking strain and

the Corona pandemic will contribute to a very large budget

deficit and government debt/GDP is set to continue

rising to alarming levels.

During the quarter Prudential moved further overweight in SA nominal bonds, buying mostly

long-dated bonds with maturities of 20+ years. The yields of

20+year bonds rose to exceptionally attractive levels of

over 13% in March, subsequently recovering to trade at over 11% in April and through the rest of the second quarter. This is still cheap compared to their pre-Coronavirus yield of

10%.

Neutral Neutral Negative Neutral Negative

Prop

erty

Property stocks have sold off massively – even prior to the recent period. Many of these

companies are now trading on dividend yields in the double digits. A high dividend yield however means little if the actual dividends are not

sustainable, a risk that remains in numerous cases in their view.

Coronation expect distribution growth for domestic property

stocks to be under pressure as a result of tenant pressures caused by the COVID-19

induced lock down which has resulted in tenant failures (higher vacancies) or non-

payment of rent during this period.

Ninety One’s allocation to the sector remains limited.

The domestic property sector has suffered from a number of

setbacks over the last few years, including deteriorating

fundamentals, governance and reporting-related concerns,

rebasing of earnings and the introduction of pay-out ratios. Although valuations remain attractive, they believe there are no obvious catalysts in

their view.

Property was up during Q2 on the back of the first signs of a recovery in (global) economic

data after most economies started moving into exit

strategies and the increased prices more than account for the

positive news. So it would be fair to say that our propensity to invest in this asset class at the end of Q2 is slightly lower than

at the end of Q1.

Prudential were already substantially underweight SA

listed property in Q1 2020 as the sector continued to sell off sharply, and they remained

underweight in Q2. This positioning reflects the

significant macroeconomic uncertainty exacerbated by the pandemic in South Africa, and

surrounding the outlook for distributions, as well as the

relatively high debt levels in the sector.

Positive Positive Neutral Neutral Positive

Equi

ty

Prior to the recent market sell-off, Allan Gray were of the view that many South African equities

were already trading on very attractive valuations. However,

despite its lower starting valuations, the South African

equity market has been impacted along with global

equity markets and has, in fact, underperformed other developed markets.

In terms of asset allocation, equities remain their preferred

asset class for producing inflation-beating returns.

The local equity composition is diversified, with some capital

invested in global cyclical companies exhibiting

favourable earnings revisions profiles such as well as platinum

group metals (PGM) investments, alongside more

defensive positions. Exposure to select ‘SA Inc.’ plays with decent

relative earnings revisions profiles, reasonable valuations

and where they have high conviction in terms of balance

sheet quality.

In real terms SA FINDI shares excluding NPN has seen a material decline in real EPS over the last few years, even

before the Corona pandemic hit. SA's already pedestrian

economic growth will take a huge step backward due to the

Corona lockdown and a significant earnings contraction might follow. SA's poor fiscal

position could hamper the state's ability to support SA

companies through the pandemic.

Prudentials best investment view portfolios continue to be

overweight in SA equities, having added some exposure to

their positions during the quarter. After falling to an

exceptionally low price-book value ratio of around 1.0X during

March, SA equity valuations rose over the quarter to trade at around 1.3X by the end of April and 1.4X by the end of June, a still-attractive level compared to the market’s long-term average

of around 2.2×.

51

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https://www.sanlam.co.za/Pages/default.aspx

https://www.prudential.co.za/

Asset Manager Views

Global Negative Negative Neutral Negative Neutral

Cas

h

The Fed has cut policy rates by a cumulative 150 basis points,

returning rates to the post-global financial crisis (GFC) low of 0% to 0.25%. Given that US rates are now close to zero and the US dollar has outperformed nearly all other currencies,

Allan Gray think risk is probably to the downside.

In Coronations view, the real returns from international cash are likely to be poor over the

long term.

Ninety One have deployed some offshore cash to other

asset classes with better return prospects over the medium term

in their view. The remaining allocation is a buffer that

provides them with optionality, which can also acts as a shock absorber when market volatility

is high.

SIM have a strongly negative view on offshore cash which is just about guaranteed to give

negative real returns.

The global cash they have is at a neutral exposure due to profits

taken on offshore equities.

Negative Negative Negative Negative Negative

Bon

ds

Allan Gray continue to believe that global government bonds look very expensive, and see

these as a very poor long-term source of value particularly against the backdrop of the

unprecedented level of quantitative easing (and

consequent fiscal burden) that developed world governments are committing to take on to

restore public confidence and support their local economies.

In Coronations view, the real returns from international

developed market bonds are likely to be poor over the long

term. However, given the repricing in credit, they believe there is selective value in both

Investment Grade and High Yield credit markets.

Ninety One prefer cash and high-quality investment grade

credit over global bonds. Global bond yields are at low levels as

they have witnessed synchronized policy easing from central banks in the face of the COVID-19-related economic

downturn.

SIM have a strongly negative view on offshore bonds which is

also just about guaranteed to give negative real returns.

Prudential continue to avoid these assets given the negative real yields prevailing, and their

unattractiveness relative to global equities. They instead

hold US and European investment-grade corporate

bonds and selected emerging-market government bonds which offer very attractive real yields.

Neutral Neutral Negative Positive Negative

Prop

erty

Global listed property has sold off notably over the year-to-date. The Fed’s cut of interest rates to zero may provide some relief to

the property sector given the current financial crisis. Listed

property companies with highly geared balance sheets and the reliance on growing dividends for investors may not fare well

given current market conditions.

Similar to their view on domestic property, Coronation expect

distribution growth for offshore property stocks to be under

pressure as a result of tenant pressures caused by the

COVID-19 induced lock down. Coronation remain a neutral

stance on global property given the above concerns, especially

relative to equities that they believe to offer better value on a

risk-adjusted basis.

There is reasonable yield, but little growth and large regional

divergence.

SIM have a mildly positive view on foreign growth assets,

including global property, but in the near future concerned about

the impact that the Global Economic Lockdown will have on earnings and that it could

lead to earnings disappointments and further

contractions. They wish to retain decent growth asset exposure, but with more of it channelled to

asymmetric exposure.

Prudential prefer equity offshore where valuations are more attractive relative to listed

property.

Positive Positive Positive Positive Neutral

Equi

ty

In DMs, there exists exceptional discounts, some of which Orbis

has not seen since the bottom of the global financial crisis. The gap between the cheapest and

most expensive stocks has reached new extremes and

while they can’t predict how it will play out in the current crisis, they know that valuation gaps of

this magnitude cannot persist forever. In EMs, Orbis continues

to find more opportunities in select emerging markets and has retained its overweight to

this area of the market.

In terms of asset allocation, equities remain their preferred

asset class for producing inflation-beating returns.

Coronation have a more positive outlook on Emerging Market

Equity than Developed Market Equity at these levels.

Ninety One's offshore allocation remains favourably disposed to equities, wherein the exposure is skewed towards Asian and European investments as well as corporates that they believe

are most likely to provide returns commensurate with the

prevalent level of risk over the medium term.

SIM have a mildly positive view on foreign growth assets,

including global equity, but in the near future concerned about

the impact that the Global Economic Lockdown will have on earnings and that it could

lead to earnings disappointments and further

contractions. They wish to retain decent growth asset exposure, but with more of it channelled to

asymmetric exposure.

During the quarter Prudential reduced global equities from an overweight to a neutral position,

in favour of buying more SA nominal bonds and SA equities

due to their relatively more attractive valuations. Within their

global equity positioning, their portfolios have been

underweight the more expensive US market in favour

of selected European and emerging market equities.

52

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https://www.sanlam.co.za/Pages/default.aspx

https://www.prudential.co.za/

Succession Income Plus - STeFI +1%

Strategy (%) Fund TER (%) Wrap TER (%)Amplify SCI Strategic Income 10.00 0.60 0.06Coronation Money Market 5.00 0.18 0.01Coronation Strategic Income 25.00 0.54 0.14Nedgroup Investments Flexible Income 12.00 0.61 0.07Prescient Income Provider 20.00 0.49 0.10SIM Active Income 15.00 0.70 0.11SIM Enhanced Yield 13.00 0.49 0.06TOTAL Underlying Manager Fee (%) 0.54Wrap Fee (incl VAT) (%) 0.29Portfolio TER (%) 0.83

Q2 2020 Q1 2020 Q4 2019 Q3 2019Fund Size (Million) R 277 R 256 R 234 R 189

Manager Selection (%) Q2 2020 Q1 2020 Q4 2019 Q3 2019Amplify SCI Strategic Income 10.00 10.00 10.00 10.00Coronation Money Market 5.00 5.00 5.00 5.00Coronation Strategic Income 25.00 25.00 25.00 25.00Nedgroup Investments Flexible Income 12.00 12.00 12.00 12.00Prescient Income Provider 20.00 20.00 20.00 20.00SIM Active Income 15.00 15.00 15.00 15.00SIM Enhanced Yield 13.00 13.00 13.00 13.00

Mandated Maximum Limits Equity Property Cash Bonds Foreign20% 25% 100% 75% 15%

53

PLEASE NOTE: Attribution of portfolio returns is calculated using the average holding of an underlying fund over the quarter and year-to-date. No attribution of an underlying fund (#N/A) will reflect if a switch occurred during the quarter or in the year even if a fund class has been switched. Contribution of returns takes into account the performance of the underlying fund, its weight and holding period in the portfolio.

Succession Income Plus - STeFI +1%

54

Benchmark STeFI +1%

Peer Group SA Multi Asset Income

Inception Date 2014/08/01

Objective High level of income

Risk Objective Absolute and real capital protection

A

B

2019 2018 2017 2016

8.41 6.52 9.27 8.69

8.29 8.25 8.54 8.39

3m 6m YTD 1 Year 2 Years 3 Years 5 Years

● Succession Income Plus 4.07 2.16 2.16 6.10 7.39 7.33 7.77

■ STeFI +1% 1.70 3.67 3.67 7.86 8.08 8.17 8.20

Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

Source: Morningstar Direct

FUND BENCHMARK

Max Drawdown -2.81

Max DD # Periods 1.00

Max DD Valley Date 2020/03/31

Up Period Percent 95.83 100.00

Down Period Percent 4.17 0.00

Best Quarter 4.07 2.04

Worst Quarter -1.84 1.70

Std Dev 2.76 0.14

Sharpe Ratio 0.11 7.33

Succession Income Plus ROLLING 1 YEAR RETURNS As of 2020/06/30

PERFORMANCE RELATIVE TO PEERS As of 2020/06/30

DRAWDOWNS As of 2020/06/30RISK STATISTICS 2018/07/01 to 2020/06/30

INVESTMENT GROWTH 2018/07/01 to 2020/06/30ABSOLUTE RISK REWARD 2018/07/01 to 2020/06/30

55

Succession Stable - Avg SA Multi Asset Low Equity

Strategy (%) Fund TER (%) Wrap TER (%)Amplify SCI Defensive Balanced 16.00 0.82 0.13Amplify SCI Wealth Protector 9.00 0.94 0.08Coronation Balanced Defensive 15.00 1.11 0.17Coronation Money Market 5.00 0.18 0.01Nedgroup Global Equity Feeder 3.00 1.17 0.04Prescient Income Provider 10.00 0.49 0.05Prudential Inflation Plus 7.00 0.93 0.07Satrix Low Equity Balanced 18.00 0.36 0.06SIM Inflation Plus 17.00 0.78 0.13TOTAL Underlying Manager Fee (%) 0.74Wrap Fee (incl VAT) (%) 0.29Portfolio TER (%) 1.03


Manager Selection (%) Q2 2020 Q1 2020 Q4 2019 Q3 2019ABSA Property Equity 0.00 3.00 3.00 3.00Amplify SCI Defensive Balanced 16.00 16.00 16.00 16.00Amplify SCI Wealth Protector 9.00 0.00 0.00 0.00Coronation Balanced Defensive 15.00 15.00 15.00 15.00Coronation Money Market 5.00 5.00 5.00 5.00Nedgroup Global Equity Feeder 3.00 3.00 3.00 3.00Prescient Income Provider 10.00 10.00 10.00 10.00Prudential Inflation Plus 7.00 13.00 13.00 13.00Satrix Low Equity Balanced 18.00 18.00 18.00 18.00SIM Inflation Plus 17.00 17.00 17.00 17.00


56


Succession Stable - Avg SA Multi Asset Low Equity

57

Benchmark Avg SA Multi Asset Low Equity

Peer Group SA Multi Asset Low Equity


Objective Stable income and capital growth

Risk Objective Capital protection

A

B

2019 2018 2017 2016

9.55 1.72 8.22 3.30

8.58 1.24 8.39 3.59


● Succession Stable 9.13 -0.17 -0.17 2.65 4.59 5.22 5.53

■ Avg SA Multi Asset Low Equity 8.34 0.56 0.56 3.23 4.36 5.20 5.18



FUND BENCHMARK

Max Drawdown -9.56 -8.12

Max DD # Periods 2.00 2.00

Max DD Valley Date 2020/03/31 2020/03/31




Worst Quarter -8.53 -7.18

Std Dev 8.51 7.24

Sharpe Ratio -0.29 -0.38

Succession Stable ROLLING 1 YEAR RETURNS As of 2020/06/30




58

Succession Stable Growth - Avg SA Multi Asset Medium Equity

Strategy (%) Fund TER (%) Wrap TER (%)Amplify SCI Absolute 10.00 0.99 0.10Centaur BCI Flexible 8.00 1.53 0.12Coronation Balanced Plus 11.00 1.16 0.13Nedgroup Global Equity Feeder 3.00 1.17 0.04Nedgroup Opportunity 9.00 1.14 0.10Prescient Income Provider 14.00 0.49 0.07Prudential Inflation Plus 7.00 0.93 0.07PSG Flexible 8.00 0.92 0.07Satrix Balanced Index 10.00 0.37 0.04SIM Inflation Plus 12.00 0.78 0.09Truffle SCI Flexible 8.00 0.73 0.06TOTAL Underlying Manager Fee (%) 0.88Wrap Fee (incl VAT) (%) 0.29Portfolio TER (%) 1.17


Manager Selection (%) Q2 2020 Q1 2020 Q4 2019 Q3 2019ABSA Property Equity 0.00 2.00 2.00 2.00Amplify SCI Absolute 10.00 0.00 0.00 0.00Centaur BCI Flexible 8.00 9.00 9.00 9.00Coronation Balanced Plus 11.00 13.00 13.00 13.00Nedgroup Global Equity Feeder 3.00 3.00 3.00 3.00Nedgroup Opportunity 9.00 10.00 10.00 10.00Prescient Income Provider 14.00 15.00 15.00 15.00Prudential Inflation Plus 7.00 8.00 8.00 8.00PSG Flexible 8.00 10.00 10.00 10.00Satrix Balanced Index 10.00 10.00 10.00 10.00SIM Inflation Plus 12.00 12.00 12.00 12.00Truffle SCI Flexible 8.00 8.00 8.00 8.00


59


Succession Stable Growth - Avg SA Multi Asset Medium Equity

60

Benchmark Avg SA Multi Asset Medium Equity

Peer Group SA Multi Asset Medium Equity


Objective Moderate growth and low Income

Risk Objective Capital preservation

A

B

2019 2018 2017 2016

11.11 -3.00 10.07 1.75

9.47 -1.77 9.28 1.54


● Succession Stable Growth 11.50 -3.92 -3.92 -0.21 2.19 3.13 3.90

■ Avg SA Multi Asset Medium Equity 11.32 -0.31 -0.31 2.16 3.27 4.47 4.19



FUND BENCHMARK








Std Dev 11.71 10.17


Succession Stable Growth ROLLING 1 YEAR RETURNS As of 2020/06/30




61

Succession Balanced - Avg SA Multi Asset High Equity

Strategy (%) Fund TER (%) Wrap TER (%)Amplify SCI Balanced 11.00 0.93 0.10Amplify SCI Flexible Equity 15.00 0.99 0.15Coronation Balanced Plus 11.00 1.16 0.13Fairtree Equity Prescient 8.00 0.79 0.06Nedgroup Global Equity Feeder 7.00 1.17 0.08PSG Flexible 12.00 0.92 0.11Satrix Balanced Index 15.00 0.37 0.06SIM Inflation Plus 11.00 0.78 0.09Truffle SCI Flexible 10.00 0.73 0.07TOTAL Underlying Manager Fee (%) 0.85Wrap Fee (incl VAT) (%) 0.29Portfolio TER (%) 1.14


Manager Selection (%) Q2 2020 Q1 2020 Q4 2019 Q3 2019ABSA Property Equity 0.00 5.00 5.00 5.00Amplify SCI Balanced 11.00 0.00 0.00 0.00Amplify SCI Flexible Equity 15.00 15.00 15.00 15.00Coronation Balanced Plus 11.00 10.00 10.00 10.00Fairtree Equity Prescient 8.00 10.00 10.00 10.00Nedgroup Global Equity Feeder 7.00 8.00 8.00 8.00PSG Flexible 12.00 15.00 15.00 15.00Satrix Balanced Index 15.00 15.00 15.00 15.00SIM Inflation Plus 11.00 12.00 12.00 12.00Truffle SCI Flexible 10.00 10.00 10.00 10.00


62


Succession Balanced - Avg SA Multi Asset High Equity

63

Benchmark Avg SA Multi Asset High Equity

Peer Group SA Multi Asset High Equity


Objective Capital growth

Risk Objective Mitigate capital loss

A

B

2019 2018 2017 2016

12.22 -4.29 11.08 0.95

9.52 -3.60 9.97 1.31


● Succession Balanced 16.41 -4.74 -4.74 -0.28 2.10 3.26 3.64

■ Avg SA Multi Asset High Equity 13.42 -1.91 -1.91 0.49 1.86 3.61 3.51



FUND BENCHMARK








Std Dev 15.49 12.44


Succession Balanced ROLLING 1 YEAR RETURNS As of 2020/06/30




64

Succession Capital Growth - Avg SA Multi Asset High Equity

Strategy (%) Fund TER (%) Wrap TER (%)Amplify SCI Flexible Equity 11.00 0.99 0.11Bateleur Flexible Prescient 12.00 0.90 0.11Centaur BCI Flexible 11.00 1.53 0.17Coronation Global Emerging Markets Flexible

4.00 1.05 0.04

Coronation Market Plus 12.00 0.74 0.09Laurium Flexible Prescient 11.00 1.20 0.13Nedgroup Global Equity Feeder 7.00 1.17 0.08PSG Flexible 12.00 0.92 0.11Satrix MSCI World Equity Index Feeder 8.00 0.44 0.04Truffle SCI Flexible 12.00 0.73 0.09TOTAL Underlying Manager Fee (%) 0.96Wrap Fee (incl VAT) (%) 0.29Portfolio TER (%) 1.25


Manager Selection (%) Q2 2020 Q1 2020 Q4 2019 Q3 2019ABSA Property Equity 0.00 5.00 5.00 5.00Amplify SCI Flexible Equity 11.00 12.00 12.00 12.00Bateleur Flexible Prescient 12.00 0.00 0.00 0.00Centaur BCI Flexible 11.00 11.00 11.00 11.00Coronation Global Emerging Markets Flexible

4.00 4.00 4.00 4.00

Coronation Market Plus 12.00 15.00 15.00 15.00Laurium Flexible Prescient 11.00 11.00 11.00 11.00Nedgroup Global Equity Feeder 7.00 7.00 7.00 7.00PSG Flexible 12.00 15.00 15.00 15.00Satrix MSCI World Equity Index Feeder 8.00 8.00 8.00 8.00Truffle SCI Flexible 12.00 12.00 12.00 12.00


65


Succession Capital Growth - Avg SA Multi Asset High Equity

66

Benchmark Avg SA Multi Asset High Equity

Peer Group SA Multi Asset High Equity


Objective Capital growth

Risk Objective Mitigate capital loss

A

B

2019 2018 2017 2016

13.76 -3.99 9.58 -1.00

9.52 -3.60 9.97 1.31


● Succession Capital Growth 15.70 -3.31 -3.31 1.21 2.93 3.61 4.12

■ Avg SA Multi Asset High Equity 13.42 -1.91 -1.91 0.49 1.86 3.61 3.51



FUND BENCHMARK








Std Dev 15.10 12.44


Succession Capital Growth ROLLING 1 YEAR RETURNS As of 2020/06/30




67

Appendices

68

ROLLING 1YR RETURNS As of 2020/06/30

J A S O N D

2017

J F M A M J J A S O N D

2018


2019


2020

J F M A M J6.0

8.0

10.0

12.0

Nedgroup Inv Core Income C3 Prescient Yield QuantPlus B3 SIM Enhanced Yield B3FTSE/JSE ALB 1-3 Yr TR ZAR

Ret

urn


-2.0

0.0

2.0

4.0

6.0


8.0

10.0

12.0


Ret

urn

3m 6m YTD 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 2016

Nedgroup Inv Core Income C3

Prescient Yield QuantPlus B3

SIM Enhanced Yield B3

FTSE/JSE ALB 1-3 Yr TR ZAR

1.49 3.42 3.42 7.53 7.97 7.99 7.15 8.10 8.15 8.39 8.22

1.74 3.85 3.85 8.24 8.59 8.57 7.58 8.64 8.78 8.77 8.82

3.39 3.15 3.15 7.64 8.97 9.18 9.35 9.59 10.00 10.96

6.25 7.55 7.55 10.56 9.74 9.04 8.01 7.50 9.14 9.64 10.06


As of 2020/06/30DRAWDOWNS

2015 2016 2017 2018 2019 2020-1.8

-1.5

-1.3

-1.0

-0.8

-0.5

-0.3

0.0


Since Common Inception (2011/06/01) to 2020/06/30RISK STATISTICS

MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Nedgroup Inv Core Income C3

Prescient Yield QuantPlus B3

SIM Enhanced Yield B3


-0.14 1.00 99.08 0.92 2.43

-1.70 1.00 93.58 6.42 1.21

100.00 0.00 3.30

-1.47 1.00 88.07 11.93 0.62

Since Common Inception (2011/06/01) to 2020/06/30ABSOLUTE RISK REWARD

Std Dev

0.0 0.5 1.0 1.5 2.0 2.5 3.00.0

2.0

4.0

6.0

8.0

10.0

12.0


Ret

urn

Source: Morningstar Direct 69


J A S O N D

2017


2018


2019


2020

J F M A M J2.0

4.0

6.0

8.0

10.0

12.0

Amplify SCI Strategic Income B2 BCI Income Plus C Coronation Strategic Income ANinety One Diversified Income Z FTSE/JSE ALB 1-3 Yr TR ZAR

Ret

urn


-2.0

0.0

2.0

4.0

6.0


8.0

10.0

12.0


Ret

urn

3m 6m YTD 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 2016Amplify SCI Strategic Income B2BCI Income Plus CCoronation Strategic Income ANinety One Diversified Income ZFTSE/JSE ALB 1-3 Yr TR ZAR

5.73 4.47 4.47 9.52 9.36 8.92 9.42 9.47 9.97 9.502.52 0.96 0.96 6.03 8.87 9.23 10.24 9.95 10.43 8.984.76 1.11 1.11 4.50 7.11 7.75 8.45 8.39 7.26 9.31 9.283.25 3.70 3.70 7.85 9.08 9.07 9.13 8.41 10.16 9.06 8.566.25 7.55 7.55 10.56 9.74 9.04 8.01 7.50 9.14 9.64 10.06



2015 2016 2017 2018 2019 2020-4.5

-3.8

-3.0

-2.3

-1.5

-0.8

0.0


2014/09/01 to 2020/06/30RISK STATISTICS

MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Amplify SCI Strategic Income B2

BCI Income Plus C

Coronation Strategic Income A

Ninety One Diversified Income Z


-2.78 1.00 92.86 7.14 0.65

-2.69 2.00 95.71 4.29 1.22

-4.23 2.00 95.71 4.29 0.21

-1.47 1.00 88.57 11.43 0.59

-0.98 1.00 98.57 1.43 1.49

2014/09/01 to 2020/06/30ABSOLUTE RISK REWARD

Std Dev

-1.0 1.0 3.0 5.0 7.0 9.00.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0


Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J2.0

4.0

6.0

8.0

10.0

12.0

Graviton SCI Flexible Income B1 Nedgroup Inv Flexible Inc A Prescient Income Provider B3SIM Active Income B1 FTSE/JSE ALB 1-3 Yr TR ZAR

Ret

urn


-2.0

0.0

2.0

4.0

6.0


8.0

10.0

12.0


Ret

urn


Graviton SCI Flexible Income B1

Nedgroup Inv Flexible Inc A

Prescient Income Provider B3

SIM Active Income B1


4.04 2.26 2.26 6.28 7.69 8.16 8.53 7.94 8.81 10.08

3.94 1.77 1.77 5.81 7.58 7.96 8.19 8.72 10.31 5.98 9.86

4.14 2.04 2.04 6.40 8.30 8.90 9.43 9.04 9.30 9.37 9.65

3.77 2.30 2.30 6.30 7.96 8.50 8.35 8.82 7.96 9.69 10.83

6.25 7.55 7.55 10.56 9.74 9.04 8.01 7.50 9.14 9.64 10.06



2015 2016 2017 2018 2019 2020-3.5

-3.0

-2.5

-2.0

-1.5

-1.0

-0.5

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Graviton SCI Flexible Income B1

Nedgroup Inv Flexible Inc A

Prescient Income Provider B3

SIM Active Income B1


-2.59 1.00 97.22 2.78 0.50

-3.24 1.00 95.83 4.17 0.39

-2.79 1.00 98.61 1.39 1.14

-2.27 1.00 97.22 2.78 0.79

-1.47 1.00 88.89 11.11 0.60


Std Dev

-1.0 1.0 3.0 5.0 7.0 9.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0


Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J-16.0-14.0

-12.0-10.0

-8.0-6.0

-4.0

-2.00.0

2.04.0

6.0

8.010.0

12.014.0

16.0

18.020.0

22.024.0

Amplify SCI Wealth Protector B1 Prudential Inflation Plus A (ASISA) South African MA Low Equity

Ret

urn


-8.0

-6.0

-4.0

-2.0

0.0


2.0

4.0

6.0

8.0

10.0

12.0


Ret

urn


Amplify SCI Wealth Protector B1

Prudential Inflation Plus A


5.96 4.34 4.34 11.22 9.18 13.49 9.31 4.43

11.04 -5.94 -5.94 -5.41 0.88 2.50 8.29 6.35 -5.00 10.29 3.61

8.34 0.56 0.56 3.23 5.20 5.18 7.65 8.58 1.24 8.39 3.59



2015 2016 2017 2018 2019 2020-17.5

-15.0

-12.5

-10.0

-7.5

-5.0

-2.5

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Amplify SCI Wealth Protector B1

Prudential Inflation Plus A


-4.61 4.00 69.57 30.43 0.25

-15.88 11.00 54.35 45.65 -0.63

-8.12 2.00 60.87 39.13 -0.41


Std Dev

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.00.0

2.0

4.0

6.0

8.0

10.0

12.0


Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J-7.5

0.0

7.5

15.0

22.5

Abax Absolute Prescient B3 Allan Gray Stable A Amplify SCI Defensive Balanced B1SIM Inflation Plus (ASISA) South African MA Low Equity

Ret

urn


-8.0

-6.0

-4.0

-2.0

0.0


2.0

4.0

6.0

8.0

10.0

12.0

14.0


Ret

urn


Abax Absolute Prescient B3

Allan Gray Stable A

Amplify SCI Defensive Balanced B1

SIM Inflation Plus


6.85 4.20 4.20 8.56 8.51 8.56 10.03 11.12 7.49 7.60 10.16

10.08 -0.41 -0.41 3.10 5.10 7.03 7.95 6.55 2.86 9.58 6.36

13.53 4.39 4.39 7.53 8.86 8.55 9.40 5.31 11.59 7.62

8.34 0.56 0.56 3.23 5.20 5.18 7.65 8.58 1.24 8.39 3.59

8.25 1.81 1.81 5.41 6.45 6.67 9.16 10.66 2.67 8.26 4.69



2015 2016 2017 2018 2019 2020-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Abax Absolute Prescient B3

Allan Gray Stable A

Amplify SCI Defensive Balanced B1

SIM Inflation Plus


-4.03 2.00 74.29 25.71 0.33

-8.86 2.00 74.29 25.71 0.30

-10.85 2.00 70.00 30.00 -0.01

-7.65 2.00 70.00 30.00 0.03

-8.12 2.00 65.71 34.29 -0.26


Std Dev

0.0 2.0 4.0 6.0 8.0 10.0 12.0-1.0

1.0

3.0

5.0

7.0

9.0

11.0

13.0

Abax Absolute Prescient B3 Allan Gray Stable A Amplify SCI Defensive Balanced B1

SIM Inflation Plus (ASISA) South African MA Low Equity

Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J-10.0

-5.0

0.0

5.0

10.0

15.0

Coronation Balanced Defensive A Ninety One Cautious Managed Z Nedgroup Inv Stable A(ASISA) South African MA Low Equity

Ret

urn


-8.0

-6.0

-4.0

-2.0

0.0


2.0

4.0

6.0

8.0

10.0

12.0

14.0


Ret

urn


Coronation Balanced Defensive A

Ninety One Cautious Managed Z

Nedgroup Inv Stable A


10.31 -0.21 -0.21 2.80 5.19 5.41 9.00 9.50 1.96 7.80 3.90

11.45 8.06 8.06 13.35 8.44 7.23 9.87 11.69 2.57 7.09 0.38

7.72 6.85 6.85 11.31 9.79 9.34 10.38 12.60 6.23

8.34

8.94 3.05

0.56 0.56 3.23 5.20 5.18 7.65 8.58 1.24 8.39 3.59



2015 2016 2017 2018 2019 2020-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Coronation Balanced Defensive A

Ninety One Cautious Managed Z

Nedgroup Inv Stable A


-10.43 2.00 75.00 25.00 0.32

-8.05 2.00 76.32 23.68 0.52

-6.08 3.00 72.37 27.63 0.42

-8.12 2.00 72.37 27.63 0.00


Std Dev

0.0 2.0 4.0 6.0 8.0 10.00.0

2.0

4.0

6.0

8.0

10.0

12.0

Coronation Balanced Defensive A Ninety One Cautious Managed Z Nedgroup Inv Stable A


Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J-5.0

-3.0

-1.0

1.0

3.0

5.0

7.0

9.0

11.0

13.0

15.0

Graviton SCI Low Equity B1 Sanlam Multi Mgd Defensive FoF A Satrix Low Equity Balanced Index C(ASISA) South African MA Low Equity

Ret

urn


-8.0

-6.0

-4.0

-2.0

0.0


2.0

4.0

6.0

8.0

10.0

12.0


Ret

urn


Graviton SCI Low Equity B1

Sanlam Multi Mgd Defensive FoF A

Satrix Low Equity Balanced Index C


8.84 2.05 2.05 5.32 6.45 6.17 10.36 1.82 8.42 3.14

8.80 3.34 3.34 6.74 6.20 5.52 7.67 8.87 3.55 5.19 1.40

11.05 0.93 0.93 3.07 5.80 5.80 8.79 0.78 10.17 4.50

8.34 0.56 0.56 3.23 5.20 5.18 7.65 8.58 1.24 8.39 3.59



2015 2016 2017 2018 2019 2020-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Graviton SCI Low Equity B1

Sanlam Multi Mgd Defensive FoF A

Satrix Low Equity Balanced Index C


-7.98 2.00 67.61 32.39 -0.07

-6.37 2.00 64.79 35.21 -0.31

-10.17 2.00 66.20 33.80 -0.11

-8.12 2.00 64.79 35.21 -0.28


Std Dev

0.0 2.0 4.0 6.0 8.0 10.0 12.0-1.0

1.0

3.0

5.0

7.0

9.0

11.0

Graviton SCI Low Equity B1 Sanlam Multi Mgd Defensive FoF A Satrix Low Equity Balanced Index C


Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J-15.0

-7.5

0.0

7.5

15.0

22.5

Discovery Moderate Balanced Graviton SCI Medium Equity B1 Nedgroup Inv Opportunity A(ASISA) South African MA Medium Equity

Ret

urn


-10.0

-7.5

-5.0

-2.5

0.0


2.5

5.0

7.5

10.0

12.5

15.0

17.5


Ret

urn


Discovery Moderate Balanced

Graviton SCI Medium Equity B1

Nedgroup Inv Opportunity A

(ASISA) South African MA Medium Equity

12.35 -1.60 -1.60 0.90 4.88 4.84 9.91 -0.39 11.29 2.24

11.44 0.89 0.89 4.05 5.46 4.77 11.79 -3.75 10.42 0.68

13.88 -9.67 -9.67 -4.82 0.56 2.73 16.17 -2.63 2.97 9.64

11.32 -0.31 -0.31 2.16 4.47 4.19 8.11 9.47 -1.77 9.28 1.54



2015 2016 2017 2018 2019 2020-25.0

-20.0

-15.0

-10.0

-5.0

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Discovery Moderate Balanced

Graviton SCI Medium Equity B1

Nedgroup Inv Opportunity A


-13.88 2.00 64.71 35.29 0.04

-10.79 2.00 64.71 35.29 -0.02

-20.68 3.00 62.35 37.65 0.00

-11.29 2.00 65.88 34.12 -0.10


Std Dev

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.00.0

2.0

4.0

6.0

8.0

10.0

12.0

Discovery Moderate Balanced Graviton SCI Medium Equity B1 Nedgroup Inv Opportunity A


Ret

urn


J A S O N D

2017


2018


2019


2020

J F M A M J-20.0

-10.0

0.0

10.0

20.0

30.0

Nedgroup Inv Balanced A Prudential Balanced A SIM Balanced RAmplify SCI Balanced B1 (ASISA) South African MA High Equity

Ret

urn


-10.0

-5.0

0.0

5.0

10.0


15.0

20.0

25.0


Ret

urn


Nedgroup Inv Balanced A

Prudential Balanced A

SIM Balanced R

Amplify SCI Balanced B1

(ASISA) South African MA High Equity

11.49 1.73 1.73 10.18 6.53 5.41 15.68 0.72 4.47 -3.17

16.46 -4.94 -4.94 -4.05 2.85 3.63 9.95 8.77 -3.30 11.79 3.95

15.58 -5.78 -5.78 -2.63 2.50 3.54 9.02 13.02 -5.29 10.84 5.36

21.65 -1.15 -1.15 -0.25 7.05 10.23 1.75 17.26 4.79

13.47 -1.87 -1.87 0.54 3.63 3.52 8.14 9.52 -3.60 9.97 1.31

2015 2016 2017 2018 2019 2020-20.0

-15.0

-10.0

-5.0

0.0


MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Nedgroup Inv Balanced A

Prudential Balanced A

SIM Balanced R

Amplify SCI Balanced B1


-10.02 2.00 54.17 45.83 -0.21

-19.21 11.00 60.42 39.58 -0.27

-18.97 2.00 58.33 41.67 -0.27

-19.46 11.00 64.58 35.42 0.09

-14.12 2.00 62.50 37.50 -0.36

Std Dev

0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0-10.0

-6.0

-2.0

2.0

6.0

10.0

14.0

18.0

Nedgroup Inv Balanced A Prudential Balanced A SIM Balanced R

Amplify SCI Balanced B1 (ASISA) South African MA High Equity

Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J-15.0

-7.5

0.0

7.5

15.0

22.5

Coronation Balanced Plus A Ninety One Opportunity D (ASISA) South African MA High Equity

Ret

urn


-10.0

-5.0

0.0

5.0

10.0


15.0

20.0


Ret

urn


Coronation Balanced Plus A

Ninety One Opportunity D


14.91 -2.78 -2.78 1.74 3.61 3.68 9.91 12.77 -6.34 12.69 0.54

9.70 6.66 6.66 9.04 6.36 6.27 8.62 11.07 -2.29 7.56 -0.61

13.47 -1.87 -1.87 0.54 3.63 3.52 8.14 9.52 -3.60 9.97 1.31



2015 2016 2017 2018 2019 2020-20.0

-15.0

-10.0

-5.0

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Coronation Balanced Plus A

Ninety One Opportunity D


-9.38 4.00 58.33 41.67 -0.29

-16.02 2.00 56.25 43.75 -0.27

-14.12 2.00 62.50 37.50 -0.36


Std Dev

0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0-10.0

-6.0

-2.0

2.0

6.0

10.0

14.0

18.0


Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J-15.0

-7.5

0.0

7.5

15.0

22.5

Graviton SCI Balanced B1 Nedgroup Inv Core Diversified B Sanlam Multi Mgd Balanced FoF ASatrix Balanced Index C (ASISA) South African MA High Equity

Ret

urn


-10.0

-5.0

0.0

5.0

10.0


15.0

20.0


Ret

urn


Graviton SCI Balanced B1

Nedgroup Inv Core Diversified B

Sanlam Multi Mgd Balanced FoF A

Satrix Balanced Index C


16.48 -0.81 -0.81 0.83 4.56 4.38 10.17 9.19 -3.61 12.39 2.58

14.93 -2.34 -2.34 0.88 4.14 3.98 11.92 -5.44 12.12 0.87

16.84 -1.63 -1.63 1.94 3.70 3.67 8.62 10.91 -3.46 6.88 2.37

15.72 -3.13 -3.13 -1.92 5.67 5.13 10.49 -5.63 19.82 4.68

13.47 -1.87 -1.87 0.54 3.63 3.52 8.14 9.52 -3.60 9.97 1.31



2015 2016 2017 2018 2019 2020-17.5

-15.0

-12.5

-10.0

-7.5

-5.0

-2.5

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Graviton SCI Balanced B1

Nedgroup Inv Core Diversified B

Sanlam Multi Mgd Balanced FoF A

Satrix Balanced Index C


-15.88 2.00 65.00 35.00 -0.05

-15.36 2.00 61.25 38.75 0.00

-16.33 2.00 61.25 38.75 -0.10

-17.02 5.00 62.50 37.50 0.01

-14.12 2.00 62.50 37.50 -0.17


Std Dev

0.0 3.0 6.0 9.0 12.0 15.0 18.0-3.0

0.0

3.0

6.0

9.0

12.0

15.0

Graviton SCI Balanced B1 Nedgroup Inv Core Diversified B Sanlam Multi Mgd Balanced FoF A

Satrix Balanced Index C (ASISA) South African MA High Equity

Ret

urn


J A S O N D

2017


2018


2019


2020

J F M A M J-15.0

-7.5

0.0

7.5

15.0

22.5

Bateleur Flexible Prescient B3 Centaur BCI Flexible A Laurium Flexible Prescient B3(ASISA) South African MA Flexible

Ret

urn


-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0



Ret

urn


Bateleur Flexible Prescient B3

Centaur BCI Flexible A

Laurium Flexible Prescient B3

(ASISA) South African MA Flexible

17.60 11.72 11.72 13.62 8.89 7.53 16.00 8.84 -1.98 13.03 -1.94

17.50 -3.48 -3.48 1.80 4.95 6.01 14.52 14.88 -6.40 14.55 9.66

19.69 -0.92 -0.92 -0.21 5.35 5.44 11.04 -2.11 12.76 -0.60

12.71 -1.75 -1.75 0.34 2.74 2.40 7.96 7.95 -4.34 8.69 1.41

2015 2016 2017 2018 2019 2020-20.0

-15.0

-10.0

-5.0

0.0


MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Bateleur Flexible Prescient B3

Centaur BCI Flexible A

Laurium Flexible Prescient B3


-9.05 3.00 65.17 34.83 0.62

-17.85 3.00 61.80 38.20 0.40

-17.76 11.00 65.17 34.83 0.52

-12.91 2.00 59.55 40.45 -0.10

Std Dev

0.0 3.0 6.0 9.0 12.0 15.0 18.0-3.0

0.0

3.0

6.0

9.0

12.0

15.0

18.0

Bateleur Flexible Prescient B3 Centaur BCI Flexible A Laurium Flexible Prescient B3


Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J-40.0

-20.0

0.0

20.0

40.0

PSG Flexible A Amplify SCI Flexible Equity B2 Truffle SCI Flexible A(ASISA) South African MA Flexible

Ret

urn


-25.0

-20.0

-15.0

-10.0

-5.0


0.0

5.0

10.0

15.0

20.0


Ret

urn


PSG Flexible A

Amplify SCI Flexible Equity B2

Truffle SCI Flexible A


16.86 -18.56 -18.56 -19.14 -5.45 -0.58 8.45 -1.55 -4.16 9.97 17.67

16.88 -13.09 -13.09 -6.96 1.19 1.14 15.83 -8.62 11.40 -3.02

11.18 1.68 1.68 11.10 7.27 5.85 16.83 1.17 6.98 -4.61

12.71 -1.75 -1.75 0.34 2.74 2.40 7.96 7.95 -4.34 8.69 1.41



2015 2016 2017 2018 2019 2020-37.5

-30.0

-22.5

-15.0

-7.5

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

PSG Flexible A

Amplify SCI Flexible Equity B2

Truffle SCI Flexible A


-36.42 19.00 57.14 42.86 -0.32

-12.91 2.00 57.14 42.86 -0.36

-25.65 3.00 61.43 38.57 -0.20

-9.94 2.00 60.00 40.00 0.12


Std Dev

0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0-9.0

-5.0

-1.0

3.0

7.0

11.0

15.0

19.0

PSG Flexible A Amplify SCI Flexible Equity B2 Truffle SCI Flexible A


Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J-40.0

-20.0

0.0

20.0

40.0

Coronation Equity R Fairtree Equity Prescient B3 Laurium Equity Prescient B3Nedgroup Inv Rainmaker A FTSE/JSE All Share SWIX TR ZAR

Ret

urn


-22.5

-15.0

-7.5

0.0

7.5


15.0

22.5

30.0

37.5

45.0


Ret

urn


Coronation Equity R

Fairtree Equity Prescient B3

Laurium Equity Prescient B3

Nedgroup Inv Rainmaker A

FTSE/JSE All Share SWIX TR ZAR

18.79 -2.04 -2.04 4.12 3.69 3.47 11.40 16.90 -12.80 17.25 3.55

41.39 -1.91 -1.91 7.62 11.17 8.43 21.98 -4.08 21.47 10.72

25.83 -9.36 -9.36 -9.55 2.22 1.27 8.59 -6.42 19.74 -2.97

21.41 -10.53 -10.53 -12.18 -3.06 -1.53 7.25 3.53 -12.71 16.51 -2.03

22.09 -6.33 -6.33 -6.09 2.00 2.08 10.61 9.32 -11.67 21.21 4.13



2015 2016 2017 2018 2019 2020-35.0

-30.0

-25.0

-20.0

-15.0

-10.0

-5.0

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Coronation Equity R

Fairtree Equity Prescient B3

Laurium Equity Prescient B3

Nedgroup Inv Rainmaker A

FTSE/JSE All Share SWIX TR ZAR

-18.57 28.00 57.33 42.67 -0.11

-30.62 3.00 56.00 44.00 0.26

-30.03 11.00 57.33 42.67 -0.03

-34.63 28.00 53.33 46.67 -0.31

-26.03 28.00 56.00 44.00 -0.11


Std Dev

0.0 5.0 10.0 15.0 20.0 25.0 30.0-9.0

-5.0

-1.0

3.0

7.0

11.0

15.0

Coronation Equity R Fairtree Equity Prescient B3 Laurium Equity Prescient B3

Nedgroup Inv Rainmaker A FTSE/JSE All Share SWIX TR ZAR

Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J-40.0

-20.0

0.0

20.0

40.0

Coronation Global Em Mkts Flex [ZAR] A Nedgroup Inv Global Flexible FF R (ASISA) Global MA Flexible

Ret

urn


0.0

5.0

10.0

15.0

20.0


25.0

30.0

35.0


Ret

urn


Coronation Global Em Mkts Flex [ZAR] A

Nedgroup Inv Global Flexible FF R

(ASISA) Global MA Flexible

16.58 14.03 14.03 21.42 13.42 11.39 13.29 31.34 -13.42 26.22 1.23

9.61 11.58 11.58 17.68 11.08 10.59 13.84 16.97 6.71 -1.22 -4.28

8.76 14.11 14.11 20.36 11.51 9.65 13.11 15.82 3.93 5.05 -8.36



2015 2016 2017 2018 2019 2020-25.0

-20.0

-15.0

-10.0

-5.0

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Coronation Global Em Mkts Flex [ZAR] A

Nedgroup Inv Global Flexible FF R

(ASISA) Global MA Flexible

-38.61 9.00 58.00 42.00 0.27

-27.05 15.00 52.00 48.00 0.27

-23.63 15.00 56.67 43.33 0.24

ABSOLUTE RISK REWARD Since Common Inception (2008/01/01) to 2020/06/30

Std Dev

0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.00.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0


Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J-20.0

0.0

20.0

40.0

Nedgroup Inv Global Equity FF A Ninety One Global Franchise FF A MSCI World NR USD

Ret

urn


0.0

5.0

10.0

15.0

20.0


25.0

30.0

35.0

40.0


Ret

urn


Nedgroup Inv Global Equity FF A

Ninety One Global Franchise FF A

MSCI World NR USD

9.05 15.42 15.42 25.97 15.67 14.61 18.74 25.30 8.59 10.08 -9.07

10.67 24.16 24.16 33.50 19.27 17.04 18.37 23.83 10.85 10.85 -12.74

16.12 17.09 17.09 26.72 17.23 14.85 19.33 24.11 6.07 10.81 -5.12



2015 2016 2017 2018 2019 2020-20.0

-15.0

-10.0

-5.0

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Nedgroup Inv Global Equity FF A

Ninety One Global Franchise FF A

MSCI World NR USD

-44.53 16.00 56.25 43.75 0.20

-45.18 16.00 56.70 43.30 0.20

-50.09 15.00 58.48 41.52 0.21


Std Dev

0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.00.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0


Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J-10.0

0.0

10.0

20.0

30.0

40.0

Old Mutual Global Equity R Satrix MSCI World Equity Index FF C MSCI World NR USD

Ret

urn


0.0

5.0

10.0

15.0

20.0


25.0

30.0

35.0

40.0


Ret

urn


Old Mutual Global Equity R

Satrix MSCI World Equity Index FF C

MSCI World NR USD

13.11 15.64 15.64 25.10 16.20 14.13 23.85 5.06 10.49 -5.73

14.98 13.91 13.91 21.08 14.14 13.45 21.17 19.64 2.38 13.17 -4.28

16.12 17.09 17.09 26.72 17.23 14.85 19.33 24.11 6.07 10.81 -5.12



2015 2016 2017 2018 2019 2020-20.0

-15.0

-10.0

-5.0

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Old Mutual Global Equity R

Satrix MSCI World Equity Index FF C

MSCI World NR USD

-15.87 5.00 57.50 42.50 0.55

-19.42 4.00 61.25 38.75 0.58

-15.01 5.00 58.75 41.25 0.63


Std Dev

0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.00.0

3.0

6.0

9.0

12.0

15.0

18.0

21.0


Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J-20.0

0.0

20.0

40.0

Coronation Market Plus A Coronation Optimum Growth A Foord Flexible FoF A(ASISA) Wwide MA Flexible

Ret

urn


-10.0

-5.0

0.0

5.0

10.0


15.0

20.0

25.0

30.0


Ret

urn


Coronation Market Plus A

Coronation Optimum Growth A

Foord Flexible FoF A

(ASISA) Wwide MA Flexible

17.26 -3.51 -3.51 0.71 2.41 3.81 10.34 13.28 -6.86 10.36 5.04

13.36 18.66 18.66 26.75 15.59 13.33 16.93 26.94 -1.18 13.73 -3.54

15.23 12.60 12.60 20.44 8.73 7.73 14.20

13.01

13.71 -0.74 5.58 -4.38

6.48 6.48 10.95 7.66 6.63 11.39 13.57 -1.30 7.79 -4.19



2015 2016 2017 2018 2019 2020-20.0

-15.0

-10.0

-5.0

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Coronation Market Plus A

Coronation Optimum Growth A

Foord Flexible FoF A

(ASISA) Wwide MA Flexible

-31.65 9.00 61.64 38.36 0.42

-19.57 9.00 63.01 36.99 0.27

-12.98 5.00 66.44 33.56 0.54

-22.70 9.00 60.27 39.73 0.17

ABSOLUTE RISK REWARD Since Common Inception (2008/05/01) to 2020/06/30

Std Dev

0.0 3.0 6.0 9.0 12.0 15.0 18.00.0

3.0

6.0

9.0

12.0

15.0

18.0


Ret

urn



J A S O N D

2017


2018


2019


2020

J F M A M J6.5

7.0

7.5

8.0

8.5

Allan Gray Money Market Coronation Money Market A Nedgroup Inv Money Market RNinety One Money Market R STeFI Composite ZAR

Ret

urn


0.8

1.5

2.3

3.0

3.8


4.5

5.3

6.0

6.8

7.5

8.3


Ret

urn


Allan Gray Money Market

Coronation Money Market A

Nedgroup Inv Money Market R

Ninety One Money Market R

STeFI Composite ZAR

1.45

1.58

3.28 3.28

3.42 3.42

7.16 7.57 7.56

7.33

6.66

7.64

7.76

7.59

7.68

6.70 7.72 7.76 7.99 7.63

7.93 7.72

1.36 3.10 3.10 6.84 7.27 7.31 6.46 7.44 7.41 7.70 7.54

1.46 3.18 3.18 6.86 7.17 7.20 6.48 7.29 7.25 7.54 7.39

1.36 3.10 3.10 6.84 7.29 7.32 6.46 7.47 7.46 7.70 7.50



2015 2016 2017 2018 2019 2020-10.0

0.0



MaxDrawdown

MaxDrawdown #

Periods

UpPeriod

Percent

DownPeriod

Percent

SharpeRatio

Allan Gray Money Market

Coronation Money Market A

Nedgroup Inv Money Market R

Ninety One Money Market R

STeFI Composite ZAR

100.00 0.00 0.77

100.00 0.00 0.63

100.00 0.00 -0.30

100.00 0.00 -0.80

100.00 0.00


Std Dev

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.70.0

2.0

4.0

6.0

8.0

10.0


Ret

urn


Interest Bearing Money Market TER Interest Bearing Short Term TER Interest Bearing Variable Term TER

Glacier Money Market 0.23% GMMF Nedgroup Inv Core Income (Taquanta) 0.30% NICPC Coronation Bond 0.42%

Prescient Yield Quant Plus 0.48% PCQFB5 Prescient Bond Quant Plus 0.63%

SIM Enhanced Yield 0.49% SEYB1 Sanlam Select Bond Plus (Matrix) 0.53%

SMM Yield Plus (Futuregrowth) 0.80% SBTB Satrix Bond Index 0.24%

Stanlib Income 0.68% SIFB6 SMM Bond (Prescient Bond Quant) 0.10%

SMM Inflation Linked Bond (SSS) 0.61%

Stanlib Bond 0.86%

Multi Asset Income TER Multi Asset Low Equity TER Multi Asset Medium Equity TER

Amplify SCI Strategic Income (Terebinth) 0.60% SPPB3 Abax Absolute 0.69% AAPB5 Amplify SCI Absolute (Matrix) 0.99%

BCI Income Plus 0.45% BCIPFE Allan Gray Stable 1.00% AGSC Discovery Moderate Balanced 1.65%

Coronation Strategic Income 0.54% CSIB4 Amplify SCI Defensive Balanced (Matrix) 0.82% SPLB3 Foord Conservative 0.79%

Graviton SCI Flexible Income 0.75% GSFA1 Amplify SCI Wealth Protector (Truffle) 0.94% SSWB3 Graviton SCI Medium Equity 1.32%

Nedgroup Inv Flexible Income (Abax) 0.61% NEIFB Coronation Balanced Defensive 1.11% CBDB4 Nedgroup Inv Opportunity (Abax) 1.14%

Ninety One Diversified Income 0.49% IDICI Graviton SCI Low Equity 1.28% GSLB1 Old Mutual Albaraka Balanced 1.23%

Prescient Income Provider 0.49% PIPFB6 Nedgroup Inv Stable (Foord) 1.47% NISA

SIM Active Income 0.70% SIAB4 Ninety One Cautious Managed 0.96% CMFI

Prudential Inflation Plus 0.93% PRCB

Sasfin BCI Stable 0.88% SMSFCA

Satrix Low Equity Balanced Index 0.36% SLEB1

SIM Inflation Plus 0.78% SAIB4

SMM Defensive FoF 1.19% SADF

Multi Asset High Equity TER Multi Asset Flexible TER Real Estate General TER

Abax Balanced Prescient 0.82% ABPB4 36ONE BCI Flexible Opportunity 1.34% TBOC1 ABSA Property 0.69%

Allan Gray Balanced 1.26% AGBC Amplify SCI Flexible Equity (Abax) 0.99% SBB2 Catalyst SA Property Equity Prescient 1.31%

Amplify SCI Balanced (Laurium) 0.93% AMSFB3 Bateleur Flexible Prescient 0.90% BFPB1 Satrix Property Index 0.29%

Aylett Balanced Prescient 1.19% AYPA1 Centaur BCI Flexible 1.53% CMFCC Sesfikile BCI Property 0.78%

Centaur BCI Balanced 1.21% CBBFB Laurium Flexible Prescient 1.20% LFPB4 SMM Inst. Positive Return 3 (Truffle Flex Prop) 0.83%

Coronation Balanced Plus 1.16% CBFB4 PSG Flexible 0.92% PFFMC SMM Property 0.60%

Discovery Balanced 1.96% DBFD SMM Flexible Equity (Truffle Flexible) 0.85% SPRO

Foord Balanced 0.98% FBCB2 Truffle SCI Flexible 0.73% TSFH

Graviton SCI Balanced 1.28% GSBB1

Kagiso Islamic Balanced 1.04% KAICB

Nedgroup Inv Balanced (Truffle) 1.07% TMBFG

Nedgroup Inv Core Diversified 0.46% NIDCB VIAB1

Ninety One Opportunity 1.16% OPPJ VIAB1

Obsidian SCI Balanced 1.22% OSBB1

Prescient Living Planet 1.34% PLPB1 SBB2

Prudential Balanced 0.93% PRAB

PSG Balanced 1.17% PBFE

Rezco Managed Plus 1.30% RPFC1

Rezco Value Trend 1.28% RVTC1

Satrix Balanced Index 0.37% STIB1

SIM Balanced 1.19% SBCB3

SMM Balanced FoF 1.17% SAOF

SAOF

Equity General TER Equity Large Caps TER Global Multi Asset Low Equity TER

36ONE BCI Equity 3.02% MNTR Satrix Equally Weighted Top 40 Index 0.42% STWB1 Ninety One Global Multi-Asset Income Feeder 1.31%

Amplify SCI Equity (Sentio) 1.05% SMGB7

Aylett Equity Prescient 1.18% AYEF

Bateleur Equity Prescient 0.93% BEPFB4

Coronation Equity 0.62% CECB4

Coronation Top 20 0.56% CTTB4

Fairtree Equity Prescient 0.79% FIPFS1

Foord Equity 0.14% FECB2

Kagiso Equity Alpha 1.61% KEAB1

Laurium Equity 1.18% LEPA1

Marriott Dividend Growth 0.89% MDGC

Mazi Asset Management Prime Equity 0.94% MCEFB2

Nedgroup Inv Rainmaker 1.28% NIRB

Ninety One Equity 0.61% EQTI

Ninety One Value 1.32% VALI

Obsidian SCI Equity 2.08% OSEB3

Prudential Dividend Maximiser 1.70% PDMB

Prudential Equity 1.73% PEFB

PSG Equity 1.77% PEFE

Rezco Equity 1.20% REFC1

Satrix ALSI Index 0.35% STAB1

Satrix Dividend Plus Index 0.37% STDB1

Satrix Momentum Index 0.45% SMFB2

Satrix RAFI 40 Index 0.53% STRB1

SIM General Equity 1.05% SGEB6

SIM Top Choice Equity 1.33% STTB4

SMM Equity Index (SWIX) 0.60% SMEB5

SMM Equity FoF 1.83% SAEF

Truffle SCI General Equity 0.89% TRGEC

Global Multi Asset High Equity TER Global Multi Asset Flexible TER Global Equity General TER

Coronation Global Managed 1.01% CGMB4 Coronation Global Em Mkts Flex 1.05% CGEMB4 Glacier Global Stock FF 1.41%

Ninety One Global Strategic Managed 1.39% GBFH Nedgroup Inv Global Flexible FF 1.17% NEIG Nedgroup Inv Global Equity FF (Veritas) 1.17%

Ninety One Global Franchise FF 1.06%

Old Mutual Global Equity 1.63%

Satrix MSCI World Equity Index FF 0.44%

SPW Global High Quality FF 1.64%

Global Real Estate General TER Worldwide Multi Asset Flexible TER

Catalyst Global Real Estate Prescient FF 1.44% CGRE Coronation Market Plus 0.74% CMPL4

Nedgroup Inv Global Property 1.24% NEFCB Coronation Optimum Growth 1.14% COGFB4

Foord Flexible FoF 0.51% FFCB2

The Buy list (Preferred list) of funds above follows the rigorous and thorough investment research and analysis process of both the SMM and Glacier research teams. Each fund was carefully selected per category, in order to ensure that they are best in class and assist in the

combination with other strategies/funds. Together, both team have done a comprehensive due diligence per strategy/fund, to ensure investors comfort and peace-of-mind when investing in any of the funds listed above. TER's listed are based on the fee classes available on the

Glacier Platform.

PLEASE NOTE: THIS DOCUMENT IS FOR INTERNAL USE ONLY

*An estimated Total Expense Ratio (TER) is reflected due to insufficient track record.

The TERs disclosed are generally the institutional class (clean class) of the CIS. This entails that a Linked Investment Service Provider does not receive a rebate for housing this class of fund on their platform.

Contac t Us

This document is intended for use by financial intermediaries. The

information in this document is provided for information purposes only

and any opinions expressed and information provided by any employee,

officer or director of Sanlam and any of its subsidiaries during and

pursuant to this presentation should not be construed as the rendering of

advice to clients. Although we have taken reasonable steps to ensure the

accuracy of the information, neither Sanlam nor any of its subsidiaries

accept any liability whatsoever for any direct, indirect or consequential

loss arising from the use of, or reliance in any manner on the information

provided in this document.

Glacier Financial Solutions (Pty) Ltd. | A member of the Sanlam Group |

Private Bag X5 | Tyger Valley 7536 | Email [email protected]

| Tel +27 21 917 9002 / 0860 452 364 | Fax +27 21 947 9210 | Web

www.glacier.co.za | Twitter @GlacierBySanlam | Reg No 1999/025360/07

| Licensed Discretionary Financial Services Provider FSP 770, trading as

Glacier Invest.

Sanlam Multi-Manager International (Pty) Ltd. | A member of the Sanlam

Group | Private Bag X8 | Tyger Valley 7536 | Tel +27 21 950 2600 | Fax

+27 21 950 2126 | Web www.smmi.com | Reg No 2002/030939/07 |

Licensed Discretionary Financial Services Provider, acting as Juristic

Representative under the Glacier Financial Solutions FSP 770

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