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27four Shari'ah Multi-Managed Balanced FundInvestment Monthly Report

31 May 2018

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www.27four.cominfo@27four.com@27four+27 11 442 2464Firestation Rosebank, Fifth Floor, 16 Baker Street, Rosebank, 2196

INDEX PAGE

1. Market Index Performance 2

2. 27four Shari'ah Multi-Managed Balanced Fund 3

3. Monthly Fund Performance 3

4. Performance Analysis and Risk Summary 3

5. Asset Manager and Asset Allocation 3

6. Underlying Asset Managers Performance 4

Market Index Performance

1 Month 3 Months 6 Months YTD 1 Year 3 Years (Ann.)

SWIX All Share -4.73% -5.61% -7.50% -7.36% 4.54% 4.54%

Shari'ah Equity Category Average -1.40% 0.88% -1.35% 0.47% 5.89% 3.35%

Shari'ah Capped Top 40 -2.20% 2.55% -9.46% -1.63% -2.53% -3.58%

SAPY -5.92% 0.34% -15.12% -18.56% -6.45% 2.00%

ALBI -1.95% -0.63% 11.15% 5.20% 10.44% 8.12%

MSCI World Gross TR Index (ZAR)

2.64% 7.44% -5.01% 3.40% 8.97% 9.86%

MSCI World Islamic Net TR Index (ZAR)

2.81% 9.88% -5.18% 3.01% 6.98% 7.50%

MSCI EFM Africa ex ZA (ZAR) -6.27% 0.39% -8.64% 0.37% 3.17% -4.03%

STeFI 0.59% 1.79% 3.58% 2.96% 7.39% 7.26%

Bloomberg Barclays Global Aggregate Bond Index (ZAR)

1.13% 6.26% -7.65% 1.56% -1.19% 4.10%

Dow Jones Sukuk Index (ZAR) 2.13% 7.38% -8.28% 0.99% -3.14% 3.60%

1 Year Index Performance

3 Years (Ann.) Index Performance

Fund Information

Portfolio Name 27four Shari'ah Multi-Managed Balanced Fund

Investment Manager 27four Investment Managers (Pty) Ltd

Inception Date January 2009

Independent Fund Administrator Prescient Life

Regulation 28 Compliant Yes

Strategic Benchmark SA Equity: FTSE/JSE Capped Shariah Top 40 Index, Newplat: Price of platinum, SA Income: STeFI International: Global indices composite, Global Sukuk: Dow Jones Global Sukuk Index

Low Med High

Fund Description

The portfolio is a moderately high risk multi-managed, multi-asset class portfolio providingasset class and fund manager diversification by investing in a combination of Shari’ahcompliant equity funds, both locally and internationally, Islamic income and commodityproducts. Suitable for investors with a long-term investment horizon. The primary objectivesare moderate to aggressive capital growth and income generation.

Monthly Fund Performance

2014 2015 2016 2017 2018MONTHJanuary 1.07% 0.16% -1.96% 1.48% 0.09%

February 1.33% 2.85% 2.14% -0.24% -1.85%

March 0.29% -0.38% 0.62% 1.22% -0.79%

April 1.16% 1.88% 0.54% 0.10% 3.24%

May 1.33% -0.01% 2.11% -0.85% -0.34%

June 1.68% -1.27% -2.51% -0.73% -

July 1.19% 2.49% 0.54% 2.11% -

August 0.29% -0.25% 1.62% 1.33% -

September 0.37% -0.88% -1.59% 0.81% -

October -1.29% 3.51% -2.28% 3.32% -

November -0.14% 0.22% 0.90% -0.97% -

December 1.22% 2.34% -0.35% -2.16% -2014 2015 2016 2017 2018

Year 8.80% 11.04% -0.38% 5.41% 0.28%

Performance Analysis and Risk Analysis

Fund Strategic Benchmark1 Month -0.34% 0.19%

3 Months 2.07% 3.40%

6 Months -1.89% -4.40%

YTD 0.28% 1.21%

1 Year 3.93% 2.78%

3 Years (Ann.) 3.81% 2.60%

5 Years (Ann.) 6.64% 4.28%

Inception (Ann.) 8.50% 7.25%

% Positive Month 64.60% 63.72%

Best Month 7.73% 8.31%

Worse Month -3.66% -5.55%

Volatility (Ann.) 5.79% 7.06%

Maximum Drawdown -5.57% -8.83%

Tracking Error 3.17% -

*Risk stats are calculated since inception

Underlying Manager Breakdown Asset Allocation

Fund Name Weighting

SA Murabahah Contracts Murabahah Contracts 26.83%

SA Income 27four Shari'ah Income Prescient Fund 2.70%

SA Equity Old Mutual Albaraka Equity 13.78%

SA Equity Kagiso Islamic Equity 13.81%

SA Equity Sentio SCI Hikma Shariah General Equity Fund 10.90%

SA Equity 27four Shari'ah Active Equity Prescient Fund 10.96%

SA Listed Property Shari'ah SA Listed Property 0.91%

SA Non-Interest Bearing Cash SA Non-Interest Bearing Cash 0.82%

Commodities NewPlat ETF 2.03%

Commodities NewGold ETF 2.76%

Offshore Equity iShares MSCI World Islamic UCITS ETF 10.71%

Offshore Listed Property QInvest PGIM Liquid Real Estate Fund 1.45%

Offshore Sukuk Franklin Templeton Global Sukuk Fund 1.78%

Africa Lotus Capital 0.55%

Underlying Asset Managers Performance

1 Month 3 Months 6 Months YTD 1 Year 2 Years (Ann.) 3 Years (Ann.) 5 Years (Ann.)

27four Shari'ah Multi-Managed Balanced Fund -0.34% 2.07% -1.89% 0.28% 3.93% 0.89% 3.81% 6.64%

Sentio SCI Hikma Shariah General Equity Fund -2.46% 0.54% - - - - - -

27four Shari'ah Active Equity Prescient Fund -0.21% 2.85% -0.80% 1.45% 5.63% 3.34% 4.62% 9.90%

Old Mutual Albaraka Equity -2.48% -1.59% -2.68% -2.92% 4.82% 0.47% 3.92% 7.61%

Kagiso Islamic Equity -0.66% 0.84% -1.46% 0.74% 8.80% 7.79% 6.35% 7.66%

Shari'ah Capped Top 40 -2.20% 2.55% -9.46% -1.63% -2.53% -4.67% -3.58% -1.32%

Shari'ah Equity Category Average -1.40% 0.88% -1.35% 0.47% 5.89% 3.73% 3.35% 5.46%

Shari'ah SA Listed Property -6.89% 2.70% -24.58% -25.66% - - - -

SAPY -5.92% 0.34% -15.12% -18.56% - - - -

Murabahah Contracts 0.60% 1.79% 3.74% 3.10% 7.74% 7.32% 6.95% 6.31%

STeFI 0.59% 1.79% 3.58% 2.96% 7.39% 7.50% 7.26% 6.67%

NewGold ETF 0.70% 6.29% -5.43% 3.00% -1.75% -7.77% - -

Gold Spot (ZAR) 0.98% 6.66% -4.80% 3.29% -0.08% -6.79% - -

NewPlat ETF 1.44% -0.59% -10.56% 0.36% -8.08% -13.68% -5.82% -

NewPlat ETF 1.44% -0.59% -10.56% 0.36% -8.04% -13.67% -5.73% -

Franklin Templeton Global Sukuk Fund 1.01% 5.67% -9.42% -0.33% -4.64% -9.34% 2.15% 6.43%

Dow Jones Sukuk Index (ZAR) 2.13% 7.38% -8.28% 0.99% -3.14% -8.24% 3.60% 7.80%

Global Composite 1.04% 8.38% -5.10% 2.36% 5.12% -0.84% 7.38% 11.30%

Global Indices Composite (ZAR) 3.96% 8.19% -4.39% 4.56% 10.84% 1.03% 8.75% 12.88%

iShares MSCI World Islamic UCITS ETF 1.27% 8.72% -5.31% 2.31% - - - -

MSCI World Islamic Net TR Index (ZAR) 2.81% 9.88% -5.18% 3.01% - - - -

Shari'ah Advisory Board

Mufti Ahmed Suliman (Chairman)Mufti Mohammed AshrafMufti Zaid Haspatel

www.27four.cominfo@27four.com@27four+27 11 442 2464Firestation Rosebank, Fifth Floor, 16 Baker Street, Rosebank, 2196

Disclaimer: 27four Investment Managers (Pty) Ltd is a licensed financial services provider in terms of Section 8of the Financial Advisory and Intermediary Services Act, 37 of 2002, as amended, FAIS licence number 31045.This information is not advice as defined and contemplated in the Financial Advisory and Intermediary ServicesAct, 37 of 2002, as amended. Past investment returns are not indicative of future returns. 27four InvestmentManagers (Pty) Ltd shall not be liable for any actions taken by any person based on the correctness of thisinformation.