standard bank international funds limited october 2015...standard bank international funds limited...

Standard Bank International Funds Limited

October 2015

1


Standard Bank International Funds Limited (the “Fund”) is a registered Fund of Funds incorporated in Jersey that offers a range of international investment strategies. The Multi Manager Global Equity and Multi Manager Global Balanced classes of the Fund have been approved in South Africa by the Financial Services Board, however the classes are not approved for distribution outside of South Africa.

The Fund benefits from a highly qualified Asset Management team with over 25 investment professionals based in multiple global locations and assets under management in excess of US$4billion.

A clear investment philosophy guides all investment decisions, specifically the belief that superior long-term investment returns are best achieved by investing in long-term structural growth opportunities identified by fundamental research. The heart of the investment process is the identification and continuous challenging of the highest quality opportunities to suit prevailing market conditions. A unique and durable competitive advantage, as well as considering the relative and absolute valuation is key. This should lead to sustainable growth and long-term wealth creation for patient investors.

Asset allocation is the prime driver of investment performance and for this reason the investment strategy group constantly endeavor to get this aspect right. The focus on relative valuation and the long-term prospects for the various asset classes allows for a flexible and dynamic allocation policy. Risk management is also a fundamental aspect of this process, with ongoing assessments of the risks taken and whether clients can be rewarded for taking them.

The Investment Team

A dedicated team of highly experienced investment professionals are focused on evaluation, selection and blending of funds from the global universe. The team has over 50 years of combined experience in managing fund of funds assets and has extensive global knowledge and understanding of the best investment expertise available.

The team is based in multiple jurisdictions, to ensure close contact is maintained with a chosen manager and abreast of ever change in industry and regulatory dynamics.

The team also benefits from the extensive expertise of the internal asset allocation committees and the global reach of the Standard Bank Group.

Multi Manager Approach

The Fund provides investors with a diversified exposure to global markets via an actively managed portfolio of the world’s leading fund managers. The underlying managers are chosen for their expertise and investment track record in a specific area and then carefully blended with other specialist funds with the objective of providing long term returns and smoothing market volatility.

The appropriate number of underlying funds will vary from strategy to strategy, however the goal is diversification. Based on the premise that no single investment manager or style performs well in all market conditions, the aim is to tilt the portfolio towards the better performing areas of the market at the appropriate time.

Each class/strategy is monitored continuously, with daily exposure reports giving a ‘look through’ to the underlying exposures, allowing us to understand the precise investment risks we are taking.

Fund Selection

Investing in third party funds, an investment model known as ‘open architecture’ or ‘best of breed’, opens up an initial universe of in excess of 50,000 funds. It is crucial to have access to the whole market as the best blend of managers will be derived from a wide range of fund providers. However, where the Fund differs from most open architecture models is that while being agnostic to some degree on the style adopted by a manager, the Fund always seeks to identify managers with similar investment beliefs to the guiding philosophy. This will generally lead to a bias to stock-picking strategies, with longer time horizons, high active share and high quality characteristics, which can create significant deviations from the benchmark indices.

The team, dedicated to third party fund selection, has built a robust and successful research process culminating in the selection of funds covering key asset classes, investment themes and sectors. Leveraging off long-standing relationships with well over 100 leading fund providers, the extensive market knowledge is combined with detailed proprietary qualitative research and quantitative tools to select managers best placed to deliver long-term performance.

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The summer months proved to be a turbulent period for equity market investors, with broad market sentiment deteriorating in response to growth concerns and the somewhat erratic policy responses to market volatility in China along with rising uncertainty on US monetary policy, where the delay in raising interest rates and the inconsistent messages from the US Federal Reserve are sending conflicting signals to markets. It appears from the reaction to the September Federal Reserve meeting decision to leave rates unchanged that investors are increasingly concerned that either the US Central Bank is increasingly behind the curve or that deflationary pressures will severely impact global growth prospects.

Equity markets corrected sharply, with the FTSE All World Index dropping just under ten percent in US dollar terms in the quarter. The Global Equity Fund underperformed for the quarter, with all of the relative underperformance coming through in the final few days of the quarter. This is largely down to the lag in the valuation points of the underlying funds, where the strong rally in the last two trading sessions is not fully reflected in the Fund. Additionally, the Fund is carrying exposure to China and Energy which were both sold down heavily, although we would note that the position sizes in both holdings was reduced before the market sell-off to a combined weighting of around five percent.

The slowing growth rates in China are a worry as incremental changes to the world’s second largest economy have widespread global ramifications. Most of the concern focusses on deteriorating manufacturing and fixed capital formation data, which has been interpreted as the end of the Chinese growth story. Fixed Capital Formation, which is largely infrastructure spend, is currently 46% of China’s GDP growth and these elevated levels are simply not sustainable. A fall towards 30%-35% over the next decade is to be expected and would be indicative of the gradual transition towards a more balanced consumption and service based economic model. We are confident that China is slowing, not collapsing, and that the market reaction is over-done.

The longer term investment opportunity in China is consumption and the Fund we invest with is focussed specifically on this theme. Changing demographics will drive structural growth in the middle class population, by 2030 there will be more 16-35 year olds in China than in the US and Western Europe combined. It is anticipated that up to 2.5 billion people will move out of poverty in China over the next 10-15 years. Retail sales growth remains strong in most sub sectors, although a sharp contraction in luxury goods, gambling and other industries affected by the anti-corruption measures have led to a slight drop in the headline data to just over 10%. We remain convinced by the long term prospects of this theme. The Fidelity China Consumer Fund is down 9.5% in US dollar terms year to date but this is despite strong earnings growth from the underlying portfolio and exciting forward growth expectations.

Fund Manager Commentary

Multi Manager Global Equity Fund

The portfolios have retained a bias towards value strategies which has been in place since market volatility began to rise in the second quarter. Our longer term view remains that the volatility and drawdown we are experiencing is not untypical during inflection points of the monetary cycle and as such is a correction in a bull market rather than the precursor to a recession. We have therefore been focussing our research efforts on identifying areas of the market that offer the best blend of valuation and future earnings growth potential when markets stabilise and recover.

Specifically, we have identified several US mid and small cap managers that offer exposure to the domestic US economy, where we see strong earnings growth potential, even in a low global growth backdrop. We also see selective opportunities in select emerging markets, where the broad brush sell-off is presenting good stock picking opportunities.

For the time being though, we are waiting for some signs of stability in markets before initiating these trades. Whilst we are confident and hopeful that market conditions are set to improve, we are also cognisant that sentiment is extremely fragile and further deterioration in the short term fundamentals could lead to more market weakness, for which the portfolio would require a more defensive bias.

Activity in the period

All data as at 30th September 2015

Fund Positioning

US Dollar Share Class Geographic AllocationsSterling Share Class Geographic Allocations

50%

45%

35%

30%

20%

10%

0%

40%

25%

15%

5%

North America

Europe UK Japan Asia Ex-Japan

Emerging Markets

Cash

60%

50%

40%

30%

20%

10%

0%

Fund Exposure

Benchmark

North America

Europe UK Japan Asia Ex-Japan

Emerging Markets

Cash

Fund Exposure

Benchmark

3

Geographic Weighting

North America 47.1%Europe 17.9%UK 6.7%Japan 10.1%Asia Ex-Japan 7.2%Emerging Markets 10.2%Cash 0.8%

Performance YTD 1 Year

** 3 Years

** 5 Years

** 10 Years

Fund Return -7.71% -7.95% 5.92% 5.10% 3.15%

Benchmark* -6.88% -6.51% 7.07% 6.80% 4.26%

* FTSE All World TR Net

31st August 2008 Benchmark changed from Lipper Global Equity Indices to FTSE All World TR Net

** Performance Figures are annualised and net of fees

Monthly Performance

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

2015 -1.40% +5.60% -0.59% +3.05% +0.49% -2.37% -0.50% -6.39% -5.30% -7.71%

2014 -2.19% +4.65% -1.96% -1.13% +2.20% +2.24% -1.10% +0.77% -3.13% -0.70% +1.58% -1.13% -0.17%

2013 +5.06% +0.00% +2.30% +1.74% +1.51% -2.68% +4.28% -1.66% +5.76% +2.82% +2.10% +2.33% 25.85%

2012 +6.11% +5.76% +0.91% -1.01% -7.61% -0.25% +4.07% +1.66% +3.38% -1.01% +1.37% +2.13% 15.80%

Fund Facts

Portfolio Manager: David Jardine

Price date: 30/09/2015

Price: $10.54

Fund size: $175.29m

Class size: $68.41m

Dealing: Daily

Cut off time: 2:30pm (Jersey Time) previous business day

Min invest: US$15,000

Min top up: US$1,500

Dividend policy: Roll Up

Largest month gain:* 10.17%

Largest month loss:* -10.34%

*Since 1/1/10

Manager’s fee: 1.50% per annum

Custodian’s fee: up to 0.035% per annum

Standard Bank Total Expense Ratio 1.62%

Upfront fee: up to 5.5%

Fund Investment Objectives and Style

The Multi Manager Global Equity Fund is designed to provide long-term capital appreciation through investment solely in equity-orientated funds. The manager will look to maintain a fully invested strategy and maintain a bias towards investments denominated in US Dollars broadly in line with the reference benchmark index. A minimum exposure of 40% to larger capitalised shares means that the manager can position the fund significantly away from that of the peer group or benchmark in order to optimise performance. It is therefore suited to investors who are willing to accept the higher level of volatility associated with a fund of this flexibility.


Multi Manager Global Equity Fund (USD)

Lower risk reduced potential

Higher risk increased potential reward

Risk Profile

Top Holdings

United Kingdom

JO Hambro UK Dynamic Fund 2.03%

Aberforth UK Smaller Companies Fund 1.95%

United States

Legg Mason Royce Smaller Companies Fund 4.35%

Legg Mason ClearBridge US Aggressive Growth Fund 4.00%

Europe

Threadneedle European Select Fund 4.21%

FP Crux European Special Situations Fund 4.01%

Japan

Baillie Gifford Japanese Smaller Companies Fund 3.48%

MAN GLG Japan Core Alpha Fund 3.27%

Asia

Hermes Emerging Asia Equity Fund 5.37%

Emerging Markets

Somerset Emerging Markets Dividend Growth Fund 3.87%

Somerset Emerging Markets Smaller Companies Fund 3.35%

Number Of Funds Held 29

TM

4

Geographic Weighting

North America 29.4%Europe 10.7%UK 41.2%Japan 6.9%Asia Ex-Japan 4.4%Emerging Markets 6.6%Cash 0.7%


Multi Manager Global Equity Fund (GBP)

Fund Facts



Price: £14.75

Fund size: £115.78m

Class size: £70.59m

Dealing: Daily


Min invest: £10,000

Min top up: £1,000




*Since 1/1/10






The Multi Manager Global Equity Fund is designed to provide long-term capital appreciation through investment solely in equity-orientated funds. The manager will look to maintain a fully invested strategy and maintain a bias towards investments denominated in Sterling broadly in line with the reference benchmark index. A minimum exposure of 40% to larger capitalised shares means that the manager can position the fund significantly away from that of the peer group or benchmark in order to optimise performance. It is therefore suited to investors who are willing to accept the higher level of volatility associated with a fund of this flexibility.



Risk Profile


** 3 Years

** 5 Years

** 10 Years

Fund Return -1.01% 1.44% 9.78% 7.74% 5.63%

Benchmark* -4.25% -1.82% 7.97% 6.88% 5.38%

* FTSE All World TR Net / FTSE UK TR Net (60% / 40%)

31st August 2008 Benchmark changed from Lipper Global Equity Indices to FTSE All World TR Net / FTSE UK TR Net (60% / 40%)

** Performance Fidures are annualised and net of fees

Top Holdings

United Kingdom

Standard Life UK Unconstrained Fund 4.86%

Thesis TM Cartesian UK Opportunities Fund 4.54%

United States

Vulcan Value Equity Fund 3.07%


Europe

Threadneedle European Select Fund 3.07%

FP Crux European Special Situations Fund 2.55%

Japan

JO Hambro Japan Fund 2.31%

Baillie Gifford Japanese Smaller Companies Fund 2.31%

Asia

Hermes Emerging Asia Equity Fund 2.56%

Emerging Markets

Somerset Emerging Markets Dividend Growth Fund 1.96%

Somerset Emerging Markets Smaller Companies Fund 1.70%


Monthly Performance


2015 +1.88% +3.23% +2.36% +0.87% +2.47% -4.46% +0.57% -4.21% -3.34% -1.01%

2014 -0.76% +3.41% -1.82% -2.54% +1.83% -0.35% +0.07% +2.22% -1.49% +0.00% +2.96% -0.47% 2.90%

2013 +6.65% +4.35% +2.12% -0.15% +3.70% -2.68% +5.20% -2.11% +1.26% +3.74% +0.35% +1.97% 26.80%

2012 +4.47% +5.13% +0.45% -1.89% -4.40% +0.38% +3.35% +1.30% +1.83% +0.36% +1.43% +0.62% 13.41%

TM

5

Fund Positioning

Sterling Share Class Investment Themes US Dollar Share Class Investment Themes

The third quarter has been a turbulent and perplexing period for financial markets. Investor sentiment has been extremely fragile, with concerns over global growth and inflation expectations exacerbated by confusing and sometimes conflicting responses from policy makers in China and the US. The weak data has mostly come from China, and whilst any change in growth expectations for the world’s second largest economy has global ramifications, the market reaction was amplified by the central government’s conflicting messages regarding state intervention in currency and domestic stock markets. Markets were further shaken by the change in rhetoric from the US Federal Reserve, where the announcement after the September no change decision suggested that US rates will stay lower for longer, despite the relatively strong domestic economic backdrop.

The Global Balanced Fund has retained the overweight exposure to equity markets throughout this period, largely as a result of the robust fundamentals and attractive relative value of equities versus other asset classes available. This has led to a significant degree of underperformance in the short term, particularly in the US dollar class, where strength in the US dollar amplified the relative losses. It is worth noting given the degree of underperformance in the USD class that in attribution terms, approximately 2% is due to asset allocation, 1% due to manager selection, while the remainder is due to a pricing anomaly, due to the lag in the valuation points of the underlying funds. As a result of this, the strong rally in US equities in the last two trading sessions is not fully reflected in the Fund performance. Additionally, the Fund is carrying exposure to China and Energy which were both sold down heavily, although we would note that the position sizes in both holdings was reduced before the market sell-off to a combined weighting of around five percent.

Throughout the period we have maintained the overweight equity exposure and most of our efforts have been challenging our asset allocation views.

We still believe equities will provide the best medium to long term returns based on a central case of modest global GDP growth over the next few years. Even though we do not expect markets to be anything other than volatile in the short term, on dividend income and growth expectations, equities appear attractive based on low inflation, stable interest rates and modest economic growth. In short we are convinced that it is wrong to be overly pessimistic and capitulate to the uncertainties and volatility, which we believe are typical of the period around the inflection point of US monetary policy.

Several changes to the blend of global equity managers are being considered, partially to offset unintended currency exposures but also to reflect our views on mid and small cap companies where we believe there are superior stock specific growth opportunities, especially given the low global growth backdrop.

Fund Manager Commentary

Multi Manager Global Balanced Fund

Activity in the period

All data as at 30th September 2015

30%

25%

20%

15%

10%

5%

0%

Investment Grade Bonds

UK Equity

Global Equity Growth

Global Equity Income

Global Equity

Property

Global Equity

Technology

Global Equity

Healthcare

Global Equity Energy

Cash Japan Equity

Global Equity

Chinese Consumer

Global Equity Infra-

structure

Global Equity Infra-

structure

30%

25%

20%

15%

10%

5%

0%

Investment Grade Bonds

US Equity

Global Equity Growth

Global Equity Income

Global Equity

Property

Global Equity

Healthcare

Global Equity Energy

Cash Japan Equity

Global Equity

Chinese Consumer

Global Equity

Technology

6


Multi Manager Global Balanced Fund (USD)

Top Holdings

Fixed Income

Smith & Williamson Short Dated Corporate Bond Fund 14.14%

North American Equity

Vulcan Value Equity Fund 3.41%


Global Equity

Fidelity Global Focus Fund 4.26%

Odey Allegra International Fund 4.03%

Thematic Equity


Fidelity China Consumer Fund 3.04%

Other

USD Cash 7.16%

iShares 0-5yrs TIPS Bond ETF 3.18%


Fund Facts



Price: $10.95

Fund size: $22.58m

Class size: $10.29m

Dealing: Weekly - Friday


Min invest: US$15,000

Min top up: US$1,500


Largest month gain:* +3.73%


*Since 14/8/2012

*Month end price and data for information and valuation purposes only








The Multi Manager Global Balanced Fund aims to provide long-term capital growth through investing in a diverse range of asset classes including international, regional and thematic equity funds together with fixed income funds, exchange traded funds and cash. The diverse nature of the asset classes has historically resulted in a moderate level of volatility, although given the potential exposure ranges to equity as an asset class, the Fund is suitable only for investors with a longer term investment horizon, and who are prepared to tolerate the risk of shorter term loss. The manager will at all times maintain a bias towards investments denominated in US Dollars broadly in line with the reference benchmark index.

Risk Profile

Flexible Asset Allocation30% - 70% Equities

30% - 70% Bonds and Cash

Asset Allocation

Equity 67.6%Fixed Income 25.2%Cash 7.2%


** 3 Years

** 5 Years

** 10 Years

Global Balanced Fund -7.12% -7.05% 2.36% n/a n/a

Benchmark* -2.09% -0.62% 5.21% 5.92% 4.76%

* FTSE All World TR Net 30.00%

FTSE USA TR Net 20.00%

Bloomberg/EFFAS Bond Indices US Govt. 1-10yr 50.00%

** Performance figures are annualised and net of fees

Monthly Performance


2015 -1.27% 3.52% -0.75% 1.84% 0.16% -2.13% -0.17% -4.36% -3.95% -7.12%

2014 -1.47% 3.50% -0.85% -0.34% 1.80% 1.51% -0.58% 0.83% -2.64% -0.25% 1.28% -0.92% 1.73%

2013 3.13% -0.38% 1.14% 1.70% 0.93% -2.85% 2.84% -1.38% 3.73% 2.34% 0.79% 0.96% 13.52%

2012 0.40% 1.69% -0.88% 0.79% 0.10% n/a

7


Multi Manager Global Balanced Fund (GBP)

Top Holdings

Fixed Income

Smith & Williamson Short Dated Corporate Bond Fund 12.57%

Investec Global Bond Fund - GBP 4.75%

United Kingdom Equity

Standard Life UK Unconstrained Fund 3.71%

Aberforth UK Smaller Companies Fund 3.65%

Global Equity

Fidelity Global Focus Fund 4.27%

Veritas Global Focus Fund 4.00%

Thematic Equity

Fidelity China Consumer Fund 3.10%



Fund Facts



Price: £11.25

Fund size: £14.92m

Class size: £8.12m

Dealing: Weekly - Friday


Min invest: £10,000

Min top up: £1,000




*Since 14/8/2012

*Month end price and data for information and valuation purposes only






The Multi Manager Global Balanced Fund aims to provide long-term capital growth through investing in a diverse range of asset classes including international, regional and thematic equity funds together with fixed income funds, exchange traded funds and cash. The diverse nature of the asset classes has historically resulted in a moderate level of volatility, although given the potential exposure ranges to equity as an asset class, the Fund is suitable only for investors with a longer term investment horizon, and who are prepared to tolerate the risk of shorter term loss. The manager will at all times maintain a bias towards investments denominated in Sterling broadly in line with the reference benchmark index.



Risk Profile

Flexible Asset Allocation30% - 70% Equities

30% - 70% Bonds and Cash

Asset Allocation

Equity 67.8%Fixed Income 27.4%Cash 4.9%

Monthly Performance


2015 2.10% 1.54% 1.60% 0.25% 1.41% -3.67% 0.42% -2.87% -2.34% -1.75%

2014 -0.45% 2.62% -1.06% -1.25% 1.53% -0.53% 0.09% 1.60% -1.32% 0.09% 2.31% -0.61% 2.97%

2013 3.69% 2.88% 0.75% 0.19% 1.94% -3.18% 3.38% -2.36% 0.46% 3.15% -0.72% 0.45% 10.87%

2012 -0.20% 0.30% -0.20% 0.80% -0.40% n/a


** 3 Years

** 5 Years

** 10 Years

Global Balanced Fund -1.75% 0.00% 3.97% n/a n/a

Benchmark* -1.46% 1.32% 4.86% 5.12% 5.55%

* FTSE All World TR Net 30.00%

FTSE UK TR Net 20.00%

Bloomberg/EFFAS Bond Indices US Govt. 1-10yr 50.00%

** Performance figures are annualised and net of fees

8

Important Information

Investment in the shares of open-ended investment companies is generally a medium to long-term investment. The value of shares may go down as well as up and investors may get back less cash than originally invested. The figures refer to the past and past performance is not a reliable indicator of future results. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. The shares of Standard Bank International Funds Limited are traded at ruling prices (i.e. the last recorded sales price) and are priced daily using the forward pricing method. Details of fees and charges and maximum commissions will be made available to you by your advisor and are fully disclosed in the fund prospectus.

Standard Bank International Funds Limited is a fund of funds collective investment scheme, which only invests in other collective investment schemes, which levy their own charges. Commission and incentives may be paid and if so, are included in the overall costs. Figures quoted are from STANLIB Fund Managers Jersey Limited for the current month for a lump sum investment using NAV prices, which exclude initial fees. Standard Bank International Funds Limited is an accumulation fund and does not distribute income. Performance is quoted in the respective funds currency. Please refer to the prospectus of this scheme for more details, a copy of which is available on request from the Manager, the registered office of which is Standard Bank House, 47-49 La Motte Street, St Helier, Jersey JE2 4SZ, Channel Islands.

Other than the fund-specific data contained in this document, the information provided has been compiled from a number of freely available market sources that are believed to be reliable. We make no warranty, express or implied, as to the accuracy, correctness or completeness of the general market information contained herein.

Standard Bank International Investments Limited, Standard Bank Jersey Limited, Standard Bank International Funds Limited, STANLIB Fund Managers Jersey Limited and Capita Trust Company (Jersey) Limited are regulated by the Jersey Financial Services Commission. Standard Bank International Investments Limited is a wholly owned subsidiary of Standard Bank Offshore Group Limited a company incorporated in Jersey. Standard Bank Offshore Group Limited is a wholly owned subsidiary of Standard Bank Group Limited. STANLIB Fund Managers Jersey Limited is wholly owned by STANLIB Asset Management Limited which is a wholly owned subsidiary of STANLIB Limited, a subsidiary of Liberty Holdings Limited which in turn is a subsidiary of Standard Bank Group Limited. Standard Bank Group Limited has its registered office at 9th Floor, Standard Bank Centre, 5 Simmonds Street, Johannesburg 2001, Republic of South Africa.

The fund Promoter is Standard Bank Jersey Limited. The shield and Standard Bank logo is a registered trademark of the Standard Bank Group Limited, of which Standard Bank Jersey Limited, Standard Bank International Investments Limited and Liberty Holdings Limited are part.

This does not constitute an invitation to buy or the solicitation of an offer to sell securities or to accept deposits or to provide any other products or services in any jurisdiction, to any person to whom it is unlawful to make such an offer or solicitation, nor should it be construed to constitute any investment advice. Legislation or regulations in jurisdictions relevant to you may prohibit you from entering into certain transactions with us and we strongly recommend that you contact your financial or legal adviser in this regard. It is your responsibility for informing yourself about and complying with such restrictions.

This document is provided to you for your information only and is not an invitation or inducement to invest in the fund to which it relates. This fund is not generally targeted at the investing public and will only be suitable for a small number of pre-approved retail investors. If you are in any doubt as to whether this fund is suitable for you, please consult an appropriately qualified financial advisor.

Source: FTSE International Limited (“FTSE”) © FTSE [year]. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Annualised figures are figures expressed in yearly terms, even though the variable does not directly apply to a year. Cumulative figures are figures expressed fully by the accumulation of successive additions.

Important notice for EU and UK investors

This document has not been approved for circulation to the general public in the European Union and does not constitute a financial promotion for the purposes of section 21 of the UK Financial Services and Markets Act (2000) FSMA. UK residents should be aware that the protections provided to investors by the UK regulatory system established under FSMA do not apply to any investment services or products provided by Standard Bank Group Limited or any of its subsidiaries. In particular investors will not be entitled to compensation from the Financial Services Compensation Scheme, nor will they be entitled the benefits provide by the Financial Ombudsman Service or other protections to customers under FSMA. Furthermore, UK residents should be aware that the funds to which this document relaters are not UCITS funds and are not recognised under sections 270 or 272 of FSMA.

Disclaimer and confidentiality note:

Standard Bank Offshore Services (RSA), operates under the license of The Standard Bank of South Africa Limited (“SBSA”), an authorised Financial Services Provider (“FSP”) number 11287. We are authorised to provide financial services for the following products: Long-Term Insurance A, B1, B2 and C; Short-Term Insurance: Personal Lines and Commercial Lines; Retail Pension Benefits; Securities and Instruments: shares, money market, debentures and securitised debt, warrants, bonds, and derivative instruments; Collective Investment Schemes; Foreign currency denominated investments; and Long and Short term deposits. The compliance officer’s details: (011) 636 1781 “[email protected]” SBSA holds professional indemnity insurance cover.

Standard Bank International Funds Limited is a fund of funds collective investment scheme. The Multi Manager Global Equity and Multi Manager Global Balanced Sub Funds have been approved by the Financial Services Board.

SBSA is authorised by Standard Bank International Investment Limited to sell its products in South Africa.

South African and African Residents

All transactions to the account must be in line with current Exchange Control Regulation to the country in which you are resident or working. Funds are not to be marketed in any African country other than South Africa.

Telephone calls may be recorded.

2015.148

2015-11/115638

Standard Bank Offshore Services

Gauteng Erik Olwagen tel: +27 11 721 7815 [email protected]

Eastern Cape & KZN Peter McCulloch tel: +27 31 374 1862 [email protected]

Western & Southern Cape Fiona du Toit tel: +27 21 401 2141 [email protected]

Standard Bank International Investments Limited

Standard Bank House 47—49 La Motte Street St Helier Jersey JE2 4SZ

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standard bank international funds limited october 2015...standard bank international funds limited...

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