Old Mutual International Informer

for financial advisers onlyinformer

Quarter 3 2012

birth of a le¯endwith gains in market share for theInvestment Portfolio, we look at itsgrowth so far, and its future potential

Like investments, blending spices is part art, part science.Getting it right for your personal palate is what counts.

The Old Mutual International Investment Portfolio– a carefully selected blend of opportunities.

To find out more about the Investment Portfolio visit www.oldmutualinternational.com

contents4 the birth of a legend

another look at the Investment Portfolio and a reminder of its exciting potential

6 a matter of life and deatha look at how beneficiary nomination adds extra value for your clients in the Investment Portfolio

8 a win/win idea of your clients a look at the 100% capital protection provided with the OMGB Protected Return Fund

10 charting the application process an overview of the complete application process involved in the Investment Portfolio

12 a tale of two managers an exploration of the two different approaches taken by Global Asset Managers and Skandia Investment Group to the OMGB Growth Plus Fund

16 global with a personal touch next in the series of authorised custodian articles – Fairbairn Private Bank

18 life changing investments why Alquity believes Africa is the one last great, unexplored market

20 new risk ratings explained

21 fund news

22 indicator

24 fund performance fi¯ures

welcome to the quarterthree 2012 issue of informer

It has been a year and a half sinceour first regular Old MutualInternational Informer hit the

South African market, and what a period of change and growth it has been!

We have launched a major andexciting new product, InvestmentPortfolio; we have launched a seriesof protected funds through our LifeAccount product; we have addedsignificantly to our range and,hence, increased the diversificationof funds available through the LifeAccount product; and we haveconsiderably enhanced our overallservice proposition, with a series ofdevelopments and initiatives aimedat making life as simple as we can for our customers and advisers.

This edition of Informerdemonstrates our continuedcommitment to delivering qualityand consistency across the crucialkey areas of product, fund, service,technology and support. Our aim isto ensure that the new marries withthe current, so you will see that, aswell as focussing on our newproducts and structures, we also

ensure that we provide activesupport and developments thatbenefit our existing customers too.

The launch of a new type ofprotected fund, together with a fresh approach to communicationsand the ever developing InvestmentPortfolio Authorised Custodianpanels, mean we have a potentialsolution for a wide variety ofcustomer needs.

Our commitment has to be toensure that this prevails throughvaried market and economicconditions.

I sincerely hope you will find thisedition informative andconstructive. Thank you for yourcontinued and valued support

Ian TavernerGeneral Manager of the OMI Group of Companies

editorial quarter 3 2012

quarter 3 2012 informer 3

When printed by Old Mutual International this item is produced on a mixed grade material,which uses a combination of recycled wood or paper fibre from controlled sources and virginfibre sourced from well managed, sustainable forests.

www.oldmutualinternational.com

Old Mutual Guernsey is the trading name of Old Mutual Life Assurance Company (South Africa) Limited,Guernsey Branch.

Old Mutual Guernsey, whose principal place of business is Albert House, South Esplanade, St Peter Port, Guernsey, GY1 1AW, is a branch of Old Mutual Life Assurance Company(South Africa) Limited, which is incorporated in South Africa (reg no. 1999/04643/06). Registered Office: Mutualpark, Jan Smuts Drive, Pinelands, Cape Town, SouthAfrica. Old Mutual Guernsey is licensed by the Guernsey Financial Services Commission under TheInsurance Business (Bailiwick of Guernsey) Law, 2002 to carry on long term insurance business.

Old Mutual Life Assurance Company (South Africa) Limited is a registered long-term insurer and a licensedfinancial services provider.

Old Mutual Isle of Man, branch of Old Mutual Life Assurance Company (South Africa) Limited, is registeredin the Isle of Man under number 005664F and whose principal place of business is Skandia House, King Edward Road, Onchan, Isle of Man, IM99 1NU, British Isles. Phone: +44 (0) 1624 653 400 Fax: +44 (0) 1624 622 296. Website www.oldmutualinternational.com.

Authorised and regulated by the Isle of Man Insurance & Pensions Authority.

Old Mutual Life Assurance Company (South Africa) Limited is a registered Long-term Insurer in terms of the Long-term Insurance Act number 52 of 1998. Old Mutual Life Assurance Company (South Africa) is incorporated in South Africa (registration number 1999/04643/06) and has its Registered Office atMutualpark, Jan Smuts Drive, Pinelands, Cape Town, South Africa.

Old Mutual is a licensed Financial Services Provider.

Old Mutual International Investment Portfolio was born at the end of January 2012, and before we discuss its first trimester we, at Old MutualInternational (OMI), would like to remind you why it is gaining market share and why we believe it isdestined to become one of the most widely heldoffshore products in South Africa.

Some of the key reasons forholding shares, corporatebonds or funds in a life

wrapper such as the InvestmentPortfolio are:

• Simplified administration – thetedious tax reporting obligationson all trades now sit with OldMutual Life Assurance CompanySouth Africa (OMLACSA) andnot with the investor.

• Wide investment choice – withthe Investment Portfolio,investors can enjoy significantinvestment freedom byspreading and varying theirportfolio across a wide range offunds and/or different assets,

according to their financialgoals and their attitude to risk.

We all know that gestationrequires time and that our ‘baby’was expected with greatexcitement. The overwhelmingattendance of around 600advisers at the launch event inMarch was an indication of howinterested the market is in ournew addition.

The product is designed with thehigh net worth client in mind,those who have existingrelationships with private banksand want to utilise these forassets held within the InvestmentPortfolio.

4 informer quarter 3 2012

the birthof ale¯end…


The backbone of the InvestmentPortfolio is our authorisedcustodians – they provide thedealing facilities, reporting andinternet access. Many may alsooffer the service of a Fund Adviserwho is able to provide investmentadvice. We have legal agreementswith: Collins Stewart WealthManagement, Credo Capital plc,Savoy Investment Management,Fairbairn Private Bank, InvestecWealth & Investment Limited,Anglorand and PSG to provideauthorised custodian facility. Wemay increase the number ofcustodians in the future to meet thedemands of advisers and clients.

The Investment Portfolio hasexpanded OMI’s distribution. Themajority of individuals in SouthAfrica have their foreign assetsmanaged by local stockbrokers andforeign private banks. Theseinstitutions have a close workingrelationship with the custodiansmentioned earlier. An excitingfeature of the Investment Portfoliois that investors are able to appointa Fund Adviser (or DiscretionaryInvestment Manager) to makeinvestment decisions on theirbehalf. Understanding the differentways how all these parties interact isimportant and the flow chart onpages 10 and 11 should be helpful.

The Investment Portfolio hascreated great excitement andopportunity for all parties involved,particularly the investor, who nowhas easy access to a number ofcustodians through one productprovider.

For more information on the productand its features contact your OffshoreSpecialist or visit our websitewww.oldmutualinternational.com


the knowled¯e

a matter of

The ability to nominate beneficiaries is an importantaspect of our Investment Portfolio. Rachael Griffinexplains how it adds extra value for your clients.

One of the key concerns in succession planning is the client’s fear of

losing control of their assets.They are not ready to gift assetsaway and want to ensure that ifthey need them in the future they have unrestricted access to them quickly.

Using a beneficiary nominationwith an investment portfoliocontract allows the contractholder to maintain control overthe investment strategy of thecontract and access funds whenrequired. At the same time, it provides them with thereassurance that the contract

will pass to their nominatedbeneficiaries quickly and without delay. It also spares theexecutors the expense and timeof probate when dealing with this particular asset.

how does thenomination work? The beneficiary nomination iscreated by the contract holder(or by both contract holderswhere there is more than one),provided they are at least 18 yearsold at the time of its creation. Onthe contract holder’s death (thetransfer date) the legal rights ofthe contract will be transferred tothe primary beneficiaries in the

proportions indicated. Forexample, if the contract holdernominates 50% each to Andreaand Roger, on the contractholder’s death Andrea and Roger will become equal legalowners of the investmentportfolio contract.

If one or more of the primarybeneficiaries does not survive thetransfer date, their share isdistributed between the otherprimary beneficiaries who are stillalive, on a pro rata basis.

So if Andrea were to predeceasethe contract holder, her share ofthe contract would automaticallygo to Roger.

lifeanddeath


The beneficiary nomination alsoallows the contract holder toappoint secondary beneficiaries.This ensures that the contractdoes not revert back to thecontract holder’s estate, even ifall the primary beneficiaries havepredeceased them. This isparticularly useful where a spousehas been appointed as a primarybeneficiary and the contractholder and spouse die at thesame time.

If, on the transfer date, there are no primary or secondarybeneficiaries alive, thenomination will come to an endand the contract will revert to the contract holder’s estate.

Any number of primary andsecondary beneficiaries can be appointed, provided they are individuals, a company or a trustee.

The investment portfolio willcontinue subject to the sameterms and conditions which

applied when the contractcommenced.

If they wish, the contract holdercan amend the nomination at anytime during their lifetime,although they must confirm therevocation in writing. If there isan assignment, new nomination,total surrender or maturity of theinvestment portfolio, thisautomatically revokes theexisting nomination.

For example, if the contract holderwere to assign their contract toBoris, then the nomination infavour of Andrea and Roger wouldautomatically end.

A beneficiary nomination is anessential part of the financialplanning process, as it allows theclient to maintain control duringtheir lifetime and after – choosingwho will benefit from theinvestment portfolio and in whatproportions. The only questionoutstanding is: why aren’t allclients using this solution?

A beneficiary nomination is an essentialpart of the financial planning process”

”how it worksThe effect of the nomination is toput the beneficiary in the sameposition, contractually, as thepolicyholder, by recognising therights of the beneficiary throughthe Isle of Man Contracts (Rights of Third Parties) Act 2001 (‘the Act’).

The Act formally recognises therights of a person or legal entity,who is not party to a contract inhis own right, to enforce a term ofthe policy if either the contractexpressly provides that the partymay, or the term of the contractpurports to confer a benefit onthem. When a nomination isreceived and accepted by OldMutual (Isle of Man) branch, theterms of the contract areamended to ensure theappropriate wording relating tothe nomination are includedwithin the terms.

The nomination is for use with theinvestment portfolio, which isgoverned by Isle of Man law. TheManx Courts will legally recognisethe rights of the beneficiary. Thisis regardless of where the contractholder and the beneficiary reside,providing there was a clearintention, at the time thenomination was created, to allowthe named beneficiaries toenforce the rights of the contractfrom the transfer date.


Do your clients expect global markets to recover withinthe next five years? Are they more concerned aboutlosing money in the current market turmoil or missingout on a possible recovering market? Are they findingtraditional methods of saving such as deposit accountsan attractive alternative? Dean Bowden shows thatthey don’t have to make a choice with the OMGBProtected Return Fund from Old Mutual Guernsey.

If your clients want to takeadvantage of potential stockmarket performance and are

prepared to remain invested for afive-year term, the OMGBProtected Return Fund may be anattractive option for them. Itoffers a compounded return of5% per annum or 50% of stockmarket growth (US or UK),whichever is greater at maturityof the Fund.

what is the OMGBProtected Return Fund?The OMGB Protected ReturnFund (‘the Fund’) aims to protectyour client’s capital at the end ofthe Fund's five-year term, whilstproviding a minimum return of5% per annum compounded andthe opportunity to takeadvantage of the performance ofthe S&P 500 or FTSE 100Indices depending on the chosencurrency.

a win/win ideafor your clients


The Fund invests in a Certificateissued by BNP Paribas, a leader in banking and financial services in Europe, with AA- and A2 ratings from S&P and Moody’srespectively, and is thereforesubject to the credit risk of BNP Paribas.

In order to provide the minimumreturn of 5% per annumcompounded and the capitalprotection, the Certificate islinked to the credit risk of six well-known, carefully selectedAmerican companies, and istherefore also subject to the creditrisk of these companies. However,the credit risk is equally spreadamongst the companies, so eachcompany represents one sixth ofthe credit risk. Why? Becausespreading the credit risk ensuresthat, should any one of thecompanies involved default, onlyone sixth of the clients’ capital andreturn at maturity would be at risk.Please note that Old MutualGuernsey provides no guaranteewhatsoever in respect of theclient’s investment in this Fundand the subsequent value thereof.

The Fund is available for eightweeks from 27 August 2012, toclients who are investing in a newLife Account 2 contract and wishto place 100% of theircontribution in the Fund.

The Fund aims to provide: • 100% capital protection• 5% per annum compoundedreturn or 50% of market growthof your client’s chosen market(US or UK), whichever is higher,at the maturity of the Fund

• a choice of currency and therebystock market – US$ or £.

If your clients choose to invest inUS dollars, the performance of theFund will be linked to theperformance of the S&P 500Index. If they choose to invest insterling, the performance of theFund will be linked to the FTSE100 Index.

Whilst invested wholly into theFund, the standard Life Account 2contract charges will be waived,and only Fund charges will apply.When the Fund matures the valueof the investment will be switchedinto the OMGB US$ MoneyMarket Fund. From then on,clients will have access to the fullrange of Life Account 2investment choices and thestandard Life Account 2 chargeswill apply.

If you would like your clients totake advantage of this greatinvestment opportunity or if youhave any questions, pleasecontact your Offshore Specialist,who will be happy to help.


From advising clients, to dealingwithin the portfolio in order tomeet customers' needs, thishigh-level flow chart gives anoverview of the different steps ofthe application process for theOld Mutual InternationalInvestment Portfolio. This hasbeen produced to show theimportance of establishing therelationships between client,financial adviser, fund adviserand custodian.

chartin¯ theapplicationprocess

Client meets with FinancialAdviser and is advised to invest inan Old Mutual InternationalInvestment Portfolio

Client and Fund Adviser to enterinto an agreement which includesagreeing investment mandate andany Discretionary Manager fee

Client and Financial Adviser toagree a charging option for theInvestment Portfolio

Fund Adviser implements strategyand manage portfolio inaccordance with specifiedmandate


Client is provided with and readsInvestment Portfolio:• Product brochure• Key Features Document• General Conditions• Application Form (Individual,Corporate or Trustees)

A third party linked to the AuthorisedCustodian

A suitably qualified third party

The Financial Adviser (if suitably qualified)

No Fund Adviser. Client providesinstructions straight to the AuthorisedCustodian’s dealing desk.

Send all signed relevant paperwork,including verification of identity to OldMutual International local branch office.

Money sent by OMIOM to AuthorisedCustodian (less any cash Client hasrequested Old Mutual Isle of Man toretain to cover contract charges)

Client, with guidance from Financial Adviser,selects an Authorised Custodian from the listavailable and reads their charges sheet.

Financial Adviser and Client engage with thechosen Authorised Custodian to ensure it can meetthe requirements of the Client. Where theCustodian requires ID/KYC for the Client or anythird party appointed to the contract by the Client,the responsibility for the provision of this ID lieswith the Financial Adviser and Client. Where theAuthorised Custodian (or an associated company)also acts as a Discretionary Investment Manager,the Client will enter into a discretionary agreementwith them.

Client decides who is to act as FundAdviser (also known as a DiscretionaryInvestment Manager)

If application is accepted, Client telegraphicallytransfer money to Old Mutual Isle of Man**assuming offshore clearance obtained or monies already held offshore

Old Mutual Isle of Man issues contractdocuments to Client with copy toFinancial Adviser


The OMGB Growth Plus Fund has been managed since itslaunch in August 2004 by two separate investmentmanagers, Global Asset Management (GAM) and sinceApril 2010 Skandia Investment Group (SIG). The style ofthese two managers and the strategy they employed forachieving the fund’s objective, have been very different.

a tale of twomana¯ersOMGB Growth Plus Fund Performance History

GAM, the original manager of thefund, adopted a strategy ofinvesting into illiquid assets, withheavy exposure to fund of hedgefunds (c.50% on average). Thisapproach had the advantage ofsmoothing the return profile ofthe fund, but it acted as adetractor when liquidity acrossglobal markets evaporated duringthe credit crunch of 2008.

In contrast SIG has adopted amore liquid approach to themanagement of the fund, and

uses only assets which are dailytraded. This approach has thebenefit of enabling the managerto move in and out of assetswithout liquid constraints, andallows the true value of theholdings to be captured in thenet asset value (NAV). However,on the downside it can result inincreased daily volatility.

Although the two fund managersadopted different styles andinvestment strategies, thegeneral risk profile and asset class


exposures of the fund has notchanged since the launch of thefund. We should look at theperformance of the fund split intothe two distinct periods of tenureof the individual managers.

GAM Tenure –24/08/2004 to09/04/2010(Fund benchmark – 3m Libor +4%)Chart 1 illustrates that OMGBGrowth Plus (USD) Fundoutperformed the benchmarkfrom launch until 2008 (subperiod 1, chart 1), The fund had arelatively low volatility returnprofile in what was generally alow volatility, rising market. Inaddition the returns weresmoothed by GAM’s strategy tohold a substantial portion of theassets in fund of hedge funds.

However, the credit crunch thatrocked markets globally in 2008had a detrimental impact on thefund’s performance. Marketvolatility increased dramatically in2008 as the credit crunch tookhold and leveraged positions

were forced to be unwound. As a result there was an increasedfocus on liquidity and inparticular a focus on the risks andimpact of investing into illiquidassets through liquid funds.Concerns centred on the inabilityto accurately price the underlyingholdings and reflect true marketvalues in fund prices; and also theinability to reposition portfoliosto adapt to the changing marketenvironment.

Whilst equity prices movedsubstantially lower as a result ofthe credit crunch, substantiallosses were also delivered in manyhedge fund strategies. Whatbecame apparent during 2008was that many hedge fundstrategies, in an effort to generatereturns during the low interestrate, low volatility market, hadlarge equity exposures that wereinvariably leveraged.

In 2008, the OMGB Growth Plus(USD) Fund had around a 50%exposure to hedge funds, whichsuffered significant losses,impacting on the overallperformance of the portfolio.

'04 '05 '06 '07 '08 '090

10

20

30

40

50

33.9

49.58

Cumulative Return Chart08/24/2004 to 04/09/2010

OMGB Growth Plus (USD) LIBOR_3MONTH_USD_+4%

Sub period 1 Sub period 2 Sub period 3

Chart 1

Source Factset: 29th May 2012.

>>


The result was a significantunderperformance to thebenchmark (sub period 2, chart 1).

In the ensuing recovery over2009, the fund’s performancewas generally in line with, andoften above, the benchmark.However, this was from a muchlower base and did notcompensate for the lossessustained (sub period 3, chart 1).

Due to the illiquid nature of thehedge funds, GAM were not ableto redeem distressed assetsquickly, which meant that thefund could not be positioned tobenefit fully from the risingmarket. The last of the illiquidassets within the portfolio wereonly able to be redeemed in 2011,some 3 years after the downturn.

The illiquid nature of the strategy,which had benefited the fund andits investors until 2008 due to itssmoothing effect, causedsignificant concern amongst theOMGB Growth Plus (USD) Fund’sinvestors and was a significantpart of the decision to replace

GAM with Skandia InvestmentGroup.

SIG Tenure – Period12/04/2010 to30/04/2012(Fund benchmark – USDCPI +5% over 7-10 years)SIG took over management of thefund in April 2010 and during thisperiod the benchmark waschanged from 3m Libor +4%, toUSD CPI +5% over a 7-10 years. It was felt that the original ‘cashplus’ benchmark implied anabsolute return approach torunning the fund, which was notthe case. The new benchmarkgives investors a betterexpectation of the return profilethat they can expect, and theperiod that they need to beinvested to achieve this return.

In May 2010 markets again took a significant hit as globaluncertainty dominated sentiment.The fall in valuations was instantlycaptured in the pricing of theOMGB Growth Plus (USD) Fund

30/6/2010 31/12/2010 30/6/2011 30/12/2011

-10

-5

0

5

10

15

-0.67

16.61

OMGB Growth Plus (USD) CPI USA +5%

Sub period 1 Sub period 2 Sub period 3

Sub period 4Chart 2

Source Factset: 29th May 2012

Although the twofund managersadopted differentstyles andinvestmentstrategies, thegeneral risk profileand asset classexposures of thefund has notchanged since thelaunch of the fund

”

”

>


due to the daily liquidity of all ofthe underlying assets in SIG’sstrategy. However, this increasedliquidity, when compared to theprevious GAM portfolio, meantthat the fund captured all of thereturns generated by thesubsequent rebound in June/July2010 (sub period 1, Chart 2). Theportfolio performed in line andinvariably above the CPI+5%benchmark for the remainder of2010 and into 2011.

The summer of 2011 saw asecond liquidity crisis rock worldmarkets. This time the crisisrelated to Global SovereignDebt, and in particular EuropeanSovereign debt. The impact onmarkets was as severe as in 2008,but this time all asset classesseemed to move together (Subperiod 2, Chart 2).

The strategy to which SIGmanage the fund is based heavilyon finding and investing in assetsthat offer the potential for realreturn. The fund had no exposureto German or US governmentdebt and in fact was overweightequities with a particular slant toemerging markets, which in SIG’sview offered the greatestpotential for upside. The fundunderperformed as the EuropeanDebt crisis rumbled on through2011, but the portfolios werepositioned to benefit from theupturn in markets in early 2012.Markets rallied strongly asinvestor fears subsided and alevel of rationality returned tomarkets. With increasing globalconfidence, global equities had

their strongest first quarter inover 10 years with the MSCIWorld Index rising over 10% andUS equities hitting their highestlevel since the collapse ofLehman Brothers. (Sub period 3,Chart 2)

May 2012In May, investors have againresponded to renewed fears overthe global outlook. Markets havecorrected quite dramatically amidunease generated by the politicaluncertainty in Europe, and agrowing fear that Europe'sausterity programmes will lead to weak economic output.

Unlike in 2011, the worries are less about financial stress(indicators of which remain quitestable) or fears about largeEuropean defaults, and moreabout the apparently poorprospects for growth. This hasbeen compounded by modestlyweak data in other markets, suchas the disappointing numbers onUS employment and Chineseexports. Shares in commoditiesand cyclically-exposedcompanies have provenparticularly vulnerable. (Sub period 4, Chart 2)

However, despite this mostrecent bout of volatility, we areconfident of the potential for the OMGB Growth Plus Fund to deliver strong returns forcommitted investors. The fundremains positioned primarily inassets that in SIG’s view have the potential for positive realreturns.


In the next of our series ofarticles introducing theAuthorised Custodiansavailable on the OldMutual InternationalInvestment Portfoliopanel, Fairbairn PrivateBank (IOM) Limitedexplains its philosophiesand investment policies.

Fairbairn Private Bank

¯lobalwith a

personal touch –


Fairbairn Private Bank offersa successful andcomprehensive private and

personal banking operation onbehalf of a wide range of

clients. These includeprivate individuals,professionalintermediaries,wealth managers,non-tradingcompanies, trusts,governments andinstitutionalinvestors.

We are a wholly ownedsubsidiary of Nedbank and

our ultimate parent is Old MutualGroup plc – we take our namefrom its founder, John Fairbairn(1845). Through our offices inthe UK, Isle of Man, Jersey, Dubaiand South Africa, our specialistteams of staff can provideobjective guidance and productexcellence from internationalcentres around the globe.

Since our inception, our principalaim has always been to serve ourclients better than any otherfinancial services organisation.We believe that the client alwayscomes first, so it is their needsthat drive our actions. This is ouroverriding philosophy and ourentire business has beenspecifically structured in supportof this objective.

We were the first British offshoreisland based bank to hold anindependent “A3/P2” creditrating from Moody’s (since

2002). The rating reflects ourunderlying credit strength andwe are considered to have “solidfinancial fundamentals and a lowrisk profile”. The bank was alsovoted Best International WealthProvider for the fourth yearrunning in the ProfessionalAdviser International Fund andProduct Awards 2012.

Clients could benefit fromholding their entire financialrequirements on our integratedplatform, Focus. Focus opens upnot just unitised and collectivefunds but a comprehensive rangeof direct investment holdings.

At Fairbairn Private Bank andthanks to our highly trainedservice support team, we areideally placed to adapt to yourclients’ changing requirementsand the ever-increasingsophistication in the assetmanagement arena.

Our discretionary investmentmanagement service has grownrapidly since it was firstestablished a little over six yearsago and now offers a range ofrisk-rated portfolios that can bedenominated in sterling, dollarsand euros.

We also offer collectiveinvestment funds, which aremanaged by our sister company,Nedgroup Investments (IOM)Limited (NGI). Known as theNedgroup InvestmentsMultiFunds plc, the funds offeralternative access to our

discretionary investmentstrategies through the purchaseof shares in collective investmentschemes. The NedgroupInvestments MultiFund is anopen-ended investmentcompany (OEIC) which is UCITSIV compliant and recognised bythe FSA, so your clients can restassured that it is highly regulated.

There are three risk-rated sub-funds available in both sterlingand dollar share classes: Income,Balanced and Growth, whichensure access to the widestpossible range of underlyinginvestments. The Balanced andGrowth sub-funds are bothmulti-asset class investments,while the Income sub-fund isprimarily fixed income focused.The sterling share class is alsohedged in order to minimise theimpact of fluctuations inexchange rates.

With considerable flexibility ofcontributions and a wide choiceof investments, using FairbairnPrivate Bank as your custodian,through an Old MutualInternational InvestmentPortfolio, can create an idealplanning solution.

For further details on Fairbairn Private Bank’s services, pleasevisit the websitewww.fairbairnpb.com


Alquity Africa Fund –

life chan¯in¯investments

With developed markets showing few signsof growth, the search is on for the next biginvestment idea. Paul Robinson, CEO ofAlquity, explains why he believes Africa isthe one last, great, unexplored market.

Africa is a continent that is on the rise and whichinvestment guru George

Soros has recently described as“one of the few bright spots on the gloomy economic horizon”.Below are five reasons why webelieve it is a good time to invest in Africa with Alquity.

1. excellent economicgrowth figures andforecastsThe IMF predicts that growth in the continent will be at 5.5% in2012 and that seven of the world’sten fastest growing economiesbetween 2012-15 will be in Africa.In addition to this, the continenthas low debt levels when compared to Western economies.

Did you know? The world’s fastestgrowing economy in 2011 wasGhana – at 20.2% GDP growth.


2. the richest continent on the planetAfrica is rich in natural resourcesand possesses:• 20% of the world’s land mass• 89% of the world’s platinumgroup metals

• 74% of the world’s chrome• 60% of the world’s diamonds• 12% of the world’s proven oilreserves

• 40% of the world’s gold

Demand for these resources fromChina and other emergingregions, as well as from the regionitself, has been contributing tothe growth of many of theeconomies of Africa.

Did you know? The land mass ofthe United States, India,Argentina, China and Europe, allfit easily into a map of Africa?

This map is to scale

3. a young and vibrantpopulationThe median age in Africa today is19.7 years. This is compared to themedian age of 29.2 for Asia, 32for the BRIC nations, and 40.1 forEurope. This younger population,which is also becoming moreeducated than ever before, means

that there are fewer dependentsproportionately – giving thepotential for an economic boom.

Did you know? Primary schoolattendance, considered as one ofthe factors which heraldseconomic prosperity, is rising inAfrica faster than anywhere else inthe world?

Proportion of the population ofworking age

4. Africa is wealthier than you think• Africa has more middle classhouseholds than India (classedas an income exceeding 20,000USD per annum).

• There are ten African countrieswealthier than China on a percapita GDP PPP basis*

• There is a growing consumerclass with discretionaryexpenditure – this will fuel theeconomy.

Did you know? Forbes recentlylaunched the first ever ‘rich list’for Africa

*PPP = purchasing power parity. Thismeasures a country’s income byconsidering the price of goodscompared to other countries – thusgiving a fair comparison

5. investing in Africa withAlquity – life changinginvestments Alquity is a new type ofinvestment business, which existsnot only to bring attractivereturns to investors, but to do soin a sustainable fashion and tohelp to transform lives for thebetter in the regions in which weinvest. Therefore, withoutaffecting fund investors’ returns,the company donates a minimumof 25% of its net revenue fee tosupport development initiatives,with a goal of creating jobs indisadvantaged parts of thecontinent in which we invest. Bydoing this, we aim to create avirtuous circle of “investment tobreed investment”.

In addition to this, the AlquityAfrica Fund uses Environmental,Social, Governance (ESG)principles when deciding whichcompanies to invest in on behalfof their clients. This type ofsustainable investing examinesthe way in which a business isconducting itself, to ensure that itis not storing up trouble for itself,and its shareholders, for thefuture by a wilful disregard forenvironmental and communitymatters.

Africa China

52.1

%

1980 2010 2030(f)

56.3

%

61.5

%

59.8

%

71.9

%

67.2

%

The Alquity AfricaFund will be availableon the Old MutualGuernsey fund rangelater in September.


Old Mutual International has adopted new risk ratings in order to provideinvestors with a more meaningful indication of overall risk and reward.

new risk ratin¯sexplained

The new approach uses thestandard deviation of the returnsof the fund over the last five years.

Standard deviation is a common measureused to demonstrate a fund’s volatility,which indicates the tendency of thereturns of a fund to rise or fall over aperiod of time. The standard deviationmeasures the degree to which the fundfluctuates in relation to its average returnover a period of time. A low standarddeviation indicates that the fund’sfluctuation is close to the averagewhereas high standard deviationindicates that the fluctuation is morewidely spread out from the average.

The standard deviation of the fund overthe last five years is calculated using pastreturns history. Where a fund hasn’t beenin existence on the fund range longenough to generate the required fiveyear history of returns, we have used thestandard deviation of the availablereturns of the fund, along with thestandard deviation of the availablereturns of a suitable sector benchmark.

This standard deviation figure is thenassigned to a relevant volatility interval.The volatility intervals have then each

been allocated a risk rating from 1 to 5 as shown below:

The risk ratings will be reviewed on a monthly basis. If a fund moves to a new volatility interval for threeconsecutive months, the risk rating will be changed accordingly.

The new fund risk ratings will be shown on all relevant literature, as well as the fund factsheets available atwww.oldmutualinternational.com

The new risk ratings are shown for the first time as part of the summary of fund performance on the following pages.

Volatility Risk Rating

<5 1

5-10 2

10-15 3

15-20 4

20< 5


fund newsfund launches

Launch Date

Coronation Global Capital Plus (USD) 11-Sep-12

Oasis Crescent Global Equity (USD) 28-Aug-12

Ashburton Global Strategy (USD) 28-Aug-12

Alquity Africa (USD) 28-Aug-12

Coronation Global Capital Plus (EUR) 7-Aug-12

Coronation Global Capital Plus (GBP) 7-Aug-12

Coronation Global Strategic Income (USD) 24-Jul-12

Barclays GA Global High Yield Bond (USD) 17-Jul-12

Barclays GA Global High Yield Bond (EUR) 17-Jul-12

Barclays GA Global High Yield Bond (GBP) 17-Jul-12

Goldman Sachs Japan Portfolio (USD) 17-Jul-12

Barclays GA Emerging Markets Debt (GBP) 3-Jul-12

Barclays GA Emerging Markets Debt (EUR) 3-Jul-12

Barclays GA Emerging Markets Debt (USD) 3-Jul-12

Barclays GA Global Short Duration Bond (GBP) 19-Jun-12

Barclays GA Global Short Duration Bond (EUR) 19-Jun-12

Barclays GA Global Short Duration Bond (USD) 19-Jun-12

Barclays GA US Value (USD) 5-Jun-12

Pimco Global Inv Grade Credit (GBP) 5-Jun-12

Pimco Global Inv Grade Credit (USD) 5-Jun-12

Pimco Global Inv Grade Credit (EUR) 5-Jun-12

Barclays GA Emerging Markets Equity (USD) 22-May-12

funds closed to new business,switches in and top ups

Orbis Global Equity (USD)

Orbis Optimal (EUR)

Orbis Optimal (USD)

Ashburton Global Euro Asset Management (EUR)

Brandeaux Property (GBP)

funds closed to new business,switches in, top ups, switchesout and withdrawals/surrenders

Glanmore Property (GBP)

NI Target Return (USD)

NI Target Return II (GBP)

NIS Diversified Strategy (GBP)

NIS Diversified Strategy (USD)

NIS Guarded Strategy (GBP)

NIS Guarded Strategy (USD)

TriAlpha Multi-Strategy (USD)

Grenfell Graduate (GBP)

Grenfell Graduate (USD)

The performance figures include all external fund management fees and Annual Management Charges. This Financial Expresssourced information is provided to you by Skandia International and is used at your own risk. Financial Express take care to ensurethat the information provided is correct. Neither Financial Express Limited or Skandia International warrants, represents norguarantees the contents of the information, nor do they accept any responsibility for error, inaccuracies, omissions or anyinconsistencies herein.

Investors should be aware that the value of units may fall as well as rise. Past performance is not a guide to the future. Where a fundinvests in securities designated in a different currency to the fund, the value of the fund may rise and fall purely as a result ofexchange rate fluctuations. Investors should be aware of the risks when investing in Emerging Market Funds as they may be subjectto considerable fluctuations in value. They are additional to the normal risks inherent in securities. Local dealing restrictions maymake certain securities illiquid. Investment in these Funds should be regarded as long-term in nature and is only suitable forsophisticated investors who understand the risks involved.


indicator

cate¯ories

The outlook provided by the

fund group for e

quiti

esignores

the effect that currency

movem

ents can have on the

market. For example, if the fund

group believes the US outlook is

positive, but believes the

strength of Sterling will be a

deterrent for U

K investors, they

will still show a positive outlook

for the US market.

The outlooks for e

quiti

es,

bond

sand

prop

ertyrelate to

the specific indices show

n in the

'benchmarks and market

movem

ents' table below

the

indicator grid. T

he performance

information show

n in this table is

calculated in Sterling terms.

how to

use indicator

The Indicator p

rovides investors with a 12

-month stock market o

utlook form

a selectio

n of

fund groups. This inform

ation is provided by Skandia International of w

hich Old Mutual

International is a key component. Skandia International provided the fund groups with an

index as a benchmark for each sector and asked th

em how

they th

ink the index will perform

over th

e next 12

months. The fund groups listed may not be available to all the product

companies which form

Skandia International.

August 2

012

Th

ese a

re In

vestm

en

t H

ou

se v

iew

s a

nd

are

no

t fu

nd

-sp

ecific

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Eq

uitie

sB

ond

sP

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ert

y

h i£ –lNegative

Neutral

Positive

View not provided

Positive shift

Negative shift

US

US Smaller Cos

Europe

Pacific Ex Japan

Japan

Emerging Markets

BRIC

UK

UK Smaller Cos

Global Property

Securities

UK Property

International

UK Government

UK Corporate

Kam

es C

ap

ital

Alli

anz G

lob

al In

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Investe

c

JP

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These view

s are not fund specific. We have asked the fund groups to provide an outlook for each sector as a whole.

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outlo

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ark will rise in

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the fund group believes the

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f between

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la negative outlo

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the index they are using

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12 months.

Past

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vestm

ent

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81.3

44

4.5

9-2

.25

2.8

3-7

.69

32.1

59.4

58

.40

co

re

aS

Se

T c

La

SS

– P

ro

Pe

rT

YO

MG

B G

lob

al P

rop

ert

y S

ecurities (G

BP

)3

08.0

1.0

80.7

31

7.0

34.5

88.1

4-0

.14

46.7

914.9

4-6

.73

OM

GB

UK

Pro

pert

y (G

BP

)3

23.0

8.0

41.0

16

0.1

03.9

90.4

00.2

023.0

0-2

3.0

30.9

90

.20

co

re

aS

Se

T c

La

SS

– a

LT

er

na

TIv

e S

Tr

aT

eg

YO

MG

B A

bsolu

te R

etu

rn (U

SD

)4

23.0

8.0

41.0

87

0.2

8-2

.25

-2.6

9-4

.31

3.2

3-1

2.5

5-0

.46

1.0

6O

MG

B A

bsolu

te R

etu

rn (E

UR

)2

29.0

3.1

10.9

60

0.4

2-2

.24

-2.6

4-4

.19

-0.4

1-3

.02

ge

ne

ra

L a

va

ILa

bIL

ITY

OM

GB

Ashb

urt

on A

sset

Managem

ent

(GB

P)

303.0

5.0

51.3

68

1.7

90.1

50.4

40.2

218.5

414.7

73.7

14

.47

OM

GB

Ashb

urt

on A

sset

Managem

ent

(US

D)

303.0

5.0

51.2

96

1.8

1-0

.77

-0.1

5-1

.52

14.8

95.2

83.0

23

.68

OM

GB

Ashb

urt

on C

hin

dia

Eq

uity

Fund

(U

SD

)5

14.0

6.1

10.7

03

3.3

8-6

.39

-10.2

2-3

1.4

10.7

2-2

7.7

7O

MG

B A

shb

urt

on E

uro

pean E

quity

Fund

(E

UR

)4

14.0

6.1

11.0

04

11.4

30.4

02.3

4-0

.69

12.1

80

.37

OM

GB

Ashb

urt

on G

lob

al B

ala

nced

(U

SD

)3

13.0

5.0

80.9

08

2.3

7-1

.30

0.8

9-5

.71

11.5

54.0

1-2

.29

HO

MG

B A

shb

urt

on G

lob

al E

uro

Asset

Managem

ent

(EU

R)

326.0

8.0

81.1

35

2.8

12.0

72.3

42.5

322.7

05.2

93

.29

OM

GB

Ashb

urt

on R

ep

lica E

uro

Asset

Managem

ent

(EU

R)

326.0

8.0

81.1

47

2.5

00.9

71.8

73.4

322.2

84.7

53

.56

OM

GB

Avi

va Inve

sto

rs A

sia

Pacifi

c P

rop

ert

y (G

BP

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25.0

1.1

11.2

28

1.4

9-2

.54

-4.5

13.3

7-2

.69

14.6

7O

MG

B A

viva

Inve

sto

rs A

sia

Pacifi

c P

rop

ert

y (U

SD

)5

25.0

1.1

11.2

53

1.9

50.7

2-4

.50

8.3

92.8

71

6.2

3O

MG

B A

viva

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sto

rs E

uro

pean P

rop

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y (G

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25.0

1.1

10.9

52

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-5.2

7-1

3.6

9-5

.46

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3O

MG

B A

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pean P

rop

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y (U

SD

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25.0

1.1

10.9

67

-0.6

2-2

.32

-5.2

0-1

0.8

8-1

.23

-2.2

1O

MG

B B

lackro

ck F

lexib

le M

ulti A

sset

(EU

R)

410.0

5.1

11.0

26

3.9

53.7

43.8

53.7

410.2

02

.22

OM

GB

Bla

ckro

ck F

lexib

le M

ulti A

sset

(US

D)

410.0

5.1

11.0

21

3.8

73.6

53.8

73.5

510.1

41

.80

OM

GB

Bla

ckro

ck G

lob

al A

llocation (E

UR

)4

10.0

5.1

10.9

38

3.4

2-1

.16

-1.2

6-6

.48

4.4

5-5

.34

OM

GB

Bla

ckro

ck G

lob

al A

llocation (G

BP

)4

10.0

5.1

10.9

46

3.5

0-1

.05

-1.0

5-5

.59

4.6

5-4

.65

OM

GB

Bla

ckro

ck G

lob

al A

llocation (U

SD

)4

10.0

5.1

10.9

49

3.4

9-0

.94

-0.9

4-5

.38

4.7

5-4

.39

OM

GB

Bla

ckR

ock G

lob

al G

ove

rnm

ent

Bond

(E

UR

)3

17.0

4.1

21.0

23

1.2

92.4

02.3

0O

MG

B B

lackR

ock G

lob

al G

ove

rnm

ent

Bond

(U

SD

)3

17.0

4.1

21.0

24

1.1

92.3

02.4

0O

MG

B B

lackR

ock W

orld

Agriculture

(U

SD

)5

20.0

9.1

11.0

08

5.9

9-1

.85

-1.9

58.0

40

.96

OM

GB

BN

Y M

ello

n G

lob

al B

ond

(E

UR

)3

17.0

4.1

21.0

97

3.3

09.9

29.7

0O

MG

B B

NY

Mello

n G

lob

al B

ond

(U

SD

)3

17.0

4.1

21.0

26

1.5

82.6

02.6

0H

OM

GB

Bra

nd

eaux P

rop

ert

y (G

BP

)3

17.0

5.0

41.7

98

-0.0

61.4

12.8

65.3

320.2

737.4

62.8

07

.45

OM

GB

Cata

lyst

Glo

bal R

eal E

sta

te F

und

(U

SD

)3

13.0

3.1

21.0

66

7.4

64.6

16.6

0O

MG

B C

aze

nove

Euro

pean E

quity

Ex U

K F

und

(E

UR

)3

15.0

5.1

21.0

79

9.4

37.9

0O

MG

B C

aze

nove

UK

Eq

uity

Fund

(G

BP

)4

15.0

5.1

21.0

60

5.8

96.0

0O

MG

B C

oro

nation G

lob

al C

ap

ital P

lus (U

SD

)4

05.1

0.1

01.0

47

3.3

60.9

62.4

5-3

.15

5.3

32

.66

OM

GB

Coro

nation G

lob

al E

merg

ing M

ark

ets

(U

SD

)5

05.1

0.1

00.9

79

2.1

9-8

.93

-4.5

8-1

6.6

16.8

8-1

.21

OM

GB

Coro

nation G

lob

al M

anaged

(U

SD

)4

19.0

4.1

11.0

11

2.4

3-2

.13

3.3

7-2

.98

7.9

00

.88

OM

GB

Coro

nation G

lob

al O

pp

ort

unitie

s E

quity

(US

D)

305.1

0.1

01.0

89

4.7

1-1

.80

2.4

5-4

.81

8.7

94

.99

OM

GB

Effic

ient

Inte

rnational (

US

D)

320.0

9.0

51.2

84

1.6

6-6

.55

-5.9

3-1

4.0

60.7

85.6

81.8

23

.73

OM

GB

Fid

elit

y A

merican G

row

th (U

SD

)4

25.0

8.0

91.2

35

5.8

3-1

.44

0.2

4-3

.06

6.0

17

.51

OM

GB

Fid

elit

y E

uro

pean G

row

th (E

UR

)4

25.0

8.0

91.1

75

6.7

23.0

76.6

2-2

.33

12.7

65

.68

OM

GB

Fid

elit

y P

acifi

c (U

SD

)5

25.0

8.0

91.1

82

2.1

6-6

.34

-2.9

6-1

8.9

94.8

85

.90

OM

GB

Foord

Inte

rnational T

rust

(US

D)

426.0

7.1

10.9

94

3.8

71.2

23.5

4-0

.60

6.3

1-0

.60

OM

GB

Fra

nklin

Mutu

al G

lob

al D

iscove

ry (E

UR

)4

09.1

1.1

01.0

88

6.6

75.2

26.5

67.3

010.3

45

.19

OM

GB

Fra

nklin

Mutu

al G

lob

al D

iscove

ry (U

SD

)4

09.1

1.1

00.9

73

4.9

6-1

.72

0.3

1-8

.81

4.8

5-1

.63

OM

GB

Fulc

rum

Altern

ative

Beta

Plu

s (U

SD

)4

19.0

1.1

00.9

53

3.2

5-1

.45

-4.6

0-7

.02

-2.4

6-1

.91

HO

MG

B G

lanm

ore

Pro

pert

y (G

BP

)3

13.0

6.0

60.0

26

-10.3

4-8

5.7

9O

MG

B G

old

man S

achs N

-11 E

quity

Fund

(U

SD

)5

06.0

3.1

21.0

47

7.1

61.7

54.7

0O

MG

B G

old

man S

achs G

lob

al H

igh Y

ield

Port

folio

(E

UR

)5

03.0

4.1

21.0

39

2.9

72.9

73.9

0O

MG

B G

old

man S

achs G

lob

al H

igh Y

ield

Port

folio

(G

BP

)5

03.0

4.1

21.0

40

2.9

73.0

74.0

0O

MG

B G

old

man S

achs G

lob

al H

igh Y

ield

Port

folio

(U

SD

)5

03.0

4.1

21.0

39

3.0

82.8

73.9

0O

MG

B G

old

man S

achs J

ap

an P

ort

folio

(U

SD

)4

10.0

7.1

20.9

92

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0O

MG

B H

end

ers

on M

m A

bsolu

te R

etu

rn (G

BP

)4

08.1

1.1

11.0

13

0.9

00.3

00.1

01.5

01

.96

OM

GB

HS

BC

BR

IC E

quity

(US

D)

530.0

8.0

51.5

47

5.1

0-1

1.1

9-1

4.6

2-2

8.4

80.9

1-2

0.3

81.4

46

.51

OM

GB

HS

BC

BR

IC M

ark

ets

Eq

uity

(US

D)

525.0

7.0

61.2

09

4.9

5-8

.55

-12.3

3-2

2.6

5-4

.95

-21.8

00.6

73

.21

OM

GB

Inve

sco A

sia

n E

quity

(US

D)

516.0

5.0

61.3

25

5.4

9-2

.86

-0.3

8-1

3.5

123.1

4-2

.00

10.1

44

.67

OM

GB

Inve

ste

c A

merican E

quity

Fund

(U

SD

)3

15.0

5.1

20.9

82

3.7

0-1

.80

OM

GB

Inve

ste

c G

lob

al D

ivers

ified

Gro

wth

(U

SD

)4

03.0

5.0

51.2

47

2.0

5-1

.73

3.7

4-3

.56

18.2

0-3

.26

3.5

73

.13

OM

GB

Inve

ste

c G

lob

al D

yn R

esourc

es (U

SD

)5

10.0

5.1

10.7

36

6.5

1-6

.95

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2-2

8.5

4-4

.04

-23.1

1O

MG

B Inve

ste

c G

lob

al F

ranchis

e (U

SD

)4

10.0

5.1

11.0

83

6.1

81.6

910.0

68.1

910.9

67

.07

OM

GB

Inve

ste

c G

lob

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trate

gic

Eq

uity

(US

D)

404.0

4.0

60.9

06

6.4

6-2

.05

1.6

8-8

.11

27.4

3-2

3.4

89.4

2-1

.57

OM

GB

Inve

ste

c G

lob

al S

trate

gic

Managed

(U

SD

)4

20.0

4.1

01.0

28

2.7

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0.0

0-9

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4.4

71

.23

OM

GB

Inve

ste

c G

SF A

sia

n E

quity

(US

D)

511.0

8.0

91.2

78

5.7

9-3

.40

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1-1

4.4

66.9

58

.77

OM

GB

Inve

ste

c G

SF G

lob

al B

ond

(U

SD

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11.0

8.0

91.1

68

1.6

50.8

60.3

4-1

.27

2.4

65

.47

SelfSelect


Ju

ly 2

012

OM

GB

Sum

mary

of Fund

Perf

orm

ance

Year

to

date

%

Com

pound

Annual G

row

thR

ate

%

ge

ne

ra

L a

va

ILa

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ITY

(co

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MG

B Inve

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SF G

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nerg

y (U

SD

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11.0

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91.0

87

12.0

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5-2

3.9

3-

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72

.90

OM

GB

Inve

ste

c G

SF U

K E

quity

(GB

P)

411.0

8.0

91.2

81

3.6

4-1

.54

0.9

5-3

.25

--

4.2

38

.86

OM

GB

JF A

ustr

alia

(U

SD

)4

24.0

5.1

10.9

19

11.5

3-1

.71

-0.7

6-1

1.9

7-

-9.0

2-6

.98

OM

GB

JF A

sia

Pacifi

c e

x-J

ap

an E

quity

(US

D)

501.0

5.1

20.9

39

6.9

5-

--

--

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0-

OM

GB

JP

Morg

an E

uro

Liq

uid

ity

(EU

R)

101.0

5.1

21.0

00

0.0

0-

--

--

0.0

0-

OM

GB

JP

Morg

an S

terlin

g L

iquid

ity

(GB

P)

101.0

5.1

21.0

00

0.0

0-

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--

0.0

0-

OM

GB

JP

Morg

an U

S D

olla

r Liq

uid

ity

(US

D)

101.0

5.1

21.0

00

0.0

0-

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--

0.0

0-

OM

GB

Jup

iter

Clim

ate

Change S

olu

tions (E

UR

)4

05.0

2.0

80.8

60

5.5

22.1

43.2

4-0

.35

22.6

8-

9.6

9-3

.36

OM

GB

Jup

iter

Merlin

Intl B

ala

nced

(E

UR

)4

28.0

9.1

01.1

51

5.3

16.4

88.3

813.4

0-

-11.8

67

.97

OM

GB

Jup

iter

Merlin

Intl B

ala

nced

(G

BP

)4

28.0

9.1

01.0

61

3.2

12.3

11.6

30.6

6-

-4.6

43

.28

OM

GB

Jup

iter

Merlin

Intl B

ala

nced

(U

SD

)4

28.0

9.1

01.0

76

3.4

6-0

.74

0.9

4-3

.93

--

6.6

44

.08

OM

GB

M&

G G

lob

al B

asic

s (G

BP

)4

16.0

8.1

10.9

42

3.8

6-5

.04

-9.4

2-

--

-2.0

8-6

.31

OM

GB

M&

G G

lob

al L

ead

ers

(G

BP

)4

16.0

8.1

11.0

79

5.0

60.0

90.0

9-

--

3.6

58

.65

OM

GB

M&

G Inte

rnational S

ove

reig

n B

d (G

BP

)3

16.0

8.1

11.0

71

2.4

96.4

63.7

8-

--

3.3

87

.77

OM

GB

M&

G R

ecove

ry (G

BP

)4

16.0

8.1

11.0

67

5.0

2-2

.73

-0.0

9-

--

5.7

57

.33

OM

GB

Marr

iott

First

World

Eq

uity

(GB

P)

309.0

1.1

21.0

42

4.5

15.2

54.7

2-

--

4.2

08

.58

OM

GB

Marr

iott

Inte

rnational G

row

th (U

SD

)3

14.0

8.0

70.9

33

4.3

62.8

74.0

1-2

.91

25.0

7-

6.6

3-1

.40

OM

GB

Marr

iott

Inte

rnational R

eal E

sta

te (U

SD

)3

09.0

1.1

21.1

53

6.5

64.1

67.9

6-

--

15.3

03

2.9

4O

MG

B M

itonO

ptim

al C

ore

Div

ers

ified

(E

UR

)3

10.0

1.0

50.9

13

1.5

6-3

.49

-2.7

7-8

.33

5.0

6-2

2.2

3-1

.30

-1.2

1O

MG

B M

itonO

ptim

al C

ore

Div

ers

ified

(G

BP

)3

10.0

1.0

50.9

70

1.5

7-3

.39

-2.5

1-7

.79

7.0

6-2

2.0

9-1

.02

-0.4

1O

MG

B M

itonO

ptim

al C

ore

Div

ers

ified

(U

SD

)3

23.0

8.0

41.1

87

1.7

1-2

.94

-1.9

0-6

.54

11.1

4-1

6.2

3-0

.25

2.1

9O

MG

B M

itonO

ptim

al G

lob

al (

GB

P)

412.0

6.0

70.8

25

0.9

8-2

.37

-2.4

8-1

2.0

512.5

5-1

7.5

01.2

3-3

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OM

GB

MitonO

ptim

al G

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US

D)

412.0

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70.7

79

0.7

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77.6

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OM

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MitonO

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al O

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Sp

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its (G

BP

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OM

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MitonO

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its (U

SD

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up

Inv

Euro

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UR

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OM

GB

Ned

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Inv

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6.6

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Inv

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Inv

Glo

bal E

quity

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D)

427.0

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Inv

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Inv

US

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0.0

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ton R

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und

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06.0

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17

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OM

GB

NFB

Active

Managed

(G

BP

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29.0

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81.1

51

3.9

73.0

43.8

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514.8

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5.9

93

.58

OM

GB

NFB

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Managed

(U

SD

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23.0

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41.3

69

3.8

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.29

2.7

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11.3

0-8

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24

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Conserv

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Managed

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29.0

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74.0

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32

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Conserv

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Managed

(U

SD

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23.0

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41.2

80

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80.7

92.4

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8.3

8-7

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6.4

03

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HO

MG

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I Ta

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SD

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23.0

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9.4

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2.4

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8.2

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6.1

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.63

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50.7

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HO

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ivers

ified

Str

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(GB

P)

319.0

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9.8

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ivers

ified

Str

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D)

323.0

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9.2

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HO

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Str

ate

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(GB

P)

319.0

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6.5

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3.4

7-6

7.9

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2.2

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5.8

3H

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GB

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Guard

ed

Str

ate

gy

(US

D)

319.0

9.0

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19

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20.9

5-4

5.9

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4.4

3-6

6.7

4-7

1.4

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0.0

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MG

B O

ld M

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al J

ap

anese S

ele

ct

(US

D)

523.0

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3.7

01.6

40

.69

HO

MG

B O

rbis

Glo

bal E

quity

(US

D)

430.0

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39.4

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12.4

93

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HO

MG

B O

rbis

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tim

al (

EU

R)

330.0

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0.1

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3.4

51.0

91

.53

HO

MG

B O

rbis

Op

tim

al (

US

D)

330.0

8.0

51.1

58

0.2

6-1

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0.4

3-1

.45

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11.6

71.1

42

.14

OM

GB

Pre

scie

nt

Glo

bal P

ositiv

e R

etu

rn (E

UR

)3

13.0

9.1

11.0

41

1.9

62.3

63.2

7-

--

4.6

24

.94

OM

GB

Pic

tet

Pre

c M

tls F

d P

hy

Gold

(U

SD

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30.0

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1.3

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-7.8

5-1

.73

--

3.8

71

6.2

5O

MG

B P

imco G

lob

al I

nve

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ent

Gra

de C

red

it (E

UR

)3

29.0

5.1

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34

2.1

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--

3.4

0-

OM

GB

Pim

co G

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nve

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ent

Gra

de C

red

it (G

BP

)3

29.0

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34

2.1

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--

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3.4

0-

OM

GB

Pim

co G

lob

al I

nve

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ent

Gra

de C

red

it (U

SD

)3

29.0

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34

2.1

7-

--

--

3.4

0-

3M

onth

s1

Mo

nth

6M

onth

s1

Year

3 Y

ears

Ris

kra

ting

Perc

enta

ge g

row

th c

alc

ula

ted

to

31

/07

/20

12fo

r fin

an

cia

l ad

vis

ers

on

ly

SelfSelect(

continued)

Launch

date

5 Y

ears

Last

price


Sourc

e: M

orn

ingsta

r. P

rices in

forc

e a

s a

t 31 J

uly

2012

HP

lease n

ote

these fund

s a

re s

usp

end

ed

to a

ll tr

ansactions, in

flow

s &

outflo

ws

† The F

und

is s

usp

end

ed

to n

ew

busin

ess, to

p-u

ps a

nd

sw

itches. R

ed

em

ption r

eq

uests

req

uire a

min

imum

of 1 m

onth

s'

ad

vance n

otice a

nd

are

curr

ently

sub

ject

to a

postp

onem

ent

period

.Life

contr

acts

are

issued

by

Old

Mutu

al G

uern

sey.

Old

Mutu

al G

uern

sey

has it

s p

rincip

al o

ffic

e a

t A

lbert

House,

South

Esp

lanad

e,

St

Pete

r P

ort

, G

uern

sey

, C

hannel I

sla

nd

s,

GY

1 1

AW

,. O

ld M

utu

al G

uern

sey

is li

censed

to w

rite

long

term

busin

ess u

nd

er

the Insura

nce B

usin

ess (B

ailiw

ick o

f G

uern

sey)

Law

2002. The s

tatu

tory

functions o

f re

gula

tion u

nd

er

the le

gis

lation a

re c

arr

ied

out

by

the G

uern

sey

Fin

ancia

l Serv

ices C

om

mis

sio

n.

To p

rote

ct

polic

yho

lders

the Insura

nce

Busin

ess (Lic

ensin

g) R

egula

tions, 20

02 r

eq

uire O

ld M

utu

al G

uern

sey

to h

old

assets

rep

resenting a

t le

ast

90%

of contr

act

hold

er’s li

ab

ilities in

tru

ste

eship

with a

n a

pp

rove

d t

hird

part

y tr

uste

e.

Old

Mutu

al G

uern

sey

co

mp

lies w

ith t

he C

rim

inal

Justice (P

roceed

s o

f C

rim

e) (B

ailiw

ick o

f G

uern

sey)

Law

2007 b

ut

oth

erw

ise h

as n

o d

uty

of d

isclo

sure

of th

e c

lients

’ re

cord

s t

o a

ny

sta

tuto

ry o

r gove

rnm

ent

bod

y w

ithin

Guern

sey.

Old

Mutu

al G

uern

sey

is t

he n

am

e u

nd

er

whic

h t

he O

ldM

utu

al L

ife A

ssura

nce C

om

pany

(So

uth

Afr

ica) Lim

ited

(als

o k

now

n a

s O

ld M

utu

al)

is t

rad

ing in

Guern

sey.

The r

egis

tere

d o

ffic

e o

f th

e O

ld M

utu

al L

ife A

ssura

nce C

om

pany

(South

Afr

ica) Lim

ited

is lo

cate

d a

t M

utu

alp

ark

, Jan S

muts

Drive

,P

inela

nd

s 7

405, C

ap

e T

ow

n, R

ep

ub

lic o

f S

outh

Afr

ica. Its r

egis

tere

d n

um

ber

is 1

999/0

4643/0

6.

The m

ark

eting o

f O

ld M

utu

al G

uern

sey’

s p

rod

ucts

in S

outh

Afr

ica t

akes p

lace in

accord

ance w

ith t

he a

pp

licab

le S

outh

Afr

ican r

eq

uirem

ents

.The in

form

ation g

iven in

this

docum

ent

is b

ased

on O

ld M

utu

al G

uern

sey’

s u

nd

ers

tand

ing o

f curr

ent

law

and

pra

ctice in

South

Afr

ica a

nd

Guern

sey.

No li

ab

ility

will b

e a

ccep

ted

for

the e

ffect

of any

futu

re le

gis

lative

or

reg

ula

tory

chang

es.

Pub

lished

fund

prices r

efle

ct

an a

llow

ance for

ap

plic

ab

le t

axation a

nd

inve

stm

ent

exp

enses. This

allo

wance w

ill b

e d

ete

rmin

ed

at

the d

iscre

tion o

f O

ld M

utu

al G

uern

sey,

and

may

vary

ove

r tim

e.

No li

ab

ility

will b

e a

ccep

ted

for

any

pers

onal

tax c

onseq

uences o

r fo

r th

e e

ffect

of any

futu

re t

ax c

hanges. In

vesto

rs s

hould

rem

em

ber

that

the p

ast

perf

orm

ance is

no g

uara

nte

e o

f fu

ture

retu

rns.

As a

result o

f th

e n

atu

re o

f in

vestm

ents

and

possib

le e

xchange o

r in

tere

st

rate

fluctu

ations t

he v

alu

e o

f in

vestm

ents

may

go d

ow

n a

s w

ell

as u

p. This

docum

ent

does n

ot

offer

inve

stm

ent

or

financia

l ad

vice.

Old

Mutu

al G

uern

sey

accep

ts n

o li

ab

ility

whats

oeve

r fo

r any

direct,

ind

irect

or

conseq

uential l

oss a

risin

g fro

mth

e u

se o

f th

is d

ocum

ent.

This

docum

ent

does n

ot

constitu

te a

n o

ffer

or

a s

olic

itation w

here

such a

n o

ffer

or

solic

itation is

unla

wfu

l. If y

ou b

eco

me o

r are

resid

ent

in t

he U

nited

Kin

gd

om

, lik

e o

ther

offshore

inve

stm

ent

co

mp

anie

s, O

ldM

utu

al G

uern

sey

has t

o c

om

ply

with c

ert

ain

rep

ort

ing r

eq

uirem

ents

for

your

pla

n. If y

ou b

ecom

e o

r are

resid

ent

in t

he U

nited

Sta

tes o

f A

merica,

like o

ther

offshore

inve

stm

ent

com

panie

s,

Old

Mutu

al G

uern

sey

will p

lace r

estr

ictions u

pon

your

pla

n. (J

0177) O

ld M

utu

al G

uern

sey,

whose p

rincip

al p

lace o

f b

usin

ess is

Alb

ert

House, S

outh

Esp

lanad

e,

St

Pete

r P

ort

, G

uern

sey

, C

hannel I

sla

nd

s,

GY

1 1

AW

, is

a b

ranch o

f O

ld M

utu

al L

ife A

ssura

nce C

om

pany

(So

uth

Afr

ica) Lim

ited

whic

h is

incorp

ora

ted

in S

outh

Afr

ica (re

g n

o. 1999/0

4643/0

6). R

egis

tere

d o

ffic

e: M

utu

alp

ark

, Jan S

muts

Drive

, P

inela

nd

s,

Cap

e T

ow

n,

South

Afr

ica.

OM

GB

PS

G A

lphen G

lob

al F

lexib

le (G

BP

)3

02.1

0.0

71.0

26

3.0

11.0

80.4

9-0

.19

7.2

1-

2.8

10

.54

OM

GB

PS

G A

lphen G

lob

al F

lexib

le (U

SD

)3

13.0

3.0

70.9

48

3.2

7-1

.76

0.0

0-2

.47

8.1

0-9

.37

4.0

6-1

.00

OM

GB

PS

G K

onsult G

lob

al F

und

of Fund

s (U

SD

)3

13.0

3.0

70.8

55

2.8

9-1

.38

0.8

3-4

.47

12.0

6-1

8.9

65.1

7-2

.89

OM

GB

RE

-CM

Glo

bal (

US

D)

425.1

0.1

11.0

32

2.8

9-0

.77

-0.1

9-

--

4.7

74

.29

OM

GB

Sanla

m G

lob

al B

est

Ideas (U

SD

)5

16.1

1.1

00.8

59

3.0

0-3

.81

3.8

7-1

2.0

8-

-12.8

8-8

.72

OM

GB

Sanla

m G

lob

al F

inancia

l Fund

(U

SD

)5

01.0

3.1

10.9

54

5.4

1-1

.65

2.2

5-1

0.6

7-

-14.5

3-3

.47

OM

GB

Sara

sin

Agrisar

(GB

P)

524.0

5.1

10.9

49

5.4

42.1

52.9

3-4

.14

--

8.3

3-4

.39

OM

GB

Sara

sin

Com

mod

ity-

Div

ers

ified

(U

SD

)5

24.0

9.1

10.8

29

6.4

2-0

.36

-4.6

0-

--

-0.3

6-2

0.1

5O

MG

B S

ara

sin

Glo

balS

ar

– Incom

e (G

BP

)3

26.0

8.0

81.1

42

3.6

34.8

75.7

47.5

323.5

9-

7.0

33

.45

OM

GB

Sara

sin

IE

Eq

uis

ar

Dolla

r G

lob

al T

hem

atic (U

SD

)4

08.1

1.1

11.0

17

3.8

8-1

.74

1.1

9-

--

6.2

72

.56

OM

GB

Sara

sin

IE

Eq

uis

ar

Ste

rlin

g G

lob

al T

hem

atic (G

BP

)4

25.0

8.0

91.1

42

3.7

20.9

71.3

3-4

.99

--

4.1

04

.66

OM

GB

Sara

sin

IE

Real E

sta

te E

quity

(GB

P)

525.0

8.0

91.4

45

7.5

19.0

610.6

45.6

3-

-16.6

31

3.4

5O

MG

B S

kand

ia S

hie

ld (G

BP

)3

17.0

4.1

21.0

20

2.1

00.9

9-

--

-2.0

0-

OM

GB

STA

NLIB

Offshore

Manag

ed

Conserv

ative

(U

SD

)2

16.0

1.0

70.9

11

2.9

4-1

.19

0.0

0-5

.30

6.5

5-1

0.9

54.2

3-1

.68

OM

GB

Tem

ple

ton A

sia

n G

row

th (U

SD

)5

09.1

1.1

00.8

50

3.2

8-6

.18

-6.7

0-1

6.8

3-

-3.1

6-9

.29

OM

GB

Tem

ple

ton B

RIC

(U

SD

)5

11.1

0.1

10.9

42

4.0

9-1

0.1

1-1

4.7

5-

--

-3.6

8-7

.66

OM

GB

Tem

ple

ton E

merg

ing M

ark

ets

(E

UR

)5

11.1

0.1

11.0

16

4.6

3-7

.38

-7.2

1-

--

0.4

92

.14

OM

GB

Tem

ple

ton E

merg

ing M

ark

ets

(U

SD

)5

11.1

0.1

11.0

23

4.7

1-7

.17

-6.8

3-

--

0.9

93

.08

OM

GB

Tem

ple

ton E

merg

ing M

ark

ets

Bala

nced

(G

BP

)5

11.1

0.1

11.0

42

2.3

6-5

.44

-5.1

9-

--

3.9

95

.64

OM

GB

Tem

ple

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SK7496/INT12-0216/September 2012 000000

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Date post:	05-May-2017
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