QUARTERLY FUND OVERVIEW - Personal Trust · Compagnie Fin Richemont 7% Remgro Ltd 6% Billiton Plc...

QUARTERLY FUND OVERVIEW







QUARTERLY FUND OVERVIEW FOR THE QUARTER ENDING 31 MAY 2018

2

Asset Class Dashboard The graph below represents the most recent 3-month returns for the respective asset classes.

VIEW FROM THE FUND MANAGER’S DESK Glenn Moore Interest Rates Trend: Flat Short Term: Flat The strengthening Dollar and rising interest rates in the USA has put local interest rates on hold. Bonds Trend: Flat Short Term: Up The higher bond yields in the USA and stronger US dollar has put upward pressure on emerging market bond yields. Property Trend: Down Short Term: Down Scandals in the Resilient Group have undermined the confidence in the sector. This, together with higher bond yields, has resulted in continued weakness in the sector. Equity Trend: Up Short Term: Down A mixed bag in equity, resources up, SA Inc. down, Rand hedges weaker in spite of the currency, Naspers under pressure. Very volatile with emerging markets under pressure. The Rand Trend: Stronger Short Term: Weaker It’s all about the Dollar. Dollar strength is bad for emerging market bonds and equity resulting in capital outflows. Against other currencies the Rand remains stable.

3

Asset Class Dashboard The graph below represents the most recent 3-month returns for the respective asset classes.

VIEW FROM THE FUND MANAGER’S DESK Glenn Moore Interest Rates Trend: Flat Short Term: Flat The strengthening Dollar and rising interest rates in the USA has put local interest rates on hold. Bonds Trend: Flat Short Term: Up The higher bond yields in the USA and stronger US dollar has put upward pressure on emerging market bond yields. Property Trend: Down Short Term: Down Scandals in the Resilient Group have undermined the confidence in the sector. This, together with higher bond yields, has resulted in continued weakness in the sector. Equity Trend: Up Short Term: Down A mixed bag in equity, resources up, SA Inc. down, Rand hedges weaker in spite of the currency, Naspers under pressure. Very volatile with emerging markets under pressure. The Rand Trend: Stronger Short Term: Weaker It’s all about the Dollar. Dollar strength is bad for emerging market bonds and equity resulting in capital outflows. Against other currencies the Rand remains stable.

4

PERSONAL TRUST FUND RANGE & RISK PROFILE The graph above illustrates the fund range and risk profile of all our funds. Below is a summary table of the various funds and the respective annualised performance history. 1 Year 3 Year 5 Year 10 Year Since Inception Asset Allocation Funds Personal Trust Conservative Managed Fund

4.35% 5.07% 7.80% N/A 9.68%

Personal Trust Prudent Fund 5.21% 5.57% 7.67% 8.42% 11.20% Personal Trust Managed Fund 3.60% 4.92% 8.69% 9.64% 10.03% Offshore Funds PTI Global Select Managers Cautious Fund

2.47% 1.48% 1.02% N/A 1.12%

PTI Global Select Managers Opportunities Fund

5.69% 3.17% 2.59% N/A 2.68%

Equity Fund Personal Trust Equity Fund -0.72% 1.12% 2.64% N/A 7.48% Income Fund Personal Trust Income Fund 7.73% 7.67% 6.88% 7.17% 9.54%

Income Fund

Prudent Fund

Global Select Managers Cautious Fund

Managed Fund

Global Select Managers Opportunities Fund

Equity Fund

Low Low to Medium Medium Medium to High High

Risk

Conservative Managed Fund

*Annualised is the average return earned by the Fund each year over a given period.

5

Fund Objective To seek long-term capital growth and income returns whilst being managed according to the guidelines provided by Regulation 28 of the Pension Fund Act. Fund Features - Best suited to retired investors drawing income from their

portfolio - Invests in a combination of local equities, property trusts,

local and offshore bonds and cash - It has a maximum equity exposure of 40% - Investment horizon in excess of five years - The risk profile of the fund is expected to be low to medium

with returns that are higher than inflation Fund Classification Sector: Multi Asset Low Equity Portfolio Geographic Classification: South African Fund Risk Profile

Fund Manager: Glenn Moore Inception Date: 1 August 2008 Fund Size: R3.146 billion Unit Price: 173.25 cents per unit Units in issue: 1,816,351,401 Min. Investment: R50,000 lump sum Benchmark: 35% of JSE All Share Total Return Index;

25% of All Bond Index; 5% of MSCI World Index; 5% IMF Special Drawing Rights; 5% JSE SA Listed Property Index; 10% SA Cash; 15% JP Morgan Bond Index

Distribution: March, June, September, December Fees: Initial Charge: Negotiable to a maximum of 1% plus VAT Annual Fund Fee: 1.21% (excluding VAT) Total Expense Ratio (see explanatory notes for more info) Financial

Year: 3 Year

Rolling:

Total Expense Ratio (TER) 1.42% 1.41% Transaction Costs (TC) 0.08% 0.10% Total Investment Charges (TER+TC)

1.50% 1.51%

Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PERTRCM ISIN Code: ZAE000123402 JSE Code: PTCMF Prices are published daily in arrears. Investors can access, free of charge, daily fund prices, quarterly reports, minimum disclosure documents and annual reports on our website at www.ptrust.co.za

Low Low to Medium Medium Medium

to High High

PERSONAL TRUST CONSERVATIVE MANAGED FUND FUND DETAILS AS AT 31 MAY 2018

CUMULATIVE PERFORMANCE GRAPH SINCE INCEPTION

ANNUALISED PERFORMANCE FUND BENCHMARK CPI+3 Quarter 0.88% 0.73% 2.66% 1 year 4.35% 6.04% 7.63% 3 years 5.07% 6.52% 8.52% 5 years 7.80% 8.38% 8.49% Since inception 9.68% 10.37% 8.39%

RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 20.16% 21.48% Lowest rolling 1-year return 0.44% 1.85%

RISK MEASURE FUND JSE ALSI Maximum Drawdown -6.57% -36.44% Percentage positive months since inception

68.91% 60.50%

TOP 10 EQUITY HOLDINGS % OF EQUITY HOLDING Naspers Ltd 7% Compagnie Fin Richemont 7% Remgro Ltd 6% Billiton Plc 6% Anglo American Plc 5% Clicks Group Ltd 5% British American Tobacco Plc 4% Standard Bank Group Ltd 4% Sasol Ltd 4% Santam Ltd 3%

ASSET ALLOCATION

R 2,482.08

R 2,620.37

R 2,207.80

500.00

1000.00

1500.00

2000.00

2500.00

3000.00

Aug-

08No

v-08

Feb-

09M

ay-0

9Au

g-09

Nov-

09Fe

b-10

May

-10

Aug-

10No

v-10

Feb-

11M

ay-1

1Au

g-11

Nov-

11Fe

b-12

May

-12

Aug-

12No

v-12

Feb-

13M

ay-1

3Au

g-13

Nov-

13Fe

b-14

May

-14

Aug-

14No

v-14

Feb-

15M

ay-1

5Au

g-15

Nov-

15Fe

b-16

May

-16

Aug-

16No

v-16

Feb-

17M

ay-1

7Au

g-17

Nov-

17Fe

b-18

May

-18

Per R

1,00

0 in

vest

ed

Conservative Managed FundBenchmarkCPI + 3

Commodities2%

Foreign Bonds4% Foreign Cash

10%Foreign Equities

5%

Foreign Property

3%

Local Bonds17%

Local Cash6%

Local Equities30%

Local Fixed Interest

20%

Local Property 3%

MINIMUM DISCLOSURE DOCUMENT

6

PERSONAL TRUST CONSERVATIVE MANAGED FUND FUND DETAILS AS AT 31 MAY 2018


INCOME DISTRIBUTIONS CLASS R June 2017 1.21 cpu September 2017 1.82 cpu December 2017 1.27 cpu March 2018 1.72 cpu Paid in the last 12 months 6.02 cpu 12 month historic yield 3.47%

COMMENTARY

The Personal Trust Conservative Managed Fund had a reasonable quarter, delivering a positive return and marginally outperforming the benchmark.

The feature of the quarter was the renewed weakness in the Rand particularly against the resurgent Dollar. This resulted in the offshore component in the portfolio rising by 5%. This was offset by declines in both local bonds and equities.

During the quarter we took advantage of the selloff in local and offshore bonds to add to our holdings. Local bonds are now at the highest weighting ever since the fund was launched. This is in recognition of the improved prospect for fiscal discipline in a government run by Cyril Ramaphosa.

We also added to offshore bonds into weakness and took advantage of two new issues at relatively attractive yields (6.5%) in Dollars.

We took advantage of the strong equity market during the month of April to reduce the equity component of the portfolio down to 30%, from 34% last quarter. After a multi-year bull market there are signs of fatigue and rising bond yields are often a precursor to falling equity markets.

EXPLANATORY NOTES 3 Year Rolling 1 April 2015 – 31 March 2018 12 month historic yield All income declared during the previous 12 months, gross

of any withholding tax, as a percentage of the NAV price on the date of the MDD.

Annualised The compound annual growth rate over the performance period measured. Past performance is not indicative of future performance.

Cumulative Performance graph

This graph is for illustrative purposes only. It depicts how an initial lump sum investment of R1,000 (for example) placed an inception of the fund has changed over time, taking ongoing fees into account (excluding any initial fees charged), with all distributions reinvested on reinvestment date, prior to the deduction of any withholding taxes.

Financial Year 1 January 2017 – 31 December 2017 Highest & Lowest Returns

Returns achieved over rolling one year periods since inception. Actual annual figures are available to the investor on request.

Maximum Drawdown Maximum percentage decline over any period. Drawdown is calculated on the total return of the Fund/benchmark.

Percentage positive months

The percentage of calendar months in which the Fund produced a positive monthly return since inception.

Total Expense Ratio (TER) The percentage of the value of the Financial Product incurred as expenses relating to the administration of the Financial Product.

Transaction Cost (TC) The percentage of the value of the Financial Product incurred as costs related to the buying and selling of the assets underlying the Financial Product.

Total Investment Charges (TER + TC)

The percentage of the value of the product incurred as costs relating to the investment of the Financial Product.

Disclosure Tel: 021 689 8975 Fax: 086 210 4931 [email protected] www.ptrust.co.za Personal Trust International Management Company (Pty) Ltd. Reg No. 2005/026983/07 is a registered Collective Investment Scheme manager in terms of the Collective Investment Scheme Control Act, 45 of 2002. Wholly owned Subsidiary of Personal Trust (Pty) Ltd. FSP Licence No. 707. Registered Financial Services Provider. The Management Company is a member of the Association for Savings & Investment SA (ASISA) Independent Trustee & Custodian: Firstrand Bank Limited Address: 25th Floor, Portside 5 Buitengracht Street, Cape Town, South Africa. Tel: +27 21 446 9200 Collective Investment Schemes (CIS) are generally medium to long term investments. The value of the participatory interest may go up as well as down and past performance is not necessarily a guide to future performance. Performance disclosed in the fact sheets is applicable to the respective fund. Performance figures include income distributions, prior to deduction of withholding taxes and are calculated after management fees. Personal Trust International Management Company (Pty) Limited does not provide a guarantee either with respect to the capital or the return of a portfolio. Actual investor performance may differ as a result of the investment date, any initial fee charged, the date of reinvestment and any withholding tax. Performance figures quoted are from Profile Data for the period ending 31 May 2018 based on a lump sum investment, using NAV prices which include fees and charges, excluding any initial fees, with income distributions reinvested on ex-dividend date. Personal Trust International Management Company (Pty) Ltd has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. CIS are traded at ruling prices and can engage in borrowing and scrip lending. There have been no breaches in the fund during the reporting period. Subscription by institutional investors, or by investors deemed to be institutional investors by the Manager, may be permitted by invitation only. The terms of subscription by institutional investors will be concluded at time of invitation. Historic pricing is used. A schedule of fees and charges and maximum commissions is available on request from the company. Commissions and incentives may be paid and if so, would be included in the overall cost. The Fund may invest in portfolios of collective schemes that levy their own charges, which could results in a higher fee structure for the Fund. A Fund of Funds portfolio will invest in portfolios that levy their own charges, which could result in a higher fee structure for the Fund of Funds. In both instances, the charges levied by the portfolios of collective investment schemes into which the Fund invests are reflected in the Total Expense Ratio. A portfolio can invest in foreign securities which may have exposure to potential constraints on liquidity and the repatriation of funds; macroeconomic risks; political risks; foreign exchange risks; tax risks, settlement risks; and potential limitations on the availability of market information. A Higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER's. Transaction costs are a necessary cost in administering the Financial Product and impacts the Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time, including market returns, the type of financial product, the investment decisions of the investment manager and the TER.

7

Fund Objective To seek above-average returns with medium risk with active asset allocation, within the guidelines of Regulation 28 of the Pension Fund Act. Fund Features - Suitable for investors saving for retirement and/or those

seeking steady long-term capital growth - The Funds’ investments are in balanced funds managed in

accordance with Regulation 28, which limits exposure to certain asset classes

- Personal Trust chooses the underlying fund managers based on their underlying portfolio and performance through the cycle

- The Fund is a truly independent multi managed fund - Returns are likely to be less volatile than those of an

equity-only fund Fund Classification Sector: Multi Asset High Equity Geographic Classification: South African Fund Risk Profile

Fund Manager: Glenn Moore Inception Date: 1 October 2001 Fund Size: R1.264 billion Unit Price: 417.60 cents per unit Units in issue: 302,741,455 Min. Investment: R50,000 lump sum Benchmark: CPI+5% Distribution: March, June, September, December

Fees: Initial Charge: Negotiable to a maximum of 1% plus VAT Annual Fund Fee: 0.90% (excluding VAT) Total Expense Ratio (see explanatory notes for more info) Financial

Year: 3 Year

Rolling:


2.18% 2.22%

Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PERTRPF ISIN Code: ZAE000054144 JSE Code; PTPF Prices are published daily in arrears. Investors can access, free of charge, daily fund prices, quarterly reports, minimum disclosure documents and annual reports on our website at www.ptrust.co.za


to High High

PERSONAL TRUST PRUDENT FUND OF FUNDS FUND DETAILS AS AT 31 MAY 2018


ANNUALISED PERFORMANCE FUND BENCHMARK Quarter -0.05% 3.16% 1 year 5.21% 9.72% 3 years 5.57% 10.62% 5 years 7.67% 10.60% 10 years 8.42% 10.77% Since Inception 11.20% 11.06%

RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 33.14% 8.51% Lowest rolling 1-year return -10.28% 15.64%


66.17% 61.19%

TOP 10 EQUITY HOLDINGS % OF EQUITY HOLDING Prudential Balanced Fund 25% Coronation Balanced Plus Fund 20% Aylett Balanced Prescient Fund 19% Allan Gray Balanced Fund 17% Investec Opportunities Fund 16% Cash 3%

ASSET ALLOCATION

R 5,683.86

R 5,750.01

0.00

1,000.00

2,000.00

3,000.00

4,000.00

5,000.00

6,000.00

7,000.00

Oct-0

1Ja

n-02

Apr-0

2Ju

l-02

Oct-0

2Ja

n-03

Apr-0

3Ju

l-03

Oct-0

3Ja

n-04

Apr-0

4Ju

l-04

Oct-0

4Ja

n-05

Apr-0

5Ju

l-05

Oct-0

5Ja

n-06

Apr-0

6Ju

l-06

Oct-0

6Ja

n-07

Apr-0

7Ju

l-07

Oct-0

7Ja

n-08

Apr-0

8Ju

l-08

Oct-0

8Ja

n-09

Apr-0

9Ju

l-09

Oct-0

9Ja

n-10

Apr-1

0Ju

l-10

Oct-1

0Ja

n-11

Apr-1

1Ju

l-11

Oct-1

1Ja

n-12

Apr-1

2Ju

l-12

Oct-1

2Ja

n-13

Apr-1

3Ju

l-13

Oct-1

3Ja

n-14

Apr-1

4Ju

l-14

Oct-1

4Ja

n-15

Apr-1

5Ju

l-15

Oct-1

5Ja

n-16

Apr-1

6Ju

l-16

Oct-1

6Ja

n-17

Apr-1

7Ju

l-17

Oct-1

7Ja

n-18

Apr-1

8

Per R

1,00

0 in

vest

ed

Prudent FOFCPI + 5

Local Cash, 16%

Foreign Cash, 1%

Local Equity, 42%Foreign Equity, 22%

Local Property, 4%

Foreign Property , 1%

Local Bonds, 12%

Foreign Bonds, 1% Commodities, 1%


8

PERSONAL TRUST PRUDENT FUND OF FUNDS FUND DETAILS AS AT 31 MAY 2018



COMMENTARY

The Personal Trust Prudent Fund of Funds did relatively well in the tough environment, but was unable to outperform its inflation-plus benchmark.

Our selected fund managers performed as follows:

Aylett Balanced Prescient Fund A1 1.20%

Investec Opportunities Fund Class J 0.41%

Coronation Balanced Plus Fund B4 -0.06%

Prudential Balanced Fund Class B -0.12%

Allan Gray Balanced Fund Class C -0.67%





This graph is for illustrative purposes only. It depicts how an initial lump sum investment of R1,000 (for example) placed at inception of the fund has changed over time, taking ongoing fees into account (excluding any initial fees charges, with all distributions reinvested on reinvestment date, prior to the deduction of any withholding taxes.


Returns achieved over the same rolling one year periods since inception. Actual annual figures are available to the investor on request.








Disclosure Tel: 021 689 8975 Fax: 086 210 4931 [email protected] www.ptrust.co.za Personal Trust International Management Company (Pty) Ltd. Reg No. 2005/026983/07 is a registered Collective Investment Scheme manager in terms of the Collective Investment Scheme Control Act, 45 of 2002. Wholly owned Subsidiary of Personal Trust (Pty) Ltd. FSP Licence No. 707. Registered Financial Services Provider. The Management Company is a member of the Association for Savings & Investment SA (ASISA) Independent Trustee & Custodian: Firstrand Bank Limited Address: 25th Floor, Portside 5 Buitengracht Street, Cape Town, South Africa. Tel: +27 21 446 9200 Collective Investment Schemes (CIS) are generally medium to long term investments. The value of the participatory interest may go up as well as down and past performance is not necessarily a guide to future performance. Performance disclosed in the fact sheets is applicable to the respective fund. Performance figures include income distributions, prior to deduction of withholding taxes and are calculated after management fees. Personal Trust International Management Company (Pty) Limited does not provide a guarantee either with respect to the capital or the return of a portfolio. Actual investor performance may differ as a result of the investment date, any initial fee charged, the date of reinvestment and any withholding tax. Performance figures quoted are from Profile Data for the period ending 31 May 2018 based on a lump sum investment, using NAV prices which include fees and charges, excluding any initial fees, with income distributions reinvested on ex-dividend date. Personal Trust International Management Company (Pty) Ltd has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A fund of fund portfolio only invests in other Collective Investment Scheme portfolios which levy their own charges, which could result in a higher fee structure for these funds. There have been no breaches in the fund during the reporting period. Subscription by institutional investors, or by investors deemed to be institutional investors by the Manager, may be permitted by invitation only. The terms of subscription by institutional investors will be concluded at time of invitation. Historic pricing is used. A schedule of fees and charges and maximum commissions is available on request from the company. Commissions and incentives may be paid and if so, would be included in the overall cost. The Fund may invest in portfolios of collective schemes that levy their own charges, which could results in a higher fee structure for the Fund. A Fund of Funds portfolio will invest in other Collective Investment Scheme portfolios that levy their own charges, which could result in a higher fee structure for the Fund of Funds. In both instances, the charges levied by the portfolios of collective investment schemes into which the Fund invests are reflected in the Total Expense Ratio. A portfolio can invest in foreign securities which may have exposure to potential constraints on liquidity and the repatriation of funds; macroeconomic risks; political risks; foreign exchange risks; tax risks, settlement risks; and potential limitations on the availability of market information. A Higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER's. Transaction costs are a necessary cost in administering the Financial Product and impacts the Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time, including market returns, the type of financial product, the investment decisions of the investment manager and the TER.

9

Fund Objective To seek above-average returns through exposure to a full equity weighting within the guidelines of Regulation 28 of the Pension Fund Act. Fund Features - Suitable for investors saving for retirement, who can stay

invested for 5 years or longer and for those looking for an investment that balances long-term growth with medium to high levels of risk

- Invests in a combination of local and foreign equities, property trusts, bonds and cash

- Will tend to have an increased probability to volatility in the short term due to high equity exposure therefore suitable for investors with a longer term investment horizon.

Awards Morningstar Award for Best Aggressive Allocation Fund. Award Date: 2 March 2016 Fund Classification Sector: Multi Asset High Equity Portfolio Geographic Classification: South African Fund Risk Profile

Fund Manager: Glenn Moore Inception Date: 1 August 2007 Fund Size: R1.441 billion Unit Price: 208.21 cents per unit Units in issue: 692,150,599 Min. Investment: R50,000 lump sum Benchmark: 50% of JSE All Share Total Return Index;

10% of All Bond Index; 10% of MSCI World Index; 5% IMF Special Drawing Rights; 10% JSE SA Listed Property Index; 5% SA Cash; 10% JP Morgan Bond Index

Distribution: March, June, September, December Fees: Initial Charge: Negotiable to a maximum of 1% plus VAT Annual Fund Fee: 1.21% (excluding VAT) Total Expense Ratio (see explanatory notes for more info) Financial

Year: 3 Year

Rolling:


1.53% 1.56%

Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PERTRMG ISIN Code: ZAE000099503 JSE Code: PETB Prices are published daily in arrears. Investors can access, free of charge, daily fund prices, quarterly reports, minimum disclosure documents and annual reports on our website at www.ptrust.co.za


to High High

PERSONAL TRUST MANAGED FUND FUND DETAILS AS AT 31 MAY 2018


ANNUALISED PERFORMANCE FUND BENCHMARK CPI+6 Quarter -0.02% 0.33% 3.40% 1 year 3.60% 5.40% 10.76% 3 years 4.92% 6.00% 11.68% 5 years 8.69% 9.02% 11.65% 10 years 9.64% 10.06% 11.83% Since Inception 10.03% 10.33% 12.26%

RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 29.17% 26.97% Lowest rolling 1-year return -18.88% -17.64%


64.12% 58.78%

TOP 10 EQUITY HOLDINGS % OF EQUITY HOLDING Compagnie Fin Richemont 6% Remgro Ltd 6% Naspers Ltd 6% Anglo American Plc 5% Billiton Plc 5% British American Tobacco Plc 5% Standard Bank Group Ltd 4% Clicks Group Ltd 3% MTN Group Ltd 3% Sasol Ltd 3%

ASSET ALLOCATION

R 2,795.95

R 2,877.50

R 3,503.96

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

3,500.00

4,000.00

Aug-

07No

v-07

Feb-

08M

ay-0

8Au

g-08

Nov-

08Fe

b-09

May

-09

Aug-

09No

v-09

Feb-

10M

ay-1

0Au

g-10

Nov-

10Fe

b-11

May

-11

Aug-

11No

v-11

Feb-

12M

ay-1

2Au

g-12

Nov-

12Fe

b-13

May

-13

Aug-

13No

v-13

Feb-

14M

ay-1

4Au

g-14

Nov-

14Fe

b-15

May

-15

Aug-

15No

v-15

Feb-

16M

ay-1

6Au

g-16

Nov-

16Fe

b-17

May

-17

Aug-

17No

v-17

Feb-

18M

ay-1

8

Per R

1,00

0 in

vest

ed

Managed FundBenchmarkCPI + 6

Foreign Bonds

4% Local Bonds8%

Commodities1%

Local Property

3%

Local Equities44%

Local Fixed Interest

15%

Local Cash9%

Foreign Cash3%

Foreign Equities

10%

Foreign Property

3%


10

PERSONAL TRUST MANAGED FUND FUND DETAILS AS AT 31 MAY 2018



COMMENTARY

The Personal Trust Managed Fund ended the quarter marginally down and slightly behind benchmark. The feature of the quarter was renewed weakness in the Rand, primarily against a resurgent Dollar. This resulted in the offshore component in the portfolio rising by around 5%. This was offset by declines in both local bonds and equities.

Among the equities, the SA Inc. component of the portfolio had a torrid time. Barlows, Remgro, MTN and Tiger Brands delivered double digit declines. British American Tobacco also had a weak quarter in spite of the softer Rand. Resources in particular Billiton and Sasol delivered double digit positive returns on the back of the higher oil price. Finally, our old stalwart, Clicks had another fantastic quarter up 20%.

The weaker bond market both locally and offshore gave us an opportunity to add to our holdings at significantly higher yields.

Markets remain skittish with the geopolitical environment not helping. The corporate scandals we have had to endure over the last six months have compounded the volatility.





This graph is for illustrative purposes only. It depicts how an initial lump sum investment of R1,000 (for example) placed at inception of the fund has changed over time, taking ongoing fees into account (excluding any initial fees charged), with all distributions reinvested on reinvestment date, prior to the deduction of any withholding taxes.










Disclosure Tel: 021 689 8975 Fax: 086 210 4931 [email protected] www.ptrust.co.za Personal Trust International Management Company (Pty) Ltd. Reg No. 2005/026983/07 is a registered Collective Investment Scheme manager in terms of the Collective Investment Scheme Control Act, 45 of 2002. Wholly owned Subsidiary of Personal Trust (Pty) Ltd. FSP Licence No. 707. Registered Financial Services Provider. The Management Company is a member of the Association for Savings & Investment SA (ASISA) Independent Trustee & Custodian: Firstrand Bank Limited Address: 25th Floor, Portside 5 Buitengracht Street, Cape Town, South Africa. Tel: +27 21 446 9200 Collective Investment Schemes (CIS) are generally medium to long term investments. The value of the participatory interest may go up as well as down and past performance is not necessarily a guide to future performance. Performance disclosed in the fact sheets is applicable to the respective fund. Performance figures include income distributions, prior to deduction of withholding taxes and are calculated after management fees. Personal Trust International Management Company (Pty) Limited does not provide a guarantee either with respect to the capital or the return of a portfolio. Actual investor performance may differ as a result of the investment date, any initial fee charged, the date of reinvestment and any withholding tax. Performance figures quoted are from Profile Data for the period ending 31 May 2018 based on a lump sum investment, using NAV prices which include fees and charges, excluding any initial fees, with income distributions reinvested on ex-dividend date. Personal Trust International Management Company (Pty) Ltd has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. CIS are traded at ruling prices and can engage in borrowing and scrip lending. There have been no breaches in the fund during the reporting period. Subscription by institutional investors, or by investors deemed to be institutional investors by the Manager, may be permitted by invitation only. The terms of subscription by institutional investors will be concluded at time of invitation. Historic pricing is used. A schedule of fees and charges and maximum commissions is available on request from the company. Commissions and incentives may be paid and if so, would be included in the overall cost. The Fund may invest in portfolios of collective schemes that levy their own charges, which could results in a higher fee structure for the Fund. A Fund of Funds portfolio will invest in portfolios that levy their own charges, which could result in a higher fee structure for the Fund of Funds. In both instances, the charges levied by the portfolios of collective investment schemes into which the Fund invests are reflected in the Total Expense Ratio. A portfolio can invest in foreign securities which may have exposure to potential constraints on liquidity and the repatriation of funds; macroeconomic risks; political risks; foreign exchange risks; tax risks, settlement risks; and potential limitations on the availability of market information. A Higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER's. Transaction costs are a necessary cost in administering the Financial Product and impacts the Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time, including market returns, the type of financial product, the investment decisions of the investment manager and the TER. Full details of the award are available from the The Manager.

11

Fund Objective To achieve steady long-term capital growth with a moderate level of risk. Fund Features - Managed by Brooks MacDonald Asset Management

(International) Ltd & Credo Capital Plc - Designed for investors seeking a moderate level of risk for

the international portion of their portfolio - Ideal investor should have limited income requirements

and the ability to tolerate a reasonable level of volatility - Investment horizon of three to five years Fund Classification Sector: Multi Asset Flexible Geographic Classification: Global Fund Risk Profile

Inception Date: 1 April 2011 Fund Size: $54.89 million Unit Price: 108.31 cents per unit Units in issue: 50,681,362 Min. Investment: $5,000 Dealing Freq: Weekly Benchmark: 25% MSCI World Index; 25% JP Morgan

Global Bond Index; 10% S&P Global REIT Index; 40% IMF Special Drawing Rights

Registered: Guernsey Custodian: BNP Paribas Trust Company (Guernsey)

Ltd Distribution: None

Fees: Initial Charge: No Initial Fee Annual Fund Fee: 1.34% Total Expense Ratio (see explanatory notes for more info) Financial

Year: 3 Year

Rolling:


1.99% 1.96%

Other Information Transaction cut off: Tuesday weekly Valuation cut off: Thursday weekly Bloomberg Code: PTIGMCA ISIN Code: GG00B4LF9S22 Investors can access, free of charge, quarterly reports, minimum disclosure documents and annual reports on our website at www.ptrust.co.za

PTI GLOBAL SELECT MANAGERS CAUTIOUS FUND FUND DETAILS AS AT 31 MAY 2018


ANNUALISED PERFORMANCE FUND – USD FUND – ZAR BENCHMARK Quarter -0.99% 7.60% -0.81% 1 year 2.47% 0.79% 3.66% 3 years 1.48% 2.89% 2.56% 5 years 1.02% 5.93% 1.96% Since inception 1.12% 10.45% 1.90%


RISK MEASURE FUND BENCHMARK Percentage positive months since inception

54.65% 54.65%

ASSET ALLOCATION

CURRENCY ALLOCATION

R 1,082.88

R 2,039.04

R 1,144.87

0

500

1000

1500

2000

2500

3000

Apr-

11

Sep-

11

Feb-

12

Jul-1

2

Dec-

12

May

-13

Oct

-13

Mar

-14

Aug-

14

Jan-

15

Jun-

15

Nov

-15

Apr-

16

Sep-

16

Feb-

17

Jul-1

7

Dec-

17

May

-18

Perf

orm

ance

PTI GSM Cautious USDPTI GSM Cautious ZARBenchmark

Cash25%

Commodities2%

Equities31%

Fixed Income

35%

Property7%

Japenese Yen3% Euro

7%

US Dollar85%

British Pound

3%

Chinese Yuan2%


12



COMMENTARY

Credo Capital Plc The quarter captured the second half of a bifurcated year for most asset classes. Following a strong and remarkably serene 2017, global stocks began 2018 with a further acceleration on the upside, peaking at a 7% gain in late January. However this trend abruptly reversed over the following two week period, as equities swiftly retraced gains for the year by early February and the MSCI World has oscillated around flat returns for the year-to-date since. Global bonds also saw price pressure through to the end of February as bond yields rose. However returns improved and they ended May nearer levels where they started the year. This period also caught the tail end of a reversal in FX trends, with initial US dollar weakness at the beginning of 2018 reversing through April and May.

COMMENTARY

Brooks MacDonald Asset Management Our economic clock shows that we believe the world’s major economies’ cycles are maturing. During mid-cycle expansions, labour markets strengthen but the economy still has a lot of spare capacity. This keeps inflation in sight of central banks’ targets and allows monetary policy to remain accommodative, creating a supportive environment that is ideal for risk assets. As economic expansions mature, labour markets tighten, growth moderates and inflationary pressures build. This forces central banks to reduce their policy support, putting pressure on fixed income markets and causing rotation within equities. 2018 to date is displaying ample evidence of this late cycle behaviour, with a measured correction in sovereign and corporate bond prices, the underperformance of certain interest rate sensitive areas of the equity market and a stronger US dollar, linked to its position in the economic cycle. Asset markets entered a correction in February as concerns over accelerating inflation intensified following the release of stronger-than-anticipated US wage growth data. Escalating rhetoric surrounding trade protectionism also damaged sentiment, as did concerns over the threat of increased regulation of some of the world’s largest technology companies. A stronger US dollar has been a headwind to performance from non-US markets, especially within the EM sector, and at the end of May the MSCI World index was close to flat on the year in terms of return. That said, the global economy remains strong and we expect growth to remain positive in 2018, particularly given that the US economic cycle is likely to be extended by the government’s recent tax reforms, which has also breathed life into the valuation of US equities. Although US inflation is set to accelerate in 2018, this is largely due to transitory base effects and we expect it to return to around the Federal Reserve’s (Fed’s) target level over the medium term. This should allow the Fed to gradually tighten its monetary policy stance, the effect of which will be priced into risk assets as interest rates normalise. Steady hiring and lower taxes should support consumer spending, aiding the projected rebound in growth this quarter and into H2. This environment should continue to support robust corporate earnings growth and we therefore favour equities over fixed income, particularly via exposure to certain themes. Nevertheless, financial conditions are tightening gradually as the global monetary policy backdrop is shifting from quantitative easing towards quantitative tightening. Meanwhile, sovereign debt issuance is set to increase as governments look to finance more expansionary fiscal programmes. These trends are likely to contribute to higher asset-market volatility throughout the year. As such, we believe it is appropriate to retain balance within investment portfolios, with alternative assets and cash playing an important role in boosting portfolio diversification. Activity within the portfolio this year has focused on investing new money to maintain the balance of the asset allocation in line with these views, with an overweight to equities, an underweight to sovereign fixed income and specific exposure to themes such as technology, healthcare and value-based sectors such as financials and resource companies. The IT sector continues to drive equity market returns this year whilst value sectors and global real estate have both been strong during the last three months. Gold, infrastructure and corporate bonds have been the three main detractors to performance on a year to date basis. We have retained all liquidity in the portfolio in US dollars and have seen a significant strengthening of the greenback versus its developed market peers since the end of March. After retracing about half of its post financial crisis gains, the dollar has resumed a strengthening trend as a result of both fundamental and technical factors - in February this year, speculative investors were the most bearish against the dollar since 2011, leaving the currency poised for a reversal, the catalyst being shifting economic growth momentum in favour of the US.

13



Disclosure Tel: 021 689 8975 Fax: 086 210 4931 [email protected] www.ptrust.co.za PTI Mutual Fund PCC Limited (a protected cell company registered with limited liability in Guernsey with registration number 52182). The Manager of the protected cell company is PTI Guernsey Limited (Registration Number 50910) a wholly owned subsidiary of Personal Trust (Pty) Ltd (1951/0028559/07). PTI Mutual Fund PCC Limited is represented by Personal Trust International Management Company (Pty) Limited in South Africa. Custodian: BNP Paribas Trust Company (Guernsey) Limited whose registered office is at BNP Paribas House, St Julian’s Avenue, St Peter Port, Guernsey, GY1 1WA. Collective Investment Schemes (CIS) are generally medium to long term investments. The value of the participatory interest may go up as well as down and past performance is not necessarily a guide to future performance. Performance disclosed in the fact sheets is applicable to the respective fund. Performance figures are calculated after management fees and other expenses. PTI Mutual Fund PCC does not provide a guarantee either with respect to the capital or the return of a portfolio. Actual investor performance may differ as a result of the investment date, any initial fee charged, the date of reinvestment and any withholding tax. Performance figures quoted are for the period ending 31 May 2018 based on a lump sum investment, using NAV prices which include fees and charges, excluding any initial fees, with income distributions reinvested on ex-dividend date. PTI Mutual Fund PCC Limited has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. CIS are traded at ruling prices and can engage in borrowing and scrip lending. The PTI Global Select Managers Cautious Fund is jointly managed by Brooks MacDonald Asset Management (International) Limited, Licence Number 45742 and Credo Capital Plc, Licence Number 9757. There have been no breaches in the Fund during the reporting period. Subscription by institutional investors, or by investors deemed to be institutional investors by the Manager, may be permitted by invitation only. The terms of subscription by institutional investors will be concluded at time of invitation. Historic pricing is used. A schedule of fees and charges and maximum commissions is available on request from the company. Commissions and incentives may be paid and if so, would be in included in the overall cost. The Fund may invest in portfolios of collective schemes that levy their own charges, which could result in a higher fee structure for the Fund. A Fund of Funds portfolio will invest in portfolios that levy their own charges, which could result in a higher fee structure for the Fund of Funds. In both instances, the charges levied by the portfolios of collective investment schemes into which the Fund invests are reflected in the Total Expense Ratio. A portfolio can invest in foreign securities which may have exposure to potential constraints on liquidity and the repatriation of funds; macroeconomic risks; political risks; foreign exchange risks; tax risks, settlement risks; and potential limitations on the availability of market information. A Higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER's. Transaction costs are a necessary cost in administering the Financial Product and impacts the Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time, including market returns, the type of financial product, the investment decisions of the investment manager and the TER.

EXPLANATORY NOTES 3 Year Rolling 1 April 2015 – 31 March 2018 Annualised The compound annual growth rate over the performance

period measured. Past performance is not indicative of future performance.


This graph is for illustrative purposes only. It depicts how an initial lump sum investment of $1,000 (for example) placed at inception of the fund has changed over time, taking ongoing fees into account (excluding any initial fees charged), with all distributions reinvested on reinvestment date, prior to the deduction of any withholding taxes.









14

Fund Objective To achieve long-term capital growth by investing in a diversified mix of asset classes and specialist managers within each asset class. The fund will have an above-average risk profile. Fund Features - Managed by Brooks MacDonald Asset Management

(International) Ltd & Credo Capital Plc - Designed for investors whose goal for the international

portion of their portfolio is long-term capital growth - Ideal investor will have no income requirements and will be

able to tolerate a high level of volatility - Investment horizon in excess of five years Fund Classification Sector: Multi Asset Flexible Geographic Classification: Global Fund Risk Profile

Inception Date: 1 April 2011 Fund Size: $33.48 million Unit Price: 120.89 cents per unit Units in issue: 27,703,196 Min. Investment: $5,000 Benchmark: 60% MSCI World Index; 20% JP Morgan

Global Bond Index; 10% S&P Global REIT Index; 10% IMF Special Drawing Rights

Registered: Guernsey Custodian: BNP Paribas Trust Company (Guernsey) Ltd Distribution: None Fees: Initial Charge: No Initial Fee Annual Fund Fee: 1.34% Total Expense Ratio (see explanatory notes for more info) Financial

Year: 3 Year

Rolling:


2.06% 2.06%

Other Information Transaction cut off: Tuesday weekly Valuation cut off: Thursday weekly Bloomberg Code: PTISMOA ISIN Code: GG00B4PPSZ87 Investors can access, free of charge, quarterly reports, minimum disclosure documents and annual reports on our website at www.ptrust.co.za


to High High

PTI GLOBAL SELECT OPPORTUNITIES FUND FUND DETAILS AS AT 31 MAY 2018


ANNUALISED PERFORMANCE FUND – USD FUND – ZAR BENCHMARK Quarter -0.71% 7.91% -0.61% 1 year 5.69% 3.96% 6.14% 3 years 3.17% 4.60% 3.72% 5 years 2.59% 7.57% 4.29% Since inception 2.68% 12.16% 4.08%


RISK MEASURE FUND BENCHMARK Percentage positive months since inception

55.81% 58.14%

ASSET ALLOCATION

CURRENCY ALLOCATION

R 1,208.87

R 2,275.86

R 1,331.61

0

500

1000

1500

2000

2500

3000

Apr-

11

Sep-

11

Feb-

12

Jul-1

2

Dec-

12

May

-13

Oct

-13

Mar

-14

Aug-

14

Jan-

15

Jun-

15

Nov

-15

Apr-

16

Sep-

16

Feb-

17

Jul-1

7

Dec-

17

May

-18

Perfo

rman

ce

PTI GSM Opportunities USDPTI GSM Opportunities (ZAR)Benchmark

Cash11%

Commodities1%

Equities63%

Fixed Income

18%

Property7%

Euro4% British

Pound3%

Japenese Yen2%

US Dollar91%


15

PTI GLOBAL SELECT MANAGERS OPPORTUNITIES FUND FUND DETAILS AS AT 31 MAY 2018

MINIMUM DISCLOSURE DOCUMENT COMMENTARY

Credo Capital Plc The quarter captured the second half of a bifurcated year for most asset classes. Following a strong and remarkably serene 2017, global stocks began 2018 with a further acceleration on the upside, peaking at a 7% gain in late January. However this trend abruptly reversed over the following two week period, as equities swiftly retraced gains for the year by early February and the MSCI World has oscillated around flat returns for the year-to-date since. Global bonds also saw price pressure through to the end of February as bond yields rose. However returns improved and they ended May nearer levels where they started the year. This period also caught the tail end of a reversal in FX trends, with initial US dollar weakness at the beginning of 2018 reversing through April and May.

COMMENTARY

Brooks MacDonald Asset Management Our economic clock shows that we believe the world’s major economies’ cycles are maturing. During mid-cycle expansions, labour markets strengthen but the economy still has a lot of spare capacity. This keeps inflation in sight of central banks’ targets and allows monetary policy to remain accommodative, creating a supportive environment that is ideal for risk assets. As economic expansions mature, labour markets tighten, growth moderates and inflationary pressures build. This forces central banks to reduce their policy support, putting pressure on fixed income markets and causing rotation within equities. 2018 to date is displaying ample evidence of this late cycle behaviour, with a measured correction in sovereign and corporate bond prices, the underperformance of certain interest rate sensitive areas of the equity market and a stronger US dollar, linked to its position in the economic cycle. Asset markets entered a correction in February as concerns over accelerating inflation intensified following the release of stronger-than-anticipated US wage growth data. Escalating rhetoric surrounding trade protectionism also damaged sentiment, as did concerns over the threat of increased regulation of some of the world’s largest technology companies. A stronger US dollar has been a headwind to performance from non-US markets, especially within the EM sector, and at the end of May the MSCI World index was close to flat on the year in terms of return. That said, the global economy remains strong and we expect growth to remain positive in 2018, particularly given that the US economic cycle is likely to be extended by the government’s recent tax reforms, which has also breathed life into the valuation of US equities. Although US inflation is set to accelerate in 2018, this is largely due to transitory base effects and we expect it to return to around the Federal Reserve’s (Fed’s) target level over the medium term. This should allow the Fed to gradually tighten its monetary policy stance, the effect of which will be priced into risk assets as interest rates normalise. Steady hiring and lower taxes should support consumer spending, aiding the projected rebound in growth this quarter and into H2. This environment should continue to support robust corporate earnings growth and we therefore favour equities over fixed income, particularly via exposure to certain themes. Nevertheless, financial conditions are tightening gradually as the global monetary policy backdrop is shifting from quantitative easing towards quantitative tightening. Meanwhile, sovereign debt issuance is set to increase as governments look to finance more expansionary fiscal programmes. These trends are likely to contribute to higher asset-market volatility throughout the year. As such, we believe it is appropriate to retain balance within investment portfolios, with alternative assets and cash playing an important role in boosting portfolio diversification. Activity within the portfolio this year has focused on investing new money to maintain the balance of the asset allocation in line with these views, with an overweight to equities, an underweight to sovereign fixed income and specific exposure to themes such as technology, healthcare and value-based sectors such as financials and resource companies. The IT sector continues to drive equity market returns this year whilst value sectors and global real estate have both been strong during the last three months. Gold, infrastructure and corporate bonds have been the three main detractors to performance on a year to date basis. We have retained all liquidity in the portfolio in US dollars and have seen a significant strengthening of the greenback versus its developed market peers since the end of March. After retracing about half of its post financial crisis gains, the dollar has resumed a strengthening trend as a result of both fundamental and technical factors - in February this year, speculative investors were the most bearish against the dollar since 2011, leaving the currency poised for a reversal, the catalyst being shifting economic growth momentum in favour of the US.

16

PTI GLOBAL SELECT MANAGERS OPPORTUNITIES FUND FUND DETAILS AS AT 31 MAY 2018


EXPLANATORY NOTES 3 Year Rolling 1 April 2015 – 31 March 2018 Annualised The compound annual growth rate over the performance

period measured. Past performance is not indicative of future performance.


This graph is for illustrative purposes only. It depicts how an initial lump sum investment of $1,000 (for example) placed at inception of the fund has changed over time, taking ongoing fees into account (excluding any initial fees), with all distributions reinvested on reinvestment date, prior to the deduction of any withholding taxes.









Disclosure Tel: 021 689 8975 Fax: 086 210 4931 [email protected] www.ptrust.co.za PTI Mutual Fund PCC Limited (a protected cell company registered with limited liability in Guernsey with registration number 52182). The Manager of the protected cell company is PTI Guernsey Limited (Registration Number 50910) a wholly owned subsidiary of Personal Trust (Pty) Ltd (1951/0028559/07). PTI Mutual Fund PCC Limited is represented by Personal Trust International Management Company (Pty) Limited in South Africa. Custodian: BNP Paribas Trust Company (Guernsey) Limited whose registered office is at BNP Paribas House, St Julian’s Avenue, St Peter Port, Guernsey, GY1 1WA Collective Investment Schemes (CIS) are generally medium to long term investments. The value of the participatory interest may go up as well as down and past performance is not necessarily a guide to future performance. Performance disclosed in the fact sheets is applicable to the respective fund. Performance are calculated after management fees and other expenses. PTI Mutual Fund PCC does not provide a guarantee either with respect to the capital or the return of a portfolio. Actual investor performance may differ as a result of the investment date, any initial fee charged, the date of reinvestment and any withholding tax. Performance figures quoted are for the period ending 31 May 2018 based on a lump sum investment, using NAV prices which include fees and charges, excluding any initial fees with income distributions reinvested on an ex-dividend date. PTI Mutual Fund PCC Limited has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. CIS are traded at ruling prices and can engage in borrowing and scrip lending. The PTI Global Select Managers Opportunities Fund is jointly managed by Brooks MacDonald Asset Management (International) Limited, Licence Number 45742 and Credo Capital Plc, Licence Number 9757. There have been no breaches in the Fund during the reporting period. Subscription by institutional investors, or by investors deemed to be institutional investors by the Manager, may be permitted by invitation only. The terms of subscription by institutional investors will be concluded at time of invitation. Historic pricing is used. A schedule of fees and charges and maximum commissions is available on request from the company. Commissions and incentives may be paid and if so, would be included in the overall cost. The Fund may invest in portfolios of collective schemes that levy their own charges, which could result in a higher fee structure for the fund. A Fund of Funds portfolio will invest in portfolios that levy their own charges, which could result in a higher fee structure for the Fund of Funds. In both instances, the charges levied by the portfolios of collective investment schemes into which the Fund invests are reflected in the Total Expense Ratio. A portfolio can invest in foreign securities which may have exposure to potential constraints on liquidity and the repatriation of funds; macroeconomic risks; political risks; foreign exchange risks; tax risks, settlement risks; and potential limitations on the availability of market information. A Higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER's. Transaction costs are a necessary cost in administering the Financial Product and impacts the Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time, including market returns, the type of financial product, the investment decisions of the investment manager and the TER.

17

Fund Objective To provide returns in excess of the JSE All Share Index over the long-term with lower than average risk of capital loss. Fund Features - Alternate, more efficient vehicle for clients with individual

share portfolios due to CGT deferral - Suitable for investors seeking full exposure to the SA equity

market - Focus on high quality businesses with good long-term

prospects - Caters for clients who have a high risk profile with a long-term

investment horizon - Suitable for investors who are looking for outperformance of

the South African equity market in varying market conditions. May underperform the market in the short-term in search of long-term gains.

Fund Classification Sector: Equity – General Portfolio Geographic Classification: South African Fund Risk Profile

Fund Manager: Mark Huxter Inception Date: 13 July 2009 Fund Size: R569.60 million Unit Price: 159.14 cents per unit Units in issue: 357,907,411 Min. Investment: R50,000 lump sum Benchmark: JSE All Share Index Distribution: March, June, September, December


Year: 3 Year

Rolling:


1.46% 1.50%

Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PTSAEQY ISIN Code: ZAE0000137725 JSE Code: PTSAE Prices are published daily in arrears. Investors can access, free of charge, daily fund prices, quarterly reports, minimum disclosure documents and annual reports on our website at www.ptrust.co.za


to High High

PERSONAL TRUST EQUITY FUND FUND DETAILS AS AT 31 MAY 2018


ANNUALISED PERFORMANCE FUND BENCHMARK Quarter -4.59% -2.54% 1 year -0.72% 8.00% 3 years 1.12% 5.45% 5 years 2.64% 9.16% Since inception 7.48% 14.12%

RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 27.84% 32.74% Lowest rolling 1-year return -9.77% 4.37%


60.38% 61.32%

TOP 10 EQUITY HOLDINGS % OF EQUITY HOLDING Billiton Plc 9% Remgro Ltd 8% Naspers Ltd 7% Compagnie Fin Richemont 7% Sasol Ltd 7% British American Tobacco Plc 6% Shoprite Holdings Ltd 5% Bid Corp Ltd 5% Old Mutual Plc 5% NEPI Rockcastle Plc 4%

ASSET ALLOCATION SECTOR ALLOCATION

R 1,878.88

R 3,202.85

500.00

1000.00

1500.00

2000.00

2500.00

3000.00

3500.00

4000.00

Jul-0

9

Oct

-09

Jan-

10

Apr-

10

Jul-1

0

Oct

-10

Jan-

11

Apr-

11

Jul-1

1

Oct

-11

Jan-

12

Apr-

12

Jul-1

2

Oct

-12

Jan-

13

Apr-

13

Jul-1

3

Oct

-13

Jan-

14

Apr-

14

Jul-1

4

Oct

-14

Jan-

15

Apr-

15

Jul-1

5

Oct

-15

Jan-

16

Apr-

16

Jul-1

6

Oct

-16

Jan-

17

Apr-

17

Jul-1

7

Oct

-17

Jan-

18

Apr-

18

Per R

1,00

0 in

vest

ed

SA Equity FundBenchmark

Cash, 2%

Local Equities, 98%

Cash

Local Equities

Basic materials14%

Cash2%

Consumer goods26%

Financials9%

Healthcare2%

Industrials23%

Media7%

Oil and gas7%

Pref Shares2%

Property4%

Telcoms4%


18

PERSONAL TRUST EQUITY FUND FUND DETAILS AS AT 31 MAY 2018


INCOME DISTRIBUTIONS CLASS R June 2017 - cpu September 2017 1.26 cpu December 2017 0.21 cpu March 2018 1.23 cpu Paid in the last 12 months 2.69 cpu 12 month historic yield 1.69%

COMMENTARY

The Personal Trust Equity Fund maintains a long term thematic focus and implements changes to the fund when beneficial. The Fund remains positioned to benefit from the long-term thematic impacts, such as the potential of Sovereign Debt downgrades, given the continued failure of SA to implement “structural reforms “; this despite the euphoria around President Ramaphosa. The “new dawn” places South Africa in a less “scary place” and results, while open to question, in SA hopefully embarking along a path of essential structural reforms. Despite April’s positive performance, global markets were on the back foot in May as the political crisis in Italy created market turmoil. The FTSE JSE All Share Index (J203) surrendered much of April’s 5.0% gain, ending the month -3.6% (- 5.6% YTD). Financials (underweight) came under pressure with the FINI-15 dropping -6.9% MoM (-7.1% YTD); Industrials closed 5.1% lower MoM (-8.9% YTD). Industrial counters including British American Tobacco (overweight), Richemont (neutral weight) and Naspers (underweight) declined by 5.6%, 1.9% and 1.1% MoM, respectively. With REIT index (-20.21% YTD) NEPI down -9.48% (overweight). A turnaround in commodity prices saw the Resi-10 ending May +4.5% (+9.1% YTD); Commodity companies, BHP Billiton (overweight) and Glencore (neutral weight), posted monthly gains of +8.6% and 2.8%. Thus, the Fund retains a balance between Rand hedge and SA counters; this despite the quarter return below the JSE All Share Index returns. The fund and the top ten holdings still reflect the investment philosophy which favours high quality, highly liquid companies with consistent long-term track records; the guiding principles of the Investment Councils agreed investment process.





This graph is for illustrative purposes only. It depicts how an initial lump sum investment of R1,000 (for example) placed at inception of the fund has changed over time, taking ongoing fees into account (excluding any initial fees charged), with all distributions reinvested on reinvestment date, prior to the deduction of any withholding taxes.










Disclosure Tel: 021 689 8975 Fax: 086 210 4931 [email protected] www.ptrust.co.za Personal Trust International Management Company (Pty) Ltd. Reg No. 2005/026983/07 is a registered Collective Investment Scheme manager in terms of the Collective Investment Scheme Control Act, 45 of 2002. Wholly owned Subsidiary of Personal Trust (Pty) Ltd. FSP Licence No. 707. Registered Financial Services Provider. The Management Company is a member of the Association for Savings & Investment SA (ASISA) Independent Trustee & Custodian: Firstrand Bank Limited Address: 25th Floor, Portside 5 Buitengracht Street, Cape Town, South Africa. Tel: +27 21 446 9200 Collective Investment Schemes (CIS) are generally medium to long term investments. The value of the participatory interest may go up as well as down and past performance is not necessarily a guide to future performance. Performance disclosed in the fact sheets is applicable to the respective fund. Performance figures include income distributions, prior to deduction of withholding taxes and are calculated after management fees. Personal Trust International Management Company (Pty) Limited does not provide a guarantee either with respect to the capital or the return of a portfolio. Actual investor performance may differ as a result of the investment date, any initial fee charged, the date of reinvestment and any withholding tax. Performance figures quoted are from Profile Data for the period ending 31 May 2018 based on a lump sum investment, using NAV prices which include fees and charges, excluding any initial fees, with income distributions reinvested on ex-dividend date. Personal Trust International Management Company (Pty) Ltd has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. CIS are traded at ruling prices and can engage in borrowing and scrip lending. There have been no breaches in the fund during the reporting period. Subscription by institutional investors, or by investors deemed to be institutional investors by the Manager, may be permitted by invitation only. The terms of subscription by institutional investors will be concluded at time of invitation. Historic pricing is used. A schedule of fees and charges and maximum commissions is available on request from the company. Commissions and incentives may be paid and if so, would be included in the overall cost. The Fund may invest in portfolios of collective schemes that levy their own charges, which could results in a higher fee structure for the Fund. A Fund of Funds portfolio will invest in portfolios that levy their own charges, which could result in a higher fee structure for the Fund of Funds. In both instances, the charges levied by the portfolios of collective investment schemes into which the Fund invests are reflected in the Total Expense Ratio. A portfolio can invest in foreign securities which may have exposure to potential constraints on liquidity and the repatriation of funds; macroeconomic risks; political risks; foreign exchange risks; tax risks, settlement risks; and potential limitations on the availability of market information. A Higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER's. Transaction costs are a necessary cost in administering the Financial Product and impacts the Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time, including market returns, the type of financial product, the investment decisions of the investment manager and the TER.

19

Fund Objective To manage the interest rate cycle to obtain the highest possible yield whilst ensuring the security of the capital invested. Fund Features - Managed by Prescient & Granate - Suitable for investors with a low risk profile who are

seeking managed exposure to income generating investments

- Tactically managed to secure an attractive return while protecting capital

- Recommended investment period is 12 months or longer Fund Classification Sector: Multi Asset Income Portfolio Geographic Classification: South African Fund Risk Profile

Inception Date: 1 July 2002 Fund Size: R333.47 million Unit Price: 135.47 cents per unit Units in issue: 246,147,821 Min. Investment: R200 000 lump sum Benchmark: Cash + 2% Distribution: March, June, September, December


Year: 3 Year

Rolling:


1.56% 1.65%

Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PERTRIN ISIN Code: ZAE000054136 JSE Code: PTIC Prices are published daily in arrears. Investors can access, free of charge, daily fund prices, quarterly reports, minimum disclosure documents and annual reports on our website at www.ptrust.co.za


to High High

PERSONAL TRUST INCOME FUND FUND DETAILS AS AT 31 MAY 2018

ANNUALISED PERFORMANCE FUND BENCHMARK Quarter 1.89% 2.05% 1 year 7.73% 6.55% 3 years 7.67% 5.73% 5 years 6.88% 5.07% 10 years 7.17% 4.83% Since inception 9.54% 5.03%

PERFORMANCE OF PT INCOME ABIL RETENTION FUND

FUND BENCHMARK

Quarter -1.40% 2.05% 1 year 5.02% 6.55% 3 years 6.53% 5.73% 5 years 6.19% 5.07% 10 years 6.82% 4.83% Since inception 9.32% 5.03%

On 21 August 2014, the PT Income ABIL Retention Fund was established to house the illiquid African Bank debt instruments. An equal percentage of the unitholding of all investors in the PT Income Fund at that date were moved to the Retention Fund. The performance table above indicates the combined performance of both the PT Income Fund, and PT Income ABIL Retention Fund. These performance figures are applicable to investors that were invested in the PT Income Fund on 21 August 2014.

RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 23.13% 6.78% Lowest rolling 1-year return 4.22% 11.12%

RISK MEASURE FUND JSE ALSI Percentage positive months since inception

92.71% 60.42%

ASSET ALLOCATION

Total Fund Allocation


Local Cash7%

Money Market45%

Bonds 0-3 Yrs19%

Bonds 03-07 Yrs15%

Bonds 07-12 Yrs4%

Inflation Linkers4%

Property3%

Pref Shares3%


20



COMMENTARY Prescient The market continues to expect the official US Fed rate to rise over the course of the year. Although the Fed left rates unchanged at the May FOMC meeting, the minutes revealed that the Fed expects inflation to increase and run close to the 2% target. In addition, labour markets are strong and growth expectations remain positive. The increase in rates is expected to be gradual and monetary policy remain accommodating in an effort to balance growth and inflation. Since February, short rates have continued to increase, while longer rates were stable until the latter part of May. Since then, we have seen longer rates drop, resulting in a flattening of the yield curve. At the end of May, the 10-year US Treasury bond moved back below the 3% level. Political conditions remained stable in South Africa since Cyril Ramaphosa took office in February. Rating agencies have maintained the credit rating with Moody’s moving the outlook from “under review” to “stable”. This means that there is little chance in their opinion for either an upgrade or a downgrade in the near future. The SA Reserve Bank kept rates unchanged at 6.5% at the May meeting. Despite a weaker rand and higher oil prices, the inflation outlook was stable with 2018 inflation expected at 4.9% rising to 5.2% in 2019. However, dollar strength, the oil price and rising electricity prices were all sighted as risks to a higher inflation outlook in the future. The MPC viewed the monetary policy as accommodative, but highlighted that concerns around continued global growth, the upward moving rate cycle in the US, the subsequent capital outflows from emerging markets and a tenuous local growth outlook places higher risk on the policy stance. The implied path of rates from the SARB’s projection model shows a 25 basis points increase during the latter part of 2018 and another hike in mid-2019. Both the FRA and JIBAR curves have moved up over the quarter. FRAs have moved from discounting rate cuts, to a relatively flat position for the next year and two 25 basis point rate hikes in the subsequent 12 months. The prospect of higher US rates, higher oil prices and a weaker currency are the main drivers. Inflation is expected to rise from recent lows and the rand oil base effect in the index, plus vat, are significant. From Feb 2017 to Feb 2018, the rand oil price was virtually unchanged. From May 2017 to May 2018, the rand oil price is up over 40%. There is a good deal of uncertainty prevalent in the money markets and there is little yield compensation in buying term assets currently, one-year fixed assets trade at 7.9% and three-year fixed assets trade at 8.2%. With good real yield obtainable in floating rate assets with no duration risk, we think it is prudent to remain invested here and to wait for opportunities to add duration when the yield compensation is sufficient. Currently, money market floating rate assets yield a real yield of around 3% to 3.5% which remains attractive. Floating rate notes and credit linked notes continue to offer the better value relative to fixed asset, particularly in an upward rate cycle. The Fund duration has therefore remained short and focused on picking up yield through exposure to banks, selected SOEs and corporate paper. Duration remains shorter than that of the ALBI 1-3 year Index, while yield has been enhanced significantly. We continue to see value in property and preference shares, particularly as there has been some weakness in property prices this year. Exposure to these yield assets has been maintained. We will continue to monitor the curve and available yield spreads and adjust the portfolio accordingly. The Fund outperformed its benchmark over the past quarter and has done so consistently over all periods measured. The main contributors to performance was additional yield pick-up and the short duration position. The recovery in selected property prices was also positive for performance.

COMMENTARY Granate Asset Management The local bond market recorded its second consecutive negative month as foreign investors sold R30.2bn of their domestic holdings in May. This meant a negative return for bonds for the quarter of -0.63% after last quarter being the best return for bonds since 2008. The first part of the quarter was dominated by signs that the US Fed might hike its lending rate at a faster pace than originally anticipated, pushing the 10yr Treasury yield to its highest yield since 2011. The second part of the quarter was dominated by resurfacing concerns around trade wars and risks to the Euro due to political uncertainty in Italy, resulting in investors turning to the relative safety of US Treasuries which ended the month 10bp lower. The risk off environment meant that the most defensive asset classes, cash and inflation linked bonds, were the only domestic asset classes to provide positive returns of 1.79% and 1.74% respectively, with listed property being a poor performing asset class for the quarter and returning 0.3% whilst equities were the worst performing with a return of -2.54%. The SARB MPC met towards the end of the month and decided (unanimously) to keep the repo rate unchanged at 6.5%. The SARB’s hawkish statement was consistent with its growing focus of an inflation target of 4.5% (rather than 3%-6%). In its assessment, while the inflation forecast has remained broadly unchanged, the risks have moved to the upside due to the higher oil price, a weaker rand, higher electricity prices, and a reversal of capital flows to emerging markets (an even bigger risk due to the unfolding Italian crisis). Importantly, however, the Governor reiterated that “…MPC attempts to ‘look through’ the first-round effects of such (supply side) shocks and to react to second-around effects”. Inflation expectations and wage settlements are key in this regard. The Income Fund positioning reduced duration over the quarter due to our valuation on bonds turning negative. This has benefitted the fund due to the limited interest rate risk in the fund during a very negative quarter for bonds. Our inflation linked position was also a positive for the fund, and our very low weighting to property meant that capital losses were limited. Credit spreads continue to narrow as the positive sentiment and search for yield has taken hold in our local credit market. This quarter, credit spread narrowing was particularly prominent in the bank sector. Our positioning in the income fund remains overweight banks and insurance companies and we are still underweight SOEs and Municipalities. Our positioning in property remains very low at 2.7% and inflation linkers are at 8%. We continue to focus on keeping the yield in the fund as high as possible by investing in investment grade corporate and bank bonds, whilst minimizing downside interest rate risk.

21



Disclosure Tel: 021 689 8975 Fax: 086 210 4931 [email protected] www.ptrust.co.za Personal Trust International Management Company (Pty) Ltd. Reg No. 2005/026983/07 is a registered Collective Investment Scheme manager in terms of the Collective Investment Scheme Control Act, 45 of 2002. Wholly owned Subsidiary of Personal Trust (Pty) Ltd. FSP Licence No. 707. Registered Financial Services Provider. The Management Company is a member of the Association for Savings & Investment SA (ASISA) Independent Trustee & Custodian: Firstrand Bank Limited Address: 25th Floor, Portside 5 Buitengracht Street, Cape Town, South Africa. Tel: +27 21 446 9200 Collective Investment Schemes (CIS) are generally medium to long term investments. The value of the participatory interest may go up as well as down and past performance is not necessarily a guide to future performance. Performance disclosed in the fact sheets is applicable to the respective fund. Performance figures include income distributions, prior to deduction of withholding taxes and are calculated after management fees. Personal Trust Management Company does not provide a guarantee either with respect to the capital or the return of a portfolio. Actual investor performance may differ as a result of the investment date, any initial fee charged, the date of reinvestment and any withholding tax. Performance figures quoted are from Profile Data for the period ending 31 May 2018 based on a lump sum investment, using NAV prices which include fees and charges, excluding any initial fees, with income distributions reinvested on ex-dividend date. Personal Trust International Management Company (Pty) Ltd has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. CIS are traded at ruling prices and can engage in borrowing and scrip lending. The Personal Trust Income Fund derives its income primarily from interest-bearing instruments in accordance with section 100(2) if the Act, the yield is historic and calculated daily. The Personal Trust Income Fund is jointly managed by Prescient Investment Management, FAIS Licence No 612 and Granate Asset management (formerly RMI Specialist Managers (Pty) Limited). There have been no breaches in the fund during the reporting period. Subscription by institutional investors, or by investors deemed to be institutional investors by the Manager, may be permitted by invitation only. The terms of subscription by institutional investors will be concluded at time of invitation. Historic pricing is used. A schedule of fees and charges and maximum commissions is available on request from the company. Commissions and incentives may be paid and if so, would be included in the overall cost. The Fund may invest in portfolios of collective schemes that levy their own charges, which could result in a higher fee structure for the Fund. Fund of Funds portfolio will invest in portfolios that levy their own charges, which could result in a higher fee structure for the Fund of Funds. In both instances, the charges levied by the portfolios of collective investment schemes into which the Fund invests are reflected in the Total Expense Ratio. A portfolio can invest in foreign securities which may have exposure to potential constraints on liquidity and the repatriation of funds; macroeconomic risks; political risks; foreign exchange risks; tax risks, settlement risks; and potential limitations on the availability of market information. A Higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER's. Transaction costs are a necessary cost in administering the Financial Product and impacts the Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time, including market returns, the type of financial product, the investment decisions of the investment manager and the TER.












22

Fund Facts

Asset Allocation Funds O

ffshore Funds Equity Fund

Income Fund

PT Conservative M

anaged Fund PT Prudent Fund of Funds

PT Managed

Fund PTI Global Select M

anagers Cautious Fund

PTI Global Select M

anagers O

pportunities Fund

PT Equity Fund PT Incom

e Fund

Inception Date August 2008

October 2001 August 2007

April 2011 April 2011

July 2009 July 2002

Min Investm

ent R50,000

R50,000 R50,000

$5,000 $5,000

R50,000 R200,000

Initial Charge Negotiable to a m

ax. of 1% (excl.

VAT)

Negotiable to a m

ax. of 1% (excl.

VAT)

Negotiable to a m

ax. of 1% (excl.

VAT)

No initial fee No initial fee

Negotiable to a m

ax. of 1% (excl.

VAT)

Negotiable to a m

ax. of 1% (excl.

VAT) Annual Fund Fee

1.21% (excl. VAT)

0.90% (excl. VAT)

1.21% (excl. VAT)

1.34% (excl. VAT)

1.34% (excl. VAT)

1.21% (excl. VAT)

1.33% (excl. VAT)

TER (Financial Year) 1.42%

2.09%

1.43%

1.99%

2.04%

1.40%

1.55%

TC

0.08%

0.09%

0.09%

0.01%

0.02%

0.06%

0.01%

TER + TC 1.50%

2.18%

1.53%

1.99%

2.06%

1.46%

1.56%

TER (3 Year Rolling)

1.41%

2.12%

1.44%

1.95%

2.05%

1.43%

1.58%

TC 0.10%

0.10%

0.12%

0.01%

0.02%

0.07%

0.08%

TER + TC

1.51%

2.22%

1.56%

1.96%

2.06%

1.50%

1.65%

Fund Valuation Fund

valuations take

place at

15h00 SA time on

a daily basis, and forw

ard pricing is used

Fund valuations

take place

at 15h00 SA tim

e on a daily basis, and forw

ard pricing is used

Fund valuations

take place

at 15h00 SA tim


ard pricing is used

Fund valuations

take place

at 15h00 SA tim


ard pricing is used

Fund valuations

take place

at 15h00 SA tim


ard pricing is used

Fund valuations

take place

at 15h00 SA tim


ard pricing is used

Fund valuations

take place

at 15h00 SA tim


ard pricing is used

Benchmark

35%

JSE All

Share Total

Return Index;

25% All Bond Index;

5%

MSCI

World

Index; 5%

IM

F Special

Drawing

Rights; 5% JSE Listed

Property Index; 10%

SA Cash;

15%

JP M

organ Bond Index

CPI + 5%

50%

JSE All

Share Total

Return Index;

10% All Bond Index;

1 0%

MSCI

World

Index; 5%

IM

F Special

Drawing

Rights; 10% JSE SA

Listed Property

Index; 5% SA Cash;

10% JP M

organ Bond Index

25%

MSCI

World

Index; 25%

JP

Morgan Global Bond

Index; 10%

S&

P Global

REIT Index;

40%

IMF

Special Draw

ing Rights

60%

MSCI

World

Index; 20%

JP

Morgan Global Bond

Index; 10%

S&

P Global

REIT Index;

10%

IMF

Special Draw

ing Rights

JSE All Share Index Cash + 2%

Risk Profile Low

to Medium

M

edium to High

Medium

to High Low

to Medium

M

edium to High

High Low

Distributions

Quarterly

Quarterly

Quarterly

None None

Quarterly

Quarterly

*Total Expense Ratio: Period (Financial Year): 1 Jan – 31 Dec 2017. Period (3 Year Rolling):1 April 2015 – 31 M

arch 2018 Total Expense Ratio (TER) – Percentage of the value of the Financial product w

as incurred as expenses relating to the administration of the Financial Product.

Transaction Costs (TC) – Percentage of the value of the Financial product was incurred as costs relating to the buying &

selling of the assets underlying the Financial Product. Total Investm

ent Charges (TER + TC) – Percentage of the value of the product was incurred as costs relating to the investm

ent of the Financial Product.

23

Notes:

Fund Facts

Asset Allocation Funds O

ffshore Funds Equity Fund

Income Fund

PT Conservative M

anaged Fund PT Prudent Fund of Funds

PT Managed

Fund PTI Global Select M

anagers Cautious Fund

PTI Global Select M

anagers O

pportunities Fund

PT Equity Fund PT Incom

e Fund

Inception Date August 2008

October 2001 August 2007

April 2011 April 2011

July 2009 July 2002

Min Investm

ent R50,000

R50,000 R50,000

$5,000 $5,000

R50,000 R200,000

Initial Charge Negotiable to a m

ax. of 1% (excl.

VAT)

Negotiable to a m

ax. of 1% (excl.

VAT)

Negotiable to a m

ax. of 1% (excl.

VAT)

No initial fee No initial fee

Negotiable to a m

ax. of 1% (excl.

VAT)

Negotiable to a m

ax. of 1% (excl.

VAT) Annual Fund Fee

1.21% (excl. VAT)

0.90% (excl. VAT)

1.21% (excl. VAT)

1.34% (excl. VAT)

1.34% (excl. VAT)

1.21% (excl. VAT)

1.33% (excl. VAT)

TER (Financial Year) 1.42%

2.09%

1.43%

1.99%

2.04%

1.40%

1.55%

TC

0.08%

0.09%

0.09%

0.01%

0.02%

0.06%

0.01%

TER + TC 1.50%

2.18%

1.53%

1.99%

2.06%

1.46%

1.56%

TER (3 Year Rolling)

1.41%

2.12%

1.44%

1.95%

2.05%

1.43%

1.58%

TC 0.10%

0.10%

0.12%

0.01%

0.02%

0.07%

0.08%

TER + TC

1.51%

2.22%

1.56%

1.96%

2.06%

1.50%

1.65%

Fund Valuation Fund

valuations take

place at

15h00 SA time on

a daily basis, and forw

ard pricing is used

Fund valuations

take place

at 15h00 SA tim


ard pricing is used

Fund valuations

take place

at 15h00 SA tim


ard pricing is used

Fund valuations

take place

at 15h00 SA tim


ard pricing is used

Fund valuations

take place

at 15h00 SA tim


ard pricing is used

Fund valuations

take place

at 15h00 SA tim


ard pricing is used

Fund valuations

take place

at 15h00 SA tim


ard pricing is used

Benchmark

35%

JSE All

Share Total

Return Index;

25% All Bond Index;

5%

MSCI

World

Index; 5%

IM

F Special

Drawing

Rights; 5% JSE Listed

Property Index; 10%

SA Cash;

15%

JP M

organ Bond Index

CPI + 5%

50%

JSE All

Share Total

Return Index;

10% All Bond Index;

10%

MSCI

World

Index; 5%

IM

F Special

Drawing

Rights; 10% JSE SA

Listed Property

Index; 5% SA Cash;

10% JP M

organ Bond Index

25%

MSCI

World

Index; 25%

JP

Morgan Global Bond

Index; 10%

S&

P Global

REIT Index;

40%

IMF

Special Draw

ing Rights

60%

MSCI

World

Index; 20%

JP

Morgan Global Bond

Index; 10%

S&

P Global

REIT Index;

10%

IMF

Special Draw

ing Rights

JSE All Share Index Cash + 2%

Risk Profile Low

to Medium

M

edium to High

Medium

to High Low

to Medium

M

edium to High

High Low

Distributions

Quarterly

Quarterly

Quarterly

None None

Quarterly

Quarterly

*Total Expense Ratio: Period (Financial Year): 1 Jan – 31 Dec 2017. Period (3 Year Rolling):1 April 2015 – 31 M

arch 2018 Total Expense Ratio (TER) – Percentage of the value of the Financial product w

as incurred as expenses relating to the administration of the Financial Product.

Transaction Costs (TC) – Percentage of the value of the Financial product was incurred as costs relating to the buying &

selling of the assets underlying the Financial Product. Total Investm

ent Charges (TER + TC) – Percentage of the value of the product was incurred as costs relating to the investm

ent of the Financial Product.

PERSONAL TRUST INTERNATIONAL MANAGEMENT COMPANY (PTY) LIMITED Registration Number 2005/026983/07 CONTACT DETAILS RONDEBOSCH OFFICE: Personal Trust House Belmont Park Belmont Road Rondebosch 7700 PO Box 476 Rondebosch 7701 Telephone: 021 689 8975 Facsimile: 021 686 9093 NOORDHOEK OFFICE: Unit 1 – No. 3 Carlton Close Sunnydale Noordhoek 7979 PO Box 1030 Sun Valley 7985 Telephone: 021 785 3298 Facsimile: 086 210 4931 SOMERSET WEST OFFICE: G03 Parc du Links Niblick Way Somerset West 7130 Postnet Suite Number 126 Private Bag X15 Somerset West 7129 Telephone: 021 852 2265 Facsimile: 021 852 9298 KNYSNA OFFICE: Thesen House 6 Long Street Knysna 6570 PO Box 2320 Knysna 6570 Telephone: 044 382 2100 Facsimile: 044 382 7427 PORT ELIZABETH OFFICE: Telephone: Facsimile: INTERNATIONAL OFFICE:

Ground Floor Elizabeth Place 14-20 Pickering Street Newton Park Port Elizabeth 6045 PO Box 34496 Newton Park 6055 041 363 0300 086 210 4931 PO Box 909 Beaconsfield Buckinghamshire HP9 1JH

Telephone: +44 7973 255 259 Facsimile: +44 1494 400 313 Email: [email protected] Website: www.personaltrust.co.za

DIRECTORS: JA Meyer BCompt (Hons), SK Nielsen NON-EXECUTIVE DIRECTORS: JA Bester BCom (Hons) CA(SA) CMS (Oxon), PJ Strachan CA (SA)

Readers of this document are reminded that any comments, opinions and recommendations relating to investment products are made in good faith and with full attention to accuracy. However, market conditions are subject to constant fluctuations locally and globally. We advise, at all times, that investments be made only after consultation with us, and after individual circumstances have been thoroughly considered. Personal Trust International Management Company (Pty) Limited is a wholly owned subsidiary of Personal Trust (Pty) Limited. Personal Trust (Pty) Ltd FSP licence no 707

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