FOR THE QUARTER ENDING 30 NOVEMBER 2018

Transcription

1 QUARTERLY FUND OVERVIEW FOR THE QUARTER ENDING 30 NOVEMBER 2018

2 VIEW FROM THE FUND MANAGER S DESK Glenn Moore Interest Rates Trend: Flat Short Term: Rising At the last MPC meeting interest rates were raised by 25bps. This was in reaction to rising rates in the USA and the weaker Rand which has implications for inflation. Bonds Trend: Flat Short Term: Flat After the selloff in bonds last quarter on the back of the emerging market crisis, yields stabilised during the quarter ending just below 9%. Property Trend: Down Short Term: Down Poor results from listed property stocks during the quarter kept up the downward pressure on the sector. The impact of our weak economy is catching up with the property market. Vacancies are rising and rental growth has stagnated. Equity Trend: Down Short Term: Down Very tough quarter for the equity market. The selloff in the USA spilled over into our market. Naspers was hammered as the technology sector came under pressure. Richemont sold off on the back of weaker than expected results. Billiton was mauled by the lower oil price while British American Tobacco collapsed on the news that the FDA were looking to ban menthol cigarettes. The Rand Trend: Weaker Short Term: Stronger The Rand recovered from the sharp selloff last quarter which occurred on the back of the emerging market crisis. The Rand is expected to remain volatile in the lead up to elections next year. The strong Dollar will also keep all emerging market currencies under pressure. 2

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

4 PERSONAL TRUST FUND RANGE & RISK PROFILE Equity Fund Global Select Managers Opportunities Fund Managed Fund Prudent Fund Global Select Managers Cautious Fund Conservative Managed Fund Income Fund Low Low to to High High 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. Asset Allocation Funds Personal Trust Conservative Managed Fund 1 Year 3 Year 5 Year 10 Year Since Inception -3.44% 3.05% 6.60% 9.29% 9.09% Personal Trust Prudent Fund -3.76% 3.90% 6.25% 8.64% 10.69% Personal Trust Managed Fund -6.99% 2.23% 6.55% 10.90% 9.24% Offshore Funds PTI Global Select Managers Cautious Fund -3.56% 1.69% 0.42% N/A 0.70% PTI Global Select Managers -3.04% 3.97% 1.63% N/A 2.11% Opportunities Fund Equity Fund Personal Trust Equity Fund % -1.22% 0.52% N/A 6.21% Income Fund Personal Trust Income Fund 7.54% 7.72% 7.04% 7.18% 9.46% *Annualised is the average return earned by the Fund each year over a given period. Risk 4

5 PERSONAL TRUST CONSERVATIVE MANAGED FUND CUMULATIVE PERFORMANCE GRAPH SINCE INCEPTION Per R1,000 invested Conservative Managed Fund Benchmark CPI + 3 Aug-08 Nov-08 Feb-09 May-09 Aug-09 Nov-09 Feb-10 May-10 Aug-10 Nov-10 Feb-11 May-11 Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 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 ANNUALISED PERFORMANCE FUND BENCHMARK CPI+3 Quarter -5.46% -5.87% 1.58% 1 year -3.44% -1.80% 8.24% 3 years 3.05% 4.47% 8.57% 5 years 6.60% 7.32% 8.54% 10 years 9.29% 9.96% 8.54% Since inception 9.09% 9.79% 8.35% Fund Classification Sector: Multi Asset Low Equity Portfolio Geographic Classification: South African Fund Risk Profile Low Low to to High High RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 20.17% 21.48% Lowest rolling 1-year return -3.44% -1.80% RISK MEASURE FUND JSE ALSI Maximum Drawdown -6.57% % Percentage positive months since inception 67.20% 59.21% TOP 10 EQUITY HOLDINGS % OF EQUITY HOLDING Remgro Ltd 8% Naspers Ltd 7% BHP Group Plc 7% Compagnie Fin Richemont 6% Anglo American Plc 6% Clicks Group Ltd 5% Standard Bank Group Ltd 5% British American Tobacco Pc 5% Santam Ltd 4% Sasol Ltd 4% ASSET ALLOCATION Local Property 4% Local Fixed Interest 16% Local Equities 29% Commodities 2% Local Cash 1% Foreign Bonds 6% Foreign Cash 10% Foreign Equities 6% Foreign Property 3% Local Bonds 23% Fund Manager: Glenn Moore Inception Date: 1 August 2008 Fund Size: R3.015 billion Unit Price: cents per unit Units in issue: 1,796,990,799 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: Annual Fund Fee: Negotiable to a maximum of 1% plus VAT 1.21% (excluding VAT) Total Expense Ratio (see explanatory notes for more info) Financial 3 Year Year: Rolling: Total Expense Ratio (TER) 1.42% 1.42% Transaction Costs (TC) 0.08% 0.10% (TER+TC) 1.50% 1.52% Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PERTRCM ISIN Code: ZAE 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 5

6 PERSONAL TRUST CONSERVATIVE MANAGED FUND INCOME DISTRIBUTIONS December 2017 March 2018 June 2018 September 2018 Paid in the last 12 months CLASS R 1.27 cpu 1.72 cpu 1.68 cpu 2.00 cpu 6.66 cpu 12 month historic yield 3.97% COMMENTARY The Personal Trust Conservative Managed Fund had a very tough quarter experiencing a sharp decline although somewhat ahead of benchmark. Although no one talks about a stock market crash, this quarter delivered returns of crash-like proportion. Local and offshore equities delivered double digit negative returns, with the surprise being that relatively defensive counters were also hammered. For example: - British American Tobacco -33% - Richemont -32% - Sasol -27% - Anheuser Busch -23% The property sector on the JSE is starting to suffer from the weak economy. Some disappointing results due to increased vacancies or the inability to push through rental increases has come home to roost. The Viceroy report that surfaced during the quarter also added to the nervousness and compounded the sell off. Generally, when the equity market has a bad quarter, the rand comes to our rescue. Not the case this time. Seems as if a lot of bad news was priced into the currency already and the rand appreciated against the dollar, resulting in negative returns from the offshore portion of the portfolio. It was just the cash and bond portion of the portfolio that managed to eke out positive returns. The fact that we were overweight in this area, a total of 40% of the portfolio helped little. EXPLANATORY NOTES 3 Year Rolling 1 October September 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 December 2017 Highest & Lowest Returns achieved over rolling one year periods since Returns 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 The percentage of calendar months in which the Fund months 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. (TER + TC) The percentage of the value of the product incurred as costs relating to the investment of the Financial Product. Disclosure Tel: Fax: info@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 Wholly owned Subsidiary of Personal Trust (Pty) Ltd. FSP Licence No 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: 25 th Floor, Portside 5 Buitengracht Street, Cape Town, South Africa. Tel: 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 30 November 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. 6

7 PERSONAL TRUST PRUDENT FUND OF FUNDS CUMULATIVE PERFORMANCE GRAPH SINCE INCEPTION Per R1,000 invested 7, , , , , , , Prudent FOF CPI + 5 Oct-01 Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 ANNUALISED PERFORMANCE FUND BENCHMARK Quarter -7.67% 2.07% 1 year -3.76% 10.35% 3 years 3.90% 10.67% 5 years 6.25% 10.64% 10 years 8.64% 10.54% Since Inception 10.69% 11.02% 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 RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 33.13% 8.51% Lowest rolling 1-year return % 15.64% Fund Risk Profile Low Low to to High High RISK MEASURE FUND JSE ALSI Maximum Drawdown % % Percentage positive months since inception 65.22% 60.39% UNDERLYING HOLDINGS % OF PORTFOLIO Prudential Balanced Fund 24% Coronation Balanced Plus Fund 18% Aylett Balanced Prescient Fund 18% Allan Gray Balanced Fund 16% Investec Opportunities Fund 16% Cash 8% Fund Manager: Glenn Moore Inception Date: 1 October 2001 Fund Size: R1.293 billion Unit Price: cents per unit Units in issue: 321,813,076 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) ASSET ALLOCATION Foreign Bonds, 1% Local Bonds, 14% Foreign Property, 1% Local Property, 3% Foreign Equity, 22% Commodities, 1% Other, 1% Local Cash, 18% Local Equity, 39% Total Expense Ratio (see explanatory notes for more info) Financial 3 Year Year: Rolling: Total Expense Ratio (TER) 2.09% 2.13% Transaction Costs (TC) 0.09% 0.10% (TER+TC) 2.18% 2.23% Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PERTRPF ISIN Code: ZAE 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 7

8 PERSONAL TRUST PRUDENT FUND OF FUNDS INCOME DISTRIBUTIONS December 2017 March 2018 June 2018 September 2018 Paid in the last 12 months CLASS R 1.23 cpu 1.66 cpu 3.51 cpu 1.86 cpu 8.27 cpu 12 month historic yield 2.06% COMMENTARY The Personal Trust Prudent Fund of Funds had a difficult quarter relative to its benchmark. Our selected managers performed as follows: Aylett Balanced Prescient Fund A1-4.3% Investec Opportunities Fund Class J -8.3% Allan Gray Balanced Fund Class C -9.1% Coronation Balanced Plus Fund B4-9.1% Prudential Balanced Fund A -9.2% It was a very difficult period for all fund managers as the rand strengthened, equities and property declined sharply and just bonds and cash eked out small positive returns. EXPLANATORY NOTES 3 Year Rolling 1 October September 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 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. Financial Year 1 January December 2017 Highest & Lowest Returns achieved over the same rolling one year periods Returns 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 The percentage of calendar months in which the Fund months 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. (TER + TC) The percentage of the value of the product incurred as costs relating to the investment of the Financial Product. Disclosure Tel: Fax: info@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 Wholly owned Subsidiary of Personal Trust (Pty) Ltd. FSP Licence No 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: 25 th Floor, Portside 5 Buitengracht Street, Cape Town, South Africa. Tel: 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 30 November 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. 8

9 PERSONAL TRUST MANAGED FUND CUMULATIVE PERFORMANCE GRAPH SINCE INCEPTION Per R1,000 invested 4, , , , , , , Managed Fund Benchmark CPI + 6 Aug-07 Nov-07 Feb-08 May-08 Aug-08 Nov-08 Feb-09 May-09 Aug-09 Nov-09 Feb-10 May-10 Aug-10 Nov-10 Feb-11 May-11 Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 ANNUALISED PERFORMANCE FUND BENCHMARK CPI+6 Quarter -8.11% -8.63% 2.31% 1 year -6.99% -6.94% 11.40% 3 years 2.23% 3.26% 11.73% 5 years 6.55% 7.11% 11.70% 10 years 10.90% 11.29% 11.59% Since Inception 9.24% 9.59% 12.20% RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 29.18% 26.97% Lowest rolling 1-year return % % RISK MEASURE FUND JSE ALSI Maximum Drawdown % % Percentage positive months since inception 62.77% 57.66% TOP 10 EQUITY HOLDINGS % OF EQUITY HOLDING Remgro Ltd 7% Naspers Ltd 6% Compagnie Fin Richemont 6% Anglo American Plc 5% BHP Group Plc 5% Standard Bank Group Ltd 5% British American Tobacco Plc 4% Anheuser-Busch Inbev SA 4% Clicks Group Ltd 4% Sasol Ltd 4% 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 Low Fund Manager: Glenn Moore Inception Date: 1 August 2007 Fund Size: R1.350 billion Unit Price: cents per unit Units in issue: 684,176,942 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: Annual Fund Fee: Low to to High High Negotiable to a maximum of 1% plus VAT 1.21% (excluding VAT) ASSET ALLOCATION Foreign Cash 4% Local Cash 5% Local Fixed Interest 12% Foreign Equities 11% Foreign Property 2% Foreign Bonds 6% Local Bonds 10% Commodities 1% Local Property 4% Local Equities 45% Total Expense Ratio (see explanatory notes for more info) Financial 3 Year Year: Rolling: Total Expense Ratio (TER) 1.43% 1.44% Transaction Costs (TC) 0.09% 0.12% (TER+TC) 1.53% 1.56% Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PERTRMG ISIN Code: ZAE 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 9

10 PERSONAL TRUST MANAGED FUND INCOME DISTRIBUTIONS December 2017 March 2018 June 2018 September 2018 Paid in the last 12 months CLASS R 1.18 cpu 1.77 cpu 1.82 cpu 2.05 cpu 6.83 cpu 12 month historic yield 3.46% COMMENTARY The Personal Trust Managed Fund had a very tough quarter experiencing a sharp decline although somewhat ahead of benchmark. Although no one talks about a stock market crash, this quarter delivered returns of crashlike proportion. Local and offshore equities delivered double digit negative returns, with the surprise being that relatively defensive counters were also hammered. For example: - British American Tobacco -33% - Richemont -32% - Sasol -27% - Anheuser Busch -23% The property sector on the JSE is starting to suffer from the weak economy. Some disappointing results due to increased vacancies or the inability to push through rental increases has come home to roost. The Viceroy report that surfaced during the quarter also added to the nervousness and compounded the sell off. Generally, when the equity market has a bad quarter, the rand comes to our rescue. Not the case this time. Seems as if a lot of bad news was priced into the currency already and the rand appreciated against the dollar, resulting in negative returns from the offshore portion of the portfolio. It was just the cash and bond portion of the portfolio that managed to eke out positive returns. The fact that we were overweight in this area, a total of 27% of the portfolio helped little. EXPLANATORY NOTES 3 Year Rolling 1 October September 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 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. Financial Year 1 January December 2017 Highest & Lowest Returns achieved over rolling one year periods since Returns 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 The percentage of calendar months in which the Fund months 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. (TER + TC) The percentage of the value of the product incurred as costs relating to the investment of the Financial Product. Disclosure Tel: Fax: info@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 Wholly owned Subsidiary of Personal Trust (Pty) Ltd. FSP Licence No 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: 25 th Floor, Portside 5 Buitengracht Street, Cape Town, South Africa. Tel: 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 30 November 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. 10

11 PTI GLOBAL SELECT MANAGERS CAUTIOUS FUND CUMULATIVE PERFORMANCE GRAPH SINCE INCEPTION Performance PTI GSM Cautious USD PTI GSM Cautious ZAR Benchmark Apr-11 Nov-11 Jun-12 Jan-13 Aug-13 Mar-14 Oct-14 May-15 Dec-15 Jul-16 Feb-17 Sep-17 Apr-18 Nov-18 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 ANNUALISED PERFORMANCE FUND USD FUND ZAR BENCHMARK Quarter -3.18% % -2.82% 1 year -3.56% -3.70% -2.15% 3 years 1.69% 0.37% 2.65% 5 years 0.42% 6.44% 1.02% Since inception 0.70% 10.45% 1.53% Fund Classification Sector: Multi Asset Flexible Geographic Classification: Global Fund Risk Profile RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 10.57% 11.15% Lowest rolling 1-year return -5.86% -6.42% RISK MEASURE FUND BENCHMARK Percentage positive months since 53.26% 53.26% inception ASSET ALLOCATION Property 10% Cash 22% Inception Date: 1 April 2011 Fund Size: $49.91 million Unit Price: cents per unit Units in issue: 47,314,816 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 Commodities 1% Fees: Initial Charge: No Initial Fee Annual Fund Fee: 1.34% Fixed Income 41% CURRENCY ALLOCATION British Pound 3% Chinese Yuan 2% Equities 26% Japenese Yen 2% Euro 6% Total Expense Ratio (see explanatory notes for more info) Financial 3 Year Year: Rolling: Total Expense Ratio (TER) 1.98% 1.97% Transaction Costs (TC) 0.01% 0.01% (TER+TC) 1.99% 1.98% 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 US Dollar 87% 11

12 PTI GLOBAL SELECT MANAGERS CAUTIOUS FUND COMMENTARY Credo Capital Plc Compared to 2017, which saw 12 straight positive months for global equity markets with low volatility and record low drawdowns, the volatility in 2018 has proven to be more consistent with the longer-term behaviour of the stock market. The quarter included a dramatic selloff across asset classes in the month of October. Equity markets led the selloff, with emerging markets seeing the worst returns initially before developed markets experienced a similar decline towards the end of November. Yet whilst headlines touted the -7.34% decline for the MSCI World as the worst in the last 5 years, extending the lookback period even slightly would show May 2012, September 2011, and May 2010 had sharper declines. Experiencing short term losses are a feature, not a bug, of investing in equities. What has compounded the pain for investors during the period is that diversification did not spare investors from losses, as the majority of other assets classes, including global bonds, also declined (albeit with a much smaller magnitude than in equities). Though yields continued to rise in the US and UK, the majority of the decline in global bond indices both year to date and during the month of October were driven by currency, as most weakened against the US Dollar (with the exception of GBP which recently recovered a small proportion of its year to date decline). Whilst two year yields in the US retraced their recent steady rise slightly in November, the absolute level remains close to 3%, the most attractive level for 10 years. Brookes MacDonald Asset Management After a fairly quiet September, equity markets suffered their second significant correction of 2018 during October and most of November, to leave all major indices in negative territory for the year as the quarter came to a close. Some dovish comments late in the month from the Fed Chair, Jerome Powell, relating to a possible pause in the US rate cycle in 2019 and further good news in early December regarding a trade truce between China and the US, has helped stocks to recover from these lows, with the possibility that this could turn into a major rally into the year end. This agreement has bought markets some time and it will be important to see them move through resistance levels that stalled the previous recovery. October s selloff was caused by concerns over valuations, especially in high-momentum sectors such as tech and consumer discretionary, as well as comments made by Powell at the beginning of October when he suggested the Fed was a long way from neutral in terms of the US interest rate cycle. The ongoing threat of an escalating trade war and the evidence of weakening economic data from China and Europe also weighed on investor confidence. The tech sector was the hardest hit in the selloff and fell by 16% from its late September peak, before rallying into the quarter end. Apple was a significant casualty, moving into bear-market (> -20% correction) during the period as concerns over demand for phones and the cost of imported components saw the stock selling off sharply. The MSCI World ($) index returned -5.65% for the quarter overall. In contrast, certain sectors and asset classes fared much better during the correction. Healthcare (+0.52%), Minimum Volatility (-1.06%) and real estate (-3.5%) all performed better than the overall market and added to returns. Within bonds, our recent addition, ishares USD Treasury Bond 3-7 year (+0.21%) also made a rare positive return during the quarter and Jupiter Dynamic (-1.30%) and ishares Global Government Bond (-1.48%) also contributed in offsetting the large drawdown in equity markets. We made some changes to our asset allocation early in the quarter, reducing international equity exposure, selling global infrastructure and gold. In addition, due to concerns over increasing leverage (debt levels in US companies have now exceeded their EXPLANATORY NOTES 3 Year Rolling 1 July June 2018 Annualised The compound annual growth rate over the performance period measured. Past performance is not indicative of future performance. Cumulative Performance This graph is for illustrative purposes only. It depicts how graph 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. Financial Year 1 January December 2017 Highest & Lowest Returns Percentage positive months Total Expense Ratio (TER) Transaction Cost (TC) (TER + TC) Returns achieved over rolling one year periods since inception. Actual annual figures are available to the investor on request. The percentage of calendar months in which the Fund produced a positive monthly return since inception. The percentage of the value of the Financial Product incurred as expenses relating to the administration of the Financial Product. 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. The percentage of the value of the product incurred as costs relating to the investment of the Financial Product peaks), we exited the ishares Global Corporate Bond ETF entirely during October. The proceeds have been added to our sovereign bonds ETFs and a new holding, Treasury Floating Rate ETF, which holds very liquid, US government back notes whose yield rises with US interest rates. Within equities, we added to our US equity manager and SPDR Global Real Estate which continues to rally as the outlook improves for a possible peak in US rates in Disclosure Tel: Fax: info@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/ /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 30 November 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 and Credo Capital Plc, Licence Number 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. 12

13 PTI GLOBAL SELECT OPPORTUNITIES FUND CUMULATIVE PERFORMANCE GRAPH SINCE INCEPTION 3000 PTI GSM Opportunities USD PTI GSM Opportunities (ZAR) 2500 Benchmark 2000 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. Performance Apr-11 Nov-11 Jun-12 Jan-13 Aug-13 Mar-14 Oct-14 May-15 Dec-15 Jul-16 Feb-17 Sep-17 Apr-18 Nov-18 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 ANNUALISED PERFORMANCE FUND USD FUND ZAR BENCHMARK Quarter -4.87% % -4.70% 1 year -3.04% -3.18% -2.00% 3 years 3.97% 2.62% 4.43% 5 years 1.63% 7.73% 2.90% Since inception 2.11% 11.99% 3.52% Fund Classification Sector: Multi Asset Flexible Geographic Classification: Global Fund Risk Profile Low Low to to High High RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 16.59% 16.76% Lowest rolling 1-year return % -8.69% RISK MEASURE FUND BENCHMARK Percentage positive months since 55.43% 57.61% inception ASSET ALLOCATION Fixed Income 22% Property 10% Cash 10% Inception Date: 1 April 2011 Fund Size: $34.45 million Unit Price: cents per unit Units in issue: 29,358,589 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 3 Year Year: Rolling: CURRENCY ALLOCATION Equities 58% Euro 3% Japenese Yen 2% British Pound 3% Total Expense Ratio (TER) 2.04% 2.04% Transaction Costs (TC) 0.02% 0.02% (TER+TC) 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 US Dollar 92% 13

14 PTI GLOBAL SELECT MANAGERS OPPORTUNITIES FUND COMMENTARY Credo Capital Plc Compared to 2017, which saw 12 straight positive months for global equity markets with low volatility and record low drawdowns, the volatility in 2018 has proven to be more consistent with the longerterm behaviour of the stock market. The quarter included a dramatic selloff across asset classes in the month of October. Equity markets led the sell off, with emerging markets seeing the worst returns initially before developed markets experienced a similar decline towards the end of November. Yet whilst headlines touted the -7.34% decline for the MSCI World as the worst in the last 5 years, extending the lookback period even slightly would show May 2012, September 2011, and May 2010 had sharper declines. Experiencing short term losses are a feature, not a bug, of investing in equities. What has compounded the pain for investors during the period is that diversification did not spare investors from losses, as the majority of other assets classes, including global bonds, also declined (albeit with a much smaller magnitude than in equities). Though yields continued to rise in the US and UK, the majority of the decline in global bond indices both year to date and during the month of October were driven by currency, as most weakened against the US Dollar (with the exception of GBP which recently recovered a small proportion of its year to date decline). Whilst two year yields in the US retraced their recent steady rise slightly in November, the absolute level remains close to 3%, the most attractive level for 10 years. Brookes MacDonald Asset Management After a fairly quiet September, equity markets suffered their second significant correction of 2018 during October and most of November, to leave all major indices in negative territory for the year as the quarter came to a close. Some dovish comments late in the month from the Fed Chair, Jerome Powell, relating to a possible pause in the US rate cycle in 2019 and further good news in early December regarding a trade truce between China and the US, has helped stocks to recover from these lows, with the possibility that this could turn into a major rally into the year end. This agreement has bought markets some time and it will be important to see them move through resistance levels that stalled the previous recovery. October s selloff was caused by concerns over valuations, especially in high-momentum sectors such as tech and consumer discretionary, as well as comments made by Powell at the beginning of October when he suggested the Fed was a long way from neutral in terms of the US interest rate cycle. The ongoing threat of an escalating trade war and the evidence of weakening economic data from China and Europe also weighed on investor confidence. The tech sector was the hardest hit in the selloff and fell by 16% from its late September peak, before rallying into the quarter end. Apple was a significant casualty, moving into bear-market (> -20% correction) during the period as concerns over demand for phones and the cost of imported components saw the stock selling off sharply. The MSCI World ($) index returned -5.65% for the quarter overall. In contrast, certain sectors and asset classes fared much better during the correction. Healthcare (+0.52%), Minimum Volatility (-1.06%) and real estate (-3.5%) all performed better than the overall market and added to returns. Within bonds, our recent addition, ishares USD Treasury Bond 3-7 year (+0.21%) also made a rare positive return during the quarter and Jupiter Dynamic (-1.30%) and ishares Global Government Bond (-1.48%) also contributed in offsetting the large drawdown in equity markets. We made some changes to our asset allocation early in the quarter, reducing international equity exposure, selling global infrastructure and gold. In addition, due to concerns over increasing leverage (debt levels in US companies have now exceeded their 2008 peaks), we exited the ishares Global EXPLANATORY NOTES 3 Year Rolling 1 July June 2018 Annualised The compound annual growth rate over the performance period measured. Past performance is not indicative of future performance. Cumulative Performance This graph is for illustrative purposes only. It depicts how graph 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. Financial Year 1 January December 2017 Highest & Lowest Returns Percentage positive months Total Expense Ratio (TER) Transaction Cost (TC) (TER + TC) Returns achieved over rolling one year periods since inception. Actual annual figures are available to the investor on request. The percentage of calendar months in which the Fund produced a positive monthly return since inception. The percentage of the value of the Financial Product incurred as expenses relating to the administration of the Financial Product. 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. The percentage of the value of the product incurred as costs relating to the investment of the Financial Product. Corporate Bond ETF entirely during October. The proceeds have been added to our sovereign bonds ETFs and a new holding, Treasury Floating Rate ETF, which holds very liquid, US government back notes whose yield rises with US interest rates. Within equities, we added to our US equity manager and SPDR Global Real Estate which continues to rally as the outlook improves for a possible peak in US rates in Disclosure Tel: Fax: info@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/ /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 30 November 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 and Credo Capital Plc, Licence Number 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. 14

15 PERSONAL TRUST EQUITY FUND CUMULATIVE PERFORMANCE GRAPH SINCE INCEPTION Per R1,000 invested Jul-09 Oct-09 SA Equity Fund Benchmark Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 ANNUALISED PERFORMANCE FUND BENCHMARK Quarter % % 1 year % % 3 years -1.22% 2.29% 5 years 0.52% 5.51% Since inception 6.21% 12.28% Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 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 RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 27.85% 32.74% Lowest rolling 1-year return % % Fund Risk Profile Low Low to to High High RISK MEASURE FUND JSE ALSI Maximum Drawdown % % Percentage positive months since inception 58.93% 59.82% TOP 10 EQUITY HOLDINGS % OF EQUITY HOLDING Naspers 8% BHP Group Plc 7% Compagnie Fin Richemont 6% Remgro Ltd 6% Sasol Ltd 5% British American Tobacco Plc 5% Shoprite Holdings Ltd 5% NEPI Rockcastle Plc 4% Investec Plc 4% Impala Platinum Holdings Ltd 4% Fund Manager: Mark Huxter Inception Date: 13 July 2009 Fund Size: R million Unit Price: cents per unit Units in issue: 343,373,191 Min. Investment: R50,000 lump sum Benchmark: JSE All Share Index Distribution: March, June, September, December Fees: Initial Charge: Annual Fund Fee: Negotiable to a maximum of 1% plus VAT 1.21% (excluding VAT) Total Expense Ratio (see explanatory notes for more info) Financial 3 Year Year: Rolling: ASSET ALLOCATION Local Equities 90% Ca s h 10% Media 8% Industrials 15% SECTOR ALLOCATION Pref Shares 3% Oil and gas 5% Healthcare 1% Property 4% Financials 10% Telcoms 4% Basic materials 16% Cash 10% Consumer goods 24% Total Expense Ratio (TER) 1.40% 1.40% Transaction Costs (TC) 0.06% 0.07% (TER+TC) 1.46% 1.47% Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PTSAEQY ISIN Code: ZAE 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 15

16 PERSONAL TRUST EQUITY FUND INCOME DISTRIBUTIONS CLASS R December cpu March cpu June September cpu Paid in the last 12 months 2.99 cpu 12 month historic yield 2.04% COMMENTARY The Personal Trust Equity Fund maintains a long-term thematic focus; remains positioned to reflect ALSI sector weightings and to benefit from identified thematic impacts. In the short-term the potential of further normalisation of interest rates on the back of Fed rate hikes; Tariff wars; potential Sovereign Debt downgrades and SA s continued poor fiscal metrics will influence the funds cash holdings. Although it was a tough year for most equity markets, the conditions for a major bear market are not yet in place. The bond yield curve (shape) remains a powerful indicator of pending recessions! Inversion has called 7 of the last 8 recessions. President Xi will be China s leader when Trump is no longer in office; thus, in giving in to Trump he would loose face politically. All this means is that the trade war will likely persist. Changes to portfolio weightings in the quarter were primarily to reduce overweight positions in Sasol; BHP; Bidcorp; Remgro and Bowlers. The cash realised from the sales are predominantly retained in the Money Market, until the global market looks through current geo-political events; the yield curve inversion and irrational investor sentiment subsides. Thus, the Fund retains a balance between Rand hedge and SA Inc. counters; this despite the quarter returns being 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. EXPLANATORY NOTES 3 Year Rolling 1 October September 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 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. Financial Year 1 January December 2017 Highest & Lowest Returns achieved over rolling one year periods since Returns 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 The percentage of calendar months in which the Fund months 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. (TER + TC) The percentage of the value of the product incurred as costs relating to the investment of the Financial Product. Disclosure Tel: Fax: info@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 Wholly owned Subsidiary of Personal Trust (Pty) Ltd. FSP Licence No 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: 25 th Floor, Portside 5 Buitengracht Street, Cape Town, South Africa. Tel: 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 30 November 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. 16

17 PERSONAL TRUST INCOME FUND ANNUALISED PERFORMANCE FUND BENCHMARK Quarter 1.87% 1.98% 1 year 7.54% 7.62% 3 years 7.72% 6.09% 5 years 7.04% 5.35% 10 years 7.18% 4.72% Since inception 9.46% 4.98% PERFORMANCE OF PT INCOME ABIL FUND BENCHMARK RETENTION FUND Quarter 1.91%% 1.98% 1 year 8.40% 7.62% 3 years 7.80% 6.09% 5 years 7.07% 5.35% 10 years 7.19% 4.72% Since inception 9.47% 4.98% 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 RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 23.08% 6.78% Lowest rolling 1-year return 4.21% 11.12% RISK MEASURE FUND JSE ALSI Percentage positive 92.93% 59.60% months since inception ASSET ALLOCATION INCOME DISTRIBUTIONS December 2017 March 2018 June 2018 September 2018 Paid in the last 12 months Local Cash 1% Pref Shares 3% Property 2% Inflation Linkers 3% Bonds Yrs 5% Bonds Yrs 18% Total Fund Allocation Money Market 46% CLASS R 2.27 cpu 2.41 cpu 2.30 cpu 2.39 cpu 9.37 cpu Bonds 0-3 Yrs 22% 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 Low Inception Date: 1 July 2002 Fund Size: R million Unit Price: cents per unit Units in issue: 292,357,168 Min. Investment: R lump sum Benchmark: Cash + 2% Distribution: March, June, September, December Fees: Initial Charge: Annual Fund Fee: Low to to High High Negotiable to a maximum of 1% plus VAT 1.33% (excluding VAT) Total Expense Ratio (see explanatory notes for more info) Financial 3 Year Year: Rolling: Total Expense Ratio (TER) 1.55% 1.57% Transaction Costs (TC) 0.01% 0.02% (TER+TC) 1.56% 1.59% Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PERTRIN ISIN Code: ZAE 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 12 month historic yield 6.93% 17