Contents Newsflash Market Comment Other Commentators Economic Update Weekly Market Analysis... 9

Transcription

1 23 March 2015

2 Contents Contents... 2 Newsflash... 3 Market Comment... 3 Other Commentators... 4 Economic Update... 6 Weekly Market Analysis... 9 STANLIB Money Market Fund STANLIB Enhanced Yield Fund STANLIB Income Fund STANLIB Flexible Income Fund STANLIB Multi-Manager Absolute Income Fund... 11

3 Newsflash The global bull market got some new impetus last week! Long live the bull! Market Comment Thanks to the US Federal Reserve and the 17 members who participate in the meetings, the calmer tone in their latest meeting last week towards interest rate hikes in the US has certainly helped all markets, including currencies (boosting all currencies relative to the powerful dollar), boosting bond prices (lower yields), boosting commodity prices and shares (lower dollar = higher prices of dollarbased commodities) and..substantially boosting shares globally. The MSCI World Index jumped 3.2% last week, in dollars of course, to just short of its late February record high, putting it up 3.8% for 2015 and +7.3% for the past 12 months, or +10% including dividends. That translates into +8.8% in rands so far in 2015 and +18.3% over the past year, another record high (21.3% including dividends). The Japanese market hit a new 15-year high this morning, in both yen (+12.1% in 2015) and dollars (+11.8% in 2015), while the FT100 Index closed over 7,000 on Friday for the first time in history, up almost 7% in 2015 in sterling terms (+1.7% in dollars). The Dow Jones Euro Stoxx 50 Index in euros is now up 18% in 2015 (+4.7% in dollars). The MSCI Europe excluding the UK Index is up +6.5% in dollar terms in 2015, beating the +2.4% of the S&P 500 Index and the +2.8% of the MSCI USA Index. One of the better-known currency analysts (he is often on TV in London), HSBC s David Bloom (born and bred in SA), is of the view that the US dollar is in the closing stages of its mighty bull market of the past twelve or so months versus the euro, pound etc. He sees the Swiss franc as the most expensive currency in the world, followed by the US dollar, while the Russian rouble is the cheapest, followed by the rand. The dollar has been so dominant over the past year, affecting all our currencies, commodity prices, mining shares, oil and Sasol, bond prices, inflation etc. etc., so IF perchance he is even partly right, then one could probably expect the rand to gain against the dollar and commodity prices to firm a bit. The copper price has jumped a bit lately, partly unwinding the big knock it took in December and in January. The JSE All Share Index gained +1.7% last week (+4.5% in dollars!!), while the Financial & Industrial Index gained +0.6% and the JSE Resources Index +6.5%, thanks to the fall in the dollar and calmer tone about interest rates. This also helped US bond yields move lower (prices higher), which in turn helped the global listed property market (REITS) bounce 5% from their recent 8.5% dollar correction. So far in 2015 the global property fund is +1.9% in dollars or +7.3% in rands (record high in rands). SA Listed Property continues to hang in there admirably, with a +10.9% total return so far in The latest fall in the SA 10-year bond yield from 7.89% to 7.66% is helpful. So far in 2015 the SA All Bond Index return is +2.95%, while the JSE All Share Index total return is +6.4%. The MSCI gauge of emerging market shares jumped 3.2% in dollars last week, leaving the index +1.4% so far in 2015, as many currencies and mining shares bounced. The biggest market in this index, the MSCI China Index (20% of the index) is +5.2% so far in 2015, close to its highest level in 4 years.

4 Other Commentators US Market Analyst, Elaine Garzarelli Garza reckons there have been over 525 easing moves around the world since the Great Recession, with the most recent cuts by Sweden, Thailand, Serbia, Russia and China. Petrol prices have declined in many countries and prices for food are down -30% in dollars from This was certainly on the minds of the Fed when they met last Wednesday and noted that economic growth in the US has moderated somewhat since January s meeting. The Fed wants to see some higher inflation before raising interest rates. Continued mild economic news may cause the Fed to postpone their tightening, although the fed funds rate has been at zero for six years, which is a long time. Fed rate hikes will depend on the incoming economic data and when they are reasonably confident that inflation will move back to its 2% objective. Garza s quants reading rose to 63% from 61% because of an upgrade to her sentiment indicator (investment advisors not as bullish as before). The bull market should continue, with corrections limited to 4-7%. The S&P 500 Index is now slightly above Garza s fair value calculation, but shares frequently rise above fair value in a bull market, sometimes substantially. US households net worth is now 26% higher than its 2007 pre-recession peak. Also, the consumer household debt to income ratio is at the lowest level since BCA Research September is still the most likely lift-off month for US interest rates, but it is by no means a done deal. Although the headline unemployment rate has fallen to 5.5%, other measures continue to point to ample labour market slack. For example, the employment to population ratio for prime-age workers (those between the ages of 25 and 54) has recovered less than half of the lost ground since the start of the Great Recession. Many jobs created in the US so far have been part-time jobs, so the number of full-time workers remains one million below its November 2007 record high, despite the fact that the working-age population has increased by 7.5 million since then - and total civilian employment is 1.7 million above the 2007 peak. The strong dollar is certainly a factor too. The IMF estimates that a 10% appreciation in the real tradeweighted dollar has the same effect on monetary conditions as a 1% rate hike. Given that the real trade-weighted dollar has risen by 12.5% since July 2014, this is equivalent to a 125 basis point hike in the US Fed Funds rate!! In fact the Fed s own FRB/US model points to an even greater negative impact on growth from a stronger dollar. The Fed said last week that it will not raise rates until it is reasonably confident that inflation is moving back towards the 2% target. The Fed now expects inflation (based on the core PCE deflator, its preferred inflation measure) to reach 1.35% by end 2015 (down from 1.65% in December s forecast) and barely higher than the current level of 1.3%. So the risks are heavily skewed towards an even later date than September for the first rate hike. A later lift-off date should help boost bond prices. BCA still expects the US 10-year yield to return to 1.5% by year-end (currently 1.93%). BCA expects the dollar/euro rate to remain range-bound between parity and $1.10 over the next few months (currently $1.087).

5 Although lower bond yields would be good for equities, sluggish economic growth, falling earnings estimates and elevated valuations all caution against an overly bullish view on US shares. BCA prefers European, Japanese and Chinese shares to US shares. Paul Hansen Director: Retail Investing

6 Economic Update 1. SA consumer inflation fell to 3.9%y/y in February 2015, but this could be the low point for the year given the most recent petrol price developments 2. January retail sales softened to 1.7% y/y from 2.0% y/y in December 3. US Federal Reserve clearly indicated that any rate rises will be very gradual. Most analysts will expect US rate increases to start in either June or September this year. 4. Weaker Naira starting to show in Nigeria inflation 5. Botswana inflation at another all-time low 1. In February 2015, SA headline CPI inflation rate rose by a fairly substantial 0.6%m/m, although the annual rate of inflation moved lower to 3.9%y/y from 4.4%y/y in January 2015, 5.3%y/y in December 2014 and 5.8%y/y in November This was slightly above market expectations for inflation to drop to 3.8%y/y. The lower petrol price was the main factor pulling inflation lower, but food inflation moved higher in the month and there was also a sharp increase in insurance costs. Unfortunately, the petrol price has since also risen substantially, and will increase further next month. For 2014 as a whole, SA CPI inflation averaged 6.1%, up slightly from an average of 5.8% in 2013 and 5.7% in For 2015, SA inflation is forecast to average an impressive 4.7%, with the latest reading of 3.9%y/y the potential low for the year. In 2016 consumer inflation is expected to average a more elevated 6.0%, largely due to base effects as well as some upward drift in the oil price and a fairly substantial increase in the electricity prices (we are assuming 16%y/y). The forecast, as usual, is highly dependent on the outlook for the exchange rate. The SA Reserve Bank is likely to keep rates on hold over the coming months, but will pay close attention to the interest rates developments in the US as well as the trends in the oil price, food price and the Rand. 2. Retail sales softened to 1.7% y/y in January down from a revised 2.0% y/y in December. This is partly due to disruption in electricity supply. Retail sales declined 0.1% m/m in January compared to a revised 0.9% m/m decline in December. However, m/m retail sales are always volatile. Whilst consumers have enjoyed a period of falling petrol prices and lower interest rates the outlook for consumers in the months ahead is significantly less rosy. 3. The US Federal Open Market Committee kept the federal funds target rate unchanged at 0.00% to 0.25%, but removed the patient phrase from their policy statement. It is interesting that 15 out of the 17 FOMC committee members expect interest rates to start to rise this year, but anticipate that the pace of rate increases will be extremely modest. Certainly more modest than what the FOMC committee members expected at the start of The FOMC also indicated that it will maintain the existing policy of reinvesting principal payments from the Federal Reserve s holdings of agency debt and agency MBS in agency MBS and of rolling over maturing Treasury securities at auction. In making the decision the FOMC highlighted the following key points on the strength of the economy and the outlook for inflation. Economic growth has moderated somewhat since January. Labour market conditions have improved further, with strong job gains and a lower unemployment rate. Underutilisation of labour resources has continued to diminish. Household spending is rising moderately; declines in energy prices have boosted household purchasing power.

7 Business fixed investment is advancing, while the recovery in the housing sector remains slow and export growth has weakened. Inflation has declined further below the longer-run objective, largely reflecting declines in energy prices. Market-based measures of inflation compensation remain low Survey-based measures of longer-term inflation expectations have remained stable. With appropriate policy accommodation, economic activity will expand at a moderate pace The FOMC expects inflation to rise gradually toward 2% over the medium term as the labour market improves further and the transitory effects of energy price declines and other factors dissipate. Importantly, the FOMC updated its forward guidance on interest rates and stated that an increase in the target range for the federal funds rate remains unlikely at the April FOMC meeting. However, the Fed anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labour market and is reasonably confident that inflation will move back to its 2% objective over the medium term. The FOMC highlighted that the change in the forward guidance does not indicate that the Committee has decided on the timing of the initial increase in interest rates. Overall, most analysts will anticipate that the Fed will start increasing rates in June or September this year. The US economic data has weakened a little in the past few weeks, partly due to the strength of the Dollar. If the incoming data remains relatively week in the next month or two then a hike in September would become more likely. Clearly, the US labour market data remains the key economic indicator to watch. This includes the trend in US wages. It is possible for the Fed to start hiking rates before consumer inflation has actually started to increase. While the markets will not be too surprised that the Fed removed the patient statement, they will be surprised by the extent of downward revisions by the FOMC committee members to their own rates increase projections as well as the growth outlook. The good news is that the Fed s own rate projections are now more in-line with market expectations. 4. Inflation in Nigeria for February 2015 edged higher to 8.4% y/y as compared to the January figure of 8.2%. The market was expecting a figure of 8.5%. This was the highest inflation rate since August 2014 s reading of 8.5%. Core inflation (all items less farm produce) increased to 7%y/y from 6.8% in the previous month. The biggest increases were from Furnishings and House Equipment maintenance as well as Restaurant and Hotels divisions. Food prices rose by 9.4% y/y in February as compared to 9.2% in January Food makes up 51% of the CPI basket. The upward price pressure came mainly from imported food products, which rose by 8.8%y/y, the highest since February This is largely explained the recent currency weakness. The Nigerian Naira has depreciated by 21% since June 2014 and 9% since beginning of the year. What is concerning is that reserves are still falling and are currently sitting at USD 29.1 billion, down from USD 35 billion at the beginning of the year and just under USD 50 billion 22 months ago. Standard and Poor s credit rating agency downgraded Nigeria further. The country now sits on a rating of B+ down from BB-. The agency pointed out that volatile oil prices along with political uncertainty and security concerns have put the nation s ability to repay debt at risk. The country goes into elections this weekend (28 March 2015) with no clear favourite to win. The monetary policy committee of the Central Bank of Nigeria meets this week, with policy the announcement due on Tuesday 24 March The market expects rates to remain on hold at 13%.

8 5. Inflation in Botswana was recorded at an all-time low of 2.8% for the month of February 2015 as compared to the previous record low of 3.6% recorded in January This was mainly as a result of the decline in fuel prices. On a monthly basis transport inflation was down 4.3%. With oil prices expected to increase steadily from current levels and the Pula strengthening against the Rand (most of Botswana s imports are from South Africa) inflation in the Botswana is expected to remain benign. The Bank of Botswana had cut interest rates by 100 basis points at the previous policy meeting. The Bank of Botswana is expected to keep rates on hold until the end of the year as some developed markets (as well as its neighbours South Africa and Namibia) are expected to commence rate tightening in the third quarter of this year. Please follow our regular economic updates on Kevin Lings, Laura Jones & Kganya Kgare (STANLIB Economics Team)

9 Weekly Market Analysis Currencies/ Indices/ Commodities Friday s Close 20/03/15 Weekly Move (%) YTD (%) Indices *MSCI World US Dollar *MSCI World Rand *MSCI Emerging Market US Dollar *MSCI Emerging Market Rand All Share Index US Dollar All Share Index Rand All Bond Index Listed Property J Currencies US Dollar/Rand Euro/Rand Sterling/Rand Euro/US Dollar Commodities Oil Brent Crude Spot Price ($/bl) Gold Price $/oz Platinum Price S/oz Source: I-Net Bridge * MSCI - Morgan Stanley Capital International

10 Rates These rates are expressed in nominal and effective terms and should be used for indication purposes ONLY. STANLIB Money Market Fund Nominal: Effective: 6.22% per annum 6.40% per annum STANLIB is required to quote an effective rate which is based upon a seven-day rolling average yield for Money Market Portfolios. The above quoted yield is calculated using an annualised seven-day rolling average as at 20 March This seven- day rolling average yield may marginally differ from the actual daily distribution and should not be used for interest calculation purposes. We however, are most happy to supply you with the daily distribution rate on request, one day in arrears. The price of each participatory interest (unit) is aimed at a constant value. The total return to the investor is primarily made up of interest received but, may also include any gain or loss made on any particular instrument. In most cases this will merely have the effect of increasing or decreasing the daily yield, but in an extreme case it can have the effect of reducing the capital value of the portfolio. STANLIB Enhanced Yield Fund Effective Yield: 6.42% STANLIB is required to quote a current yield for Income Portfolios. This is an effective yield. The above quoted yield will vary from day to day and is a current yield as at 20 March The net (after fees) yield on the portfolio will be published daily in the major newspapers together with the all-in NAV price (includes the accrual for dividends and interest). This yield is a snapshot yield that reflects the weighted average running yield of all the underlying holdings of the portfolio. Monthly distributions will consist of dividends and interest. Interest will also be exempt from tax to the extent that investor s are able to make use of the applicable interest exemption as currently allowed by the Income Tax Act. The portfolio s underlying investments will determine the split between dividends and interest. STANLIB Income Fund Effective Yield: 7.27% Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. A schedule of fees and charges and maximum commissions is available on request from the company/scheme. CIS can engage in borrowing and scrip lending. Commission and incentives may be paid and if so, would be included in the overall costs. The above quoted yield will vary from day to day and is a current yield as at 20 March 2015.

11 STANLIB Extra Income Fund Effective Yield: 6.78% Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. A schedule of fees and charges and maximum commissions is available on request from the company/scheme. CIS can engage in borrowing and scrip lending. Commission and incentives may be paid and if so, would be included in the overall costs. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. The above quoted yield will vary from day to day and is a current yield as at 20 March STANLIB Flexible Income Fund Effective Yield: 7.02% Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. A schedule of fees and charges and maximum commissions is available on request from the company/scheme. CIS can engage in borrowing and scrip lending. Commission and incentives may be paid and if so, would be included in the overall costs. The above quoted yield will vary from day to day and is a current yield as at 20 March STANLIB Multi-Manager Absolute Income Fund Effective Yield: 5.55% Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. A schedule of fees and charges and maximum commissions is available on request from the company/scheme. CIS can engage in borrowing and scrip lending. Commission and incentives may be paid and if so, would be included in the overall costs. The above quoted yield will vary from day to day and is a current yield as at 20 March 2015.

12 Glossary of terminology Bonds A bond is an interest-bearing debt instrument, traditionally issued by governments as part of their budget funding sources, and now also issued by local authorities (municipalities), parastatals (Eskom) and companies. Bonds issued by the central government are often called gilts. Bond issuers pay interest (called the coupon ) to the bondholder every 6 months. The price/value of a bond has an inverse relationship to the prevailing interest rate, so if the interest rate goes up, the value goes down, and vice versa. Bonds/gilts generally have a lower risk than shares because the holder of a gilt has the security of knowing that the gilt will be repaid in full by government or semi-government authorities at a specific time in the future. An investment in this type of asset should be viewed with a 3 to 6 year horizon. Cash Collective Investments Compound Interest Dividend Yields Dividends Earnings per share An investment in cash usually refers to a savings or fixed-deposit account with a bank, or to a money market investment. Cash is generally regarded as the safest investment. Whilst it is theoretically possible to make a capital loss investing in cash, it is highly unlikely. An investment in this type of asset should be viewed with a 1 to 3 year horizon. Collective investments are investments in which investors funds are pooled and managed by professional managers. Investing in shares has traditionally yielded unrivalled returns, offering investors the opportunity to build real wealth. Yet, the large amounts of money required to purchase these shares is often out of reach of smaller investors. The pooling of investors funds makes collective investments the ideal option, providing cost effective access to the world s stock markets. This is why investing in collective investments has become so popular the world over and is considered a sound financial move by most investors. Compound interest refers to the interest earned on interest that was earned earlier and credited to the capital amount. For example, if you deposit R1 000 in a bank account at 10% and interest is calculated annually; your balance will be R1 100 at the end of the first year and R1 210 at the end of the second year. That extra R10, which was earned on the interest from the first year, is the result of compound interest ("interest on interest"). Interest can also be compounded on a monthly, quarterly, half-yearly or other basis. The dividend yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. The higher the yield, the more money you will get back on your investment. When you buy equities offered by a company, you are effectively buying a portion of the company. Dividends are an investor s share of a company s profits, given to him or her as a part-owner of the company. Earnings per share is a measure of how much money the company has available for distribution to shareholders. A company s earnings per share is a good indication of its profitability and is generally considered to be the most important variable in determining a company s share price.

13 Equity Financial Markets Fixed Interest Funds Gross Domestic Product (GDP) Growth Funds Industrial Funds Investment Portfolio JSE Securities Exchange Price to earnings ratio Property Resources and Basic Industries Funds A share represents an institution/individual s ownership in a listed company and is the vehicle through which they are able to share in the profits made by that company. As the company grows, and the expectation of improved profits increases, the market price of the share will increase and this translates into a capital gain for the shareholder. Similarly, negative sentiment about the company will result in the share price falling. Shares/equities are usually considered to have the potential for the highest return of all the investment classes, but with a higher level of risk i.e. share investments have the most volatile returns over the short term. An investment in this type of asset should be viewed with a 7 to 10 year horizon. Financial markets are the institutional arrangements and conventions that exist for the issue and trading of financial instruments. Fixed interest funds invest in bonds, fixed-interest and money market instruments. Interest income is a feature of these funds and, in general, capital should remain stable. The Gross Domestic Product measures the total volume of goods and services produced in the economy. Therefore, the percentage change in the GDP from year to year reflects the country's annual economic growth rate. Growth funds seek maximum capital appreciation by investing in rapidly growing companies across all sectors of the JSE. Growth companies are those whose profits are in a strong upward trend, or are expected to grow strongly, and which normally trade at a higher-thanaverage price/earnings ratio. Industrial funds invest in selected industrial companies listed on the JSE, but excluding all companies listed in the resources and financial economic groups. An investment portfolio is a collection of securities owned by an individual or institution (such as a collective investment scheme). A funds portfolio may include a combination of financial instruments such as bonds, equities, money market securities, etc. The theory is that the investments should be spread over a range of options in order to diversify and spread risk. The primary role of the JSE Securities Exchange is to provide a market where securities can be freely traded under regulated procedures. Price to earnings ratio or p: e ratio is calculated by dividing the price per share by the earnings per share. This ratio provides a better indication of the value of a share, than the market price alone. For example, all things being equal, a R10 share with a P/E of 75 is much more expensive than a R100 share with a P/E of 20. Property has some attributes of shares and some attributes of bonds. Property yields are normally stable and predictable because they comprise many contractual leases. These leases generate rental income that is passed through to investors. Property share prices however fluctuate with supply and demand and are counter cyclical to the interest rate cycle. Property is an excellent inflation hedge as rentals escalate with inflation, ensuring distribution growth, and property values escalate with inflation ensuring net asset value growth. This ensures real returns over the long term. These funds seek capital appreciation by investing in the shares of companies whose main business operations involve the exploration, mining, distribution and processing of metals, minerals, energy, chemicals, forestry and other natural resources, or where at least 50 percent of their earnings are derived from such business activities, and excludes service providers to these companies.

14 Smaller Companies Funds Value Funds Growth Funds Smaller Companies Funds seek maximum capital appreciation by investing in both established smaller companies and emerging companies. At least 75 percent of the fund must be invested in small- to mid-cap shares which fall outside of the top 40 JSE-listed companies by market capitalisation. These funds aim to deliver medium- to long-term capital appreciation by investing in value shares with low price/earnings ratios and shares which trade at a discount to their net asset value. Growth funds seek maximum capital appreciation by investing in rapidly growing companies across all sectors of the JSE. Growth companies are those whose profits are in a strong upward trend, or are expected to grow strongly, and which normally trade at a higher-thanaverage price/earnings ratio. Sources: Unit Trust and Collective Investments (September 2007), The Financial Sector Charter Council, Personal Finance (30 November 2002), Introduction to Financial Markets, Personal Finance, Quarter , Investopedia ( and The South African Financial Planning Handbook 2004.

15 Disclaimer The price of each unit of a domestic money market portfolio is aimed at a constant value. The total return to the investor is primarily made up of interest received but, may also include any gain or loss made on any particular instrument. In most cases this will merely have the effect of increasing or decreasing the daily yield, but in an extreme case it can have the effect of reducing the capital value of the portfolio. Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. An investment in the participations of a CIS in securities is not the same as a deposit with a banking institution. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Ltd (the Manager). Commission and incentives may be paid and if so, would be included in the overall costs. A fund of funds is a portfolio that invests in portfolios of collective investment schemes, which levy their own charges, which could result in a higher fee structure for these portfolios. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. TER is the annualised percent of the average Net Asset Value of the portfolio incurred as charges, levies and fees. A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Portfolios are valued on a daily basis at 15h30. Investments and repurchases will receive the price of the same day if received prior to 15h30. Liberty is a full member of the Association for Savings and Investments of South Africa. The Manager is a member of the Liberty Group of Companies. As neither STANLIB Wealth Management Limited nor its representatives did a full needs analysis in respect of a particular investor, the investor understands that there may be limitations on the appropriateness of any information in this document with regard to the investor s unique objectives, financial situation and particular needs. The information and content of this document are intended to be for information purposes only and STANLIB does not guarantee the suitability or potential value of any information contained herein. STANLIB Wealth Management Limited does not expressly or by implication propose that the products or services offered in this document are appropriate to the particular investment objectives or needs of any existing or prospective client. Potential investors are advised to seek independent advice from an authorized financial adviser in this regard. STANLIB Wealth Management Limited is an authorised Financial Services Provider in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 (Licence No. 26/10/590) Compliance No.: H8X Melrose Boulevard, Melrose Arch, 2196 P O Box 202, Melrose Arch, 2076 T (SA Only) T+27(0) E contact@stanlib.com Website STANLIB Wealth Management Limited Reg. No. 1996/005412/06 Authorised FSP in terms of the FAIS Act, 2002 (Licence No. 26/10/590) STANLIB Collective Investments Limited Reg. No. 1969/003468/06