Current Month Performance Summary APRIL 2016

Transcription

1 Current Month Performance Summary APRIL 2016 LOCAL ECONOMIC INDICATORS SA Inflation (y-o-y) 6.0% ALSI Level 52, Prime Rate 10.5% Overnight Call 6.96% Gold Price (R/kg) R 613, LOCAL MARKET- ZAR OFFSHORE ECONOMIC INDICATORS Dollar/Rand Exchange Rate R Euro/Rand Exchange Rate R British Pound /Rand Exchange Rate R Brent Crude Oil ($/ Barrel) $ Gold Price ($/OZ) $ 1, LOCAL EQUITY SECTORS ZAR OFFSHORE MARKET - USD OFFSHORE MARKET - ZAR AFRICA INDICES - USD BRICS INDICES - USD MARKET SUMMARIES

2 TABLE OF CONTENTS CURRENT MONTH PERFORMANCE LOCAL MARKET (ZAR) LOCAL EQUITY MARKET (ZAR) OFFSHORE MARKET - By Index - By Sector - By Style - By Market Cap - In USD - In ZAR Page 3 Page 4 Page 5-8 Page OFFSHORE AFRICAN MARKET - African Country Indices - African Indices OFFSHORE MSCI BRICS INDICES LOCAL AND OFFSHORE - Equity Indices (ZAR) - Equity Indices - Equity Indices (Local CONTACT US Page Page 13 Page Page 17 BALANÇOIRE A French ballet term meaning to step quickly from one direction to another. This is a 'see-saw' movement. I (CT) I (JHB) 1

3 Current Month Performance Summary LOCAL ECONOMIC INDICATORS SA Inflation (y-o-y) 3.8% ALSI Level 58, Prime Rate 10.00% Overnight Call 6.50% Gold Price (R/kg) R 526, LOCAL MARKET- ZAR OFFSHORE ECONOMIC INDICATORS Dollar/Rand Exchange Rate R Euro/Rand Exchange Rate R British Pound /Rand Exchange Rate R Brent Crude Oil ($/ Barrel) $ Gold Price ($/OZ) $ 1, LOCAL EQUITY SECTORS ZAR OFFSHORE MARKET - USD OFFSHORE MARKET - ZAR AFRICA EQUITY INDICES - USD BRICS EQUITY INDICES - USD 3

4 Local Market Summary (ZAR) SA Inflation SA Money Market SA Inflation Bonds SA Fixed Rate Bonds SA Listed Property SA Equities * 1 month 0.38% 0.58% -3.02% -0.70% 7.68% 5.40% 2 months 1.14% 1.19% 1.75% 1.35% 6.65% 0.99% 3 months 1.43% 1.74% 3.07% 5.34% -3.91% -0.99% 6 months 2.31% 3.56% 3.27% 12.26% -8.06% 0.21% 1 year 3.81% 7.43% 3.32% 13.75% -0.45% 11.45% 2 years 4.96% 7.51% 2.23% 12.15% -0.22% 7.92% 3 years 5.40% 7.23% 3.45% 8.57% 2.00% 5.28% 4 years 5.06% 6.97% 5.10% 9.30% 10.06% 7.58% 5 years 5.26% 6.63% 4.22% 6.71% 7.17% 11.75% 10 years 5.59% 7.01% 8.29% 9.64% 15.29% 9.80% 15 years 5.36% 7.55% 8.87% 9.33% 19.83% 18.00% SA Inflation SA Money Market SA Inflation Bonds SA Fixed Rate Bonds SA Listed Property SA Equities * % 5.90% 11.15% 10.15% 26.64% 10.88% % 6.46% 3.68% -3.93% 7.99% 5.13% % 7.39% 6.27% 15.45% 10.20% 2.63% % 7.54% 2.93% 10.22% 17.15% 20.95% % 2.35% 0.84% 7.30% % -0.90% SA Inflation SA Money Market SA Inflation Bonds SA Fixed Rate Bonds SA Listed Property SA Equities * Standard Deviation 1.50% 0.53% 5.33% 6.97% 16.26% 15.20% Upside Deviation 1.38% 0.53% 3.89% 5.08% 11.06% 10.72% Downside Deviation 0.30% 0.00% 2.59% 3.27% 8.35% 7.15% Worst Month -0.67% 0.39% -5.47% -6.67% % % Worst Peak-to-Trough -1.81% 0.00% -8.58% -9.78% % % * All Share Index 4

5 Local Equity Indices (ZAR) CAPI Dividend Plus Equal Weighted Top 40 RAFI SWIX ALSI 1 month 5.35% 3.85% 4.31% 4.96% 4.33% 5.40% 2 months 1.85% -1.54% 1.17% 1.85% -0.89% 0.99% 3 months 0.01% -0.66% -1.29% 0.60% -2.05% -0.99% 6 months 1.57% 17.23% 1.55% 5.21% 0.13% 0.21% 1 year 11.06% 24.72% 5.39% 15.32% 9.70% 11.45% 2 years 7.47% 14.23% 1.07% 10.27% 7.02% 7.92% 3 years 5.34% 6.45% 1.36% 6.03% 4.50% 5.28% 4 years 7.68% 7.82% 3.87% 6.73% 8.39% 7.58% 5 years 11.79% 8.86% 7.59% 10.94% 12.15% 11.75% 10 years 10.35% 13.24% 9.09% 9.89% 10.98% 9.80% 15 years 18.38% 19.34% 17.39% 18.02% 18.81% 18.00% CAPI Dividend Plus Equal Weighted Top 40 RAFI SWIX ALSI % 9.58% 10.66% 7.41% 15.42% 10.88% % % 1.93% -8.13% 3.62% 5.13% % 24.70% 1.91% 19.72% 4.13% 2.63% % 27.35% 11.85% 17.41% 21.21% 20.95% % 0.80% -2.03% 2.33% -2.72% -0.90% CAPI Dividend Plus Equal Weighted Top 40 RAFI SWIX ALSI Standard Deviation 14.76% 15.21% 14.50% 15.32% 14.24% 15.20% Upside Deviation 10.49% 10.54% 10.06% 10.76% 10.06% 10.72% Downside Deviation 6.81% 7.19% 6.82% 7.02% 6.65% 7.15% Worst Month % % % % % % Worst Peak-to-Trough % % % % % % 5

6 Local Equity Sector Indices (ZAR) Financials Industrials Resources SWIX ALSI 1 month 3.23% 5.20% 8.69% 4.33% 5.40% 2 months 0.03% -0.62% 6.43% -0.89% 0.99% 3 months 2.61% -3.62% 1.30% -2.05% -0.99% 6 months 12.68% -5.85% 2.38% 0.13% 0.21% 1 year 17.21% 5.73% 20.02% 9.70% 11.45% 2 years 9.34% 5.95% 11.10% 7.02% 7.92% 3 years 4.34% 5.14% -1.11% 4.50% 5.28% 4 years 10.99% 9.89% -6.23% 8.39% 7.58% 5 years 13.23% 13.69% 1.03% 12.15% 11.75% 10 years 13.97% 15.98% -2.61% 10.98% 9.80% 15 years 17.98% 22.74% 9.82% 18.81% 18.00% Financials Industrials Resources SWIX ALSI % 16.77% % 15.42% 10.88% % 15.31% % 3.62% 5.13% % -6.55% 34.24% 4.13% 2.63% % 22.50% 17.90% 21.21% 20.95% % -3.21% 4.52% -2.72% -0.90% Financials Industrials Resources SWIX ALSI Standard Deviation 15.61% 14.30% 25.10% 14.24% 15.20% Upside Deviation 10.55% 10.03% 15.89% 10.06% 10.72% Downside Deviation 7.97% 6.80% 13.62% 6.65% 7.15% Worst Month % % % % % Worst Peak-to-Trough % % % % % 6

7 Local Equity Style Indices (ZAR) Growth Value Top 40 SWIX ALSI 1 month 4.83% 6.59% 5.76% 4.33% 5.40% 2 months 0.64% 1.70% 1.23% -0.89% 0.99% 3 months -1.37% -0.22% -1.12% -2.05% -0.99% 6 months -1.03% 2.93% -0.83% 0.13% 0.21% 1 year 11.91% 10.49% 12.34% 9.70% 11.45% 2 years 9.50% 4.91% 8.13% 7.02% 7.92% 3 years 8.35% 0.54% 5.11% 4.50% 5.28% 4 years 10.93% 2.46% 7.10% 8.39% 7.58% 5 years 14.81% 6.79% 11.76% 12.15% 11.75% 10 years 10.25% 8.22% 9.08% 10.98% 9.80% 15 years 18.72% 16.26% 17.52% 18.81% 18.00% Growth Value Top 40 SWIX ALSI % 4.59% 9.17% 15.42% 10.88% % % 7.52% 3.62% 5.13% % 17.15% -1.60% 4.13% 2.63% % 12.15% 23.07% 21.21% 20.95% % 0.23% -0.93% -2.72% -0.90% Growth Value Top 40 SWIX ALSI Standard Deviation 16.79% 15.45% 16.25% 14.24% 15.20% Upside Deviation 11.94% 10.49% 11.37% 10.06% 10.72% Downside Deviation 7.79% 7.69% 7.72% 6.65% 7.15% Worst Month % % % % % Worst Peak-to-Trough % % % % % 7

8 Local Equity Market Cap Indices (ZAR) Small Caps Mid Caps Large Caps / Top 40 SWIX ALSI 1 month 1.24% 3.54% 5.76% 4.33% 5.40% 2 months -0.11% 0.01% 1.23% -0.89% 0.99% 3 months 0.23% -0.12% -1.12% -2.05% -0.99% 6 months 0.96% 6.93% -0.83% 0.13% 0.21% 1 year 1.01% 6.80% 12.34% 9.70% 11.45% 2 years 2.67% 4.58% 8.13% 7.02% 7.92% 3 years 3.63% 4.60% 5.11% 4.50% 5.28% 4 years 7.66% 8.89% 7.10% 8.39% 7.58% 5 years 10.72% 10.66% 11.76% 12.15% 11.75% 10 years 11.52% 14.11% 9.08% 10.98% 9.80% 15 years 21.38% 20.18% 17.52% 18.81% 18.00% Small Caps Mid Caps Large Caps / Top 40 SWIX ALSI % 19.62% 9.17% 15.42% 10.88% % -7.54% 7.52% 3.62% 5.13% % 26.89% -1.60% 4.13% 2.63% % 7.36% 23.07% 21.21% 20.95% % -0.22% -0.93% -2.72% -0.90% Small Caps Mid Caps Large Caps / Top 40 SWIX ALSI Standard Deviation 13.67% 14.23% 16.25% 14.24% 15.20% Upside Deviation 9.33% 9.76% 11.37% 10.06% 10.72% Downside Deviation 6.94% 6.97% 7.72% 6.65% 7.15% Worst Month % % % % % Worst Peak-to-Trough % % % % % 8

9 Offshore US Inflation USD Cash Global Hedge FoFs Global Bonds * Global Property Global Equities * 1 month 0.23% 0.16% 0.09% -1.60% 1.83% 0.95% 2 months 0.68% 0.31% -0.36% -0.56% 4.58% -1.21% 3 months 1.23% 0.45% -1.90% -1.44% -2.29% -5.36% 6 months 1.11% 0.83% 1.28% 1.20% 1.25% 3.56% 1 year 2.36% 1.43% 5.13% 4.09% 3.82% 14.16% 2 years 2.37% 1.05% 5.66% 0.95% 3.20% 14.65% 3 years 1.86% 0.80% 1.80% 2.23% 3.56% 7.43% 4 years 1.37% 0.64% 2.91% 0.71% 5.23% 7.44% 5 years 1.40% 0.54% 3.23% 0.89% 3.35% 8.80% 10 years 1.57% 0.54% 1.45% 2.60% 3.99% 5.10% 15 years 2.04% 1.49% 3.61% 3.93% 10.14% 8.76% US Inflation USD Cash Global Hedge FoFs Global Bonds * Global Property Global Equities * % 0.16% 3.37% 0.59% 15.29% 4.16% % 0.21% -0.27% -3.15% 0.99% -2.36% % 0.51% 0.49% 2.09% 5.29% 7.86% % 1.14% 7.76% 7.40% 10.17% 23.97% % 0.58% 0.38% -0.26% -2.86% -0.02% US Inflation USD Cash Global Hedge FoFs Global Bonds * Global Property Global Equities * Standard Deviation 1.39% 0.49% 4.93% 5.70% 18.81% 14.76% Upside Deviation 0.93% 0.49% 2.59% 3.64% 10.44% 8.54% Downside Deviation 0.75% 0.00% 3.26% 3.09% 12.36% 9.28% Worst Month -1.92% 0.01% -6.54% -3.97% % % Worst Peak-to-Trough -4.43% 0.00% % % % % * Global Bonds: Barclays Global Aggregate Bond Index Global Equities: MSCI ACWI, GPR & InflationData.com 9

10 Offshore (ZAR) US Inflation USD Cash Global Hedge FoFs Global Bonds * Global Property Global Equities * ZAR/USD 1 month 5.63% 5.56% 5.49% 3.70% 7.32% 6.40% 5.39% 2 months 6.38% 5.99% 5.28% 5.07% 10.49% 4.38% 5.66% 3 months 6.25% 5.43% 2.96% 3.45% 2.55% -0.66% 4.96% 6 months % % % % % -8.59% % 1 year -4.53% -5.39% -1.95% -2.92% -3.16% 6.48% -6.73% 2 years -4.14% -5.37% -1.06% -5.47% -3.36% 7.36% -6.35% 3 years 3.75% 2.67% 3.69% 4.12% 5.48% 9.43% 1.85% 4 years 5.78% 5.01% 7.37% 5.08% 9.80% 12.10% 4.34% 5 years 8.28% 7.36% 10.22% 7.73% 10.36% 16.17% 6.78% 10 years 6.80% 5.72% 6.68% 7.88% 9.35% 10.51% 5.15% 15 years 5.94% 5.36% 7.57% 7.90% 14.34% 12.91% 3.82% US Inflation USD Cash Global Hedge FoFs Global Bonds * Global Property Global Equities * ZAR/USD % 10.80% 14.35% 11.28% 27.54% 15.23% 10.63% % 35.31% 34.65% 30.76% 36.36% 31.83% 35.02% % % % -9.61% -6.77% -4.49% % % -8.56% -2.57% -2.90% -0.40% 12.09% -9.59% % 1.27% 1.07% 0.42% -2.19% 0.67% 0.69% US Inflation USD Cash Global Hedge FoFs Global Bonds * Global Property Global Equities * ZAR/USD Standard Deviation 16.76% 16.76% 15.10% 15.34% 17.07% 14.75% 16.71% Upside Deviation 11.72% 11.71% 10.55% 10.93% 11.51% 10.72% 11.54% Downside Deviation 7.90% 7.91% 7.22% 7.12% 9.13% 6.76% 8.04% Worst Month % % % % % % % Worst Peak-to-Trough % % % % % % % * Global Bonds: Barclays Global Aggregate Bond Index Global Equities: MSCI ACWI, GPR & InflationData.com 10

11 Offshore African Equity Country Indices Egypt Kenya Mauritius Morocco Nigeria Tunisia EFM Africa ex SA Frontier Africa 1 month 2.12% -6.18% 6.29% -1.12% 4.04% -2.77% 0.28% -0.14% 2 months 14.99% 2.91% -3.08% -1.32% -1.30% 14.48% 2.46% -0.10% 3 months 14.46% 4.41% % -2.15% -1.93% 18.92% 1.33% -1.32% 6 months 12.30% 20.73% % 6.51% 13.98% 33.34% 10.55% 9.91% 1 year 18.77% 51.66% 7.25% 17.95% 47.06% 43.58% 29.47% 31.55% 2 years -0.61% 20.79% 7.17% 14.78% 5.46% 10.52% 8.92% 11.14% 3 years -6.67% 6.81% 4.15% 12.71% -7.55% 5.70% -0.38% 1.09% 4 years -3.09% 9.16% -2.08% 6.12% % 4.67% -2.47% -2.54% 5 years 4.82% 12.10% 1.71% 5.20% -8.62% 3.99% 0.41% -0.45% 10 years -5.33% 8.23% -0.14% -3.20% -8.31% 2.09% -4.24% -2.95% 15 years 18.29% 17.30% 14.13% 9.99% 6.63% 11.30% 10.19% CUMULATIVE PERFORMANCE (10 years) RISK RETURN COMPARISON (10 years) Egypt Kenya Mauritius Morocco Nigeria Tunisia EFM Africa ex SA Frontier Africa % 23.39% -5.65% -0.67% % 5.32% -5.76% % % % % % % % % % % 1.11% 9.15% 34.33% % 0.07% -7.91% -6.94% % 35.97% 42.13% 11.11% 36.94% 11.56% 22.31% 26.20% % 14.61% % 5.16% 11.23% 26.67% 7.49% 6.09% RISK COMPARISON (10 years) Egypt Kenya Mauritius Morocco Nigeria Tunisia EFM Africa ex SA Frontier Africa Standard Deviation 33.91% 25.75% 23.47% 16.85% 35.37% 18.09% 21.51% 25.14% Upside Deviation 19.19% 14.88% 13.78% 9.67% 21.49% 12.40% 10.88% 14.78% Downside Deviation 21.32% 16.13% 15.58% 10.09% 22.17% 9.83% 14.85% 16.43% Worst Month % % % % % % % % Worst Peak-to-Trough % % % % % % % % 11

12 Offshore African Equity Indices JSE All Africa 40 JSE All Africa ex SA 30 MSCI EFM Africa ex SA MSCI EFM Africa MSCI Frontier Africa MSCI South Africa MSCI ACWI 1 month 1.23% 1.14% 0.28% -1.09% -0.14% -1.24% 0.95% 2 months 1.64% 5.24% 2.46% -6.77% -0.10% -7.68% -1.21% 3 months 0.50% 5.12% 1.33% -7.08% -1.32% -7.92% -5.36% 6 months 13.49% 16.93% 10.55% 12.03% 9.91% 12.17% 3.56% 1 year 33.91% 40.34% 29.47% 18.27% 31.55% 17.07% 14.16% 2 years 16.21% 14.00% 8.92% 12.77% 11.14% 13.20% 14.65% 3 years 3.88% 2.62% -0.38% 1.21% 1.09% 1.37% 7.43% 4 years 1.52% 0.20% -2.47% 2.70% -2.54% 3.36% 7.44% 5 years 4.33% 3.31% 0.41% 3.82% -0.45% 4.25% 8.80% 10 years -4.24% 2.99% -2.95% 4.54% 5.10% 15 years 11.30% 12.07% 10.19% 12.54% 8.76% JSE All Africa 40 JSE All Africa ex SA 30 MSCI EFM Africa ex SA MSCI EFM Africa MSCI Frontier Africa MSCI South Africa MSCI ACWI % -3.67% -5.76% 3.79% % 5.21% 4.16% % % % % % % -2.36% % -9.13% -7.91% 14.82% -6.94% 17.91% 7.86% % 28.95% 22.31% 34.85% 26.20% 36.12% 23.97% % 13.51% 7.49% -4.23% 6.09% -5.35% -0.02% MSCI EFM Africa ex SA MSCI EFM Africa MSCI Frontier Africa MSCI South Africa MSCI ACWI Standard Deviation 21.15% 23.07% 24.46% 25.01% 14.76% Upside Deviation 12.47% 13.92% 15.58% 15.29% 8.54% Downside Deviation 12.87% 13.25% 14.37% 14.10% 9.28% Worst Month % % % % % Worst Peak-to-Trough % % % % % 12

13 Offshore BRICS Equity Indices Brazil Russia India China South Africa BRIC Global Equities * 1 month -1.85% -3.74% -3.59% -3.29% -6.52% -3.16% -2.14% 2 months -3.83% -2.84% % -9.48% -6.76% -8.29% -6.25% 3 months 12.36% 9.37% -6.95% 1.82% -4.17% 2.22% -0.96% 6 months 10.13% 14.03% 4.05% 9.57% 16.31% 8.99% 4.71% 1 year 26.36% 20.62% 10.23% 38.91% 24.99% 29.87% 14.85% 2 years 34.33% 24.06% 14.24% 28.94% 16.25% 26.61% 14.94% 3 years 16.78% 16.11% 4.27% 10.50% 3.57% 10.73% 8.12% 4 years 3.25% 3.91% 8.15% 13.73% 3.60% 8.91% 7.44% 5 years -0.22% 0.75% 7.87% 11.33% 4.45% 6.31% 9.20% 10 years -1.50% -4.07% 2.96% 5.99% 5.93% 1.82% 5.57% 15 years 15.92% 9.08% 15.15% 16.33% 13.07% 14.99% 9.31% Brazil Russia India China South Africa BRIC Global Equities * % % 23.87% 7.96% 5.21% -2.85% 4.16% % 4.21% -6.12% -7.82% % % -2.36% % 54.82% -1.43% 0.90% 17.91% 12.12% 7.86% % 5.20% 38.76% 54.07% 36.12% 41.75% 23.97% % 1.24% -3.12% 1.79% -5.35% 1.73% -0.02% Brazil Russia India China South Africa BRIC Global Equities * Standard Deviation 32.53% 32.41% 28.44% 25.66% 25.01% 25.13% 14.76% Upside Deviation 21.03% 19.66% 18.42% 15.91% 15.29% 15.66% 8.54% Downside Deviation 17.39% 18.98% 15.62% 14.68% 14.10% 14.44% 9.28% Worst Month % % % % % % % Worst Peak-to-Trough % % % % % % % * Global Equities: MSCI ACWI 13

14 Local & Offshore Equity Indices (ZAR) ALSI SWIX MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA 1 month 5.40% 4.33% 6.60% 4.93% 6.40% 5.69% 2 months 0.99% -0.89% 4.54% 3.23% 4.38% 8.25% 3 months -0.99% -2.05% -0.45% -2.18% -0.66% 6.35% 6 months 0.21% 0.13% -8.74% -7.50% -8.59% -2.43% 1 year 11.45% 9.70% 5.60% 13.53% 6.48% 20.76% 2 years 7.92% 7.02% 6.69% 12.76% 7.36% 2.00% 3 years 5.28% 4.50% 9.54% 7.96% 9.43% 1.47% 4 years 7.58% 8.39% 12.18% 11.07% 12.10% 1.76% 5 years 11.75% 12.15% 16.68% 11.84% 16.17% 7.22% 10 years 9.80% 10.98% 10.91% 7.43% 10.51% 0.69% 15 years 18.00% 18.81% 12.76% 16.49% 12.91% 15.55% ALSI SWIX MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA % 15.42% 16.09% 8.21% 15.23% 4.25% % 3.62% 33.85% 14.88% 31.83% 8.66% % 4.13% -4.81% -1.55% -4.49% % % 21.21% 10.67% 24.12% 12.09% 10.59% % -2.72% 0.54% 1.66% 0.67% 8.23% ALSI SWIX MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA Standard Deviation 15.20% 14.24% 15.00% 16.79% 14.75% 22.61% Upside Deviation 10.72% 10.06% 10.94% 11.98% 10.72% 15.82% Downside Deviation 7.15% 6.65% 6.81% 7.90% 6.76% 10.98% Worst Month % % % % % % Worst Peak-to-Trough % % % % % % 14

15 Local & Offshore Equity Indices ALSI SWIX MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA 1 month 0.00% -1.01% 1.15% -0.44% 0.95% 0.28% 2 months -4.41% -6.19% -1.06% -2.29% -1.21% 2.46% 3 months -5.67% -6.68% -5.15% -6.80% -5.36% 1.33% 6 months 13.53% 13.45% 3.40% 4.80% 3.56% 10.55% 1 year 19.49% 17.61% 13.22% 21.71% 14.16% 29.47% 2 years 15.24% 14.28% 13.93% 20.42% 14.65% 8.92% 3 years 3.37% 2.60% 7.55% 6.00% 7.43% -0.38% 4 years 3.10% 3.88% 7.51% 6.45% 7.44% -2.47% 5 years 4.65% 5.03% 9.28% 4.74% 8.80% 0.41% 10 years 4.42% 5.54% 5.48% 2.17% 5.10% -4.24% 15 years 13.66% 14.44% 8.62% 12.21% 8.76% 11.30% ALSI SWIX MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA % 4.33% 4.94% -2.19% 4.16% -5.76% % % -0.87% % -2.36% % % 17.60% 7.51% 11.19% 7.86% -7.91% % 34.07% 22.40% 37.28% 23.97% 22.31% % -3.39% -0.15% 0.97% -0.02% 7.49% ALSI SWIX MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA Standard Deviation 24.04% 24.42% 14.31% 21.41% 14.76% 21.15% Upside Deviation 14.87% 15.07% 8.23% 13.08% 8.54% 12.47% Downside Deviation 13.50% 13.72% 8.99% 12.64% 9.28% 12.87% Worst Month % % % % % % Worst Peak-to-Trough % % % % % % 15

16 Local & Offshore Equity Indices (Base currency) ALSI (ZAR) SWIX (ZAR) MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA 1 month 5.40% 4.33% 1.15% -0.44% 0.95% 0.28% 2 months 0.99% -0.89% -1.06% -2.29% -1.21% 2.46% 3 months -0.99% -2.05% -5.15% -6.80% -5.36% 1.33% 6 months 0.21% 0.13% 3.40% 4.80% 3.56% 10.55% 1 year 11.45% 9.70% 13.22% 21.71% 14.16% 29.47% 2 years 7.92% 7.02% 13.93% 20.42% 14.65% 8.92% 3 years 5.28% 4.50% 7.55% 6.00% 7.43% -0.38% 4 years 7.58% 8.39% 7.51% 6.45% 7.44% -2.47% 5 years 11.75% 12.15% 9.28% 4.74% 8.80% 0.41% 10 years 9.80% 10.98% 5.48% 2.17% 5.10% -4.24% 15 years 18.00% 18.81% 8.62% 12.21% 8.76% 11.30% ALSI (ZAR) SWIX (ZAR) MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA % 15.42% 4.94% -2.19% 4.16% -5.76% % 3.62% -0.87% % -2.36% % % 4.13% 7.51% 11.19% 7.86% -7.91% % 21.21% 22.40% 37.28% 23.97% 22.31% % -2.72% -0.15% 0.97% -0.02% 7.49% ALSI (ZAR) SWIX (ZAR) MSCI Develop MSCI Emerging MSCI All Country MSCI Africa ex ZA Standard Deviation 15.20% 14.24% 14.31% 21.41% 14.76% 21.15% Upside Deviation 10.72% 10.06% 8.23% 13.08% 8.54% 12.47% Downside Deviation 7.15% 6.65% 8.99% 12.64% 9.28% 12.87% Worst Month % % % % % % Worst Peak-to-Trough % % % % % % 16

17 BALANÇOIRE CONTACT US Every month we produce a range of reports to empower our clients to stay abreast of the movements in investment markets as well as the performance of investment managers who manage the assets of our clients. Our Market Summaries encapsulates the short, medium and long-term performance and risk of our local as well as offshore markets. KOBUS FOUCHE Head of Reporting kobus@grayswan.co.za BAILEY DEWING Investment Analyst bailey@grayswan.co.za UN PRI is an international investor initiative sponsored by the UN and based on six principles for responsible investments. The aim is to help investors actively to incorporate environmental, social and governance issues into their investments. I (CT) I (JHB) 17