Foord Conservative Fund

Transcription

1 Cash Value 2 (R 000s) ZA Reg 28 Foord Conservative Fund INVESTMENT OBJECTIVE The fund aims to provide investors with a net-of-fee return of 4% per annum above the annual change in the South African Consumer Price Index, measured over rolling three-year periods. The portfolio is managed to comply with the statutory investment limits set for retirement funds in South Africa (Regulation 28). INVESTOR PROFILE Given the fund s maximum 6 equity investment restriction, the fund is appropriate for conservative investors who are close to, or typically in, retirement and whose time horizon does not exceed five years. These investors may therefore seek lower levels of investment volatility and risk of shortterm loss than those provided by a less conservative balanced fund. DOMICILE South Africa MANAGEMENT COMPANY Foord Unit Trusts (RF) (Pty) Ltd VAT Registration Number: FUND MANAGERS Dave Foord, William Fraser and Daryll Owen INCEPTION DATE 2 January 2014 BASE CURRENCY South African rands EQUITY INDICATOR Indicates the relative weight of equities in the portfolio. A higher weight could result in increased volatility of returns. CATEGORY South African - Multi Asset - Medium Equity PORTFOLIO SIZE R million MINIMUM LUMP SUM / MONTHLY R / R1 000 UNIT PRICE (CLASS R) cents NUMBER OF UNITS (CLASS R) 1.5 million LAST DISTRIBUTIONS 31/08/2017: cents per unit 28/02/2017: cents per unit BENCHMARK CPI + 4% per annum, which is applied daily using the most recently available inflation data and accordingly will be lagged on average by 5 to 6 weeks. SIGNIFICANT RESTRICTIONS Maximum equity exposure of 6; maximum offshore exposure of 25%; complies with pension fund investment regulations (Reg 28). INCOME DISTRIBUTIONS End-February and end-august each year. INCOME CHARACTERISTICS Typically more than double that of the FTSE/JSE All Share Index dividend yield. The income yield is affected by the level of performance accrued. PORTFOLIO ORIENTATION Typically a medium to low weighting in JSE shares and includes exposure to listed property, commodity securities, bonds, money market instruments and foreign assets. FOREIGN ASSETS Foreign asset exposure is obtained predominantly via Foord International Fund (a conservative, multi-asset class fund), sub-fund of Foord SICAV domiciled in Luxembourg and Foord Global Equity Fund (a portfolio of global shares and cash), domiciled in Singapore. Both funds are priced in US dollars. RISK OF LOSS Medium in periods shorter than six months. Low in periods greater than one year. TIME HORIZON Shorter than five years. ASSET ALLOCATION (MAX LIMITS IN BRACKETS*) DOMESTIC % FOREIGN % TOTAL% Equities (60) Listed property (25) Corporate bonds (50) Government bonds (100) Commodities (10) Money market (100) TOTAL 71.4 (100) 28.6 (25) * Market value breaches (if any) to be rectified within 12 months CHANGES IN PORTFOLIO COMPOSITION Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16 Jan 17 Jul 17 Foreign Commodities Equities Listed property Corporate bonds Money market Government bonds PORTFOLIO PERFORMANCE VS BENCHMARK SECURITY ASSET MARKET % OF CLASS FUND RSA 10.5% (R186) Gov bonds ZAF 17.8 Foord Global Equity Fund Foreign assets SGP 14.3 Foord International Fund Foreign assets LUX 14.3 Newgold Commodity ZAF 4.9 British American Tobacco Equity ZAF 3.4 RSA 8.875% (R2035) Gov bonds ZAF 3.0 Capital & Counties Property ZAF 2.9 CF Richemont Equity ZAF 2.2 Aspen Equity ZAF 2.0 BHP Billiton Equity ZAF 1.9 R 141 R 126 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Foord Benchmark PORTFOLIO PERFORMANCE (PERIODS GREATER THAN ONE YEAR ARE ANNUALISED 1 ) 1 Converted to reflect the average yearly return for each period presented 2 Current value of R notional lump sum invested at inception, distributions reinvested (graphically represented in R 000s above) 3 Class R, net of and expenses 4 Source: Stats SA, performance as calculated by Foord 5 Highest and lowest actual 12 month return achieved in the period TOP 10 INVESTMENTS CASH SINCE LAST 3 LAST 12 THIS VALUE 2 INCEPTION YEARS MONTHS MONTH FOORD 3 R % 6.2% 1.9% 0.2% BENCHMARK 4 R % 9.5% 9.1% 0.6% FOORD HIGHEST 3,5 10.9% 10.5% 1.9% FOORD LOWEST 3,5 0.3% 0.3% 1.9%

2 Foord Conservative Fund COMMENTARY Global equities (+0.2% in US dollars) were largely flat with emerging markets (+2.2%) continuing their strong run iron ore (+13.4%) and copper (+6.6%) prices continued to benefit bourses of commodity export countries The FTSE/JSE All Share Index (+2.7%) moved higher as resources (+5.1%), financials (+2.1%) and SA industrials (+2.) rose core holdings FirstRand (+7.1%) and Aspen (+4.9%) contributed positively while Steinhoff (-4.8%) detracted after a negative sensationalist report in a German publication Global bonds (+1.2%) and the gold price (+4.) rose towards month end investors sought cover in safe-haven assets amidst rising geo-political tensions on the Korean peninsula South African government bond yields were unchanged despite July s unexpectedly large fiscal deficit (R92bn) given the weak domestic economic outlook and benign inflation forecasts, the managers increased holdings of high yielding government bonds offering very attractive medium-term real returns Precious metals including gold (+3.9%) and silver (+3.5%) rebounded on heightened geopolitical risks oil was little changed in the month The rand (+1.3%) strengthened against a weaker US dollar on buoyant emerging market sentiment South Africa s relatively high real yields remain attractive to investors in zero interest rate developed market economies which should provide continued near-term currency support The portfolio maintains an elevated liquidity position providing optionality if volatility increases the portfolio remains well positioned to deliver the targeted real returns over the full investment horizon FEE RATES (CLASS R) Initial, exit and switching Standard annual fee for equalling benchmark Performance fee sharing rate Minimum annual fee Maximum annual fee Foord global funds: Foord International Foord Global Equity plus VAT 1 (over- and underperformance) 0.5% plus VAT; No are levied when annual net-of-fee return falls below zero Uncapped ANNUALISED COST RATIO (CLASS R) % plus 15% performance 12 MONTHS 36 MONTHS TER Basic 1.54% 1.56% Performance -0.58% -0.29% Transaction costs* 0.02% 0.09% Total cost ratio 0.98% 1.36% * The quantum of transaction costs is affected by the quantum of the gross in and outflows over the period presented. FEE STRUCTURE The annual fee is based on portfolio performance with the daily rate being adjusted up or down based on the portfolio s one-year rolling return relative to that of its benchmark and is subject to a minimum fee rate. No are levied when the annual net-of-fee portfolio return falls below zero. Fees accrue in the Foord global funds as disclosed. PERFORMANCE FEES Performance align investor and manager return objectives by rewarding the manager for outperformance while penalising the manager for underperformance. Foord s performance fee structure increases or decreases the daily fee levied based on the over- or underperformance of the Foord unit trust portfolios relative to their benchmarks. When the portfolio return exceeds the benchmark return, the daily performance fee rate is increased proportionately. Similarly, underperformance causes the daily performance fee rate to decrease proportionately. Performance fee rates are not capped for the reason that outperformance is generally not earned smoothly. The annual fee is adjusted up or down daily by the performance fee calculated as the difference between the rolling one-year net-of-fee return and the benchmark return for the same period, multiplied by the performance fee sharing rate. PERFORMANCE FEE EXAMPLES FOR FOORD CONSERVATIVE FUND (CLASS R) * Minimum apply ** No are levied SCENARIO A B C D E Foord 1-year rolling return ** Benchmark 1-year rolling return Relative performance Performance fee sharing rate Daily adjustment to 1% annual fee +0.2% -0.2% % 0. Annual fee rate applied (excl. VAT) 1.2% 0.8% % * 0. PLEASE CONTACT US FOR MORE INFORMATION REGARDING INVESTMENT TRACK RECORD, FOORD TEAM, CURRENT AND ARCHIVED NEWS ITEMS, INVESTOR TESTIMONIALS, FORMS AND DOCUMENTS. THIS INFORMATION IS PROVIDED FREE OF CHARGE. E: unittrusts@foord.co.za T: +27 (0) F: +27 (0) IMPORTANT INFORMATION FOR INVESTORS Foord Unit Trusts (RF) (Pty) Ltd (Foord Unit Trusts) is an approved CISCA Management Company (#10), regulated by the Financial Services Board. Portfolios are managed by Foord Asset Management (Pty) Ltd (Foord), an authorised Financial Services Provider (FSP: 578). The custodian/trustee of Foord Unit Trusts is RMB Custody and Trustee Services (a division of FirstRand Bank Limited), contactable on T: , F: , Collective Investment Schemes in Securities (unit trusts) are generally medium- to long-term investments. The value of participatory interests (units) may go down as well as up and past performance is not necessarily a guide to the future. Performance is calculated for the portfolio. Individual investor performance may differ as a result of the actual investment date, the date of reinvestment and withholding taxes. Performance may be affected by changes in the market or economic conditions and legal, regulatory and tax requirements. Foord Unit Trusts does not provide any guarantee either with respect to the capital or the performance return of the investment. Unit trusts are traded at ruling prices and can engage in borrowing. Foord Unit Trusts does not engage in scrip lending. Commission and incentives may be paid and if so, this cost is not borne by the investor. A schedule of and charges and maximum commissions is available on request. Distributions may be subject to mandatory withholding taxes. A fund of funds invests only in other Collective Investment Scheme portfolios, which may levy their own charges, which could result in a higher fee structure. A feeder fund is a portfolio that, apart from assets in liquid form, consists solely of units in a single portfolio of a Collective Investment Scheme which could result in a higher fee structure. Foord Unit Trusts is authorised to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate. This document is not an advertisement, but is provided exclusively for information purposes and should not be regarded as an offer or solicitation to purchase, sell or otherwise deal with any particular investment. Economic forecasts and predictions are based on Foord s interpretation of current factual information and exploration of economic activity based on expectation for future growth under normal economic conditions, not dissimilar to previous cycles. Forecasts and commentaries are provided for information purposes only and are not guaranteed to occur. While we have taken and will continue to take care that the information contained herein is true and correct, we request that you report any errors to Foord at unittrusts@foord.co.za. The document is protected by copyright and may not be altered without prior written consent. UNIT PRICE Unit trust prices are calculated on a net asset value basis, which is the total value of all assets in the portfolio including any income accruals and less any permissible deductions from the portfolio. Forward pricing is used. Prices are determined at 15h00 each business day and are published daily on and in national newspapers. The cut-off time for instruction is 14h00 each business day. TER A Total Expense Ratio (TER) is a measure of a portfolio s annual expenses, and charges, expressed as a percentage of the average daily value of the portfolio. These expenses include the annual fee, VAT, audit, bank charges and costs, including trading costs, incurred in any underlying funds. Included in the TER, but separately disclosed, is a performance fee (or credit) resulting from overperformance (or underperformance) against the benchmark. 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. Performance return information and prices are always stated net of the expenses, and charges included in the TER. FOREIGN INVESTMENT RISK The portfolio may include underlying foreign investments. Fluctuations or movements in exchange rates may cause the value of underlying foreign investments to go up or down. The underlying foreign investments may be adversely affected by political instability as well as exchange controls, changes in taxation, foreign investment policies, restrictions on repatriation of investments and other restrictions and controls that may be imposed by the relevant authorities in the relevant countries. Foord is a member of the Association for Savings and Investment SA. This is a Minimum Disclosure Document. Published on 5 September Additional detailed analysis is published in the Quarterly Portfolio Report available on

3 Cash Value 2 (R 000s) ZA Reg 28 Foord Balanced Fund INVESTMENT OBJECTIVE The fund aims to achieve the steady growth of income and capital as well as the preservation of real capital (capital is adjusted for inflation). The portfolio is managed to comply with the statutory investment limits set for retirement funds in South Africa (Regulation 28). INVESTOR PROFILE Investors whose risk tolerance is below that of pure equity fund investors and those who require the asset allocation decision to be made for them, within prudential guidelines. Because the fund complies with Regulation 28, it is ideally suited to being a substantial component of any retirement savings portfolio and is especially suitable for retirement funds, pension fund members and holders of contractual savings products. Available as a tax free investment account. DOMICILE South Africa MANAGEMENT COMPANY Foord Unit Trusts (RF) (Pty) Ltd VAT Registration Number: FUND MANAGERS Dave Foord, William Fraser and Daryll Owen INCEPTION DATE 1 September 2002 BASE CURRENCY South African rands EQUITY INDICATOR Indicates the relative weight of equities in the portfolio. A higher weight could result in increased volatility of returns. CATEGORY South African - Multi-Asset - High Equity PORTFOLIO SIZE R44.2 billion MINIMUM LUMP SUM / MONTHLY R / R1 000 UNIT PRICE (CLASS R) cents NUMBER OF UNITS (CLASS R) million LAST DISTRIBUTIONS 31/08/17: cents per unit 28/02/17: cents per unit BENCHMARK The market value weighted average total return of the South African - Multi-Asset - High Equity unit trust sector, excluding Foord Balanced Fund. SIGNIFICANT RESTRICTIONS Maximum equity exposure of 75%; maximum offshore exposure of 25%; complies with pension fund investment regulations (Regulation 28). INCOME DISTRIBUTIONS End-February and end-august each year. INCOME CHARACTERISTICS Medium yield, approximately double that of a general equity fund. Income distributions are reduced by the annual service charge, which varies with the relative performance of the fund against its benchmark. PORTFOLIO ORIENTATION Medium to high weighting in JSE shares and includes exposure to listed property, commodity securities, bonds, money market instruments and foreign assets. FOREIGN ASSETS Foreign asset exposure is obtained predominantly via Foord International Fund (a conservative, multi-asset class fund) and Foord Global Equity Fund Luxembourg (a portfolio of global shares and cash). Both funds are sub-funds of Foord SICAV domiciled in Luxembourg and are priced in US dollars. RISK OF LOSS Lower than that of a pure equity fund. High in periods shorter than six months, lower in periods greater than one year. TIME HORIZON Longer than three years. ASSET ALLOCATION (MAX LIMITS IN BRACKETS*) DOMESTIC % FOREIGN % TOTAL% Equities (75) Listed property (25) Corporate bonds (50) Government bonds (100) Commodities (10) Money market (100) TOTAL 71.2 (100) 28.8 (25) * Market value breaches (if any) to be rectified within 12 months CHANGES IN PORTFOLIO COMPOSITION Sep 02 Oct 04 Oct 06 Oct 08 Oct 10 Oct 12 Oct 14 Oct 16 Foreign Commodities Equities Listed property Corporate bonds Government bonds Money market PORTFOLIO PERFORMANCE VS BENCHMARK R 814 R 636 Aug 02 Jan 05 Jun 07 Nov 09 Apr 12 Sep 14 Feb 17 Foord Benchmark -5% Dec-88 Dec-93 Dec-98 Dec-03 Dec-08 Dec-13 PORTFOLIO PERFORMANCE (PERIODS GREATER THAN ONE YEAR ARE ANNUALISED 1 ) 35% 3 25% 2 15% 1 5% Inflation 5% hurdle Excess return Foord In managing retirement portfolios, Foord aims to achieve returns that exceed inflation plus 5% per annum over any rolling five-year period. The Investment Strategy vs. Inflation chart shows the annualised returns over rolling 5 years achieved by Foord on a composite of similar portfolios since the inception of the strategy on 1 January 1984 (gross of annual ). This composite return information includes the market value weighted returns of the Foord Balanced Fund unit trust from 1 September Foord Balanced Fund unit trust is now the single largest portfolio in the composite. The chart illustrates that the actual composite return achieved for investors over any rolling five-year period has never dipped below the South African inflation rate. It also demonstrates that real returns of 5% per annum are consistently achievable in mandates of this nature when measured over the appropriate long-term period. 1 Converted to reflect the average yearly return for each period presented 2 Current value of R notional lump sum invested at inception, distributions reinvested (graphically represented in R 000s above) 3 Class R 4 Net of and expenses 5 Source: Morningstar, performance as calculated by Foord 6 Highest and lowest actual 12 month return achieved in the period TOP 10 INVESTMENTS SECURITY ASSET MARKET % OF CLASS FUND Foord Global Equity Fund Foreign assets LUX 16.2 Foord International Fund Foreign assets LUX 12.7 RSA 10.5% (R186) Gov bonds ZAF 11.3 Newgold Commodity ZAF 5.5 CF Richemont Equity ZAF 5.1 British American Tobacco Equity ZAF 4.9 Aspen Equity ZAF 3.8 BHP Billiton Equity ZAF 3.6 Steinhoff Equity ZAF 3.1 Capital & Counties Property ZAF 3.0 INVESTMENT STRATEGY VS INFLATION CASH SINCE LAST 15 LAST 10 LAST 7 LAST 5 LAST 3 LAST 12 THIS VALUE 2 INCEPTION YEARS YEARS YEARS YEARS YEARS MONTHS MONTH FOORD 3,4 R % 12.6% 10.5% % 0.3% BENCHMARK 4,5 R % 13.1% 9.2% 10.9% 10.5% 5.9% 4.4% 0.8% FOORD HIGHEST 3,4, % % 11.7% 1.8% FOORD LOWEST 3,4,6-16.8% -16.8% -16.8% -2.2% -2.2% -2.2% 1.8%

4 Foord Balanced Fund COMMENTARY Global equities (+0.2% in US dollars) were largely flat with emerging markets (+2.2%) continuing their strong run iron ore (+13.4%) and copper (+6.6%) prices continued to benefit bourses of commodity export countries The FTSE/JSE All Share Index (+2.7%) moved higher as resources (+5.1%), financials (+2.1%) and SA industrials (+2.) rose core holdings FirstRand (+7.1%) and Aspen (+4.9%) contributed positively while Steinhoff (-4.8%) detracted after a negative sensationalist report in a German publication Global bonds (+1.2%) and the gold price (+4.) rose towards month end investors sought cover in safe-haven assets amidst rising geo-political tensions on the Korean peninsula South African government bond yields were unchanged despite July s unexpectedly large fiscal deficit (R92bn) given the weak domestic economic outlook and benign inflation forecasts, the managers increased holdings of high yielding government bonds offering very attractive medium-term real returns Precious metals including gold (+3.9%) and silver (+3.5%) rebounded on heightened geopolitical risks oil was little changed in the month The rand (+1.3%) strengthened against a weaker US dollar on buoyant emerging market sentiment South Africa s relatively high real yields remain attractive to investors in zero interest rate developed market economies which should provide continued near-term currency support The portfolio maintains an elevated liquidity position providing optionality if volatility increases the portfolio remains well positioned to deliver the targeted real returns over the full investment horizon FEE RATES (CLASS R) Initial, exit and switching Standard annual fee for equalling benchmark Performance fee sharing rate Minimum annual fee Maximum annual fee Foord global funds: Foord International Foord Global Equity plus VAT 1 (over- and underperformance) 0.5% plus VAT Uncapped ANNUALISED COST RATIO (CLASS R) 12 MONTHS 36 MONTHS TER Basic 1.46% 1.54% Performance -0.22% 0.0 Transaction costs* 0.03% 0.06% Total cost ratio 1.27% 1.6 * The quantum of transaction costs is affected by the quantum of the gross in and outflows over the period presented. FEE STRUCTURE The annual fee is based on portfolio performance with the daily fee rate being adjusted up or down based on the portfolio s one-year rolling return relative to that of its benchmark and is subject to a minimum fee rate. Fees accrue in the Foord global funds as disclosed. PERFORMANCE FEES Performance align investor and manager return objectives by rewarding the manager for outperformance while penalising the manager for underperformance. Foord s performance fee structure increases or decreases the daily fee levied based on the over- or underperformance of the Foord unit trust portfolios relative to their benchmarks. When the portfolio return exceeds the benchmark return, the daily performance fee rate is increased proportionately. Similarly, underperformance causes the daily performance fee rate to decrease proportionately. Performance fee rates are not capped for the reason that outperformance is generally not earned smoothly. The annual fee is adjusted up or down daily by the performance fee calculated as the difference between the rolling one-year net-of-fee return and the benchmark return for the same period, multiplied by the performance fee sharing rate. PERFORMANCE FEE EXAMPLES FOR FOORD BALANCED FUND (CLASS R) SCENARIO A B C D Foord 1-year rolling return Benchmark 1-year rolling return Relative performance Performance fee sharing rate Daily adjustment to 1% annual fee +0.2% -0.2% % Annual fee rate applied (excl. VAT) 1.2% 0.8% % * * Minimum apply PLEASE CONTACT US FOR MORE INFORMATION REGARDING INVESTMENT TRACK RECORD, FOORD TEAM, CURRENT AND ARCHIVED NEWS ITEMS, INVESTOR TESTIMONIALS, FORMS AND DOCUMENTS. THIS INFORMATION IS PROVIDED FREE OF CHARGE. E: unittrusts@foord.co.za T: +27 (0) F: +27 (0) IMPORTANT INFORMATION FOR INVESTORS Foord Unit Trusts (RF) (Pty) Ltd (Foord Unit Trusts) is an approved CISCA Management Company (#10), regulated by the Financial Services Board. Portfolios are managed by Foord Asset Management (Pty) Ltd (Foord), an authorised Financial Services Provider (FSP: 578). The custodian/trustee of Foord Unit Trusts is RMB Custody and Trustee Services (a division of FirstRand Bank Limited), contactable on T: , F: , Collective Investment Schemes in Securities (unit trusts) are generally medium- to long-term investments. The value of participatory interests (units) may go down as well as up and past performance is not necessarily a guide to the future. Performance is calculated for the portfolio. Individual investor performance may differ as a result of the actual investment date, the date of reinvestment and withholding taxes. Performance may be affected by changes in the market or economic conditions and legal, regulatory and tax requirements. Foord Unit Trusts does not provide any guarantee either with respect to the capital or the performance return of the investment. Unit trusts are traded at ruling prices and can engage in borrowing. Foord Unit Trusts does not engage in scrip lending. Commission and incentives may be paid and if so, this cost is not borne by the investor. A schedule of and charges and maximum commissions is available on request. Distributions may be subject to mandatory withholding taxes. A fund of funds invests only in other Collective Investment Scheme portfolios, which may levy their own charges, which could result in a higher fee structure. A feeder fund is a portfolio that, apart from assets in liquid form, consists solely of units in a single portfolio of a Collective Investment Scheme which could result in a higher fee structure. Foord Unit Trusts is authorised to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate. This document is not an advertisement, but is provided exclusively for information purposes and should not be regarded as an offer or solicitation to purchase, sell or otherwise deal with any particular investment. Economic forecasts and predictions are based on Foord s interpretation of current factual information and exploration of economic activity based on expectation for future growth under normal economic conditions, not dissimilar to previous cycles. Forecasts and commentaries are provided for information purposes only and are not guaranteed to occur. While we have taken and will continue to take care that the information contained herein is true and correct, we request that you report any errors to Foord at unittrusts@foord.co.za. The document is protected by copyright and may not be altered without prior written consent. UNIT PRICE Unit trust prices are calculated on a net asset value basis, which is the total value of all assets in the portfolio including any income accruals and less any permissible deductions from the portfolio. Forward pricing is used. Prices are determined at 15h00 each business day and are published daily on and in national newspapers. The cut-off time for instruction is 14h00 each business day. TER A Total Expense Ratio (TER) is a measure of a portfolio s annual expenses, and charges, expressed as a percentage of the average daily value of the portfolio. These expenses include the annual fee, VAT, audit, bank charges and costs incurred, including trading costs, in any underlying funds. Included in the TER, but separately disclosed, is a performance fee (or credit) resulting from overperformance (or underperformance) against the benchmark. 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. Performance return information and prices are always stated net of the expenses, and charges included in the TER. FOREIGN INVESTMENT RISK The portfolio may include underlying foreign investments. Fluctuations or movements in exchange rates may cause the value of underlying foreign investments to go up or down. The underlying foreign investments may be adversely affected by political instability as well as exchange controls, changes in taxation, foreign investment policies, restrictions on repatriation of investments and other restrictions and controls that may be imposed by the relevant authorities in the relevant countries. Foord is a member of the Association for Savings and Investment SA. This is a Minimum Disclosure Document. Published on 5 September Additional detailed analysis is published in the Quarterly Portfolio Report available on

5 Cash Value 2 (R 000s) Cash Value 2 (R 000s) ZA Foord Flexible Fund of Funds INVESTMENT OBJECTIVE The fund aims to provide investors with a net-of-fee return of 5% per annum above the annual change in the South African Consumer Price Index, measured over rolling three year periods. Exploiting the benefits of global diversification, the portfolio continually reflects Foord s prevailing best investment view on all available asset classes in South Africa and around the world. INVESTOR PROFILE Investors with a moderate risk profile who require long-term inflation beating total returns from a dynamically managed multi-asset class portfolio. It is appropriate for investors seeking a balanced exposure to domestic and foreign assets, according to Foord s best investment view. Available as a tax free investment account. DOMICILE South Africa MANAGEMENT COMPANY Foord Unit Trusts (RF) (Pty) Ltd VAT Registration Number: FUND MANAGER Dave Foord INCEPTION DATE 1 April 2008 BASE CURRENCY South African rands EQUITY INDICATOR Indicates the relative weight of equities in the portfolio. A higher weight could result in increased volatility of returns. CATEGORY Worldwide - Multi-Asset - Flexible PORTFOLIO SIZE R11.2 billion MINIMUM LUMP SUM / MONTHLY R / R1 000 UNIT PRICE (CLASS R) cents NUMBER OF UNITS (CLASS R) million LAST DISTRIBUTIONS 31/08/17 : cents per unit 28/02/17 : cents per unit BENCHMARK CPI + 5% per annum, which is applied daily using the most recently available inflation data and accordingly will be lagged on average by 5 to 6 weeks. SIGNIFICANT RESTRICTIONS None. The fund is unconstrained. INCOME DISTRIBUTIONS End-February and end-august each year. INCOME CHARACTERISTICS Low to medium income yield depending on the asset allocation strategy employed as the foreign asset component is invested in roll-up funds which do not distribute their income. Income distributions are reduced by the annual service charge, which varies with the relative performance of the fund against its benchmark. PORTFOLIO ORIENTATION Exploiting the benefits of global diversification, the portfolio continually reflects Foord s prevailing best investment view on all available asset classes in South Africa and around the world. FOREIGN ASSETS Foreign asset exposure is obtained predominantly via Foord International Fund (a conservative, multi-asset class fund) and Foord Global Equity Fund Luxembourg (a portfolio of global shares and cash). Both funds are sub-funds of Foord SICAV domiciled in Luxembourg, and are priced in US dollars. RISK OF LOSS Lower than that of a pure equity fund. High in periods shorter than six months, lower in periods greater than one year. TIME HORIZON Longer than three years. ASSET ALLOCATION DOMESTIC % FOREIGN % TOTAL% Equities Listed property Corporate bonds Government bonds Commodities Money market TOTAL CHANGES IN PORTFOLIO COMPOSITION Apr 08 Oct 09 Apr 11 Oct 12 Apr 14 Oct 15 Apr 17 Foreign equities Commodities SA equities Listed property Corporate bonds Money market Government bonds PORTFOLIO PERFORMANCE VS BENCHMARK Mar 08 Mar 10 Mar 12 Mar 14 Mar 16 Foord Benchmark Mar 08 Mar 10 Mar 12 Mar 14 Mar 16 Foord Foord Regulation 28 PORTFOLIO PERFORMANCE (PERIODS GREATER THAN ONE YEAR ARE ANNUALISED 1 ) R 323 R Converted to reflect the average yearly return for each period presented 2 Current value of R notional lump sum invested at inception, distributions reinvested (graphically represented in R 000s above) 3 Class R, net of and expenses 4 Source: Stats SA, performance as calculated by Foord 5 Source: IRESS MD RSA 6 Highest and lowest actual 12 month return achieved in the period TOP 10 INVESTMENTS SECURITY ASSET MARKET % OF CLASS FUND RSA 10.5% (R186) Gov bonds ZAF 6.1 CF Richemont Equity ZAF 3.1 FMC Corp Equity USA 2.9 CVS Health Corp Equity USA 2.7 Roche Holding Equity CHE 2.7 Baidu Inc Equity USA 2.6 PICC Property & Casualty Equity HKG 2.5 Gilead Sciences Equity USA 2.4 Newgold Commodity ZAF 2.2 Alphabet Equity USA 2.0 INVESTMENT STRATEGY VS REG 28 PORTFOLIOS Unconstrained investment mandates provide Foord with more investment tools to achieve long-term inflation beating returns and to better manage the risk of loss compared to prudentially compliant (Regulation 28) portfolios. Accordingly, unconstrained mandates are ideal for discretionary savings that are not required to be invested in terms of Regulation 28 limits. The Investment Strategy vs Regulation 28 Portfolios chart compares the investment returns of the unconstrained Foord Flexible Fund of Funds to Regulation 28 mandates managed by Foord (the Foord Balanced Fund returns are net of and therefore have been used for direct comparative purposes). The chart shows that the Foord Flexible Fund has outperformed the Foord Balanced Fund by approximately 3% per annum since its inception, illustrating the long-term opportunity cost of investing discretionary savings in a Regulation 28 portfolio. CASH SINCE LAST 7 LAST 5 LAST 3 LAST 12 THIS VALUE 2 INCEPTION YEARS YEARS YEARS MONTHS MONTH FOORD 3 R % 16.9% 14.6% 9.1% % BENCHMARK 4 R % 10.8% 10.9% 10.6% 10.1% 0.6% FTSE/JSE All Share 5 R % 14.3% 13.1% 6.6% 10.1% 2.6% FOORD HIGHEST 3,6 38.8% 38.8% % 2. FOORD LOWEST 3, % -4.4% -4.4% 2. R 323 R 251

6 Foord Flexible Fund of Funds COMMENTARY Global equities (+0.2% in US dollars) were largely flat with emerging markets (+2.2%) continuing their strong run iron ore (+13.4%) and copper (+6.6%) prices continued to benefit bourses of commodity export countries The FTSE/JSE All Share Index (+2.7%) moved higher as resources (+5.1%), financials (+2.1%) and SA industrials (+2.) rose core holdings FirstRand (+7.1%) and Aspen (+4.9%) contributed positively while Steinhoff (-4.8%) detracted after a negative sensationalist report in a German publication Global bonds (+1.2%) and the gold price (+4.) rose towards month end investors sought cover in safe-haven assets amidst rising geo-political tensions on the Korean peninsula South African government bond yields were unchanged despite July s unexpectedly large fiscal deficit (R92bn) given the weak domestic economic outlook and benign inflation forecasts, the manager increased holdings of high yielding government bonds offering very attractive medium-term real returns Precious metals including gold (+3.9%) and silver (+3.5%) rebounded on heightened geopolitical risks oil was little changed in the month The rand (+1.3%) strengthened against a weaker US dollar on buoyant emerging market sentiment South Africa s relatively high real yields remain attractive to investors in zero interest rate developed market economies which should provide continued near-term currency support The portfolio maintains an elevated liquidity position providing optionality if volatility increases the portfolio remains well positioned to deliver the targeted real returns over the full investment horizon FEE RATES (CLASS R) Initial, exit and switching Standard annual fee for equalling benchmark Performance fee sharing rate Minimum annual fee Maximum annual fee Foreign assets plus VAT 1 (over- and under-performance) 0.5% plus VAT Uncapped ANNUALISED COST RATIO (CLASS R) The fee accrued in the Foord global funds is rebated in full 12 MONTHS 36 MONTHS TER Basic 1.15% 1.16% Performance -0.71% 0.08% Transaction costs Total cost ratio 0.44% 1.24% FEE STRUCTURE The annual fee is based on portfolio performance fee with the daily charge rate being adjusted up or down based on the portfolio s return relative to that of its benchmark and is subject to a minimum fee rate. The performance fee is calculated and accrued daily based on the relative return for the preceding day. PERFORMANCE FEES Performance align investor and manager return objectives by rewarding the manager for outperformance while penalising the manager for underperformance. Foord s performance fee structure increases or decreases the fee levied based on the over- or underperformance of the Foord unit trust portfolios relative to their benchmarks. When the portfolio return exceeds the benchmark return, the daily performance fee rate is increased proportionately. Similarly, underperformance causes the daily performance fee rate to decrease proportionately. Performance fee rates are not capped for the reason that outperformance is generally not earned smoothly. The annual fee is adjusted up or down daily by the performance fee calculated by multiplying the performance fee sharing rate by the relative return of the preceding day. PERFORMANCE FEE EXAMPLES FOR FOORD FLEXIBLE FUND OF FUNDS (CLASS R) SCENARIO A B C D E Foord return for preceding day 0.25% 0.02% 0.03% -0.25% -0.25% Benchmark return for preceding day 0.03% 0.03% 0.03% 0.03% 0.03% Relative performance for preceding day 0.22% -0.01% % -0.28% Compounded 365-day effective annual fee >0.5 >0.5 >0.5 >0.5 <0.5 * Performance fee sharing rate Daily performance fee rate 0.02% % -0.03% Effective annualised fee rate applied 9.44% 0.63% % 0.5 * When the compounded 365-day effective annual fee decreases below 0.5%, a minimum annual fee of 0.5% is levied. PLEASE CONTACT US FOR MORE INFORMATION REGARDING INVESTMENT TRACK RECORD, FOORD TEAM, CURRENT AND ARCHIVED NEWS ITEMS, INVESTOR TESTIMONIALS, FORMS AND DOCUMENTS. THIS INFORMATION IS PROVIDED FREE OF CHARGE. E: unittrusts@foord.co.za T: +27 (0) F: +27 (0) IMPORTANT INFORMATION FOR INVESTORS Foord Unit Trusts (RF) (Pty) Ltd (Foord Unit Trusts) is an approved CISCA Management Company (#10), regulated by the Financial Services Board. Portfolios are managed by Foord Asset Management (Pty) Ltd (Foord), an authorised Financial Services Provider (FSP: 578). The custodian/trustee of Foord Unit Trusts is RMB Custody and Trustee Services (a division of FirstRand Bank Limited), contactable on T: , F: , Collective Investment Schemes in Securities (unit trusts) are generally medium- to long-term investments. The value of participatory interests (units) may go down as well as up and past performance is not necessarily a guide to the future. Performance is calculated for the portfolio. Individual investor performance may differ as a result of the actual investment date, the date of reinvestment and withholding taxes. Performance may be affected by changes in the market or economic conditions and legal, regulatory and tax requirements. Foord Unit Trusts does not provide any guarantee either with respect to the capital or the performance return of the investment. Unit trusts are traded at ruling prices and can engage in borrowing. Foord Unit Trusts does not engage in scrip lending. Commission and incentives may be paid and if so, this cost is not borne by the investor. A schedule of and charges and maximum commissions is available on request. Distributions may be subject to mandatory withholding taxes. A fund of funds invests only in other Collective Investment Scheme portfolios, which may levy their own charges, which could result in a higher fee structure. A feeder fund is a portfolio that, apart from assets in liquid form, consists solely of units in a single portfolio of a Collective Investment Scheme which could result in a higher fee structure. Foord Unit Trusts is authorised to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate. This document is not an advertisement, but is provided exclusively for information purposes and should not be regarded as an offer or solicitation to purchase, sell or otherwise deal with any particular investment. Economic forecasts and predictions are based on Foord s interpretation of current factual information and exploration of economic activity based on expectation for future growth under normal economic conditions, not dissimilar to previous cycles. Forecasts and commentaries are provided for information purposes only and are not guaranteed to occur. While we have taken and will continue to take care that the information contained herein is true and correct, we request that you report any errors to Foord at unittrusts@foord.co.za. The document is protected by copyright and may not be altered without prior written consent. UNIT PRICE Unit trust prices are calculated on a net asset value basis, which is the total value of all assets in the portfolio including any income accruals and less any permissible deductions from the portfolio. Forward pricing is used. Prices are determined at 15h00 each business day and are published daily on and in national newspapers. The cut-off time for instruction is 14h00 each business day. TER A Total Expense Ratio (TER) is a measure of a portfolio s annual expenses, and charges, expressed as a percentage of the average daily value of the portfolio. These expenses include the annual fee, VAT, audit, bank charges and costs, including trading costs, incurred in any underlying funds. Included in the TER, but separately disclosed, is a performance fee (or credit) resulting from overperformance (or underperformance) against the benchmark. 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. Performance return information and prices are always stated net of the expenses, and charges included in the TER. FOREIGN INVESTMENT RISK The portfolio may include underlying foreign investments. Fluctuations or movements in exchange rates may cause the value of underlying foreign investments to go up or down. The underlying foreign investments may be adversely affected by political instability as well as exchange controls, changes in taxation, foreign investment policies, restrictions on repatriation of investments and other restrictions and controls that may be imposed by the relevant authorities in the relevant countries. Foord is a member of the Association for Savings and Investment SA. This is a Minimum Disclosure Document. Published on 5 September Additional detailed analysis is published in the Quarterly Portfolio Report available on

7 Cash Value 2 (R 000s) ZA Foord Equity Fund INVESTMENT OBJECTIVE The fund aims to earn a higher total rate of return than that of the South African equity market, as represented by the return of the FTSE/JSE All Share Index including income, without assuming greater risk. INVESTOR PROFILE Investors requiring long-term growth and who are able to withstand investment volatility in the short to medium term. Available as a tax free investment account. DOMICILE South Africa MANAGEMENT COMPANY Foord Unit Trusts (RF) (Pty) Ltd VAT Registration Number: FUND MANAGERS Nick Balkin, Brian Davey and Dave Foord INCEPTION DATE 1 September 2002 BASE CURRENCY South African rands ASSET ALLOCATION Current Q JSE equity securities: 86.2% 86.3% Other JSE securities: 6.8% 7. Money market: % EQUITY INDICATOR Indicates the relative weight of equities in the portfolio. A higher weight could result in increased volatility of returns. CATEGORY South African - Equity - General PORTFOLIO SIZE R11.3 billion MINIMUM LUMP SUM / MONTHLY R / R1 000 UNIT PRICE (CLASS R) cents NUMBER OF UNITS (CLASS R) 20.1 million LAST DISTRIBUTIONS 31/08/2017: cents per unit 28/02/2017: cents per unit BENCHMARK Total return of the FTSE/JSE All Share Index. SIGNIFICANT RESTRICTIONS SA equity exposure between 8 and 10, with balance invested in cash and other JSE listed securities. INCOME DISTRIBUTIONS End-February and end-august each year. INCOME CHARACTERISTICS Low gross yield, similar to FTSE/JSE All Share Index dividend yield. Income distributions are reduced by the annual service charge, which varies with the relative performance of the fund against its benchmark. PORTFOLIO ORIENTATION A portfolio of quality JSE shares that present compelling long-term investment value. RISK OF LOSS High in periods shorter than one year. Lower in periods greater than three years. TIME HORIZON Longer than five years. SECTOR ALLOCATION % 12.4% % 13.2% Financials Commodity cyclicals Healthcare Commodity ETFs 12.7% 13.4% 9.5% PORTFOLIO PERFORMANCE VS BENCHMARK Listed property Capital goods Overseas companies Telecommunications Industrials/transport IT PORTFOLIO PERFORMANCE (PERIODS GREATER THAN ONE YEAR ARE ANNUALISED 1 ) 4.8% 2.4% R 1,148 R 907 Aug 02 Jan 05 Jun 07 Nov 09 Apr 12 Sep 14 Feb 17 Foord Benchmark MONTHLY PORTFOLIO PERFORMANCE VS BENCHMARK Precious metals Consumer services Media 1 Converted to reflect the average yearly return for each period presented 2 Current value of R notional lump sum invested at inception, distributions reinvested (graphically represented in R 000s above) 3 Class R, net of and expenses 4 Source: IRESS MD RSA 5 Highest and lowest actual 12 month return achieved in the period CHANGES IN SECTOR ALLOCATION Sep 02 Sep 04 Sep 06 Sep 08 Sep 10 Sep 12 Sep 14 Sep 16 TOP 10 INVESTMENTS 1 8% 6% 4% 2% -2% -4% -6% -8% Sep 02 Mar 04 Sep 05 Mar 07 Sep 08 Mar 10 Sep 11 Mar 13 Sep 14 Mar 16 Months when ALSI is negative In managing South African equity portfolios, Foord aims to construct a diversified portfolio of quality companies bought at reasonable prices to achieve long-term returns with minimum risk of capital loss. The chart above depicts the monthly returns of the portfolio relative to the monthly returns of its benchmark, the FTSE/JSE All Share Index (ALSI). Bars above the x-axis show months of outperformance against the ALSI, while bars below the x-axis show months of underperformance. Red bars represent months when the ALSI was negative and yellow bars represent months when the ALSI was positive. The chart illustrates that the portfolio has outperformed the benchmark more than 75% of the time when the market was down (red bars above the x-axis). Put differently, the portfolio has achieved after-fee returns in excess of the market, with lower risk of capital loss SECURITY Months when ALSI is positive % OF FUND Naspers "N" 11.5 British American Tobacco 8.6 Steinhoff 7.2 Aspen 6.9 CF Richemont 6.1 RMB Holdings 5.4 Sasol 5.0 BHP Billiton 3.8 Capital & Counties 3.8 Remgro 3.4 CASH SINCE LAST 15 LAST 10 LAST 7 LAST 5 LAST 3 LAST 12 THIS VALUE 2 INCEPTION YEARS YEARS YEARS YEARS YEARS MONTHS MONTH FOORD 3 R % 17.7% 11.1% 15.2% 11.9% 3.9% 0.1% 0.2% BENCHMARK 4 R % 15.8% 10.2% 14.3% 13.1% 6.6% 10.1% 2.6% FOORD HIGHEST 3,5 75.4% 75.4% 47.6% 33.2% 33.2% 9.5% 0.1% FOORD LOWEST 3,5-29.9% -29.9% -29.9% -6.7% -6.7% -6.7% 0.1%

8 Foord Equity Fund COMMENTARY Global equities (+0.2% in US dollars) were largely flat with emerging markets (+2.2%) continuing their strong run iron ore (+13.4%) and copper (+6.6%) prices continued to benefit bourses of commodity export countries The FTSE/JSE All Share Index (+2.7%) moved higher resources (+5.1%), financials (+2.1%) and SA industrials (+2.) all rose A significant bounce in commodity prices provided short-term tailwinds to commodity stocks, a sector in which the fund has a low allocation platinum (+9.7%), industrial metals (+8.7%), gold mining (+8.3%) and general mining (+6.1%) posted good gains Core portfolio holdings FirstRand (+7.1%) and Aspen (+4.9%) contributed positively but Steinhoff (-4.8%) detracted after a negative sensationalist report in a German publication Non-life insurance (+6.8%) led the financials higher and SA banks (+3.8%) advanced again interest rate sensitive sectors found support on expectations of further short-term interest rate cuts The rand (+1.3%) strengthened against a weaker US dollar on buoyant emerging market sentiment South Africa s relatively high real yields remain attractive to investors in zero interest rate developed market economies which should provide continued near-term currency support The managers remain cautious with a firm focus on the long-term, favouring blue chip non-resource rand hedges given the poor domestic economic outlook and sustained political tensions relatively high liquidity provides optionality in the event of increased volatility FEE RATES (CLASS R) Initial, exit and switching Standard annual fee for equalling benchmark Performance fee sharing rate Minimum annual fee Maximum annual fee plus VAT 15% (over- and underperformance) 0.5% plus VAT Uncapped ANNUALISED COST RATIO (CLASS R) 12 MONTHS 36 MONTHS TER Basic 1.15% 1.15% Performance -0.35% -0.08% Transaction costs* % Total cost ratio % * The quantum of transaction costs is affected by the quantum of the gross in and outflows over the period presented. FEE STRUCTURE The annual fee is based on portfolio performance fee with the daily fee rate being adjusted up or down based on the portfolio s one-year rolling return relative to that of its benchmark and subject to a minimum fee rate. PERFORMANCE FEES Performance align investor and manager return objectives by rewarding the manager for outperformance while penalising the manager for underperformance. Foord s performance fee structure increases or decreases the daily fee levied based on the over- or underperformance of the Foord unit trust portfolios relative to their benchmarks. When the portfolio return exceeds the benchmark return, the daily performance fee rate is increased proportionately. Similarly, underperformance causes the daily performance fee rate to decrease proportionately. Performance fee rates are not capped for the reason that outperformance is generally not earned smoothly. The annual fee is adjusted up or down daily by the performance fee calculated as the difference between the rolling one-year net-of-fee return and the benchmark return for the same period, multiplied by the performance fee sharing rate, which may vary from fund to fund. PERFORMANCE FEE EXAMPLES FOR FOORD EQUITY FUND (CLASS R) SCENARIO A B C D Foord 1-year rolling return Benchmark 1-year rolling return Relative performance Performance fee sharing rate Daily adjustment to 1% annual fee +0.3% -0.3% % Annual fee rate applied (excl. VAT) 1.3% 0.7% % * * Minimum apply PLEASE CONTACT US FOR MORE INFORMATION REGARDING INVESTMENT TRACK RECORD, FOORD TEAM, CURRENT AND ARCHIVED NEWS ITEMS, INVESTOR TESTIMONIALS, FORMS AND DOCUMENTS. THIS INFORMATION IS FREE OF CHARGE. E: unittrusts@foord.co.za T: +27 (0) F: +27 (0) IMPORTANT INFORMATION FOR INVESTORS Foord Unit Trusts (RF) (Pty) Ltd (Foord Unit Trusts) is an approved CISCA Management Company (#10), regulated by the Financial Services Board. Portfolios are managed by Foord Asset Management (Pty) Ltd (Foord), an authorised Financial Services Provider (FSP: 578). The custodian/trustee of Foord Unit Trusts is RMB Custody and Trustee Services (a division of FirstRand Bank Limited), contactable on T: , F: , Collective Investment Schemes in Securities (unit trusts) are generally medium- to long-term investments. The value of participatory interests (units) may go down as well as up and past performance is not necessarily a guide to the future. Performance is calculated for the portfolio. Individual investor performance may differ as a result of the actual investment date, the date of reinvestment and withholding taxes. Performance may be affected by changes in the market or economic conditions and legal, regulatory and tax requirements. Foord Unit Trusts does not provide any guarantee either with respect to the capital or the performance return of the investment. Unit trusts are traded at ruling prices and can engage in borrowing. Foord Unit Trusts does not engage in scrip lending. Commission and incentives may be paid and if so, this cost is not borne by the investor. A schedule of and charges and maximum commissions is available on request. Distributions may be subject to mandatory withholding taxes. A fund of funds invests only in other Collective Investment Scheme portfolios, which may levy their own charges, which could result in a higher fee structure. A feeder fund is a portfolio that, apart from assets in liquid form, consists solely of units in a single portfolio of a Collective Investment Scheme which could result in a higher fee structure. Foord Unit Trusts is authorised to close the portfolio to new investors in order to manage the portfolio more efficiently in accordance with its mandate. This document is not an advertisement, but is provided exclusively for information purposes and should not be regarded as an offer or solicitation to purchase, sell or otherwise deal with any particular investment. Economic forecasts and predictions are based on Foord s interpretation of current factual information and exploration of economic activity based on expectation for future growth under normal economic conditions, not dissimilar to previous cycles. Forecasts and commentaries are provided for information purposes only and are not guaranteed to occur. While we have taken and will continue to take care that the information contained herein is true and correct, we request that you report any errors to Foord at unittrusts@foord.co.za. The document is protected by copyright and may not be altered without prior written consent. UNIT PRICE Unit trust prices are calculated on a net asset value basis, which is the total value of all assets in the portfolio including any income accruals and less any permissible deductions from the portfolio. Forward pricing is used. Prices are determined at 15h00 each business day and are published daily on and in national newspapers. The cut-off time for instruction is 14h00 each business day. TER A Total Expense Ratio (TER) is a measure of a portfolio s annual expenses, and charges, expressed as a percentage of the average daily value of the portfolio. These expenses include the annual fee, VAT, audit, bank charges and costs, including trading costs, incurred in any underlying funds. Included in the TER, but separately disclosed, is a performance fee (or credit) resulting from overperformance (or underperformance) against the benchmark. 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. Performance return information and prices are always stated net of the expenses, and charges included in the TER. FOREIGN INVESTMENT RISK The portfolio may include underlying foreign investments. Fluctuations or movements in exchange rates may cause the value of underlying foreign investments to go up or down. The underlying foreign investments may be adversely affected by political instability as well as exchange controls, changes in taxation, foreign investment policies, restrictions on repatriation of investments and other restrictions and controls that may be imposed by the relevant authorities in the relevant countries. Foord is a member of the Association for Savings and Investment SA. This is a Minimum Disclosure Document. Published on 5 September Additional detailed analysis is published in the Quarterly Portfolio Report available on