JULY 2011 etfsa MONTHLY SOUTH AFRICAN ETF / INDEX TRACKING UNIT TRUST PERFORMANCE SURVEY By Mike Brown, Managing Director, etfsa.co.za 4 August 2011 A number of changes have been introduced in this month s Performance Survey of the retail index tracking industry in South Africa. These include: All Exchange Traded Funds (ETFs) registered under the Collective Investment Schemes Act are now shown in Section A of the Performance Survey. Exchange Traded Notes (ETNs) listed on the JSE, which are rapidly growing in numbers are now added to the Survey for the first time in Section B. NewGold (GLD), which has a relatively long history (having been listed in 2003) is included in the ETN section, because of its commodity tracking status for comparison purposes, even though it is classified as an ETF. Index Tracking Unit Trusts performance data is shown in Category C. Performance data for ETFs and ETNs is now also shown at 6 months and 2 year intervals to measure trends more accurately. Such data is currently not available for the Unit Trusts, included in the Survey. The underlying Table highlights the top performing funds over differing periods. The addition of NewGold, which tracks the price of physical gold bullion (in rands), to the Survey, highlights the excellent performance of gold bullion over the past 5 years. Only NewGold and the Property Funds included in the Survey have shown positive returns for all the periods measured. Over shorter time periods, 1 month to 6 months, the ETNs, tracking commodity markets came to the fore in the Performance Survey. Given the relatively poor performance of local mining shares over this period, it is likely that informed investors will increasingly turn to Exchange Traded Notes, tracking commodity prices, in order to gain exposure to this important asset class in future. 1
Best Performing Index Tracker Funds July 2011 (Total Return %)* Fund Name Type 5 Years (per annum) Prudential Property Enhanced Unit Trust 19,70% NewGold ETF 19,61% Satrix INDI 25 ETF 15,65% 3 Years (per annum) Prudential Property Enhanced Unit Trust 22,20% NewGold ETF 16,75% Satrix INDI 25 ETF 16,20% 2 Years (per annum) NewGold EFT 47,70% NewFund erafi INDI 25 ETF 47,62% Satrix INDI 25 ETF 46,77% 1 Year NewGold ETF 27,50% Satrix INDI 25 ETF 20,64% 6 Months Standard Bank Silver-Linker ETN 39,26% Standard Bank Gold-Linker ETN 16,97% NewGold ETF 16,40% 3 Months NewGold ETF 8,09% Standard Bank Gold-Linker ETN 7,43% 1 Month Standard Bank Silver-Linker ETN 14,72% Standard Bank Palladium-Linker ETN 9,54% Source: Profile Media FundsData (29/07/2011) * Includes reinvestment of dividends. The full etfsa Performance Survey is attached. The etfsa Performance Survey measures the total return (price changes plus reinvestment of dividends) for index tracking unit trusts and Exchange Traded Funds (ETFs) available to the retail public in South Africa. The performance table (attached) measures the 1 month to 5 years total return compared with the benchmark index returns (including reinvestment of dividends). Note, as the FTSE/JSE calculates the index without taking into account any brokerage or other transaction costs, index tracking products will typically underperform the index because of their transaction and other running costs. Terms and conditions: Redistribution, reproduction, the resale or transmission to any third party of the contents of this article and this website, whether by email, newsletter, internet or website, is only possible with the written permission of etfsa. etfsa, its sponsors, administrators, contributors and product providers disclaim any liability for any loss, damage, or expense that might occur from the use of or reliance on the data and services provided through this website. etfsa.co.za is the registered trading name of M F Brown, an authorised Financial Services Provider (FSP No 39217). Professional Indemnity Insurance is maintained. 2
A) EXCHANGE TRADED FUNDS 1 Month 3 Months 6 Months 1 Year 2 years 3 years 5 years 1. TOP 40 ETF PRODUCTS FTSE/JSE Top 40 Index (1,99%) (5,67%) (1,12%) 12,42% 31,55% 5,97% 10,73% BIPS Top 40 Portfolio (2,01%) (6,14%) (1,32%) 9,62% 31,15% - - Nedbank BettaBeta Equally Weighted Top 40 (1,20%) (5,24%) (0,42%) 9,07% - - - Satrix 40 Portfolio (2,31%) (5,98%) (2,30%) 10,87% 27,98% 4,35% 8,16% Satrix SWIX Top 40 Portfolio A (1,48%) (5,07%) 0,00% 10,97% 28,54% 5,40% 8,70% Stanlib Top 40 (0,99%) (5,31%) (2,43%) - - - - Stanlib Swix Top 40 0,17% (1,54%) (0,81%) - - - - 2. JSE Sector Exposure ETFs FTSE/JSE Industrial 25 Index 0,53% (0,45%) 8,05% 22,45% 47,85% 16,70% 17,72% NewFunds erafi INDI 25 0,5%% (0,85%) 5,30% 18,37% 47,62% - - Satrix INDI 25 0,25% (0,32%) 7,45% 20,64% 46,77% 14,87% 15,65% FTSE/JSE Financial 15 Index (1,29%) (3,16%) (1,65%) 3,53% 22,76% 10,63% 7,44% NewFunds erafi FINI 15 (2,52%) (6,05%) (1,84%) (0,72% 21,43% - - Satrix FINI 15 (2,45%) (5,77%) (2,15%) (0,66%) 18,24% 5,04% 2,35% NewFunds erafi RESI 20 (4,08%) (9,20%) (6,31%) 8,13% 30,06% - - Satrix RESI 10 (4,62%) (10,47%) (10,19%) 6,32% 17,79% (2,51%) 5,18% 3. Bond (Fixed Interest) ETFs All Bond Total Return Index 1,49% 3,06% 2,65% 8,79% - - - zshares GOVI 2,07% 3,70% 2,02% 0,94% 4,61% - - BIPS Inflation Linked (Inflation-X) 0,64% 2,50% 4,02% 6,40% 7,62% - - 3
A) EXCHANGE TRADED FUNDS(continued) 1 Month 3 Months 6 Months 1 Year 2 years 4. Property ETFs 3 years 5 years Proptrax SAPY 0,79% 1,06% 3,54% 5,83% 29,04% 11,99% Proptrax TEN 0,80% - - - - - - 5. Style ETFs FTSE/JSE All Share Index (1,56%) (4,72%) 1,00% 12,29% 27,76% 7,70% 11,49% NewFunds Shari ah Top 40 (2,55%) (8,38%) (3,46%) 10,88% 25,44% - - NewFunds NewSA (1,54%) (6,18%) (0,40%) 8,62% 29,98% - - NewFunds NewRand (0,87%) (5,87%) (0,39%) 6,50% 28,87% 5,13% 5,45% NewFunds erafi Overall (1,49%) (4,24%) (0,78%) 10,72% 39,00% 9,71% - NewFunds MAPPS Protect 0,00% - - - - - - NewFunds MAPPS Growth (0,83%) - - - - - - Satrix DIVI Plus 1,18% (0,57%) 1,09% 6,50% 32,50% 16,20% - Satrix RAFI Total Return (2,84%) (5,53%) (1,79%) 11,24% 32,76% - - 6. Foreign ETFs MSCI World Index (in Rands) (0,31%) (4,44%) - 5,84% - (1,17%) (1,17%) DBX Tracker MSCI EuroStoxx 50 (6,50%) (12,27%) (10,48%) (1,88%) (9,45%) (12,13%) (4,45%) DBX Tracker MSCI FTSE 100 (0,44%) (4,81%) (4,02%) 5,40% 9,56% (6,11%) (3,50%) DBX Tracker MSCI USA (2,93%) (2,81%) (5,04%) 8,23% 13,27% (2,15%) - DBX Tracker MSCI Japan 2,72% 5,11% (8,11%) 1,13% (5,02%) (6,29%) - DBX Tracker MSCI World (2,57%) (4,37%) (6,22%) 5,96% 8,47% (4,41%) - Source: Profile Media FundsData (29/07/2011) Terms and conditions: Redistribution, reproduction, the resale or transmission to any third party of the contents of this article and this website, whether by email, newsletter, internet or website, is only possible with the written permission of etfsa. etfsa, its sponsors, administrators, contributors and product providers disclaim any liability for any loss, damage, or expense that might occur from the use of or reliance on the data and services provided through this website. etfsa.co.za is the registered trading name of M F Brown, an authorised Financial Services Provider (FSP No 39217). Professional Indemnity Insurance is maintained. 4
B) EXCHANGE TRADED NOTES 1 Month 3 Months 6 Months 1 Year 2 years Standard Bank 3 years 5 years Africa Equity Index Total Return 0,12% - - - - - - Gold-Linker 6,01% 7,43% 16,97% - - - - Silver-Linker 14,72% (15,81%) 39,26% - - - - Palladium-Linker 9,54% 7,34% (3,87%) - - - - Platinum-Linker 1,78% (1,90%) (6,58%) - - - - Deutsche Bank DB MSCI China Total Return - - - - - - - DB MSCI Emerging Markets Total Return - - - - - - - DB Africa Top 50 Capped Total Return - - - - - - - NewFunds NewGold* 6,09% 8,09% 16,40% 27,50% 47,70% 16,75% 19,61% Rand Merchant Bank RMB Oil (1,28%) (16,31%) (4,27%) - - - - RMB Coal (3,26%) - - - - - - * Exchange Traded Fund (ETF). Source: Profile Media FundsData (29/07/2011) Terms and conditions: Redistribution, reproduction, the resale or transmission to any third party of the contents of this article and this website, whether by email, newsletter, internet or website, is only possible with the written permission of etfsa. etfsa, its sponsors, administrators, contributors and product providers disclaim any liability for any loss, damage, or expense that might occur from the use of or reliance on the data and services provided through this website. etfsa.co.za is the registered trading name of M F Brown, an authorised Financial Services Provider (FSP No 39217). Professional Indemnity Insurance is maintained. 5
C) INDEX TRACKING UNIT TRUSTS 1 Month 3 Months 1 Year 3 years 5 years 1. TOP 40 PRODUCTS FTSE/JSE Top 40 Index (1,99%) (5,67%) 12,42% 5,97% 10,73% Kagiso Top 40 Tracker Fund (1,58%) (5,84%) 11,79% 4,93% 9,85% Old Mutual Top 40 Fund (1,55%) (5,54%) 11,85% 4,82% 9,31% Stanlib ALSI 40 Fund (1,89%) (5,99%) 11,34% 5,31% 10,22% SIM Index Fund (2,08%) (5,92%) 11,03% 4,71% 9,32% Momentum Top 40 Index Fund (2,15%) (6,00%) 11,14% 4,27% 9,22% 2. All Other Index Tracking Products FTSE/JSE All Share Index (1,56%) (4,72%) 12,29% 7,70% 11,49% Sanlam All Share Index Fund (1,63%) (4,77%) 11,73% 7,14% - Gryphon All Share Tracker Fund (1,26%) (4,98%) 12,39% 8,17% 10,16% Stanlib Index Fund (1,65%) (5,17%) 10,51% 5,96% 10,78% Alphen Equity Building Fund (1,44%) (4,87%) 11,28% - - Plexus RAFI Enhanced SA Strategy Fund (1,71%) (4,77%) 8,86% 10,55% - Old Mutual RAFI 40 Tracker Fund (1,67%) (5,48%) 9,96% 10,06% - Prudential Enhanced SA Property Tracker Fund 1,44% 2,96% 15,87% 22,20% 19,70% Source: Profile Media FundsData (29/07/2011) Terms and conditions: Redistribution, reproduction, the resale or transmission to any third party of the contents of this article and this website, whether by email, newsletter, internet or website, is only possible with the written permission of etfsa. etfsa, its sponsors, administrators, contributors and product providers disclaim any liability for any loss, damage, or expense that might occur from the use of or reliance on the data and services provided through this website. etfsa.co.za is the registered trading name of M F Brown, an authorised Financial Services Provider (FSP No 39217). Professional Indemnity Insurance is maintained. 6