PSG Equity Fund Class A FUND FACTS Sector Benchmark Regula on 28 compliant Fund Managers Fund Launch Date Fund Size (ZAR) Month end NAV Price (cpu) Minimum Investment Distribu on Frequency Latest Distribu on (cpu) 28 Feb 17 ; 31 Aug 16 Max. Adviser Fee % (incl. VAT) Annual Management Fee % (incl. VAT) Total Expense Ra o % (incl. VAT) South African Equity General FTSE/JSE All Share Total Index No Shaun le Roux and Greg Hopkins 31 December 1997 3,021,620,496 1080.28 R2000 lump sum or R250 monthly debit order February, August 1.17c ; 5.92c 2.28 1.71 1.73 FUND CHARACTERISTICS This fund invests in equi es and can be up to 25% in foreign companies, with the balance in companies listed in South Africa. This fund should produce the highest real (above infla on) returns over the long term. The fund sits at the top end of the risk/return spectrum and investors in this fund should be comfortable with stock market fluctua ons and should have an investment horizon of seven years and longer. RISK CLASSIFICATION For a breakdown of the Total Investment Charge, please refer to page 2. INVESTMENT OBJECTIVE INVESTMENT POLICY The fund is a general equity fund and the manager in selec ng securi es for the por olio, will seek to offer investors long term capital growth and earn a higher rate of return than that of the South African equity market as represented by the All Share Index including income, without assuming a greater risk. In order to achieve these main objec ves the investments to be acquired for the PSG Equity Fund shall comprise a mix of securi es and assets in liquid form, all to be acquired at a fair market value. The por olio will hold a minimum of 75% of the market value of the por olio in equi es at all mes. The investment policy allows the Fund to include listed and unlisted financial instruments (deriva ves). ASSET ALLOCATION TOP 10 EQUITY HOLDINGS % Domes c resources 11 Domes c financials 29 Domes c industrials 34 Domes c cash 1 Foreign equity 25 Total 100 Discovery Holdings Ltd Old Mutual plc Glencore plc Super Group Ltd Brookfield Asset Management Inc Tongaat Hule Ltd Yahoo Japan Corp Hudaco Industries Ltd Anglo American Pla num Firstrand Ltd HOW THE FUND HAS PERFORMED SINCE 1 March 2002 (Cumula ve) 1,500.0 1,300.0 1,100.0 900.0 700.0 500.0 300.0 100.0 100.0 2005 2008 2011 2014 2017 ANNUALISED PERFORMANCE % (a er fees) 20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 12.3 1.7 5.9 3.4 15.9 12.2 10.0 18.2 1 year 3 years 5 years 10 years Fund Manager Incep on 9.3 14.0 PSG Equity Fund A (Performance) FTSE/JSE All Share Total Index (Benchmark) PSG Equity Fund A (Performance) FTSE/JSE All Share Total Index (Benchmark) Performance Sta s cs % (annualised) Best Month Worst Month YTD (not annualised) 1.5 1.7 3.2 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 25.1 7.4 4.8 6.4 8.7 7.2 14.3 3.3 2.2 37.1 7.7 3.0 19.7 4.5 2.7 5.6 6.7 2.3 20.8 9.4 4.2 43.5 10.7 7.8 33.1 8.8 14.3 10.8 4.4 2.8 37.5 11.4 4.7 51.6 10.1 4.2 40.5 8.3 0.2 40.3 10.9 8.5 0.2 6.5 7.1
PSG Equity Fund Class A Who should invest in the PSG Equity Fund? The fund is suitable for investors who: seek an equity focused por olio that has outstanding growth poten al aim to maximise poten al returns within an acceptable risk profile focus on a long term investment horizon General informa on and risks Collec ve Investment Schemes (CIS) in securi es are generally medium to long term investments. The value of par cipatory interests (units) or the investment may go down as well as up and past performance is not a guide to future performance. Fluctua ons or movements in the exchange rates may cause the value of underlying interna onal investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and script lending. The Fund may borrow up to 10% of its market value to bridge insufficient liquidity. Where foreign securi es are included in a por olio, the por olio is exposed to risks such as poten al constraints on liquidity and the repatria on of funds, macroeconomic, poli cal, foreign exchange, tax, se lement and poten al limita ons on the availability of market informa on. The por olios may be capped at any me in order for them to be managed in accordance with their mandate. Excessive withdrawals from the por olio may place the por olio under liquidity pressures and in such circumstances a process of ring fencing of withdrawal instruc ons and managed payouts over me may be followed. PSG Collec ve Investments (RF) Limited does not provide any guarantee either with respect to the capital or the return of the por olio. Performance All performance data for a lump sum, net of fees, includes income and assumes reinvestment of income on a NAV to NAV basis. Annualised performances show longer term performance rescaled over a 12 month period. Individual investor performance may differ as a result of ini al fees, the actual investment date, the date of reinvestment and dividend withholding tax. Performance is calculated for the por olio and individual investor performance may differ as a result thereof. The por olio is valued at 15h00 daily. Income distribu ons are net of any applicable taxes. Actual annual figures are available to the investor on request. Prices are published daily and available on the website www.psg.co.za/asset management and in the daily newspapers. Figures quoted are from Morningstar Inc. Pricing Forward pricing is used. Unit trust prices are calculated on a net asset value (NAV) basis, which is the market value of all assets in the Fund including income accruals less permissable deduc ons divided by the number of units in issue. Fees A schedule of fees and charges and maximum commissions is available on request from PSG Collec ve Investments (RF) Limited. Commission and incen ves may be paid and, if so, are included in the overall costs. Different classes of Par cipatory Interest can apply to these por olios and are subject to different fees, charges and possibly dividend withholding tax and will thus have differing performances. Total Expense Ra o (TER) The total expense ra o (TER) is the annualised percentage of the Fund s average assets under management that has been used to pay the Fund s actual expenses over the past three years. The TER includes the annual management fees that have been charged, other expenses like audit and trustee fees and VAT. As unit trust expenses vary, the current TER cannot be used as an indica on of future TERs. A higher TER ra o does not necessarily imply a poor return, nor does a low TER imply a good return. The TER and other funds TERs should then be used to evaluate whether the Fund performance offers value for money. Transac on costs Transac on costs are shown separately. Transac on costs are a necessary cost in administering the Financial Product and impacts Financial Product returns. They should not be considered in isola on as returns may be impacted by many other factors over me including market returns, the type of Financial Product, the investment decisions of the Fund Manager and the TER. Total investment charge The sum of the TER and transac on costs is shown as the Total Investment Charge. Since Fund returns are quoted a er the deduc on of these expenses, the TER and Transac on costs should not be deducted again from published returns. Total Investment Charge annualised for the period 1/7/2014 to 30/6/2017 Annual Management Fee and other costs (incl. VAT) 1.73% Total Expense Ra o (incl. VAT) 1.73% Transac on Costs (incl. VAT) 0.40% Total Investment Charge (incl. VAT) 2.13% Cut off mes The cut off me for submi ng investment transac ons is 14h30 daily, with the excep on of the PSG Money Market Fund which is 11h00. Company details PSG Collec ve Investments (RF) Limited is registered as a CIS Manager with the Financial Services Board, and a member of the Associa on of Savings and Investments South Africa (ASISA) through its holding company PSG Konsult Limited. The management of the por olio is delegated to PSG Asset Management (Pty) Ltd, an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act 2002, FSP no 29524. PSG Asset Management (Pty) Ltd and PSG Collec ve Investments (RF) Limited are subsidiaries of PSG Konsult Limited. PSG Collec ve Investments (RF) Limited and can be contacted on +27 (21) 799 8000; (toll free) 0800 600 168, via email assetmanagement@psg.co.za. Conflict of Interest Disclosure The Fund may from me to me invest in a por olio managed by a related party. PSG Collec ve Investments (RF) Limited or the fund manager may nego ate a discount in fees charged by the underlying por olio. All discounts nego ated are reinvested in the Fund for the benefit of the investors. Neither PSG Collec ve Investments (RF) Limited nor PSG Asset Management (Pty) Ltd retains any por on of such discount for their own accounts. The Fund Manager may use the brokerage services of a related party, PSG Securi es Ltd. Trustee The Standard Bank of South Africa Limited, Main Tower, Standard Bank Centre, 2 Hertzog Boulevard, Cape Town, 8001. Tel: +27 (21) 401 2443. Email: compliance PSG@standardbank.co.za. Addi onal informa on Addi onal informa on is available free of charge on the www.psg.co.za/assetmanagement and may include publica ons, brochures, applica on forms and annual reports.
PSG Flexible Fund Class A FUND FACTS Sector South African Mul Asset Flexible Benchmark (1 Nov 2004) Infla on + 6% Regula on 28 compliant No Launch Date 2 November 1998 Fund Managers Shaun le Roux and Paul Bosman Fund Size (ZAR) 10,703,704,558 Month end NAV Price (cpu) 512.37 Minimum Investment R2000 lump sum or R250 monthly debit order Distribu on Frequency February, August Latest Distribu on (cpu) 28 Feb 17 ; 31 Aug 16 3.07c ; 5.18c Max. Adviser Fee % (incl. VAT) 2.28 Annual Management Fee % (incl. VAT) 1.14 Total Expense Ra o (3 years) % (incl. VAT) 2.01 Total Expense Ra o (12 months) % (incl. VAT) 1.98 FUND CHARACTERISTICS This fund currently invests in equi es and cash. It can invest up to 100% in equi es of which up to 25% can be invested in foreign equity. The fund has a flexible asset alloca on mandate and equity exposure will be varied based on opportunity. This fund sits in the upper half of the risk/return spectrum and investors should be comfortable with stock market fluctua ons and should have an investment horizon of five years and longer. RISK CLASSIFICATION For a breakdown of the Total Investment Charge, please refer to page 2. INVESTMENT OBJECTIVE The por olio aims to achieve superior medium to long term capital growth through exposure to selected sectors of the equity, gilt and money markets. INVESTMENT POLICY The PSG Flexible Fund is a managed flexible por olio and will seek to follow an investment policy which will aim to achieve superior medium to long term capital growth through exposure to selected sectors of the equity market, and/or the gilt market and/or money market. The asset alloca on will be ac vely managed and will con nually reflect the por olio manager's view of the rela ve a rac veness of the equity, gilt and money markets, both locally and abroad. The selected sectors of the equity por on of the por olio will change from me to me in accordance with changing market condi ons and economic trends. The investment policy allows the Fund to include listed and unlisted financial instruments (deriva ves). ASSET ALLOCATION TOP 10 EQUITY HOLDINGS % Domes c resources 7 Domes c financials 21 Domes c industrials 24 Domes c cash & NCDs 24 Foreign equity 22 Foreign cash and gold 2 Total 100 HOW THE FUND HAS PERFORMED SINCE 1 November 2004 (Cumula ve) Discovery Holdings Ltd Old Mutual plc Brookfield Asset Management Inc FirstRand Ltd Glencore plc Super Group Ltd Tongaat Hule Ltd Yahoo Japan Corp Cisco Systems Inc Grindrod Ltd ANNUALISED PERFORMANCE % (a er fees) 800.0 700.0 600.0 18.0 16.0 14.0 12.0 15.1 11.5 11.4 11.7 13.4 16.5 12.2 12.0 500.0 10.0 9.6 8.9 400.0 8.0 300.0 200.0 100.0 2005 2007 2009 2011 2013 2015 2017 6.0 4.0 2.0 0.0 1 year 3 years 5 years 10 years Under current benchmark PSG Flexible Fund A (Performance) CPI+6% (Benchmark) PSG Flexible Fund A (Performance) CPI+6% (Benchmark) Performance Sta s cs % (annualised) Best Month YTD (not annualised) 0.02 0.94 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 17.67 5.53 4.99 5.24 12.12 2.86 31.55 7.05 13.70 4.45 Worst Month 1.68 2.73 2.83 1.56 3.03 1.75 0.95 2.47 9.41 6.37 1.17 1.28 1.72 10.48 5.75 26.02 5.51 28.05 8.92 9.93 5.99 12.14 4.44 31.13 5.08 31.19 7.15
PSG Flexible Fund Class A Who should invest in the PSG Flexible Fund? The fund is suitable for investors who: seek exposure to the equity market but with managed risk levels aim to build wealth focus on a medium to long term investment horizon General informa on and risks Collec ve Investment Schemes (CIS) in are generally medium to long term investments. The value of par cipatory interests (units) or the investment may go down as well as up and past performance is not a guide to future performance. Fluctua ons or movements in the exchange rates may cause the value of underlying interna onal investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and script lending. The Fund may borrow up to 10% of its market value to bridge insufficient liquidity. Where foreign securi es are included in a por olio, the por olio is exposed to risks such as poten al constraints on liquidity and the repatria on of funds, macroeconomic, poli cal, foreign exchange, tax, se lement and poten al limita ons on the availability of market informa on. The por olios may be capped at any me in order for them to be managed in accordance with their mandate. Excessive withdrawals from the por olio may place the por olio under liquidity pressures and in such circumstances a process of ring fencing of withdrawal instruc ons and managed payouts over me may be followed. PSG Collec ve Investments (RF) Limited does not provide any guarantee either with respect to the capital or the return of the por olio. Performance All performance data for a lump sum, net of fees, includes income and assumes reinvestment of income on a NAV to NAV basis. Annualised performances show longer term performance rescaled over a 12 month period. Individual investor performance may differ as a result of ini al fees, the actual investment date, the date of reinvestment and dividend withholding tax. Performance is calculated for the por olio and individual investor performance may differ as a result thereof. The por olio is valued at 15h00 daily. Income distribu ons are net of any applicable taxes. Actual annual figures are available to the investor on request. Prices are published daily and available on the www.psg.co.za/asset management and in the daily newspapers. Figures quoted are from Morningstar Inc. Pricing Forward pricing is used. Unit trust prices are calculated on a net asset value (NAV) basis, which is the market value of all assets in the Fund including income accruals less permissable deduc ons divided by the number of units in issue. Performance Fee The fund's daily net asset value per share (NAV) is compared to the fund's High Water Mark (HWM highest NAV achieved) daily. Where the fund's NAV is greater than the HWM, a performance fee equal to 7% (excl. VAT) of the outperformance is levied. The performance fee is accrued in the unit price daily and collected monthly. No performance fees are charged if the fund NAV is lower than the HWM NAV. The performance fee is uncapped. Base fee 1% Performance fee example at HWM 1.84% Assuming the fund achieves a benchmark before performance fees (assume infla on at 6% therefore benchmark return of 12%), the performance fee will be 7% of 12% i.e. 0.84% Fee hurdle High Water Mark Sharing ra o 7% Minimum fee 1% Maximum fee Uncapped, with a since incep on High Water Mark the fund's highest total TER since incep on of TER was 3.55% per annum Total Expense Ra o (TER) (3 years) 2.01% Frequently Asked Ques ons on Performance Fees are available on the website www.psg.co.za/asset management/performance Fee Frequently Asked Ques ons. Fees A schedule of fees and charges and maximum commissions is available on request from PSG Collec ve Investments (RF) Limited. Commission and incen ves may be paid and, if so, are included in the overall costs. Different classes of Par cipatory Interest can apply to these por olios and are subject to different fees, charges and possibly dividend withholding tax and will thus have differing performances. Total Expense Ra o (TER) The total expense ra o (TER) is the annualised percentage of the Fund s average assets under management that has been used to pay the Fund s actual expenses over the past three years. The TER includes the annual management fees that have been charged (both the fee at benchmark and any performance component charged), other expenses like audit and trustee fees and VAT. As unit trust expenses vary, the current TER cannot be used as an indica on of future TERs. A higher TER ra o does not necessarily imply a poor return, nor does a low TER imply a good return. The TER and other funds TERs should then be used to evaluate whether the Fund performance offers value for money. Transac on costs Transac on costs are shown separately. Transac on costs are a necessary cost in administering the Financial Product and impacts Financial Product returns. They should not be considered in isola on as returns may be impacted by many other factors over me including market returns, the type of Financial Product, the investment decisions of the Fund Manager and the TER. Total investment charge The sum of the TER and transac on costs is shown as the Total Investment Charge. Since Fund returns are quoted a er the deduc on of these expenses, the TER and Transac on costs should not be deducted again from published returns. Total Investment Charge annualised for the period 1/7/2014 to 30/6/2017 Annual Management Fee and other costs (incl. VAT) 1.16% Performance Fee (incl. VAT) 0.85%* Total Expense Ra o (incl. VAT) 2.01% Transac on Costs (incl. VAT) 0.25% Total Investment Charge (incl. VAT) 2.26% * The Performance Fee (incl. VAT) of 7.98% of the outperformance of the high water mark. Total Investment Charge annualised for the period 1/7/2016 to 30/6/2017 Annual Management Fee and other costs (incl. VAT) 1.16% Performance Fee (incl. VAT) 0.82%* Total Expense Ra o (incl. VAT) 1.98% Transac on Costs (incl. VAT) 0.27% Total Investment Charge (incl. VAT) 2.25% * The Performance Fee (incl. VAT) of 7.98% of the outperformance of the high water mark. The fund's daily net asset value per share (NAV) is compared to the fund's high water mark (HWM highest NAV achieved) daily. Where the fund's NAV is greater than the HWM, a performance fee equal to 7% (excl. VAT) of the outperformance is levied. The performance fee is accrued in the unit price daily and collected monthly. No performance fees are charged if the fund NAV is lower than the HWM NAV. The performance fee is uncapped. Cut-off mes The cut off me for submi ng investment transac ons is 14h30 daily, with the excep on of the PSG Money Market Fund which is 11h00. Company details PSG Collec ve Investments (RF) Limited is registered as a CIS Manager with the Financial Services Board, and a member of the Associa on of Savings and Investments South Africa (ASISA) through its holding company PSG Konsult Limited. The management of the por olio is delegated to PSG Asset Management (Pty) Ltd, an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act 2002, FSP no 29524. PSG Asset Management (Pty) Ltd and PSG Collec ve Investments (RF) Limited are subsidiaries of PSG Konsult Limited. PSG Collec ve Investments (RF) Limited can be contacted on +27 (21) 799 8000; (toll free) 0800 600 168, via email assetmanagement@psg.co.za. Conflict of Interest Disclosure The Fund may from me to me invest in a por olio managed by a related party. PSG Collec ve Investments (RF) Limited or the fund manager may nego ate a discount in fees charged by the underlying por olio. All discounts nego ated are re invested in the Fund for the benefit of the investors. Neither PSG Collec ve Investments (RF) Limited nor PSG Asset Management (Pty) Ltd retains any por on of such discount for their own accounts. The Fund Manager may use the brokerage services of a related party, PSG Securi es Ltd. Trustee The Standard Bank of South Africa Limited, Main Tower, Standard Bank Centre, 2 Hertzog Boulevard, Cape Town, 8001. Tel: +27 (21) 401 2443. Email: compliance PSG@standardbank.co.za. Addi onal informa on Addi onal informa on is available free of charge on the www.psg.co.za/asset management and may include publica ons, brochures, applica on forms and annual reports.
PSG Balanced Fund Class A FUND FACTS Sector Benchmark Regula on 28 compliant Fund Managers Fund Launch Date Fund Size (ZAR) Month end NAV Price (cpu) Minimum Investment Distribu on Frequency Latest Distribu on (cpu) 28 Feb 17 ; 31 Aug 16 Max. Adviser Fee % (incl. VAT) Annual Management Fee % (incl. VAT) Total Expense Ra o % (incl. VAT) Dura on (years) South African Mul Asset High Equity Infla on +5% Yes Paul Bosman and Greg Hopkins 1 June 1999 7,896,118,346 6755.44 R2000 lump sum or R250 monthly debit order February, August 90.34c ; 108.87c 2.28 1.71 1.73 3.47 FUND CHARACTERISTICS This fund invests in all asset classes: equi es, bonds, property and cash both domes cally and in foreign markets. The fund can have up to 75% in equi es, up to 25% in listed property and up to 25% in foreign markets. The fund sits in the middle of the risk/return spectrum and aims to deliver infla on plus 5% over me. Investors in this fund should be comfortable with moderate market fluctua ons and should have an investment horizon of five years and longer. RISK CLASSIFICATION The dura on is calculated as the weighted average term to maturity of the fixed interest instruments held in the fund. For a breakdown of the Total Investment Charge, please refer to page 2. INVESTMENT OBJECTIVE The primary objec ve of the fund is long term growth of capital and a reasonable level of income for investors. INVESTMENT POLICY The PSG Balanced Fund is a specialised por olio, having the primary objec ve of long term growth of capital and a reasonable level of income for investors. The manager shall seek to achieve this objec ve through ac ve management of a por olio of assets which comprise a mix of securi es, non equity securi es and assets in liquid form. The asset alloca on will be ac vely managed and will con nually reflect the por olio manager s view of the rela ve a rac veness of the equity, gilt and money markets, both locally and abroad. The selected sectors within the equity por on of the por olio will change from me to me in accordance with changing market condi ons and economic trends. The investment policy allows the Fund to include listed and unlisted financial instruments (deriva ves). ASSET ALLOCATION TOP 10 EQUITY HOLDINGS % Domes c resources 5 Domes c financials 18 Domes c industrials 18 Domes c bonds 24 Domes c cash & NCDs 12 Foreign equity 22 Foreign cash 1 Total 100 HOW THE FUND HAS PERFORMED SINCE 1 June 1999 (Cumula ve) Brookfield Asset Management Inc Discovery Holdings Ltd FirstRand Ltd Old Mutual plc Nedbank Group Ltd Glencore plc Super Group Ltd AIA Group Ltd Yahoo Japan Corp Hudaco Industries Ltd ANNUALISED PERFORMANCE % (a er fees) 1,300.0 1,100.0 900.0 700.0 500.0 300.0 100.0 2002 2007 2012 2017 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 14.3 12.8 10.5 10.4 10.7 11.2 9.6 10.6 8.3 7.8 1 year 3 years 5 years 10 years Incep on PSG Balanced Fund A (Performance) SA CPI+5% (Benchmark) PSG Balanced Fund A (Performance) SA CPI+5% (Benchmark) Performance Sta s cs % (annualised) Best Month Worst Month YTD (not annualised) 0.96 1.33 1.51 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 12.56 4.24 2.72 4.97 5.68 3.03 11.38 2.24 1.16 26.03 5.65 2.16 13.65 2.79 1.10 8.21 4.06 0.94 14.95 3.68 1.38 19.05 6.42 9.26 12.92 5.82 7.54 10.25 3.67 1.82 25.14 6.85 2.21 28.49 5.66 1.96 29.71 6.39 0.93 21.48 7.79 5.70 7.70 5.21 3.48 14.43 7.39 4.89 0.22 6.80 6.38
PSG Balanced Fund Class A Who should invest in the PSG Balanced Fund? The fund is suitable for investors who: would prefer the fund manager to make the asset alloca on decisions aim to build wealth within a moderate risk investment have a me horizon of five years and longer and can withstand short term market fluctua ons want a balanced por olio that diversifies the risk over the various asset classes the Fund is also suitable for long term re rement savings General informa on and risks Collec ve Investment Schemes (CIS) in Securi es are generally medium to long term investments. The value of par cipatory interests (units) or the investment may go down as well as up and past performance is not a guide to future performance. Fluctua ons or movements in the exchange rates may cause the value of underlying interna onal investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and script lending. The Fund may borrow up to 10% of its market value to bridge insufficient liquidity. Where foreign securi es are included in a por olio, the por olio is exposed to risks such as poten al constraints on liquidity and the repatria on of funds, macroeconomic, poli cal, foreign exchange, tax, se lement and poten al limita ons on the availability of market informa on. The por olios may be capped at any me in order for them to be managed in accordance with their mandate. Excessive withdrawals from the por olio may place the por olio under liquidity pressures and in such circumstances a process of ring fencing of withdrawal instruc ons and managed payouts over me may be followed. PSG Collec ve Investments (RF) Limited does not provide any guarantee either with respect to the capital or the return of the por olio. Regula on 28 The fund is managed according to Regula on 28 of the Pension Funds Act. The South African re rement fund industry is governed by the Pension Funds Act No. 24 of 1956. Regula on 28 of the Pension Funds Act prescribes the maximum limits in asset classes that an approved re rement fund may invest in. Exposures in excess of the limits will be corrected immediately, except where due to a change in the fair value or characteris c of an asset, e.g. market value fluctua ons, in which case they will be corrected within a reasonable me period. Performance All performance data for a lump sum, net of fees, include income and assumes reinvestment of income on a NAV to NAV basis. Annualised performances show longer term performance rescaled over a 12 month period. Individual investor performance may differ as a result of ini al fees, the actual investment date, the date of reinvestment and dividend withholding tax. Performance is calculated for the por olio and individual investor performance may differ as a result thereof. The por olio is valued at 15h00 daily. Income distribu ons are net of any applicable taxes. Actual annual figures are available to the investor on request. Prices are published daily and available on the website www.psg.co.za/asset management and in the daily newspapers. Figures quoted are from Morningstar Inc. Pricing Forward pricing is used. Unit trust prices are calculated on a net asset value (NAV) basis, which is the market value of all assets in the Fund including income accruals less permissable deduc ons divided by the number of units in issue. Fees A schedule of fees and charges and maximum commissions is available on request from PSG Collec ve Investments (RF) Limited. Commission and incen ves may be paid and, if so, are included in the overall costs. Different classes of Par cipatory Interest can apply to these por olios and are subject to different fees, charges and possibly dividend withholding tax and will thus have differing performances. Total Expense Ra o (TER) The total expense ra o (TER) is the annualised percentage of the Fund s average assets under management that has been used to pay the Fund s actual expenses over the past three years. The TER includes the annual management fees that have been charged, other expenses like audit and trustee fees and VAT. As unit trust expenses vary, the current TER cannot be used as an indica on of future TERs. A higher TER ra o does not necessarily imply a poor return, nor does a low TER imply a good return. The TER and other funds TERs should then be used to evaluate whether the Fund performance offers value for money. Transac on costs Transac on costs are shown separately. Transac on costs are a necessary cost in administering the Financial Product and impacts Financial Product returns. They should not be considered in isola on as returns may be impacted by many other factors over me including market returns, the type of Financial Product, the investment decisions of the Fund Manager and the TER. Total investment charge The sum of the TER and transac on costs is shown as the Total Investment Charge. Since Fund returns are quoted a er the deduc on of these expenses, the TER and Transac on costs should not be deducted again from published returns. Total Investment Charge annualised for the period 1/7/2014 to 30/6/2017 Annual Management Fee and other costs (incl. VAT) 1.73% Total Expense Ra o (incl. VAT) 1.73% Transac on Costs (incl. VAT) 0.24% Total Investment Charge (incl. VAT) 1.97% Cut off mes The cut off me for submi ng investment transac ons is 14h30 daily, with the excep on of the PSG Money Market Fund which is 11h00. Company details PSG Collec ve Investments (RF) Limited is registered as a CIS Manager with the Financial Services Board, and a member of the Associa on of Savings and Investments South Africa (ASISA) through its holding company PSG Konsult Limited. The management of the por olio is delegated to PSG Asset Management (Pty) Ltd, an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act 2002, FSP no 29524. PSG Asset Management (Pty) Ltd and PSG Collec ve Investments (RF) Limited are subsidiaries of PSG Konsult Limited. PSG Collec ve Investments (RF) Limited can be contacted on +27 (21) 799 8000; (toll free) 0800 600 168, via email assetmanagement@psg.co.za. Conflict of Interest Disclosure The Fund may from me to me invest in a por olio managed by a related party. PSG Collec ve Investments (RF) Limited or the fund manager may nego ate a discount in fees charged by the underlying por olio. All discounts nego ated are reinvested in the Fund for the benefit of the investors. Neither PSG Collec ve Investments (RF) Limited nor PSG Asset Management (Pty) Ltd retains any por on of such discount for their own accounts. The Fund Manager may use the brokerage services of a related party, PSG Securi es Ltd. Trustee The Standard Bank of South Africa Limited, Main Tower, Standard Bank Centre, 2 Hertzog Boulevard, Cape Town, 8001. Tel: +27 (21) 401 2443. Email: compliance PSG@standardbank.co.za. Addi onal informa on Addi onal informa on is available free of charge on the www.psg.co.za/assetmanagement and may include publica ons, brochures, applica on forms and annual reports. MANAGEMENT COMPANY: PSG Collec ve Investments (RF) Limited, 1st Floor, Alphen Office Park, Constan a Main Road, Constan a, 7806 Tel: +27 (21) 799 8000, Email: assetmanagement@psg.co.za, Website: www.psg.co.za/asset Date issued: 14 July 2017
FUND FACTS Sector Benchmark Regula on 28 compliant Fund Managers Fund Launch Date Fund Size (ZAR) Month end NAV Price (cpu) Minimum Investment Distribu on Frequency Latest Distribu on (cpu) 28 Feb 17 ; 31 Aug 16 Max. Adviser Fee % (incl. VAT) Annual Management Fee % (incl. VAT) Total Expense Ra o % (incl. VAT) Dura on (years) South African Mul Asset Low Equity Infla on +3% over rolling 3 years Yes Paul Bosman and Ian Sco 13 September 2011 3,243,992,757 140.50 R2000 lump sum or R250 monthly debit order February, August 3.67c ; 3.96c 2.28 1.71 1.74 3.28 FUND CHARACTERISTICS This fund invests in all asset classes: equi es, bonds, property and cash both domes cally and in foreign markets. The fund can have up to 40% in equi es, up to 25% in listed property and up to 25% in foreign markets. The fund aims to achieve capital apprecia on with low vola lity and a low correla on to equity markets through all market cycles. Investors in this fund should be comfortable with low market fluctua ons and should have an investment horizon of three years and longer. RISK CLASSIFICATION PSG Stable Fund Class A The dura on is calculated as the weighted average term to maturity of the fixed interest instruments held in the fund. For a breakdown of the Total Investment Charge, please refer to page 2. INVESTMENT OBJECTIVE INVESTMENT POLICY The fund will seek to generate a performance return of CPI + 3% over a rolling three year period, while aiming to achieve capital apprecia on with low vola lity and a low correla on to equity markets through all market cycles. In order to achieve this investment objec ve the securi es normally to be included in the por olio will primarily consist of a mix of debt securi es, money market instruments, bonds, infla on linked securi es, listed equi es, listed property, preference shares, and other high yielding securi es as allowed by the Act and approved by the Registrar from me to me. This por olio may include financial instruments such as deriva ves, within the limita ons prescribed by the Regula ons in order to achieve its investment objec ves. The por olio may be invested in equity securi es to a maximum of 40% of the por olio. The por olio will comply with regula ons controlling re rement funds or such other applicable legisla on as may be determined for re rement funds. ASSET ALLOCATION TOP 5 EQUITY HOLDINGS TOP 5 ISSUER EXPOSURES % Domes c resources 1 Domes c financials 11 Domes c industrials 10 Domes c bonds 36 Domes c cash & NCDs 25 Foreign equi es 14 Foreign cash 3 Total 100 Brookfield Asset Management Inc Discovery Holdings Ltd FirstRand Ltd Old Mutual plc Nedbank Group Ltd Republic of South Africa ABSA Bank Ltd FirstRand Bank Ltd Standard Bank of SA Ltd Nedbank Ltd HOW THE FUND HAS PERFORMED SINCE 13 September 2011 (Cumula ve) 180.0 160.0 140.0 120.0 100.0 2012 2013 2014 2015 2016 2017 ANNUALISED PERFORMANCE % (a er fees) 11.0 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 8.5 8.8 6.8 6.5 7.2 9.5 9.6 8.4 8.7 8.7 1 year 2 years 3 years 5 years Incep on PSG Stable Fund A (Performance) CPI+3% over rolling 3 years (Benchmark) PSG Stable Fund A (Performance) CPI+3% over rolling 3 years (Benchmark) Performance Sta s cs % (annualised) Best Month YTD (not annualised) 2.07 1.15 2016 2015 2014 2013 2012 8.92 2.28 6.98 3.27 7.41 1.49 14.62 3.01 9.93 3.27 Worst Month 0.63 1.15 1.39 0.36 0.78 1.39
PSG Stable Fund Class A Who should invest in the PSG Stable Fund? The fund is suitable for investors who: have a low risk appe te but require capital growth in real terms focus on a short to medium term investment horizon General informa on and risks Collec ve Investment Schemes (CIS) in securi es are generally medium to long term investments. The value of par cipatory interests (units) or the investment may go down as well as up and past performance is not a guide to future performance. Fluctua ons or movements in the exchange rates may cause the value of underlying interna onal investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and script lending. The Fund may borrow up to 10% of its market value to bridge insufficient liquidity. Where foreign securi es are included in a por olio, the por olio is exposed to risks such as poten al constraints on liquidity and the repatria on of funds, macroeconomic, poli cal, foreign exchange, tax, se lement and poten al limita ons on the availability of market informa on. The por olios may be capped at any me in order for them to be managed in accordance with their mandate. Excessive withdrawals from the por olio may place the por olio under liquidity pressures and in such circumstances a process of ring fencing of withdrawal instruc ons and managed payouts over me may be followed. PSG Collec ve Investments (RF) Limited does not provide any guarantee either with respect to the capital or the return of the por olio. Regula on 28 The fund is managed according to Regula on 28 of the Pension Funds Act. The South African re rement fund industry is governed by the Pension Funds Act No. 24 of 1956. Regula on 28 of the Pension Funds Act prescribes the maximum limits in asset classes that an approved re rement fund may invest in. Exposures in excess of the limits will be corrected immediately, except where due to a change in the fair value or characteris c of an asset, e.g. market value fluctua ons, in which case they will be corrected within a reasonable me period. Performance All performance data for a lump sum, net of fees, includes income and assumes reinvestment of income on a NAV to NAV basis. Annualised performances show longer term performance rescaled over a 12 month period. Individual investor performance may differ as a result of ini al fees, the actual investment date, the date of reinvestment and dividend withholding tax. Performance is calculated for the por olio and individual investor performance may differ as a result thereof. The por olio is valued at 15h00 daily. Income distribu ons are net of any applicable taxes. Actual annual figures are available to the investor on request. Prices are published daily and available on the website www.psg.co.za/asset management and in the daily newspapers. Figures quoted are from Morningstar Inc. Pricing Forward pricing is used. Unit trust prices are calculated on a net asset value (NAV) basis, which is the market value of all assets in the Fund including income accruals less permissable deduc ons divided by the number of units in issue. Fees A schedule of fees and charges and maximum commissions is available on request from PSG Collec ve Investments (RF) Limited. Commission and incen ves may be paid and, if so, are included in the overall costs. Different classes of Par cipatory Interest can apply to these por olios and are subject to different fees, charges and possibly dividend withholding tax and will thus have differing performances. Total Expense Ra o (TER) The total expense ra o (TER) is the annualised percentage of the Fund s average assets under management that has been used to pay the Fund s actual expenses over the past three years. The TER includes the annual management fees that have been charged (both the fee at benchmark and any performance component charged), other expenses like audit and trustee fees and VAT. As unit trust expenses vary, the current TER cannot be used as an indica on of future TERs. A higher TER ra o does not necessarily imply a poor return, nor does a low TER imply a good return. The TER and other funds TERs should then be used to evaluate whether the Fund performance offers value for money. Transac on costs Transac on costs are shown separately. Transac on costs are a necessary cost in administering the Financial Product and impacts Financial Product returns. They should not be considered in isola on as returns may be impacted by many other factors over me including market returns, the type of Financial Product, the investment decisions of the Fund Manager and the TER. Total investment charge The sum of the TER and transac on costs is shown as the Total Investment Charge. Since Fund returns are quoted a er the deduc on of these expenses, the TER and Transac on costs should not be deducted again from published returns. Total Investment Charge annualised for the period 1/7/2014 to 30/6/2017 Annual Management Fee and other costs (incl. VAT) 1.74% Performance Fee (incl. VAT) 0.00%* Total Expense Ra o (incl. VAT) 1.74% Transac on Costs (incl. VAT) 0.18% Total Investment Charge (incl. VAT) 1.92% *The Performance Fee of 7.98% above Highwater mark is no longer applicable from 01/01/2014. Cut off mes The cut off me for submi ng investment transac ons is 14h30 daily, with the excep on of the PSG Money Market Fund which is 11h00. Company details PSG Collec ve Investments (RF) Limited is registered as a CIS Manager with the Financial Services Board, and a member of the Associa on of Savings and Investments South Africa (ASISA) through its holding company PSG Konsult Limited. The management of the por olio is delegated to PSG Asset Management (Pty) Ltd, an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act 2002, FSP no 29524. PSG Asset Management (Pty) Ltd and PSG Collec ve Investments (RF) Limited are subsidiaries of PSG Konsult Limited. PSG Collec ve Investments (RF) Limited can be contacted on +27 (21) 799 8000; (toll free) 0800 600 168, via email assetmanagement@psg.co.za. Conflict of Interest Disclosure The Fund may from me to me invest in a por olio managed by a related party. PSG Collec ve Investments (RF) Limited or the fund manager may nego ate a discount in fees charged by the underlying por olio. All discounts nego ated are re invested in the Fund for the benefit of the investors. Neither PSG Collec ve Investments (RF) Limited nor PSG Asset Management (Pty) Ltd retains any por on of such discount for their own accounts. The Fund Manager may use the brokerage services of a related party, PSG Securi es Ltd. Trustee The Standard Bank of South Africa Limited, Main Tower, Standard Bank Centre, 2 Hertzog Boulevard, Cape Town, 8001. Tel: +27 (21) 401 2443. Email: compliance PSG@standardbank.co.za. Addi onal informa on Addi onal informa on is available free of charge on the www.psg.co.za/assetmanagement and may include publica ons, brochures, applica on forms and annual reports.
PSG Diversified Income Fund Class A FUND FACTS Sector Benchmark Regula on 28 compliant Fund Managers Fund Launch Date Fund Size (ZAR) Month end NAV Price (cpu) Minimum Investment Distribu on Frequency Latest Distribu on (cpu) 31 May 17 ; 28 Feb 17 30 Nov 16 ; 31 Aug 16 Max. Adviser Fee % (incl. VAT) Annual Management Fee % (incl. VAT) Total Expense Ra o % (incl. VAT) Dura on (years) South African Mul Asset Income Infla on + 1% Yes Ian Sco and Paul Bosman 7 April 2006 1,125,327,376 120.86 R2000 lump sum or R250 monthly debit order February, May, August, November 2.13c ; 2.36c 2.23c ; 2.07c 0.57 1.14 1.17 1.65 FUND CHARACTERISTICS This fund only invests predominantly in fixed income instruments but can also have up to 10% of the fund in equi es, both domes c and foreign. The fund can have up to 10% in listed property and 25% of the fund in foreign markets. The fund aims to provide a reasonable income with above infla on capital apprecia on over me. Investors in this fund should be comfortable with a small degree of exposure to market fluctua ons and should have an investment horizon of two years and longer. RISK CLASSIFICATION The dura on is calculated as the weighted average term to maturity of the fixed interest instruments held in the fund. For a breakdown of the Total Investment Charge, please refer to page 2. INVESTMENT OBJECTIVE INVESTMENT POLICY The por olio aims to seek to preserve capital and to maximize income returns for investors. The fund conforms to legisla on governing re rement funds. The PSG Diversified Income Fund is a specialist por olio. The por olio comprises a mix of high yielding equity securi es, property, bonds, preference shares and assets in liquid form, both locally and abroad, thereby genera ng both tax free and taxable income, whilst preserving capital. The por olio may include financial instruments up to the extent and limits allowed by legisla on. ASSET ALLOCATION TOP 5 EQUITY HOLDINGS TOP 5 ISSUER EXPOSURES % Domes c financials 3 Domes c industrials 1 Domes c bonds 57 Domes c cash & NCDs 33 Foreign equity 4 Foreign cash 2 Total 100 Brookfield Asset Management Inc Discovery Holdings Ltd Nedbank Group Ltd AIA Group Ltd Yahoo Japan Corp Standard Bank of SA Ltd Republic of South Africa Absa Bank Ltd FirstRand Bank Ltd Nedbank Ltd HOW THE FUND HAS PERFORMED SINCE 7 April 2006 (Cumula ve) 240.0 220.0 200.0 180.0 160.0 140.0 120.0 100.0 80.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 ANNUALISED PERFORMANCE % (a er fees) 9.0 8.3 7.5 6.8 6.0 5.3 4.5 3.8 3.0 2.3 1.5 0.8 0.0 8.2 7.7 6.5 6.4 8.2 1 year 3 years 5 years 10 years Incep on 6.7 7.6 7.9 7.2 7.3 PSG Diversified Income Fund A (Performance) SA CPI+1% (Benchmark) PSG Diversified Income Fund A (Performance) SA CPI+1% (Benchmark) Performance Sta s cs % (annualised) Best Month Worst Month YTD (not annualised) 3.98 0.83 0.31 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 8.13 0.98 7.78 1.10 6.54 0.74 0.39 0.37 0.31 8.14 1.73 0.71 9.34 1.43 0.14 4.97 0.84 0.19 7.03 1.50 0.10 10.62 2.23 1.74 5.97 2.02 1.53 9.56 1.93 0.30
PSG Diversified Income Fund Class A Who should invest in the PSG Diversified Income Fund? The fund is suitable for investors who: have a low risk appe te and with an income requirement want to earn an income, but need to try and beat infla on focus on a short to medium term investment horizon Diversified Income The yield is calculated daily on an annualised basis. The calcula on is based on the current yield of fixed income instruments. General informa on and risks Collec ve Investment Schemes (CIS) in Securi es are generally medium to long term investments. The value of par cipatory interests (units) or the investment may go down as well as up and past performance is not a guide to future performance. Fluctua ons or movements in the exchange rates may cause the value of underlying interna onal investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and script lending. The Fund may borrow up to 10% of its market value to bridge insufficient liquidity. Where foreign securi es are included in a por olio, the por olio is exposed to risks such as poten al constraints on liquidity and the repatria on of funds, macroeconomic, poli cal, foreign exchange, tax, se lement and poten al limita ons on the availability of market informa on. The por olios may be capped at any me in order for them to be managed in accordance with their mandate. Excessive withdrawals from the por olio may place the por olio under liquidity pressures and in such circumstances a process of ring fencing of withdrawal instruc ons and managed payouts over me may be followed. PSG Collec ve Investments (RF) Limited does not provide any guarantee either with respect to the capital or the return of the por olio. Regula on 28 The fund is managed according to Regula on 28 of the Pension Funds Act. The South African re rement fund industry is governed by the Pension Funds Act No. 24 of 1956. Regula on 28 of the Pension Funds Act prescribes the maximum limits in asset classes that an approved re rement fund may invest in. Exposures in excess of the limits will be corrected immediately, except where due to a change in the fair value or characteris c of an asset, e.g. market value fluctua ons, in which case they will be corrected within a reasonable me period. Performance All performance data for a lump sum, net of fees, includes income and assumes reinvestment of income on a NAV to NAV basis. Annualised performances show longer term performance rescaled over a 12 month period. Individual investor performance may differ as a result of ini al fees, the actual investment date, the date of reinvestment and dividend withholding tax. Performance is calculated for the por olio and individual investor performance may differ as a result thereof. The por olio is valued at 15h00 daily. Income distribu ons are net of any applicable taxes. Actual annual figures are available to the investor on request. Prices are published daily and available on the website www.psg.co.za/asset management and in the daily newspapers. Figures quoted are from Morningstar Inc. Pricing Forward pricing is used. Unit trust prices are calculated on a net asset value (NAV) basis, which is the market value of all assets in the Fund including income accruals less permissable deduc ons divided by the number of units in issue. Fees A schedule of fees and charges and maximum commissions is available on request from PSG Collec ve Investments (RF) Limited. Commission and incen ves may be paid and, if so, are included in the overall costs. Different classes of Par cipatory Interest can apply to these por olios and are subject to different fees, charges and possibly dividend withholding tax and will thus have differing performances. Total Expense Ra o (TER) The total expense ra o (TER) is the annualised percentage of the Fund s average assets under management that has been used to pay the Fund s actual expenses over the past three years. The TER includes the annual management fees that have been charged, other expenses like audit and trustee fees and VAT. As unit trust expenses vary, the current TER cannot be used as an indica on of future TERs. A higher TER ra o does not necessarily imply a poor return, nor does a low TER imply a good return. The TER and other funds TERs should then be used to evaluate whether the Fund performance offers value for money. Transac on costs Transac on costs are shown separately. Transac on costs are a necessary cost in administering the Financial Product and impacts Financial Product returns. They should not be considered in isola on as returns may be impacted by many other factors over me including market returns, the type of Financial Product, the investment decisions of the Fund Manager and the TER. Total investment charge The sum of the TER and transac on costs is shown as the Total Investment Charge. Since Fund returns are quoted a er the deduc on of these expenses, the TER and Transac on costs should not be deducted again from published returns. Total Investment Charge annualised for the period 1/7/2014 to 30/6/2017 Annual Management Fee and other costs (incl. VAT) 1.17% Total Expense Ra o (incl. VAT) 1.17% Transac on Costs (incl. VAT) 0.11% Total Investment Charge (incl. VAT) 1.28% Cut off mes The cut off me for submi ng investment transac ons is 14h30 daily, with the excep on of the PSG Money Market Fund which is 11h00. Company details PSG Collec ve Investments (RF) Limited is registered as a CIS Manager with the Financial Services Board, and a member of the Associa on of Savings and Investments South Africa (ASISA) through its holding company PSG Konsult Limited. The management of the por olio is delegated to PSG Asset Management (Pty) Ltd, an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act 2002, FSP no 29524. PSG Asset Management (Pty) Ltd and PSG Collec ve Investments (RF) Limited are subsidiaries of PSG Konsult Limited. PSG Collec ve Investments (RF) Limited and can be contacted on +27 (21) 799 8000; (toll free) 0800 600 168, via email assetmanagement@psg.co.za. Conflict of Interest Disclosure The Fund may from me to me invest in a por olio managed by a related party. PSG Collec ve Investments (RF) Limited or the fund manager may nego ate a discount in fees charged by the underlying por olio. All discounts nego ated are reinvested in the Fund for the benefit of the investors. Neither PSG Collec ve Investments (RF) Limited nor PSG Asset Management (Pty) Ltd retains any por on of such discount for their own accounts. The Fund Manager may use the brokerage services of a related party, PSG Securi es Ltd. Trustee The Standard Bank of South Africa Limited, Main Tower, Standard Bank Centre, 2 Hertzog Boulevard, Cape Town, 8001. Tel: +27 (21) 401 2443. Email: compliance PSG@standardbank.co.za. Addi onal informa on Addi onal informa on is available free of charge on the www.psg.co.za/assetmanagement and may include publica ons, brochures, applica on forms and annual reports.