QUARTERLY FUND OVERVIEW FOR THE QUARTER ENDING 31 AUGUST 2018
VIEW FROM THE FUND MANAGER S DESK Glenn Moore Interest Rates Trend: Flat Short Term: Flat Remain on hold for now but if the Rand remains under pressure and inflation begins to rise the Reserve Bank may be forced to act. Bonds Trend: Flat Short Term: Up The emerging market crisis and the flight to Dollars has put our bond market under pressure. Yields are back above 9%. Property Trend: Down Short Term: Flat The rise in bond yields and some anaemic results from listed property companies has kept the sector under pressure. The weak Rand and a lacklustre economy remain a headwind for the sector. Equity Trend: Flat Short Term: Up Best way to describe the equity market is lacklustre and volatile. Company results of South African dependent businesses have been below expectations. Resource companies are benefitting from the weak Rand. Rand hedges are mostly up, but not by as much as the Rand is depreciating. The Rand Trend: Weak Short Term: Weaker This quarter we have seen an emerging market crisis. It started in Turkey and has caused significant currency depreciation in South America. The Rand as a liquid proxy for emerging market currencies has been battered by the foreign investors. 2
Asset Class Dashboard The graph below represents the most recent 3-month returns for the respective asset classes. 3
PERSONAL TRUST FUND RANGE & RISK PROFILE Equity Fund Global Select Managers Opportunities Fund Managed Fund Prudent Fund Global Select Managers Cautious Fund Conservative Managed Fund Income Fund Low Low to to High High The graph above illustrates the fund range and risk profile of all our funds. Below is a summary table of the various funds and the respective annualised performance history. Asset Allocation Funds Personal Trust Conservative Managed Fund 1 Year 3 Year 5 Year 10 Year Since Inception 6.00% 6.43% 8.63% 9.78% 9.93% Personal Trust Prudent Fund 8.91% 7.81% 8.94% 9.13% 11.38% Personal Trust Managed Fund 5.41% 6.85% 9.46% 10.69% 10.29% Offshore Funds PTI Global Select Managers Cautious Fund 1.12% 3.01% 1.39% N/A 1.16% PTI Global Select Managers 5.77% 6.51% 3.12% N/A 2.87% Opportunities Fund Equity Fund Personal Trust Equity Fund -0.38% 4.00% 3.78% N/A 7.76% Income Fund Personal Trust Income Fund 7.10% 7.74% 7.10% 7.09% 9.48% *Annualised is the average return earned by the Fund each year over a given period. Risk 4
PERSONAL TRUST CONSERVATIVE MANAGED FUND CUMULATIVE PERFORMANCE GRAPH SINCE INCEPTION Per R1,000 invested 3000.00 2500.00 2000.00 1500.00 1000.00 500.00 Conservative Managed Fund Benchmark CPI + 3 R 2,788.77 R 2,583.25 R 2,255.35 Aug-08 Nov-08 Feb-09 May-09 Aug-09 Nov-09 Feb-10 May-10 Aug-10 Nov-10 Feb-11 May-11 Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Fund Objective To seek long-term capital growth and income returns whilst being managed according to the guidelines provided by Regulation 28 of the Pension Fund Act. Fund Features - Best suited to retired investors drawing income from their portfolio - Invests in a combination of local equities, property trusts, local and offshore bonds and cash - It has a maximum equity exposure of 40% - Investment horizon in excess of five years - The risk profile of the fund is expected to be low to medium with returns that are higher than inflation ANNUALISED PERFORMANCE FUND BENCHMARK CPI+3 Quarter 4.63% 5.65% 2.15% 1 year 6.00% 8.40% 8.29% 3 years 6.43% 7.97% 8.39% 5 years 8.63% 9.61% 8.56% 10 years 9.78% 10.63% 8.37% Since inception 9.93% 10.70% 8.40% Fund Classification Sector: Multi Asset Low Equity Portfolio Geographic Classification: South African Fund Risk Profile Low to Low to High High RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 20.17% 21.48% Lowest rolling 1-year return 0.44% 1.85% RISK MEASURE FUND JSE ALSI Maximum Drawdown -6.57% -36.44% Percentage positive months since inception 68.91% 60.50% TOP 10 EQUITY HOLDINGS % OF EQUITY HOLDING Compagnie Fin Richemont 8% Naspers Ltd 8% Billiton Plc 7% Remgro Ltd 7% Anglo American Plc 6% British American Tobacco Plc 6% Clicks Group Ltd 5% Sasol Ltd 5% Standard Bank Group Ltd 4% Santam Ltd 4% ASSET ALLOCATION Fund Manager: Glenn Moore Inception Date: 1 August 2008 Fund Size: R3.262 billion Unit Price: 179.54 cents per unit Units in issue: 1,816,787,458 Min. Investment: R50,000 lump sum Benchmark: 35% of JSE All Share Total Return Index; 25% of All Bond Index; 5% of MSCI World Index; 5% IMF Special Drawing Rights; 5% JSE SA Listed Property Index; 10% SA Cash; 15% JP Morgan Bond Index Distribution: March, June, September, December Fees: Initial Charge: Annual Fund Fee: Negotiable to a maximum of 1% plus VAT 1.21% (excluding VAT) Total Expense Ratio (see explanatory notes for more info) Financial 3 Year Year: Rolling: Total Expense Ratio (TER) 1.42% 1.41% Transaction Costs (TC) 0.08% 0.11% (TER+TC) 1.50% 1.52% Commodities Local 2% Property 3% Local Fixed Interest 16% Local Equities 29% Local Cash 5% Foreign Bonds 6% Foreign Cash 10% Foreign Equities 6% Foreign Property 3% Local Bonds 20% Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PERTRCM ISIN Code: ZAE000123402 JSE Code: PTCMF Prices are published daily in arrears. Investors can access, free of charge, daily fund prices, quarterly reports, minimum disclosure documents and annual reports on our website at www.ptrust.co.za 5
PERSONAL TRUST CONSERVATIVE MANAGED FUND INCOME DISTRIBUTIONS September 2017 December 2017 March 2018 June 2018 Paid in the last 12 months CLASS R 1.82 cpu 1.27 cpu 1.72 cpu 1.68 cpu 6.48 cpu 12 month historic yield 3.61% COMMENTARY The Personal Trust Conservative Managed Fund delivered a positive return of 4.6% this quarter, however the fund was too conservatively positioned relative to the benchmark. A feature of the quarter was the dramatic depreciation in the Rand, primarily on the back of the emerging market crisis in Turkey. Our offshore assets, Dollar cash, bonds and global equities produced double digit returns, however our offshore property and commodity exposure did not match the Rand depreciation. At the end of last quarter we reduced our domestic equity exposure from 35% to 30%, due to our concern with respect to the trade war and shrinking Dollar liquidity. This proved to be premature and as a result our local equity portfolio underperformed the market. We remain cautiously positioned relative to the benchmark in all the asset classes as we believe that caution is the better part of the valour in the current environment. EXPLANATORY NOTES 3 Year Rolling 1 July 2015 30 June 2018 12 month historic yield All income declared during the previous 12 months, gross of any withholding tax, as a percentage of the NAV price on the date of the MDD. Annualised The compound annual growth rate over the performance period measured. Past performance is not indicative of future performance. Cumulative Performance graph This graph is for illustrative purposes only. It depicts how an initial lump sum investment of R1,000 (for example) placed an inception of the fund has changed over time, taking ongoing fees into account (excluding any initial fees charged), with all distributions reinvested on reinvestment date, prior to the deduction of any withholding taxes. Financial Year 1 January 2017 31 December 2017 Highest & Lowest Returns achieved over rolling one year periods since Returns inception. Actual annual figures are available to the investor on request. Maximum Drawdown Maximum percentage decline over any period. Drawdown is calculated on the total return of the Fund/benchmark. Percentage positive The percentage of calendar months in which the Fund months produced a positive monthly return since inception. Total Expense Ratio (TER) The percentage of the value of the Financial Product incurred as expenses relating to the administration of the Financial Product. Transaction Cost (TC) The percentage of the value of the Financial Product incurred as costs related to the buying and selling of the assets underlying the Financial Product. (TER + TC) The percentage of the value of the product incurred as costs relating to the investment of the Financial Product. Disclosure Tel: 021 689 8975 Fax: 086 210 4931 info@ptrust.co.za www.ptrust.co.za Personal Trust International Management Company (Pty) Ltd. Reg No. 2005/026983/07 is a registered Collective Investment Scheme manager in terms of the Collective Investment Scheme Control Act, 45 of 2002. Wholly owned Subsidiary of Personal Trust (Pty) Ltd. FSP Licence No. 707. Registered Financial Services Provider. The Management Company is a member of the Association for Savings & Investment SA (ASISA) Independent Trustee & Custodian: Firstrand Bank Limited Address: 25 th Floor, Portside 5 Buitengracht Street, Cape Town, South Africa. Tel: +27 21 446 9200 Collective Investment Schemes (CIS) are generally medium to long term investments. The value of the participatory interest may go up as well as down and past performance is not necessarily a guide to future performance. Performance disclosed in the fact sheets is applicable to the respective fund. Performance figures include income distributions, prior to deduction of withholding taxes and are calculated after management fees. Personal Trust International Management Company (Pty) Limited does not provide a guarantee either with respect to the capital or the return of a portfolio. Actual investor performance may differ as a result of the investment date, any initial fee charged, the date of reinvestment and any withholding tax. Performance figures quoted are from Profile Data for the period ending 31 August 2018 based on a lump sum investment, using NAV prices which include fees and charges, excluding any initial fees, with income distributions reinvested on ex-dividend date. Personal Trust International Management Company (Pty) Ltd has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. CIS are traded at ruling prices and can engage in borrowing and scrip lending. There have been no breaches in the fund during the reporting period. Subscription by institutional investors, or by investors deemed to be institutional investors by the Manager, may be permitted by invitation only. The terms of subscription by institutional investors will be concluded at time of invitation. Historic pricing is used. A schedule of fees and charges and maximum commissions is available on request from the company. Commissions and incentives may be paid and if so, would be included in the overall cost. The Fund may invest in portfolios of collective schemes that levy their own charges, which could results in a higher fee structure for the Fund. A Fund of Funds portfolio will invest in portfolios that levy their own charges, which could result in a higher fee structure for the Fund of Funds. In both instances, the charges levied by the portfolios of collective investment schemes into which the Fund invests are reflected in the Total Expense Ratio. A portfolio can invest in foreign securities which may have exposure to potential constraints on liquidity and the repatriation of funds; macroeconomic risks; political risks; foreign exchange risks; tax risks, settlement risks; and potential limitations on the availability of market information. A Higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER's. Transaction costs are a necessary cost in administering the Financial Product and impacts the Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time, including market returns, the type of financial product, the investment decisions of the investment manager and the TER. 6
PERSONAL TRUST PRUDENT FUND OF FUNDS CUMULATIVE PERFORMANCE GRAPH SINCE INCEPTION 7,000.00 Prudent FOF 6,000.00 CPI + 5 R 6,166.86 Fund Objective To seek above-average returns with medium risk with active asset allocation, within the guidelines of Regulation 28 of the Pension Fund Act. Per R1,000 invested 5,000.00 4,000.00 3,000.00 2,000.00 1,000.00 0.00 ANNUALISED PERFORMANCE FUND BENCHMARK Quarter 5.53% 2.65% 1 year 8.91% 10.39% 3 years 7.81% 10.50% 5 years 8.94% 10.67% 10 years 9.13% 10.48% Since Inception 11.38% 11.06% RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 33.13% 8.51% Lowest rolling 1-year return -10.25% 15.64% RISK MEASURE FUND JSE ALSI Maximum Drawdown -12.08% -46.40% Percentage positive months since inception 66.17% 61.19% TOP 10 EQUITY HOLDINGS % OF EQUITY HOLDING Prudential Balanced Fund 25% Coronation Balanced Plus Fund 19% Aylett Balanced Prescient Fund 18% Allan Gray Balanced Fund 17% Investec Opportunities Fund 17% Cash 4% ASSET ALLOCATION R 5,902.17 Oct-01 Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Foreign Property, 1% Local Property, 4% Foreign Bonds, 1% Commodities, 1% Local Cash, 13% Local Bonds, 15% Foreign Equity, 23% Foreign Cash, 1% Local Equity, 41% Fund Features - Suitable for investors saving for retirement and/or those seeking steady long-term capital growth - The Funds investments are in balanced funds managed in accordance with Regulation 28, which limits exposure to certain asset classes - Personal Trust chooses the underlying fund managers based on their underlying portfolio and performance through the cycle - The Fund is a truly independent multi managed fund - Returns are likely to be less volatile than those of an equity-only fund Fund Classification Sector: Multi Asset High Equity Geographic Classification: South African Fund Risk Profile Low Fund Manager: Glenn Moore Inception Date: 1 October 2001 Fund Size: R1.339 billion Unit Price: 437.07 cents per unit Units in issue: 306,459,446 Min. Investment: R50,000 lump sum Benchmark: CPI+5% Distribution: March, June, September, December Fees: Initial Charge: Annual Fund Fee: Low to to High High Negotiable to a maximum of 1% plus VAT 0.90% (excluding VAT) Total Expense Ratio (see explanatory notes for more info) Financial 3 Year Year: Rolling: Total Expense Ratio (TER) 2.09% 2.13% Transaction Costs (TC) 0.09% 0.10% (TER+TC) 2.18% 2.23% Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PERTRPF ISIN Code: ZAE000054144 JSE Code; PTPF Prices are published daily in arrears. Investors can access, free of charge, daily fund prices, quarterly reports, minimum disclosure documents and annual reports on our website at www.ptrust.co.za 7
PERSONAL TRUST PRUDENT FUND OF FUNDS INCOME DISTRIBUTIONS September 2017 December 2017 March 2018 June 2018 Paid in the last 12 months CLASS R 1.81 cpu 1.23 cpu 1.66 cpu 3.51 cpu 8.22 cpu 12 month historic yield 1.88% COMMENTARY The Personal Trust Prudent Fund of Funds had a good quarter outperforming its inflation plus benchmark. Our selected fund managers performed as follows: Investec Opportunities Fund Class J 9.7% Allan Gray Balanced Fund Class C 6.8% Prudential Balanced Fund Class A 6.6% Coronation Balanced Plus Fund B4 4.7% Aylett Balanced Prescient Fund A1 2.2% EXPLANATORY NOTES 3 Year Rolling 1 July 2015 30 June 2018 12 month historic yield All income declared during the previous 12 months, gross of any withholding tax, as a percentage of the NAV price on the date of the MDD. Annualised The compound annual growth rate over the performance period measured. Past performance is not indicative of future performance. Cumulative Performance graph This graph is for illustrative purposes only. It depicts how an initial lump sum investment of R1,000 (for example) placed at inception of the fund has changed over time, taking ongoing fees into account (excluding any initial fees charges, with all distributions reinvested on reinvestment date, prior to the deduction of any withholding taxes. Financial Year 1 January 2017 31 December 2017 Highest & Lowest Returns achieved over the same rolling one year periods Returns since inception. Actual annual figures are available to the investor on request. Maximum Drawdown Maximum percentage decline over any period. Drawdown is calculated on the total return of the Fund/benchmark. Percentage positive The percentage of calendar months in which the Fund months produced a positive monthly return since inception. Total Expense Ratio (TER) The percentage of the value of the Financial Product incurred as expenses relating to the administration of the Financial Product. Transaction Cost (TC) The percentage of the value of the Financial Product incurred as costs related to the buying and selling of the assets underlying the Financial Product. (TER + TC) The percentage of the value of the product incurred as costs relating to the investment of the Financial Product. Disclosure Tel: 021 689 8975 Fax: 086 210 4931 info@ptrust.co.za www.ptrust.co.za Personal Trust International Management Company (Pty) Ltd. Reg No. 2005/026983/07 is a registered Collective Investment Scheme manager in terms of the Collective Investment Scheme Control Act, 45 of 2002. Wholly owned Subsidiary of Personal Trust (Pty) Ltd. FSP Licence No. 707. Registered Financial Services Provider. The Management Company is a member of the Association for Savings & Investment SA (ASISA) Independent Trustee & Custodian: Firstrand Bank Limited Address: 25 th Floor, Portside 5 Buitengracht Street, Cape Town, South Africa. Tel: +27 21 446 9200 Collective Investment Schemes (CIS) are generally medium to long term investments. The value of the participatory interest may go up as well as down and past performance is not necessarily a guide to future performance. Performance disclosed in the fact sheets is applicable to the respective fund. Performance figures include income distributions, prior to deduction of withholding taxes and are calculated after management fees. Personal Trust International Management Company (Pty) Limited does not provide a guarantee either with respect to the capital or the return of a portfolio. Actual investor performance may differ as a result of the investment date, any initial fee charged, the date of reinvestment and any withholding tax. Performance figures quoted are from Profile Data for the period ending 31 August 2018 based on a lump sum investment, using NAV prices which include fees and charges, excluding any initial fees, with income distributions reinvested on ex-dividend date. Personal Trust International Management Company (Pty) Ltd has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A fund of fund portfolio only invests in other Collective Investment Scheme portfolios which levy their own charges, which could result in a higher fee structure for these funds. There have been no breaches in the fund during the reporting period. Subscription by institutional investors, or by investors deemed to be institutional investors by the Manager, may be permitted by invitation only. The terms of subscription by institutional investors will be concluded at time of invitation. Historic pricing is used. A schedule of fees and charges and maximum commissions is available on request from the company. Commissions and incentives may be paid and if so, would be included in the overall cost. The Fund may invest in portfolios of collective schemes that levy their own charges, which could results in a higher fee structure for the Fund. A Fund of Funds portfolio will invest in other Collective Investment Scheme portfolios that levy their own charges, which could result in a higher fee structure for the Fund of Funds. In both instances, the charges levied by the portfolios of collective investment schemes into which the Fund invests are reflected in the Total Expense Ratio. A portfolio can invest in foreign securities which may have exposure to potential constraints on liquidity and the repatriation of funds; macroeconomic risks; political risks; foreign exchange risks; tax risks, settlement risks; and potential limitations on the availability of market information. A Higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER's. Transaction costs are a necessary cost in administering the Financial Product and impacts the Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time, including market returns, the type of financial product, the investment decisions of the investment manager and the TER. 8
PERSONAL TRUST MANAGED FUND CUMULATIVE PERFORMANCE GRAPH SINCE INCEPTION Per R1,000 invested 4,000.00 3,500.00 3,000.00 2,500.00 2,000.00 1,500.00 1,000.00 500.00 Managed Fund Benchmark CPI + 6 ANNUALISED PERFORMANCE FUND BENCHMARK CPI+6 Quarter 5.11% 6.50% 2.89% 1 year 5.41% 7.72% 11.44% 3 years 6.85% 8.10% 11.55% 5 years 9.46% 10.35% 11.73% 10 years 10.69% 11.35% 11.53% Since Inception 10.29% 10.71% 12.26% RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 29.18% 26.97% Lowest rolling 1-year return -18.82% -17.64% RISK MEASURE FUND JSE ALSI Maximum Drawdown -23.96% -46.40% Percentage positive months since inception 64.12% 58.78% TOP 10 EQUITY HOLDINGS % OF EQUITY HOLDING Compagnie Fin Richemont 8% Naspers Ltd 7% Remgro Ltd 6% Billiton Plc 6% British American Tobacco Plc 6% Anglo American Plc 5% Sasol Ltd 4% Standard Bank Group Ltd 4% Clicks Group Ltd 4% Santam Ltd 3% R 3,605.22 R 3,087.66 R 2,946.92 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09 Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Fund Objective To seek above-average returns through exposure to a full equity weighting within the guidelines of Regulation 28 of the Pension Fund Act. Fund Features - Suitable for investors saving for retirement, who can stay invested for 5 years or longer and for those looking for an investment that balances long-term growth with medium to high levels of risk - Invests in a combination of local and foreign equities, property trusts, bonds and cash - Will tend to have an increased probability to volatility in the short term due to high equity exposure therefore suitable for investors with a longer term investment horizon. Awards Morningstar Award for Best Aggressive Allocation Fund. Award Date: 2 March 2016 Fund Classification Sector: Multi Asset High Equity Portfolio Geographic Classification: South African Fund Risk Profile Low Fund Manager: Glenn Moore Inception Date: 1 August 2007 Fund Size: R1.525 billion Unit Price: 216.95 cents per unit Units in issue: 703,132,720 Min. Investment: R50,000 lump sum Benchmark: 50% of JSE All Share Total Return Index; 10% of All Bond Index; 10% of MSCI World Index; 5% IMF Special Drawing Rights; 10% JSE SA Listed Property Index; 5% SA Cash; 10% JP Morgan Bond Index Distribution: March, June, September, December Fees: Initial Charge: Annual Fund Fee: Low to to High High Negotiable to a maximum of 1% plus VAT 1.21% (excluding VAT) ASSET ALLOCATION Foreign Cash 3% Local Cash 8% Local Fixed Interest 14% Foreign Equities 11% Foreign Property 3% Foreign Bonds 6% Local Bonds 8% Commodities 1% Local Property 3% Local Equities 43% Total Expense Ratio (see explanatory notes for more info) Financial 3 Year Year: Rolling: Total Expense Ratio (TER) 1.43% 1.44% Transaction Costs (TC) 0.09% 0.13% (TER+TC) 1.53% 1.56% Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PERTRMG ISIN Code: ZAE000099503 JSE Code: PETB Prices are published daily in arrears. Investors can access, free of charge, daily fund prices, quarterly reports, minimum disclosure documents and annual reports on our website at www.ptrust.co.za 9
PERSONAL TRUST MANAGED FUND INCOME DISTRIBUTIONS September 2017 December 2017 March 2018 June 2018 Paid in the last 12 months CLASS R 1.91 cpu 1.18 cpu 1.77 cpu 1.82 cpu 6.69 cpu 12 month historic yield 3.08% COMMENTARY The Personal Trust Managed Fund delivered a positive return this quarter of 5.11%, however our cautious positioning resulted in the fund underperforming the benchmark. A feature of the quarter was the dramatic depreciation in the Rand on the back of an emerging market crisis in Turkey. The offshore assets in the portfolio delivered double digit returns, however our returns from offshore property and commodities failed to match the depreciation in the Rand. The local equity market also had a positive quarter primarily on the back of Naspers and the Rand hedge counters. Our cautious stance toward the equity market reflected in our underweight exposure to local equities detracted from our performance relative to the benchmark. The fund remains tentatively positioned in risk assets, while overexposed to high income yielding bonds and fixed income instruments. EXPLANATORY NOTES 3 Year Rolling 1 July 2015 30 June 2018 12 month historic yield All income declared during the previous 12 months, gross of any withholding tax, as a percentage of the NAV price on the date of the MDD. Annualised The compound annual growth rate over the performance period measured. Past performance is not indicative of future performance. Cumulative Performance graph This graph is for illustrative purposes only. It depicts how an initial lump sum investment of R1,000 (for example) placed at inception of the fund has changed over time, taking ongoing fees into account (excluding any initial fees charged), with all distributions reinvested on reinvestment date, prior to the deduction of any withholding taxes. Financial Year 1 January 2017 31 December 2017 Highest & Lowest Returns achieved over rolling one year periods since Returns inception. Actual annual figures are available to the investor on request. Maximum Drawdown Maximum percentage decline over any period. Drawdown is calculated on the total return of the Fund/benchmark. Percentage positive The percentage of calendar months in which the Fund months produced a positive monthly return since inception. Total Expense Ratio (TER) The percentage of the value of the Financial Product incurred as expenses relating to the administration of the Financial Product. Transaction Cost (TC) The percentage of the value of the Financial Product incurred as costs related to the buying and selling of the assets underlying the Financial Product. (TER + TC) The percentage of the value of the product incurred as costs relating to the investment of the Financial Product. Disclosure Tel: 021 689 8975 Fax: 086 210 4931 info@ptrust.co.za www.ptrust.co.za Personal Trust International Management Company (Pty) Ltd. Reg No. 2005/026983/07 is a registered Collective Investment Scheme manager in terms of the Collective Investment Scheme Control Act, 45 of 2002. Wholly owned Subsidiary of Personal Trust (Pty) Ltd. FSP Licence No. 707. Registered Financial Services Provider. The Management Company is a member of the Association for Savings & Investment SA (ASISA) Independent Trustee & Custodian: Firstrand Bank Limited Address: 25 th Floor, Portside 5 Buitengracht Street, Cape Town, South Africa. Tel: +27 21 446 9200 Collective Investment Schemes (CIS) are generally medium to long term investments. The value of the participatory interest may go up as well as down and past performance is not necessarily a guide to future performance. Performance disclosed in the fact sheets is applicable to the respective fund. Performance figures include income distributions, prior to deduction of withholding taxes and are calculated after management fees. Personal Trust International Management Company (Pty) Limited does not provide a guarantee either with respect to the capital or the return of a portfolio. Actual investor performance may differ as a result of the investment date, any initial fee charged, the date of reinvestment and any withholding tax. Performance figures quoted are from Profile Data for the period ending 31 August 2018 based on a lump sum investment, using NAV prices which include fees and charges, excluding any initial fees, with income distributions reinvested on ex-dividend date. Personal Trust International Management Company (Pty) Ltd has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. CIS are traded at ruling prices and can engage in borrowing and scrip lending. There have been no breaches in the fund during the reporting period. Subscription by institutional investors, or by investors deemed to be institutional investors by the Manager, may be permitted by invitation only. The terms of subscription by institutional investors will be concluded at time of invitation. Historic pricing is used. A schedule of fees and charges and maximum commissions is available on request from the company. Commissions and incentives may be paid and if so, would be included in the overall cost. The Fund may invest in portfolios of collective schemes that levy their own charges, which could results in a higher fee structure for the Fund. A Fund of Funds portfolio will invest in portfolios that levy their own charges, which could result in a higher fee structure for the Fund of Funds. In both instances, the charges levied by the portfolios of collective investment schemes into which the Fund invests are reflected in the Total Expense Ratio. A portfolio can invest in foreign securities which may have exposure to potential constraints on liquidity and the repatriation of funds; macroeconomic risks; political risks; foreign exchange risks; tax risks, settlement risks; and potential limitations on the availability of market information. A Higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER's. Transaction costs are a necessary cost in administering the Financial Product and impacts the Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time, including market returns, the type of financial product, the investment decisions of the investment manager and the TER. Full details of the award are available from the The Manager. 10
PTI GLOBAL SELECT MANAGERS CAUTIOUS FUND CUMULATIVE PERFORMANCE GRAPH SINCE INCEPTION Performance 3000 2500 2000 1500 1000 500 0 PTI GSM Cautious USD PTI GSM Cautious ZAR Benchmark Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 R 2,386.20 R 1,156.50 R 1,075.88 Apr-18 Aug-18 Fund Objective To achieve steady long-term capital growth with a moderate level of risk. Fund Features - Managed by Brooks MacDonald Asset Management (International) Ltd & Credo Capital Plc - Designed for investors seeking a moderate level of risk for the international portion of their portfolio - Ideal investor should have limited income requirements and the ability to tolerate a reasonable level of volatility - Investment horizon of three to five years ANNUALISED PERFORMANCE FUND USD FUND ZAR BENCHMARK Quarter 0.60% 17.03% 1.02% 1 year 1.12% 14.64% 2.27% 3 years 3.01% 7.11% 3.69% 5 years 1.39% 8.89% 2.38% Since inception 1.16% 12.44% 1.98% Fund Classification Sector: Multi Asset Flexible Geographic Classification: Global Fund Risk Profile RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 10.57% 11.15% Lowest rolling 1-year return -5.86% -6.42% RISK MEASURE FUND BENCHMARK Percentage positive months since 55.06% 55.06% inception ASSET ALLOCATION Property 9% Cash 23% Inception Date: 1 April 2011 Fund Size: $54.18 million Unit Price: 108.96 cents per unit Units in issue: 49,726,657 Min. Investment: $5,000 Dealing Freq: Weekly Benchmark: 25% MSCI World Index; 25% JP Morgan Global Bond Index; 10% S&P Global REIT Index; 40% IMF Special Drawing Rights Registered: Guernsey Custodian: BNP Paribas Trust Company (Guernsey) Ltd Distribution: None Commodities 2% Fees: Initial Charge: No Initial Fee Annual Fund Fee: 1.34% Fixed Income 36% CURRENCY ALLOCATION British Pound 3% Chinese Yuan 2% Equities 30% Japenese Yen 2% Euro 6% Total Expense Ratio (see explanatory notes for more info) Financial 3 Year Year: Rolling: Total Expense Ratio (TER) 1.98% 1.97% Transaction Costs (TC) 0.01% 0.01% (TER+TC) 1.99% 1.98% Other Information Transaction cut off: Tuesday weekly Valuation cut off: Thursday weekly Bloomberg Code: PTIGMCA ISIN Code: GG00B4LF9S22 Investors can access, free of charge, quarterly reports, minimum disclosure documents and annual reports on our website at www.ptrust.co.za US Dollar 87% 11
PTI GLOBAL SELECT MANAGERS CAUTIOUS FUND COMMENTARY Credo Capital Plc The third quarter was a stronger period for risk assets & a relatively flat period for global bond markets. Although shorter term US interest rates continued the upward trajectory they have been on throughout the year, the longer end of the yield curve did not experience significant movement, leading to a stabilisation in Global Bond indices after sharp drawdowns at the beginning of the year. Global equities rose over the period, reentering into strongly positive territory after the parabolic rise & pullback in early February. Notably the year to date returns have been more concentrated in a smaller group of stocks, as US Tech companies continue to contribute a large proportion of the returns. Global REITs were also a strong sector, recovering sharply following a relatively large drawdown during the volatility in the first quarter. Brooks MacDonald Asset Management One of the major themes of 2018 has been the divergence in growth between the US & the rest of the world. The US began the year buoyed by the tax reforms & has maintained this momentum, supported by two exceptionally strong corporate earnings seasons. Meanwhile, the rest of the world has seen a loss of impetus; for example, the European manufacturing purchasing managers index fell in each month of the first half of 2018. This filtered through to rates markets via expectations that the US Federal Reserve will continue to raise rates while the European Central Bank & Bank of England maintain a more dovish course. The US dollar has been a strong beneficiary of this during the past six months, with the currency rallying significantly on a trade-weighted basis. Non-US markets have lagged as a result & not contributed widely from either an outright performance or currency perspective. Bond markets have been slightly negative on a total-return basis as rates have nudged higher & the threat of a trade war has diminished & reduced the risk-off attraction of sovereign bonds. Diversifiers such as commodities & property have also been poor performers in the year to date, affected by the strength of the US dollar & corporate tax cuts respectively. In such an environment, the benefits of diversification have not seemed very evident. On the plus side, with the US earnings season drawing to a close, the second quarter has proven to be another strong period bolstered by tax cuts & a supportive consumer backdrop. Overall, 80% of US companies have reported actual earnings per share (EPS) above the mean EPS estimate, marking the highest percentage beat since 2008 & up from 78% recorded in the first quarter. Expectations heading into the third quarter also remain high, & coupled with Jerome Powell s relatively dovish recent speech, we expect corporate earnings to continue to support valuations & for inflationary pressures to remain under control. The caveat to this is that the Federal Reserve has been reducing the size of its balance sheet since the start of the year, which is gradually causing global liquidity to decrease. This has catalysed pockets of volatility, which are likely to recur if & when geopolitical or economic risks come to the fore. EXPLANATORY NOTES 3 Year Rolling 1 July 2015 30 June 2018 Annualised The compound annual growth rate over the performance period measured. Past performance is not indicative of future performance. Cumulative Performance graph 12 This graph is for illustrative purposes only. It depicts how an initial lump sum investment of $1,000 (for example) placed at inception of the fund has changed over time, taking ongoing fees into account (excluding any initial fees charged), with all distributions reinvested on reinvestment date, prior to the deduction of any withholding taxes. Financial Year 1 January 2017 31 December 2017 Highest & Lowest Returns achieved over rolling one year periods since Returns inception. Actual annual figures are available to the investor on request. Percentage positive The percentage of calendar months in which the Fund months produced a positive monthly return since inception. Total Expense Ratio (TER) The percentage of the value of the Financial Product incurred as expenses relating to the administration of the Financial Product. Transaction Cost (TC) The percentage of the value of the Financial Product incurred as costs related to the buying and selling of the assets underlying the Financial Product. (TER + TC) The percentage of the value of the product incurred as costs relating to the investment of the Financial Product. Disclosure Tel: 021 689 8975 Fax: 086 210 4931 info@ptrust.co.za www.ptrust.co.za PTI Mutual Fund PCC Limited (a protected cell company registered with limited liability in Guernsey with registration number 52182). The Manager of the protected cell company is PTI Guernsey Limited (Registration Number 50910) a wholly owned subsidiary of Personal Trust (Pty) Ltd (1951/0028559/07). PTI Mutual Fund PCC Limited is represented by Personal Trust International Management Company (Pty) Limited in South Africa. Custodian: BNP Paribas Trust Company (Guernsey) Limited whose registered office is at BNP Paribas House, St Julian s Avenue, St Peter Port, Guernsey, GY1 1WA. Collective Investment Schemes (CIS) are generally medium to long term investments. The value of the participatory interest may go up as well as down and past performance is not necessarily a guide to future performance. Performance disclosed in the fact sheets is applicable to the respective fund. Performance figures are calculated after management fees and other expenses. PTI Mutual Fund PCC does not provide a guarantee either with respect to the capital or the return of a portfolio. Actual investor performance may differ as a result of the investment date, any initial fee charged, the date of reinvestment and any withholding tax. Performance figures quoted are for the period ending 31 August 2018 based on a lump sum investment, using NAV prices which include fees and charges, excluding any initial fees, with income distributions reinvested on ex-dividend date. PTI Mutual Fund PCC Limited has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. CIS are traded at ruling prices and can engage in borrowing and scrip lending. The PTI Global Select Managers Cautious Fund is jointly managed by Brooks MacDonald Asset Management (International) Limited, Licence Number 45742 and Credo Capital Plc, Licence Number 9757. There have been no breaches in the Fund during the reporting period. Subscription by institutional investors, or by investors deemed to be institutional investors by the Manager, may be permitted by invitation only. The terms of subscription by institutional investors will be concluded at time of invitation. Historic pricing is used. A schedule of fees and charges and maximum commissions is available on request from the company. Commissions and incentives may be paid and if so, would be in included in the overall cost. The Fund may invest in portfolios of collective schemes that levy their own charges, which could result in a higher fee structure for the Fund. A Fund of Funds portfolio will invest in portfolios that levy their own charges, which could result in a higher fee structure for the Fund of Funds. In both instances, the charges levied by the portfolios of collective investment schemes into which the Fund invests are reflected in the Total Expense Ratio. A portfolio can invest in foreign securities which may have exposure to potential constraints on liquidity and the repatriation of funds; macroeconomic risks; political risks; foreign exchange risks; tax risks, settlement risks; and potential limitations on the availability of market information. A Higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER's. Transaction costs are a necessary cost in administering the Financial Product and impacts the Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time, including market returns, the type of financial product, the investment decisions of the investment manager and the TER.
PTI GLOBAL SELECT OPPORTUNITIES FUND CUMULATIVE PERFORMANCE GRAPH SINCE INCEPTION 3000 PTI GSM Opportunities USD PTI GSM Opportunities (ZAR) 2500 Benchmark R 2,701.87 Fund Objective To achieve long-term capital growth by investing in a diversified mix of asset classes and specialist managers within each asset class. The fund will have an above-average risk profile. Performance 2000 1500 1000 500 0 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 ANNUALISED PERFORMANCE FUND USD FUND ZAR BENCHMARK Quarter 2.05% 18.72% 2.76% 1 year 5.77% 19.91% 6.58% 3 years 6.51% 10.75% 6.80% 5 years 3.12% 10.74% 5.28% Since inception 2.87% 14.34% 4.32% RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 16.59% 16.76% Lowest rolling 1-year return -10.09% -8.69% RISK MEASURE FUND BENCHMARK Percentage positive months since 56.18% 58.43% inception ASSET ALLOCATION Dec-12 Fixed Income 19% Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Property 8% Dec-14 Apr-15 Aug-15 Cash 10% Dec-15 Apr-16 Aug-16 Dec-16 Commodities 1% Apr-17 Aug-17 Dec-17 Apr-18 R 1,354.35 R 1,233.70 Aug-18 Fund Features - Managed by Brooks MacDonald Asset Management (International) Ltd & Credo Capital Plc - Designed for investors whose goal for the international portion of their portfolio is long-term capital growth - Ideal investor will have no income requirements and will be able to tolerate a high level of volatility - Investment horizon in excess of five years Fund Classification Sector: Multi Asset Flexible Geographic Classification: Global Fund Risk Profile Low Low to Inception Date: 1 April 2011 Fund Size: $35.05 million Unit Price: 123.37 cents per unit Units in issue: 28,418,043 Min. Investment: $5,000 Benchmark: 60% MSCI World Index; 20% JP Morgan Global Bond Index; 10% S&P Global REIT Index; 10% IMF Special Drawing Rights Registered: Guernsey Custodian: BNP Paribas Trust Company (Guernsey) Ltd Distribution: None Fees: Initial Charge: No Initial Fee Annual Fund Fee: 1.34% to High High Total Expense Ratio (see explanatory notes for more info) Financial 3 Year Year: Rolling: CURRENCY ALLOCATION Euro 3% Japenese Yen 2% Equities 62% British Pound 3% Total Expense Ratio (TER) 2.04% 2.04% Transaction Costs (TC) 0.02% 0.02% (TER+TC) 2.06% 2.06% Other Information Transaction cut off: Tuesday weekly Valuation cut off: Thursday weekly Bloomberg Code: PTISMOA ISIN Code: GG00B4PPSZ87 Investors can access, free of charge, quarterly reports, minimum disclosure documents and annual reports on our website at www.ptrust.co.za US Dollar 92% 13
PTI GLOBAL SELECT MANAGERS OPPORTUNITIES FUND COMMENTARY Credo Capital Plc The third quarter was a stronger period for risk assets & a relatively flat period for global bond markets. Although shorter term US interest rates continued the upward trajectory they have been on throughout the year, the longer end of the yield curve did not experience significant movement, leading to a stabilisation in Global Bond indices after sharp drawdowns at the beginning of the year. Global equities rose over the period, re-entering into strongly positive territory after the parabolic rise & pullback in early February. Notably the year to date returns have been more concentrated in a smaller group of stocks, as US Tech companies continue to contribute a large proportion of the returns. Global REITs were also a strong sector, recovering sharply following a relatively large drawdown during the volatility in the first quarter. Brooks MacDonald Asset Management One of the major themes of 2018 has been the divergence in growth between the US & the rest of the world. The US began the year buoyed by the tax reforms & has maintained this momentum, supported by two exceptionally strong corporate earnings seasons. Meanwhile, the rest of the world has seen a loss of impetus; for example, the European manufacturing purchasing managers index fell in each month of the first half of 2018. This filtered through to rates markets via expectations that the US Federal Reserve will continue to raise rates while the European Central Bank & Bank of England maintain a more dovish course. The US dollar has been a strong beneficiary of this during the past six months, with the currency rallying significantly on a trade-weighted basis. Non-US markets have lagged as a result & not contributed widely from either an outright performance or currency perspective. Bond markets have been slightly negative on a total-return basis as rates have nudged higher & the threat of a trade war has diminished & reduced the risk-off attraction of sovereign bonds. Diversifiers such as commodities & property have also been poor performers in the year to date, affected by the strength of the US dollar & corporate tax cuts respectively. In such an environment, the benefits of diversification have not seemed very evident. On the plus side, with the US earnings season drawing to a close, the second quarter has proven to be another strong period bolstered by tax cuts & a supportive consumer backdrop. Overall, 80% of US companies have reported actual earnings per share (EPS) above the mean EPS estimate, marking the highest percentage beat since 2008 & up from 78% recorded in the first quarter. Expectations heading into the third quarter also remain high, & coupled with Jerome Powell s relatively dovish recent speech, we expect corporate earnings to continue to support valuations & for inflationary pressures to remain under control. The caveat to this is that the Federal Reserve has been reducing the size of its balance sheet since the start of the year, which is gradually causing global liquidity to decrease. This has catalysed pockets of volatility, which are likely to recur if & when geopolitical or economic risks come to the fore. EXPLANATORY NOTES 3 Year Rolling 1 July 2015 30 June 2018 Annualised The compound annual growth rate over the performance period measured. Past performance is not indicative of future performance. Cumulative Performance This graph is for illustrative purposes only. It depicts how graph an initial lump sum investment of $1,000 (for example) placed at inception of the fund has changed over time, taking ongoing fees into account (excluding any initial fees), with all distributions reinvested on reinvestment date, prior to the deduction of any withholding taxes. Financial Year 1 January 2017 31 December 2017 Highest & Lowest Returns Percentage positive months Total Expense Ratio (TER) Transaction Cost (TC) (TER + TC) 14 Returns achieved over rolling one year periods since inception. Actual annual figures are available to the investor on request. The percentage of calendar months in which the Fund produced a positive monthly return since inception. The percentage of the value of the Financial Product incurred as expenses relating to the administration of the Financial Product. The percentage of the value of the Financial Product incurred as costs related to the buying and selling of the assets underlying the Financial Product. The percentage of the value of the product incurred as costs relating to the investment of the Financial Product. Disclosure Tel: 021 689 8975 Fax: 086 210 4931 info@ptrust.co.za www.ptrust.co.za PTI Mutual Fund PCC Limited (a protected cell company registered with limited liability in Guernsey with registration number 52182). The Manager of the protected cell company is PTI Guernsey Limited (Registration Number 50910) a wholly owned subsidiary of Personal Trust (Pty) Ltd (1951/0028559/07). PTI Mutual Fund PCC Limited is represented by Personal Trust International Management Company (Pty) Limited in South Africa. Custodian: BNP Paribas Trust Company (Guernsey) Limited whose registered office is at BNP Paribas House, St Julian s Avenue, St Peter Port, Guernsey, GY1 1WA Collective Investment Schemes (CIS) are generally medium to long term investments. The value of the participatory interest may go up as well as down and past performance is not necessarily a guide to future performance. Performance disclosed in the fact sheets is applicable to the respective fund. Performance are calculated after management fees and other expenses. PTI Mutual Fund PCC does not provide a guarantee either with respect to the capital or the return of a portfolio. Actual investor performance may differ as a result of the investment date, any initial fee charged, the date of reinvestment and any withholding tax. Performance figures quoted are for the period ending 31 August 2018 based on a lump sum investment, using NAV prices which include fees and charges, excluding any initial fees with income distributions reinvested on an ex-dividend date. PTI Mutual Fund PCC Limited has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. CIS are traded at ruling prices and can engage in borrowing and scrip lending. The PTI Global Select Managers Opportunities Fund is jointly managed by Brooks MacDonald Asset Management (International) Limited, Licence Number 45742 and Credo Capital Plc, Licence Number 9757. There have been no breaches in the Fund during the reporting period. Subscription by institutional investors, or by investors deemed to be institutional investors by the Manager, may be permitted by invitation only. The terms of subscription by institutional investors will be concluded at time of invitation. Historic pricing is used. A schedule of fees and charges and maximum commissions is available on request from the company. Commissions and incentives may be paid and if so, would be included in the overall cost. The Fund may invest in portfolios of collective schemes that levy their own charges, which could result in a higher fee structure for the fund. A Fund of Funds portfolio will invest in portfolios that levy their own charges, which could result in a higher fee structure for the Fund of Funds. In both instances, the charges levied by the portfolios of collective investment schemes into which the Fund invests are reflected in the Total Expense Ratio. A portfolio can invest in foreign securities which may have exposure to potential constraints on liquidity and the repatriation of funds; macroeconomic risks; political risks; foreign exchange risks; tax risks, settlement risks; and potential limitations on the availability of market information. A Higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER's. Transaction costs are a necessary cost in administering the Financial Product and impacts the Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time, including market returns, the type of financial product, the investment decisions of the investment manager and the TER.
PERSONAL TRUST EQUITY FUND CUMULATIVE PERFORMANCE GRAPH SINCE INCEPTION Per R1,000 invested 4000.00 3500.00 3000.00 2500.00 2000.00 1500.00 1000.00 500.00 SA Equity Fund Benchmark Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 ANNUALISED PERFORMANCE FUND BENCHMARK Quarter 4.23% 4.93% 1 year -0.38% 6.88% 3 years 4.00% 8.54% 5 years 3.78% 9.99% Since inception 7.76% 14.31% R 3,402.14 R 1,980.20 Jan-18 Apr-18 Jul-18 Fund Objective To provide returns in excess of the JSE All Share Index over the long-term with lower than average risk of capital loss. Fund Features - Alternate, more efficient vehicle for clients with individual share portfolios due to CGT deferral - Suitable for investors seeking full exposure to the SA equity market - Focus on high quality businesses with good long-term prospects - Caters for clients who have a high risk profile with a long-term investment horizon - Suitable for investors who are looking for outperformance of the South African equity market in varying market conditions. May underperform the market in the short-term in search of long-term gains. Fund Classification Sector: Equity General Portfolio Geographic Classification: South African RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 27.85% 32.74% Lowest rolling 1-year return -9.77% 4.37% Fund Risk Profile Low Low to to High High RISK MEASURE FUND JSE ALSI Maximum Drawdown -26.90% -16.14% Percentage positive months since inception 60.55% 61.47% TOP 10 EQUITY HOLDINGS % OF EQUITY HOLDING Billiton Plc 10% Compagnie Fin Richemont 8% Naspers Ltd 8% Remgro Ltd 7% British American Tobacco Plc 7% Sasol Ltd 6% NEPI Rockcastle Plc 5% Shoprite Holdings Ltd 4% Investec Plc 4% Bid Corp Ltd 4% ASSET ALLOCATION SECTOR ALLOCATION Fund Manager: Mark Huxter Inception Date: 13 July 2009 Fund Size: R581.53 million Unit Price: 165.87 cents per unit Units in issue: 350,577,028 Min. Investment: R50,000 lump sum Benchmark: JSE All Share Index Distribution: March, June, September, December Fees: Initial Charge: Annual Fund Fee: Negotiable to a maximum of 1% plus VAT 1.21% (excluding VAT) Total Expense Ratio (see explanatory notes for more info) Financial 3 Year Year: Rolling: Total Expense Ratio (TER) 1.40% 1.41% Transaction Costs (TC) 0.06% 0.08% (TER+TC) 1.46% 1.49% Local Equities 95% Cash 5% Property Telcoms Pref Shares 2% 5% 3% Oil and gas 6% Media 8% Industrials 20% Basic materials 14% Cash 5% Consumer goods 26% Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PTSAEQY ISIN Code: ZAE0000137725 JSE Code: PTSAE Prices are published daily in arrears. Investors can access, free of charge, daily fund prices, quarterly reports, minimum disclosure documents and annual reports on our website at www.ptrust.co.za Healthcare 2% Financials 9% 15
PERSONAL TRUST EQUITY FUND INCOME DISTRIBUTIONS September 2017 December 2017 March 2018 June 2018 Paid in the last 12 months CLASS R 1.26 cpu 0.21 cpu 1.23 cpu - cpu 2.69 cpu 12 month historic yield 1.62% COMMENTARY The Personal Trust Equity Fund maintains a long term thematic focus. The Fund remains positioned to benefit from the long-term thematic impacts, such as the ongoing potential of Sovereign Debt downgrades, given the continued failure of an indebted SA to implement structural reforms ; any disappointment in the growth trajectory will likely adversely impact revenue collection and further worsen SA s fiscal metrics. The USDZAR weakened by almost 13% in August, the biggest monthly decline since September 2011. The rand is a high beta currency and therefore prone to the severe side-effects of EM troubles. Good performances from the top ten holdings saw Sasol ( overweight O/W +11.2% MoM; YTD 34.52%); Richemont (equal weight +13.3% MoM; YTD 16.80%) and even Naspers (underweight +1.0% MoM; -5.37% YTD despite Tencent s share price drop). Also, BHP Billiton (O/W +4.3% MoM, +25.7% YTD); Bidcorp (O/W +19% MoM; 4.19% YTD), Investec Plc (O/W + 1.33% MoM; YTD 7.81%). Negative contributions - Remgro (O/W 1.27 MoM; - 9.15% YTD); BATS (O/W 1.87% MoM; YTD -14.13%); Nepi (O/W + 14.75 % MoM; YTD 34.45) and lastly Shoprite (O/W 6.78% MoM; YTD 7.77%). Thus, the fund retains a balance between Rand hedge and SA Inc. counters; this despite the quarter return below the JSE All Share Index returns. The fund and the top ten holdings still reflects the investment philosophy which favours high quality, highly liquid companies with consistent long-term track records; the guiding principles of the Investment Councils agreed investment process. EXPLANATORY NOTES 3 Year Rolling 1 July 2015 30 June 2018 12 month historic yield All income declared during the previous 12 months, gross of any withholding tax, as a percentage of the NAV price on the date of the MDD. Annualised The compound annual growth rate over the performance period measured. Past performance is not indicative of future performance. Cumulative Performance graph This graph is for illustrative purposes only. It depicts how an initial lump sum investment of R1,000 (for example) placed at inception of the fund has changed over time, taking ongoing fees into account (excluding any initial fees charged), with all distributions reinvested on reinvestment date, prior to the deduction of any withholding taxes. Financial Year 1 January 2017 31 December 2017 Highest & Lowest Returns achieved over rolling one year periods since Returns inception. Actual annual figures are available to the investor on request. Maximum Drawdown Maximum percentage decline over any period. Drawdown is calculated on the total return of the Fund/benchmark. Percentage positive The percentage of calendar months in which the Fund months produced a positive monthly return since inception. Total Expense Ratio (TER) The percentage of the value of the Financial Product incurred as expenses relating to the administration of the Financial Product. Transaction Cost (TC) The percentage of the value of the Financial Product incurred as costs related to the buying and selling of the assets underlying the Financial Product. (TER + TC) The percentage of the value of the product incurred as costs relating to the investment of the Financial Product. Disclosure Tel: 021 689 8975 Fax: 086 210 4931 info@ptrust.co.za www.ptrust.co.za Personal Trust International Management Company (Pty) Ltd. Reg No. 2005/026983/07 is a registered Collective Investment Scheme manager in terms of the Collective Investment Scheme Control Act, 45 of 2002. Wholly owned Subsidiary of Personal Trust (Pty) Ltd. FSP Licence No. 707. Registered Financial Services Provider. The Management Company is a member of the Association for Savings & Investment SA (ASISA) Independent Trustee & Custodian: Firstrand Bank Limited Address: 25 th Floor, Portside 5 Buitengracht Street, Cape Town, South Africa. Tel: +27 21 446 9200 Collective Investment Schemes (CIS) are generally medium to long term investments. The value of the participatory interest may go up as well as down and past performance is not necessarily a guide to future performance. Performance disclosed in the fact sheets is applicable to the respective fund. Performance figures include income distributions, prior to deduction of withholding taxes and are calculated after management fees. Personal Trust International Management Company (Pty) Limited does not provide a guarantee either with respect to the capital or the return of a portfolio. Actual investor performance may differ as a result of the investment date, any initial fee charged, the date of reinvestment and any withholding tax. Performance figures quoted are from Profile Data for the period ending 31 August 2018 based on a lump sum investment, using NAV prices which include fees and charges, excluding any initial fees, with income distributions reinvested on ex-dividend date. Personal Trust International Management Company (Pty) Ltd has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. CIS are traded at ruling prices and can engage in borrowing and scrip lending. There have been no breaches in the fund during the reporting period. Subscription by institutional investors, or by investors deemed to be institutional investors by the Manager, may be permitted by invitation only. The terms of subscription by institutional investors will be concluded at time of invitation. Historic pricing is used. A schedule of fees and charges and maximum commissions is available on request from the company. Commissions and incentives may be paid and if so, would be included in the overall cost. The Fund may invest in portfolios of collective schemes that levy their own charges, which could results in a higher fee structure for the Fund. A Fund of Funds portfolio will invest in portfolios that levy their own charges, which could result in a higher fee structure for the Fund of Funds. In both instances, the charges levied by the portfolios of collective investment schemes into which the Fund invests are reflected in the Total Expense Ratio. A portfolio can invest in foreign securities which may have exposure to potential constraints on liquidity and the repatriation of funds; macroeconomic risks; political risks; foreign exchange risks; tax risks, settlement risks; and potential limitations on the availability of market information. A Higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER's. Transaction costs are a necessary cost in administering the Financial Product and impacts the Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time, including market returns, the type of financial product, the investment decisions of the investment manager and the TER. 16
PERSONAL TRUST INCOME FUND ANNUALISED PERFORMANCE FUND BENCHMARK Quarter 1.53% 1.99% 1 year 7.10% 7.05% 3 years 7.74% 5.91% 5 years 7.10% 5.21% 10 years 7.09% 4.78% Since inception 9.48% 5.01% PERFORMANCE OF PT INCOME ABIL FUND BENCHMARK RETENTION FUND Quarter 1.59% 1.99% 1 year 7.95% 7.05% 3 years 8.58% 5.91% 5 years 8.58% 5.21% 10 years 7.10% 4.78% Since inception 9.49% 5.01% On 21 August 2014, the PT Income ABIL Retention Fund was established to house the illiquid African Bank debt instruments. An equal percentage of the unitholding of all investors in the PT Income Fund at that date were moved to the Retention Fund. The performance table above indicates the combined performance of both the PT Income Fund, and PT Income ABIL Retention Fund. These performance figures are applicable to investors that were invested in the PT Income Fund on 21 August 2014. RETURNS SINCE INCEPTION FUND BENCHMARK Highest rolling 1-year return 23.08% 6.78% Lowest rolling 1-year return 4.21% 11.12% RISK MEASURE FUND JSE ALSI Percentage positive 92.82% 60.51% months since inception ASSET ALLOCATION Local Cash 5% Pref Shares 3% Property 3% Inflation Linkers 3% Bonds 07-12 Yrs 8% INCOME DISTRIBUTIONS September 2017 December 2017 March 2017 June 2018 Paid in the last 12 months Bonds 03-07 Yrs 15% Total Fund Allocation Money Market 43% CLASS R 2.57 cpu 2.27 cpu 2.41 cpu 2.30 cpu 9.55 cpu Bonds 0-3 Yrs 20% Fund Objective To manage the interest rate cycle to obtain the highest possible yield whilst ensuring the security of the capital invested. Fund Features - Managed by Prescient & Granate - Suitable for investors with a low risk profile who are seeking managed exposure to income generating investments - Tactically managed to secure an attractive return while protecting capital - Recommended investment period is 12 months or longer Fund Classification Sector: Multi Asset Income Portfolio Geographic Classification: South African Fund Risk Profile Low Inception Date: 1 July 2002 Fund Size: R371.26 million Unit Price: 135.22 cents per unit Units in issue: 274,556,670 Min. Investment: R200 000 lump sum Benchmark: Cash + 2% Distribution: March, June, September, December Fees: Initial Charge: Annual Fund Fee: Low to to High High Negotiable to a maximum of 1% plus VAT 1.33% (excluding VAT) Total Expense Ratio (see explanatory notes for more info) Financial 3 Year Year: Rolling: Total Expense Ratio (TER) 1.55% 1.57% Transaction Costs (TC) 0.01% 0.07% (TER+TC) 1.56% 1.65% Other Information Transaction cut off: 13h00 daily Valuation cut off: 15h00 daily Bloomberg Code: PERTRIN ISIN Code: ZAE000054136 JSE Code: PTIC Prices are published daily in arrears. Investors can access, free of charge, daily fund prices, quarterly reports, minimum disclosure documents and annual reports on our website at www.ptrust.co.za 12 month historic yield 7.06% 17