Avbob - Old Mutual

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Diversification Theory − Diversification improves portfolio efficient frontier − Reduces country-specific risk Optimisation − Our detailed analysis shows optimal portfolios hold more than 35% internationally − SA equity volatility 30% higher than international equity volatility Opportunity set − Exposure to faster growth economies in other countries − Exposure to industries not well represented in South Africa (excluding resources) − Exposure to many more companies and instruments 12
Valuation: SA no longer so cheap South Africa’s Dividend Yield – Japan’s Dividend yield (%) CHEAP 13 Source: OMIGSA
Page 1 and 2: Asset Allocation: 2011 Outlook PETE
Page 3 and 4: Asset Class Returns For 12 Months t
Page 5 and 6: Interest rate-sensitive assets gain
Page 7 and 8: South Africa best performing major
Page 9 and 10: Philosophy: Theme vs. Price THEME
Page 11: Why increase offshore exposure? Di
Page 15 and 16: Increase International Exposure Di
Page 17 and 18: Africa: The Last Frontier Populati
Page 19 and 20: Expected Returns: Equities SA
Page 21 and 22: Long-Term Asset Allocation View Rea
Page 23: Old Mutual Balanced Fund Asset Allo

Avbob - Old Mutual

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