Avbob - Old Mutual

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What did we say last time? Themes help strip out the noise − Big government − Cash is trash − Emerging markets − Low-return world − Quest for yield ? Expectations are unrealistic − 65% of investors are going to be disappointed in the long-term Expect a better second half of the year 2
Asset Class Returns For 12 Months to 31.12.10 SA EQUITIES RAND RETURNS (%) US DOLLAR RETURNS (%) FTSE/SWIX 20.9 35.4 SA Listed Property 29.6 45.2 SA Bonds 15.2 29.0 SA Cash 6.8 19.6 INTERNATIONAL RETURNS MSCI AC World 1.0 13.2 Emerging Market 6.4 19.2 Bonds -5.0 6.4 Cash -10.3 0.3 3
Page 1: Asset Allocation: 2011 Outlook PETE
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 and 12: Why increase offshore exposure? Di
Page 13 and 14: Valuation: SA no longer so cheap So
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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