global manager watch - Alexander Forbes

JANUARY 2013/01/31 2012/11/01 2013/01/01 2012/02/01 2010/02/01 2008/02/01 2006/02/01 2003/02/01 

Manager Watch TM Series of Surveys 

for the month ending January 2013 

Manager Watch Series of Surveys 

January 2008

S.A. MANAGER WATCH TM - BEST INVESTMENT VIEW 

Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only. These portfolios represent the managers' best investment view. 

GENERAL INFORMATION 

GIPS 

(Verified/ 

Compliant) 

Portfolio Type 

Notes 

Regulation 28 

Compliant 

Certification 

(Y/N) 

Benchmark Description 

Admin - efficiency : 

No.of funds 

Date data submitted 

in composite 

Portfolio Size 

(R m) 

INVESTMENT MANAGERS 

Absa Asset Management Domestic Balanced V Segregated 65% Capped All Share Index; 25% BESA All Bond Index; 10% STEFI Index 14 February 2013 2 2 111 

Allan Gray V Segregated Non-Investable SA LMW Average 07 February 2013 14 22 344 

Coronation V Segregated SA LMW Median 12 February 2013 12 11 780 

Element Balanced Composite C Segregated 60% All Share Index (ALSI), 25% All Bond Index (ALBI) and 15% Short-term Fixed Interest (STEFI) 13 February 2013 2 457 

Foord Segregated Domestic C Segregated 65% ALSI, 5% PROP, 25% ALBI, 5% STFCAD 14 February 2013 5 4 954 

Investec Asset Management V Segregated SA LMW Median 13 February 2013 8 6 792 

Investment Solutions Performer Local n/a Pooled multi-manager SA LMW Median 14 February 2013 n/a 11 658 

Investment Solutions Value Alpha Local n/a Pooled multi-manager SA LMW Median 14 February 2013 n/a 311 

Oasis V Segregated SA BIV Average 13 February 2013 1 383 

Pan-African C Segregated ALSI 60%: ALBI 40% 15 February 2013 0 285 

Prescient Domestic Balanced Segregated SA BIV Average 11 February 2013 0 371 

Prudential Domestic Balanced V Segregated The total fund is benchmarked against the MEDIAN performance of the Domestic LMW performance. 06 February 2013 2 2 752 

RE:CM Balanced Domestic Composite V Segregated CPIX + 8%pa (ECPIX on INET) 14 February 2013 4 1 088 

Momentum AM Domestic Balanced Fund V Segregated SA LMW Median 14 February 2013 4 844 

SIM Domestic Unique V Segregated SA LMW Median 12 February 2013 1 322 

This includes multi-managers thus must 

be noted as possible "double-counting" TOTAL 66 453 

* Reasonable use of the survey may be made for purposes of comment and study provided that full acknowledgement is made to "Alexander Forbes Research & Product Development". 

* While all possible care is taken in the compilation of the Survey, reliance is placed on information received from Investment Managers. 

* The rankings and statistical information have been supplied for illustrative purposes only. 

* Performance figures are shown gross of fees. 

* Performance should not be judged over a short period of time. 

* Past performance is not necessarily a guide to future performance.


Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only. These portfolios represent the managers' best investment view. 

INVESTMENT DATA TO THE END OF JANUARY 2013 

PERFORMANCE DATA 

Month Quarter 

Year to Date 

1 Year 

3 Years (p.a.) 5 Years (p.a.) 

7 Years (p.a.) 


Portfolio Rank Benchmark Portfolio Rank Benchmark Portfolio Rank Benchmark Portfolio Rank Benchmark Portfolio Rank Benchmark Portfolio Rank Benchmark Portfolio Rank Benchmark Portfolio Rank Benchmark 


Absa Asset Management Domestic Balanced 1.60% 13 2.14% 4.74% 14 6.96% 1.60% 13 2.14% 15.46% 11 19.46% 15.25% 10 16.02% 13.78% 6 12.28% 14.31% 9 13.02% * * 

Allan Gray 3.08% 2 2.41% 5.59% 11 6.31% 3.08% 2 2.41% 15.41% 12 18.70% 15.07% 11 16.46% 13.47% 7 12.65% 14.95% 5 13.66% 20.63% 3 19.13% 

Coronation 3.39% 1 2.54% 7.64% 2 6.76% 3.39% 1 2.54% 21.59% 4 19.11% 18.15% 3 16.56% 15.06% 2 13.20% 15.30% 2 14.03% 20.85% 2 19.44% 

Element Balanced Composite 2.77% 5 2.02% 5.00% 13 6.55% 2.77% 5 2.02% 13.17% 13 18.36% * * * * * * * * 

Foord Segregated Domestic 1.54% 14 2.21% 6.83% 5 7.31% 1.54% 14 2.21% 27.33% 1 20.64% 21.00% 1 16.66% 16.15% 1 11.42% 15.75% 1 12.63% 20.86% 1 17.18% 

Investec Asset Management 2.96% 3 1.05% 6.51% 7 6.16% 2.96% 3 1.05% 19.23% 8 19.97% 16.15% 8 16.17% 12.93% 9 11.91% 15.23% 3 12.52% 20.37% 5 17.18% 

Investment Solutions Performer Local 2.77% 4 2.61% 6.87% 4 7.25% 2.77% 4 2.61% 20.99% 6 18.41% 17.78% 6 16.29% 14.36% 4 13.04% 14.74% 6 13.92% 19.97% 7 19.36% 

Investment Solutions Value Alpha Local 2.51% 10 2.61% 6.80% 6 7.25% 2.51% 10 2.61% 21.43% 5 18.42% 17.85% 5 16.30% 14.31% 5 13.04% 14.72% 7 13.93% 20.00% 6 19.36% 

Oasis 2.71% 7 2.40% 8.12% 1 6.23% 2.71% 7 2.40% 23.02% 2 18.36% 18.06% 4 16.17% 13.14% 8 12.82% 14.36% 8 13.58% 19.05% 8 18.74% 

Pan-African 2.59% 8 2.56% 5.86% 9 6.56% 2.59% 8 2.56% 18.14% 9 18.97% 15.50% 9 16.43% 11.58% 11 13.21% 12.06% 12 13.80% 16.70% 11 18.82% 

Prescient Domestic Balanced 1.96% 12 0.24% 5.10% 12 0.72% 1.96% 12 0.24% 11.62% 14 5.31% * * * * * * * * 

Prudential Domestic Balanced 2.72% 6 2.56% 7.54% 3 6.56% 2.72% 6 2.56% 22.59% 3 18.97% 19.41% 2 16.43% 14.79% 3 13.21% 15.15% 4 13.80% 20.48% 4 18.82% 

RE:CM Balanced Domestic Composite 2.54% 9 0.88% 4.02% 15 3.07% 2.54% 9 0.88% 4.93% 15 14.08% 9.54% 13 13.45% 11.00% 13 14.76% 10.73% 13 14.86% * * 

Momentum AM Domestic Balanced Fund 1.04% 15 1.15% 5.67% 10 6.21% 1.04% 15 1.15% 17.06% 10 20.80% 14.47% 12 16.37% 11.53% 12 12.07% 12.67% 10 12.90% 18.45% 9 17.22% 

SIM Domestic Unique 2.48% 11 2.54% 6.45% 8 6.76% 2.48% 11 2.54% 19.47% 7 19.11% 16.77% 7 16.56% 11.97% 10 13.20% 12.31% 11 14.03% 18.04% 10 19.44% 




* Reasonable use of the survey may be made for purposes of comment and study provided that full acknowledgement is made to "Alexander Forbes Research & Product Development. 


* Past history is not necessarily a guide to future performance.


Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only. These portfolios represent the managers' best investment 

view. 


RISK VS RETURN 

Calculated on 3 year performance returns 


3 Year Return 

(p.a.) 

Rank 

Active Tracking 

5 Year Return 

Volatility Rank Sharpe Ratio 

Rank Volatility Rank 

Return Error 

(p.a.) 

Active 

Return 

Tracking 

Error 

Sharpe Ratio 

Absa Asset Management Domestic Balanced 15.25% 10 7.93% 8 -0.77% 1.63% 1.17 13.78% 6 9.86% 4 1.50% 2.96% 0.62 

Allan Gray 15.07% 11 4.96% 2 -1.39% 3.78% 1.83 13.47% 7 8.67% 2 0.82% 5.29% 0.67 

Coronation 18.15% 3 7.99% 9 1.59% 1.32% 1.52 15.06% 2 11.13% 8 1.87% 1.38% 0.66 

Foord Segregated Domestic 21.00% 1 8.81% 12 4.34% 2.68% 1.70 16.15% 1 11.37% 9 4.73% 4.27% 0.74 

Investec Asset Management 16.15% 8 7.90% 7 -0.02% 2.87% 1.29 12.93% 9 12.35% 13 1.02% 4.64% 0.42 

Investment Solutions Performer Local 17.78% 6 7.44% 4 1.48% 1.16% 1.58 14.36% 4 10.43% 7 1.32% 1.63% 0.64 

Investment Solutions Value Alpha Local 17.85% 5 6.70% 3 1.55% 2.11% 1.77 14.31% 5 9.55% 3 1.26% 2.87% 0.69 

Oasis 18.06% 4 7.55% 5 1.90% 1.38% 1.60 13.14% 8 9.86% 5 0.31% 2.28% 0.55 

Pan-African Asset Management 15.50% 9 7.62% 6 -0.93% 1.78% 1.25 11.58% 11 10.42% 6 -1.64% 2.46% 0.37 

Prudential Domestic Balanced 19.41% 2 9.35% 13 2.97% 1.94% 1.43 14.79% 3 11.89% 12 1.58% 1.97% 0.60 

Momentum AM Domestic Balanced Fund 14.47% 12 8.73% 11 -1.90% 1.37% 0.97 11.53% 12 11.70% 11 -0.55% 2.51% 0.33 

RE:CM Balanced Domestic Composite 9.54% 13 4.87% 1 -3.90% * 0.73 11.00% 13 7.08% 1 -3.77% * 0.47 

SIM Domestic Unique 16.77% 7 8.42% 10 0.21% 0.89% 1.28 11.97% 10 11.68% 10 -1.22% 1.86% 0.37 

Lower volatility = 

higher ranking 

STATISTICS 

Range 11.46% 5.16% 

Highest 21.00% 9.35% 4.34% 3.78% 1.83 16.15% 12.35% 4.73% 5.29% 0.74 

Upper Quartile 18.06% 8.42% 1.59% 2.25% 1.60 14.36% 11.68% 1.50% 3.29% 0.66 

Median 16.45% 7.90% 0.21% 1.71% 1.43 13.23% 10.43% 1.02% 2.49% 0.60 

Average 16.15% 7.56% 0.39% 1.91% 1.39 12.81% 10.46% 0.56% 2.84% 0.55 

Lower Quartile 15.25% 7.44% -0.93% 1.36% 1.25 11.97% 9.86% -0.55% 1.94% 0.42 

Lowest 9.54% 4.87% -3.90% 0.89% 0.73 11.00% 7.08% -3.77% 1.38% 0.33 

Number of participants 13 13 13 13 13 13 13 13 





* Quantitative figures are calculated on 3 year performance returns. 


* Past history is not necessarily a guide to future performance. 

Lower volatility = higher 

ranking

Return (p.a.) 

S.A. MANAGER WATCH TM - BEST INVESTMENT 

VIEW 

Volatility vs Return Scatterplot - SA BIV 

3 Years ended 31 January 2013 

Foord Segregated Domestic 

20.00% 

Prudential Domestic Balanced 

18.50% 

Investment Solutions Value Alpha Local 

Investment Solutions Performer Local 

Oasis 

Coronation 

17.00% 

SIM Domestic Unique 

Investec Asset Management 

15.50% 

Allan Gray 

Pan-African Asset Management 

Absa Asset Management Domestic Balanced 

14.00% 

Momentum AM Domestic Balanced Fund 

12.50% 

11.00% 

RE:CM Balanced Domestic Composite 

9.50% 

4.80% 5.30% 5.80% 6.30% 6.80% 7.30% 7.80% 8.30% 8.80% 9.30% 

Volatility (p.a.) (standard deviation) 


** Please see final page for Disclaimers and Glossary **

S.A. MANAGER WATCH TM - CONSERVATIVE 

Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to minimise the probability of short-term (i.e. less than one year) capital loss 


GIPS 

(Verified/ 

Compliant) 


Notes 

Regulation 28 

Compliant 

Certification 

(Y/N) 




No.of funds 

in composite 


(R m) 


Allan Gray Life Domestic Stable Portfolio V Pooled Non-Investable Alexander Forbes 3 month Deposit Index plus 2% 07 February 2013 n/a 1 972 

Investment Solutions Conserver Local n/a Pooled multi-manager 40% SWIX, 30% ALBI, 30% SteFI Call Deposit Index 14 February 2013 n/a 2 518 

Prudential Domestic Conservative Balanced V Segregated The total fund is benchmarked against the Bespoke Benchmark 06 February 2013 1 1 002 










Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to minimise the probability of short-term (i.e. less than one year) capital loss 



Month Quarter Year to Date 1 Year 3 Years (p.a.) 5 Years (p.a.) 7 Years (p.a.) 10 Years (p.a.) 



Allan Gray Life Domestic Stable Portfolio 1.25% 3 * 1.93% 3 * 1.25% 3 * 7.43% 3 * 8.80% 3 * 10.31% 3 * 11.63% 3 * * * 

Investment Solutions Conserver Local 1.71% 1 0.74% 4.75% 2 4.57% 1.71% 1 0.74% 14.14% 2 15.55% 13.05% 2 13.33% 12.54% 2 10.86% 12.42% 2 11.05% * * 

Prudential Domestic Conservative Balanced 1.70% 2 0.75% 5.66% 1 4.61% 1.70% 2 0.75% 19.19% 1 15.70% 16.84% 1 13.49% 13.54% 1 13.20% 13.47% 1 11.20% 16.72% 1 14.04% 








Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only. These portfolios represent the managers' best investment 

view. 





3 Year Return 

(p.a.) 


Active 

Return 

Tracking 

Error 

Sharpe Ratio 

5 Year Return 

(p.a.) 


Active 

Return 

Tracking 

Error 

Sharpe Ratio 

Allan Gray Life Domestic Stable Portfolio 8.80% 3 1.18% 1 * * 2.38 10.31% 3 3.34% 1 * * 0.79 

Investment Solutions Conserver Local 13.05% 2 4.07% 2 -0.28% 2.14% 1.73 12.54% 2 6.16% 2 1.68% 2.78% 0.79 

Prudential Domestic Conservative Balanced 16.84% 1 6.48% 3 3.35% 1.26% 1.67 13.54% 1 7.90% 3 0.34% 1.72% 0.74 



STATISTICS 

Range 8.04% 3.23% 

Highest 16.84% 6.48% 3.35% 2.14% 2.38 13.54% 7.90% 1.68% 2.78% 78.69% 

Upper Quartile 14.94% 5.27% 2.44% 1.92% 2.05 13.04% 7.03% 1.35% 2.51% 78.67% 

Median 13.05% 4.07% 1.53% 1.70% 1.73 12.54% 6.16% 1.01% 2.25% 78.66% 

Average 12.90% 3.91% 1.53% 1.70% 1.93 12.13% 5.80% 1.01% 2.25% 77.15% 

Lower Quartile 10.93% 2.62% 0.62% 1.48% 1.70 11.42% 4.75% 0.68% 1.98% 76.38% 

Lowest 8.80% 1.18% -0.28% 1.26% 1.67 10.31% 3.34% 0.34% 1.72% 74.10% 










ranking

S.A. LARGE MANAGER WATCH TM 

Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only. These portfolios represent the best investment view of the largest managers of discretionary assets in 

South Africa, as determined under the survey rules imposed by Alexander Forbes Research & Product Development. 



Month Quarter Year to Date 1 Year 3 Years (p.a.) 5 Years (p.a.) 

7 Years (p.a.) 10 Years (p.a.) 



Absa Asset Management Domestic Balanced 1.60% 8 2.14% 4.74% 9 6.96% 1.60% 8 2.14% 15.46% 8 19.46% * * * * * * * * 

Allan Gray 3.08% 2 2.41% 5.59% 8 6.31% 3.08% 2 2.41% 15.41% 9 18.70% 15.07% 7 16.46% 13.47% 4 12.65% 14.95% 5 13.66% 20.63% 3 19.13% 

Coronation 3.39% 1 2.54% 7.64% 2 6.76% 3.39% 1 2.54% 21.59% 4 19.11% 18.15% 3 16.56% 15.06% 2 13.20% 15.30% 2 14.03% 20.85% 2 19.44% 

Foord Segregated Domestic 1.54% 9 2.21% 6.83% 4 7.31% 1.54% 9 2.21% 27.33% 1 20.64% 21.00% 1 16.66% 16.15% 1 11.42% 15.75% 1 12.63% 20.86% 1 17.18% 


Oasis 2.71% 5 2.40% 8.12% 1 6.23% 2.71% 5 2.40% 23.02% 2 18.36% 18.06% 4 16.17% 13.14% 5 12.82% 14.36% 6 13.58% 19.05% 6 18.74% 

Prudential Domestic Balanced 2.72% 4 2.56% 7.54% 3 6.56% 2.72% 4 2.56% 22.59% 3 18.97% 19.41% 2 16.43% 14.79% 3 13.21% 15.15% 4 13.80% 20.48% 4 18.82% 

RE:CM Balanced Domestic Composite 2.54% 6 0.88% 4.02% 10 3.07% 2.54% 6 0.88% 4.93% 10 14.08% 9.54% 9 13.45% 11.00% 9 14.76% 10.73% 9 14.86% * * * 

Momentum AM Domestic Balanced Fund 1.04% 10 1.15% 5.67% 7 6.21% 1.04% 10 1.15% 17.06% 7 20.80% 14.47% 8 16.37% 11.53% 8 12.07% 12.67% 7 12.90% 18.45% 7 17.22% 

SIM Domestic Unique 2.48% 7 2.54% 6.45% 6 6.76% 2.48% 7 2.54% 19.47% 5 19.11% 16.77% 5 16.56% 11.97% 7 13.20% 12.31% 8 14.03% 18.04% 8 19.44% 








Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only. These portfolios represent the best investment view of the largest managers 

of discretionary assets in South Africa, as determined under the survey rules imposed by Alexander Forbes Research & Product Development. 





3 Year Return 

(p.a.) 


Active 

Return 

Tracking 

Error 

Sharpe Ratio 

5 Year Return 

(p.a.) 


Active 

Return 

Tracking 

Error 

Sharpe Ratio 

Allan Gray 15.07% 7 4.96% 2 -1.39% 3.78% 1.83 13.47% 4 8.67% 2 0.82% 5.29% 0.67 

Coronation 18.15% 3 7.99% 5 1.59% 1.32% 1.52 15.06% 2 11.13% 4 1.87% 1.38% 0.66 

Foord Segregated Domestic 21.00% 1 8.81% 8 4.34% 2.68% 1.70 16.15% 1 11.37% 5 4.73% 4.27% 0.74 

Investec Asset Management 16.15% 6 7.90% 4 -0.02% 2.87% 1.29 12.93% 6 12.35% 9 1.02% 4.64% 0.42 

Oasis 18.06% 4 7.55% 3 1.90% 1.38% 1.60 13.14% 5 9.86% 3 0.31% 2.28% 0.55 

Prudential Domestic Balanced 19.41% 2 9.35% 9 2.97% 1.94% 1.43 14.79% 3 11.89% 8 1.58% 1.97% 0.60 

RE:CM Balanced Domestic Composite 9.54% 9 4.87% 1 -3.90% 5.09% 0.73 11.00% 9 7.08% 1 -3.77% 7.14% 0.47 

Momentum AM Domestic Balanced Fund 14.47% 8 8.73% 7 -1.90% 1.37% 0.97 11.53% 8 11.70% 7 -0.55% 2.51% 0.33 

SIM Domestic Unique 16.77% 5 8.42% 6 0.21% 0.89% 1.28 11.97% 7 11.68% 6 -1.22% 1.86% 0.37 



STATISTICS 

Range 11.46% 5.16% 

Highest 21.00% 9.35% 4.34% 5.09% 1.83 16.15% 12.35% 4.73% 7.14% 0.74 


Median 16.60% 7.99% 0.21% 1.94% 1.43 13.22% 11.37% 0.82% 2.51% 0.55 

Average 16.46% 7.62% 0.42% 2.37% 1.37 12.65% 10.64% 0.53% 3.48% 0.53 


Lowest 9.54% 4.87% -3.90% 0.89% 0.73 11.00% 7.08% -3.77% 1.38% 0.33 

Number of participants 9 9 9 9 9 9 9 9 9 9 









ranking

Return (p.a.) 


Volatility vs Return Scatterplot - SA Large 


Foord Segregated Domestic 

19.5% 

Oasis 

Coronation 

Prudential Domestic Balanced 

17.5% 

SIM Domestic Unique 


Momentum AM Domestic Balanced Fund 

15.5% 

Allan Gray 

13.5% 

11.5% 

RE:CM Balanced Domestic Composite 

9.5% 

4.8% 5.3% 5.8% 6.3% 6.8% 7.3% 7.8% 8.3% 8.8% 9.3% 





Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only. These statistics represent the various categories that portfolios are represented in but only for those managers that are open to new investments. 

LOCAL INVESTABLE PERFORMANCE DATA ANALYSIS TO THE END OF JANUARY 2013 

Return - Month Return - Quarter Return - Year to Date Return - 1 Year Return - 3 Years (p.a.) Return - 5 Years (p.a.) Return - 7 Years (p.a.) Return - 10 Years (p.a.) 

SA BIV 

High 3.39% 8.12% 3.39% 27.33% 21.00% 16.15% 15.75% 20.86% 

Upper Quartile 2.75% 6.86% 2.75% 21.55% 18.08% 14.47% 15.17% 20.45% 

Median 2.56% 6.56% 2.56% 18.97% 16.43% 13.21% 13.80% 18.82% 

Average 2.40% 6.23% 2.40% 18.36% 16.17% 12.82% 13.58% 18.74% 

Asset-weighted Average 1.80% 4.53% 1.80% 13.80% 11.66% 9.46% 9.83% 12.97% 

Lower Quartile 2.09% 5.24% 2.09% 15.86% 15.44% 11.88% 12.58% 18.60% 

Low 1.04% 4.02% 1.04% 4.93% 9.54% 11.00% 10.73% 16.70% 

Range 2.35% 4.10% 2.35% 22.40% 11.46% 5.16% 5.03% 4.16% 


SA Conservative 

High 1.71% 5.66% 1.71% 19.19% 16.84% 13.54% 13.47% 16.72% 


Median 1.71% 5.21% 1.71% 16.66% 14.94% 13.04% 12.94% 16.72% 

Average 1.71% 5.21% 1.71% 16.66% 14.94% 13.04% 12.94% 16.72% 



Low 1.70% 4.75% 1.70% 14.14% 13.05% 12.54% 12.42% 16.72% 

Range 0.02% 0.90% 0.02% 5.05% 3.79% 1.00% 1.05% 0.00% 


SA LMW 

High 3.39% 8.12% 3.39% 27.33% 21.00% 16.15% 15.75% 20.86% 


Median 2.54% 6.76% 2.54% 19.11% 16.56% 13.20% 14.03% 19.44% 

Average 2.33% 6.39% 2.33% 19.05% 16.50% 12.67% 13.68% 19.13% 



Low 1.04% 4.02% 1.04% 4.93% 9.54% 11.00% 10.73% 18.04% 

Range 2.35% 4.10% 2.35% 22.40% 11.46% 5.16% 5.03% 2.82% 


** Median Compounded : The longer term median returns reflected are calculated by compounding the monthly median returns over the various periods. 




Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only.These statistics represent the various categories that portfolios are represented in, regardless of whether these asset managers are open to new investments 

or not. 

LOCAL NON INVESTABLE PERFORMANCE DATA ANALYSIS TO THE END OF JANUARY 2013 


SA BIV 

Median 2.59% 6.46% 2.59% 18.90% 16.45% 13.23% 13.81% 18.82% 

Average 2.44% 6.18% 2.44% 18.17% 16.15% 12.81% 13.58% 18.74% 



SA Conservative 

Median 1.70% 4.75% 1.70% 14.14% 13.05% 12.54% 12.42% 16.72% 

Average 1.55% 4.11% 1.55% 13.58% 12.90% 12.13% 12.51% 16.72% 



SA LMW 

Median 2.62% 6.74% 2.62% 18.92% 16.60% 13.22% 14.05% 19.45% 

Average 2.41% 6.31% 2.41% 18.70% 16.46% 12.65% 13.66% 19.13% 






GLOBAL MANAGER WATCH TM - DYNAMIC 

Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to maximize long-term (i.e. more than 5 years) capital growth. This may lead to volatility of returns in the short-term (i.e. less than one year). 


GIPS 

(Verified/ 

Compliant) 


Notes 

Regulation 28 

Compliant 

Certification 

(Y/N) 



No.of funds 


in composite 


(R m) 

Allan Gray Life Global Absolute Portfolio V Pooled Non-Investable Global LMW Average 07 February 2013 n/a 3 287 

Coronation (Managed) V Pooled Global LMW Average 12 February 2013 n/a 10 713 

Investec Asset Management Managed V Pooled Global LMW Median 13 February 2013 n/a 5 870 

Investec Opportunity Composite V Pooled CPI + 6% 13 February 2013 n/a 42 637 

Investment Solutions Entrepreneur 

Pooled multi-manager 


56.3% SWIX, 15% ALBI, 3.8% SAPY, 16.3% MSCI World Index, 3.8% LBGAI, 2.5% 90-day US Treasury Bill, 2.5% 90- 

day US Treasury Bill + 2% 14 February 2013 n/a 1 100 

This fund holds no specific benchmark. The asset allocation is aggressively managed seeking to maximise shortterm 

OMIGSA MacroSolutions (Profile Pinnacle) V Pooled 

opportunities by actively switching between asset classes and asset sectors. 14 February 2013 n/a 1 779 

SYmmETRY Aggressive V Pooled multi-manager 57% SWIX , 10.5% ALBI, 7.5% SteFI, 18% MSCI World Index, 7% Barclays Global Bond Aggregate 14 February 2013 n/a 1 777 










Objective - The portfolios are balanced (i.e. multiple asset class) portfolios with exposure to both global and local assets, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to maximize long-term (i.e. more than 5 years) capital returns. This may lead to volatility of returns in the short-term (i.e. less than one year). 



Month Quarter Year to Date 1 Year 

3 Years (p.a.) 5 Years (p.a.) 7 Years (p.a.) 10 Years (p.a.) 



Allan Gray Life Global Absolute Portfolio 4.13% 4 4.40% 3.84% 7 7.52% 4.13% 4 4.40% 10.58% 7 21.68% 10.47% 7 16.32% 12.17% 3 11.62% 14.63% 2 13.01% * * 

Coronation (Managed) 5.30% 1 4.32% 9.08% 1 7.58% 5.30% 1 4.32% 26.32% 1 21.95% 19.61% 1 16.35% 15.67% 1 11.63% 16.09% 1 13.01% 19.67% 1 17.58% 

Investec Asset Management Managed 3.64% 7 4.31% 5.84% 6 7.90% 3.64% 7 4.31% 22.39% 3 22.36% 15.92% 5 16.23% 10.08% 7 11.67% 12.23% 6 12.99% 18.76% 3 17.56% 

Investec Opportunity Composite 3.97% 6 0.72% 7.47% 4 2.59% 3.97% 6 4.20% 23.80% 2 11.67% 16.97% 2 11.08% 14.16% 2 12.20% 14.47% 3 12.53% 18.96% 2 11.28% 

Investment Solutions Entrepreneur 3.99% 5 2.92% 7.20% 5 7.14% 3.99% 5 2.92% 19.50% 6 24.01% 16.10% 4 17.91% 12.12% 4 11.98% 12.66% 4 13.15% 17.44% 5 17.05% 

OMIGSA MacroSolutions (Profile Pinnacle) 4.25% 3 * 7.76% 3 * 4.25% 3 * 21.06% 4 * 15.66% 6 * 11.63% 5 * 12.49% 5 * 18.01% 4 * 

SYmmETRY Aggressive 5.07% 2 3.02% 7.88% 2 7.40% 5.07% 2 3.02% 19.83% 5 22.71% 16.12% 3 17.10% 11.00% 6 11.41% 12.10% 7 12.68% 17.00% 6 16.93% 








Objective - The portfolios are balanced (i.e. multiple asset class) portfolios with exposure to both global and local assets, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to maximize long-term (i.e. more than 5 years) capital returns. This may 

lead to volatility of returns in the short-term (i.e. less than one year). 





3 Year Return 

(p.a.) 


Active 

Return 

Tracking 

Error 

Sharpe Ratio 

5 Year Return 

(p.a.) 


Active 

Return 

Tracking 

Error 

Sharpe Ratio 

Allan Gray Life Global Absolute Portfolio 10.47% 7 4.06% 1 -5.85% 7.61% 1.10 12.17% 3 7.56% 1 0.55% 8.65% 0.59 

Coronation (Managed) 19.61% 1 7.72% 6 3.26% 1.40% 1.76 15.67% 1 10.40% 4 4.04% 1.88% 0.77 

Investec Asset Management Managed 15.92% 5 7.40% 5 -0.31% 3.71% 1.34 10.08% 7 11.05% 6 -1.59% 5.45% 0.22 

Investec Opportunity Fund 16.97% 2 5.19% 2 5.89% 5.29% 2.11 14.16% 2 8.74% 2 1.96% 8.67% 0.74 

Investment Solutions Entrepreneur 16.10% 4 6.99% 4 -1.81% 2.04% 1.44 12.12% 4 10.64% 5 0.14% 2.56% 0.42 

OMIGSA MacroSolutions (Profile Pinnacle) 15.66% 6 8.14% 7 * * 1.19 11.63% 5 11.36% 7 * * 0.35 

SYmmETRY Aggressive 16.12% 3 6.94% 3 -0.99% 3.10% 1.46 11.00% 6 9.98% 3 -0.40% 3.57% 0.33 



STATISTICS 

Range 9.14% 5.59% 

Highest 19.61% 8.14% 5.89% 7.61% 2.11 15.67% 11.36% 4.04% 8.67% 0.77 


Median 16.87% 6.99% -0.65% 3.41% 1.44 12.45% 10.40% 0.35% 4.51% 0.42 

Average 15.89% 6.63% 0.03% 3.86% 1.49 12.13% 9.96% 0.78% 5.13% 0.49 


Lowest 10.47% 4.06% -5.85% 1.40% 1.10 10.08% 7.56% -1.59% 1.88% 0.22 










ranking

Return (p.a.) 

GLOBAL MANAGER WATCH TM DYNAMIC 

19.40% 

Volatility vs Return Scatterplot - Global Dynamic 


Coronation (Managed) 

18.40% 

17.40% 

16.40% 

15.40% 

Investec Opportunity Fund 

SYmmETRY Aggressive 

Investment Solutions Entrepreneur 

Investec Asset Management Managed 

OMIGSA MacroSolutions (Profile Pinnacle) 

14.40% 

13.40% 

12.40% 

11.40% 

Allan Gray Life Global Absolute Portfolio 

10.40% 

4.00% 5.00% 6.00% 7.00% 8.00% 




GLOBAL MANAGER WATCH TM - BEST INVESTMENT VIEW 

Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers' best investment view. 


GIPS 

(Verified/ 

Compliant) 


Notes 

Regulation 28 

Compliant 

Certification 

(Y/N) 



No.of funds 


in composite 


(R m) 


Absa Asset Management Global Balanced V Pooled AF Large Manager Watch Median 14 February 2013 n/a 521 

Allan Gray V Segregated Non-Investable Global LMW Average 07 February 2013 19 41 791 

Cadiz Global Balanced V Segregated Global LMW Median 14 February 2013 3 661 

Coronation V Segregated Global LMW Median 12 February 2013 13 25 798 

Foord Asset Management C Segregated 55% ALSI, 9% MSCI, 6% CITI, 5% PROP, 20% ALBI, 5% STFCAD 14 February 2013 12 30 140 

Investec Asset Management V Segregated Global LMW Median 13 February 2013 21 30 876 

75% SA LMW Median, 16.3% MSCI World Index, 3.8% LBGAI, 2.5% 90-day US Treasury Bill, 2.5% 90-day US 

Investment Solutions (Performer) 


Treasury Bill + 2% 14 February 2013 n/a 37 412 

Investment Solutions (Spectrum) 


75% SA LMW Average, 16.3% MSCI World Index, 3.8% LBGAI, 2.5% 90-day US Treasury Bill, 2.5% 90-day US 

Treasury Bill + 2% 14 February 2013 n/a 2 519 

Momentum Balanced Pooled Global LMW Median 14 February 2013 n/a 801 

Nedgroup Investments XS Diversified Fund of Funds Pooled CPI + 5% 13 February 2013 n/a 1 410 

Oasis V Segregated Global BIV Average 13 February 2013 7 1 469 

OMIGSA MacroSolutions V Segregated 

The benchmark for our full discretionary funds is calculated in-house, using FTSE free market indices and estimated 

peer group weightings. 14 February 2013 6 4 299 

OMIGSA MacroSolutions (Profile Balanced) V Pooled 45% FTSE/JSE Shareholder Wghted Index + 20% MSCI ACWI Free Index (R) + 15% BEASSA Index + 7.5%Stefi 3 Months + 145% February 50/50 JPM 2013Intl Bond n/a Index/Barclay Cap Global 1 335 Bnd Agg Index (R) + 5% 

Prescient Global Balanced Segregated Inflation 11 February 2013 n/a 1 355 

Prudential Global Balanced V Segregated The total fund is benchmarked against the total MEDIAN performance of the Global LMW participants. 06 February 2013 6 10 360 

PSG Balanced Fund 

The "Performance Target" is CPI + 5%. The Benchmark is 60% JSE ALSI, 10% All Bond Index, 10% STEFI Cash, 12% MSCI 13 World February Index, 2013 4% USD n/a Month Deposit Rate, 14% 665JPM GBI (all in ZAR) 

Momentum AM Global Balanced Fund V Segregated Global LMW Median 13 February 2013 5 1 507 

RE:CM V Pooled CPIX + 8% p.a (ECPIX on INET) 14 February 2013 6 10 422 

SIM Global Unique V Segregated Global LMW Median 12 February 2013 4 5 377 

Stanlib AM V Segregated Forbes MW - Global Best Invest 14 February 2013 9 5 838 

SYmmETRY Managed V Pooled Median of Alexander Forbes Global Large Manager Watch 14 February 2013 n/a 652 










Objective - The portfolios are balanced (i.e. multiple asset class) portfolios with exposure to global and local assets, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers' best investment view. 






Absa Asset Management Global Balanced 2.73% 21 4.31% 5.74% 20 7.90% 2.73% 21 4.31% 19.22% 17 22.36% * * * * * * * * 

Allan Gray 5.19% 3 4.40% 6.92% 15 7.52% 5.19% 3 4.40% 19.00% 18 21.68% 15.01% 13 16.32% 12.71% 6 11.62% 14.38% 4 13.01% 18.91% 4 17.57% 

Cadiz Global Balanced 3.25% 17 4.31% 7.79% 7 7.90% 3.25% 17 4.31% 21.06% 10 22.36% 15.38% 12 16.23% 10.89% 12 11.67% 11.98% 15 12.99% 17.08% 9 17.56% 

Coronation 5.57% 1 4.31% 8.86% 1 7.90% 5.57% 1 4.31% 25.09% 2 22.36% 18.14% 3 16.23% 14.58% 2 11.67% 14.97% 3 12.99% 19.18% 3 17.56% 

Foord Asset Management 3.73% 15 3.09% 7.01% 14 7.40% 3.73% 15 3.09% 25.74% 1 21.63% 19.45% 1 16.51% 14.70% 1 10.84% 15.02% 2 12.43% 19.83% 1 15.78% 


Investment Solutions (Performer) 4.73% 6 4.40% 7.67% 10 7.82% 4.73% 6 4.40% 22.83% 8 21.96% 17.45% 5 16.70% 13.11% 3 12.53% 14.00% 5 13.75% 18.27% 6 17.88% 

Investment Solutions (Spectrum) 4.35% 10 4.41% 7.72% 9 7.57% 4.35% 10 4.41% 21.99% 9 21.84% 16.68% 6 16.73% 11.97% 8 12.13% 13.31% 8 13.48% 17.73% 7 17.65% 

Momentum Balanced 2.98% 19 3.23% 6.73% 17 7.06% 2.98% 19 3.23% 19.72% 15 23.12% 14.54% 14 17.10% 10.51% 13 12.06% 12.13% 12 13.20% 16.40% 15 12.06% 

Nedgroup Investments XS Diversified Fund of Funds 3.97% 14 0.64% 7.19% 12 2.35% 3.97% 14 0.64% 19.38% 16 10.93% * * * * * * * * 

Oasis 4.52% 7 4.08% 8.56% 2 7.28% 4.52% 7 4.08% 24.07% 5 21.13% 15.71% 11 16.04% 9.99% 16 11.70% 12.24% 11 13.34% 16.63% 12 17.80% 

OMIGSA MacroSolutions 4.30% 12 2.84% 7.76% 8 6.30% 4.30% 12 2.84% 20.85% 12 20.78% 15.79% 9 16.24% 11.34% 9 11.70% 12.62% 9 13.07% 17.67% 8 17.41% 

OMIGSA MacroSolutions (Profile Balanced) 4.43% 8 3.12% 7.85% 6 7.00% 4.43% 8 3.12% 21.05% 11 22.63% 15.75% 10 17.42% 10.94% 11 12.47% 11.72% 17 13.30% 16.50% 13 17.27% 

Prescient Global Balanced 2.95% 20 0.24% 4.88% 21 1.12% 2.95% 20 0.24% 13.75% 20 6.51% * * * * * * * * 

Prudential Global Balanced 4.33% 11 4.31% 8.05% 3 7.71% 4.33% 11 4.31% 23.45% 6 21.73% 17.92% 4 16.20% 13.00% 4 11.87% 13.97% 6 13.25% 18.53% 5 17.53% 

PSG Balanced Fund 4.74% 5 3.61% 6.30% 18 7.38% 4.74% 5 3.61% 18.97% 19 20.31% * * * * * * * * 

Momentum AM Global Balanced Fund 3.02% 18 3.23% 6.74% 16 7.06% 3.02% 18 3.23% 19.81% 14 22.69% 14.13% 15 16.62% 10.04% 15 11.79% 11.73% 16 13.00% 16.80% 10 16.30% 

RE:CM 5.31% 2 0.88% 6.02% 19 3.07% 5.31% 2 0.88% 11.99% 21 14.08% 12.87% 16 13.45% 12.34% 7 14.77% 12.31% 10 14.87% * * 

SIM Global Unique 4.07% 13 4.31% 7.18% 13 7.90% 4.07% 13 4.31% 20.81% 13 22.36% 16.22% 7 16.23% 11.17% 10 11.67% 12.01% 14 12.99% 16.76% 11 17.56% 

Stanlib AM 3.25% 16 4.31% 7.61% 11 7.71% 3.25% 16 4.31% 24.54% 3 21.73% 18.94% 2 16.20% 10.33% 14 11.87% 12.02% 13 13.25% 16.46% 14 17.53% 

SYmmETRY Managed 4.38% 9 4.33% 7.93% 5 7.85% 4.38% 9 4.33% 24.08% 4 21.70% * * * * * * * * 







Return (p.a.) 

GLOBAL MANAGER WATCH TM BEST 

INVESTMENT VIEW 

Volatility vs Return Scatterplot - Global BIV 


Foord Asset Management 

18.80% 

Stanlib AM 

Coronation 

17.80% 

Prudential Global Balanced 

Investment Solutions (Performer) 

16.80% 

15.80% 

Investment Solutions (Spectrum) 

SIM Global Unique 


OMIGSA MacroSolutions (Profile Balanced) OMIGSA MacroSolutions 

Oasis 

Cadiz Global Balanced 

14.80% 

Allan Gray 

Momentum Balanced 

13.80% 

Momentum AM Global Balanced Fund 

RE:CM 

12.80% 

4.65% 5.15% 5.65% 6.15% 6.65% 7.15% 7.65% 8.15% 


* Reasonable use of the survey may be made for purposes of comment and study provided that full 

acknowledgement is made to "Alexander Forbes Research & Product Development". 



Objective - The portfolios are balanced (i.e. multiple asset class) portfolios with exposure to global and local assets, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers' best investment view. 





3 Year Return 

(p.a.) 


Active 

Return 

Tracking 

Error 

Sharpe Ratio 

5 Year Return 

(p.a.) 


Active 

Return 

Tracking 

Error 

Sharpe Ratio 

Allan Gray 15.01% 13 4.70% 1 -1.31% 3.94% 1.92 12.71% 6 8.05% 2 1.09% 5.19% 0.62 

Cadiz Global Balanced 15.38% 12 7.63% 13 -0.85% 2.67% 1.23 10.89% 12 10.72% 12 -0.78% 2.46% 0.30 

Coronation 18.14% 3 6.99% 7 1.91% 1.52% 1.74 14.58% 2 9.97% 5 2.91% 1.76% 0.69 

Foord Asset Management 19.45% 1 7.59% 11 2.94% 2.35% 1.77 14.70% 1 10.16% 6 3.86% 3.66% 0.69 

Investec Asset Management 16.14% 8 6.97% 6 0.14% 3.55% 1.46 12.95% 5 11.03% 15 1.67% 4.29% 0.48 

Investment Solutions (Performer) 17.45% 5 6.47% 3 0.75% 1.26% 1.77 13.11% 3 9.57% 4 0.58% 1.48% 0.57 

Investment Solutions (Spectrum) 16.68% 6 6.73% 5 -0.05% 0.95% 1.59 11.97% 8 10.18% 7 -0.17% 0.84% 0.42 

Momentum Balanced 14.54% 14 7.65% 14 -2.56% 1.30% 1.12 10.51% 13 10.69% 11 -1.55% 2.29% 0.26 

Oasis 15.71% 11 6.71% 4 -0.33% 1.77% 1.45 9.99% 16 9.50% 3 -1.71% 2.36% 0.24 

OMIGSA MacroSolutions 15.79% 9 7.62% 12 -0.45% 1.69% 1.28 11.34% 9 10.72% 13 -0.36% 1.75% 0.34 

OMIGSA MacroSolutions (Profile Balanced) 15.75% 10 7.30% 9 -1.67% 2.04% 1.33 10.94% 11 10.52% 10 -1.53% 2.27% 0.31 

Prudential Global Balanced 17.92% 4 8.13% 16 1.72% 1.65% 1.47 13.00% 4 11.00% 14 1.13% 1.70% 0.48 

Momentum AM Global Balanced Fund 14.13% 15 7.27% 8 -2.50% 1.07% 1.12 10.04% 15 10.38% 8 -1.74% 2.15% 0.23 

RE:CM 12.87% 16 5.14% 2 -0.58% 5.42% 1.34 12.34% 7 8.04% 1 -2.43% 8.18% 0.58 

SIM Global Unique 16.22% 7 7.54% 10 -0.01% 1.22% 1.36 11.17% 10 10.52% 9 -0.50% 1.87% 0.33 

Stanlib AM 18.94% 2 8.07% 15 2.74% 2.51% 1.60 10.33% 14 12.02% 16 -1.53% 3.79% 0.22 



STATISTICS 

Range 6.58% 4.71% 

Highest 19.45% 8.13% 2.94% 5.42% 1.92 14.70% 12.02% 3.86% 8.18% 0.69 


Median 16.60% 7.28% -0.19% 1.73% 1.45 13.22% 10.45% -0.43% 2.28% 0.38 

Average 16.46% 7.03% -0.01% 2.18% 1.47 12.65% 10.19% -0.07% 2.88% 0.42 


Lowest 12.87% 4.70% -2.56% 0.95% 1.12 9.99% 8.04% -2.43% 0.84% 0.22 










ranking


Objective - The portfolios are balanced (i.e. multiple asset class) portfolios with exposure to both global and local assets, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to minimise the probability of short-term (i.e. less than one year) capital loss while targeting long-term (i.e.more than five years) capital return.. 


GIPS 

(Verified/ 

Compliant) 


Notes 

Regulation 28 

Compliant 

Certification 

(Y/N) 



No.of funds 


in composite 


(R m) 


Allan Gray Life Global Stable Portfolio V Pooled Non-Investable Alexander Forbes 3 month Deposit Index plus 2% 07 February 2013 n/a 3 763 

Investec Cautious Managed Fund V Pooled Peer 30% SWIX, Median22.5% ALBI, 22.5% SteFI Call Deposit Index, 11.3% MSCI World Index, 5% LBGAI, 3.1% 90-day US 13 February 2013 n/a 4 687 

Investment Solutions (Conserver) 


Treasury The Profile Bill, Capital 1.9% Portfolio One-month is continually French Treasury evaluated Bill, against 3.8% 90-Day its' performance US Treasury benchmarks, Bill + 2% seeking to outperform the 14 February 2013 n/a 1 995 

OMIGSA MacroSolutions (Profile Capital) V Pooled 

returns which would be generated by adopting a passive strategy, that is, by simply holding the stated asset class and 14 February 2013 n/a 334 

SYmmETRY Absolute Balanced Fund Pooled multi-manager CPI + 7% 14 February 2013 n/a 2 965 









GLOBAL MANAGER WATCH TM - CONSERVATIVE 

Objective - The portfolios are balanced (i.e. multiple asset class) portfolios with exposure to both global and local assets, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to minimise the probability of short-term (i.e. less than one year) capital loss while targeting long-term (i.e.more than five years) capital 

return.. 






Allan Gray Life Global Stable Portfolio 3.49% 2 * 3.61% 5 * 3.49% 2 * 12.14% 5 * 9.80% 5 * 10.22% 5 * 11.51% 2 * * * 

Investec Cautious Managed Fund 3.21% 3 1.74% 5.00% 4 4.49% 3.21% 3 1.74% 16.16% 3 15.47% 11.53% 4 12.55% 11.09% 4 10.04% * * * * 

Investment Solutions (Conserver) 2.91% 4 2.01% 5.07% 3 4.73% 2.91% 4 2.01% 15.47% 4 16.24% 12.95% 3 13.11% 11.45% 2 10.23% 11.95% 1 10.98% 14.49% 1 12.88% 

OMIGSA MacroSolutions (Profile Capital) 2.45% 5 1.63% 5.38% 2 3.47% 2.45% 5 1.63% 17.98% 2 14.28% 13.33% 2 12.53% 11.41% 3 10.62% 10.96% 3 10.68% 12.39% 2 11.95% 

SYmmETRY Absolute Balanced Fund 3.89% 1 0.80% 6.87% 1 2.81% 3.89% 1 0.80% 19.70% 1 13.21% 15.91% 1 12.19% 12.39% 1 * * * * * 







GLOBAL MANAGER WATCH TM - CONSERVATIVE 

Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to minimise the probability of short-term (i.e. less than one year) capital loss while targeting long-term (i.e. more than 

five years) capital growth. 





3 Year Return 

(p.a.) 


Active 

Return 

Tracking 

Error 

Sharpe Ratio 

5 Year Return 

(p.a.) 


Active 

Return 

Tracking 

Error 

Sharpe Ratio 

Allan Gray Life Global Stable Portfolio 9.80% 5 3.73% 4 * * 1.02 10.22% 4 4.40% 2 * * 0.57 

Investec Cautious Managed Fund 11.53% 4 2.92% 1 -1.02% 4.86% 1.89 11.09% 3 5.85% 4 1.05% 5.00% 0.58 

Investment Solutions (Conserver) 12.95% 3 3.15% 3 -0.16% 1.86% 2.20 11.45% 1 5.44% 3 1.23% 2.20% 0.69 

OMIGSA MacroSolutions (Profile Capital) 13.33% 2 2.92% 2 0.80% 1.70% 2.51 11.41% 2 3.94% 1 0.79% 1.68% 0.95 

SYmmETRY Absolute Balanced Fund 15.91% 1 4.89% 5 3.72% 5.20% 2.03 12.39% 1 6.96% 5 * * 0.68 



STATISTICS 

Range 6.11% 1.24% 

Highest 15.91% 4.89% 0.80% 4.86% 2.51 11.45% 5.85% 1.23% 5.00% 0.95 


Median 12.63% 3.15% -0.16% 1.86% 2.05 11.23% 4.92% 1.05% 2.20% 0.64 

Average 12.35% 3.52% -0.13% 2.81% 1.91 10.86% 4.91% 1.02% 2.96% 0.70 

Lower Quartile 11.53% 2.92% -0.59% 1.78% 1.67 10.87% 4.29% 0.92% 1.94% 0.58 

Lowest 9.80% 2.92% -1.02% 1.70% 1.02 10.22% 3.94% 0.79% 1.68% 0.57 










ranking

Return (p.a.) 

GLOBAL MANAGER WATCH TM CONSERVATIVE 

Volatility vs Return Scatterplot - GLOBAL CONSERVATIVE 


15.70% 

SYmmETRY Absolute Balanced Fund 

14.70% 

13.70% 

OMIGSA MacroSolutions (Profile Capital) 

12.70% 

Investment Solutions (Conserver) 

11.70% 

Investec Cautious Managed Fund 

10.70% 

Allan Gray Life Global Stable Portfolio 

9.70% 

2.90% 3.40% 3.90% 4.40% 4.90% 




GLOBAL LARGE MANAGER WATCH TM 

Objective - The portfolios are balanced (i.e. multiple asset class) portfolioswith exposure to both global and local assets, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the best investment view of the largest managers of discretionary assets in South Africa, as determined under the survey rules imposed by Alexander Forbes Research & Product 

Development. 



Month Quarter Year to Date 1 Year 3 Years (p.a.) 

5 Years (p.a.) 7 Years (p.a.) 10 Years (p.a.) 



Allan Gray 5.19% 3 4.40% 6.92% 9 7.52% 5.19% 3 4.40% 19.00% 10 21.68% 15.01% 9 16.32% 12.71% 5 11.62% 14.38% 4 13.01% 18.91% 4 17.57% 

Coronation 5.57% 1 4.31% 8.86% 1 7.90% 5.57% 1 4.31% 25.09% 2 22.36% 18.14% 3 16.23% 14.58% 2 11.67% 14.97% 3 12.99% 19.18% 3 17.56% 

Foord Asset Management 3.73% 9 3.09% 7.01% 8 7.40% 3.73% 9 3.09% 25.74% 1 21.63% 19.45% 1 16.51% 14.70% 1 10.84% 15.02% 2 12.43% 19.83% 1 15.78% 


Oasis 4.52% 5 4.08% 8.56% 2 7.28% 4.52% 5 4.08% 24.07% 4 21.13% 15.71% 8 16.04% 9.99% 11 11.70% 12.24% 8 13.34% 16.63% 9 17.80% 

OMIGSA MacroSolutions 4.30% 7 2.84% 7.76% 5 6.30% 4.30% 7 2.84% 20.85% 7 20.78% 15.79% 7 16.24% 11.34% 7 11.70% 12.62% 6 13.07% 17.67% 6 17.41% 

Prudential Global Balanced 4.33% 6 4.31% 8.05% 3 7.71% 4.33% 6 4.31% 23.45% 5 21.73% 17.92% 4 16.20% 13.00% 3 11.87% 13.97% 5 13.25% 18.53% 5 17.53% 

RE:CM 5.31% 2 0.88% 6.02% 11 3.07% 5.31% 2 0.88% 11.99% 11 14.08% 12.87% 11 13.45% 12.34% 6 14.77% 12.31% 7 14.87% * * 

Momentum AM Global Balanced Fund 3.02% 11 3.23% 6.74% 10 7.06% 3.02% 11 3.23% 19.81% 9 22.69% 14.13% 10 16.62% 10.04% 10 11.79% 11.73% 11 13.00% 16.80% 7 16.30% 

SIM Global Unique 4.07% 8 4.31% 7.18% 7 7.90% 4.07% 8 4.31% 20.81% 8 22.36% 16.22% 5 16.23% 11.17% 8 11.67% 12.01% 10 12.99% 16.76% 8 17.56% 

Stanlib 3.25% 10 4.31% 7.61% 6 7.71% 3.25% 10 4.31% 24.54% 3 21.73% 18.94% 2 16.20% 10.33% 9 11.87% 12.02% 9 13.25% 16.46% 10 17.53% 








Objective - The portfolios are balanced (i.e. multiple asset class) portfolioswith exposure to both global and local assets, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the best investment view of the largest managers of discretionary 

assets in South Africa, as determined under the survey rules imposed by Alexander Forbes Research & Product Development. 





3 Year Return 

(p.a.) 


Active 

Return 

Tracking 

Error 

Sharpe Ratio 

5 Year Return 

(p.a.) 


Active 

Return 

Tracking 

Error 

Sharpe Ratio 

Allan Gray 15.01% 9 4.70% 1 -1.31% 3.94% 1.92 12.71% 5 8.05% 2 1.09% 5.19% 0.62 

Coronation 18.14% 3 6.99% 5 1.91% 1.52% 1.74 14.58% 2 9.97% 4 2.91% 1.76% 0.69 

Foord Asset Management 19.45% 1 7.59% 8 2.94% 2.35% 1.77 14.70% 1 10.16% 5 3.86% 3.66% 0.69 

Investec Asset Management 16.14% 6 6.97% 4 0.14% 3.55% 1.46 12.95% 4 11.03% 10 1.67% 4.29% 0.48 

Oasis 15.71% 8 6.71% 3 -0.33% 1.77% 1.45 9.99% 11 9.50% 3 -1.71% 2.36% 0.24 

OMIGSA MacroSolutions 15.79% 7 7.62% 9 -0.45% 1.69% 1.28 11.34% 7 10.72% 8 -0.36% 1.75% 0.34 

Prudential Global Balanced 17.92% 4 8.13% 11 1.72% 1.65% 1.47 13.00% 3 11.00% 9 1.13% 1.70% 0.48 

RE:CM 12.87% 11 5.14% 2 -0.58% 5.42% 1.34 12.34% 6 8.04% 1 -2.43% 8.18% 0.58 

Momentum AM Global Balanced Fund 14.13% 10 7.27% 6 -2.50% 1.07% 1.12 10.04% 10 10.38% 6 -1.74% 2.15% 0.23 

SIM Global Unique 16.22% 5 7.54% 7 -0.01% 1.22% 1.36 11.17% 8 10.52% 7 -0.50% 1.87% 0.33 

Stanlib 18.94% 2 8.07% 10 2.74% 2.51% 1.60 10.33% 9 12.02% 11 -1.53% 3.79% 0.22 



STATISTICS 

Range 6.58% 4.71% 

Highest 19.45% 8.13% 2.94% 5.42% 1.92 14.70% 12.02% 3.86% 8.18% 0.69 


Median 15.99% 7.27% -0.01% 1.77% 1.46 11.53% 10.38% -0.36% 2.36% 0.48 

Average 16.32% 6.97% 0.39% 2.43% 1.50 11.62% 10.13% 0.22% 3.34% 0.45 


Lowest 12.87% 4.70% -2.50% 1.07% 1.12 9.99% 8.04% -2.43% 1.70% 0.22 










ranking

Return (p.a.) 


Volatility vs Return Scatterplot - GLOBAL LARGE 


Foord Asset Management 

18.80% 

Stanlib 

17.80% 

Coronation 

Prudential Global Balanced 

16.80% 


SIM Global Unique 

15.80% 

Oasis 

OMIGSA MacroSolutions 

14.80% 

Allan Gray 

Momentum AM Global Balanced Fund 

13.80% 

12.80% 

RE:CM 

4.60% 5.10% 5.60% 6.10% 6.60% 7.10% 7.60% 8.10% 





Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are have exposure to both global and local assets. These statistics represent the various categories that portfolios are represented in but only for those managers that are open to new investments. 

LOCAL INVESTABLE PERFORMANCE DATA ANALYSIS TO THE END OF JANUARY 2013 


GLOBAL Dynamic 

High 5.30% 9.08% 5.30% 26.32% 19.61% 15.67% 16.09% 19.67% 


Median 4.12% 7.27% 4.12% 21.62% 16.72% 12.36% 13.25% 17.53% 

Average 4.37% 7.54% 4.37% 22.08% 16.43% 12.45% 13.34% 17.80% 



Low 3.64% 5.84% 3.64% 19.50% 15.66% 10.08% 12.10% 17.00% 

Range 1.66% 3.24% 1.66% 6.82% 3.95% 5.59% 4.00% 2.67% 


GLOBAL BIV 

High 5.57% 8.86% 5.57% 25.74% 19.45% 14.70% 15.27% 19.83% 


Median 4.31% 7.71% 4.31% 21.73% 16.20% 11.87% 13.25% 17.53% 

Average 4.09% 7.28% 4.08% 21.13% 16.04% 11.70% 13.34% 17.80% 



Low 2.73% 4.88% 2.73% 11.99% 12.87% 9.99% 11.72% 16.40% 

Range 2.84% 3.98% 2.84% 13.75% 6.58% 4.71% 3.55% 3.43% 


GLO Conserv 

High 3.89% 6.87% 3.89% 19.70% 15.91% 12.39% 11.95% 14.49% 


Median 3.06% 5.57% 3.06% 15.97% 12.68% 11.26% 11.65% 14.51% 

Average 3.11% 5.58% 3.11% 16.28% 12.65% 11.04% 11.63% 14.62% 



Low 2.45% 5.00% 2.45% 15.47% 11.53% 11.09% 10.96% 12.39% 

Range 1.44% 1.86% 1.44% 4.24% 4.38% 1.30% 0.99% 2.10% 


GLO LMW 

High 5.57% 8.86% 5.31% 25.74% 19.45% 14.70% 15.27% 19.83% 


Median 4.31% 7.90% 4.31% 22.36% 16.23% 11.67% 12.99% 17.56% 

Average 4.32% 7.58% 4.32% 21.95% 16.35% 11.63% 13.01% 17.58% 



Low 3.02% 6.02% 3.02% 11.99% 12.87% 9.99% 11.73% 16.46% 

Range 2.55% 2.84% 2.30% 13.75% 6.58% 4.71% 3.54% 3.37% 




** Please see final page for Disclaimers and Glossory **

GLOBAL MANAGER WATCH TM LARGE 

Objective - The portfolios are balanced (i.e. multiple asset class) portfolios, subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are have exposure to both global and local assets.These statistics represent the various categories that portfolios are represented in, regardless of whether these asset managers are open to new 

investments or not. 

GLOBAL NON INVESTABLE PERFORMANCE DATA ANALYSIS TO THE END OF JANUARY 2013 


GLOBAL Dynamic 

Median 4.13% 6.91% 4.13% 21.48% 16.87% 12.45% 13.32% 17.58% 

Average 4.34% 7.01% 4.34% 20.49% 15.89% 12.13% 13.11% 17.64% 



GLOBAL Conservative 

Median 3.21% 5.60% 3.21% 15.88% 12.63% 11.23% 11.62% 14.50% 

Average 3.19% 5.19% 3.19% 15.52% 12.35% 10.86% 11.50% 14.52% 



GLOBAL BIV 

Median 4.33% 7.68% 4.32% 21.70% 16.20% 11.87% 13.03% 17.39% 

Average 4.14% 7.26% 4.14% 21.02% 16.05% 11.71% 12.93% 17.33% 



GLOBAL LMW 

Median 4.33% 7.85% 4.33% 21.70% 15.99% 11.53% 12.89% 17.49% 

Average 4.40% 7.52% 4.40% 21.68% 16.32% 11.62% 13.01% 17.57% 





** Please see final page for Disclaimers and Glossory **

MARKET DATA 

Month 

MARKET DATA TO THE END OF JANUARY 2013 

Quarter 


Year to date 

1 Year 3 Years (p.a.) 

INDEX RETURNS INCLUDING INCOME & INFLATION 



FTSE / JSE All Share Index (Free Float) 

FTSE / JSE Capped All Share Index 

FTSE / JSE SWIX All Share Index 

FTSE/JSE Mid Cap Index 

FTSE/JSE Small Cap Index 

FTSE/JSE SA Listed Property Index 

JSE Property Unit Trusts 

All Bond 

Barclays Capital ILB Index 

OTHI Index 

GOVI Index 

Alexander Forbes Money Market 

Short Term Fixed Interest Rate Index 

Combination of old CPIX and new CPI 

Consumer Price Inflation (Old/New combined CPI) 

3.23% 

3.15% 

1.51% 

-0.53% 

3.84% 

0.99% 

-0.36% 

0.07% 

-0.43% 

0.05% 

0.07% 

0.43% 

0.43% 

0.24% 

0.24% 

9.29% 

9.22% 

8.17% 

6.07% 

11.41% 

8.18% 

7.22% 

3.28% 

3.66% 

4.05% 

3.15% 

1.28% 

1.29% 

1.12% 

1.12% 

3.23% 

3.15% 

1.51% 

-0.53% 

3.84% 

0.99% 

-0.36% 

0.07% 

-0.43% 

0.05% 

0.07% 

0.43% 

0.43% 

0.24% 

0.24% 

23.68% 

23.72% 

25.35% 

19.84% 

24.25% 

31.00% 

22.81% 

13.73% 

17.77% 

15.18% 

13.48% 

5.54% 

5.50% 

5.67% 

5.67% 

18.26% 

18.55% 

19.24% 

17.34% 

15.35% 

24.50% 

20.91% 

13.14% 

14.24% 

14.20% 

12.56% 

6.01% 

6.00% 

5.08% 

5.08% 

11.39% 

12.19% 

12.56% 

13.34% 

6.93% 

18.75% 

16.91% 

11.07% 

12.44% 

11.79% 

10.27% 

7.77% 

7.69% 

6.36% 

6.20% 

13.95% 

14.38% 

14.20% 

12.36% 

10.75% 

18.07% 

14.36% 

9.02% 

11.74% 

9.18% 

8.52% 

8.17% 

7.92% 

6.47% 

6.53% 

19.92% 

20.41% 

20.85% 

19.24% 

20.69% 

* 

22.57% 

10.50% 

11.16% 

10.67% 

10.12% 

8.51% 

8.22% 

5.76% 

5.28% 

Consumer Price Inflation excluding OER [I-Net code: AECPIXU] 0.16% 

Consumer Price Inflation (Headline CPI) [I-Net code: AECPI] 0.24% 

1.19% 

1.12% 

0.16% 

0.24% 

5.81% 

5.67% 

5.21% 

5.08% 

6.30% 

6.11% 

6.43% 

6.11% 

5.73% 

4.48% 

JP Morgan Global Bond Index 

MSCI World Index (Rands) 

Citi WGBI ( was Salomon Brothers Bond Index) (Rands) 

3.71% 

10.69% 

3.96% 

-0.04% 

11.51% 

0.30% 

3.71% 

10.69% 

3.96% 

12.85% 

33.58% 

13.29% 

10.28% 

17.30% 

9.90% 

8.34% 

5.64% 

7.92% 

12.00% 

9.55% 

11.74% 

6.47% 

9.45% 

6.25% 


QUANTITATIVE ANALYSIS 

Calculated on rolling performance returns 

FTSE / JSE All Share Index (Free Float) 

FTSE / JSE Capped All Share Index 

FTSE / JSE SWIX All Share Index 

FTSE/JSE Mid Cap Index 

FTSE/JSE Small Cap Index 

FTSE/JSE SA Listed Property Index 

JSE Property Unit Trusts 

All Bond 

Barclays Capital ILB Index 

OTHI Index 

GOVI Index 

Alexander Forbes Money Market 

Short Term Fixed Interest Rate Index 

JP Morgan Global Bond Index 

MSCI World Index (Rands) 

Citi WGBI ( was Salomon Brothers Bond Index) (Rands) 

Volatility (3 years) 

12.90% 

18.23% 

12.69% 

17.58% 

11.85% 

16.59% 

9.31% 

14.05% 

8.74% 

13.23% 

10.75% 15.71% 

9.86% 

14.93% 

5.43% 7.24% 

4.75% 4.98% 

6.57% 8.66% 

5.20% 

6.75% 

0.17% 

0.71% 

0.18% 

0.66% 

15.13% 

1.38% 

12.97% 

17.99% 

14.84% 

14.67% 

* The risk-free rate used in the quantitative calculations is the South African 3 month Treasury Bill 

International Indices sourced from Morningstar 

Volatility (5 years) 

All rights in the FTSE/JSE Africa Index Series vest in the JSE Securities Exchange South Africa (JSE) and in FTSE International Limited (FTSE) jointly. FTSE TM is a trade mark of the London Stock Exchange Limited 

(LSE) and The Financial Times Limited (FT) jointly and issued by FTSE under licence. JSE is a trade mark of the JSE. 

The FTSE/JSE Africa Index Series is calculated by FTSE International Limited (FTSE) in conjunction with the JSE Securities Exchange South Africa (JSE) in accordance with standard criteria. The FTSE/JSE Africa Index 

Series is the proprietary information of FTSE and the JSE. All copyright subsisting in the FTSE/JSE Africa Index values and constituent list vests in FTSE and the JSE jointly. All their rights are reserved. 







APPENDIX 

EXPLANATORY NOTES 

General Disclaimers : 

This document has been prepared for use by clients of the Alexander Forbes Group. Any other third party that is not a client of the Alexander Forbes Group and for whose specific use this document has not been supplied, must be aware that Alexander Forbes Group shall not be 

liable for any damage, loss or liability of any nature incurred by any third party and resulting from the information contained herein. 

The information contained herein is supplied on an "as is" basis and has not been compiled to meet any third party’s individual requirements. It is the responsibility of any third party to satisfy himself or herself, prior to relying on this information that the contents meets the third 

party’s individual requirements. 

Nothing in this document, when read in isolation and without professional advice, should be construed as solicitation, offer, advice, recommendation, or any other enticement to acquire or dispose of any financial product, advice or investment, or to engage in any financial 

transaction or investment. A third party should consult with an authorised financial advisor prior to making any financial decisions 

Alexander Forbes has taken all reasonable steps to ensure the quality and accuracy of the contents of this document and encourages all readers to report incorrect and untrue information, subject to the right of Alexander Forbes to determine, in its sole and absolute discretion, 

the contents of this document. Irrespective of the attempts by Alexander Forbes to ensure the correctness of this document, Alexander Forbes does not make any warranties or representations that the content will in all cases be true, correct or free from any errors. In particular, 

certain aspects of this document might rely on or be based on information supplied to Alexander Forbes by other persons or institutions. 

Alexander Forbes has attempted to ensure the accuracy of such information, but shall not be liable for any damage, loss or liability of any nature incurred by any party and resulting from the errors caused by incorrect information supplied to Alexander Forbes. 

Performance figures are shown gross of fees and taxes. Past history is not necessarily a guide to future performance. 

Quantitative figures are calculated on 3 year performance returns. 

FAIS Performance Notice and should Disclaimer: not be judged This information over a short is period not advice of time. as defined and contemplated in the Financial Advisory and Intermediary Services Act, 37 of 2002, as amended. Alexander Forbes shall not be liable for any actions taken by any person based on the correctness of this 

information. 

General : 

GIPS is a trademark owned by the CFA Institute 

Statistical Definitions : 

The Median is the value above or below which half the managers fall. 

The Upper Quartile is the value above which one quarter of the managers fall. 

The Lower Quartile is the value below which one quarter of the managers fall. 

Risk Analysis Definitions : 

"Volatility" is the annualised standard deviation of the manager's monthly returns around its average / mean. 

"Volatility" is a measure of the variability of the manager's returns. 

"Return to Risk" is the return divided by the "Volatility" 

"Return to Risk" is a measure of the return earned per unit of risk taken. 

"Active return" is the return earned by the portfolio less the return on the benchmark. 

"Active Return" is a measure of the value that the manager has added or detracted over its benchmark return. 

"Tracking Error" is the annualised standard deviation of the monthly "Active Returns". 

"Tracking Error" is a measure of the variability of the manager's returns relative to its benchmark returns. 

"Sharpe Ratio" is the return earned by the portfolio less a risk-free rate divided by the "Volatility" of the portfolio. 

"Sharpe Ratio" is a measure of what amount of the performance is due to smart investment decisions versus excessive risk. 

GIPS - Global Investment Performance Standards 

Ethical principles to achieve full disclosure and fair presentation of investment performance 

In South Africa GIPS SA requires managers to obtain a verification certificate on compliance 

GIPS - Status: 

C - Indication that manager is compliant but not verified 

V - Indication that manager is verified 

More information can be obtained from http://www.gipsstandards.org/

global manager watch - Alexander Forbes

Create successful ePaper yourself

Delete template?

Save as template?