Medical -Aid Manager WatchTM Survey for the ... - Alexander Forbes

MAY 2012/05/31 2012/03/01 2012/01/01 2011/06/01 2009/06/01 2007/06/01
MARCH 2012/03/31 2012/01/01 2005/12/01 2011/04/01 2009/04/01 2007/04/01
Month Ending
Previous Month
May 2012
March 2012
Medical-Aid Manager Watch Survey
December 2007
Medical -Aid Manager Watch TM Survey
for the month ending May 2012

MEDICAL-AID MANAGER WATCH SURVEY
Objective - The portfolios in this Survey are targeted at Medical Aids and are bound by the restrictions imposed by Regulation 30 of the Medical Schemes Act.
Benchmark Methodology CPI - Due to the reweighting and rebasing of the CPI from January 2009 the benchmark numbers reflect a compound of month to month CPI returns. The historical month to month numbers used in calculations are the official month to month numbers based on the old basket prior to January 2009 and new basket post January
2009. The adjusted CPI(I-Net code: AECPI) figures are shown together with statistics below should these numbers be preferred for comparison purposes.
Benchmark Methodology CPIX - The benchmark numbers prior to January 2009 reflected a compound of month to month CPIX returns. Due to the reweighting and rebasing of the CPI and discarding of the CPIX numbers from January 2009 the historical month to month numbers used in calculations are the official month to month numbers based
on the old CPIX prior to January 2009 and the new CPI basket post January 2009. The CPI excluding owners equivalent rent (I-Net code: AECPIX) and adjusted CPI(I-Net code: AECPI) figures are shown together with statistics below should these numbers be preferred for comparison purposes.
INVESTMENT DATA TO THE END OF MAY 2012
Fund Information
Month
Quarter
Year to Date
PERFORMANCE DATA
1 Year
3 Years (p.a.)
Benchmark Classification Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Volatility
ABSOLUTE RETURN FUNDS
Size (R m)
Rank
Cadiz Capital Preservation Fund Headline CPI +3% Pooled
0.30% 0.65% 1.29% 2.81% 2.55% 4.08% 6.82% 9.12% 8.45% 8.05% 2.10% 1333.9 2
Cadiz Medical Aid Fund Headline CPI +4% Segregated -1.36% 0.74% 0.10% 3.06% 4.13% 4.49% 7.70% 10.12% * * * 226.7 8
Coronation Medical Absolute Headline CPI +3% Pooled
-1.04% 0.65% 1.16% 2.81% 4.95% 4.08% 8.37% 9.12% 13.83% 8.05% 4.56% 758.0 4
IS Medical Schemes Real Return Focus Headline CPI +4% Pooled Multi-Managed -1.00% 0.74% 0.03% 3.06% 2.56% 4.49% 4.48% 10.12% 10.21% 9.05% 3.50% 182.7 10
Momentum AM Medical Provider Fund CPI + 3% (CPIX +3% prior Jan 09) Pooled
-0.90% 0.65% 0.40% 2.81% 3.55% 4.08% 6.97% 9.12% 11.34% 8.05% 5.26% 94.5 11
OMIGSA Capital Builder Headline CPI +4% Pooled
-0.24% 0.74% 0.10% 3.06% 2.47% 4.49% 4.63% 10.12% 6.14% 9.05% 3.46% 1374.5 1
Prescient Positive Return Medical Aid Fund CPI + 3% (CPIX +3% prior Jan 09) Segregated
-0.69% 0.65% -0.79% 2.81% 1.48% 4.08% 2.50% 9.12% 7.03% 8.05% 2.69% 1106.5 3
Prudential Medical Aid Fund Headline CPI +5% Segregated -0.92% 0.82% 1.74% 3.30% 6.26% 4.89% 11.88% 11.12% 14.86% 10.05% 5.93% 632.9 6
SIM Medical Aid Domestic Absolute Headline CPI +5% Segregated
-0.75% 0.82% 0.98% 3.30% 4.61% 4.89% 9.51% 11.12% * * * 397.1 7
STANLIB Medical Investment Fund* Headline CPI +4% Pooled (Unit Trust)
0.62% 0.74% 2.95% 3.06% 5.95% 4.49% 9.73% 10.12% 8.82% 9.05% 4.25% 185.6 9
Pooled 635.9
Taquanta Medical Absolute Headline CPI +4.5% 0.30% 0.78% 0.88% 3.18% 2.21% 4.69% 5.62% 10.62% 9.08% 9.55% 1.14% 5
MONEY MARKET FUNDS
ABSA Asset Management Medical* 50% ALBI : 50% STEFI Segregated
0.15% 0.23% 1.54% 1.66% 3.26% 3.26% 7.78% 8.37% 7.80% 8.49% 1.65% 196.4 5
Cadiz African Harvest Core Money Market STEFI Segregated 0.51% 0.47% 1.51% 1.40% 2.49% 2.33% 5.96% 5.72% 6.93% 6.56% 0.31% 391.5 4
Gryphon Domestic Specialist MM STEFI Segregated
0.50% 0.47% 1.49% 1.40% 2.47% 2.33% 6.02% 5.72% 7.08% 6.56% 0.30% 963.1 2
Investec Stable Money Fund STEFI Pooled
0.55% 0.47% 1.64% 1.40% 2.73% 2.33% 6.67% 5.72% 7.50% 6.56% 0.27% 803.4 3
Taquanta Medical Cash STEFI Segregated 0.59% 0.47% 1.76% 1.40% 2.93% 2.33% 7.14% 5.72% 7.68% 6.56% 0.19% 6111.4 1
BALANCED FUNDS
Allan Gray Life Stable Medical Portfolio Headline CPI +3% Pooled
0.61% 0.65% 1.43% 2.81% 2.67% 4.08% 8.60% 9.12% 9.97% 8.05% 2.17% 1463.1 1
Foord Medical 50% domestic bonds: 50% domestic equities Segregated
-1.33% -1.13% 1.43% 0.47% 6.49% 4.26% 10.92% 7.57% 13.26% 12.84% 4.60% 222.3 3
OMIGSA MacroSolutions Medical Aid Portfolio Headline CPI +5% Segregated
-0.27% 0.82% 1.70% 3.30% 5.17% 4.89% 10.55% 11.12% 12.78% 10.05% 4.88% 399.4 2
STATISTICS
Combination of old CPIX and new CPI# 0.41% 2.07% 2.84% 6.12% 5.05% 1.09%
Consumer Price Inflation (Old/New combined CPI)# 0.41% 2.07% 2.84% 6.12% 5.05% 1.09%
Consumer Price Inflation excluding OER [I-Net code: AECPIXU] 0.49% 2.15% 2.91% 6.36% 5.15% 1.23%
Consumer Price Inflation (Headline CPI) [I-Net code: AECPI] 0.41% 2.07% 2.84% 6.12% 5.05% 1.09%
Medical Consumer Price Inflation 0.23% 4.48% 4.57% 5.23% 5.94% 4.27%
FTSE / JSE All Share Index (Free Float) -3.59% -2.26% 5.10% 5.08% 16.43% 14.51%
FTSE / JSE SWIX All Share Index -3.11% -0.45% 6.98% 9.14% 18.18% 13.06%
Short Term Fixed Interest Rate Index 0.47% 1.40% 2.33% 5.72% 6.56% 0.26%
All Bond Index -0.01% 1.92% 4.20% 11.06% 10.62% 4.93%
Number Of Participants 19 19 19 19 17 17
17478.8
Index
Inflation figures lagged by one month
* Global Funds
Reasonable use of the survey may be made for purposes of comment and study provided that full acknowledgement is made to "Alexander Forbes Asset Consultants".
** Please see final page for Disclaimers and Glossary **
# Please refer to Benchmark Methodology at the top of the page

3 year returns
MEDICAL-AID MANAGER WATCH SURVEY
Risk-Return Scatterplot of Medical Aid Managers for 3 years to 31 May 2012
Prudential Medical Aid Fund
14.05%
13.05%
12.05%
Coronation Medical
Absolute
OMIGSA MacroSolutions Medical
Aid Portfolio
Foord Medical
11.05%
10.05%
Allan Gray Life
Stable Medical Portfolio
IS Medical Schemes
Real Return Focus
Momentum AM Medical
Provider Fund
9.05%
Taquanta Medical Absolute
Cadiz Capital Preservation Fund
STANLIB Medical Investment Fund*
8.05%
Taquanta Medical Cash
7.05%
ABSA Asset Management Medical*
Investec Stable Money Fund
Gryphon Domestic
Prescient Positive Return
Specialist MM
Medical Aid Fund
Cadiz African Harvest Core Money
STeFI
Market
6.05%
OMIGSA Capital Builder
0.10% 2.10% 4.10%
3 year volatility
Reasonable use of the survey may be made for purposes of comment and study provided that full acknowledgement is made to "Alexander Forbes Asset Consultants".

MEDICAL-AID MANAGER WATCH SURVEY
EXPLANATORY NOTES
Index
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.
Performance should not be judged over a short period of time.
FAIS Notice and Disclaimer: This information is not advice 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 Anlysis Definitions :
"Volatility" is the annualised standard deviation of the manager's monthly returns.
"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 manager less the return on the benchmark.
"Active Return" is a measure of the value that the manager has added or detracted over the 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 the benchmark returns.
"Information Ratio" is the "Active Return" divided by the "Tracking Error".
"Information Ratio" is a measure of the value added per unit of risk taken relative to the benchmark.
"Sortino Ratio (Capital Loss)" measures whether the return in excess of a zero benchmark was sufficient to cover the downside volatility/risk inherent in the investment
ie whether capital was indeed preserved.
"Sortino Ratio (Inflation)" measures whether the return in excess of a inflationary benchmark was sufficient to cover the downside volatility/risk inherent in the
investment ie whether capital was protected in real terms.
GIPS - Global Investment Performance Standards
Ethical principles to achieve full disclosure and fair presentation of investment performance