PSG Equity Fund Class A Minimum Disclosure Document as at 31 May 2016

Transcription

1 PSG Equity Fund Class A FUND FACTS Sector Benchmark Regula on 28 compliant Fund Managers Fund Launch Date Fund Size (ZAR) Month end NAV Price (cpu) Minimum Investment Distribu on Frequency South African Equity General FTSE/JSE All Share Index Total a er costs No Shaun le Roux and Greg Hopkins 31 December ,233,879, R2000 lump sum or R250 monthly debit order February, August FUND CHARACTERISTICS This fund invests in equi es and can be up to 25% in foreign companies, with the balance in companies listed in South Africa. This fund should produce the highest real (above infla on) returns over the long term. The fund sits at the top end of the risk/return spectrum and investors in this fund should be comfortable with stock market fluctua ons and should have an investment horizon of at least five years. RISK CLASSIFICATION Latest Distribu on (cpu) 29 Feb 16 ; 31 Aug 15 Max. Adviser Fee % (incl. VAT) Annual Management Fee % (incl. VAT) Total Expense Ra o % (incl. VAT) 5.71c ; 7.61c For a breakdown of the Total Investment Charge, please refer to page 2. INVESTMENT OBJECTIVE INVESTMENT POLICY The fund is a general equity fund and the manager in selec ng securi es for the por olio, will seek to offer investors long term capital growth and earn a higher rate of return than that of the South African equity market as represented by the All Share Index including income, without assuming a greater risk. In order to achieve these main objec ves the investments to be acquired for the PSG Equity Fund shall comprise a mix of securi es and assets in liquid form, all to be acquired at a fair market value. The por olio will hold a minimum of 75% of the market value of the por olio in equi es at at all mes. ASSET ALLOCATION TOP 10 EQUITY HOLDINGS % Resources 10 Financials 26 Industrials 37 Foreign equity 27 Total 100 Imperial Holdings Ltd Glencore plc Old Mutual plc Firstrand Ltd Discovery Holdings Ltd So bank Corp Capital One Financial Corp Hudaco Industries Ltd Nedbank Group Ltd Grindrod Ltd HOW THE FUND HAS PERFORMED SINCE 1 March 2002 (Cumula ve) 1, , ANNUALISED PERFORMANCE % (a er fees) year 3 years 5 years 10 years Fund Manager Incep on 15.3 PSG Equity Fund A (Performance) FTSE/JSE All Share TR ZAR (Benchmark) PSG Equity Fund A (Performance) FTSE/JSE All Share TR ZAR (Benchmark) Performance Sta s cs % Best Month Worst Month YTD (not annualised)

2 PSG Equity Fund Class A Who should invest in the PSG Equity Fund? The fund is suitable for investors who: seek an equity focused por olio that has outstanding growth poten al aim to maximise poten al returns within an acceptable risk profile focus on a long term investment horizon General informa on and risks Collec ve Investment Schemes in Securi es (CIS) are generally medium to long term investments. The value of par cipatory interests (units) or the investment may go down as well as up and past performance is not a guide to future performance. Fluctua ons or movements in the exchange rates may cause the value of underlying interna onal investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and script lending. The Fund may borrow up to 10% of its market value to bridge insufficient liquidity. Where foreign securi es are included in a por olio, the por olio is exposed to risks such as poten al constraints on liquidity and the repatria on of funds, macroeconomic, poli cal, foreign exchange, tax, se lement and poten al limita ons on the availability of market informa on. The por olios may be capped at any me in order for them to be managed in accordance with their mandate. Excessive withdrawals from the por olio may place the por olio under liquidity pressures and in such circumstances a process of ringfencing of withdrawal instruc ons and managed payouts over me may be followed. PSG Collec ve Investments (RF) Limited does not provide any guarantee either with respect to the capital or the return of the por olio. Performance All performance data for a lump sum, net of fees, include income and assumes reinvestment of income on a NAV to NAV basis. Annualised performances show longer term performance rescaled over a 12 month period. Individual investor performance may differ as a result of ini al fees, the actual investment date, the date of reinvestment and dividend withholding tax. Performance is calculated for the por olio and individual investor performance may differ as a result thereof. The por olio is valued at 15h00 daily. Income distribu ons are net of any applicable taxes. Actual annual figures are available to the investor on request. Prices are published daily and available on the website management and in the daily newspapers. Figures quoted are from Morningstar Inc. Pricing Forward pricing is used. Unit trust prices are calculated on a net asset value (NAV) basis, which is the market value of all assets in the Fund including income accruals less permissable deduc ons divided by the number of units in issue. Fees A schedule of fees and charges and maximum commissions is available on request from PSG Collec ve Investments (RF) Limited. Commission and incen ves may be paid and, if so, are included in the overall costs. Different classes of Par cipatory Interest can apply to these por olios and are subject to different fees, charges and possibly dividend withholding tax and will thus have differing performances. Total Expense Ra o (TER) The total expense ra o (TER) is the annualised percentage of the Fund s average assets under management that has been used to pay the Fund s actual expenses over the past three years. The TER includes the annual management fees that have been charged, other expenses like audit and trustee fees and VAT. As unit trust expenses vary, the current TER cannot be used as an indica on of future TERs. A higher TER ra o does not necessarily imply a poor return, nor does a low TER imply a good return. The TER and other funds TERs should then be used to evaluate whether the Fund performance offers value for money. Transac on costs Transac on costs are shown separately. Transac on costs are a necessary cost in administering the Financial Product and impacts Financial Product returns. They should not be considered in isola on as returns may be impacted by many other factors over me including market returns, the type of Financial Product, the investment decisions of the investment manager and the TER. Total investment charge The sum of the TER and transac on costs is shown as the Total Investment Charge. Since Fund returns are quoted a er the deduc on of these expenses, the TER and Transac on costs should not be deducted again from published returns. Total Investment Charge annualised for the period 1/4/2013 to 31/3/2016 Annual Management Fee and other costs (incl. VAT) 1.72% Total Expense Ra o (incl. VAT) 1.72% Transac on Costs (incl. VAT) 0.50% Total Investment Charge (incl. VAT) 2.22% Cut off mes The cut off me for submi ng investment transac ons is 14h30 daily, with the excep on of the PSG Money Market Fund which is 11h00. Company details PSG Collec ve Investments (RF) Limited is registered as a CIS Manager with the Financial Services Board, and a member of the Associa on of Savings and Investments South Africa (ASISA) through its holdings company PSG Konsult Limited. The management of the por olio is delegated to PSG Asset Management (Pty) Ltd, an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act 2002, FSP no PSG Asset Management (Pty) Ltd, PSG Collec ve Investments (RF) Limited and PSG Konsult Limited are subsidiaries of PSG Group Limited. PSG Collec ve Investments (RF) Limited and can be contacted on +27 (21) ; (toll free) , via assetmanagement@psg.co.za. Conflict of Interest Disclosure The Fund may from me to me invest in a por olio managed by a related party. PSG Collec ve Investments (RF) Limited or the fund manager may nego ate a discount in fees charged by the underlying por olio. All discounts nego ated are reinvested in the Fund for the benefit of the investors. Neither PSG Collec ve Investments (RF) Limited nor PSG Asset Management (Pty) Ltd retains any por on of such discount for their own accounts. The fund manager may use the brokerage services of a related party, PSG Securi es Ltd. Trustee The Standard Bank of South Africa Limited, Main Tower, Standard Bank Centre, 2 Hertzog Boulevard, Cape Town, Tel: +27 (21) compliance PSG@standardbank.co.za. Addi onal informa on Addi onal informa on is available free of charge on the and may include publica ons, brochures, applica on forms and annual reports.

3 PSG Flexible Fund Class A FUND FACTS Sector Benchmark (1 Nov 2004) Regula on 28 compliant Launch Date Fund Managers Fund Size (ZAR) Month end NAV Price (cpu) Minimum Investment Distribu on Frequency Latest Distribu on (cpu) 29 Feb 16 ; 31 Aug 15 Max. Adviser Fee % (incl. VAT) Annual Management Fee % (incl. VAT) Total Expense Ra o % (incl. VAT) South African Mul Asset Flexible Infla on + 6% No 2 November 1998 Shaun le Roux and Paul Bosman 7,912,241, R2000 lump sum or R250 monthly debit order February, August 6.53c ; 6.27c FUND CHARACTERISTICS This fund currently invests in equi es and cash. It can invest up to 100% in equi es of which up to 25% can be invested in foreign equity. The fund has a flexible asset alloca on mandate and equity exposure will be varied based on opportunity. This fund sits in the upper half of the risk/return spectrum and investors should be comfortable with stock market fluctua ons and should have an investment horizon of at least three years. RISK CLASSIFICATION For a breakdown of the Total Investment Charge, please refer to page 2. INVESTMENT OBJECTIVE The por olio aims to achieve superior medium to long term capital growth through exposure to selected sectors of the equity, gilt and money markets. INVESTMENT POLICY The PSG Flexible Fund is a managed flexible por olio and will seek to follow an investment policy which will aim to achieve superior medium to long term capital growth through exposure to selected sectors of the equity market, and/or the gilt market and/or money market. The asset alloca on will be ac vely managed and will con nually reflect the por olio manager's view of the rela ve a rac veness of the equity, gilt and money markets, both locally and abroad. The selected sectors of the equity por on of the por olio will change from me to me in accordance with changing market condi ons and economic trends. ASSET ALLOCATION % Domes c resources 4 Domes c industrials 23 Domes c financials 18 Domes c cash 28 Foreign equity 27 Total 100 TOP 10 EQUITY HOLDINGS Berkshire Hathaway Inc J Sainsbury plc Firstrand Ltd Imperial Holdings Ltd Old Mutual plc Discovery Holdings Ltd Glencore plc Super Group Ltd JP Morgan Chase & Co Capital One Financial Corp HOW THE FUND HAS PERFORMED SINCE 1 November 2004 (Cumula ve) ANNUALISED PERFORMANCE % (a er fees) year 3 years 5 years 10 years Under current benchmark PSG Flexible Fund A (Performance) PSG Flexible BM (CPI+6%) Benchmark PSG Flexible Fund A (Performance) PSG Flexible BM (CPI+6%) Benchmark Performance Sta s cs % YTD (not annualised) Best Month Worst Month

4 PSG Flexible Fund Class A Who should invest in the PSG Flexible Fund? The fund is suitable for investors who: seek exposure to the equity market but with managed risk levels aim to build wealth focus on a medium to long term investment horizon General informa on and risks Collec ve Investment Schemes in Securi es (CIS) are generally medium to long term investments. The value of par cipatory interests (units) or the investment may go down as well as up and past performance is not a guide to future performance. Fluctua ons or movements in the exchange rates may cause the value of underlying interna onal investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and script lending. The Fund may borrow up to 10% of its market value to bridge insufficient liquidity. Where foreign securi es are included in a por olio, the por olio is exposed to risks such as poten al constraints on liquidity and the repatria on of funds, macroeconomic, poli cal, foreign exchange, tax, se lement and poten al limita ons on the availability of market informa on. The por olios may be capped at any me in order for them to be managed in accordance with their mandate. Excessive withdrawals from the por olio may place the por olio under liquidity pressures and in such circumstances a process of ringfencing of withdrawal instruc ons and managed payouts over me may be followed. PSG Collec ve Investments (RF) Limited does not provide any guarantee either with respect to the capital or the return of the por olio. Performance All performance data for a lump sum, net of fees, include income and assumes reinvestment of income on a NAV to NAV basis. Annualised performances show longer term performance rescaled over a 12 month period. Individual investor performance may differ as a result of ini al fees, the actual investment date, the date of reinvestment and dividend withholding tax. Performance is calculated for the por olio and individual investor performance may differ as a result thereof. The por olio is valued at 15h00 daily. Income distribu ons are net of any applicable taxes. Actual annual figures are available to the investor on request. Prices are published daily and available on the management and in the daily newspapers. Figures quoted are from Morningstar Inc. Pricing Forward pricing is used. Unit trust prices are calculated on a net asset value (NAV) basis, which is the market value of all assets in the Fund including income accruals less permissable deduc ons divided by the number of units in issue. Fees A schedule of fees and charges and maximum commissions is available on request from PSG Collec ve Investments (RF) Limited. Commission and incen ves may be paid and, if so, are included in the overall costs. Different classes of Par cipatory Interest can apply to these por olios and are subject to different fees, charges and possibly dividend withholding tax and will thus have differing performances. Total Expense Ra o (TER) The total expense ra o (TER) is the annualised percentage of the Fund s average assets under management that has been used to pay the Fund s actual expenses over the past three years. The TER includes the annual management fees that have been charged (both the fee at benchmark and any performance component charged), other expenses like audit and trustee fees and VAT. As unit trust expenses vary, the current TER cannot be used as an indica on of future TERs. A higher TER ra o does not necessarily imply a poor return, nor does a low TER imply a good return. The TER and other funds TERs should then be used to evaluate whether the Fund performance offers value for money. Transac on costs Transac on costs are shown separately. Transac on costs are a necessary cost in administering the Financial Product and impacts Financial Product returns. They should not be considered in isola on as returns may be impacted by many other factors over me including market returns, the type of Financial Product, the investment decisions of the investment manager and the TER. Total investment charge The sum of the TER and transac on costs is shown as the Total Investment Charge. Since Fund returns are quoted a er the deduc on of these expenses, the TER and Transac on costs should not be deducted again from published returns. Total Investment Charge annualised for the period 1/4/2013 to 31/3/2016 Annual Management Fee and other costs (incl. VAT) 1.16% Performance Fee (incl. VAT) 1.17%* Total Expense Ra o (incl. VAT) 2.33% Transac on Costs (incl. VAT) 0.20% Total Investment Charge (incl. VAT) 2.53% * The Performance Fee (incl. VAT) of 7.98% of the outperformance of Benchmark. The fund's daily net asset value per share (NAV) is compared to the fund's high water mark (HWM highest NAV achieved) daily. Where the fund's NAV is greater than the HWM, a performance fee equal to 7% (excl. VAT) of the outperformance is levied. The performance fee is accrued in the unit price daily and collected monthly. No performance fees are charged if the fund NAV is lower than the HWM NAV. The performance fee is uncapped. Cut off mes The cut off me for submi ng investment transac ons is 14h30 daily, with the excep on of the PSG Money Market Fund which is 11h00. Company details PSG Collec ve Investments (RF) Limited is registered as a CIS Manager with the Financial Services Board, and a member of the Associa on of Savings and Investments South Africa (ASISA) through its holdings company PSG Konsult Limited. The management of the por olio is delegated to PSG Asset Management (Pty) Ltd, an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act 2002, FSP no PSG Asset Management (Pty) Ltd, PSG Collec ve Investments (RF) Limited and PSG Konsult Limited are subsidiaries of PSG Group Limited. PSG Collec ve Investments (RF) Limited can be contacted on +27 (21) ; (toll free) , via assetmanagement@psg.co.za. Conflict of Interest Disclosure The Fund may from me to me invest in a por olio managed by a related party. PSG Collec ve Investments (RF) Limited or the fund manager may nego ate a discount in fees charged by the underlying por olio. All discounts nego ated are reinvested in the Fund for the benefit of the investors. Neither PSG Collec ve Investments (RF) Limited nor PSG Asset Management (Pty) Ltd retains any por on of such discount for their own accounts. The fund manager may use the brokerage services of a related party, PSG Securi es Ltd. Trustee The Standard Bank of South Africa Limited, Main Tower, Standard Bank Centre, 2 Hertzog Boulevard, Cape Town, Tel: +27 (21) compliance PSG@standardbank.co.za. Addi onal informa on Addi onal informa on is available free of charge on the and may include publica ons, brochures, applica on forms and annual reports.

5 FUND FACTS Sector Benchmark Regula on 28 compliant Fund Managers Fund Launch Date Fund Size (ZAR) Month end NAV Price (cpu) Minimum Investment Distribu on Frequency Latest Distribu on (cpu) 29 Feb 16 ; 31 Aug 15 Max. Adviser Fee % (incl. VAT) Annual Management Fee % (incl. VAT) Total Expense Ra o % (incl. VAT) Dura on (years) South African Mul Asset High Equity Infla on +5% Yes Paul Bosman and Greg Hopkins 1 June ,310,075, R2000 lump sum or R250 monthly debit order February, August 93.97c ; c FUND CHARACTERISTICS This fund invests in all asset classes: equi es, bonds, property and cash both domes cally and in foreign markets. The fund can have up to 75% in equi es, up to 25% in listed property and up to 25% in foreign markets. The fund sits in the middle of the risk/return spectrum and aims to deliver infla on plus 5% over me. Investors in this fund should be comfortable with moderate market fluctua ons and should have an investment horizon of at least three years. RISK CLASSIFICATION PSG Balanced Fund Class A For a breakdown of the Total Investment Charge, please refer to page 2. INVESTMENT OBJECTIVE The primary objec ve of the fund is long term growth of capital and a reasonable level of income for investors. INVESTMENT POLICY The PSG Balanced Fund will be a specialised por olio, having the primary objec ve of long term growth of capital and a reasonable level of income for investors. The manager shall seek to achieve this objec ve through ac ve management of a por olio of assets which comprise a mix of securi es, non equity securi es and assets in liquid form. The asset alloca on will be ac vely managed and will con nually reflect the por olio manager s view of the rela ve a rac veness of the equity, gilt and money markets, both locally and abroad. The selected sectors within the equity por on of the por olio will change from me to me in accordance with changing market condi ons and economic trends. ASSET ALLOCATION TOP 10 EQUITY HOLDINGS % Resources 3 Financials 16 Industrials 19 Domes c bonds 19 Domes c cash 16 Foreign equity 27 Total 100 HOW THE FUND HAS PERFORMED SINCE 1 June 1999 (Cumula ve) Berkshire Hathaway Inc Firstrand Ltd Old Mutual plc Brookfield Asset Management Inc Imperial Holdings Ltd J Sainsbury plc Super Group Ltd Microso Corp Discovery Holdings Ltd Colfax Corp ANNUALISED PERFORMANCE % (a er fees) 1, , year 3 years 5 years 10 years Incep on PSG Balanced Fund A (Performance) SA CPI+5% (Benchmark) PSG Balanced Fund A (Performance) SA CPI+5% (Benchmark) Performance Sta s cs % Best Month Worst Month YTD (not annualised)

6 PSG Balanced Fund Class A Who should invest in the PSG Balanced Fund? The fund is suitable for investors who: would prefer the fund manager to make the asset alloca on decisions aim to build wealth within a moderate risk investment have a me horizon of at least three years and can withstand short term market fluctua ons want a balanced por olio that diversifies the risk over the various asset classes the Fund is also suitable for long term re rement savings General informa on and risks Collec ve Investment Schemes in Securi es (CIS) are generally medium to long term investments. The value of par cipatory interests (units) or the investment may go down as well as up and past performance is not a guide to future performance. Fluctua ons or movements in the exchange rates may cause the value of underlying interna onal investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and script lending. The Fund may borrow up to 10% of its market value to bridge insufficient liquidity. Where foreign securi es are included in a por olio, the por olio is exposed to risks such as poten al constraints on liquidity and the repatria on of funds, macroeconomic, poli cal, foreign exchange, tax, se lement and poten al limita ons on the availability of market informa on. The por olios may be capped at any me in order for them to be managed in accordance with their mandate. Excessive withdrawals from the por olio may place the por olio under liquidity pressures and in such circumstances a process of ringfencing of withdrawal instruc ons and managed payouts over me may be followed. PSG Collec ve Investments (RF) Limited does not provide any guarantee either with respect to the capital or the return of the por olio. Regula on 28 The fund is managed according to Regula on 28 of the Pension Funds Act. The South African re rement fund industry is governed by the Pension Funds Act No. 24 of Regula on 28 of the Pension Funds Act prescribes the maximum limits in asset classes that an approved re rement fund may invest in. Exposures in excess of the limits will be corrected immediately, except where due to a change in the fair value or characteris c of an asset, e.g. market value fluctua ons, in which case they will be corrected within a reasonable me period. Performance All performance data for a lump sum, net of fees, include income and assumes reinvestment of income on a NAV to NAV basis. Annualised performances show longer term performance rescaled over a 12 month period. Individual investor performance may differ as a result of ini al fees, the actual investment date, the date of reinvestment and dividend withholding tax. Performance is calculated for the por olio and individual investor performance may differ as a result thereof. The por olio is valued at 15h00 daily. Income distribu ons are net of any applicable taxes. Actual annual figures are available to the investor on request. Prices are published daily and available on the website management and in the daily newspapers. Figures quoted are from Morningstar Inc. Pricing Forward pricing is used. Unit trust prices are calculated on a net asset value (NAV) basis, which is the market value of all assets in the Fund including income accruals less permissable deduc ons divided by the number of units in issue. Fees A schedule of fees and charges and maximum commissions is available on request from PSG Collec ve Investments (RF) Limited. Commission and incen ves may be paid and, if so, are included in the overall costs. Different classes of Par cipatory Interest can apply to these por olios and are subject to different fees, charges and possibly dividend withholding tax and will thus have differing performances. Total Expense Ra o (TER) The total expense ra o (TER) is the annualised percentage of the Fund s average assets under management that has been used to pay the Fund s actual expenses over the past three years. The TER includes the annual management fees that have been charged, other expenses like audit and trustee fees and VAT. As unit trust expenses vary, the current TER cannot be used as an indica on of future TERs. A higher TER ra o does not necessarily imply a poor return, nor does a low TER imply a good return. The TER and other funds TERs should then be used to evaluate whether the Fund performance offers value for money. Transac on costs Transac on costs are shown separately. Transac on costs are a necessary cost in administering the Financial Product and impacts Financial Product returns. They should not be considered in isola on as returns may be impacted by many other factors over me including market returns, the type of Financial Product, the investment decisions of the investment manager and the TER. Total investment charge The sum of the TER and transac on costs is shown as the Total Investment Charge. Since Fund returns are quoted a er the deduc on of these expenses, the TER and Transac on costs should not be deducted again from published returns. Total Investment Charge annualised for the period 1/4/2013 to 31/3/2016 Annual Management Fee and other costs (incl. VAT) 1.74% Total Expense Ra o (incl. VAT) 1.74% Transac on Costs (incl. VAT) 0.22% Total Investment Charge (incl. VAT) 1.96% Cut off mes The cut off me for submi ng investment transac ons is 14h30 daily, with the excep on of the PSG Money Market Fund which is 11h00. Company details PSG Collec ve Investments (RF) Limited is registered as a CIS Manager with the Financial Services Board, and a member of the Associa on of Savings and Investments South Africa (ASISA) through its holdings company PSG Konsult Limited. The management of the por olio is delegated to PSG Asset Management (Pty) Ltd, an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act 2002, FSP no PSG Asset Management (Pty) Ltd, PSG Collec ve Investments (RF) Limited and PSG Konsult Limited are subsidiaries of PSG Group Limited. PSG Collec ve Investments (RF) Limited can be contacted on +27 (21) ; (toll free) , via assetmanagement@psg.co.za. Conflict of Interest Disclosure The Fund may from me to me invest in a por olio managed by a related party. PSG Collec ve Investments (RF) Limited or the fund manager may nego ate a discount in fees charged by the underlying por olio. All discounts nego ated are reinvested in the Fund for the benefit of the investors. Neither PSG Collec ve Investments (RF) Limited nor PSG Asset Management (Pty) Ltd retains any por on of such discount for their own accounts. The fund manager may use the brokerage services of a related party, PSG Securi es Ltd. Trustee The Standard Bank of South Africa Limited, Main Tower, Standard Bank Centre, 2 Hertzog Boulevard, Cape Town, Tel: +27 (21) compliance PSG@standardbank.co.za. Addi onal informa on Addi onal informa on is available free of charge on the and may include publica ons, brochures, applica on forms and annual reports. MANAGEMENT COMPANY: PSG Collec ve Investments (RF) Limited, 1st Floor, Alphen Office Park, Constan a Main Road, Constan a, 7806 Tel: +27 (21) , assetmanagement@psg.co.za, Website: Date issued: 14 June 2016

7 FUND FACTS Sector Benchmark Regula on 28 compliant Fund Managers Fund Launch Date Fund Size (ZAR) Month end NAV Price (cpu) Minimum Investment Distribu on Frequency Latest Distribu on (cpu) 29 Feb 16 ; 31 Aug 15 Max. Adviser Fee % (incl. VAT) Annual Management Fee % (incl. VAT) Total Expense Ra o % (incl. VAT) Dura on (years) South African Mul Asset Low Equity Infla on +3% over rolling 3 years Yes Paul Bosman and Ian Sco 13 September ,642,276, R2000 lump sum or R250 monthly debit order February, August 2.91c ; 3.08c FUND CHARACTERISTICS This fund invests in all asset classes: equi es, bonds, property and cash both domes cally and in foreign markets. The fund can have up to 40% in equi es, up to 25% in listed property and up to 25% in foreign markets. The fund aims to achieve capital apprecia on with low vola lity and a low correla on to equity markets through all market cycles. Investors in this fund should be comfortable with low market fluctua ons and should have an investment horizon of at least two years. RISK CLASSIFICATION PSG Stable Fund Class A For a breakdown of the Total Investment Charge, please refer to page 2. INVESTMENT OBJECTIVE INVESTMENT POLICY The fund will seek to generate a performance return of CPI + 3% over a rolling three year period, a er costs, while aiming to achieve capital apprecia on with low vola lity and a low correla on to equity markets through all market cycles. In order to achieve this investment objec ve the securi es normally to be included in the por olio will primarily consist of a mix of debt securi es, money market instruments, bonds, infla on linked securi es, listed equi es, listed property, preference shares, and other high yielding securi es as allowed by the Act and approved by the Registrar from me to me. This por olio may include financial instruments such as deriva ves, within the limita ons prescribed by the Regula ons in order to achieve its investment objec ves. The por olio may be invested in equity securi es to a maximum of 40% of the por olio. The por olio will comply with regula ons controlling re rement funds or such other applicable legisla on as may be determined for re rement funds. ASSET ALLOCATION TOP 5 EQUITY HOLDINGS TOP 5 ISSUER EXPOSURES % Domes c financials 8 Domes c industrials 10 Domes c bonds 21 Domes c cash 43 Foreign equity 17 Foreign cash 1 Total 100 Berkshire Hathaway Inc Firstrand Ltd Brookfield Asset Management Inc Old Mutual plc Imperial Holdings Ltd ABSA Bank Ltd Firstrand Bank Ltd Republic of South Africa Standard Bank of SA Ltd Capitec Bank Holdings Ltd HOW THE FUND HAS PERFORMED SINCE 13 September 2011 (Cumula ve) ANNUALISED PERFORMANCE % (a er fees) year 2 years 3 years Incep on PSG Stable Fund A (Performance) SA CPI+3% (Benchmark) PSG Stable Fund A (Performance) SA CPI+3% (Benchmark) Performance Sta s cs % Best Month YTD (not annualised) Worst Month

8 PSG Stable Fund Class A Who should invest in the PSG Stable Fund? The fund is suitable for investors who: have a low risk appe te but require capital growth in real terms focus on a short to medium term investment horizon General informa on and risks Collec ve Investment Schemes in Securi es (CIS) are generally medium to long term investments. The value of par cipatory interests (units) or the investment may go down as well as up and past performance is not a guide to future performance. Fluctua ons or movements in the exchange rates may cause the value of underlying interna onal investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and script lending. The Fund may borrow up to 10% of its market value to bridge insufficient liquidity. Where foreign securi es are included in a por olio, the por olio is exposed to risks such as poten al constraints on liquidity and the repatria on of funds, macroeconomic, poli cal, foreign exchange, tax, se lement and poten al limita ons on the availability of market informa on. The por olios may be capped at any me in order for them to be managed in accordance with their mandate. Excessive withdrawals from the por olio may place the por olio under liquidity pressures and in such circumstances a process of ringfencing of withdrawal instruc ons and managed payouts over me may be followed. PSG Collec ve Investments (RF) Limited does not provide any guarantee either with respect to the capital or the return of the por olio. Regula on 28 The fund is managed according to Regula on 28 of the Pension Funds Act. The South African re rement fund industry is governed by the Pension Funds Act No. 24 of Regula on 28 of the Pension Funds Act prescribes the maximum limits in asset classes that an approved re rement fund may invest in. Exposures in excess of the limits will be corrected immediately, except where due to a change in the fair value or characteris c of an asset, e.g. market value fluctua ons, in which case they will be corrected within a reasonable me period. Performance All performance data for a lump sum, net of fees, include income and assumes reinvestment of income on a NAV to NAV basis. Annualised performances show longer term performance rescaled over a 12 month period. Individual investor performance may differ as a result of ini al fees, the actual investment date, the date of reinvestment and dividend withholding tax. Performance is calculated for the por olio and individual investor performance may differ as a result thereof. The por olio is valued at 15h00 daily. Income distribu ons are net of any applicable taxes. Actual annual figures are available to the investor on request. Prices are published daily and available on the website management and in the daily newspapers. Figures quoted are from Morningstar Inc. Pricing Forward pricing is used. Unit trust prices are calculated on a net asset value (NAV) basis, which is the market value of all assets in the Fund including income accruals less permissable deduc ons divided by the number of units in issue. Fees A schedule of fees and charges and maximum commissions is available on request from PSG Collec ve Investments (RF) Limited. Commission and incen ves may be paid and, if so, are included in the overall costs. Different classes of Par cipatory Interest can apply to these por olios and are subject to different fees, charges and possibly dividend withholding tax and will thus have differing performances. Total Expense Ra o (TER) The total expense ra o (TER) is the annualised percentage of the Fund s average assets under management that has been used to pay the Fund s actual expenses over the past three years. The TER includes the annual management fees that have been charged (both the fee at benchmark and any performance component charged), other expenses like audit and trustee fees and VAT. As unit trust expenses vary, the current TER cannot be used as an indica on of future TERs. A higher TER ra o does not necessarily imply a poor return, nor does a low TER imply a good return. The TER and other funds TERs should then be used to evaluate whether the Fund performance offers value for money. Transac on costs Transac on costs are shown separately. Transac on costs are a necessary cost in administering the Financial Product and impacts Financial Product returns. They should not be considered in isola on as returns may be impacted by many other factors over me including market returns, the type of Financial Product, the investment decisions of the investment manager and the TER. Total investment charge The sum of the TER and transac on costs is shown as the Total Investment Charge. Since Fund returns are quoted a er the deduc on of these expenses, the TER and Transac on costs should not be deducted again from published returns. Total Investment Charge annualised for the period 1/4/2013 to 31/3/2016 Annual Management Fee and other costs (incl. VAT) 1.67% Performance Fee (incl. VAT) 0.01%* Total Expense Ra o (incl. VAT) 1.68% Transac on Costs (incl. VAT) 0.23% Total Investment Charge (incl. VAT) 1.91% *The Performance Fee of 7.98% above Highwater mark is no longer applicable from 01/01/2014 Cut off mes The cut off me for submi ng investment transac ons is 14h30 daily, with the excep on of the PSG Money Market Fund which is 11h00. Company details PSG Collec ve Investments (RF) Limited is registered as a CIS Manager with the Financial Services Board, and a member of the Associa on of Savings and Investments South Africa (ASISA) through its holdings company PSG Konsult Limited. The management of the por olio is delegated to PSG Asset Management (Pty) Ltd, an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act 2002, FSP no PSG Asset Management (Pty) Ltd, PSG Collec ve Investments (RF) Limited and PSG Konsult Limited are subsidiaries of PSG Group Limited. PSG Collec ve Investments (RF) Limited can be contacted on +27 (21) ; (toll free) , via assetmanagement@psg.co.za. Conflict of Interest Disclosure The Fund may from me to me invest in a por olio managed by a related party. PSG Collec ve Investments (RF) Limited or the fund manager may nego ate a discount in fees charged by the underlying por olio. All discounts nego ated are reinvested in the Fund for the benefit of the investors. Neither PSG Collec ve Investments (RF) Limited nor PSG Asset Management (Pty) Ltd retains any por on of such discount for their own accounts. The fund manager may use the brokerage services of a related party, PSG Securi es Ltd. Trustee The Standard Bank of South Africa Limited, Main Tower, Standard Bank Centre, 2 Hertzog Boulevard, Cape Town, Tel: +27 (21) compliance PSG@standardbank.co.za. Addi onal informa on Addi onal informa on is available free of charge on the and may include publica ons, brochures, applica on forms and annual reports.

9 PSG Diversified Income Fund Class A FUND FACTS Sector Benchmark Regula on 28 compliant Fund Managers Fund Launch Date Fund Size (ZAR) Month end NAV Price (cpu) Minimum Investment Distribu on Frequency Latest Distribu on (cpu) 31 May 16 ; 29 Feb Nov 15 ; 31 Aug 15 Max. Adviser Fee % (incl. VAT) Annual Management Fee % (incl. VAT) Total Expense Ra o % (incl. VAT) Dura on (years) South African Mul Asset Income Infla on + 1% Yes Ian Sco and Paul Bosman 7 April ,459, R2000 lump sum or R250 monthly debit order February, May, August, November 2.12c ; 1.68c 1.95c ; 1.85c FUND CHARACTERISTICS This fund only invests predominantly in fixed income instruments but can also have up to 10% of the fund in equi es, both domes c and foreign. The fund can have up to 10% in listed property and 25% of the fund in foreign markets. The fund aims to provide a reasonable income with above infla on capital apprecia on over me. Investors in this fund should be comfortable with a small degree of exposure to market fluctua ons and should have an investment horizon of at least twenty four months. RISK CLASSIFICATION For a breakdown of the Total Investment Charge, please refer to page 2. INVESTMENT OBJECTIVE The por olio aims to seek to preserve capital and to maximize income returns for investors. The fund conforms to legisla on governing re rement funds. INVESTMENT POLICY The PSG Diversified Income Fund is a specialist por olio. The por olio comprises a mix of high yielding equity securi es, property, bonds, preference shares and assets in liquid form, both locally and abroad, thereby genera ng both tax free and taxable income, whilst preserving capital. Please note that the name of the fund changed from PSG Op mal Income Fund to PSG Diversified Income Fund from 1 September ASSET ALLOCATION TOP 5 EQUITY HOLDINGS TOP 5 ISSUER EXPOSURES % Domes c equity 4 Domes c bonds 45 Domes c cash 46 Foreign equity 5 Total 100 Berkshire Hathaway Inc Firstrand Ltd Old Mutual plc Microso Corp Brookfield Asset Management Inc Republic of South Africa Standard Bank of SA Ltd Absa Bank Ltd Nedbank Group Ltd Firstrand Ltd HOW THE FUND HAS PERFORMED SINCE 7 April 2006 (Cumula ve) ANNUALISED PERFORMANCE % (a er fees) year 3 years 5 years Incep on 7.4 PSG Diversified Income Fund A (Performance) SA CPI+1% (Benchmark) PSG Diversified Income Fund A (Performance) SA CPI+1% (Benchmark) Performance Sta s cs % Best Month YTD (not annualised) Worst Month

10 PSG Diversified Income Fund Class A Who should invest in the PSG Diversified Income Fund? The fund is suitable for investors who: have a low risk appe te and with an income requirement want to earn an income, but need to try and beat infla on focus on a short to medium term investment horizon Diversified Income The yield is calculated daily on an annualised basis. The calcula on is based on the current yield of fixed income instruments. General informa on and risks Collec ve Investment Schemes in Securi es (CIS) are generally medium to long term investments. The value of par cipatory interests (units) or the investment may go down as well as up and past performance is not a guide to future performance. Fluctua ons or movements in the exchange rates may cause the value of underlying interna onal investments to go up or down. CIS are traded at ruling prices and can engage in borrowing and script lending. The Fund may borrow up to 10% of its market value to bridge insufficient liquidity. Where foreign securi es are included in a por olio, the por olio is exposed to risks such as poten al constraints on liquidity and the repatria on of funds, macroeconomic, poli cal, foreign exchange, tax, se lement and poten al limita ons on the availability of market informa on. The por olios may be capped at any me in order for them to be managed in accordance with their mandate. Excessive withdrawals from the por olio may place the por olio under liquidity pressures and in such circumstances a process of ringfencing of withdrawal instruc ons and managed payouts over me may be followed. PSG Collec ve Investments (RF) Limited does not provide any guarantee either with respect to the capital or the return of the por olio. Regula on 28 The fund is managed according to Regula on 28 of the Pension Funds Act. The South African re rement fund industry is governed by the Pension Funds Act No. 24 of Regula on 28 of the Pension Funds Act prescribes the maximum limits in asset classes that an approved re rement fund may invest in. Exposures in excess of the limits will be corrected immediately, except where due to a change in the fair value or characteris c of an asset, e.g. market value fluctua ons, in which case they will be corrected within a reasonable me period. Performance All performance data for a lump sum, net of fees, include income and assumes reinvestment of income on a NAV to NAV basis. Annualised performances show longer term performance rescaled over a 12 month period. Individual investor performance may differ as a result of ini al fees, the actual investment date, the date of reinvestment and dividend withholding tax. Performance is calculated for the por olio and individual investor performance may differ as a result thereof. The por olio is valued at 15h00 daily. Income distribu ons are net of any applicable taxes. Actual annual figures are available to the investor on request. Prices are published daily and available on the website management and in the daily newspapers. Figures quoted are from Morningstar Inc. Pricing Forward pricing is used. Unit trust prices are calculated on a net asset value (NAV) basis, which is the market value of all assets in the Fund including income accruals less permissable deduc ons divided by the number of units in issue. Fees A schedule of fees and charges and maximum commissions is available on request from PSG Collec ve Investments (RF) Limited. Commission and incen ves may be paid and, if so, are included in the overall costs. Different classes of Par cipatory Interest can apply to these por olios and are subject to different fees, charges and possibly dividend withholding tax and will thus have differing performances. Total Expense Ra o (TER) The total expense ra o (TER) is the annualised percentage of the Fund s average assets under management that has been used to pay the Fund s actual expenses over the past three years. The TER includes the annual management fees that have been charged, other expenses like audit and trustee fees and VAT. As unit trust expenses vary, the current TER cannot be used as an indica on of future TERs. A higher TER ra o does not necessarily imply a poor return, nor does a low TER imply a good return. The TER and other funds TERs should then be used to evaluate whether the Fund performance offers value for money. Transac on costs Transac on costs are shown separately. Transac on costs are a necessary cost in administering the Financial Product and impacts Financial Product returns. They should not be considered in isola on as returns may be impacted by many other factors over me including market returns, the type of Financial Product, the investment decisions of the investment manager and the TER. Total investment charge The sum of the TER and transac on costs is shown as the Total Investment Charge. Since Fund returns are quoted a er the deduc on of these expenses, the TER and Transac on costs should not be deducted again from published returns. Total Investment Charge annualised for the period 1/4/2013 to 31/3/2016 Annual Management Fee and other costs (incl. VAT) 1.18% Total Expense Ra o (incl. VAT) 1.18% Transac on Costs (incl. VAT) 0.12% Total Investment Charge (incl. VAT) 1.30% Cut off mes The cut off me for submi ng investment transac ons is 14h30 daily, with the excep on of the PSG Money Market Fund which is 11h00. Company details PSG Collec ve Investments (RF) Limited is registered as a CIS Manager with the Financial Services Board, and a member of the Associa on of Savings and Investments South Africa (ASISA) through its holdings company PSG Konsult Limited. The management of the por olio is delegated to PSG Asset Management (Pty) Ltd, an authorised Financial Services Provider under the Financial Advisory and Intermediary Services Act 2002, FSP no PSG Asset Management (Pty) Ltd, PSG Collec ve Investments (RF) Limited and PSG Konsult Limited are subsidiaries of PSG Group Limited. PSG Collec ve Investments (RF) Limited and can be contacted on +27 (21) ; (toll free) , via assetmanagement@psg.co.za. Conflict of Interest Disclosure The Fund may from me to me invest in a por olio managed by a related party. PSG Collec ve Investments (RF) Limited or the fund manager may nego ate a discount in fees charged by the underlying por olio. All discounts nego ated are reinvested in the Fund for the benefit of the investors. Neither PSG Collec ve Investments (RF) Limited nor PSG Asset Management (Pty) Ltd retains any por on of such discount for their own accounts. The fund manager may use the brokerage services of a related party, PSG Securi es Ltd. Trustee The Standard Bank of South Africa Limited, Main Tower, Standard Bank Centre, 2 Hertzog Boulevard, Cape Town, Tel: +27 (21) compliance PSG@standardbank.co.za. Addi onal informa on Addi onal informa on is available free of charge on the and may include publica ons, brochures, applica on forms and annual reports.

11 PSG Income Fund Class A FUND FACTS Sector Benchmark Regula on 28 compliant Fund Managers Fund Launch Date South African Interest Bearing Short Term STEFI Composite No Ian Sco and Hein Dietzsch 1 September 2011 FUND CHARACTERISTICS This fund only invests in bonds, fixed deposits and interest bearing instruments with fixed maturity dates. The fund cannot invest in property, equi es and preference shares. The fund aims to preserve capital and maximize income. Investors in this fund should be comfortable with a small degree of exposure to interest rate fluctua ons and should have an investment horizon of at least twelve months. Fund Size (ZAR) 93,242,699 Month end NAV Price (cpu) Minimum Investment R2000 lump sum or R250 monthly debit order Distribu on Frequency February, May, August and November Latest Distribu on (cpu) 31 May 16 ; 29 Feb c ; 1.45c 30 Nov 15 ; 31 Aug c ; 1.74c Max. Adviser Fee % (incl. VAT) 0.57 Annual Management Fee % (incl. VAT) 0.74 Total Expense Ra o % (incl. VAT) 1.10 Dura on (years) 1.27 RISK CLASSIFICATION For a breakdown of the Total Investment Charge, please refer to page 2. INVESTMENT OBJECTIVE The investment objec ve of the fund is to maximise income while achieving long term capital apprecia on as interest rate cycles allow. INVESTMENT POLICY In order to achieve its investment objec ve, the por olio will be permi ed to invest in assets in liquid form, a diversified range of fixed interest securi es, including but not limited to loan stock, debentures, debenture stock, bonds, unsecured notes, whether they have inherent op on rights or are conver ble, as well as any other non equity securi es which may be approved by the Registrar from me to me and which are consistent with the investment policy of the por olio, to the maximum levels permi ed by the Act and the Regula ons thereto, as amended from me to me. The por olio may include financial instruments to the extent and limits allowed by legisla on in the Republic of South Africa. ASSET ALLOCATION TOP 10 BOND EXPOSURES % Fixed Rate Notes 34 Floa ng Rate Notes 63 Cash 3 Total 100 ABSA Bank Ltd Republic of South Africa Nedbank Group Ltd Firstrand Bank Ltd Standard Bank of SA Ltd Capitec Bank Holdings Ltd Imperial Holdings Ltd MMI Group Ltd The Thekwini Fund (RF) Ltd Barloworld Ltd HOW THE FUND HAS PERFORMED SINCE 1 September 2011 (Cumula ve) ANNUALISED PERFORMANCE % (a er fees) / /2012 5/ /2013 5/ /2014 5/ /2015 5/ year 3 years Incep on 5.9 PSG Income Fund A (Performance) STeFI Composite ZAR (Benchmark) PSG Income Fund A (Performance) STeFI Composite ZAR (Benchmark) Performance Sta s cs % YTD (not annualised) Best Month Worst Month