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Monthly Investment Report
            JANUARY 2012
Table of contents


                                                         Page

Analytics market comment                                   3

Analytics funds of funds performance tables and charts     5

Analytics funds of funds monthly return tables             9

Analytics funds of funds risk analysis                     10

Peer Relative Performance                                  12

Asset manager performance tables                           15

Analytics funds of funds asset allocation                  17

Analytics Cautious Fund of Funds characteristics           18

Analytics Managed Equity Fund sector analysis              20

Analytics Managed Equity share exposure analysis           21

Disclaimer                                                 22




                                   2
Analytics market comment
What will Mr Gordhan do?

After weeks of keeping global investors waiting, the Greek government last night voted to accept
another round of austerity measures so that the way can now be cleared for their European pay-
masters to open the taps of the second bail-out package that is needed to avoid a disorderly de-
fault next month. This acceptance of severe austerity measures followed a rejection last week by
the European troika of a previous set of Greek austerity proposals that apparently left a hole of
€325 million in their proposed €3.3 billion savings program. In addition to the savings outlined, the
current (and future) Greek government is expected to commit in writing to the implementation of
these measures. While the debate and the voting apparently took place behind an armed police
cordon, riot police battled with protestors as buildings burned in Athens and violence spread across
the country. Shops in Athens were looted and 34 buildings were reported as being ablaze as Greeks
vented their anger at the medicine that they are being forced to swallow in return for the bail-out
funds.

This new agreement also provides for a bond swap to ease Greece’s debt burden by cutting the real
value of some private sector holdings of Greek government debt by as much as 70%, finally offer-
ing some sobering insight into the true meaning of the word “sovereign”. Greek GDP is already
down by about 10% and some very tough times lie ahead for that economy and its citizens.

Reuters reports that on Saturday more than 100,000 people gathered in Lisbon’s Palace Square in
the largest rally against austerity and economic hardship since the country resorted to an EU-IMF
bailout last May. This mass rally precedes the start this week of the next quarterly evaluation of the
implementation of their bail-out and it comes amid concern that Portugal will need more bail-out
funds and maybe even a debt restructuring like Greece. The yield on 10-year Portuguese govern-
ment bonds rocketed all the way up to 15% in January and these yields are currently around
12.5% which is regarded as unsustainable territory and a signal that more help may be needed
soon.

But doubt lingers. With the prospect of a debt-to-GDP ratio of about 130% by 2020, has Greece
stepped away from the precipice or (as Business Day ponders today), in the absence of its own
depreciable currency, has its date with destiny merely been postponed again?

The UK’s Daily Telegraph newspaper asks the question whether the successful resolution of the
Greek debt talks has added to the impression that the crisis in Europe is in retreat and offers the
emphatic answer that regrettably, it is a view that is almost certainly wrong, in both political and
economic terms. The European Central Bank’s action of providing unlimited liquidity for the stricken
European banking system has bought time, but not addressed the causes of the crisis. The problem
of widely divergent competitiveness uncorrected by free-floating exchange rates remains exactly
the same as before. Therefore, German-driven fiscal discipline and structural reform have become
the order of the day as Greece is dragged into the 21st century. Restrictive labour laws are being
dismantled and the corrupt cronyism of the political and business class is being challenged like
never before. The article goes further by pointing out that European economies remain a million
miles away from the convergence necessary for an effective monetary union and the breakneck
speed with which Europe is now taking its medicine is proving economically disastrous. The latest
data out of Greece indicate an economy in a state of almost total collapse – a death spiral of plung-
ing output, multiplying bankruptcy and calamitous capital flight. The question is then posed as to
how much longer Greece’s always tenuous grip on democracy can survive such an onslaught?




                                                 3
Today’s editorial in the Business Day suggests that we should welcome the Greeks who bear such
important lessons for our political and economic leaders. This lead article mentions that while
the Greek economy will still have a debt-to-GDP ratio of around 130% by 2020, South Africa’s cur-
rent debt-to-GDP ratio is about 40% and rising, but adds that we do have a freely traded and liq-
uid currency that has proved quite capable in the past of depreciating sharply when investors lose
confidence in the sustainability of economic policy. Having digested President Zuma’s State of
the Nation speech last week, there are some doubts as to whether the government can imple-
ment its ambitious and much-needed infrastructure investment program while simultaneously
expanding the world’s most extensive welfare payment system, cutting the cost of doing business
in SA, and preventing corrupt state officials from plundering the coffers – all while avoiding the
temptation to allow our debt to keep rising towards that crucial level of 60% of GDP (even though
it is a level to which many European countries still aspire!).

The article ends off by suggesting that Finance Minister Pravin Gordhan will paint a clearer pic-
ture when he delivers his budget speech later this month even though there are too many contra-
dictions between government policy, what is happening on the ground, and the promises Mr Zuma
keeps on making. It is not possible to please all the people all the time indefinitely, as Greece’s
politicians are seeing now. Our Finance Ministry has a history of prudence and discipline and
there is no reason for this track record to be broken – the stark lessons from Europe are just too
painful.

The delicate balance between social responsibility and economic growth stimulus is something
that has been baked into South African fiscal and monetary policy over the last 17 years – but
some compromise is always necessary. The widespread social unrest that is currently part and
parcel of the European push to austerity, coming on the heels of food riots in Asia not so long
ago, the “Arab Spring” and the “OCCUPY” movement suggests that there must be a more serious
global focus on social issues, a complete antithesis to what is happening in Europe at the mo-
ment.

There are too many unanswered questions, differences of opinion, possible end-games and oppor-
tunities for political “one-upmanship” to expect global market volatility to subside any time
soon. However, the fact that equity markets look ahead and sometimes see through seemingly
serious events means that we should always remain alert for investment opportunities in risky
assets.




                                               4
Analytics funds of funds performance tables
 Snapshot of returns

                                          1            3         6                  12        24        36       60
                  Jan-12                month        months    months      YTD    months     months    months   months
Analytics Cautious Fund of Funds
Actual fund                             1.73%        2.07%     3.67%    1.73%     4.29%      7.09%      8.17%   6.80%
CPI                                     0.51%        1.53%     3.05%    0.51%     6.11%      4.78%      5.30%   6.47%
Analytics Moderate Fund of Funds
Actual fund                             2.73%        2.79%     5.13%    2.73%     5.08%      9.57%     11.80%   6.12%
CPI                                     0.51%        1.53%     3.05%    0.51%     6.11%      4.78%     5.30%    6.47%
Analytics Balanced Fund of Funds
Actual fund                             3.34%        3.33%     6.54%    3.34%     6.69%      11.69%    14.37%   6.33%
CPI                                     0.51%        1.53%     3.05%    0.51%     6.11%      4.78%     5.30%    6.47%
Analytics Flexible Fund of Funds
Actual fund                             1.68%        1.54%     5.14%    1.68%     1.92%      5.06%      3.86%   1.83%
CPI                                     0.51%        1.53%     3.05%    0.51%     6.11%      4.78%      5.30%   6.47%
Analytics Managed Equity Fund
Actual fund                             5.02%        4.52%     8.40%    5.02%      9.25%     15.00%    20.43%   7.40%
FTSE/JSE All Share Index                5.73%        4.79%     10.09%   5.73%     10.83%     15.64%    21.20%   8.82%




 All returns refer to A-class returns and returns for periods more than 12 months are annualised.

 The returns on the FTSE/JSE All Share Index are total returns.

 The CPI numbers for periods shorter than 12 months have been computed on a pro-rata basis,
 using a one-month lagged annual CPI value.



Since inception                    Compound return            Annualised return               Period
Analytics Cautious Fund of Funds
Actual fund                            171.6%                      11.3%              Oct 2002 - Jan 2012
Analytics Moderate Fund of Funds
Actual fund                            237.0%                      12.2%              Jul 2001 - Jan 2012
Analytics Balanced Fund of Funds
Actual fund                            442.72%                     13.3%                  Jul 98 - Jan 2012
Analytics Flexible Fund of Funds
Actual fund                            309.97%                     10.9%                  Jul 98 - Jan 2012
Analytics Managed Equity Fund
Actual fund                            382.31%                     16.3%              Sep 2001 - Jan 2012




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                                                                                                                                                    CFOFS                                         MFOFS                                             BFOFS                                         FOFS                                    MANE




                                                                                                                                                                                                       8
Analytics funds of funds monthly return tables
                                            ANALYTICS CAUTIOUS FUND OF FUNDS
         Jan      Feb      Mar      Apr      May      Jun      Jul     Aug      Sep      Oct      Nov      Dec      YTD
 2005   0.60%    2.47%    -0.41%   -0.55%   2.53%    1.27%    3.12%   0.95%    2.43%    -0.37%   1.23%    3.15%    17.60%
 2006   3.59%    0.55%    2.12%    0.87%    -1.79% -1.34%     0.03%   2.33%    0.88%    2.32%    2.10% 1.90% 14.28%
 2007   2.20%    1.07%    2.26%    2.18%    -0.08% -0.86%     0.62%   0.42%    1.74%    2.09%    -1.10% -0.40% 10.53%
 2008   -1.11%   2.55%    0.47%    -0.13%   0.84%    -1.04% -0.49%    1.69%    -1.78%   -1.32%   0.68%    1.55%    1.82%
 2009   -0.29%   -2.27%   1.66%    0.70%    1.84%    -0.32%   3.27%   2.01%    0.79%    1.66%    -0.16%   1.28%    10.53%
 2010   -0.45%   1.24%    2.09%    0.81%    -1.40% -0.57%     2.28%   -0.36%   3.01%    1.37%    0.12%    1.81%    10.31%
 2011   -0.75%   0.25%    0.64%    1.01%    -0.16% -0.35% -0.79%      0.37%    -1.24%   2.46%    -0.09%   0.42%    1.74%
 2012   1.73%                                                                                                      1.73%


                                            ANALYTICS MODERATE FUND OF FUNDS
         Jan      Feb      Mar      Apr      May      Jun      Jul     Aug      Sep      Oct      Nov      Dec      YTD
 2005   1.17%    3.51%    -0.47%   -2.45%   5.87%    1.53%    5.67%   1.21%    3.79%    -0.41%   1.28%    4.87%    28.32%
 2006   5.72%    0.25%    3.71%    1.59%    -2.30% -0.45% -0.86%      4.41%    2.49%    3.06%    3.28% 3.49% 26.92%
 2007   3.43%    1.31%    3.89%    3.46%    -0.29% -1.59%     0.48%   0.23%    2.71%    4.06%    -2.80% -1.80% 13.54%
 2008   -4.52%   5.29%    -0.44%   -0.14%   1.23%    -3.37% -2.50%    2.58%    -6.05%   -5.04%   -0.04%   2.21% -10.87%
 2009   -1.57%   -4.77%   3.21%    1.35%    3.62%    -0.64%   5.52%   3.19%    1.15%    2.60%    -0.29%   2.31% 16.36%
 2010   -1.55%   1.51%    3.86%    0.96%    -3.00% -1.73%     4.12%   -1.43%   5.28%    2.16%    0.31%    2.77%    13.67%
 2011   -1.03%   0.68%    0.66%    1.17%    -0.09% -0.96% -1.49% -0.08%        -1.54%   3.96%    -0.34%   0.40%    1.23%
 2012   2.73%                                                                                                      2.73%


                                            ANALYTICS BALANCED FUND OF FUNDS
         Jan      Feb      Mar      Apr      May      Jun      Jul     Aug      Sep      Oct      Nov      Dec      YTD
 2005   1.12%    3.93%    -0.45%   -2.94%   6.38%    1.62%    6.40%   1.33%    4.57%    -0.88%   1.61%    5.36%    31.34%
 2006   6.52%    0.09%    4.07%    1.75%    -2.83% -0.39% -0.86%      4.60%    2.46%    3.39%    3.51%    3.99%    29.21%
 2007   3.52%    1.22%    4.28%    3.51%    -0.10% -1.56%     0.40%   0.22%    2.85%    4.56%    -3.26% -2.19% 13.88%
 2008   -5.65%   6.15%    -0.79%   -0.12%   1.29%    -4.16% -3.24%    2.90%    -7.74%   -6.72%   -0.32% 2.76% -15.44%
 2009   -2.35%   -5.96%   4.12%    1.76%    4.54%    -0.74%   6.63%   3.77%    1.40%    3.07%    -0.38%   2.68%    19.43%
 2010   -1.95%   1.68%    4.49%    1.02%    -3.48% -2.21%     5.22%   -1.99%   6.55%    2.54%    0.37%    3.43%    16.19%
 2011   -1.31%   1.01%    0.75%    1.39%    0.02%    -1.25% -1.74% -0.39%      -1.66%   5.26%    -0.57%   0.56%    1.88%
 2012   3.34%                                                                                                      3.34%


                                             ANALYTICS FLEXIBLE FUND OF FUNDS
         Jan      Feb      Mar      Apr      May      Jun      Jul     Aug      Sep      Oct      Nov      Dec      YTD
 2005   1.34%    3.45%    0.08%    -3.18%   6.56%    1.18%    6.11%   0.86%    4.07%    -0.37%   1.18%    4.30%    28.26%
 2006   5.66%    -0.32%   3.64%    1.91%    -1.30%   1.62% -1.11%     4.01%    3.52%    1.88%    3.00% 2.99% 28.41%
 2007   3.13%    1.04%    3.96%    2.57%    0.29%    -1.18%   0.34%   0.07%    1.48%    1.26%    -1.79% -1.23% 10.22%
 2008   1.44%    4.55%    2.42%    -2.64%   1.95%    -2.37% -7.81%    1.99%    -5.03%   -1.29%   -2.00% -0.61% -9.63%
 2009   1.18%    -6.19%   -0.63%   -3.10%   3.02%    -2.71%   6.64%   3.47%    0.29%    2.77%    -2.00%  0.96% 3.08%
 2010   -0.38%   2.31%    0.68%    1.06%    -3.78% -2.07%     1.82%   -1.26%   3.11%    2.53%    0.49%    0.70%    5.09%
 2011   2.67%    -0.38%   -0.49%   0.41%    0.43%    -1.40% -1.66% -0.43%      1.75%    2.20%    0.44%    -0.57%   2.91%
 2012   1.68%                                                                                                      1.68%


                                             ANALYTICS MANAGED EQUITY FUND
         Jan      Feb      Mar      Apr      May      Jun      Jul     Aug      Sep      Oct      Nov      Dec      YTD
 2005   1.16%    5.07%    -1.26%   -3.96%   7.51%    2.37%    8.92%   1.66%    6.73%    -2.40%   3.28%    6.74%    41.05%
 2006   8.90%    -0.40%   4.69%    2.11%    -4.58% -0.24% -0.52%      4.57%    2.26%    4.91%    4.08% 5.90% 35.77%
 2007   3.50%    1.02%    5.31%    3.93%    0.49%    -1.48%   0.24%   0.16%    3.15%    6.26%    -4.34% -3.13% 15.53%
 2008   -8.61%   8.20%    -1.74%   1.69%    2.15%    -5.22% -4.50%    2.78%    -10.81% -10.53%   -1.48%   3.94% -23.27%
 2009   -4.49%   -7.96%   7.14%    3.97%    7.53%    -0.16%   7.71%   4.65%    1.78%    3.66%    0.10%    3.77% 29.87%
 2010   -2.88%   1.09%    6.34%    1.10%    -4.13% -2.98%     6.79%   -3.10%   9.02%    3.10%    0.11%    5.82%    20.98%
 2011   -2.82%   2.42%    1.06%    1.75%    -0.09% -1.79% -2.48% -0.84%        -3.53%   8.43%    -0.86%   0.38%    1.09%
 2012   5.02%                                                                                                      5.02%




                                                        9
Analytics funds of funds risk analysis
Drawdown and timing estimates
                    Jan-12
                                           Drawdown            Month(s)
Analytics   Cautious Fund of Funds           -3.13%          May 06/June 06
Analytics   Moderate Fund of Funds          -11.13%          Sep 08/Nov 08
Analytics   Balanced Fund of Funds          -14.78%          Sep 08/Nov 08
Analytics   Flexible Fund of Funds          -17.55%          Dec 02/Apr 03
Analytics   Managed Equity Fund             -22.82%          Sep 08/Nov 08


Drawdown is defined here as the maximum peak to trough drop in the unit price of a fund
over its history, irrespective of the time period involved.

It is must be remembered that many funds will define drawdown as the maximum MONTHLY
negative return over the history of the fund.




Current annualised volatility

The current annualised volatility of the five Analytics funds is provided in the table below. The
annualised volatility is that of the monthly returns for each fund.

                     Jan-12                            Volatility (%)
                                             Current        Low          High
Analytics   Cautious Fund of Funds           3.57%         3.18%        6.10%
Analytics   Moderate Fund of Funds           5.62%         4.76%        13.80%
Analytics   Balanced Fund of Funds           7.14%         5.74%        16.62%
Analytics   Flexible Fund of Funds           4.25%         4.25%        18.56%
Analytics   Managed Equity Fund              11.55%        7.80%        24.12%


All risk adjusted returns plotted in the charts have been calculated by dividing rolling 12
month nominal returns by the rolling 12 month volatility.




                                            10
Rolling 12 month volatility for the Analytics Funds of Funds

                                                    28%




                                                    24%




                                                    20%
 Rolling 12 month volatility




                                                    16%




                                                    12%




                                                    8%




                                                    4%




                                                    0%
                                                      Oct-03     Mar-04 Aug-04 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07   Jul-07   Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-



                                                                                                CFOFS            MFOFS                BFOFS             FFOFS            MANE




Rolling 60 month risk-adjusted returns for the Analytics Funds of Funds

                                                    4
           Rolling 60 month risk adjusted returns




                                                    2




                                                    0
                                                        Oct-07        Mar-08        Aug-08        Jan-09        Jun-09          Nov-09         Apr-10           Sep-10     Feb-11        Jul-11



                                                                                               CFOFS         MFOFS          BFOFS           MANE




                                                                                                                     11
Rolling 60 month risk/return scatter graph for the Analytics Cautious FOF,
Analytics Moderate FOF and the Analytics Balanced FOF

                      40.00%




                      35.00%




                      30.00%




                      25.00%
  Annualised Return




                      20.00%




                      15.00%




                      10.00%




                       5.00%




                       0.00%
                            0.00%                  5.00%                   10.00%              15.00%                  20.00%                        25.00%
                                                                                Annualised Risk

                                         Cautious FOF       Moderate FOF      Balanced FOF    Managed Equity        All Share Index




Peer Relative Performance

Analytics Cautious Fund of Funds

                                                                 Asset Allocation Prudential Low Equity:
                                                           Returns of selected Funds for periods to January 2012
 12.00%




 10.00%




  8.00%




  6.00%




  4.00%

                                                                                                                                  Quartile 1 limit

                                                                                                                                  Analytics Cautious FoF B

  2.00%
                                                                                                                                  None

                                                                                                                                  Quartile 2 limit

                                                                                                                                  Quartile 3 limit
  0.00%
                                    1 Month                 3 Months                 1 Year               3 Years                     5 Years




                                                                                12
Analytics Moderate Fund of Funds

                          Asset Allocation Prudential Medium Equity:
                     Returns of selected Funds for periods to January 2012
16.00%



14.00%



12.00%



10.00%



 8.00%



 6.00%



                                                                                     Quartile 1 limit
 4.00%
                                                                                     Analytics Moderate FoF B

                                                                                     None
 2.00%
                                                                                     Quartile 2 limit

                                                                                     Quartile 3 limit
 0.00%
         1 Month      3 Months                1 Year               3 Years              5 Years




Analytics Balanced Fund of Funds

                            Asset Allocation Prudential High Equity:
                      Returns of selected Funds for periods to January 2012
16.00%



14.00%



12.00%



10.00%



 8.00%



 6.00%


                                                                              Quartile 1 limit

 4.00%
                                                                              Analytics Balanced FoF B

                                                                              None

 2.00%                                                                        Quartile 2 limit

                                                                              Quartile 3 limit

 0.00%
         1 Month      3 Months                1 Year               3 Years              5 Years




                                         13
Analytics Managed Equity
                                    Domestic Equity General:
                     Returns of selected Funds for periods to January 2012
25.00%




20.00%


                                                                             Quartile 1 limit

                                                                             Analytics Managed Equity B

15.00%                                                                       None

                                                                             Quartile 2 limit

                                                                             Quartile 3 limit


10.00%




 5.00%




 0.00%
         1 Month      3 Months                1 Year               3 Years    5 Years




                                         14
Asset manager performance tables

Snapshot of returns

                                 ANALYTICS CAUTIOUS FUND OF FUNDS
                                            1        3        6        12       24       36       60
                    Jan-12                 month   months   months   months   months   months   months
Current Managers
Analytics Managed Equity Fund              5.02%   4.52%    8.40%    9.25%    15.00%   20.43%   7.41%
Old Mutual SA Quoted Property Fund         4.58%   5.54%    9.00%    17.63%   19.54%   18.05%   12.05%
Stanlib Bond Fund                          2.02%   2.98%    7.53%    14.63%   14.23%   9.85%    9.21%
Prudential Money Market Fund               0.45%   1.30%    2.67%    5.40%    6.02%    6.85%    8.43%
Investec Diversified Income Fund           0.41%   1.14%    7.26%    10.51%   9.96%      n/a      n/a
Investec Global Strategic Managed Fund     0.49%   -1.64%   6.74%    4.21%    6.47%    3.85%    1.31%

                                 ANALYTICS MODERATE FUND OF FUNDS
                                           1         3        6       12        24       36       60
                    Jan-12                month    months   months   months   months   months   months
Current Managers
Analytics Managed Equity Fund             5.02%     4.52%   8.40%    9.25%    15.00%   20.43%   7.41%
Old Mutual SA Quoted Property Fund        4.58%     5.54%   9.00%    17.63%   19.54%   18.05%   12.05%
Stanlib Bond Fund                         2.02%     2.98%   7.53%    14.63%   14.23%   9.85%    9.21%
Prudential Money Market Fund              0.45%     1.30%   2.67%    5.40%    6.02%    6.85%    8.43%
Investec Diversified Income Fund          0.41%     1.14%   7.26%    10.51%   9.96%      n/a      n/a
Investec Global Strategic Managed Fund    0.49%    -1.64%   6.74%    4.21%    6.47%    3.85%    1.31%

                                 ANALYTICS BALANCED FUND OF FUNDS
                                            1        3        6       12        24       36       60
                    Jan-12                 month   months   months   months   months   months   months
Current Managers
Analytics Managed Equity Fund              5.02%    4.52%   8.40%    9.25%    15.00%   20.43%   7.41%
Old Mutual SA Quoted Property Fund         4.58%    5.54%   9.00%    17.63%   19.54%   18.05%   12.05%
Stanlib Bond Fund                          2.02%    2.98%   7.53%    14.63%   14.23%   9.85%    9.21%
Prudential Money Market Fund               0.45%   1.30%    2.67%    5.40%    6.02%    6.85%    8.43%
Investec Global Strategic Managed Fund     0.49%   -1.64%   6.74%    4.21%    6.47%    3.85%    1.31%


                                  ANALYTICS FLEXIBLE FUND OF FUNDS
                                            1        3        6       12        24       36       60
                    Jan-12                 month   months   months   months   months   months   months
Current Managers
Analytics Managed Equity Fund              5.02%    4.52%   8.40%    9.25%    15.00%   20.43%   7.41%
Stanlib Bond Fund                          2.02%    2.98%   7.53%    14.63%   14.23%   9.85%    9.21%
Investec Global Strategic Managed Fund     0.49%   -1.64%   6.74%    4.21%    6.47%    3.85%    1.31%
Prudential Money Market Fund               0.45%   1.30%    2.67%    5.40%    6.02%    6.85%    8.43%




                                              15
Asset manager performance tables

                                          ANALYTICS FUNDS OF FUNDS
                                                1         3        6       12        24       36       60
                    Jan-12                     month    months   months   months   months   months   months
Shadow Managers
Prudential Enhanced SA Property Tracker Fund    4.62%   5.50%    8.44%    18.23%   21.49%   19.26%   13.49%
Investec Property Fund                          4.73%   5.58%    8.51%    16.69%   19.50%   16.97%   12.70%
Investec Gilt Fund                              1.93%   2.70%    6.30%    12.44%   12.24%   8.41%    8.59%
Investec Opportunity Income Fund                1.01%   2.12%    4.24%    8.68%    9.30%    8.24%    9.16%
Coronation Strategic Income Fund                0.77%   2.15%    5.91%    10.72%   10.66%   10.12%   9.27%
Foord International Trust Fund                 -1.62%   -2.12%   10.80%   6.63%    6.52%    0.88%    4.46%
Coronation Global Managed Fund                 1.20%    0.40%    14.04%   12.64%   7.92%      n/a      n/a
Watchlist Managers
Coronation Property Equity Fund                 4.56%   4.64%    8.17%    17.14%   20.41%   18.86%   11.94%
Nedgroup Flexible Income Fund                   0.46%   1.26%    5.96%    10.11%   8.33%     8.07%   9.64%
Cadiz Absolute Yield Fund                       1.36%   2.63%    4.97%    9.57%    9.70%     9.68%   10.44%
Old Mutual Enhanced Income Fund                 0.82%   2.19%    4.21%    8.27%    8.34%     7.83%   8.40%
Allan Gray Orbis Global Fund of Funds          -1.08%   -2.02%   10.42%   3.79%    0.89%    -0.94%   4.54%
Sarasin Equisar Global Thematic Fund (Rands)   0.15%    -3.36%   7.32%    6.76%    -1.00%    6.15%   1.62%


                                   ANALYTICS MANAGED EQUITY FUND
                                                1         3        6       12        24       36       60
                    Jan-12                     month    months   months   months   months   months   months
Current Managers
Cadiz Equity Fund (seg)                        5.77%    6.12%    10.92%   10.58%   15.23%   21.82%   7.56%
Coronation Equity Fund (seg)                   4.99%    5.14%    10.36%   14.45%   20.20%   27.01%   13.17%
Investec Equity Fund (seg)                     4.32%    4.08%    9.42%    13.57%   15.46%   18.04%   8.07%
Old Mutual Mining & Resources Fund (UT)        6.62%    2.65%    2.35%    -5.82%   5.86%    19.12%   10.32%
Shadow Managers
Mi-Plan Beta Equity Fund                       4.86%    5.27%    10.07%   11.59%   15.27%   20.24%   7.39%
Nedgroup Investments Value Fund                6.42%    6.73%    10.15%   11.07%   16.84%   23.22%   11.35%
Nedgroup Investments Rainmaker Fund            4.99%    5.00%    10.44%   12.27%   16.27%   20.15%   8.72%
Investec Commodity Fund                        7.23%    5.11%    9.46%    3.97%    10.39%   16.50%   9.29%
Watchlist Managers
SIM Equally Weighted Top 40 Fund               5.75%    4.42%    10.53%   11.76%     n/a      n/a      n/a
SIM Dividend Plus Index Fund                   6.31%    9.60%      n/a      n/a      n/a      n/a      n/a
Stanlib ALSI40 Fund                            6.09%    3.65%    10.36%   9.78%    14.57%   20.15%   8.08%




                                                 16
Analytics funds of funds asset allocation
                              Analytics Cautious FOF

                      21.5%                            18.6%


                                                                    7.1%




            26.0%
                                                               26.8%

                    Equity    Property    Bonds   Cash     Offshore


                              Analytics Moderate FOF
                          18.6%

               2.4%
                                                                   45.5%




             25.8%


                                          7.8%
                    Equity     Property   Bonds   Cash      Offshore


                              Analytics Balanced FOF

                      21.7%

            2.1%


            10.1%                                                   56.6%


                   9.4%


                    Equity    Property    Bonds   Cash     Offshore

                              Analytics Flexible FOF

                                                               32.0%




            56.1%
                                                                    0.0%
                                                                 7.8%

                                                         4.1%
                     Equity    Property   Bonds   Cash     Offshore




                                           17
Analytics Cautious Fund of Funds characteristics

Fixed income asset classes


                                                    Stanlib Bond
                                                 4.8% 0.0%               10.0%
                                                                                    0.0%




                                                                                                34.1%
               51.1%




              Cash                              Floating Rate Notes                Government Bonds
              Non-government Bonds              Inflation Linked Bonds             Preference Shares
              Foreign Fixed Interest            Property



                                   Investec Diversified Income
                                                       2.2%
                                                                            17.5%
                                   19.7%

                        0.0%


                       6.7%                                                                 16.4%



                          16.0%

                                                                           21.4%

                Cash                              Floating Rate Notes               Government Bonds
                Non-government Bonds              Inflation Linked Bonds            Preference Shares
                Foreign Fixed Interest            Property




                                    Analytics Cautious FOF
                                         0.0%      9.5% 1.0%
                                  4.6%
                                                                                        35.0%



                       22.0%




                                                                                     7.9%

                                                19.9%
                Cash                               Floating Rate Notes              Government Bonds
                Non-government Bonds              Inflation Linked Bonds            Preference Shares
                Foreign Fixed Interest            Property




                                                          18
Maturity spread analysis



                                                Stanlib Bond
                                                           10.0%
                               18.8%                                  0.1%

                                                                          20.0%




                          51.1%
                         0-1 yr 1-3 yr            3-7 yr   7-12 yr    12+ yr




                          Investec Diversified Income

                       31.1%
                                                                         36.3%




                7.0%

                               9.5%                               16.1%
                         0-1 yr        1-3 yr     3-7 yr   7-12 yr    12+ yr




                                  Analytics Cautious FOF
                           20.3%

                                                                             44.1%


             17.7%



                            10.2%
                                                           7.8%
                         0-1 yr        1-3 yr     3-7 yr    7-12 yr   12+ yr




                                                 19
Analytics Managed Equity Fund sector analysis
Managed Equity Fund sector allocation

                     January 2012                                               December 2011

     41.5%                                        39.4%         42.0%                                         39.7%




                             19.1%                                                       18.3%

             Resources   Financials      Industrials                     Resources   Financials       Industrials




Underlying manager sector allocation

                    Cadiz                                                      Coronation
                                                 37.44%                                                    34.24%
    41.62%                                                     42.10%




                                20.94%                                                            23.66%

             Resources   Financials      Industrials                    Resources    Financials      Industrials




                    Investec                                            Old Mutual Mining & Resources
                                                                             0.00%           6.67%
                                                36.65%


   49.81%




                                      13.54%
                                                                                                  93.33%
             Resources   Financials      Industrials                     Resources   Financials       Industrials




                                                          20
Analytics Managed Equity Fund share exposure analysis
Top 10 shares in Analytics Managed Equity Fund

             Dec-11   % of Equity Only                     Jan-12   % of Equity Only
             SHARE         Total                           SHARE         Total
SASOL                     10.48%              SASOL                     10.29%
MTN GROUP                 8.42%               ANGLO                     7.99%
ANGLO                     7.98%               MTN GROUP                 7.55%
BHPBILL                   7.05%               BHPBILL                   7.09%
STANBANK                  3.94%               NASPERS -N                4.62%
NASPERS -N                3.74%               STANBANK                  4.11%
SAB                       3.34%               FIRSTRAND                 3.07%
FIRSTRAND                 2.76%               SAB                       2.98%
BRITISH AM. TOBACCO       2.71%               BRITISH AM. TOBACCO       2.63%
BIDVEST                   2.22%               BIDVEST                   2.32%




                                         21
Disclaimer

The information and opinions contained in this document are recorded and expressed in
good faith and in reliance on sources believed to be credible. No representation, warranty,
undertaking or guarantee of whatever nature is given on the accuracy and/or complete-
ness of such information or the correctness of such opinions. Analytics will have no liability
of whatever nature and however arising in respect of any claim, damages, loss or ex-
penses suffered directly or indirectly by the investor acting on the information contained in
this document. Furthermore, due to the fact that Analytics does not act as your financial
advisor, we have not conducted a financial needs analysis and will rely on the needs
analysis conducted by your financial advisor. We recommend that you take particular care
to consider whether any information contained in this document is appropriate given your
objectives, financial situation and particular needs in view of the fact that there may be
limitations on the appropriateness of the advice provided. No guarantee of investment per-
formance or capital protection should be inferred from any of the information contained in
this document. Portfolio Analytics (Pty) Ltd and Portfolio Analytics Consulting (Pty) Ltd
are authorised financial services providers.

Unit trusts are generally medium to long term investments. The value of units go up as
well as down and past performance is not necessarily a guide to the future. Should a
portfolio have underlying international investments, fluctuations or movements in ex-
change rates cause the value of those underlying investments to go up or down. Unit
trusts are traded at ruling prices and can engage in borrowing and scrip lending.
A schedule of fees and charges and maximum commissions is available on request from
Investec Fund Managers SA Limited. Commission and incentives may be paid and if so,
would be included in the overall costs. Different classes of units apply to these portfolios
and are subject to different fees and charges. A fund of fund unit trust only invests in
other unit trusts, which levy their own charges, which could result in a higher fee structure
for those portfolios. Forward pricing is used. Unit trust prices are calculated on a net as-
set value basis, which is the total value of all assets in the portfolio including any income
accrual and less any permissible deductions from the portfolio. Quantifiable deductions
are the initial fee and annual management fee indicated above whilst non-quantifiable de-
ductions included in the net asset value price comprise brokerage, , auditor's fees, bank
charges, trustee and custodian fees.. Fund valuations take place at approximately 17h00
SA time each day. Purchase and repurchase requests must be received by the Manager
by 16h00 SA time each business day.

The Analytics portfolios are Collective Investment Schemes in securities, established and
administered by Investec Fund Managers SA Limited a Member of the Association of Col-
lective Investment Schemes, who appointed Analytics as its authorised agent to solicit in-
vestments in the portfolio and to manage the portfolio. The relationship between Investec
Fund Managers SA Limited and Analytics is governed by the Act, the Deed and formal writ-
ten agreements. Trustee - FirstRand Bank (011) 371 2111. Analytics Tel: (011) 463-9600
Fax: (011) 463-8279. Website: www.analytics.co.za




                                            22

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Analytics jan 2012 final

  • 2. Table of contents Page Analytics market comment 3 Analytics funds of funds performance tables and charts 5 Analytics funds of funds monthly return tables 9 Analytics funds of funds risk analysis 10 Peer Relative Performance 12 Asset manager performance tables 15 Analytics funds of funds asset allocation 17 Analytics Cautious Fund of Funds characteristics 18 Analytics Managed Equity Fund sector analysis 20 Analytics Managed Equity share exposure analysis 21 Disclaimer 22 2
  • 3. Analytics market comment What will Mr Gordhan do? After weeks of keeping global investors waiting, the Greek government last night voted to accept another round of austerity measures so that the way can now be cleared for their European pay- masters to open the taps of the second bail-out package that is needed to avoid a disorderly de- fault next month. This acceptance of severe austerity measures followed a rejection last week by the European troika of a previous set of Greek austerity proposals that apparently left a hole of €325 million in their proposed €3.3 billion savings program. In addition to the savings outlined, the current (and future) Greek government is expected to commit in writing to the implementation of these measures. While the debate and the voting apparently took place behind an armed police cordon, riot police battled with protestors as buildings burned in Athens and violence spread across the country. Shops in Athens were looted and 34 buildings were reported as being ablaze as Greeks vented their anger at the medicine that they are being forced to swallow in return for the bail-out funds. This new agreement also provides for a bond swap to ease Greece’s debt burden by cutting the real value of some private sector holdings of Greek government debt by as much as 70%, finally offer- ing some sobering insight into the true meaning of the word “sovereign”. Greek GDP is already down by about 10% and some very tough times lie ahead for that economy and its citizens. Reuters reports that on Saturday more than 100,000 people gathered in Lisbon’s Palace Square in the largest rally against austerity and economic hardship since the country resorted to an EU-IMF bailout last May. This mass rally precedes the start this week of the next quarterly evaluation of the implementation of their bail-out and it comes amid concern that Portugal will need more bail-out funds and maybe even a debt restructuring like Greece. The yield on 10-year Portuguese govern- ment bonds rocketed all the way up to 15% in January and these yields are currently around 12.5% which is regarded as unsustainable territory and a signal that more help may be needed soon. But doubt lingers. With the prospect of a debt-to-GDP ratio of about 130% by 2020, has Greece stepped away from the precipice or (as Business Day ponders today), in the absence of its own depreciable currency, has its date with destiny merely been postponed again? The UK’s Daily Telegraph newspaper asks the question whether the successful resolution of the Greek debt talks has added to the impression that the crisis in Europe is in retreat and offers the emphatic answer that regrettably, it is a view that is almost certainly wrong, in both political and economic terms. The European Central Bank’s action of providing unlimited liquidity for the stricken European banking system has bought time, but not addressed the causes of the crisis. The problem of widely divergent competitiveness uncorrected by free-floating exchange rates remains exactly the same as before. Therefore, German-driven fiscal discipline and structural reform have become the order of the day as Greece is dragged into the 21st century. Restrictive labour laws are being dismantled and the corrupt cronyism of the political and business class is being challenged like never before. The article goes further by pointing out that European economies remain a million miles away from the convergence necessary for an effective monetary union and the breakneck speed with which Europe is now taking its medicine is proving economically disastrous. The latest data out of Greece indicate an economy in a state of almost total collapse – a death spiral of plung- ing output, multiplying bankruptcy and calamitous capital flight. The question is then posed as to how much longer Greece’s always tenuous grip on democracy can survive such an onslaught? 3
  • 4. Today’s editorial in the Business Day suggests that we should welcome the Greeks who bear such important lessons for our political and economic leaders. This lead article mentions that while the Greek economy will still have a debt-to-GDP ratio of around 130% by 2020, South Africa’s cur- rent debt-to-GDP ratio is about 40% and rising, but adds that we do have a freely traded and liq- uid currency that has proved quite capable in the past of depreciating sharply when investors lose confidence in the sustainability of economic policy. Having digested President Zuma’s State of the Nation speech last week, there are some doubts as to whether the government can imple- ment its ambitious and much-needed infrastructure investment program while simultaneously expanding the world’s most extensive welfare payment system, cutting the cost of doing business in SA, and preventing corrupt state officials from plundering the coffers – all while avoiding the temptation to allow our debt to keep rising towards that crucial level of 60% of GDP (even though it is a level to which many European countries still aspire!). The article ends off by suggesting that Finance Minister Pravin Gordhan will paint a clearer pic- ture when he delivers his budget speech later this month even though there are too many contra- dictions between government policy, what is happening on the ground, and the promises Mr Zuma keeps on making. It is not possible to please all the people all the time indefinitely, as Greece’s politicians are seeing now. Our Finance Ministry has a history of prudence and discipline and there is no reason for this track record to be broken – the stark lessons from Europe are just too painful. The delicate balance between social responsibility and economic growth stimulus is something that has been baked into South African fiscal and monetary policy over the last 17 years – but some compromise is always necessary. The widespread social unrest that is currently part and parcel of the European push to austerity, coming on the heels of food riots in Asia not so long ago, the “Arab Spring” and the “OCCUPY” movement suggests that there must be a more serious global focus on social issues, a complete antithesis to what is happening in Europe at the mo- ment. There are too many unanswered questions, differences of opinion, possible end-games and oppor- tunities for political “one-upmanship” to expect global market volatility to subside any time soon. However, the fact that equity markets look ahead and sometimes see through seemingly serious events means that we should always remain alert for investment opportunities in risky assets. 4
  • 5. Analytics funds of funds performance tables Snapshot of returns 1 3 6 12 24 36 60 Jan-12 month months months YTD months months months months Analytics Cautious Fund of Funds Actual fund 1.73% 2.07% 3.67% 1.73% 4.29% 7.09% 8.17% 6.80% CPI 0.51% 1.53% 3.05% 0.51% 6.11% 4.78% 5.30% 6.47% Analytics Moderate Fund of Funds Actual fund 2.73% 2.79% 5.13% 2.73% 5.08% 9.57% 11.80% 6.12% CPI 0.51% 1.53% 3.05% 0.51% 6.11% 4.78% 5.30% 6.47% Analytics Balanced Fund of Funds Actual fund 3.34% 3.33% 6.54% 3.34% 6.69% 11.69% 14.37% 6.33% CPI 0.51% 1.53% 3.05% 0.51% 6.11% 4.78% 5.30% 6.47% Analytics Flexible Fund of Funds Actual fund 1.68% 1.54% 5.14% 1.68% 1.92% 5.06% 3.86% 1.83% CPI 0.51% 1.53% 3.05% 0.51% 6.11% 4.78% 5.30% 6.47% Analytics Managed Equity Fund Actual fund 5.02% 4.52% 8.40% 5.02% 9.25% 15.00% 20.43% 7.40% FTSE/JSE All Share Index 5.73% 4.79% 10.09% 5.73% 10.83% 15.64% 21.20% 8.82% All returns refer to A-class returns and returns for periods more than 12 months are annualised. The returns on the FTSE/JSE All Share Index are total returns. The CPI numbers for periods shorter than 12 months have been computed on a pro-rata basis, using a one-month lagged annual CPI value. Since inception Compound return Annualised return Period Analytics Cautious Fund of Funds Actual fund 171.6% 11.3% Oct 2002 - Jan 2012 Analytics Moderate Fund of Funds Actual fund 237.0% 12.2% Jul 2001 - Jan 2012 Analytics Balanced Fund of Funds Actual fund 442.72% 13.3% Jul 98 - Jan 2012 Analytics Flexible Fund of Funds Actual fund 309.97% 10.9% Jul 98 - Jan 2012 Analytics Managed Equity Fund Actual fund 382.31% 16.3% Sep 2001 - Jan 2012 5
  • 6. 0 50 100 150 200 250 300 350 400 0.00 100.00 150.00 200.00 250.00 300.00 50.00 Jun-01 Sep-01 Sep-02 Dec-01 Dec-02 Mar-02 Mar-03 Jun-02 Jun-03 Sep-02 Sep-03 Dec-02 Dec-03 Mar-03 Mar-04 Jun-03 Jun-04 Sep-03 Sep-04 Dec-03 Mar-04 Dec-04 Jun-04 Mar-05 Sep-04 Jun-05 Dec-04 Sep-05 Mar-05 Dec-05 Jun-05 Mar-06 Analytics Cautious FoF A Analytics Mode rate FoF A Sep-05 Jun-06 Dec-05 Sep-06 Mar-06 6 Jun-06 Dec-06 Sep-06 Mar-07 Inflation Inflation Dec-06 Jun-07 Mar-07 Sep-07 Jun-07 Dec-07 Sep-07 Mar-08 Cash Dec-07 Cash Jun-08 Mar-08 Since inception: Analytics Cautious Fund of Funds Sep-08 Jun-08 Since inception: Analytics Moderate Fund of Funds Dec-08 Sep-08 Dec-08 Mar-09 Analytics funds of funds performance charts Mar-09 Jun-09 Jun-09 Sep-09 After-Tx cash After-Tx cash Sep-09 Dec-09 Dec-09 Mar-10 Mar-10 Jun-10 Analytics Cautious FOF A since inception vs. Inflation and Cash Analytics Moderate FOF A since inception vs. Inflation and Cash Jun-10 Sep-10 Sep-10 Dec-10 Dec-10 Mar-11 Mar-11 Jun-11 Jun-11 Sep-11 Sep-11 Dec-11 Dec-11
  • 7. 0 100 200 300 400 500 600 50 0 100 150 200 250 300 350 400 450 500 Jun-98 Jun-98 Oct-98 Oct-98 Feb-99 Feb-99 Jun-99 Jun-99 Oct-99 Oct-99 Feb-00 Feb-00 Jun-00 Jun-00 Oct-00 Oct-00 Feb-01 Feb-01 Jun-01 Jun-01 Oct-01 Oct-01 Feb-02 Feb-02 Jun-02 Jun-02 Oct-02 Oct-02 Feb-03 Feb-03 Jun-03 Jun-03 A nalytics Flexible FoF A Analytics Balanced FoF A Oct-03 Oct-03 Feb-04 Feb-04 Jun-04 Jun-04 7 Oct-04 Oct-04 Feb-05 Feb-05 Inflation Inflation Jun-05 Jun-05 Oct-05 Oct-05 Feb-06 Feb-06 Jun-06 Jun-06 Cash Oct-06 Cash Oct-06 Since inception: Analytics Flexible Fund of Funds Feb-07 Feb-07 Since inception: Analytics Balanced Fund of Funds Jun-07 Jun-07 Oct-07 Oct-07 Feb-08 Feb-08 Analytics funds of funds performance charts Jun-08 Jun-08 Oct-08 Oct-08 After-Tx cash After-Tx cash Feb-09 Feb-09 Jun-09 Jun-09 Analytics Flexible FOF A since inception vs. Inflation and Cash Oct-09 Oct-09 Analytics Balanced FOF A since inception vs. Inflation and Cash Feb-10 Feb-10 Jun-10 Jun-10 Oct-10 Oct-10 Feb-11 Feb-11 Jun-11 Jun-11 Oct-11 Oct-11
  • 8. Analytics funds of funds performance charts Since inception: Analytics Managed Equity 600 Analytics Managed Equity since inception vs. Inflation, Cash and ALSI 500 400 300 200 100 0 Feb-02 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Aug-01 Nov-01 May-02 Aug-02 Nov-02 May-03 Aug-03 Nov-03 May-04 Aug-04 Nov-04 May-05 Aug-05 Nov-05 May-06 Aug-06 Nov-06 May-07 Aug-07 Nov-07 May-08 Aug-08 Nov-08 May-09 Aug-09 Nov-09 May-10 Aug-10 Nov-10 May-11 Aug-11 Nov-11 Analytics Managed Equity A Inflation Cash After-Tx cash ALSI Rolling 12 month return patterns 80% 60% Rolling 12 month returns 40% 20% 0% -20% -40% Oct-03 Mar-04 Aug-04 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07 Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep- CFOFS MFOFS BFOFS FOFS MANE 8
  • 9. Analytics funds of funds monthly return tables ANALYTICS CAUTIOUS FUND OF FUNDS Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2005 0.60% 2.47% -0.41% -0.55% 2.53% 1.27% 3.12% 0.95% 2.43% -0.37% 1.23% 3.15% 17.60% 2006 3.59% 0.55% 2.12% 0.87% -1.79% -1.34% 0.03% 2.33% 0.88% 2.32% 2.10% 1.90% 14.28% 2007 2.20% 1.07% 2.26% 2.18% -0.08% -0.86% 0.62% 0.42% 1.74% 2.09% -1.10% -0.40% 10.53% 2008 -1.11% 2.55% 0.47% -0.13% 0.84% -1.04% -0.49% 1.69% -1.78% -1.32% 0.68% 1.55% 1.82% 2009 -0.29% -2.27% 1.66% 0.70% 1.84% -0.32% 3.27% 2.01% 0.79% 1.66% -0.16% 1.28% 10.53% 2010 -0.45% 1.24% 2.09% 0.81% -1.40% -0.57% 2.28% -0.36% 3.01% 1.37% 0.12% 1.81% 10.31% 2011 -0.75% 0.25% 0.64% 1.01% -0.16% -0.35% -0.79% 0.37% -1.24% 2.46% -0.09% 0.42% 1.74% 2012 1.73% 1.73% ANALYTICS MODERATE FUND OF FUNDS Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2005 1.17% 3.51% -0.47% -2.45% 5.87% 1.53% 5.67% 1.21% 3.79% -0.41% 1.28% 4.87% 28.32% 2006 5.72% 0.25% 3.71% 1.59% -2.30% -0.45% -0.86% 4.41% 2.49% 3.06% 3.28% 3.49% 26.92% 2007 3.43% 1.31% 3.89% 3.46% -0.29% -1.59% 0.48% 0.23% 2.71% 4.06% -2.80% -1.80% 13.54% 2008 -4.52% 5.29% -0.44% -0.14% 1.23% -3.37% -2.50% 2.58% -6.05% -5.04% -0.04% 2.21% -10.87% 2009 -1.57% -4.77% 3.21% 1.35% 3.62% -0.64% 5.52% 3.19% 1.15% 2.60% -0.29% 2.31% 16.36% 2010 -1.55% 1.51% 3.86% 0.96% -3.00% -1.73% 4.12% -1.43% 5.28% 2.16% 0.31% 2.77% 13.67% 2011 -1.03% 0.68% 0.66% 1.17% -0.09% -0.96% -1.49% -0.08% -1.54% 3.96% -0.34% 0.40% 1.23% 2012 2.73% 2.73% ANALYTICS BALANCED FUND OF FUNDS Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2005 1.12% 3.93% -0.45% -2.94% 6.38% 1.62% 6.40% 1.33% 4.57% -0.88% 1.61% 5.36% 31.34% 2006 6.52% 0.09% 4.07% 1.75% -2.83% -0.39% -0.86% 4.60% 2.46% 3.39% 3.51% 3.99% 29.21% 2007 3.52% 1.22% 4.28% 3.51% -0.10% -1.56% 0.40% 0.22% 2.85% 4.56% -3.26% -2.19% 13.88% 2008 -5.65% 6.15% -0.79% -0.12% 1.29% -4.16% -3.24% 2.90% -7.74% -6.72% -0.32% 2.76% -15.44% 2009 -2.35% -5.96% 4.12% 1.76% 4.54% -0.74% 6.63% 3.77% 1.40% 3.07% -0.38% 2.68% 19.43% 2010 -1.95% 1.68% 4.49% 1.02% -3.48% -2.21% 5.22% -1.99% 6.55% 2.54% 0.37% 3.43% 16.19% 2011 -1.31% 1.01% 0.75% 1.39% 0.02% -1.25% -1.74% -0.39% -1.66% 5.26% -0.57% 0.56% 1.88% 2012 3.34% 3.34% ANALYTICS FLEXIBLE FUND OF FUNDS Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2005 1.34% 3.45% 0.08% -3.18% 6.56% 1.18% 6.11% 0.86% 4.07% -0.37% 1.18% 4.30% 28.26% 2006 5.66% -0.32% 3.64% 1.91% -1.30% 1.62% -1.11% 4.01% 3.52% 1.88% 3.00% 2.99% 28.41% 2007 3.13% 1.04% 3.96% 2.57% 0.29% -1.18% 0.34% 0.07% 1.48% 1.26% -1.79% -1.23% 10.22% 2008 1.44% 4.55% 2.42% -2.64% 1.95% -2.37% -7.81% 1.99% -5.03% -1.29% -2.00% -0.61% -9.63% 2009 1.18% -6.19% -0.63% -3.10% 3.02% -2.71% 6.64% 3.47% 0.29% 2.77% -2.00% 0.96% 3.08% 2010 -0.38% 2.31% 0.68% 1.06% -3.78% -2.07% 1.82% -1.26% 3.11% 2.53% 0.49% 0.70% 5.09% 2011 2.67% -0.38% -0.49% 0.41% 0.43% -1.40% -1.66% -0.43% 1.75% 2.20% 0.44% -0.57% 2.91% 2012 1.68% 1.68% ANALYTICS MANAGED EQUITY FUND Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2005 1.16% 5.07% -1.26% -3.96% 7.51% 2.37% 8.92% 1.66% 6.73% -2.40% 3.28% 6.74% 41.05% 2006 8.90% -0.40% 4.69% 2.11% -4.58% -0.24% -0.52% 4.57% 2.26% 4.91% 4.08% 5.90% 35.77% 2007 3.50% 1.02% 5.31% 3.93% 0.49% -1.48% 0.24% 0.16% 3.15% 6.26% -4.34% -3.13% 15.53% 2008 -8.61% 8.20% -1.74% 1.69% 2.15% -5.22% -4.50% 2.78% -10.81% -10.53% -1.48% 3.94% -23.27% 2009 -4.49% -7.96% 7.14% 3.97% 7.53% -0.16% 7.71% 4.65% 1.78% 3.66% 0.10% 3.77% 29.87% 2010 -2.88% 1.09% 6.34% 1.10% -4.13% -2.98% 6.79% -3.10% 9.02% 3.10% 0.11% 5.82% 20.98% 2011 -2.82% 2.42% 1.06% 1.75% -0.09% -1.79% -2.48% -0.84% -3.53% 8.43% -0.86% 0.38% 1.09% 2012 5.02% 5.02% 9
  • 10. Analytics funds of funds risk analysis Drawdown and timing estimates Jan-12 Drawdown Month(s) Analytics Cautious Fund of Funds -3.13% May 06/June 06 Analytics Moderate Fund of Funds -11.13% Sep 08/Nov 08 Analytics Balanced Fund of Funds -14.78% Sep 08/Nov 08 Analytics Flexible Fund of Funds -17.55% Dec 02/Apr 03 Analytics Managed Equity Fund -22.82% Sep 08/Nov 08 Drawdown is defined here as the maximum peak to trough drop in the unit price of a fund over its history, irrespective of the time period involved. It is must be remembered that many funds will define drawdown as the maximum MONTHLY negative return over the history of the fund. Current annualised volatility The current annualised volatility of the five Analytics funds is provided in the table below. The annualised volatility is that of the monthly returns for each fund. Jan-12 Volatility (%) Current Low High Analytics Cautious Fund of Funds 3.57% 3.18% 6.10% Analytics Moderate Fund of Funds 5.62% 4.76% 13.80% Analytics Balanced Fund of Funds 7.14% 5.74% 16.62% Analytics Flexible Fund of Funds 4.25% 4.25% 18.56% Analytics Managed Equity Fund 11.55% 7.80% 24.12% All risk adjusted returns plotted in the charts have been calculated by dividing rolling 12 month nominal returns by the rolling 12 month volatility. 10
  • 11. Rolling 12 month volatility for the Analytics Funds of Funds 28% 24% 20% Rolling 12 month volatility 16% 12% 8% 4% 0% Oct-03 Mar-04 Aug-04 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07 Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep- CFOFS MFOFS BFOFS FFOFS MANE Rolling 60 month risk-adjusted returns for the Analytics Funds of Funds 4 Rolling 60 month risk adjusted returns 2 0 Oct-07 Mar-08 Aug-08 Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Feb-11 Jul-11 CFOFS MFOFS BFOFS MANE 11
  • 12. Rolling 60 month risk/return scatter graph for the Analytics Cautious FOF, Analytics Moderate FOF and the Analytics Balanced FOF 40.00% 35.00% 30.00% 25.00% Annualised Return 20.00% 15.00% 10.00% 5.00% 0.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% Annualised Risk Cautious FOF Moderate FOF Balanced FOF Managed Equity All Share Index Peer Relative Performance Analytics Cautious Fund of Funds Asset Allocation Prudential Low Equity: Returns of selected Funds for periods to January 2012 12.00% 10.00% 8.00% 6.00% 4.00% Quartile 1 limit Analytics Cautious FoF B 2.00% None Quartile 2 limit Quartile 3 limit 0.00% 1 Month 3 Months 1 Year 3 Years 5 Years 12
  • 13. Analytics Moderate Fund of Funds Asset Allocation Prudential Medium Equity: Returns of selected Funds for periods to January 2012 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% Quartile 1 limit 4.00% Analytics Moderate FoF B None 2.00% Quartile 2 limit Quartile 3 limit 0.00% 1 Month 3 Months 1 Year 3 Years 5 Years Analytics Balanced Fund of Funds Asset Allocation Prudential High Equity: Returns of selected Funds for periods to January 2012 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% Quartile 1 limit 4.00% Analytics Balanced FoF B None 2.00% Quartile 2 limit Quartile 3 limit 0.00% 1 Month 3 Months 1 Year 3 Years 5 Years 13
  • 14. Analytics Managed Equity Domestic Equity General: Returns of selected Funds for periods to January 2012 25.00% 20.00% Quartile 1 limit Analytics Managed Equity B 15.00% None Quartile 2 limit Quartile 3 limit 10.00% 5.00% 0.00% 1 Month 3 Months 1 Year 3 Years 5 Years 14
  • 15. Asset manager performance tables Snapshot of returns ANALYTICS CAUTIOUS FUND OF FUNDS 1 3 6 12 24 36 60 Jan-12 month months months months months months months Current Managers Analytics Managed Equity Fund 5.02% 4.52% 8.40% 9.25% 15.00% 20.43% 7.41% Old Mutual SA Quoted Property Fund 4.58% 5.54% 9.00% 17.63% 19.54% 18.05% 12.05% Stanlib Bond Fund 2.02% 2.98% 7.53% 14.63% 14.23% 9.85% 9.21% Prudential Money Market Fund 0.45% 1.30% 2.67% 5.40% 6.02% 6.85% 8.43% Investec Diversified Income Fund 0.41% 1.14% 7.26% 10.51% 9.96% n/a n/a Investec Global Strategic Managed Fund 0.49% -1.64% 6.74% 4.21% 6.47% 3.85% 1.31% ANALYTICS MODERATE FUND OF FUNDS 1 3 6 12 24 36 60 Jan-12 month months months months months months months Current Managers Analytics Managed Equity Fund 5.02% 4.52% 8.40% 9.25% 15.00% 20.43% 7.41% Old Mutual SA Quoted Property Fund 4.58% 5.54% 9.00% 17.63% 19.54% 18.05% 12.05% Stanlib Bond Fund 2.02% 2.98% 7.53% 14.63% 14.23% 9.85% 9.21% Prudential Money Market Fund 0.45% 1.30% 2.67% 5.40% 6.02% 6.85% 8.43% Investec Diversified Income Fund 0.41% 1.14% 7.26% 10.51% 9.96% n/a n/a Investec Global Strategic Managed Fund 0.49% -1.64% 6.74% 4.21% 6.47% 3.85% 1.31% ANALYTICS BALANCED FUND OF FUNDS 1 3 6 12 24 36 60 Jan-12 month months months months months months months Current Managers Analytics Managed Equity Fund 5.02% 4.52% 8.40% 9.25% 15.00% 20.43% 7.41% Old Mutual SA Quoted Property Fund 4.58% 5.54% 9.00% 17.63% 19.54% 18.05% 12.05% Stanlib Bond Fund 2.02% 2.98% 7.53% 14.63% 14.23% 9.85% 9.21% Prudential Money Market Fund 0.45% 1.30% 2.67% 5.40% 6.02% 6.85% 8.43% Investec Global Strategic Managed Fund 0.49% -1.64% 6.74% 4.21% 6.47% 3.85% 1.31% ANALYTICS FLEXIBLE FUND OF FUNDS 1 3 6 12 24 36 60 Jan-12 month months months months months months months Current Managers Analytics Managed Equity Fund 5.02% 4.52% 8.40% 9.25% 15.00% 20.43% 7.41% Stanlib Bond Fund 2.02% 2.98% 7.53% 14.63% 14.23% 9.85% 9.21% Investec Global Strategic Managed Fund 0.49% -1.64% 6.74% 4.21% 6.47% 3.85% 1.31% Prudential Money Market Fund 0.45% 1.30% 2.67% 5.40% 6.02% 6.85% 8.43% 15
  • 16. Asset manager performance tables ANALYTICS FUNDS OF FUNDS 1 3 6 12 24 36 60 Jan-12 month months months months months months months Shadow Managers Prudential Enhanced SA Property Tracker Fund 4.62% 5.50% 8.44% 18.23% 21.49% 19.26% 13.49% Investec Property Fund 4.73% 5.58% 8.51% 16.69% 19.50% 16.97% 12.70% Investec Gilt Fund 1.93% 2.70% 6.30% 12.44% 12.24% 8.41% 8.59% Investec Opportunity Income Fund 1.01% 2.12% 4.24% 8.68% 9.30% 8.24% 9.16% Coronation Strategic Income Fund 0.77% 2.15% 5.91% 10.72% 10.66% 10.12% 9.27% Foord International Trust Fund -1.62% -2.12% 10.80% 6.63% 6.52% 0.88% 4.46% Coronation Global Managed Fund 1.20% 0.40% 14.04% 12.64% 7.92% n/a n/a Watchlist Managers Coronation Property Equity Fund 4.56% 4.64% 8.17% 17.14% 20.41% 18.86% 11.94% Nedgroup Flexible Income Fund 0.46% 1.26% 5.96% 10.11% 8.33% 8.07% 9.64% Cadiz Absolute Yield Fund 1.36% 2.63% 4.97% 9.57% 9.70% 9.68% 10.44% Old Mutual Enhanced Income Fund 0.82% 2.19% 4.21% 8.27% 8.34% 7.83% 8.40% Allan Gray Orbis Global Fund of Funds -1.08% -2.02% 10.42% 3.79% 0.89% -0.94% 4.54% Sarasin Equisar Global Thematic Fund (Rands) 0.15% -3.36% 7.32% 6.76% -1.00% 6.15% 1.62% ANALYTICS MANAGED EQUITY FUND 1 3 6 12 24 36 60 Jan-12 month months months months months months months Current Managers Cadiz Equity Fund (seg) 5.77% 6.12% 10.92% 10.58% 15.23% 21.82% 7.56% Coronation Equity Fund (seg) 4.99% 5.14% 10.36% 14.45% 20.20% 27.01% 13.17% Investec Equity Fund (seg) 4.32% 4.08% 9.42% 13.57% 15.46% 18.04% 8.07% Old Mutual Mining & Resources Fund (UT) 6.62% 2.65% 2.35% -5.82% 5.86% 19.12% 10.32% Shadow Managers Mi-Plan Beta Equity Fund 4.86% 5.27% 10.07% 11.59% 15.27% 20.24% 7.39% Nedgroup Investments Value Fund 6.42% 6.73% 10.15% 11.07% 16.84% 23.22% 11.35% Nedgroup Investments Rainmaker Fund 4.99% 5.00% 10.44% 12.27% 16.27% 20.15% 8.72% Investec Commodity Fund 7.23% 5.11% 9.46% 3.97% 10.39% 16.50% 9.29% Watchlist Managers SIM Equally Weighted Top 40 Fund 5.75% 4.42% 10.53% 11.76% n/a n/a n/a SIM Dividend Plus Index Fund 6.31% 9.60% n/a n/a n/a n/a n/a Stanlib ALSI40 Fund 6.09% 3.65% 10.36% 9.78% 14.57% 20.15% 8.08% 16
  • 17. Analytics funds of funds asset allocation Analytics Cautious FOF 21.5% 18.6% 7.1% 26.0% 26.8% Equity Property Bonds Cash Offshore Analytics Moderate FOF 18.6% 2.4% 45.5% 25.8% 7.8% Equity Property Bonds Cash Offshore Analytics Balanced FOF 21.7% 2.1% 10.1% 56.6% 9.4% Equity Property Bonds Cash Offshore Analytics Flexible FOF 32.0% 56.1% 0.0% 7.8% 4.1% Equity Property Bonds Cash Offshore 17
  • 18. Analytics Cautious Fund of Funds characteristics Fixed income asset classes Stanlib Bond 4.8% 0.0% 10.0% 0.0% 34.1% 51.1% Cash Floating Rate Notes Government Bonds Non-government Bonds Inflation Linked Bonds Preference Shares Foreign Fixed Interest Property Investec Diversified Income 2.2% 17.5% 19.7% 0.0% 6.7% 16.4% 16.0% 21.4% Cash Floating Rate Notes Government Bonds Non-government Bonds Inflation Linked Bonds Preference Shares Foreign Fixed Interest Property Analytics Cautious FOF 0.0% 9.5% 1.0% 4.6% 35.0% 22.0% 7.9% 19.9% Cash Floating Rate Notes Government Bonds Non-government Bonds Inflation Linked Bonds Preference Shares Foreign Fixed Interest Property 18
  • 19. Maturity spread analysis Stanlib Bond 10.0% 18.8% 0.1% 20.0% 51.1% 0-1 yr 1-3 yr 3-7 yr 7-12 yr 12+ yr Investec Diversified Income 31.1% 36.3% 7.0% 9.5% 16.1% 0-1 yr 1-3 yr 3-7 yr 7-12 yr 12+ yr Analytics Cautious FOF 20.3% 44.1% 17.7% 10.2% 7.8% 0-1 yr 1-3 yr 3-7 yr 7-12 yr 12+ yr 19
  • 20. Analytics Managed Equity Fund sector analysis Managed Equity Fund sector allocation January 2012 December 2011 41.5% 39.4% 42.0% 39.7% 19.1% 18.3% Resources Financials Industrials Resources Financials Industrials Underlying manager sector allocation Cadiz Coronation 37.44% 34.24% 41.62% 42.10% 20.94% 23.66% Resources Financials Industrials Resources Financials Industrials Investec Old Mutual Mining & Resources 0.00% 6.67% 36.65% 49.81% 13.54% 93.33% Resources Financials Industrials Resources Financials Industrials 20
  • 21. Analytics Managed Equity Fund share exposure analysis Top 10 shares in Analytics Managed Equity Fund Dec-11 % of Equity Only Jan-12 % of Equity Only SHARE Total SHARE Total SASOL 10.48% SASOL 10.29% MTN GROUP 8.42% ANGLO 7.99% ANGLO 7.98% MTN GROUP 7.55% BHPBILL 7.05% BHPBILL 7.09% STANBANK 3.94% NASPERS -N 4.62% NASPERS -N 3.74% STANBANK 4.11% SAB 3.34% FIRSTRAND 3.07% FIRSTRAND 2.76% SAB 2.98% BRITISH AM. TOBACCO 2.71% BRITISH AM. TOBACCO 2.63% BIDVEST 2.22% BIDVEST 2.32% 21
  • 22. Disclaimer The information and opinions contained in this document are recorded and expressed in good faith and in reliance on sources believed to be credible. No representation, warranty, undertaking or guarantee of whatever nature is given on the accuracy and/or complete- ness of such information or the correctness of such opinions. Analytics will have no liability of whatever nature and however arising in respect of any claim, damages, loss or ex- penses suffered directly or indirectly by the investor acting on the information contained in this document. Furthermore, due to the fact that Analytics does not act as your financial advisor, we have not conducted a financial needs analysis and will rely on the needs analysis conducted by your financial advisor. We recommend that you take particular care to consider whether any information contained in this document is appropriate given your objectives, financial situation and particular needs in view of the fact that there may be limitations on the appropriateness of the advice provided. No guarantee of investment per- formance or capital protection should be inferred from any of the information contained in this document. Portfolio Analytics (Pty) Ltd and Portfolio Analytics Consulting (Pty) Ltd are authorised financial services providers. Unit trusts are generally medium to long term investments. The value of units go up as well as down and past performance is not necessarily a guide to the future. Should a portfolio have underlying international investments, fluctuations or movements in ex- change rates cause the value of those underlying investments to go up or down. Unit trusts are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from Investec Fund Managers SA Limited. Commission and incentives may be paid and if so, would be included in the overall costs. Different classes of units apply to these portfolios and are subject to different fees and charges. A fund of fund unit trust only invests in other unit trusts, which levy their own charges, which could result in a higher fee structure for those portfolios. Forward pricing is used. Unit trust prices are calculated on a net as- set value basis, which is the total value of all assets in the portfolio including any income accrual and less any permissible deductions from the portfolio. Quantifiable deductions are the initial fee and annual management fee indicated above whilst non-quantifiable de- ductions included in the net asset value price comprise brokerage, , auditor's fees, bank charges, trustee and custodian fees.. Fund valuations take place at approximately 17h00 SA time each day. Purchase and repurchase requests must be received by the Manager by 16h00 SA time each business day. The Analytics portfolios are Collective Investment Schemes in securities, established and administered by Investec Fund Managers SA Limited a Member of the Association of Col- lective Investment Schemes, who appointed Analytics as its authorised agent to solicit in- vestments in the portfolio and to manage the portfolio. The relationship between Investec Fund Managers SA Limited and Analytics is governed by the Act, the Deed and formal writ- ten agreements. Trustee - FirstRand Bank (011) 371 2111. Analytics Tel: (011) 463-9600 Fax: (011) 463-8279. Website: www.analytics.co.za 22