OBSIDIAN CAPITAL - Sanlam Collective Investments Balanced Fund Reporting Date: 31 October 2014 Obsidian Capital (Pty) Ltd is an authorised financial services provider Fund objective Investment strategy The Obsidian SCI Balanced Fund is a unit trust aimed at retail investors. The fund is co-branded by Sanlam Collective investments. The fund can invest in the full spectrum of asset classes both listed locally and abroad. The fund is an actively managed portfolio, using asset allocation and stock selection to generate consistant long term performance. Combining a strict investment process with extensive experience in the investment industry, the analysts and portfolio managers at Obsidian Capital aim to identifiy assets that are trading at discounts to their intrinsic value. The investment universe includes equity, bonds, and currency, found both locally and offshore. Terms Value of R100 invested at inception (1 Oct 2013) as at 31 Oct 2014: Launch date Assets under management Initial management fee Annual management fee (B1) ASISA Fund category Risk Profile Last two distributions paid (B1) 1/10/2013 R100.6m None 1.14% incl VAT SA - Multi Asset - High Equity Moderate 3.34c on 31 Dec 2013, and 8.58c on 30 June 2014 Income payment date Valuation time of fund Trading closing time of fund 1st working day in July and January 15h00 15h00 Trustee Benchmark Standard Bank of SA Median of the High Equity Category Investment manager information Obsidian Capital (Pty) Ltd Management company information Sanlam Collective Investments RF (Pty) Ltd Physical Address: 2 Strand Road, Bellville, 7530 Postal Address: PO BOX 30, Sanlamhof, 7532 Website: www.sanlamcollectiveinvestments.com Client Contact Tel: +27 21 916 1800 Fax: +27 21 947 8224 Email: [email protected] Managers: Royce Long Richard Simpson Physical address: Suite 1, 5 Fricker Road, Illovo, Johannesburg, 2196 Postal address: PO Box 413407, Craighall, Johannesburg, 2024 www.obsidiancapital.co.za +27 11 219 6326 / +27 11 219 6328 +27 11 268 5251 Website: Contact Tel: Fax: Email: DBXJP SBK NPN DTC RMI 3.6% 3.4% 3.2% 3.1% 3.0% BGA SHF 2.8% 2.4% OML SUI 2.3% 2.1% As at 31 Oct 2014 Asset Allocation as at 31 Oct 2014 0.7 6 Cash Foreign Currency 13.6 3.8 Domestic Equity 9.1 Property Offshore Equity 9.8 57 [email protected] [email protected] Commodities Bonds Fund net monthly returns 2013 2014 Top equity holdings: R 112 117 121 109 112 106 Obsidian SCI Balanced Fund All share Index Total Return Swix Index Total Return All Bond Index Benchmark Cash Index returns since inception 1 Oct 2013 Jan Feb Mar Apr May Jun Jul Aug Sep -1.42% 3.71% 0.12% 2.13% 1.70% 1.55% 1.33% -1.31% -0.21% HISTORICAL PERFORMANCE Oct Nov 1.63% -0.42% 0.98% Annualised since inception Dec 2.45% Total 3.68% 8.80% 11.76% Benchmark 4.8% 6.94% 11.1% SWIX 6.05% 14.39% 19.52% ALBI 0.13% 9.26% 8.65% Cash 1.31% 4.91% 5.78% HISTORICAL ASSET CLASS EXPOSURE 125 70 120 60 50 115 40 110 30 105 20 100 10 95 0 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 -10 TR Index SWIX Total Return Cash Total Return Benchmark Total Return ALBI Total Return Performance Disclaimer: Portfolio performance is calculated on a NAV to NAV basis and does not take any initial fees into account. Annualised Growth Rate. Income is reinvested on the ex-dividend date. The source is Money Mate. Actual investment performance will differ based on the initial fees applicable, the actual investment date and the date of reinvestment of income. Cash Foreign Currency Domestic Equity Offshore Equity Commodities Bonds Property Total Expense Disclaimer: Total Expense Ratio (TER) | This fund (B1 Class) has a TER of 1.21%. For the period from 01 October 2013 to 31 October 2014. 1.21% of the average net asset value of the portfolio was incurred as charges, levies and fees related to the management of the portfolio. The ratio does not include transaction costs. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Mandatory Disclaimer: Collective Investment Schemes in Securities (CIS) are generally medium to long-term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. CIS are traded at ruling prices and can engage in borrowing and scrip lending. Collective investments are calculated on a net asset 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. A schedule of fees and charges and maximum commissions is available on request from the company / scheme. Commission and incentives may be paid and if so would be included in the overall costs. Forward pricing is used. The following charges are levied against the portfolio: Brokerage, auditor’s fees, bank charges and trustee fees. Company scheme: Sanlam Collective Investments RF (pty) Ltd. Sanlam Collective Investments is a full member of the Association for Savings and Investments SA. The fund manager may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Fluctuations or movements in exchange rates may cause the value of the underlying investments to go up or down.