Investec Asset Management

OEIC
Investec UK Special Situations Fund
An ideal fund to blend with the best in the industry?
Citywire Scotland 2014
Why Investec UK Special Situations Fund?
● Strong historic risk-adjusted returns
● The Fund’s contrarian, value style blends well with funds of other investment styles
● Focused on identifying out of favour, cheap stocks with appropriate balance sheets
● Particularly strong historic performance in down markets
● Has typically bounced back quickly after underperformance
● Award winning and highly rated fund manager
Page 2 | CONFIDENTIAL
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Investec UK Special Situations Fund
A top long term performer
250%
Investec UK Special Situations A Acc Net GBP
200%
IMA UK All Companies
FTSE All-Share TR
150%
Percentage growth
211.2
100%
81.7
81.7
50%
0%
-50%
-100%
Dec-99
Jun-01
Nov-02
Apr-04
Sep-05
Mar-07
Aug-08
Jan-10
Jul-11
Dec-12
May-14
Past performance figures are not audited and should not be taken as a guide to the future
Source: Lipper, dates to 31 May 2014, NAV based, income reinvested (inclusive of management fees but excluding any initial charge) net of UK basic rate tax,
in GBP. Fund ratings may be provided by independent rating agencies based on a range of investment criteria. For a full description of the ratings please see
www.investecassetmanagement.com/ratings. Tenure since: 31 July 2002. Since launch: 10 October 1988
Page 3 | CONFIDENTIAL
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Period
Sector
ranking
Quartile
ranking
1 year
175/259
3
3 years
87/249
2
5 years
101/234
2
10 years
40/166
1
Tenure
28/144
1
Since
Launch
9/44
1
Low correlation with other funds and high alpha
over 10 years
This chart illustrates the
correlation of our
outperformance against the
FTSE All-Share Index with
the outperformance of the
average fund in the sector
against the FTSE All-Share
Index, compared with the
alpha of the funds.
7.0
5.0
3.0
Investec UK Special
Situations
Alpha
1.0
-1.0
-3.0
-5.0
-7.0
-0.2
0.0
0.2
0.4
0.6
0.8
It indicates that the
correlation of our
outperformance is very low
relative to most other high
alpha funds (i.e. we
outperform at different times
to other high alpha funds)
and that we are an ideal fund
to blend with other funds to
1.0 create an optimal portfolio.
Correlation
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Lipper to 31 March 2014, annualised, NAV based, income reinvested (inclusive of management fees but excluding any initial charge) net of UK basic rate tax, in GBP. Correlation data are based on the
relative returns of the funds in the IMA UK All Companies sector vs. the average fund
against the FTSE All-Share over the ten year period to 31 March 2014. Chart axes converge on sector averages
Performance refers to the A Acc share class
Page 4 | CONFIDENTIAL
18023
A Fund that has protected clients’ wealth in falling markets
31.6
77.3
86.6
64.2
83.2
83.2
-45.4
-45.4
0
-5
-10
Percentage growth
-15
-20
-25
-24.0
-30
-35
-40
-39.1
-45
-43.6
-46.4
-50
31-Dec-99 to 12-Mar-03
Investec UK Special Situations A GBP Acc Net
15-Jun-07 to 03-Mar-09
IMA UK All Companies
FTSE All-Share TR
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Lipper to 25 June 2013, NAV based, income reinvested (inclusive of management fees but excluding any initial charge) net of UK basic rate tax, in GBP
Page 5 | CONFIDENTIAL
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Performance
necessary to return to
break-even
Why Investec UK Special Situations Fund?
Alastair Mundy's UK Special Situations fund is one of the
most effective ways to diversify your UK fund blend. This
is as a result of its contrarian value bias which is relatively
unique within the UK All Companies sector.
Morningstar OBSR, April 2013
We believe the fund can fully complement a core
investment in the UK and offer a good alternative to other
styles in the UK All Companies sector.
Rayner Spencer Mills, April 2013
Page 6 | CONFIDENTIAL
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Investec UK Special Situations Fund
Current themes
Will make it up as you go along central bank policy work?
“As the Committee on this path [sic post 2009 policy], we were
guided by some general principles and some insightful
academic work but – with the important exception of the
Japanese case – limited historical experience. As a result,
central bankers in the United States, and those in other
advanced economies facing similar problems, have been in
the process of learning by doing.”
Ben Bernanke, August 2012
Source: Federal Reserve website
Page 8 | CONFIDENTIAL
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Debt remains a major problem
It is still unclear how this corrects peacefully
US Debt to GDP %
400
GSE
Financial
Corporate
Household
Public
Debt remains
very high
350
300
250
200
150
100
and government
debt is now
worryingly high
50
0
16
23
30
37
44
51
Source: Federal Reserve, Morgan Stanley Research, February 2014
Page 9 | CONFIDENTIAL
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58
65
72
79
86
93
00
07
14
How will governments meet their liabilities?
Government liabilities to GDP %
Why are
investors so
sanguine
about
government
debt?
Source: Société Générale Cross Asset Research, December 2013
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US market as expensive on a forward P/E as its peak in 2007
Source: www.zerohedge.com, March 2014
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The average stock is expensive
Median ex-financial price to cash flow ratios in US and Europe
Source: SG Cross Asset Research, June 2014
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Far from perfect conditions for stock pickers
Valuations across the US market have converged significantly
Tight S&P 500 P/E dispersion relative to history
Few opportunities
for stock pickers
Many opportunities
for stock pickers
Source: Goldman Sachs Global Investment Research , April 2014
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Company profitability is high relative to history
In my opinion, you have to be wildly optimistic
to believe that corporate profits as a percent of
GDP can, for any sustained period, hold much
above 6%.
Warren Buffett, 1999
Source: hussmanfunds.com, March 2014
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US non-financial profit margins matching previous cyclical
peaks
Source: Credit Suisse, June 2013
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Equity value is most apparent in large caps
4. Historical valuations by market cap
12 month forward P/E ratios
25x
20x
15x
FTSE 100
10x
FTSE 250
5x
0x
Aug-98
Mar-00
Oct-01
Source: DataStream, as at 31 May 2014
Page 16 | CONFIDENTIAL
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May-03
Dec-04
Jul-06
Feb-08
Sep-09
Apr-11
Oct-12
May-14
QE and equities have been correlated…so far
Source: Mauldin Economics, December 2013
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But QE doesn’t mean equities must rise
Commodities
CRB index
(rhscale)
MSCI World
Source: Société Générale Cross Asset Research, December 2013
Page 18 | CONFIDENTIAL
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Investec UK Special Situations Fund
Current positioning
Portfolio breakdown
%
weight
No. of
Stocks
UK Equities
80.3
31
Internationally listed gold shares
0.5
5
Other internationally listed stocks *
8.0
7
Cash, Cash equivalents & Corporate Bonds
11.2
0
* The portfolio’s non-UK equity exposure is modified by short (i.e. seeking to benefit from a fall in value)
futures positions held as follows:
%
weight
Non-UK Equities (excl.gold shares)
8.0
Short S&P 500 futures
-3.8
Net international equity exposure
4.3
Gross international equity exposure
11.8
● Portfolio concentration: top 10 = 50.4%, top 20 = 72.1%, top 30 = 82.8%
The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular security
Note: Excludes securities that individually account for less than 0.25% of the portfolio
Source: Investec Asset Management, data as at 31 May 2014
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Top ten holdings
Security
Royal Dutch Shell Plc Class B
HSBC Holdings plc
GlaxoSmithKline plc
BP p.l.c.
Unilever PLC
Grafton Group Plc
British American Tobacco p.l.c.
Direct Line Insurance Group Plc
Royal Bank of Scotland Group plc
Tesco PLC
The portfolio may change significantly over a short period of time
This is not a buy or sell recommendation for any particular stock
Source: Investec Asset Management, data as at 31 May 2014
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Portfolio
weighting (%)
8.6
8.4
7.4
5.6
4.3
3.6
3.5
3.2
3.0
2.9
Active positions
Top 10 underweight positions
Top 15 overweight positions
Overwieght
established
2004
Fund
(%)
7.42
Index*
(%)
3.71
Active
(%)
3.71
Grafton Group
2008
3.61
0.06
Direct Line Insurance Group
2012
3.18
QinetiQ Group
2010
Unilever
Security
Vodafone Group
Fund
(%)
0.00
Index*
(%)
2.65
Active
(%)
-2.65
3.56
AstraZeneca
0.00
2.55
-2.55
0.18
3.00
Diageo
0.00
2.30
-2.30
2.86
0.07
2.79
Lloyds Banking Group
0.00
2.01
-2.01
2003
4.29
1.54
2.75
Barclays
0.00
1.89
-1.89
Signet Jewelers Limited
2006
2.71
0.00
2.71
BHP Billiton
0.00
1.88
-1.88
HSBC Holdings
2009
8.36
5.72
2.64
Rio Tinto
0.00
1.82
-1.82
Royal Bank of Scotland Group
2012
2.97
0.35
2.62
Prudential
0.00
1.68
-1.68
SIG
2009
2.39
0.05
2.34
National Grid
0.00
1.58
-1.58
Carnival
2012
2.44
0.21
2.23
Reckitt Benckiser Group
0.00
1.57
-1.57
Tesco
2014
2.94
1.16
1.77
Chemring Group
2013
1.54
0.02
1.51
Kingspan Group
2009
1.47
0.00
1.47
CRH
2011
1.96
0.57
1.39
Go-Ahead Group
2009
1.41
0.04
1.36
Security
GlaxoSmithKline
The portfolio may change significantly over a short period of time
This is not a buy or sell recommendation for any particular stock
Data as at 31 May 2014. Source: Investec Asset Management
* Index is FTSE All-Share
Page 22 | CONFIDENTIAL
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Attractive 10 year risk vs. return
18
Annualised perf ormance % change
16
14
12
Investec UK Special
Situations
10
8
6
4
2
0
10
12
14
16
18
20
22
24
Annualised standard deviation
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Lipper to 31 March 2014, annualised, NAV based, income reinvested (inclusive of management fees but excluding any initial charge) net of UK basic rate tax,
in GBP. Chart axes converge on IMA UK All Companies sector averages
Performance refers to the A Acc share class
Page 23 | CONFIDENTIAL
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Shrinking to greatness
● Since the global financial crisis many companies have cut costs aggressively
● However, the very largest companies have been laggards here
● Large companies are now becoming more answerable to shareholders
● And more vulnerable to corporate activists and even bidders
Page 24 | CONFIDENTIAL
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Investec UK Special Situations Fund
Market-cap changes
% of Equity Portfolio
90
FTSE 100
FTSE Mid 250
80
FTSE Small Cap/AIM/Fledgling
70
Intl Equities
60
50
40
30
20
10
Mar-07
Dec-07
Aug-08
May-09
Jan-10
The portfolio may change significantly over a short period of time
This is not a buy or sell recommendation for any particular security
Source: Investec Asset Management, data as at 31 May 2014
Page 25 | CONFIDENTIAL
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Oct-10
Jul-11
Mar-12
Dec-12
Aug-13
May-14
China remains the key source of industrial commodity demand
Commodity consumption by country, % of global
Source: Credit Suisse Equity Research, October 2013
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The credit boom in China has been greater than most other
credit booms
Source: Credit Suisse Equity Research, October 2013
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China's motorway density is greater than that of the US and
the same on a per capita basis as the UK
Source: Credit Suisse Equity Research, October 2013
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Industry weightings
Industrials
Weighting
Consumer Services
Grafton
Travis Perkins:
Kingspan:
Oil & Gas
Health Care
Technology
Telecommunications
Consumer Goods
Financials
HSBC and Royal Bank
of Scotland held. No
other bank holdings.
Utilities
1.0% in gold miners
Basic Materials
-15.0
-10.0
The portfolio may change significantly over a short period of time
This is not a buy or sell recommendation for any particular stock
Source: Investec Asset Management, 31 May 2014
Page 29 | CONFIDENTIAL
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-5.0
5.0
10.0
15.0
3.6%
0.7%
1.5%
Stock position changes
6 month period as at 31 May 2014
Tesco
2.94
BG Group
2.04
Royal Dutch Shell
1.36
Kingspan Group
-1.36
Graf ton Group
-1.65
BT Group
-2.12
Signet Jewelers
-2.15
Vodaf one Group
-5.72
-7
-5
-3
-1
1
Change in position (%)
Source: Investec Asset Management, FactSet, as at 31 May 2014
Page 30 | CONFIDENTIAL
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3
5
7
Sector position changes
6 month period as at 31 May 2014
Oil & Gas
5.15
Retail
1.63
Banks
1.36
Construction & Materials
-1.29
Industrial Goods & Services
-2.90
Telecommunications
-8.40
-10
-8
-6
-4
-2
2
Change in position (%)
Source: Investec Asset Management, FactSet, as at 31 May 2014
Page 31 | CONFIDENTIAL
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4
6
8
10
Why Investec UK Special Situations Fund?
● Strong historic risk-adjusted returns
● The Fund’s contrarian, value style blends well with funds of other investment styles
● Focused on identifying out of favour, cheap stocks with appropriate balance sheets
● Particularly strong historic performance in down markets
● Has typically bounced back quickly after underperformance
● Award winning and highly rated fund manager
Page 32 | CONFIDENTIAL
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Investec OEIC UK Special Situations Fund
Key facts
Portfolio manager
Domicile
Fund structure
Objective
Performance comparison index
Fund launch
Fund size
Share classes
Ongoing charges
Performance target*
Alastair Mundy
United Kingdom
UK-based OEIC, Series i, UCITS compliant
The Fund aims to provide a combination of income and long term capital growth,
primarily through application of a contrarian approach to investment in UK equities and
in derivatives the underlying assets of which are UK equities.
FTSE All-Share
02 October 1978
£1,258.4 million (31 May 2014)
A, S, I, B, J, R
0.84% (I-Share class) / 1.59% (A-Share class)
3% p.a. outperformance (gross) over rolling 3 years
Source: Investec Asset Management, June 2014
* Performance target may not necessarily be achieved, losses may be made. Subject to change w ithout notification.
Fund ratings may be provided by independent rating agencies based on a range of investment criteria. For a full description of the ratings please see
w w w .investecassetmanagement.com/ratings.
Align
Page
33left
| CONFIDENTIAL
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Thank you
www.investecassetmanegement.com
Appendix
Investec UK Special Situations Fund
Investment philosophy
What is a special situation?
We employ a disciplined investment process, making
long-term investments in cheap, out-of-favour companies
with appropriate balance sheets
Out-of-favour
Balance
sheet/quality
Page 37 | CONFIDENTIAL
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Cheap
How do we identify contrarian stock opportunities?
Company life cycles and share price cycles
Earnings Growth Relative /
Return on capital
Tension zone
In favour /
expensive
Overconfidence
In trends
Increased
investment
Fair value
Cutting capacity
Decline
extrapolated
indefinitely
Company profitability
Investor Behaviour
Page 38 | CONFIDENTIAL
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Out-of-favour /
cheap
Tension zone
Time
Only significant long-term underperformers are highlighted by
the screening process
Stage 1 Stage 2 Stage 3 Stage 4
Share price relative to FTSE All-Share Index
Relative price peak over last
seven years excluding last two
years
100
Must have fallen by
at least 50%
50
-7
-6
-5
-4
-3
Time
Page 39 | CONFIDENTIAL
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-2
-1
0
Investment process
FTSE All-Share Index
Mkt.Cap. > £200m
Stage 1
Stage 2
Stage 3
Initial due diligence
Valuation/Balance sheet/Structural risk
Full analyst report
Detailed company investigation
Peer review
Initial
screen
Post-screen
analysis
Fundamental
research
Stage 4
Analysis subjected to peer review
Final due diligence
Stage 5
Portfolio construction
Buy & monitoring
Page 40 | CONFIDENTIAL
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Stock universe
Identifies out-of-favour stocks which have significantly
underperformed over the long-term
Investment team
OEIC Cautious
UK SS team
– GBPteam
– January
(Linked2014
to Cautious Managed)
Managed
– GBP2014
– January
● Assembled from diverse
backgrounds but united by
contrarian ‘DNA’
Strategy Leader
Alastair Mundy
Investment Specialists
Mark Wynne-Jones
Celia Duncan
Alessandro Dicorrado
Peter Lowery
David Lynch
Steve Woolley
Guillaume Redgwell
Jessica Poon
Portfolio analytics
Jo Slater
● Team members are ‘out-offavour-company specialists’
employing cross-sector
expertise – avoids biases and
promotes fresh thinking
● Co-investment aligns
individual and team interests
with those of our clients
● £5.8 billion in assets under
management*
● 16 years’ average industry
experience, 8 years’ tenure
* As at 31 March 2014 on a net sourced basis
Page 41 | CONFIDENTIAL
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A Fund that has outperformed over bull markets
200
180
160
156.6
151.3
141.5
146.5
135.5
Percentage growth
140
124.8
120
100
80
60
40
20
0
12-Mar-03 to 15-Jun-07
Investec UK Special Situations A GBP Acc Net
03-Mar-09 to 22-May-13
IMA UK All Companies
FTSE All-Share TR
Past performance should not be taken as a guide to the future, losses may be made. Data is not audited
Source: Lipper to 24 February 2014, NAV based, income reinvested (inclusive of management fees but excluding any initial charge) net of UK basic rate tax, in GBP
The bull and bear markets are defined by the peaks and troughs in FTSE All-Share performance
Page 42 | CONFIDENTIAL
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Attribution analysis
3 month top and bottom 10 attribution analysis to May 2014
Vodaf one Group PLC *
Signet Jewelers Limited
Unilever PLC
Rio Tinto *
Tesco PLC
Lloyds Banking Group plc *
Royal Bank of Scotland Group plc
Johnston Press plc
Helical Bar plc
ARM Holdings plc *
Avon Products, Inc.
AstraZeneca PLC *
CRH Plc
GlaxoSmithKline plc
SABMiller plc *
SIG plc
Kingspan Group Plc
QinetiQ Group plc
Chemring Group PLC
Graf ton Group Plc
0.53
0.27
0.25
0.20
0.14
0.13
0.12
0.08
0.07
0.06
-0.10
-0.10
-0.12
-0.15
-0.16
-0.17
-0.18
-0.30
-0.34
-0.55
-0.8
-0.6
* Stocks indicated are not held on the fund
The portfolio may change significantly over a short period of time
This is not a buy or sell recommendation for any particular security
Source: Investec Asset Management, 31 May 2014, vs. FTSE All-Share
Page 43 | CONFIDENTIAL
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-0.4
-0.2
0.0
0.2
0.4
0.6
Attribution analysis
12 month top and bottom 10 attribution analysis to May 2014
Graf ton Group Plc
Signet Jewelers Limited
Kingspan Group Plc
BT Group plc
Barclays PLC *
Direct Line Insurance Group Plc
Tesco PLC
Go-Ahead Group plc
Helical Bar plc
Vodaf one Group PLC
Newmont Mining Corporation
Associated British Foods plc *
Lloyds Banking Group plc *
Unilever PLC
Prudential plc *
Shire PLC *
HSBC Holdings plc
GlaxoSmithKline plc
AstraZeneca PLC *
Avon Products, Inc.
1.05
0.77
0.76
0.62
0.51
0.49
0.38
0.37
0.33
0.31
-0.16
-0.18
-0.21
-0.23
-0.26
-0.29
-0.42
-0.44
-0.45
-1.23
-1.5
-1.0
* Stocks indicated are not held on the fund
The portfolio may change significantly over a short period of time
This is not a buy or sell recommendation for any particular security
Source: Investec Asset Management, 31 May 2014, vs. FTSE All-Share
Page 44 | CONFIDENTIAL
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-0.5
0.0
0.5
1.0
1.5
Equity value is most apparent in large caps
1. UK Shiller P/E is in line with long-term average
but skewed by the
valuations of largest
companies in the index?
(Latest = 13.4x)
Trailing Shiller Price to Earnings
35
30
25
20
15
Average
10
5
0
37
42
47
52
57
62
Source: Morgan Stanley Research
Note: Shiller P/E defined as inflation adjusted price to 10Y average EPS
Page 45 | CONFIDENTIAL
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67
72
77
82
87
92
97
02
07
12
Equity value is most apparent in large caps
2. FTSE 250 stocks are at the expensive end of their range
FTSE 250 historical dividend yield
7
6
5
4
3
2
Source: Datastream, as at 31 May 2014
Page 46 | CONFIDENTIAL
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Dec-13
Dec-12
Dec-11
Dec-10
Dec-09
Dec-08
Dec-07
Dec-06
Dec-05
Dec-04
Dec-03
Dec-02
Dec-01
Dec-00
Dec-99
Dec-98
Dec-97
Dec-96
Dec-95
Dec-94
Dec-93
Dec-92
Dec-91
Dec-90
Dec-89
Dec-88
Dec-87
Dec-86
Dec-85
1
Equity value is most apparent in large caps
3. Valuations supportive of FTSE 100 relative to smaller companies
Trailing price to dividends
60%
40%
Premium/Discount
20%
FTSE 100 vs. Small Caps
0%
FTSE 100 vs. FTSE 250
-20%
-40%
-60%
Dec-90
Aug-93
Source: DataStream, as at 31 May 2014
Page 47 | CONFIDENTIAL
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Mar-96
Oct-98
May-01
Jan-04
Aug-06
Mar-09
Oct-11
May-14
‘Don’t fight the Fed’ – Why not?
2001-2002 market
Source: www.hussmanfunds.com, 3 June 2013
Page 48 | CONFIDENTIAL
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2008-2009 market
Private investor demand is high
Annual net inflow to equity mutual funds and ETFs as % of the S&P 500 market cap
Source: indecapital.com, November 2013
Page 49 | CONFIDENTIAL
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Contact details
[]
[]
Tel: +44 (0) 20 7597 [ ]
Email: [ ]@investecmail.com
Investec Asset Management
Woolgate Exchange
25 Basinghall Street
London
EC2V 5HA
United Kingdom
www.investecassetmanagement.com
Telephone calls may be recorded for training and quality assurance purposes.
Issued by Investec Asset Management, June 2014
Page 50 | CONFIDENTIAL
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[]
Relationship Manager
Tel: + 44 (0)20 7597 [ ]
Email: [ ]@investecmail.com
Important information
Institutional Only
This document is not for general public distribution. If you are a private investor and receive it as part of a general circu lation, please
contact us at +44 (0)20 7597 1900.
The information discusses general market activity or industry trends and should not be construed as investment advice. The economic
and market forecasts presented herein reflect our judgment as at the date shown and are subject to change without notice. These
forecasts will be affected by changes in interest rates, general market conditions and other political, social and economic developments.
There can be no assurance that these forecasts will be achieved. Past performance should not be taken as a guide to the futur e, losses
may be made. Data is not audited. Investors are not certain to make profits; losses may be made.
The information contained in this document is believed to be reliable but may be inaccurate or incomplete. Any opinions stated are
honestly held but are not guaranteed and should not be relied upon.
This communication is provided for general information only and is not an invitation to make an investment nor does it constitute an offer
for sale. This is not a recommendation to buy, sell or hold a particular security. The specific companies listed or discussed herein are
included as representative transactions of the strategy. No representation is being made that any investment will or is likel y to achieve
profits or losses similar to those achieved in the past, or that significant losses will be avoided.
In the U.S., this communication should only be read by institutional investors, professional financial advisers and, at their exclusive
discretion, their eligible clients, but must not be distributed to U.S. persons.
In Australia, this document is provided for general information only to wholesale clients (as defined in the Corporations Act 2001).
In Hong Kong, this document is intended solely for the use of the person to whom it has been delivered and is not to be reproduced or
distributed to any other persons; this document shall be delivered to professional investors only. Investec Asset Management Hong Kong
Limited is licensed by the Securities and Futures Commission in Hong Kong.
Outside the U.S., telephone calls may be recorded for training and quality assurance purposes. Issued by Investec Asset Management,
June 2014.
Page 51 | CONFIDENTIAL
18023
Investec Asset Management
Australia
Hong Kong
Taiwan
Level 23, The Chifley Tower
2 Chifley Square
Sydney, NSW 2000
Telephone:
+61 2 9293 6257
Facsimile:
+61 2 9293 2429
Suites 2602-06, Tower 2
The Gateway, Harbour City
Tsim Sha Tsui, Kowloon, Hong Kong
Telephone:
+852 2861 6888
Facsimile:
+852 2861 6861
Unit C, 49F, Taipei 101 Tower
No.7, Section 5, Xin Yi Road
Taipei 110, Taiwan
Telephone:
+886 (0)2 8101 0800
Facsimile:
+886 (0)2 8101 0900
Botswana
Namibia
United Kingdom
Plot 64511, Unit 5
Fairgrounds
Gaborone
Telephone:
+267 318 0112
Facsimile:
+267 318 0114
100 Robert Mugabe Avenue, Office 1
Ground Floor, Heritage Square Building
Windhoek
Telephone:
+264 (61) 389 500
Facsimile:
+264 (61) 249 689
Woolgate Exchange
25 Basinghall Street
London, EC2V 5HA
Telephone:
+44 (0)20 7597 1900
Facsimile:
+44 (0)20 7597 1919
Channel Islands
South Africa
United States
PO Box 250, Glategny Court
Glategny Esplanade, St. Peter Port
Guernsey, GY1 3QH
Telephone:
+44 (0)1481 710 404
Facsimile:
+44 (0)1481 712 065
Cape Town
36 Hans Strijdom Avenue, Foreshore
Cape Town, 8001
Telephone:
+27 (0)21 416 2000
Facsimile:
+27 (0)21 416 2001
666 5th Avenue
37th Floor
New York, NY 10103
US Toll Free: +1 800 434 5623
Telephone:
+1 917 206 5179
Facsimile:
+1 917 206 5155
Europe (ex UK)
Johannesburg
100 Grayston Drive
Sandown
Sandton, 2196
Telephone:
+27 (0)11 286 7000
Facsimile:
+27 (0)11 286 7777
Woolgate Exchange
25 Basinghall Street
London, EC2V 5HA
Telephone:
+44 (0)20 7597 1890
Facsimile:
+44 (0)20 7597 1919
Please note that this communication is not necessarily approved for distribution in all of the above jurisdictions
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18023
www.investecassetmanagement.com

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