FOREIGN EQUITY FUND (MuR) 31-Oct-14 Investment objective Manager's Report To achieve medium/long term capital growth by investing in selected international funds through a consistent search for low volatility. Fund rebounded in line with markets and contributed to positive performance for year to date. General information NAV Price (MUR) 16.75 Total Fund Size (MUR) 226,495,241 Base Currency MUR Additional Dealing Currencies EUR,USD Benchmark MSCI World (MUR) Launch Date 15 October 2008 Other information Status: Manager: Global equities barely made it into the positive territory. US stocks rose as sentiment was buoyed by evidence that the US economy is on a robust path to recovery. Higher consumer confidence supported by a stronger labour market and better-than-expected corporate earnings proved supportive for share prices. In Europe, investors backed away from equities markets after the ECB’s review of the region’s bank as well as drop in Germany business sentiment. In Asia, stock market ran into positive territory supported by BOJ’s surprising move to boost its asset purchases, which was complemented by Japan's $1.2 trillion Government Pension Investment Fund (GPIF) investments in stocks. Emerging market equities were mixed over the month as the menace of FED’s exit of QE weighted on sentiments. However these were counterbalanced to some extent by hopes of growth oriented reforms being implemented in India and Indonesia. We continue to favour equities at the back of regained credit momentum and the incumbent consumption cycle. Possible monetary easing in Europe could help garner windfall gains for the fund. Cumulative performance in MUR Public Company Anglo-Mauritius Investment Managers Ltd Foreign depository : Business Registration Number: Banque de Luxembourg C06067231 200 180 160 140 120 Valuation 100 Valuation Frequency Weekly Monthly 80 15-Oct-08 15-Jul-09 15-Apr-10 15-Jan-11 Fees 15-Oct-11 MSCI w Initial Service charges Annual management fees 5.00% 1.00% Anglo-Mauritius Global Funds Ltd Fund MSCI World 10 Largest Holdings Calendar Performance Goldman Sachs US Core 13.1% 12.3% 12.1% 20.0 10.0 G Sachs Gl Equity Partners Pfolio (USD) 7.1% BGF European Equity Fund (EUR) 5.8% JPM US Select Equity 5.1% Schroders Frontier Mkts (USD) 4.7% Schroders Intl Select QEP Emer (USD) 4.6% BGF US Flexible Equity (USD) 4.3% Henderson UK Alpha (GBP) 4.0% 15-Apr-13 15-Jan-14 Cumulative performance For more information, please refer to prospectus of BGF Fixed Income Gl Opp Fund (USD) AXA Rosenburg Global Small Cap (USD) 15-Jul-12 15-Oct-14 Fund 1M % 3M% Ytd % 1Y% 3Y% 5Y% Since Inception % 0.2 0.6 1.8 2.4 5.3 6.7 7.8 10.2 43.1 52.8 42.9 59.0 67.5 88.1 0.0 2009 2010 2011 2012 2013 YTD -10.0 -20.0 FUND Currency Profile JPY , 3.8% GBP, 7.4% BENCHMARK Asset allocation MUR, 0.5% Asia Pacific, 4.7% Others, 0.4% Japan, 5.8% EUR, 9.8% EMEA, 13.6% North America, 50.6% USD, 79.9% UK, 8.1% Europe, 16.8% LATAM, 0.2% DISCLAIMER: This document does not constitute an offer to anyone, or a solicitation by anyone to subscribe for shares of the fund. Anglo-Mauriitus Investment Managers Ltd accepts no liability or responsibility whatsoever for any consequential loss of any kind arising out of the use of this document or any part of its contents. Past performance is not a guide to future results, the price of shares and any income derived from them may rise as well as fall and investors may not get back the amount originally invested. All fund performance data are on a NaV to NaV basis.