Simplisiti Asset Management · South African Equity Market –Resource companies-10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Northam Platinum Limited Assore Limited Lonmin Plc BHP Group

Simplisiti Asset ManagementInvestors Report, Second Quarter 2019

Market overview

South African Financial Markets

70

75

80

85

90

95

100

105

110

115

Jun-18 Sep-18 Dec-18 Mar-19 Jun-19

Past 12 months

SA Equities SA Cash SA Bonds SA Property85

90

95

100

105

110

115

120

125

130

135

Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19

Past 36 months

SA Equities SA Cash SA Bonds SA Property

7 Years 5 Years 3 Years 1 Year YTD Q1 2019 Q2 2019 Q3 2019 Q4 2019 Apr 2019 May 2019 Jun 2019

SA Cash 6.5% 7.0% 7.4% 7.3% 3.6% 1.8% 1.8% 0.6% 0.6% 0.6%

SA Bonds 7.8% 8.6% 9.8% 11.5% 7.6% 3.8% 3.7% 0.8% 0.6% 2.2%

SA Property 8.1% 5.6% -2.3% 0.8% 6.0% 1.5% 4.5% 3.2% -0.9% 2.2%

SA Equities 11.4% 5.8% 6.9% 4.4% 12.2% 8.0% 3.9% 4.2% -4.8% 4.8%

Performance, net of fees

South African Fixed Income Market


SA Short-dated 7.3% 8.2% 9.0% 10.9% 4.5% 1.8% 2.7% 0.9% 0.9% 0.9%

SA Long-dated 7.8% 8.4% 9.6% 10.4% 7.3% 3.9% 3.2% 0.7% 0.4% 2.1%

SA ILBs 5.9% 3.8% 1.7% 4.0% 3.2% 0.3% 2.9% 3.5% -0.7% 0.1%

SA Pref Shares 6.6% 7.1% 9.1% 19.7% 12.1% 6.3% 5.5% 2.5% 0.9% 2.0%


85

90

95

100

105

110

115

120

125


Past 12 months

SA Short-dated SA Long-dated SA ILBs SA Pref Shares

80

85

90

95

100

105

110


Past 12 months (Relative to SA Bonds)

SA Short-dated SA Long-dated SA ILBs SA Pref Shares

South African Listed Property Market

-70.0%-60.0%-50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%

Rebosis Property Fund Limited

SA Corporate Real Estate Ltd.

Attacq Limited

Redefine Properties Ltd.

Hyprop Investments Limited

Emira Property Fund Ltd.

Octodec Investments Limited

Vukile Property Fund Limited

Growthpoint Properties Limited

Investec Property Fund Ltd.

Fortress REIT Ltd Class B

Resilient REIT Limited

Fortress REIT Ltd Class A

Intu Properties plc

RDI REIT PLC

Capital & Counties Properties PLC

Tradehold Limited

NEPI Rockcastle Plc

Past quarter

-100.0%-80.0%-60.0%-40.0%-20.0% 0.0% 20.0% 40.0% 60.0%

Rebosis Property Fund Limited

Hyprop Investments Limited

SA Corporate Real Estate Ltd.

Attacq Limited

Fortress REIT Ltd Class B

Redefine Properties Ltd.

Growthpoint Properties Limited

Octodec Investments Limited

Emira Property Fund Ltd.

Vukile Property Fund Limited

Investec Property Fund Ltd.

Resilient REIT Limited

Fortress REIT Ltd Class A

Intu Properties plc

RDI REIT PLC

Capital & Counties Properties PLC

Tradehold Limited

NEPI Rockcastle Plc

Past 12 months

South African Equity Market

75

80

85

90

95

100

105

110

115

120

125


Past 12 months

Resources Industrials Financials

Large Cap Small Cap

60

70

80

90

100

110

120

130


Past 12 months (Relative to SA Equities)

Resources Industrials Financials Large Cap Small Cap


Resources 4.1% 0.8% 20.6% 21.2% 20.7% 17.8% 2.4% -2.0% -5.1% 10.2%

Industrials 13.2% 5.3% 1.8% -3.7% 11.7% 7.4% 4.0% 6.6% -6.0% 3.8%

Financials 12.3% 7.1% 6.2% 5.7% 5.0% -0.4% 5.4% 6.6% -2.3% 1.3%

Large cap 11.7% 5.6% 7.4% 4.6% 13.5% 8.5% 4.6% 4.6% -5.1% 5.4%

Small cap 8.4% 1.8% -2.8% -10.9% -1.6% -3.4% 1.8% 4.8% -2.7% -0.2%


South African Equity Market – Resource companies

-10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0%

Northam Platinum Limited

Assore Limited

Lonmin Plc

BHP Group Plc

Anglo American plc

Sibanye-Stillwater

Pan African Resources PLC

Exxaro Resources Limited

African Rainbow Minerals Limited

Anglo American Platinum Limited

Impala Platinum Holdings Limited

Kumba Iron Ore Limited

Harmony Gold Mining Co. Ltd.

AngloGold Ashanti Limited

Gold Fields Limited

Past quarter

0.0% 50.0% 100.0% 150.0% 200.0% 250.0% 300.0%

BHP Group Plc

Assore Limited

Anglo American plc

Pan African Resources PLC

Exxaro Resources Limited

Harmony Gold Mining Co. Ltd.

Gold Fields Limited

Northam Platinum Limited

African Rainbow Minerals Limited

Kumba Iron Ore Limited

Lonmin Plc

Sibanye-Stillwater

AngloGold Ashanti Limited

Anglo American Platinum Limited

Impala Platinum Holdings Limited

Past 12 months

South African Equity Market – Industrial companies

-80.0% -60.0% -40.0% -20.0% 0.0% 20.0%

Aspen Pharmacare Holdings Limited

Mediclinic International Plc

Sasol Limited

Shoprite Holdings Limited

British American Tobacco p.l.c.

Tiger Brands Limited

Mondi Limited

Woolworths Holdings Limited

Remgro Limited

Bidvest Group Limited

Steinhoff International Holdings NV

Naspers Limited Class N

MTN Group Limited

Bid Corporation Limited

Past 12 months

-40.0% -20.0% 0.0% 20.0% 40.0%

Steinhoff International Holdings NV

Sasol Limited

British American Tobacco p.l.c.

Tiger Brands Limited

Mediclinic International Plc

Bidvest Group Limited

Shoprite Holdings Limited

Mondi Limited

Remgro Limited

Naspers Limited Class N

Bid Corporation Limited

Woolworths Holdings Limited

Aspen Pharmacare Holdings Limited

MTN Group Limited

Past quarter

South African Equity Market – Financial companies

-30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0%

Brait S.E.

Reinet Investments S.C.A.

Nedbank Group Limited

Discovery Limited

Standard Bank Group Limited

Investec plc

Sanlam Limited

FirstRand Limited

RMB Holdings Limited

Absa Group Limited

Past quarter

-80.0% -60.0% -40.0% -20.0% 0.0% 20.0% 40.0%

Brait S.E.

Reinet Investments S.C.A.

Investec plc

Discovery Limited

Nedbank Group Limited

Standard Bank Group Limited

FirstRand Limited

Sanlam Limited

RMB Holdings Limited

Absa Group Limited

Past 12 months

Global Financial Markets

85

90

95

100

105

110


Past 12 months

Global Cash Global Bonds Global Property Global Equity

85

95

105

115

125

135

145


Past 36 months

Global Cash Global Bonds Global Property Global Equity


Global Cash 0.6% 0.9% 1.4% 2.3% 1.2% 0.6% 0.6% 0.2% 0.2% 0.2%

Global Bonds 1.6% 1.2% 1.6% 5.8% 5.6% 2.2% 3.3% -0.3% 1.4% 2.2%

Global Property 4.2% 2.2% 2.4% 5.0% 13.0% 14.0% -0.9% -1.3% -1.3% 1.7%

Global Equity 11.2% 7.2% 12.4% 6.9% 17.4% 12.6% 4.2% 3.6% -5.7% 6.6%

$ Performance, net of fees

Global Property Market

80

85

90

95

100

105

110

115

120


Past 12 months

US UK Europe Japan Asia-ex Japan

80

85

90

95

100

105

110

115


Past 12 months (Relative to Global Property)

US UK Europe Japan Asia-ex Japan


US 8.5% 7.4% 3.7% 10.3% 16.7% 15.9% 0.7% -0.3% -0.1% 1.1%

UK 6.2% -1.8% 2.4% -9.4% 9.0% 13.9% -4.2% 0.9% -6.3% 1.3%

Europe 8.8% 3.0% 5.5% -3.9% 8.9% 11.7% -2.5% -1.1% -0.8% -0.7%

Japan 6.8% 0.4% 3.9% 10.3% 11.4% 10.1% 1.2% -4.2% 4.2% 1.4%

Asia-ex Japan 10.2% 10.6% 17.7% 14.1% 18.5% 18.9% -0.3% -1.0% -6.1% 7.3%


Global Equity Market

80

85

90

95

100

105

110

115


Past 12 months

US UK Europe Japan Asia-ex Japan EM

80

85

90

95

100

105


Past 12 months (Relative to Global Equities)

US UK Europe Japan Asia-ex Japan EM


US 14.0% 10.6% 14.2% 10.2% 18.8% 13.9% 4.3% 4.0% -6.3% 7.0%

UK 4.9% -0.2% 7.0% -2.0% 13.0% 11.9% 0.9% 2.3% -6.0% 5.0%

Europe 7.9% 1.9% 9.8% 2.5% 16.5% 11.0% 4.9% 3.7% -5.3% 6.8%

Japan 7.9% 4.8% 8.4% -3.8% 8.0% 6.8% 1.0% 1.4% -4.0% 3.8%

Asia-ex Japan 7.3% 5.1% 11.8% -0.2% 10.8% 11.4% -0.6% 1.9% -8.5% 6.7%

EM 4.5% 2.9% 11.1% 1.6% 10.8% 10.0% 0.7% 2.1% -7.2% 6.3%


Global Equity Market

-2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

Energy

Health care

Utilities

Consumer Staples

Telecommunications

Industrials

Materials

Consumer Discretionary

Information Technology

Financials

Past quarter

-15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0%

Energy

Materials

Financials

Consumer Discretionary

Industrials

Consumer Staples

Health care

Information Technology

Utilities

Telecommunications

Past 12 months

Global Commodities Markets

0

20

40

60

80

100

120

140

160

180


Past 12 months

Gold Platinum Brent Copper Coal Iron Ore

0

50

100

150

200

250


Past 36 months

Gold Platinum Brent Copper Coal Iron Ore


Gold -1.8% 1.2% 2.3% 12.7% 10.3% 1.1% 9.0% -0.8% 1.8% 8.0%

Platinum -7.6% -10.9% -6.5% -2.0% 5.0% 6.7% -1.6% 4.6% -10.8% 5.4%

Brent -5.4% -10.0% 10.2% -16.2% 23.7% 27.1% -2.7% 6.4% -11.4% 3.2%

Copper -3.6% -3.0% 7.4% -10.1% 0.1% 8.7% -7.9% -0.7% -10.3% 3.3%

Coal -4.7% -3.2% 2.1% -39.6% -34.7% -20.0% -18.4% -6.6% -7.2% -5.8%

Iron Ore -3.2% 3.0% 27.2% 68.5% 57.8% 24.8% 26.4% 8.0% 4.8% 11.7%

$ Performance

Exchange Rates

80

85

90

95

100

105

110


Past 12 months

USD / ZAR EUR / ZAR GBP / ZAR US Dollar Index

70

75

80

85

90

95

100

105

110


Past 36 months

USD / ZAR EUR / ZAR GBP / ZAR US Dollar Index


USD / ZAR 8.1% 5.8% -1.3% 2.9% -2.0% 0.3% -2.2% -0.6% 1.5% -3.1%

EUR / ZAR 6.5% 2.0% -0.4% 0.3% -2.3% -1.5% -0.8% -0.8% 1.0% -1.0%

GBP / ZAR 4.9% -0.3% -2.9% -0.8% -2.0% 2.6% -4.5% -0.5% -1.8% -2.2%

US Dollar Index 2.4% 3.8% 0.1% 1.6% 0.0% 1.2% -1.2% 0.2% 0.3% -1.7%

$ Performance

Fund overview

Simplisiti BCI Income Plus

Mandate Description

The primary investment objective of the portfolio is to provide the investor with a high level of income and stable capital growth. The

recommended investment term is up to 1 year

Portfolio Characteristics

Inception date Peer Universe Benchmark Restrictions AUM TIC (incl VAT)

1 Sep 2011 Multi-Asset Income CPI +2% p.a. Regulation 28 R 89 121 057 1.58%

Simplisiti BCI Income Plus

Performance

5 Year Q Rank 3 Year Q Rank 1 Year Q Rank 3 month Q Rank

Simplisiti BCI Income Plus 7.3% 3 7.5% 3 8.3% 3 2.0% 3

South African MA Income 7.5% 8.0% 8.5% 2.2%

SA CPI +2% 7.0% 6.8% 6.5% 2.2%

Coronation Strategic Income A 13% 8.2% 2 8.5% 2 8.6% 2 2.3% 2

Prescient Income Provider A1 13% 9.0% 1 8.4% 2 8.7% 2 2.2% 2

BCI Income Plus C 73% 9.8% 1 9.9% 1 9.8% 1 2.2% 2

ZAR Cash 2% 7.2% 2 7.6% 2 7.5% 2 1.8% 3

FTSE/JSE All Share 5.8% 6.9% 4.4% 3.9%

FTSE/JSE SA Listed Property 5.6% -2.3% 0.8% 4.5%

Beassa ALBI 8.6% 9.9% 11.5% 3.7%

STeFI Composite 7.1% 7.4% 7.3% 1.8%

Simplisiti BCI Income PlusRolling 1 year excess returns vs SA MA Income Sector

Simplisiti BCI Managed Protector

Mandate Description

The primary investment objective of the portfolio is to provide investors with a steady total return over the medium to long term. The

fund’s investment horizon is 3 years or longer.



1 Sep 2011 SA MA High Equity CPI + 4% p.a. Regulation 28 R 384 293 305 1.96%

Simplisiti BCI Managed ProtectorPerformance vs Risk and Return objectives

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Aug 2016 Feb 2017 Aug 2017 Feb 2018 Aug 2018 Feb 2019

Rolling 5 year Returns

(ASISA) South African MA High Equity Simplisiti Managed Protector

SA CPI +4%**


Portfolio Peer Group SAA

Number of rolling 5 year periods 35 35 35

Number of periods where return > CPI + 4% 17 16 29

Success Rate 48.6% 45.7% 82.9%

Simplisiti BCI Managed Protector

(ASISA) South African MA High Equity

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00%

Re

turn

Volatility

Past 5 years

Risk statistics, past 5 years


% Positive Months 58.3% 61.7% 63.3%

Maximum Drawdown -8.8% -7.5% -8.1%

Simplisiti BCI Managed ProtectorPerformance

5 Year Q Rank 3 Year Q Rank 1 Year Q Rank 6 month Q Rank 3 month Q Rank

Simplisiti BCI Managed Protector 4.7% 3 3.7% 3 2.9% 3 7.8% 2 1.9% 1

SA MA High Equity 4.9% 4.0% 3.2% 6.9% 1.1%

SA CPI +4% 9.0% 8.8% 8.5% 4.1% 2.7%

SA Equity 14% 4.5% 3.8% 7.3% 1.7%

Allan Gray SA Equity 3% 0 2.4% 3 -3.9% 4 2.5% 4 -3.0% 4

Ci Equity 5% 5.6% 1 4.5% 2 1.0% 2 9.5% 2 3.3% 1

Ci Engineered Equity Core 6% 3.7% 2 5.6% 1 10.5% 1 8.3% 2 2.9% 1

SA Property 7% 6.5% -2.8% -5.7% 2.2% 3.5%

Ci Property 7% 6.5% 1 -2.8% 3 -5.7% 4 2.2% 3 3.5% 2

SA Bonds 7.9% 9.3% 10.8% 7.3% 3.6%

Satrix Bond Index 4% 7.9% 4 9.3% 3 10.8% 2 7.3% 1 3.6% 2

SA Cash 5% 7.3% 7.8% 7.7% 3.8% 1.9%

Nedgroup Inv Core Income 1% 7.5% 8.1% 7.9% 3.9% 1.9%

ZAR Cash 3% 7.2% 7.6% 7.5% 3.7% 1.8%

SA Multi-Asset 21% 2.6% 1.5% 6.4% 0.5%

Ci Managed 21% 3.6% 2.6% 1.5% 6.4% 0.5%

Simplisiti BCI Managed ProtectorPerformance

Offshore Equity (ZAR) 20% 10.7% 6.7% 13.1% 0.4%

Polaris Global Value 2% 11.9% 2 9.8% 2 3.6% 3 11.6% 3 0.9% 3

iShares Core MSCI Emerging Markets ETF 5% 8.2% 1 8.7% 1 3.5% 1 7.9% 1 -1.8% 1

iShares Core MSCI World ETF USD Acc 6% 12.9% 1 10.5% 1 9.5% 1 14.7% 2 1.7% 2

iShares Edge MSCI Multifactor Intl ETF 5% 7.5% 2 0.6% 4 10.5% 2 -0.3% 4

Fundsmith Equity 2% 21.9% 1 16.1% 1 17.5% 1 21.4% 1 3.0% 1

Franklin Technology 1% 23.9% 1 23.8% 1 17.7% 1 25.0% 1 1.0% 2

Global Multi-Asset 7.3% 6.5% 5.6% 8.2% 3.1%

Prescient Balanced 30% 7.3% 1 6.5% 1 5.6% 1 8.2% 2 3.1% 1

SAA

SA Equity 35.0% 5.8% 6.9% 4.4% 12.2% 3.9%

SA Property 17.5% 7.4% -1.7% -3.4% 3.2% 2.4%

SA Bonds 10.0% 8.6% 9.9% 11.5% 7.7% 3.7%

SA Cash 7.5% 7.1% 7.4% 7.3% 3.6% 1.8%

Offshore Equity (ZAR) 30.0% 13.4% 11.0% 10.0% 15.1% 1.9%

Offshore Property (ZAR) 0.0% 12.3% 5.1% 12.2% 13.1% -1.9%

Offshore Bonds (ZAR) 0.0% 7.1% 0.3% 8.9% 3.5% 1.0%

Offshore Cash (ZAR) 0.0% 6.7% 0.1% 5.2% -0.8% -1.6%

Simplisiti BCI Managed ProtectorRolling 1 year excess returns vs SA MA High Equity Sector

Simplisiti BCI Managed ProtectorRolling 3 year excess returns vs SA MA High Equity Sector

Simplisiti BCI Flexible

Mandate Description

The primary investment objective of the portfolio is to maximise total returns over the medium to long term. The recommended

investment term is 5 years or more.



1 Sep 2011Worldwide MA

FlexibleCPI + 6% p.a. None R 150 179 663 2.36%

Simplisiti BCI FlexiblePerformance vs Risk and Return objectives

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Aug 2016 Feb 2017 Aug 2017 Feb 2018 Aug 2018 Feb 2019

Rolling 5 year returns

(ASISA) Wwide MA Flexible Simplisiti BCI Flexible SA CPI +6%**



Number of rolling 5 year periods 35 35 35

Number of periods where return > CPI + 6% 13 17 17

Success Rate 37.1% 48.6% 48.6%

Simplisiti BCI Flexible

(ASISA) Wwide MA Flexible

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00%

Re

turn

Volatility

Past 5 years

Risk statistics, past 5 years


% Positive Months 51.7% 56.7% 58.3%

Maximum Drawdown -15.0% -10.9% -9.1%

Simplisiti BCI FlexiblePerformance

5 Year Q Rank* 3 Year Q Rank 1 Year Q Rank 6 month Q Rank 3 month Q Rank

Simplisiti BCI Flexible 5.0% 3 1.8% 4 1.0% 4 13.2% 1 1.2% 1

(ASISA) Wwide MA Flexible 6.7% 4.5% 3.5% 8.9% 0.4%

SA CPI +6% 11.0% 10.8% 10.5% 5.1% 3.1%

Global Flexible 8.8% 7.9% 7.9% 13.4% 1.6%

Centaur BCI Flexible A 5% 8.5% 1 7.7% 1 5.0% 2 8.9% 1 3.1% 1

Coronation Optimum Growth A 10% 9.6% 1 10.0% 1 12.5% 1 18.8% 1 1.6% 1

Bateleur Flexible Prescient A1 5% 7.2% 1 3.8% 2 1.0% 3 6.3% 3 0.0% 4

Global Equity 11.3% 7.6% 13.6% 0.5%

Polaris Global Value 7% 11.9% 2 9.8% 2 3.6% 3 11.6% 3 0.9% 3

iShares Core MSCI Emerging Markets ETF 20% 8.2% 1 8.7% 1 3.5% 1 7.9% 1 -1.8% 1

iShares Core MSCI World ETF USD Acc 23% 12.9% 1 10.5% 1 9.5% 1 14.7% 2 1.7% 2

iShares Edge MSCI Multifactor Intl ETF 12% 7.5% 2 0.6% 4 10.5% 2 -0.3% 4

Fundsmith Equity 8% 21.9% 1 16.1% 1 17.5% 1 21.4% 1 3.0% 1

Franklin Technology 8% 23.9% 1 23.8% 1 17.7% 1 25.0% 1 1.0% 2

ZAR Cash 2% 7.2% 7.6% 7.5% 3.7% 1.8%

Simplisiti BCI FlexiblePerformance

5 Year Q Rank* 3 Year Q Rank 1 Year Q Rank 6 month Q Rank 3 month Q Rank

Simplisiti BCI Flexible 5.0% 3 1.8% 4 1.0% 4 13.2% 1 1.2% 1

(ASISA) Wwide MA Flexible 6.7% 4.5% 3.5% 8.9% 0.4%

SA CPI +6% 11.0% 10.8% 10.5% 5.1% 3.1%

SAA

SA Equity 35% 5.8% 6.9% 4.4% 12.2% 3.9%

SA Property 15% 5.6% -2.3% 0.8% 6.0% 4.5%

SA Bonds 0% 8.6% 9.9% 11.5% 7.7% 3.7%

SA Cash 0% 7.1% 7.4% 7.3% 3.6% 1.8%

Offshore Equity (ZAR) 50% 13.4% 11.0% 10.0% 15.1% 1.9%

Offshore Property (ZAR) 0% 12.3% 5.1% 12.2% 13.1% -1.9%

Offshore Bonds (ZAR) 0% 7.1% 0.3% 8.9% 3.5% 1.0%

Offshore Cash (ZAR) 0% 6.7% 0.1% 5.2% -0.8% -1.6%

Simplisiti BCI FlexibleRolling 1 year excess returns vs Worldwide MA Flexible Sector

Simplisiti BCI FlexibleRolling 3 year excess returns vs Worldwide MA Flexible Sector

Thank you

Documents

Simplisiti Asset Management · South African Equity Market –Resource companies-10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Northam Platinum Limited Assore Limited Lonmin Plc BHP Group