From Low Growth To NO Growth6 October 2020 | Evan Walker

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GOVERNMENT WAGE BILL CONTINUES TO OUTSTRIP PRIVATE SECTOR

2

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REAL GDP LEVELS IN SOUTH AFRICA ARE POOR

3

GDP will be 5% below pre-recession levels end 2021 Deconstructing the investment-driven GDP drop

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SOUTH AFRICAN UNQUALIFIED AUDITS PER PROVINCE

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Source: Auditor-General South Africa (AGSA)

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SA INC SHOWING NO SIGNS OF RECOVERY

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ABILITY TO MISS LANDMINES BECOMING INCREASINGLY IMPORTANT

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Source: Bloomberg. Price Return (incl. div) 31 December 2015 – 15 July 2020

Worst performing shares on the JSE from 31 December 2015 to 15 July 2020

-120%

-100%

-80%

-60%

-40%

-20%

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36ONE BCI SA EQUITY PORTFOLIO POSITIONING

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TOP 10 EQUITY HOLDINGS %

Naspers 15.2

British American Tobacco 8.3

Prosus 5.9

Sibanye Stillwater 5.8

Impala Platinum 5.4

Anglo American 4.6

Gold Fields 4.0

BHP 3.5

Northam Platinum 2.9

MTN 2.7

Total 58.3

As at 23 September 2020

71,2%

28,8%

RAND HEDGE EXPOSURE

Rand Hedge Domestic (SA Inc)

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RAND PGM BASKET – REACHING NEW HIGHS

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Source: Bloomberg. Chart data from 9 September 2016 – 8 September 2020.

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

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POTENTIAL UPSIDE FOR PLATINUM SHARES

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Source: Renaissance Capital

Upside potential to one-year forward consensus earnings if spot prices prevail

87%

76%

63%58%

47%

35%

20%15%

3%0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Impala RBPlats Tharisa Sibanye Northam Amplats Gold Fields AngloGold Harmony

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CHINESE TOTAL SOCIAL FINANCING - STILL AT ELEVATED LEVELS

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Source: WIND, Bloomberg, Citi Research. TSF – Total Social Financing.

Monthly TSF Tends (Mn RMB) TSF and Steel Apparent Demand Growth Rate

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CHINESE PROPERTY BOOM HAS RESUMED ITS UPWARD CLIMB

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Source: NBS, Citi Research

China’s Private Property Sales China’s Private Property New Starts

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CONSENSUS EARNINGS IF SPOT COMMODITY PRICES PREVAIL

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Source: Bloomberg, Thomson Reuters Datastream, Renaissance Capital estimates

Upside/(downside) potential to one-year forward consensus earnings if spot prices prevail

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TENCENT – THE ONLY THING THAT SEEMS TO MATTER

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Source: Company data Investec Securities estimates

Deferred revenue vs. earnings - Since reaching scale, deferred revenue has never been stronger

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GOLD - A HEDGE AGAINST CENTRAL BANKERS GONE WILD

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0

1

2

3

4

5

6

7

8

9

Mar

-200

4

Sep-

2004

Mar

-200

5

Sep-

2005

Mar

-200

6

Sep-

2006

Mar

-200

7

Sep-

2007

Mar

-200

8

Sep-

2008

Mar

-200

9

Sep-

2009

Mar

-201

0

Sep-

2010

Mar

-201

1

Sep-

2011

Mar

-201

2

Sep-

2012

Mar

-201

3

Sep-

2013

Mar

-201

4

Sep-

2014

Mar

-201

5

Sep-

2015

Mar

-201

6

Sep-

2016

Mar

-201

7

Sep-

2017

Mar

-201

8

Sep-

2018

Mar

-201

9

Sep-

2019

Mar

-202

0

FED ECB BOJ

USD

Tril

lion

Central Bank Balance Sheets (USD Trillion)

Source: Bloomberg, 1 March 2004 – 31 August 2020

THANK YOU

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Financial Advisory and Intermediary Services Act (No. 37 of 2002) (“FAIS”) read with Board Notice 80 of 2003:36ONE Asset Management (Pty) Ltd (“36ONE”) is an authorised financial services provider under FAIS (FSP number: 19107). Past performance is not necessarily indicative of futureperformance. Buying and selling of financial products entails risk, please ensure that you are always appropriately advised and aware of all risks involved. No guarantee as to investment valueor performance of any financial product is given or should be inferred.

Collective Investment Schemes Control Act, 45 of 2002 (“CISCA”) and Board Notice 92 of 2014:Boutique Collective Investments (RF) (Pty) Ltd (“BCI”) is approved by the Financial Sector Conduct Authority (“FSCA”) in terms of CISCA as a manager of collective investment schemes insecurities. BCI is the manager of the Boutique Collective Investments Scheme and 36ONE BCI SA Equity Fund, 36ONE BCI Equity Fund. 36ONE BCI Flexible Opportunity Fund and 36ONEBCI Global Equity Feeder Fund are co-named portfolios of this scheme. 36ONE is the discretionary financial services provider appointed to render asset management services in respect ofthese portfolios.

Sanne Management Company (RF) (Pty) Ltd (“Sanne”) is approved by the FSCA in terms of CISCA as a manager of collective investment schemes in hedge funds. Sanne is the manager ofthe SNN Retail Hedge Fund Scheme (and 36ONE SNN Retail Hedge Fund and 36ONE SNN Absolute Alpha Retail Hedge Fund are co-named portfolios of this scheme) and SNN QualifiedInvestor Hedge Fund Scheme (and 36ONE SNN QI Hedge Fund is a co-named portfolio of the scheme). 36ONE is the discretionary financial services provider appointed to render assetmanagement services in respect of these portfolios.

BCI and Sanne are both full members of the Association for Savings and Investment SA. We refer to both Sanne and BCI herein as “Mancos” and 36ONE as the “investment manager”.

36ONE Global Fund PC is a portfolio of the SA Alpha PCC Ltd, and is an approved portfolio of a foreign collective investment scheme in terms of section 65 of CISCA.

Investment in participatory interests in collective investment schemes in securities and hedge funds are generally medium to long term investments. Investors should take cognisance of thefact that risks are involved in buying or selling any financial product. The value of participatory interests may go up or down and past performance is not necessarily an indication of or guide tofuture performance. Neither the Mancos nor the investment manager provides any guarantee in respect of either the capital or the return of a portfolio.

Both Mancos reserve the right, subject to the provisions of the supplemental deed of each respective portfolio, to close and reopen certain portfolios from time to time in order to manage themmore efficiently in accordance with its mandate.

Collective investment schemes are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees, charges and maximum commissions is available on request fromthe relevant Manco, free of charge. Additional information, including application forms and annual or quarterly reports can be obtained from the relevant Manco or the investment manager, freeof charge. The charges of the most expensive class offered by the relevant Manco for direct investment by members of the public are reflected in the minimum disclosure document availableon our website in respect of each relevant portfolio.

DISCLAIMER

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Should a performance fee be applicable in respect of an investment, the performance fees will be calculated and accrue on a daily/monthly basis (depending on whether it is a collectiveinvestment scheme in security or hedge funds), based upon the daily/monthly outperformance, in excess of the benchmark, multiplied by the share rate. Performance fees are paid over to theinvestment manager monthly.

Performance figures quoted in this document are from either Morningstar, Bloomberg, Maitland, Maitland Guernsey, or Sanne (as applicable) as at the date of publication of this document, fora lump sum investment using either NAV-NAV with income reinvested or mandate specific parameters. Such performance figures do not take any upfront manager’s charge into account.

Income distributions are declared on the ex-dividend date.

Actual investment performance will differ based on the initial fees charge applicable, the actual investment date, the date of reinvestment and applicable dividend withholding tax.

Annualised return is the weighted average compound growth rate over the period measured.

Actual annual figures are available to the investor on request.

A feeder fund is a portfolio that invests in a single portfolio of a collective investment scheme, which levies its own charge`s and which could result in a higher fee structure for the feeder fund.

Investments in foreign securities may include additional risks, such as potential constraints on liquidity and repatriation of funds, macroeconomic risk, political risk, foreign exchange risk, taxrisk, settlement risk as well as potential limitations on the availability of market information.

BCI and Sanne retain full legal responsibility for third-party-named portfolios.

Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, the use of such information is entirely at the risk of a client, investor orintermediary (“User”) and accordingly neither the investment manager, the Mancos, affiliated companies, officers nor personnel shall be liable for any direct or indirect claim, damages, loss orexpense incurred by the User, however arising, out of or in connection with the use of the information in this document.

Prior to selecting a financial product or portfolio in which to invest, it is recommended that investors seek independent, specialised financial, legal and tax advice in this regard. The informationcontained herein should not be construed by a User as an investment recommendation in respect of any financial product or an invitation to a User to invest in any financial product withouthaving considered all of the associated risks. We do not imply that any specific financial product is suitable to the User.

DISCLAIMER

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