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PIONEERING. PARTNERING. PERFORMING. THE CORION REPORT MONTHLY CIS INSIGHTS MARCH 2020 INTERACTIVE PDF VIDEO ASSETS SA EQUITY HIGH INFLOWS OUTFLOWS LOW GLOBAL CORION MAR 2020

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Page 1: THE CORION REPORTampersand SCI CPI Plus 2 FoF ashburton Targeted return allan Gray Stable Coronation balanced defensive Prudential Inflation Plus Nedgroup Inv Stable Investec Cautious

PIONEERING. PARTNERING. PERFORMING.

THE

CORIONREPORTMONTHLY CIS INSIGHTSMarCH 2020

interactive

PDF

vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAl CORIONMAR 2020

Page 2: THE CORION REPORTampersand SCI CPI Plus 2 FoF ashburton Targeted return allan Gray Stable Coronation balanced defensive Prudential Inflation Plus Nedgroup Inv Stable Investec Cautious

| 2

Asset ClAsses*

Best top 40

equity industries

Worst top 40

US$/raNd

GLObaL bONdS

GLObaL EqUITIES

bONdS

EqUITIES

PrOPErTY

PrOSUS

aNGLOGOLd

SHOPrITE

SPar

CLICkS

NaSPErS

CONSUMEr GOOdS

baSIC MaTErIaLS

CONSUMEr SErvICES

HEaLTH CarE

TELECOMMUNICaTION

FINaNCIaLS

SaSOL

rEdEFINE

NEdbaNk

abSa

IMPaLa PLaTINUM

NOrTHaM PLaTINUM

17.1%

15.5%

12.9%

10.8%

9.4%

7.3%

-80.1%

-56.4%

-53.2%

-43.3%

-38.2%

-37.6%

In the midst of extreme uncertainty and with unpopular and difficult decisions needing to be made, Cyril ramaphosa has appeared stoic.

The average bear market has been -32% (source Goldman Sachs). The current bear market low was -36%. Page three compares the current crash to more recent experiences.

Most global markets experienced record declines. The FTSE JSE all Share Index and the dow Jones Industrial average had their respective biggest quarterly losses since 1998 and 1987.

the FACts

Following February’s decline of 9.0%, the FTSE JSE all Share Index depreciated by another 12.1% in March. The aLbI declined by 9.7% its worst month since its base date (July 2000).

Interest rate sensitive indices such as the FTSE JSE Financial 15 and the FTSE JSE Sa Listed Property Index fell by an astounding 30.7% and 36.6% respectively.

Sasol is one of South africa’s largest taxpayers. Their share price declined by over 80% following the steep drop in the price of oil.

WEAK

WORSE

HORRIFIC

GOOD

VIDEO

BAD

the enVironMent

MARCH 2020

*FTSE/JSE SA Listed Property (Property), FTSE/JSE All Share (Equities), Beassa ALBI (Bonds), MSCI World (Global Equities) and FTSE WGBI (Global Bonds) were used as indicies for each asset class.

13.5%

12.8%

-1.4%

-9.7%

-12.1%

-36.6%

-4.5%

-12.4%

-13.2%

-13.5%

-20.9%

-29.4%

vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONMAR 2020

Page 3: THE CORION REPORTampersand SCI CPI Plus 2 FoF ashburton Targeted return allan Gray Stable Coronation balanced defensive Prudential Inflation Plus Nedgroup Inv Stable Investec Cautious

| 3

ENduRING A BEAR MARKET

vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONvIdEO

Page 4: THE CORION REPORTampersand SCI CPI Plus 2 FoF ashburton Targeted return allan Gray Stable Coronation balanced defensive Prudential Inflation Plus Nedgroup Inv Stable Investec Cautious

| 4

US dOLL ar

INdUSTr IaLS

bONdS

EqUIT IES

rESOUrCES

F INaNCIaLS

PrOPErT Y

US dOLL ar

INdUSTr IaLS

bONdS

EqUIT IES

rESOUrCES

F INaNCIaLS

PrOPErT Y

US dOLL ar

bONdS

INdUSTr IaLS

EqUIT IES

rESOUrCES

F INaNCIaLS

PrOPErT Y

US dOLL ar

rESOUrCES

bONdS

INdUSTr IaLS

EqUIT IES

F INaNCIaLS

PrOPErT Y

WO

rS

T

1 Month 3 Months ytd 1 yeAr 3 yeArs

bES

T

Datasource: Morningstar. Returns longer than one year annualised.

13.5%

-1.9%

-9.7%

-11.4%

-12.1%

-30.7%

-36.6%

27.7%

-6 .3%

-8 .7%

-21.4%

-24 .5%

-40 .1%

-48 .2%

10 .0%

8 .5%

5 .3%

0 .0%

-2 .1%

-9 .7%

-23 .0%

27.7%

-6 .3%

-8 .7%

-21.4%

-24 .5%

-40 .1%

-48 .2%

23 .8%

-3 .0%

-4 .4%

-18 .4%

-18 .5%

-39 .2%

-47.9%

US dOLL ar

INdUSTr IaLS

bONdS

rESOUrCES

EqUIT IES

F INaNCIaLS

PrOPErT Y

ASSET RETuRNS

vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONASSETS

Page 5: THE CORION REPORTampersand SCI CPI Plus 2 FoF ashburton Targeted return allan Gray Stable Coronation balanced defensive Prudential Inflation Plus Nedgroup Inv Stable Investec Cautious

| 5No meaningful investment decisions should be made using the Report. Funds without an updated price at the time of compiling, have been omitted. Datasource: Morningstar, pre month end sign off; Minimum fund size: R100 million.

one Month As At 31 MArCh 2020 one yeAr As At 31 MArCh 2020

PSG EquityNedgroup Inv GrowthSteyn Capital Equity PrescientSatrix dividend Plus Indexallan Gray Sa Equity

allan Gray EquityCoronation Top 20Prudential Sa Equity FundFairtree Equity Prescient FdOld Mutual Investors

aSISa Sa Equity General Category aveEquities - FTSE/JSE all Share Indexbonds - JSE all bond Index

rrrrr

rrrrr

2 857 634 250 233

2 109

27 224 15 321 14 558

9 984 7 777

-37.6%-34.8%-34.0%-32.3%-32.0%

-24.3%-16.3%-30.7%-23.8%-30.2%

-21.9%-18.4%-3.0%

1.2.3.4.5.

1.2.3.4.5.

bEST PErFOrMING SIZE rETUrN

36ONE bCI EquityMethodical Equity PrescientOasis Crescent EquityStonehage Fleming SCI EquityElement Islamic Equity SCI

rrrrr

1 143 128

4 974 221 125

0.2%-2.1%-4.6%-6.1%-7.4%

1.2.3.4.5.

WOrST PErFOrMING SIZE rETUrN

L arGEST FUNdS SIZE rETUrN

INdUSTrY rETUrN

Nedgroup Inv GrowthFairtree Select Equity PrescientSteyn Capital Equity PrescientFoundation bCI Equity FundFairtree Smart beta Prescient

allan Gray EquityCoronation Top 20Prudential Sa Equity FundFairtree Equity Prescient FdOld Mutual Investors

aSISa Sa Equity General Category aveEquities - FTSE/JSE all Share Indexbonds - JSE all bond Index

rrrrr

rrrrr

634 129 250 133 224

27 224 15 321 14 558

9 984 7 777

-24.3%-23.8%-23.4%-23.3%-23.2%

-18.0%-12.4%-19.4%-22.7%-21.7%

-15.4%-12.1%-9.7%

1.2.3.4.5.

1.2.3.4.5.

bEST PErFOrMING SIZE rETUrN

Oasis Crescent EquityStonehage Fleming SCI EquityElement Islamic Equity SCISanlam Select Focused Equitybluealpha bCI Equity

rrrrr

4 974 221 125 187 354

-2.0%-3.4%-6.0%-6.4%-6.5%

1.2.3.4.5.

WOrST PErFOrMING SIZE rETUrN

L arGEST FUNdS SIZE rETUrN

INdUSTrY rETUrN

ASISA SA EquITy GENERAl

vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONSA EquITy

Page 6: THE CORION REPORTampersand SCI CPI Plus 2 FoF ashburton Targeted return allan Gray Stable Coronation balanced defensive Prudential Inflation Plus Nedgroup Inv Stable Investec Cautious

| 6

bridge Managed GrowthPSG balancedImalivest SCI balancedbridge balancedPlexus Wealth bCI balanced

allan Gray balancedCoronation balanced PlusNinety One OpportunityFoord balanceddiscovery balanced

aSISa Sa Multi asset High Eq Category aveEquities - FTSE/JSE all Share Indexbonds - JSE all bond Index

rrrrr

rrrrr

1 174 6 898

102 123 189

121 271 71 292 45 095 23 331 21 577

-29.9%-28.1%-23.1%-20.8%-20.6%

-14.2%-12.0%0.9%-5.1%-11.5%

-11.1%-18.4%-3.0%

1.2.3.4.5.

1.2.3.4.5.

bEST PErFOrMING SIZE rETUrN

rezco Managed Plusrezco value TrendNinety One ManagedInnovation bCI balanced Fund of FundsStar Prime balanced Fund

rrrrr

662 5 128

16 481 112

289

10.9%9.5%6.9%4.9%3.8%

1.2.3.4.5.

WOrST PErFOrMING SIZE rETUrN

L arGEST FUNdS SIZE rETUrN

INdUSTrY rETUrN

bridge Managed GrowthPSG balancedCapita bCI balancedamity bCI Managed SelectbCI best blend balanced

allan Gray balancedCoronation balanced PlusNinety One OpportunityFoord balanceddiscovery balanced

aSISa Sa Multi asset High Eq Category aveEquities - FTSE/JSE all Share Indexbonds - JSE all bond Index

rrrrr

rrrrr

1 174 6 898

139 117 274

121 271 71 292 45 095 23 331 21 577

-19.3%-18.5%-18.0%-17.9%-17.9%

-12.0%-11.0%-1.0%-5.7%-12.5%

-10.6%-12.1%-9.7%

1.2.3.4.5.

1.2.3.4.5.

bEST PErFOrMING SIZE rETUrN

rezco value Trendrezco Managed PlusInnovation bCI balanced Fund of FundsNinety One OpportunityOasis Crescent balanced High Equity FoF

rrrrr

5 128 662 112

45 095 152

0.9%0.8%-1.0%-1.0%-1.1%

1.2.3.4.5.

WOrST PErFOrMING SIZE rETUrN

L arGEST FUNdS SIZE rETUrN

INdUSTrY rETUrN

ASISA SA HIGH EquITy

No meaningful investment decisions should be made using the Report. Funds without an updated price at the time of compiling, have been omitted. Datasource: Morningstar, pre month end sign off; Minimum fund size: R100 million.

one Month As At 31 MArCh 2020 one yeAr As At 31 MArCh 2020

vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONHIGH

Page 7: THE CORION REPORTampersand SCI CPI Plus 2 FoF ashburton Targeted return allan Gray Stable Coronation balanced defensive Prudential Inflation Plus Nedgroup Inv Stable Investec Cautious

| 7

bridge Stable GrowthPlexus Wealth bCI ConservativePSG Stableampersand SCI CPI Plus 2 FoFashburton Targeted return

allan Gray StableCoronation balanced defensivePrudential Inflation PlusNedgroup Inv StableInvestec Cautious Managed

aSISa Sa Multi asset Low Eq Category aveEquities - FTSE/JSE all Share Indexbonds - JSE all bond Index

rrrrr

rrrrr

691 104

2 925 1 092

201

42 698 26 781 22 305 17 148 12 148

-22.8%-16.9%-15.6%-14.1%-13.9%

-7.4%-5.8%

-13.7%2.8%3.5%

-3.9%-18.4%-3.0%

1.2.3.4.5.

1.2.3.4.5.

bEST PErFOrMING SIZE rETUrN

rezco StableabSa Inflation beateramplify SCI Wealth ProtectorPlatinum bCI Income Provider FoFIP diversified Inc FoF

rrrrr

152 1 252

710 349 191

13.6%7.1%4.8%4.7%4.1%

1.2.3.4.5.

WOrST PErFOrMING SIZE rETUrN

L arGEST FUNdS SIZE rETUrN

INdUSTrY rETUrN

bridge Stable GrowthPlexus Wealth bCI ConservativeCapita bCI Cautiousampersand SCI CPI Plus 2 FoFPrudential Inflation Plus

allan Gray StableCoronation balanced defensivePrudential Inflation PlusNedgroup Inv StableInvestec Cautious Managed

aSISa Sa Multi asset Low Eq Category aveEquities - FTSE/JSE all Share Indexbonds - JSE all bond Index

rrrrr

rrrrr

691 104 221

1 092 22 305

42 698 26 781 22 305 17 148

12 148

-15.3%-13.0%-13.0%-12.5%-12.4%

-8.6%-8.0%-12.4%-3.6%-2.1%

-7.0%-12.1%-9.7%

1.2.3.4.5.

1.2.3.4.5.

bEST PErFOrMING SIZE rETUrN

rezco StableIP diversified Inc FoFOasis Crescent balanced Stable FoFabSa Inflation beaterNoble PP STaNLIb Strategic Income FoF

rrrrr

152 191 606

1 252 482

2.3%-0.3%-0.4%-1.2%-1.6%

1.2.3.4.5.

WOrST PErFOrMING SIZE rETUrN

L arGEST FUNdS SIZE rETUrN

INdUSTrY rETUrN

ASISA SA lOw EquITy

No meaningful investment decisions should be made using the Report. Funds without an updated price at the time of compiling, have been omitted. Datasource: Morningstar, pre month end sign off; Minimum fund size: R100 million.

one Month As At 31 MArCh 2020 one yeAr As At 31 MArCh 2020

vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONlOw

Page 8: THE CORION REPORTampersand SCI CPI Plus 2 FoF ashburton Targeted return allan Gray Stable Coronation balanced defensive Prudential Inflation Plus Nedgroup Inv Stable Investec Cautious

| 8

discovery Global value Equity FFabSa Global value FFCounterpoint SCI Global Equity FFCoronation Global Opp Equity FFGlacier Global Stock FF

allan Gray - Orbis Global Equity FFOld Mutual Global EquityNinety One Global Franchise FFNedgroup Inv Global Equity FFPSG Wealth Global Creator FF

aSISa Global Eq General Category aveEquities - MSCI Worldbonds - FTSE WGbI

rrrrr

rrrrr

407 585 118

6 521 405

17 748 15 419 14 128 13 409 7 502

-25.2%-12.9%-7.8%-5.7%-3.1%

4.5%4.2%21.5%17.3%14.2%

7.8%11.6%31.5%

1.2.3.4.5.

1.2.3.4.5.

bEST PErFOrMING SIZE rETUrN

Instit bCI Global Equity FundStonehage Fleming SCI Glb bst Ids Eq FFNinety One Global Franchise FFanchor bCI Global Equity FFSTaNLIb Global Equity FF

rrrrr

172 250

14 128 103

3 983

24.8%22.0%21.5%20.9%20.2%

1.2.3.4.5.

WOrST PErFOrMING SIZE rETUrN

L arGEST FUNdS SIZE rETUrN

INdUSTrY rETUrN

discovery Global value Equity FFabSa Global value FFCounterpoint SCI Global Equity FFCoronation Global Opp Equity FFGlacier Global Stock FF

allan Gray - Orbis Global Equity FFOld Mutual Global EquityNinety One Global Franchise FFNedgroup Inv Global Equity FFPSG Wealth Global Creator FF

aSISa Global Eq General Category aveEquities - MSCI Worldbonds - FTSE WGbI

rrrrr

rrrrr

407 585 118

6 521 405

17 748 15 419 14 128 13 409

7 502

-25.2%-13.6%-11.1%-10.9%-10.9%

-5.0%-1.5%5.7%-0.1%-3.6%

-2.8%-1.4%12.8%

1.2.3.4.5.

1.2.3.4.5.

bEST PErFOrMING SIZE rETUrN

Instit bCI Global Equity Fundanchor bCI Global Technology FundbCI Fundsmith Equity Feeder FundMarriott First World Equity FFNinety One Global Franchise FF

rrrrr

172 191

1 694 370

14 128

8.5%6.6%6.2%5.8%5.7%

1.2.3.4.5.

WOrST PErFOrMING SIZE rETUrN

L arGEST FUNdS SIZE rETUrN

INdUSTrY rETUrN

ASISA GlOBAl EquITy

No meaningful investment decisions should be made using the Report. Funds without an updated price at the time of compiling, have been omitted. Datasource: Morningstar, pre month end sign off; Minimum fund size: R100 million.

one Month As At 31 MArCh 2020 one yeAr As At 31 MArCh 2020

vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONGlOBAl

Page 9: THE CORION REPORTampersand SCI CPI Plus 2 FoF ashburton Targeted return allan Gray Stable Coronation balanced defensive Prudential Inflation Plus Nedgroup Inv Stable Investec Cautious

| 9

INFlOwS

abax balanced Prescient

kagiso balanced

10X High Equity Index Fund

Investec Managed

H4 diversified

STaNLIb MM Sa Equity

Investec Sa Equity

Laurium Equity Prescient

bluealpha bCI Equity

allan Gray Sa Equity

abSa Inflation beater

amplify SCI defensive balanced

SIM Inflation Plus

amplify SCI Wealth Protector

discovery Cautious balanced

Investec Global Franchise FF

Nedgroup Inv Global Equity FF

bCI Fundsmith Equity Feeder Fund

PSG Wealth Global Creator FF

Satrix MSCI World Equity Index FF

sA

eq

uit

y

sA

eq

uit

y

sA

hiG

h e

qu

ity

sA

hiG

h e

qu

ity

sA

lo

W e

qu

ity

sA

lo

W e

qu

ity

Glo

BA

l eq

uit

y

Glo

BA

l eq

uit

y

one Month As At 28 FeBruAry 2020* one yeAr As At 28 FeBruAry 2020*

Nedgroup Inv Core diversified

10X High Equity Index Fund

Satrix balanced Index

kagiso balanced

discovery balanced

Old Mutual Equity Fund

Fairtree Equity Prescient Fd

Momentum MoM Macro Growth

Prudential Sa Equity Fund

Laurium Equity Prescient

abax absolute Prescient

Investec Cautious Managed

discovery Cautious balanced

abSa Inflation beater

abaX Sa absolute Prescient

Investec Global Franchise FF

Satrix MSCI World Equity Index FF

bCI Fundsmith Equity Feeder Fund

PSG Wealth Global Creator FF

Old Mutual MSCI EM ESG Idx FF

100 200 300 400

Datasource: Morningstar on selected ASISA Categories, pre month end sign off. *Flow data is one month delayed. All flows reported in millions of Rand.

1000 2000 3000 4000

vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONINFlOwS

Page 10: THE CORION REPORTampersand SCI CPI Plus 2 FoF ashburton Targeted return allan Gray Stable Coronation balanced defensive Prudential Inflation Plus Nedgroup Inv Stable Investec Cautious

| 10

sA

eq

uit

y

sA

eq

uit

y

sA

hiG

h e

qu

ity

sA

hiG

h e

qu

ity

sA

lo

W e

qu

ity

sA

lo

W e

qu

ity

Glo

BA

l eq

uit

y

Glo

BA

l eq

uit

y

OuTFlOwS

Datasource: Morningstar on selected ASISA Categories, pre month end sign off. *Flow data is one month delayed. All flows reported in millions of Rand.

one Month As At 28 FeBruAry 2020* one yeAr As At 28 FeBruAry 2020*

allan Gray balanced

Foord balanced

PSG balanced

Coronation balanced Plus

SIM balanced

allan Gray Equity

Coronation Top 20

Foord Equity

Satrix Capped Swix all Share Index Fund

abax Equity Prescient

Prudential Inflation Plus

allan Gray Stable

PSG Stable

Coronation balanced defensive

Old Mutual real Income

Old Mutual Global Equity

allan Gray - Orbis Global Equity FF

Coronation Global Opp Equity [Zar] FF

Investec Global Strategic Equity FF

bCI best blend Global Equity

allan Gray balanced

Foord balanced

Coronation balanced Plus

PSG balanced

Investec Opportunity

allan Gray Equity

SIS Equity

Foord Equity

Momentum value Equity Fund

SIM General Equity

Prudential Inflation Plus

Coronation balanced defensive

allan Gray Stable

Nedgroup Inv Stable

abSa absolute

Old Mutual Global Equity

Nedgroup Inv Global Equity FF

Momentum International Equity FF

bCI best blend Global Equity

allan Gray - Orbis Global Equity FF

-1200 -800 -600 -200-1000 -400 -12000 -8000 -4000

vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONOuTFlOwS

Page 11: THE CORION REPORTampersand SCI CPI Plus 2 FoF ashburton Targeted return allan Gray Stable Coronation balanced defensive Prudential Inflation Plus Nedgroup Inv Stable Investec Cautious

| 11

SINCE INCEPTION PERFORMANCE

7.8%7.2%

4.4%

0.2%0.9%

8.7%

7.4%

3.1% 3.0%

11.0%

3.5%3.4%

*Since Inception return. Returns are annualised for periods longer than one year.

FUND INCEPTION 1 MONTH 6 MONTHS 1 YEAR 3 YEARS SI*

CORIOn ABSOlutE nCIS RFOHFOutperform Cash

-7.9%

0.5%

-15.2%

-5.8%

-3.1%

-12.1%

-5.7%

-7.0%

-10.8%

-10.6%

-0.5%

0.6%

-8.3%

3.1%

-17.4%

-7.8%

-8.8%

-18.1%

-5.5%

-6.5%

-14.2%

-11.4%

3.0%

3.4%

-6.1%

6.5%

-14.4%

-7.6%

-3.5%

-20.5%

-3.1%

-4.1%

-14.7%

-10.6%

7.3%

7.1%

1.0%

6.6%

-1.9%

1.9%

1.4%

-3.2%

3.2%

2.4%

-2.9%

-0.8%

8.7%

7.4%

3.1%

3.0%

11.0%

3.5%

4.4%

3.4%

0.2%

0.9%

7.8%

7.2%

CORIOn GRAVItAS nCIS RIFOutperform 50% Equities & 50% Cash

CORIOn PROSPERItAS nCIS RIFOutperform Equities

nOV 2001

Jun 2015

Jun 2013

CORIOn PRImE GROWtHASISA High Equity

mAR 2015

CORIOn PRImE InCOmEStefi Composite

DEC 2018

CORIOn PRImE StABlEASISA Low Equity

mAR 2015

CORION INSIGHTS

HE

DG

EC

IS

CONTACT uS

GArreth MontAno011 447 9991

[email protected]

dAVid BACher021 831 5401

[email protected]

ABout Corion

• Responsible for client savings since 2001

• Successful and long term track record

• Focused on risk management

• Alternative and traditional solutions

• Boutique investment firm

• Passionate about investments

pioneerinG. pArtnerinG. perForMinG.

vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONCORION

Page 12: THE CORION REPORTampersand SCI CPI Plus 2 FoF ashburton Targeted return allan Gray Stable Coronation balanced defensive Prudential Inflation Plus Nedgroup Inv Stable Investec Cautious

CORIOn PRImE CIS PORtFOlIOS Corion Capital (Pty) Ltd (Corion Capital) is an authorised financial services provider in terms of section 8 of the Financial Advisory and Intermediary act, 2002, FSP number 44523. For application forms, minimum disclosure documents, conflict of interest policies and other product information and fee schedules, refer to our website www.corion.co.za.

Corion Capital has entered into a co-named agreement with Prime Collective Investment Schemes Management Company (RF) (Pty) Limited (Prime) regarding the administration of the Corion Prime CIS’s. Prime is an authorised Management Company registered according to the Collective Investment Schemes Control Act (CISCA) 45 of 2002, supervised by the Financial Sector Conduct Authority (FSCA). Prime retains full legal responsibility for the co-named Corion Prime CIS’s. Corion Capital is FSCA approved and appointed investment manager of the Corion Prime CIS’s.

Corion Capital Details Registration No: 2007/002166/07 Tel: 0027 21 831 5400Address: The District, Block B, 6th Floor, Email: [email protected] Sir Lowry Road, Woodstock, 7925 Website: www.corion.co.za

The Corion Prime CIS’s are administrated by Global Independent Administrators (Pty) Ltd while FirstRand Bank Limited (acting through its RMB Trustee Services Division) are the Trustees.

prime Details Reg. No. 2005/017098/07 Tel number: 010 594 2100;PostNet Suite 208, Private Bag X9, Email: [email protected], 2010 Website: www.primeinvestments.co.za

GEnERAlThe returns shown are only signed off after the 5th business day post month end. Consequently distributions for some funds might not be reflected in the return data and some fund returns are subject to change. The investment performance is for illustrative purposes only. The investment performance is calculated after taking the actual initial fees and all ongoing fees into account. The reinvestment of income is calculated on the actual amount distributed per participatory interest by using the ex-dividend date NAV price of the applicable class of the portfolio, irrespective of the actual reinvestment date.

Investors should take cognisance of the fact that there are risks involved in buying or selling any financial product, that the past performance of a financial product is not necessarily indicative of the future performance and that the value of financial products can increase as well as decrease over time, depending on the value of the underlying securities and market conditions. Portfolios which contains offshore exposure can result in additional material and other risks, potential constraints on liquidity and the patriation of funds.

(a) collective investment schemes are traded at ruling prices and can engage in borrowing and scrip lending;(b) a schedule of fees and charges and maximum commissions is available on request from the manager; and(c) The manager does not provide any guarantee either with respect to the capital or the return of a portfolio.

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OTHER IMPORTANT INFORMATION

unDERStAnDInGWhile every effort has been made by Corion Capital to ensure that the information contained in this report is accurate and up to date, no representations or warranties are made or given as to the accuracy and suitability of the information contained therein for any particular purpose. Corion Capital shall under no circumstances whatsoever be liable or responsible for any damages or loss, whether direct or indirect, or whether in contract or in delict, which may be incurred or suffered arising out of the use of this report.

ColleCtiVe inVestMent sCheMes (Cis’s)

• CIS’s are generally medium to long-term investments. • The value of participatory interests may go down or up. • CIS’s have different classes of units and fees and charges. • A Fund may borrow up to 10% of the funds NAV. • If applicable, commissions will be included in overall costs. • A schedule of fees and charges are always available on request.

perForMAnCe CAlCulAtions

• Performance numbers are sourced from Morningstar. • Performance is calculated after fees using NAV to NAV.• Income distributions are included in the calculations. • The applicable taxes are not included in the calculation.• Individual returns will differ based on investment dates.• Past performance is not a guide to future performance.

the Corion report

• Designed to provide a high level overview of the Industry. • Focused on the short term and main ASISA Classifications.• Given the focus, no meaningful conclusions should be made.• Minimum fund size to be included is R100 million.• Given strict timelines, all CIS return are pre month end sign off.• Funds without an updated price at the time of compiling, have been omitted.

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