Top 10 equities. Discovery Holdings Ltd. Old Mutual plc. Glencore plc. Brookfield Asset Management Inc. Super Group Ltd.
Portfolio holdings as at 31 December 2017 PSG Equity Fund
PSG Flexible Fund
PSG Balanced Fund
PSG Stable Fund
PSG Diversified Income Fund
PSG Income Fund
PSG Money Market Fund
PSG Global Equity Sub-Fund
PSG Global Flexible Sub-Fund
Top 10 equities
Top 10 equities
Top 10 equities
Top 5 equities
Top 5 equities
Top 10 exposures
Top 10 issuer exposures
Top 10 equities
Top 10 equities
Discovery Holdings Ltd Old Mutual plc Glencore plc Brookfield Asset Management Inc Super Group Ltd Tongaat-Hulett Ltd Babcock International Group plc Grindrod Ltd EOH Holdings Ltd Nedbank Group Ltd
Discovery Holdings Ltd Old Mutual plc Brookfield Asset Management Inc Super Group Ltd Glencore plc Babcock International Group plc Tongaat-Hulett Ltd AECI Grindrod Ltd Nedbank Group Ltd
Discovery Holdings Ltd Brookfield Asset Management Inc Nedbank Group Ltd Old Mutual plc Super Group Ltd AIA Group Ltd L Brands Inc RMB Holdings Ltd Grindrod Ltd AECI
Discovery Holdings Ltd Brookfield Asset Management Inc Nedbank Group Ltd Old Mutual plc RMB Holdings Ltd
Brookfield Asset Management Inc Discovery Holdings Ltd Yahoo Japan Corp Nedbank Group Ltd AIA Group Ltd
Top 5 issuer exposures
Top 5 issuer exposures
Republic of South Africa FirstRand Bank Ltd Absa Bank Ltd Standard Bank of SA Ltd Nedbank Ltd
FirstRand Bank Ltd Republic of South Africa Standard Bank of SA Ltd Absa Bank Ltd Nedbank Ltd
Standard Bank of SA Ltd FirstRand Bank Ltd Republic of South Africa Absa Bank Ltd PSG Money Market Nedbank Ltd Capitec Bank Ltd Land and Agricultural Development Bank of SA Bidvest Group Ltd MMI Group Ltd
Republic of South Africa FirstRand Bank Ltd Nedbank Ltd Standard Bank of SA Ltd Absa Bank Ltd Land and Agricultural Development Bank of SA Investec Bank Ltd Capitec Bank Ltd Netcare Ltd
Brookfield Asset Management Inc Yahoo Japan Corp AIA Group Ltd Babcock International Group plc Discovery Holdings Ltd Glencore plc Colfax Corp The Mozaic Co L Brands Inc Berkshire Hathaway Inc
Brookfield Asset Management Inc AIA Group Ltd Babcock International Group plc Yahoo Japan Corp Glencore plc Discovery Holdings Ltd Colfax Corp Bank Rakyat Indonesia Perser The Mozaic Co Pandora A/S
Asset allocation
Asset allocation
Asset allocation
Asset allocation
Asset allocation
Asset allocation
Asset allocation
Regional allocation
Regional allocation
• Domestic resources 9%
• Domestic resources 6%
• Domestic resources
3%
• Domestic resources
1%
• Domestic financials
2%
• Fixed-rate notes
55%
• Linked NCDs/Floating-rate notes 30%
• US 30%
• US 22%
• Domestic financials
27%
• Domestic financials
20%
• Domestic financials
18%
• Domestic financials
12%
• Domestic industrials
3%
• Floating-rate notes
32%
• Step rate notes
12%
• Europe 4%
• Europe 4%
• Domestic industrials
38%
• Domestic industrials
27%
• Domestic industrials
20%
• Domestic industrials
11%
• Domestic cash and NCDs
35%
• Domestic cash and NCDs 13%
• NCDs 29%
• UK 19%
• UK 15%
• Domestic cash and gold
25%
• Domestic cash and NCDs
13%
• Domestic cash and NCDs
26%
• Domestic bonds
54%
Total 100%
• Bill 24%
• Asia 15%
• Asia 13%
• Foreign equity
17%
• Domestic bonds
23%
• Domestic bonds
36%
• Foreign equity
4%
• Call deposits
5%
• Canada 8%
• Canada 7%
• Foreign equity
21%
• Foreign equity
13%
• Foreign cash
2%
Total 100%
• Singapore 1%
• Singapore 1%
• Africa 5%
• Africa 3%
• Cash 18%
• Cash 35%
Total 100%
Total 100%
• Domestic cash and NCDs • Foreign equity
3% 19%
• Foreign cash
4%
Total 100%
• Foreign cash and gold
5%
Total 100%
• Foreign cash
2%
Total 100%
• Foreign cash
1%
Total 100%
Total 100%
Performance
Performance
Performance
Performance
Performance
Performance
Performance
Performance
Performance
1 600
800
1 400
200
250
160
500
250
180
1 400
700
1 200
180
140
400
120
300
100
200
1 200
1 000
160
500
800
140
400
600
120
400
300
400
100
200
200
200
80
600
1 000 800 600
0
'03
'05
'07
PSG Equity Fund
'09
'11
'13
'15
'17
FTSE/JSE All Share TR Index ZAR
100
'05
'07
'09
PSG Flexible Fund
'11
'13
'15
Inflation +6%
'17
0
'01
'03
'05
'07
'09
PSG Balanced Fund
'11
'13
'15
Inflation +5%
'17
60
200
160 200
150 100
'11
'12
'13
PSG Stable Fund
'14
'15
'16
Inflation +3% over a rolling 3-year period
'17
50
'07
'08 '09
'10 '11 '12 '13 '14
PSG Diversified Income Fund
'15 '16 '17
Inflation +1%
60
120
'11
'12
'13
PSG Income Fund
'14
'15
'16
'17
STeFI Composite Index (ZAR)
0
100 80
100
100
80 '06
140
150
60 '01
'03
'05
'07
PSG Money Market Fund
'09
'11
'13
'15
'17
(ASISA) South African IB Money Market Mean (Benchmark)
