TFG Retirement Fund Fact... · TFG Final Year Portfolio Page 9 8. Ruffer Total Return Page 10 9....

of 2

TFG Retirement Fund

Fund Fact Sheets

October 2019

Consultant: Deon Hugo

of 2

TFG Retirement Fund

October 2019 Fund Fact Sheets

This document contains TFG Retirement Fund Fact Sheets for October 2019. All returns are supplied by

Alexander Forbes, Alexander Forbes Investments and/or the relevant portfolio managers. The fact sheets are

compiled by Willis Towers Watson in a performance tracking system called Morningstar.

1. TFG Balanced Portfolio Page 3

2. TFG Pensioner Portfolio Page 4

3. Allan Gray Local Page 5

4. Investec Local Page 6

5. Prudential Local Page 7

6. TFG Niche Manager Portfolio Page 8

7. TFG Final Year Portfolio Page 9

8. Ruffer Total Return Page 10

9. Ruffer Total Return (USD) Page 11

10. Orbis Global Balanced Page 12

11. Lansdowne Developed Markets Page 13

Lead Consultant: Deon Hugo

021-681 3724

082 889 0718

Fact Sheet Duration : 01/03/2010 to 31/10/2019

TFG - Balanced Portfolio net

Benchmark 1 : is the TFG Balanced inflation target of inflation plus 5.5% p.a. The benchmark was the South African inflation plus 6.25% p.a. up until December 2017, after which inflation plus 5.5% p.a. has been used.

Benchmark 2 : is the Global Balanced Peer group median return of the WTW Full Discretion peer group excluding the Multi-Manager funds. The peer group returns were adjusted to allow for assumed manager fees of approximately 0.7% p.a. in the long term.

Portfolio : is the TFG Balanced Portfolio which includes both local and offshore assets. The performance figures are net of fees and denominated in rands.

Monthly fund performance (%)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2019

2018

2017

2016

2015

0.67 3.15 1.52 2.45 -4.34 1.37 -1.01 0.80 1.16 1.65

0.76 -1.48 -1.98 3.92 -1.69 2.68 -0.43 4.29 -2.68 -2.95 -4.12 1.55

1.75 -0.96 1.53 2.16 -0.24 -2.13 3.45 0.56 1.00 4.65 0.28 -0.94

-1.13 1.01 3.49 1.14 2.62 -2.49 0.79 2.19 -1.56 -2.72 1.10 0.60

3.56 1.73 0.92 2.57 -1.77 -0.74 1.08 0.21 -0.84 6.01 -1.00 -0.07

-2.55

11.46

4.94

12.01

7.48

Risk-rewardRisk analysis

Time Period: 01/03/2010 to 31/10/2019

Portfolio Bmk1 Bmk2

Std dev (%)

Sharpe ratio

Sortino ratio

Downside deviation (%)

Max drawdown (%)

Max drawdown # of periods

Max drawdown recovery # of periods

1.20

3.48

20.53

0.00

7.33

0.61

1.01

3.48

-8.59

3

5

6.89

0.56

0.88

3.54

-9.45

3

Time Period: 01/03/2010 to 31/10/2019

Annualised standard deviation (%)

0.0 4.0 8.0 12.0 16.0 20.00.02.04.06.08.010.012.014.0

TFG - Balanced Portfolio net Inflation (5.5%) Global Balanced Peer Net

Ann

ualis

ed r

etur

n (%

)

© 2019, Towers Watson (Pty) Ltd, part of the Willis Towers Watson group. Towers Watson (Pty) Ltd is an authorised financial services provider (FSP 2545).

Disclaimer: This report contains confidential and proprietary information of Towers Watson (Pty) Ltd (“Willis Towers Watson” or “we”), and is intended for the exclusive use of the client specified herein (the “Client”). It may not be provided to any other party without Willis Towers Watson’s prior written permission, except as may be required by law.

This report is based on information available to Willis Towers Watson at the date of issue and does not take into account subsequent developments after that date. In preparing this report, we have relied upon data supplied to us by third parties, in particular by the Client’s appointed investment managers and where applicable the investment platform provider. The analysis is generated by Morningstar. Whilst reasonable care has been taken to gauge the reliability of this data, we provide no guarantee as to its accuracy or completeness and Willis Towers Watson and its affiliates and their respective directors, officers and employees accept no responsibility and will not be liable for any errors, omissions or misrepresentations in the data provided or generated by any third party.

This report has been generated using Morningstar Direct.

Growth of initial R1,000 invested in the portfolio since 01/03/2010

Time Period: 01/03/2010 to 31/10/2019

2011 2013 2015 2017 2019250

1 000

1 750

2 500

3 250


Annual returns (%)

YTD 2018 2017 2016 2015-10.0

-5.0

0.0

5.0

10.0

15.0

7.5

-2.5

11.5

4.9

12.08.2

10.0 11.013.0

11.510.1

-3.3

12.2

3.6

8.9


Ret

urn

(%)

Latest returns (%)

Portfolio Bmk1 Bmk2

YTD

Latest month

Last 3 months

1 Year

2 Years (Ann)

3 Years (Ann)

4 Years (Ann)

5 Years (Ann)

8.19

0.45

1.86

9.16

9.94

10.32

10.89

10.90

10.14

1.67

2.99

7.85

2.31

6.52

5.22

6.55

7.48

1.65

3.66

4.64

2.00

5.89

4.92

7.01

Performance over investment period (%)

Time Period: 01/03/2010 to 31/10/2019

Portfolio Bmk1 Bmk2

Annualised return

Cumulative return

Excess return (Ann)

Best quarter

Worst quarter

Up period percent

11.05

175.32

-0.22

9.90

-5.64

67.24

11.27

180.71

0.00

4.53

1.53

100.00

10.45

161.37

-0.82

7.85

-5.51

69.83


TFG - Pensioner Portfolio net

Portfolio : is the TFG Pensioner Portfolio which consists of a local and offshore portion, the performance figures are received from Alexander Forbes Investments. The performance figures are net of fees and denominated in rands.

Benchmark 1 : is the TFG Pensioner inflation target of inflation plus 4% p.a. The benchmark was the South African inflation plus 3.5% p.a. up until December 2017, after which inflation plus 4% p.a. has been used.



2019

2018

2017

2016

2015

-0.85

10.53

5.15

9.49

0.97 2.13 1.44 2.22 -3.18 1.11 -0.78 0.37 0.98 0.90

0.43 -1.15 -1.03 3.12 -1.22 1.89 -0.05 2.86 -1.82 -2.13 -2.82 1.29

1.32 -0.63 0.83 1.84 0.03 -1.33 2.72 0.59 0.95 3.53 0.20 0.10

-0.57 0.54 2.32 1.40 2.31 -1.83 0.52 1.66 -0.83 -1.66 0.56 0.70

2.67 1.17 0.30 2.43 -1.57 -0.23 1.24 -0.19 -0.42 4.69 -0.92 0.08

6.22


Time Period: 01/03/2010 to 31/10/2019

Portfolio Bmk1

Std dev (%)

Sharpe ratio

Sortino ratio


Max drawdown (%)



1.21

1.95

6.15

0.00

5.02

0.50

0.77

2.45

-6.63

3

5

Time Period: 01/03/2010 to 31/10/2019


0.0 4.0 8.0 12.0 16.0 20.00.02.04.06.08.010.012.0

TFG - Pensioner Portfolio net Inflation (4%)

Ann

ualis

ed r

etur

n (%

)






Time Period: 01/03/2010 to 31/10/2019

2010 2013 2016 20191 000

1 500

2 000

2 500


Annual returns (%)

YTD 2018 2017 2016 2015-5.0-2.50.02.55.07.510.012.5

6.2

-0.8

10.5

5.2

9.57.0

8.5 8.710.8

9.2


Ret

urn

(%)

Latest returns (%)

Portfolio Bmk1

YTD

Latest month

Last 3 months

1 Year

2 Years (Ann)

3 Years (Ann)

4 Years (Ann)

5 Years (Ann)

6.22

0.90

2.27

4.55

2.78

5.64

6.96

4.96

0.33

6.36

1.50

7.66

8.37

8.53

8.99

8.93


Time Period: 01/03/2010 to 31/10/2019

Portfolio Bmk1

Annualised return

Cumulative return

Excess return (Ann)

Best quarter

Worst quarter

Up period percent

9.07

131.52

-0.09

5.70

-3.67

72.41

9.16

133.31

0.00

4.03

0.99

100.00


TFG - Allan Gray

Portfolio : is the TFG Allan Gray Local Balanced Fund which forms part of the TFG Balanced Portfolio. Performance figures are gross of fees and denominated in rands.

Benchmark 1 : is the Domestic Balanced Peer group median return of the WTW Full Discretion Domestic Only Mandate peer group excluding the Multi-Manager funds.



2019

2018

2017

2016

2015

1.46 2.21 1.51 2.68 -5.49 1.45 -1.32 -0.33 0.83 1.21

0.33 -0.34 -2.67 3.37 -2.04 1.27 0.75 1.83 -1.76 -2.92 -2.34 1.49

2.27 -0.46 1.16 2.19 -0.37 -2.65 3.33 1.27 -1.15 4.46 1.20 0.86

0.73 2.44 5.18 2.25 2.25 -0.33 1.77 0.62 0.32 -1.97 -0.30 1.46

3.68 0.65 -1.21 3.25 -2.16 -1.20 1.30 -0.72 -0.98 6.55 -2.46 0.04

-3.22

12.57

15.21

6.53

4.02


Time Period: 01/03/2010 to 31/10/2019

Portfolio Bmk1

Std dev (%)

Sharpe ratio

Sortino ratio


Max drawdown (%)



8.05

0.44

0.71

4.02

-6.38

7

4

6.70

0.61

0.97

3.40

-6.86

3

5

Time Period: 01/03/2010 to 31/10/2019


0.0 4.0 8.0 12.0 16.0 20.00.02.04.06.08.010.012.0

TFG - Allan Gray Local Balanced Peer

Ann

ualis

ed r

etur

n (%

)






Time Period: 01/03/2010 to 31/10/2019

2010 2013 2016 20191 000

1 500

2 000

2 500

3 000


Annual returns (%)

YTD 2018 2017 2016 2015-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

4.0

-3.2

12.615.2

6.56.6

-4.3

14.3

6.73.6


Ret

urn

(%)

Latest returns (%)

Portfolio Bmk1

YTD

Latest month

Last 3 months

1 Year

2 Years (Ann)

3 Years (Ann)

4 Years (Ann)

5 Years (Ann)

6.64

1.78

1.80

7.05

1.78

5.55

4.21

5.36

4.02

1.21

1.71

3.10

1.37

4.66

6.24

6.95


Time Period: 01/03/2010 to 31/10/2019

Portfolio Bmk1

Annualised return

Cumulative return

Excess return (Ann)

Best quarter

Worst quarter

Up period percent

10.01

151.49

0.00

11.01

-4.50

62.93

10.71

167.44

0.70

8.53

-3.78

69.83


TFG - Investec

Portfolio : is the TFG Investec Local Balanced (segregated) portfolio, which forms part of the TFG Balanced Portfolio. Performance figures are gross of fees and denominated in rands.




2019

2018

2017

2016

2015

2.40 2.68 0.27 3.21 -4.16 3.67 -2.15 -0.15 0.88 1.93

1.34 -0.02 -2.08 2.28 -3.69 0.90 1.16 1.82 -2.58 -4.13 -2.06 2.85

3.01 -1.00 2.04 2.25 -0.71 -2.60 4.45 2.04 -0.33 4.50 1.28 -0.27

-1.87 1.53 5.26 0.69 0.21 -0.04 2.14 -0.67 -0.11 -3.33 0.84 0.42

4.49 2.94 2.48 2.26 -2.67 0.01 1.02 -0.45 -0.74 6.58 -1.67 -3.49

-4.46

15.37

4.94

10.78

8.61


Time Period: 01/03/2010 to 31/10/2019

Portfolio Bmk1

Std dev (%)

Sharpe ratio

Sortino ratio


Max drawdown (%)



8.05

0.44

0.71

4.02

-6.38

7

4

8.53

0.53

0.83

4.48

-8.53

3

5

Time Period: 01/03/2010 to 31/10/2019


0.0 4.0 8.0 12.0 16.0 20.00.02.04.06.08.010.012.014.0

TFG - Investec Local Balanced Peer

Ann

ualis

ed r

etur

n (%

)






Time Period: 01/03/2010 to 31/10/2019

2010 2013 2016 20191 000

1 500

2 000

2 500

3 000


Annual returns (%)

YTD 2018 2017 2016 2015-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

8.6

-4.5

15.4

4.9

10.86.6

-4.3

14.3

6.73.6


Ret

urn

(%)

Latest returns (%)

Portfolio Bmk1

YTD

Latest month

Last 3 months

1 Year

2 Years (Ann)

3 Years (Ann)

4 Years (Ann)

5 Years (Ann)

6.64

1.78

1.80

7.05

1.78

5.55

4.21

5.36

8.61

1.93

2.67

9.40

2.38

6.63

4.49

7.38


Time Period: 01/03/2010 to 31/10/2019

Portfolio Bmk1

Annualised return

Cumulative return

Excess return (Ann)

Best quarter

Worst quarter

Up period percent

10.99

173.90

0.98

11.83

-3.89

64.66

10.01

151.49

0.00

11.01

-4.50

62.93


TFG - Prudential

Portfolio : is the TFG Prudential Local Balanced (segregated) portfolio, which forms part of the TFG Balanced Portfolio. Performance figures are gross of fees and denominated in rands.




2019

2018

2017

2016

2015

3.15 1.23 1.27 3.67 -4.39 2.66 -2.45 -2.22 0.13 1.68

-0.08 -0.50 -2.17 3.68 -2.80 0.75 0.94 0.64 -3.26 -3.91 -2.27 1.95

2.57 -1.28 1.35 2.94 -0.77 -2.46 4.19 2.34 -0.22 4.01 1.42 3.34

-0.67 -1.06 6.97 1.15 0.97 -0.48 1.56 -0.40 0.62 -1.37 -0.91 2.14

4.34 1.71 0.66 3.44 -3.41 0.05 0.77 -1.76 -0.83 5.71 -1.48 -3.59

-7.10

18.59

8.56

5.26

4.51


Time Period: 01/03/2010 to 31/10/2019

Portfolio Bmk1

Std dev (%)

Sharpe ratio

Sortino ratio


Max drawdown (%)



8.05

0.44

0.71

4.02

-6.38

7

4

8.88

0.62

1.03

4.40

-9.64

7

5

Time Period: 01/03/2010 to 31/10/2019


0.0 4.0 8.0 12.0 16.0 20.00.02.04.06.08.010.012.014.0

TFG - Prudential Local Balanced Peer

Ann

ualis

ed r

etur

n (%

)






Time Period: 01/03/2010 to 31/10/2019

2010 2013 2016 20191 000

1 750

2 500

3 250


Annual returns (%)

YTD 2018 2017 2016 2015-15.0

-7.5

0.0

7.5

15.0

22.5

4.5

-7.1

18.6

8.65.36.6

-4.3

14.3

6.73.6


Ret

urn

(%)

Latest returns (%)

Portfolio Bmk1

YTD

Latest month

Last 3 months

1 Year

2 Years (Ann)

3 Years (Ann)

4 Years (Ann)

5 Years (Ann)

1.78

6.64

1.80

7.05

1.78

4.21

5.55

5.36

4.51

1.68

-0.44

4.13

0.87

5.23

4.38

5.82


Time Period: 01/03/2010 to 31/10/2019

Portfolio Bmk1

Annualised return

Cumulative return

Excess return (Ann)

Best quarter

Worst quarter

Up period percent

10.01

151.49

0.00

11.01

-4.50

62.93

12.05

200.43

2.04

13.29

-5.60

65.52


TFG - Niche Manager Portfolio

Portfolio : is the Niche Manager Domestic Portfolio which is made up of three local balanced managers, namely Perpetua, Tantalum and Kagiso from 1 April 2015. The NMP forms part of the TFG Balanced Portfolio. Performance figures are gross of fees and denominated in rands.




2019

2018

2017

2016

2015

1.88 1.79 0.84 2.66 -4.27 1.72 -0.30 -0.04 1.32 2.07

0.55 -0.66 -1.74 2.62 -2.84 0.00 1.36 0.29 -2.86 -2.33 -0.59 1.77

2.68 -0.91 0.68 2.25 -1.12 -2.01 3.04 1.62 -0.71 3.35 -0.10 1.26

-0.26 3.01 5.81 3.66 -0.55 0.35 2.33 0.04 0.33 -2.28 -0.12 1.38

2.61 -1.68 -1.30 -0.69 -0.82 -2.24 4.60 -4.32 -1.43

-4.52

10.32

14.30

7.74


Time Period: 01/04/2015 to 31/10/2019

Portfolio Bmk1

Std dev (%)

Sharpe ratio

Sortino ratio


Max drawdown (%)



7.49

-0.30

-0.41

4.41

-6.38

7

4

7.36

-0.31

-0.41

4.37

-8.06

9

2

Time Period: 01/04/2015 to 31/10/2019


0.0 4.0 8.0 12.0 16.0 20.00.01.02.03.04.05.06.0

TFG - Niche Manager Portfolio Local Balanced Peer

Ann

ualis

ed r

etur

n (%

)



This report is based on information available to Willis Towers Watson at the date of issue and does not take into account subsequent developments after that date. In preparing this report, we have relied upon data supplied to us by third parties, inparticular by the Client’s appointed investment managers and where applicable the investment platform provider. The analysis is generated by Morningstar. Whilst reasonable care has been taken to gauge the reliability of this data, we provide no guarantee as to its accuracy or completeness and Willis Towers Watson and its affiliates and their respective directors, officers and employees accept no responsibility and will not be liable for any errors, omissions or misrepresentations in the data provided or generated by any third party.



Time Period: 01/04/2015 to 31/10/2019

2015 2017 2019900

1 000

1 100

1 200

1 300


Annual returns (%)

YTD 2018 2017 2016 2015-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

7.7

-4.5

10.314.3

6.6

-4.3

14.3

6.73.6


Ret

urn

(%)

Latest returns (%)

Portfolio Bmk1

YTD

Latest month

Last 3 months

1 Year

2 Years (Ann)

3 Years (Ann)

4 Years (Ann)

5 Years (Ann)

6.64

1.78

1.80

7.05

1.78

5.55

4.21

5.36

7.74

2.07

3.37

9.00

2.01

4.74

5.17


Time Period: 01/04/2015 to 31/10/2019

Portfolio Bmk1

Annualised return

Cumulative return

Excess return (Ann)

Best quarter

Worst quarter

Up period percent

4.58

22.76

0.00

5.83

-2.43

58.18

4.56

22.69

-0.01

8.71

-3.71

54.55


TFG - Final Year Portfolio net

Benchmark 1 : is the TFG Final Year portfolio of inflation plus 2% p.a. The benchmark was the South African inflation plus 1.5% p.a. up until December 2017, after which inflation plus 2% p.a. has been used.

Benchmark 2 : is the Short-term Fixed Interest Composite Index (STeFi) which reflects the performance of cash in South Africa. The Performance figures are denominated in Rands.

Portfolio : is the TFG Final Year Portfolio which is fully invested in the Prescient Income Provider fund effective 15 June 2018. The performance figures are net of fees and denominated in rands.



2019

2018

2017

2016

2015

0.51 0.73 0.76 0.97 0.66 0.60 0.69 0.62 0.80 0.78

-0.23 -0.48 -0.10 1.56 0.06 1.38 0.35 1.37 0.42 0.75 0.41 1.13

1.69 -1.73 0.37 0.56 1.43 -0.83 1.41 1.05 0.49 1.66 0.51 1.12

0.71 0.32 1.71 0.73 1.52 0.42 1.52 -0.26 0.70 -1.04 0.16 0.21

0.59 0.49 0.57 0.56 0.48 0.66 0.57 -0.86 0.73 3.02 -0.83 -0.44

6.81

7.96

6.86

5.62

7.35


Time Period: 01/03/2010 to 31/10/2019

Portfolio Bmk1 Bmk2

Std dev (%)

Sharpe ratio

Sortino ratio


Max drawdown (%)



2.17

0.00

0.00

0.92

-1.73

1

3

1.24

0.19

0.33

0.06

-0.16

1

1

0.24

-0.22

-0.32

0.00

Time Period: 01/03/2010 to 31/10/2019


0.0 4.0 8.0 12.0 16.0 20.00.0

2.0

4.0

6.0

8.0

TFG - Final Year Portfolio net Inflation (2%) South African STeFI

Ann

ualis

ed r

etur

n (%

)






Time Period: 01/03/2010 to 31/10/2019

2011 2013 2015 2017 20191 000

1 250

1 500

1 750

2 000


Annual returns (%)

YTD 2018 2017 2016 20150.0

2.0

4.0

6.0

8.0

10.0

7.4 6.88.0

6.95.65.3

6.5 6.2

8.36.7

6.17.2 7.5 7.4

6.5


Ret

urn

(%)

Latest returns (%)

Portfolio Bmk1 Bmk2

YTD

Latest month

Last 3 months

1 Year

2 Years (Ann)

3 Years (Ann)

4 Years (Ann)

5 Years (Ann)

6.07

0.59

1.77

7.33

7.29

7.39

7.35

7.16

5.31

0.17

1.02

5.66

6.33

6.33

6.72

6.61

7.35

0.78

2.21

9.01

7.96

7.51

6.90

7.15


Time Period: 01/03/2010 to 31/10/2019

Portfolio Bmk1 Bmk2

Annualised return

Cumulative return

Excess return (Ann)

Best quarter

Worst quarter

Up period percent

6.50

83.79

-0.25

1.88

1.25

100.00

6.47

83.33

-0.28

3.33

-0.80

86.21

6.75

88.08

0.00

3.47

0.37

95.69


Ruffer Total Return (ZAR)

Portfolio : is the Ruffer Total Return Fund (ZAR). The Fund aims to achieve low volatility, positive returns from an actively managed portfolio of different asset classes, including equities, bonds and currencies. This fund is denominated in Pound sterling and converted to SA rands. The performance figures are net of fees.

Benchmark 1 : is the FTSE All-Share Index & FTSE Gilts (50:50) GBP. The FTSE All-Share Index is the aggregation of the FTSE 100, FTSE 250, and FTSE Small Cap Indices.The FTSE UK Gilts is a comprehensive composite of indexes related bonds (e.g. duration) and are based on all eligible British Governement Securities. The benchmark is denominated in GBP and converted to rands.



2019

2018

2017

2016

2015

-1.51 5.22 2.36 -0.11 -2.59 -0.39 -1.28 8.51 -0.10 2.60

1.06 -5.46 1.26 5.00 -0.90 6.98 -4.61 9.82 -3.08 -0.02 -8.16 2.11

1.01 -4.29 2.39 3.40 -1.13 -0.96 1.35 -3.45 7.78 5.00 -1.46 -8.39

-3.26 -2.21 -1.59 -1.15 10.06 -11.58 -2.60 8.52 -7.34 -6.96 5.84 -2.09

-1.06 4.25 1.39 2.51 2.66 0.48 2.72 1.76 -0.72 5.03 1.23 3.77

2.52

0.21

-15.43

26.62

12.87


Time Period: 01/12/2004 to 31/10/2019

Portfolio Bmk1

Std dev (%)

Sharpe ratio

Sortino ratio


Max drawdown (%)



13.45

0.31

0.47

7.79

-27.80

13

36

14.15

0.31

0.47

8.14

-20.06

21

Time Period: 01/12/2004 to 31/10/2019


0.0 4.0 8.0 12.0 16.0 20.00.02.04.06.08.010.012.014.0

Ruffer Total Return (ZAR) FTSE Allshare & FTSE Gilts (50:50)

Ann

ualis

ed r

etur

n (%

)





Growth of initial 1000 (VAMI)

Time Period: 01/12/2004 to 31/10/2019

2009 2014 2019-1 000

1 000

3 000

5 000


Annual returns (%)

YTD 2018 2017 2016 2015-30.0-20.0-10.00.010.020.030.040.0

12.92.5 0.2

-15.4

26.618.3

4.6 6.4

-16.0

27.9


Ret

urn

(%)

Latest returns (%)

Portfolio Bmk1

YTD

Latest month

Last 3 months

1 Year

2 Years (Ann)

3 Years (Ann)

4 Years (Ann)

5 Years (Ann)

12.87

2.60

11.21

5.85

2.21

6.31

0.75

5.58

2.64

12.40

6.29

11.26

4.22

18.29

8.28

12.36


Time Period: 01/12/2004 to 31/10/2019

Portfolio Bmk1

Annualised return

Cumulative return

Excess return (Ann)

Best quarter

Worst quarter

Up period percent

11.00

374.35

0.16

24.35

-6.91

55.87

10.84

364.13

0.00

21.59

-10.16

60.34


Ruffer Total Return (USD)

Portfolio : is the Ruffer Total Return Fund (1%) (USD) which aims to achieve low volatilite, positive returns from an actively managed portfolio of different asset classes, including equities, bonds and currencies. This Fund is denominated in Sterling and converted to US Dollars. The performance figures are net of fees.

Benchmark 1 : is the FTSE All-Share Index & FTSE Gilts (50:50) GBP. The FTSE All-Share Index is the aggregation of the FTSE 100, FTSE 250, and FTSE Small Cap Indices.The FTSE UK Gilts is a comprehensive composite of indexes related bonds (e.g. duration) and are based on all eligible British Governement Securities. The benchmark is denominated in GBP and converted to rands.



2019

2018

2017

2016

2015

6.77 -0.70 -0.20 0.48 -4.07 2.83 -1.79 1.29 0.04 3.27

5.37 -4.90 0.87 -0.34 -2.31 -1.15 -0.18 -1.81 0.34 -4.19 -2.20 -1.57

2.48 -1.37 -0.12 3.60 0.35 -0.32 0.65 -1.99 3.75 0.26 2.14 0.95

-5.72 -1.50 5.61 2.53 -0.77 -5.04 2.90 2.24 -0.85 -5.10 1.74 0.42

-1.59 4.05 -2.49 3.88 0.87 0.73 -1.18 -3.20 -4.76 5.19 -3.07 -3.43

-11.77

10.69

-4.17

-5.46

7.79


Time Period: 01/12/2004 to 31/10/2019

Portfolio Bmk1

Std dev (%)

Sharpe ratio

Sortino ratio


Max drawdown (%)



11.13

0.19

0.28

7.58

-43.49

16

46

10.29

0.19

0.27

6.50

-23.01

11

6

Time Period: 01/12/2004 to 31/10/2019


0.0 4.0 8.0 12.0 16.0 20.00.01.02.03.0

4.05.0

Ruffer Total Return (USD) FTSE Allshare & FTSE Gilts (50:50)

Ann

ualis

ed r

etur

n (%

)





Growth of initial 1000 (VAMI)

Time Period: 01/12/2004 to 31/10/2019

2009 2014 2019500

1 000

1 500

2 000

2 500


Annual returns (%)

YTD 2018 2017 2016 2015-22.5

-15.0

-7.5

0.0

7.5

15.0

22.5

7.8

-11.8

10.7

-4.2 -5.5

13.0

-10.0

17.5

-4.8 -4.5


Ret

urn

(%)

Latest returns (%)

Portfolio Bmk1

YTD

Latest month

Last 3 months

1 Year

2 Years (Ann)

3 Years (Ann)

4 Years (Ann)

5 Years (Ann)

12.96

3.27 3.32

4.64 5.76

3.76

-0.97

10.14

2.99

2.46 7.23

-1.43

-0.77

1.98

7.79

1.77


Time Period: 01/12/2004 to 31/10/2019

Portfolio Bmk1

Annualised return

Cumulative return

Excess return (Ann)

Best quarter

Worst quarter

Up period percent

4.12

82.56

0.15

22.15

-10.41

53.63

3.97

78.62

0.00

20.42

-19.53

56.98


Orbis Global Balanced (ZAR)

Portfolio : is the Orbis Global Balanced (ZAR) Fund which is the Orbis SICAV Global Balanced Fund. It aims to balance appreciation of capital, income generation and risk of loss with a diversified portfolio of equity, fixed income and commodity-linked instruments. The performance figures are net of fees and denominated in US dollars and converted to rands.

Benchmark 1 : is the MSCI ACWI & WGBI (60-40) which is a composite index consisting of a 60% allocation to the MSCI AC World Index and a 40% allocation to the FTSE World Government Bond Index. The composite is rebalanced monthly. The benchmark is denominated in US dollars and converted to Rands.



2019

2018

2017

2016

2015

-3.32 5.29 3.00 1.55 -4.73 0.02 0.09 4.94 1.51 1.31

0.32 -4.27 -1.63 5.99 -0.98 7.79 -3.48 9.17 -2.16 -2.54 -9.76 1.56

0.74 -1.92 3.24 1.78 0.22 0.26 3.42 -1.19 5.65 5.04 -2.56 -6.80

-1.60 3.00 -2.26 -1.29 10.38 -5.84 -1.95 7.93 -4.43 -2.17 4.34 -1.71

-0.07 4.00 1.69 3.91 0.35 -2.61 2.44 0.82 0.59 6.22 2.01 7.09

-1.57

7.43

3.12

29.37

9.59


Time Period: 01/01/2013 to 31/10/2019

Portfolio Bmk1

Std dev (%)

Sharpe ratio

Sortino ratio


Max drawdown (%)



12.85

0.69

1.22

6.26

-13.39

5

5

13.78

0.63

1.10

7.01

-15.51

5

Time Period: 01/01/2013 to 31/10/2019


0.0 4.0 8.0 12.0 16.0 20.00.03.06.09.012.015.018.0

Orbis Global Balanced (ZAR) MSCI ACWI & WGBI (60-40)

Ann

ualis

ed r

etur

n (%

)






Time Period: 01/01/2013 to 31/10/2019

2013 2015 2017 20191 000

1 500

2 000

2 500

3 000


Annual returns (%)

YTD 2018 2017 2016 2015-15.0-7.50.07.515.022.530.037.5

9.6

-1.6

7.43.1

29.4

20.2

9.86.4

-6.5

30.9


Ret

urn

(%)

Latest returns (%)

Portfolio Bmk1

YTD

Latest month

Last 3 months

1 Year

2 Years (Ann)

3 Years (Ann)

4 Years (Ann)

5 Years (Ann)

9.59

1.31

7.92

0.44

-1.03

5.92

6.89

9.49

20.19

1.21

8.74

14.53

8.97

12.36

9.59

12.30


Time Period: 01/01/2013 to 31/10/2019

Portfolio Bmk1

Annualised return

Cumulative return

Excess return (Ann)

Best quarter

Worst quarter

Up period percent

15.55

168.52

0.00

15.02

-5.46

63.41

15.32

164.91

-0.23

16.04

-10.68

65.85


Lansdowne Developed Markets (ZAR)

Portfolio : is the Lansdowne Developed Markets (ZAR) Fund which is denominated in US dollars and converted to SA rands. The performance figures are net of fees.

Benchmark 1 : is the MSCI All Country World Index. It is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The benchmark is denominated in US dollars and converted to rands.



2019

2018

2017

2016

2015

2.75

16.80

-16.43

47.07

-0.25 7.43 1.08 3.41 -7.74 0.13 -0.60 3.39 4.07 4.66

1.91 -4.82 -1.28 5.53 0.85 5.45 1.08 12.98 -4.89 -5.22 -2.77 -4.47

-0.07 1.00 1.80 2.48 1.73 0.69 1.71 -1.51 7.20 9.13 -1.10 -6.57

-3.81 -2.74 -3.13 -4.23 13.04 -13.91 -0.78 6.42 -7.20 -4.43 6.22 -0.52

-2.57 7.92 1.04 0.95 3.40 -0.02 8.77 -0.22 3.94 8.22 3.67 4.80

15.83


Time Period: 01/11/2012 to 31/10/2019

Portfolio Bmk1

Std dev (%)

Sharpe ratio

Sortino ratio


Max drawdown (%)



17.45

0.81

1.42

9.08

-20.91

10

12

14.29

0.83

1.53

6.85

-14.21

5

7

Time Period: 01/11/2012 to 31/10/2019


0.0 4.0 8.0 12.0 16.0 20.00.04.08.012.016.020.024.0

Lansdowne Developed Markets (ZAR) MSCI ACWI (ZAR)

Ann

ualis

ed r

etur

n (%

)






Time Period: 01/11/2012 to 31/10/2019

2013 2015 2017 20191 000

2 000

3 000

4 000


Annual returns (%)

YTD 2018 2017 2016 2015-40.0

-20.0

0.0

20.0

40.0

60.0

15.82.8

16.8

-16.4

47.1

25.6

5.812.8

-4.3

31.5


Ret

urn

(%)

Latest returns (%)

Portfolio Bmk1

YTD

Latest month

Last 3 months

1 Year

2 Years (Ann)

3 Years (Ann)

4 Years (Ann)

5 Years (Ann)

15.83

4.66

12.62

7.58

4.87

13.67

5.99

13.37

25.60

2.09

8.97

15.50

9.82

16.15

11.95

14.55


Time Period: 01/11/2012 to 31/10/2019

Portfolio Bmk1

Annualised return

Cumulative return

Excess return (Ann)

Best quarter

Worst quarter

Up period percent

20.99

279.60

2.07

21.60

-11.97

60.71

18.92

236.33

0.00

17.84

-11.21

64.29

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