2. Agenda
● Challenges facing low risk investors Morkel Kincaid
● “It wasn’t the end of the world… So now what?” Sumesh Chetty
● Questions and answers
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3. Developed market interest rates tell the story
Developed market short-term interest rates: UK (Clearing bank rate, 0.50%),
US (Fed funds rate, 0.25%), EU (repo rate, 0.75%)
6
5
4
Interest rates (%)
3
2
1
0
2007
2008
2009
2010
2011
2012
UK Clearning Banks Base Rate US Fed Funds Rate Euro Zone Repo Rate
Source: I-Net Bridge
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4. A liquidity wave has driven risk assets over the short term
12-month asset class returns to end February 2013
135 SA Listed Property: 35.7%
130
125
120 FTSE/JSE All Share: 19.3%
115
SA All Bond Index: 14.3%
110
105 SA Cash 5.4%
100
95
Nov -12
Dec -12
Jul -12
Mar -12
May -12
Aug -12
Sep -12
Feb -12
Apr -12
Jun -12
Oct -12
Jan -13
Feb -13
FTSE/JSE All Share !BS(J203T,E,100) SA All Bond Index !BS(JAPI05[TP],E,100) SA Cash !BS(STFIND[CL],E,100) SA Listed Property !BS(J253T,E,100)
2010 2011 2012 Q3 2012 Q4 2012 Jan 2013 Feb 2013 YTD
ALSI 18.98% 2.6% 26.7% 7.26% 10.34% 3.23% -1.89% 1.27%
ALBI 14.96% 8.8% 16.0% 5.00% 2.60% 0.07% 0.66% 0.73%
SA Cash 6.93% 5.7% 5.5% 1.36% 1.30% 0.43% 0.39% 0.82%
Listed Property 29.62% 8.9% 35.9% 10.98% 2.75% 0.99% 4.64% 5.68%
Source: I-Net Bridge
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5. It’s been a golden decade for SA asset classes
Performance over 10 years (annualised)
20%
18.7%
18%
16%
14%
12%
10.4%
10%
8.2%
8%
6% 5.5%
4%
2%
0%
Average General Equity Fund Average Bond Fund Average Money Market Fund Average Foreign Equity Fund
Source: Morningstar, to 31 December 2012, based in Rands. Returns are calculated on a bid-to-bid basis, net of fees, with gross
income reinvested; indices are all gross of fees
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6. Driving SA bond yields to record lows
7.2 9.0
JPMorgan GBI-EM Index (LHS)
7
R208 Govt bond (RHS) 8.5
6.8
R208 Government bond (%)
6.6
8.0
JPM GBI-EM (%)
6.4
6.2 7.5
6
7.0
5.8
5.6
6.5
5.4
5.2 6.0
Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13
Source: Bloomberg as at 18 February 2013 and I-Net-Bridge
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8. SA interest rates
Keeping cash rates negative in real terms
SA real returns
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
-1.0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Investec Asset Management
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9. Interest rates are expected to remain lower for longer
Source: Investec Asset Management
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10. The market has changed
Opportunities still exist... they're just harder to find
11. Opportunities exist to achieve meaningful real returns
Active management
Meaningful
real returns
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12. Active management over the years has been crucial
20%
Inflation linked bonds
18%
Bonds
16%
Cash
14%
12%
10%
8%
6%
4%
2%
0%
-2%
2007 2008 2009 2010 2011 2012
Source: I-Net Bridge
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13. Active management
Will be crucial in a low return environment
SA fixed income team London fixed income team
● SA Duration ● Offshore Duration
● SA Credit ● Offshore Credit
● Listed Property ● Currencies exposure
● Rand Hedge ● EM exposure
USD/ZAR exchange rate
Source: I-Net Bridge and Investec Asset Management as at 31 December 2012.
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14. Opportunities exist to achieve meaningful real returns
Active management
Meaningful
Corporate credit
real returns
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15. Corporate bonds remain the bright spot
Quality corporates offering higher yields than government bonds
Returns in excess of government bonds1 ● Corporate SA has a very
strong balance sheet
● Corporate bonds now offering
2-3% p.a above government
bonds
AAA
We only invest in AA
investment grade
instruments A
BBB
1Creditspreads per rating band calculated as average of spreads of each bond against its companion benchmark government bond
Source: RMB as at 31 December 2012.
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16. Opportunities exist to achieve meaningful real returns
Active management
Meaningful
Corporate credit
real returns
A global universe – a larger opportunity set
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17. Global fixed income offers a broad opportunity set
Annual Returns in USD for different fixed income asset types – best to worst
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
13.5% I8.9% 22.0% 27.9% 23.0% 6.3% 15.2% 18.1% 13.9% 60.9% 15.7% 9.6% 18.9%
Highest ● Returns vary
return
significantly across the
9.2% 6.7% 11.6% 18.5% 12.1% 3.7% 10.8% 11.5% 10.1% 22.0% 15.3% 5.2% 16.8%
range of fixed income
6.6% 4.2% 11.4% 16.9% 11.3% 3.4% 6.9% 9.0% 2.9% 16.3% 7.4% 5.0% 10.8%
opportunities
2.0% 3.5% I8.4% 6.3% 5.5% 3.4% 5.2% 5.4% -4.8% 4.4% 5.8% 3.2% 2.0%
-2.6% 3.2% 1.8% 2.3% 3.5% 2.8% 3.8% 3.4% -5.2% 0.3% 5.2% 0.2% 1.5%
Lowest ● We look to hold assets
-5.3% -3.5% -1.0% 1.2% 1.5% -9.2% 3.1% 2.1% -26.6% -3.7% 0.3% -1.8% 0.2%
return that suit the economic
Emerging market debt Investment grade corporate bond
environment and that
offer value
Treasuries Cash
Global High yield corporate bonds
Source: Investec Asset Management, Bloomberg BBA 1 month LIBOR, Citigroup Treasury Index, Citigroup WGBI-ex US, JP
Morgan ELMI+ in USD to 2003, JP Morgan GBI-EM Global Diversified in USD from 2003, Merrill Lynch Global HY Index hedged
into USD, Merrill Lynch Global Corporate Index hedged into USD
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19. Investec Asset Management
South African Funds – core range
Fixed Income Multi-Asset Equity
Value
Equity
Expected Return
Managed
Opportunity
Cautious Managed
Diversified Income
Opportunity Income
Absolute Income
Money Market
Low Moderate High
Volatility
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20. SA fixed income funds
Different strategies have different objectives
Fund strategy Investec Fund Sector
Money market alternatives Investec Absolute Income SA Multi-Asset Income
Domestic only – Fixed Income
Investec Opportunity Income SA Multi-Asset Income
Solution
Complete - Fixed Income solution
Investec Diversified Income SA Multi-Asset Income
(incl. international)
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21. Globally integrated fixed income investment team
SION 01/12/11
We are unique to the SA market
Text size 15
Main W 16
Fixed Income & Currency Capability Leaders ● Globally integrated team
Second W 8
John Stopford – Co-Head of André Roux – Co-Head of Global
Global Fixed Income Fixed Income ● 37 investment professionals
Photo 2.2
Textbox 5.8
Multi-strategy & Developed Markets Emerging Markets
● Average of 13 years
Text size 12
Peter Eerdmans – Emerging Markets
John Stopford – Allocation & Debt & Currency investment experience
Spacing 0.1
Text size 12
Developed Credit 12 Investment Specialists
4 Investment Specialists ● Specialist teams with 8
Main W 16
Second W
clear
Malcolm Charles –
Southern African Rates accountability and
4 Investment Specialists Photo 1.4
Russell Silberston – Developed responsibility Textbox 6.6
Rates & Currency Simon Howie – Text size 11
7 Investment Specialists South Africa & Frontier Credit
4 Investment Specialists
André Roux
Economic Research
Thanos Papasavvas
Fixed Income & Currency Strategist
5 Fixed Income & Currency Dealers
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22. Investec Absolute Income Fund
Compelling alternative to money market
Annualised performance
10%
Investec Absolute Income
9% SA money market sector average
8%
7%
6%
5%
4%
3%
2%
1%
0%
1 year 3 years p.a. 5 years p.a. Since inception*
Investec Absolute Income 7.1% 7.1% 8.6% 8.8%
SA money market sector average 5.4% 5.9% 7.7% 8.0%
Source: Morningstar as at 31 December 2012. Returns are calculated on a bid-to-bid basis, net of fees, with gross income reinvested.
Market indices are gross of fees. Periods less than one year are not annualised.
*Inception date: 1 July 2003
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23. Investec Diversified Income Fund
Complete fixed income solution
● A diversified fixed income retail fund, established in 2008
● Globally integrated approach drawing on the best investment ideas from the SA and
London teams
● Diversified strategic allocation to multiple sources of uncorrelated fixed income returns
● Actively manages the asset allocation between cash, government bonds, inflation linked
bonds, corporate bonds and listed property in SA and abroad
● Offshore assets are actively managed with currency hedging
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24. Investec Diversified Income Fund
Complete fixed income solution for SA investors
Portfolio allocation Corporate bonds:
Inflation-
Property, Overweight (40%)
Linked
Bonds, 2.0% 1.0%
Foreign Exposure (incl. Credit linked
Corporate notes):
Bonds, 15.0% Government
Bonds, 24.0%
Actively managed
Floating Rate Money market:
Notes, 23.0%
NCDs = higher income yields and liquid
Money
Market
Government bonds and Property:
(NCDs),
Foreign 22.0% Underweight
Exposure,
13.0%
Duration: 1year and 3 months
Yield: 5.8%
Source: Investec Asset Management 22 February 2013
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25. Investec Diversified Income Fund
Complete fixed income solution for SA investors
12%
10%
8%
6%
4%
2%
0%
3 months 1 year 3 years p.a.
Investec Diversified Income 1.8% 9.6% 9.8%
ALBI 1-3 1.3% 5.5% 6.8%
STeFI 1.3% 5.5% 6.0%
Source: Morningstar as at 31 January 2013. Returns are calculated on a bid-to-bid basis, net of fees, with gross income reinvested
Inception date: 29 August 2008
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26. Summary
● Challenging macroeconomic conditions prevail
− Low / negative real returns
− Lower and narrower returns from SA income assets
● Opportunities exist
− Active management
− Corporate credit
− Global diversification
● Investec Asset Management offers a globally integrated and experienced team
managing a complete fixed income solution
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27. Biographies
Sumesh Chetty Years updated
2013
Portfolio Manager
6 years with the firm
11 years of industry experience
Sumesh is a portfolio manager at Investec Asset
Management with responsibility for our absolute return
strategies. He is co-portfolio manager of the Investec
Cautious Managed Fund and the Investec Absolute
Balanced Fund.
He joined the firm in 2007 from Metropolitan Asset
Managers where he managed the Metropolitan
Absolute Return Fund from 2005. Before joining
Metropolitan, Sumesh spent three years as an
investment actuary at Metropolitan Employee Benefits,
where he was responsible for managing smooth bonus
funds. Sumesh began his career at Swiss Re Life &
Health, where he spent over three years as an actuarial
specialist.
Sumesh graduated from the University of Cape Town
with a Bachelor of Business Science (Honours) degree
in Actuarial Science and a Post Graduate Diploma in
Actuarial Science. He is also a Fellow of the Institute of
Actuaries in the United Kingdom.
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28. It wasn’t the
end of the world…
So what now?
Sumesh Chetty, Portfolio Manager
29. Agenda
● Our investment philosophy
● Challenges facing investors
● Implications for portfolio construction
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30. South Africa Absolute Return team
Co-Chief Investment Officers - John McNab, Domenico Ferrini
Experienced Portfolio Managers – 20 managers
Equity Fixed Income Absolute Return
Growth: Richard Middleton André Roux, John Stopford Clyde Rossouw
Value: John Biccard, Rajay Duration: Malcolm Charles Sumesh Chetty
Ambekar High Income: Vivienne Taberer
Active Quants: Grant Irvine-Smith Cash: Lisa McLeod
General: Chris Freund Credit: Simon Howie, Marshall
Sector: Angelique de Rauville, Neil Brown, Steven Loubser Clyde Rossouw Sumesh Chetty
14 years with the firm 6 years Investec
Stuart-Findlay
19 years experience 11 years experience
RI: Malcolm Gray
Common research platform – 21 analysts
Implementation and pre-trade compliance – 3 members
Dealing – 5 dealers
Performance measurement, attribution & risk – 6 analysts
As at November 2012
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31. Investec Opportunity Fund
Long term consistent outperformance
Investec Opportunity Fund relative to new sector:
South Africa Multi Asset – High Equity
Source: Morningstar as at January 2013.
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32. Investec Opportunity and Cautious Managed Funds
A proven investment process
Risk vs Return scatterplot: 10 years to 31 December 2012
19%
Risk-cognisant Investec Opportunity
17% SA equity general sector
average
15%
SA AA variable equity
Return p.a.
13% sector average
11% Quality-centric
SA Bond sector average
9%
SA Money Market sector Foreign equity general
7% average sector average
5%
0% 2% 4% 6% Valuation-bias
8% 10% 12% 14% 16%
Standard Deviation p.a.
Source: Morningstar as at 31 December 2012. Returns are calculated on a bid-to-bid basis, net of fees, with gross income
reinvested. Market indices are gross of fees.
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33. Investec Opportunity and Cautious Managed Funds
Our investment philosophy
Outperforming inflation with the lowest possible risk
Risk is defined primarily as the risk of losing money
Downside volatility is more detrimental than overall volatility
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34. The rules of absolute investing
Rule number 1: Never lose money
Rule number 2: Never forget rule # 1
Why?
R 100 R 100
-30% +43%
R 70
Start Year 1 Year 2
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35. High quality opportunities with a valuation bias
● We prefer predictable cash flows over Brand /
Balance
uncertainty Cash Flow Competitive Management
Sheet
Advantage
● We only buy uncertainty if paid
handsomely for it
● ‘Cheap’ is not ‘value’
Quality
● We prize franchise value highly
● We do not change our minds often
Emphasis on quality and consistency to ensure long-term sustainable growth
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36. It wasn’t the end of the world… So what now?
We are cautiously optimistic
• Global risks still remain
• Local risks have increased
• Market sentiment appears overly bullish
Select opportunities can still be found
Page 36 | CONFIDENTIAL
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37. %
12573
10
12
14
16
18
20
6
8
Jan-94
Jun-94
Nov-94
Apr-95
Sep-95
Feb-96
Page 37 | CONFIDENTIAL
Jul-96
Dec-96
May-97
Oct-97
Mar-98
Source: I-Net Bridge, to 31 December 2012.
Aug-98
Jan-99
Limited potential returns
Jun-99
Nov-99
Apr-00
Sep-00
Feb-01
Jul-01
Dec-01
Bond yields at historic lows
May-02
Yield on the generic 10 year government bond
Oct-02
Mar-03
Aug-03
Jan-04
Jun-04
Nov-04
Apr-05
Sep-05
Feb-06
Jul-06
Dec-06
May-07
Oct-07
Mar-08
Aug-08
Jan-09
Jun-09
Nov-09
Apr-10
Sep-10
Feb-11
Jul-11
Dec-11
May-12
Oct-12
38. Low short term rates resulting in negative real returns
Source: Investec Asset Management
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39. Investec Cautious Managed Fund
Putting your cash to work – the search for real income
Inflation-linked bonds as an alternative to cash
120
118
116
114
112
110
108
106
104
102
100
Mar-12
Apr-12
May-12
Jul-12
Feb-12
Oct-12
Jan-12
Jun-12
Aug-12
Sep-12
Nov-12
Dec-12
Inflation-linked bonds Cash
Source: I-Net Bridge; Investec Asset Management to 31 December 2012.
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40. Building a better bond portfolio
Our best Inflation Linked Bond
British American Tobacco PLC
• Global tobacco manufacturer with dominant position in
many international markets
• 35% ROE and Operating Margins of 35%
• Global Drive Brands (Dunhill, Pall Mall, Kent, Lucky
Strike) – the key drivers of growth
• On-going share buybacks
• Dividend Yield of 3.8%
• FCF yield of 4.8% Earnings per share growth of 12% p.a.
Dividends per share growth of 14% p.a.
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42. Bottom-up stock selection
Historic PE and subsequent real total returns
Investec Opportunity Fund
ALSI
Source: I-Net Bridge.
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43. Investec Opportunity Fund
Quality companies, reasonable valuations
Top 10 holdings as % of fund
Company %
Assore 5.7
British American Tobacco 3.9
Sasol 3.5
MTN Group 3.2
Newgold Issuer 3.2
Tiger Brands 3.0
Impala Platinum Holdings 2.6
Steinhoff International Holdings 2.5
Santam 2.0
Richemont 1.7
Total 31.3
Source: I-Net Bridge and Investec Asset Management as at 31 December 2012
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44. Associated Ore
A great asset in our portfolio, held for 8 years
2.5
Assore’s profits have grown
faster than Anglos by 20% p.a.
But you still only pay 10 times
2
earnings!
1.5 EPS T12M
(ASR/AGL)
Anglo shares outstanding have grown 6X
Last Px (ASR/AGL)
Before buying back shares in 2007
1
0.5
0
No change in Assore since 1950
2000/06/01
2001/02/01
2001/10/01
2002/06/01
2003/02/01
2003/10/01
2004/06/01
2005/02/01
2005/10/01
2006/06/01
2007/02/01
2007/10/01
2008/06/01
2009/02/01
2009/10/01
2010/06/01
2011/02/01
2011/10/01
2012/06/01
11 11
Source: I-Net Bridge
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46. SA specific risks have been on the rise
• Labour unrest
9.5
• Rating agency downgrades 9.0
• Rand depreciation
8.5
• Political uncertainty
• Risk of foreign outflows
8.0
7.5
7.0
May-12
May-12
Apr-12
Feb-12
Mar-12
Mar-12
Jul-12
Jul-12
Oct-12
Oct-12
Aug-12
Sep-12
Nov-12
Dec-12
Dec-12
Jan-12
Jan-12
Jun-12
Jan-13
Source: I-Net Bridge.
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47. Offshore Equity
High quality global franchises at attractive valuations
Top 10
Name Weight PE FCF Yield DY EM % Sales
Nestlé (Nescafe, Maggi ,Nesquik) 5.6% 16.6 4.5 3.7 41%
Japan Tobacco (Camel, Winston, Mild Seven, B&H) 5.1% 13.4 11.4 3.0 28%
Samsung Electronics (Samsung) 4.8% 8.2 4.8 0.6 75%
Imperial Tobacco Group (Davidoff, Gauloises, West) 4.8% 11.1 5.8 4.9 40%
Microsoft Corp (Windows, Office, Xbox, Bing) 4.5% 8.8 11.7 3.5 13%
Reckitt Benckiser Group (Nurofen, Finish, Vanish, Dettol, Strepsils) 4.4% 12.5 6.6 3.4 35%
Unilever (Axe, Knor, Blue Band, Lipton, Dove, Lux, Flora, Omo) 4.4% 17.2 5.4 3.4 55%
Anheuser-busch Inbev ( Budweiser, Beck's, Stella Artois ) 4.3% 17.4 7.7 2.6 56%
International Business Machines (IBM) 4.1% 11.7 6.8 1.8 21%
Coach (Coach) 4.0% 14.1 6.6 2.1 13%
Total/Average 46.0% 13.1 7.1 2.9 37.7%
Source: Investec Asset Management to 31 December 2012.
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48. Nestlé – the quintessential franchise stock
Nestle has outperformed the market through multiple EM is adding 1bn new emerging market consumers by
cycles due to compounding and steadily increasing 2020
exposure to EM
Share price: source of
1973 - 2012
return 7 000 50
6 000 45
Business (profit) growth 8.1% 40
5,000 5 000
Valuation uplift 2.7% 35
% of sales
Population (m)
4 000 30
CAGR % 13.1% 25
3 000 20
2 000 15
10
1 000
Log scale
5
500 0 0
2000 2005 2010 2015 2020
% of Nestle Sales
EM Population (Million)
Develop Market Population(Million)
50
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
Feb-97
Feb-98
Feb-99
Mar-01
Mar-02
Mar-03
Mar-04
Feb-96
Feb-00
Mar-05
May-11
May-12
Jan-90
Jan-92
Jan-93
Jan-94
Jan-91
Jan-95
MSCI World Nestle
Source: DataStream, company data, Investec Asset Management, USD Total Return Index
This is not a buy or sell recommendation for any particular stock
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49. Investec Cautious Managed Fund
Income generation and real returns at lower volatility
Commodities -
● High quality stocks to provide real
Offshore - gold SA Equities capital growth in volatile markets
cash 4.5% with lower levels of risk
3.5%
Domestic -
cash
Domestic - 29.4% ● Preferred asset class
equities
18.7%
Offshore ● High quality global franchises on
Equities attractive valuations
● Uncorrelated returns – provides
Gold protection in uncertain markets
Offshore -
equities
18.9% Domestic -
SA Fixed ● Bonds and ILBs provide a superior
bonds
return to cash which yields a
25.0%
interest negative real return
Source: Investec Asset Management as at 31 December 2012
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50. Investec Opportunity Fund
Long term real wealth creation
Investec Opportunity Fund
● High quality stocks to provide real
Domestic -
property, 0.7%
SA Equities capital growth in volatile markets
Offshore - Domestic - with lower levels of risk
bonds, 2.6% equities,
Offshore - 41.6%
cash, 3.1%
● Preferred asset class
Commodities - Offshore ● High quality global franchises on
Gold, 3.2%
Equities attractive valuations
Domestic -
bonds, 14.9%
● Uncorrelated returns – provides
Gold protection in uncertain markets
Domestic -
cash , 15.8%
Offshore -
SA Fixed ● Bonds and ILBs provide a superior
equities,
18.1%
return to cash which yields a
interest negative real return
Source: Investec Asset Management as at 31 December 2012
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51. Superior long-term returns
A focus on risk, quality and valuation
19%
Investec Opportunity
Risk 17% SA equity general sector
average
cognisant
15%
SA AA variable equity
Return p.a.
13% sector average
Quality 11%
centric
SA Bond sector average
9%
SA Money Market sector Foreign equity general
7% average sector average
Valuation
bias 5%
0% 2% 4% 6% 8% 10% 12% 14% 16%
Standard Deviation p.a.
Source: Morningstar as at 31 December 2012.
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52. Investec Asset Management
International Funds – Core Range
Global Fixed Income Global Multi-Asset Global Equity
Global Strategic Equity (USD)
Worldwide Equity Feeder (ZAR)
Expected Return
Global Equity (USD)
Global Equity FoF (ZAR)
Global Franchise (USD)
Global Strategic Managed Feeder (ZAR)
Global Strategic Managed (USD)
Global Opportunity Income FoF (ZAR)
Money Market (USD, EUR, GBP)
Low Moderate High
Volatility
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53. Investec GSF Global Franchise Fund
● Highly differentiated 'global franchise' philosophy
● Concentrated portfolio and not benchmark constrained
● Low historic correlation with traditional benchmarks
● Record of long-term outperformance:
− participating meaningfully in up markets
− with smaller draw-downs in down markets
− lower than average absolute volatility
● Managed by a globally integrated investment team based in London and Cape
Town
We seek to invest in companies with business models which can provide some
certainty in uncertain markets
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54. Investec GSF Global Franchise Fund
Performance track record
Annual performance in USD Cumulative performance in USD
40% 36.1% 40%
30.0% 28.8
30% 30%
14.7% 16.1%
20%
20% 11.8%
5.9%
7.4% 10%
10% 5.9% 5.3% 0.3
3.9% 4.6%
0%
0%
-10%
-10% -5.9%
-20%
-20% -30%
-30% -40%
-40% -32.6% -50%
-50% -40.7% -60%
2007 (Apr) 2008 2009 2010 2011 2012 2013 (YTD) Apr 07 Jan 08 Oct 08 Jul 09 Mar 10 Dec 10 Sep 11 Jun 12 Feb 13
Investec GSF Global Franchise A Acc Investec GSF Global Franchise A Acc
MSCI AC World NR (MSCI World NR pre 1/10/11) MSCI AC World NR (MSCI World NR pre 1/10/11)
Since inception
1 month 3 months YTD 1 year 3 years p.a. 5 years p.a. p.a.*
Investec GSF Global Franchise A Acc 1.2% 5.2% 5.3% 13.6% 11.6% 5.6% 5.0%
MSCI AC World NR (MSCI World NR pre 1/10/11) 0.0% 7.0% 4.6% 9.3% 9.5% 1.4% 0.4%
Relative performance 1.2% -1.8% 0.7% 4.4% 2.1% 4.2% 4.6%
Quartile ranking 1 3 2 1 1 1 1
Past Performance figures are not audited and should not be taken as a guide to the future
Source: Lipper, dates to 28 February 2013, NAV based, (inclusive of all annual management fees but excluding any initial charges),
gross income reinvested, in USD
*Inception date: 10 April 2007
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56. Disclaimer
This document or any of its content may not be in whole or in part, be copied, modified, distributed, retransmitted, redistributed, or released to any
third party. The user represents and warrants that it will not use or permit the use of the document or any of its content for any purpose other than
authorised internal use and warrants that it will not, without the prior written consent of Investec Asset Management, directly or indirectly redistribute,
or knowingly facilitate redistribution of, all or any portion of the document.
All information and opinions provided are of a general nature and are not intended to address the circumstances of any particular individual or
entity. We are not acting and do not purport to act in any way as an advisor or in a fiduciary capacity. No one should act upon such information or
opinion without appropriate professional advice after a thorough examination of a particular situation. We endeavour to provide accurate and timely
information but we make no representation or warranty, express or implied, with respect to the correctness, accuracy or completeness of the
information and opinions. We do not undertake to update, modify or amend the information on a frequent basis or to advise any person if such
information subsequently becomes inaccurate. Any representation or opinion is provided for information purposes only.
Investec Asset Management will not be held liable or responsible for any direct or consequential loss or damage suffered by any party as a result of
that party acting on or failing to act on the basis of the information provided by or omitted from this document. This document may not be amended,
reproduced, distributed or published without the prior written consent of Investec Asset Management.
In the event that specific collective investment schemes in securities (unit trusts) are mentioned please refer to the relevant fact sheet in order to
obtain all the necessary information in regard to that unit trust.
Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down
as well as up and past performance is not necessarily a guide to the future. CIS are traded at ruling prices and can engage in borrowing and scrip
lending. A schedule of charges, fees and adviser fees is available on request from the manager. Additional adviser fees may be paid and if so, are
subject to the relevant FAIS disclosure requirements. Forward pricing is used. The scheme trustee is FirstRand Bank Ltd (011) 371 2111.
Certain Investec Asset Management funds are offered as long-term insurance policies issued by Investec Assurance Limited, a registered insurer in
terms of the Long-term Insurance Act.
Investec Asset Management is an authorised financial services provider.
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