Manager Watch™ Annual Survey 2026

The next thirty years: Strategy for a changing world.

Manager Watch™ Annual Survey

Survey of Retirement Fund Investment Managers

SAME LANDSCAPE. DIFFERENT VIEWS.

CONNECTING THE DOTS GLOBALLY TO

IDENTIFY INVESTMENT OPPORTUNITIES.

PERFORMANCE WITH PURPOSE DISCIPLINE WITH CONVICTION

Alexforbes: Multiple award winner at the 2025 Africa Global Fund Service Providers Awards!

Sandton, 27 October 2025 - Friday night, (17 October 2025), was a historic night for Alexforbes at the New York–based Africa Global Fund (AGF) Awards, as the company was announced as a multiple award winner. The AGF Service Providers Awards celebrate excellence in asset management services across the continent.

For the seventh consecutive year, the Alexforbes Investment Survey team was named the Best Investment Survey Provider. This recognition reaffirms Alexforbes’ commitment to delivering high-quality, comprehensive investment surveys and data solutions that empower clients across Africa with critical insights. It also highlights the team’s ongoing commitment to innovation, accuracy and excellence in supporting the investment industry.

Don Andrews, Head of the Alexforbes Investment Survey Team,

expressed his appreciation for this achievement, stating: “Winning this award for the seventh consecutive year is an incredible milestone. It speaks to our consistency, teamwork and continued commitment to producing reliable, high-quality investment survey data and insights. The team remains focused on raising the bar and adding value to the African investment community year after year.”

What made the evening even more special was the success of the Alexforbes Platform team, which made its debut at the awards and went on to be announced as the winner in its category, Best Investment Administrator: Pension Funds. The Alexforbes Platform team stands out for delivering trusted investment administration through strong governance, advanced technology and expert support. This award-winning team helps retirement funds manage their investments with confidence in an ever-changing financial world.

Mercy Mpofu, Head of the Alexforbes Platform Team,

reflecting on the award said: “The recognition is a proud moment for the team. True achievement is born from the collective commitment of a dedicated team: one that upholds accuracy, professionalism, and care in safeguarding the retirement futures of every fund member."

These awards highlight the depth of talent and excellence across the Alexforbes organisation. What an outstanding achievement for the entire team.

Access our latest monthly Institutional, DFM and Retail surveys here.

Introduction

The Manager Watch™ Survey of Retirement Fund Investment Managers is an annual survey that showcases the performance of institutional fund managers in South Africa and has been published since 1994.

The Structure of the Retirement Fund Survey

This edition includes 30 surveys with 94 managers and 875 strategies covering the following:

• 15 balanced surveys

• 14 specialist surveys, and the

• Multi-Manager survey.

The following surveys are included:

• SA Large Manager WatchTM Survey

• SA Manager WatchTM Survey – Best Investment View

• SA Manager WatchTM Survey – Conservative

• Global Large Manager WatchTM Survey

• Global Manager WatchTM Survey – Best Investment View

• Global Manager WatchTM Survey – Conservative

• Global Manager WatchTM Survey – Dynamic

• Manager WatchTM Effective Asset Allocation Survey

• Absolute Return Manager WatchTM Survey

• Africa Manager WatchTM Survey

• BEE Manager WatchTM Survey

• Bond Manager WatchTM Survey

• Decathlon Manager WatchTM Survey

• Equity Manager WatchTM Survey

• Fund of Hedge Funds Manager WatchTM Survey

• International Manager WatchTM Survey

• LDI Manager WatchTM Survey

• Medical-Aid Manager WatchTM Survey

• Money Market Manager WatchTM Survey

• Multi-Manager WatchTM Survey

• Namibia Manager WatchTM Survey

• Property Manager WatchTM Survey

• Shari’ah Manager WatchTM Survey

• LDI Manager WatchTM Survey

• Targeted Development Investment (TDI) Manager WatchTM Survey

This year’s publication builds on the reflections shared in last year’s survey, where we examined the evolution of the Alexforbes Manager Watch™ series of surveys over the past 30 years and shared insights from portfolio managers who have spent three decades in the South African investment industry. While last year reflected on this important journey, this year’s publication looks forward and considers how asset managers are positioning themselves for the next 30 years in a world shaped by rapid economic, technological and regulatory change.

Section 1, South African Asset Management: Navigating futures, winners and allocator choices, explores how the local asset management industry is evolving and how allocators are responding to a changing investment landscape.

Section 2, Positioning for the next 30 years: Building resilient investment businesses, considers how some asset managers are positioning themselves to remain competitive and sustainable over the long term.

Section 3 features two articles. Future ready Islamic investing: A 30-year Shariah-compliant framework reflects on the development and future potential of Shariah-compliant investing, while The Talent Balance Sheet: From social risk to investable opportunity examines how human capital and talent development are increasingly viewed as drivers of long-term investment success.

Through the articles featured, we aim to provide a broad view of both the present and future of asset management and responsible investing in South Africa. A glossary of commonly used investment terms is included in Section 5, while a directory of South African asset managers is provided in Section 6

Access our Manager Watch™ series of surveys here

History of Alexforbes Performance Surveys

Survey changes 2025

Survey Exits

SA Manager WatchTM Survey - Best Investment View

SA Manager WatchTM Survey – Conservative

SA Large Manager WatchTM Survey

Global Manager Watch™ Survey – Dynamic

Global Manager WatchTM Survey - Best Investment View

Global Manager WatchTM SurveyConservative

Global Large Manager Watch™ Survey

Absolute Return Manager Watch™ Survey

Africa Manager WatchTM Survey

Argon Absolute Return CPI + 5%

Argon SA Absolute Return

Foord Absolute

ALUWANI Medical Aid Savings

Money Market

Entries

Abax SA Absolute Prescient Fund

Abax SA Balanced Prescient Fund

All Weather BCI SA Balanced Fund

Mazi Domestic Balanced Fund

Mergence Domestic Balance Fund

Perpetua Domestic Balanced

Visio BCI SA Balanced Fund

ALUWANI Global Balanced

Denker SCI Balanced fund

Mentenova Wealth Builder

Mentenova Wealth Protector

Mentenova Wealth Stabiliser

Motswedi Global Balanced

Abax Absolute Prescient Fund

Abax SA Absolute Prescient Fund

Coronation Inflation Plus

Mergence CPI +4% Global Fund

All Weather BCI Balanced Fund

Cannon All Equities ALSI Portfolio All Weather BCI Best Ideas

Coronation Institutional Cash

Ensemble Capital Prismatic Bond

BEE Manager WatchTM Survey

Bond Manager WatchTM Survey

STANLIB Multi-Manager Bond

All Weather BCI Bond Fund

All Weather BCI Flexible Income Fund

All Weather BCI Property Fund

All Weather BCI SA Balanced Fund

Coronation Absolute

Coronation Absolute Bond Portfolio

Coronation Active Bond Portfolio (Composite)

Coronation Absolute Domestic

Coronation Aggressive Equity

Coronation Core Equity

Coronation Domestic Houseview Mandate

Coronation Domestic Managed

Coronation Flexible Fixed Interest

Coronation Houseview Equity

Coronation Inflation Plus Fund

Coronation Institutional Cash

Coronation (Managed)

Coronation Property Equity

Coronation Segregated Full Discretion

Coronation Strategic Bond Composite

Coronation Strategic Cash

Excelsia Capital Domestic Balanced

Lodestar SA Core Equity

Mergence Absolute Medical Fund

Mergence CPI +4% Global Fund

Mergence Domestic Balance Fund

Mergence Money Market Fund

Motswedi Global Balanced Fund

Oasis Segregated Full Discretion

Terebinth Listed Property Composite

Abax Active Income

Abax Bond Composite

Abax SA Income Prescient Fund

Allan Gray Income fund

All Weather BCI Bond Fund

Momentum AM Flexible Income Fund

Visio BCI Unconstrained Fixed Interest Fund * No changes

Survey changes 2025 (continued)

Survey Exits

Alexander Forbes Investments Pure Equity

Local

First Avenue Focused Equity

Equity Manager WatchTM Survey

Fund of Hedge Funds Manager Watch™ Survey

International Manager WatchTM Survey

STANLIB Multi-Manager SA Equity Fund

Visio CAPI Composite

Visio SWIX Composite Fund

Allan Gray Foreign Balanced Composite

Allan Gray Life Orbis Global Equity Portfolio

Sanlam World Equity Fund

LDI Manager WatchTM Survey

Medical Aid Manager WatchTM Survey

Money Market Manager WatchTM Survey

Multi-Manager WatchTM Survey

ALUWANI Medical Aid Savings Money Market

Entries

Lodestar SA Core Equity

Namibia Manager WatchTM Survey

Alexander Forbes Investments Pure Equity Local

Momentum Investments Diversified Money Market fund

STANLIB Multi-Manager Bond

Abax Global Equity Fund

Abax Global Income Fund

Coronation Emerging Markets Diversified Equity Fund

Coronation Emerging Markets Ex-China Fund

Coronation Global Capital Plus Fund

Coronation International Core Equity Fund

Fairtree Global Equity Fund

Fairtree Global Flexible Income Plus Fund

Laurium Global Active Equity Fund

Lodestar Global Core Equity

Mergence Global Quant Equity Portfolio

Orbis Emerging Markets Equity Strategy

Orbis Global Balanced Strategy

Orbis Global Equity Strategy

Orbis International Equity Strategy

Orbis Japan Equity (Yen) Strategy

RisCura China Equity Fund

RisCura Emerging Market Equity Fund

RisCura Orient Opportunities China Fund

Abax Absolute Medical Fund

Mergence Absolute Medical Fund

Allan Gray Money Market Fund

Coronation Institutional Cash

Mergence Money Market Fund

Momentum Investments Diversified Money Market fund

Motswedi Global Balanced Fund

Sasfin Horizon Low Equity

Sasfin Horizon Medium Equity

STANLIB Multi-Manager Enhanced Yield Sasfin Horizon High Equity

STANLIB Multi-Manager SA Equity Fund

SMM Cautious Absolute Fund

Sygnia Synergy 70 Pro Fund

Ninety One Namibia Money Market Fund Property Manager Watch™ Survey

Shari'ah Manager Watch™ Survey

TDI Manager Watch™ Survey

* No changes

Terebinth Listed Property Composite

Oasis Crescent Income Fund

Camissa Islamic High Yield Fund

Sentio SCI HIKMA Shari’ah Income Fund

Alexforbes Assets under Management (AuM) review

Review of assets under management for June 2025

According to the June 2025 Alexforbes Assets under Management (AuM) survey, Ninety One remains the largest asset manager in South Africa, increasing its assets under management by 6% compared to the previous year. STANLIB AM retains second place, recording strong growth of 13% in assets over the same period.

There was a change in the rankings for third place where Coronation moved up one position from fourth last year after increasing its assets by 17%. SIM moved down one place to fourth, although it still reported solid growth of 9%. Allan Gray remains in fifth place, with assets under management increasing by 14%.

Alexander Forbes Investments strengthened its position as the leading multi-manager in South Africa. It remains in sixth place, supported by a 10% increase in assets under management over the past year. This performance confirms its continued growth and strong appeal to investors seeking diversified solutions.

The growth of multi-managers relative to single managers continued in 2025. In 2019, for every R1 managed by single managers, multi-managers held 15 cents. By 2025, this had doubled to 30 cents, confirming that multi-managers continue to expand their presence in the market.

Overall, the total assets of the survey participants increased by 13% compared to June 2024. The top 10 asset managers in the survey still holds the largest share, accounting for 62% of the total assets across the 78 managers included in the survey. The 2025 AuM survey also includes Old Mutual Alternatives as a new entrant.

Entries and Exits

Total Value of Assets Managed (31 December 2013 to 30 June 2024)

Asset Distribution to Manager Size

Change is opportunity

We’re always ready to invest in it.

Change comes in waves. Some you can see building; others break without warning. At Ninety One, we understand that within this uncertainty lies potential. We believe progress happens when you move with change – not against it.

For over 30 years, we’ve been committed to seeking out the best investment opportunities, wherever in the world they may be. ninetyone.com/change-is-opportunity

Asset Distribution to Manager BEE ratings

Asset distribution in 2025 remains heavily concentrated among level 1 contributors, reinforcing the commitment of asset managers to transformation and Broad-Based Black Economic Empowerment (BEE). In 2024, level 1 and level 2 contributors accounted for 92% and 4% of total assets respectively. In 2025, this trend continued, with level 1 contributors increasing to 94% of total assets while level 2 contributors declined to 3% compared to the previous year.

The growth of black-owned asset managers has also continued. According to the June 2025 Assets under Management (AuM) survey, the top five black-owned asset managers recorded an 11% increase in total assets compared to June 2024. A milestone was also maintained, with five BEE survey participants securing positions in the top 10 of the AuM survey, while 12 majority black-owned managers now rank within the top 20. This progress highlights the continued advancement of transformation in the asset management industry. It also demonstrates that black-owned investment businesses are growing within the market.

BEE ratings according to Manager Distribution

Growth

in Assets (year on year)

In 2025, a notable 54 out of the 78 asset managers in the survey were rated as level 1 contributors, an improvement from 52 in the previous year. In addition, the top 22 asset managers in the survey all achieved a level 1 rating. These results show that leading asset managers are increasingly aligning their strategies with transformation objectives. The continued rise in level 1 ratings suggests that BEE compliance remains a priority across the South African asset management industry.

Breakdown of the BEE levels in numbers

The AuM survey universe, as at June 2025, summarised according to participant contributor levels is:

No rating or non-compliant

Market

Indices and Statistics as at 31 December 2025

for the past 10 years to December 2025

South African Asset Management: Navigating futures, winners and allocator choices

By Muitheri Wahome, Asset Management Research Institute

South Africa’s (SA) asset management industry is entering a decisive decade. Proliferation of active boutiques, accelerating flows to passive and smart beta, global competition, fee pressure, consolidation of retirement funds and shifting client expectations will determine whether the sector expands, stagnates or muddles through. For allocators — pension funds, institutional investors and fund selectors — the challenge is not only to anticipate scenarios but to act decisively in manager selection, mandate sizing and governance oversight.

Why scenarios matter now

The industry’s trajectory is inseparable from the economy, politics and global capital flows. As Muitheri Wahome notes in Building Capital, “The success of the asset management industry is heavily dependent on the state of the economy, politics and markets, as well as the global environment.” Allocators must therefore prepare for three plausible futures: the high road, the low road and the base case.

High road

Characteristics:

GDP growth above 2.5%, power sector stability, fiscal consolidation, rising confidence and deeper retirement savings pools.

High road

Base case

Low road

Allocator Implications:

Winners:

Large balanced managers capturing pension inflows, high-alpha boutiques in equity and fixed income, private markets managers who can demonstrate outperformance and impact, and firms with strong quantitative or machine learning (ML) integration.

Losers:

Mediocre performers and offshore-heavy managers.

Trustees should consider overweighting SA equity boutiques with proven alpha, while balancing exposure to multi-asset managers who can absorb pension inflows. Infrastructure-linked private credit becomes a viable diversifier. Fee governance must remain disciplined as inflows expand.

Low road

Characteristics:

Economic growth stalls at 0.5–1%, logistics and energy supply strains persists, real incomes decline and sovereign risk remains elevated.

Winners:

Passive and systematic firms offering low fees, global multi-asset managers attracting offshore flows and specialist boutiques with scarce expertise.

Losers:

Large undifferentiated firms, monoline domestic equity and fixed-income managers, and firms lacking high-quality data to extract value with AI or the profitability to invest in technology to manage margin pressures.

Allocator Implications:

Mandates tilt toward passive and global exposures to hedge local risk. Trustees must interrogate fee structures and ensure mandate sizes remain sustainable in compressed margin environments where asset managers are increasingly vulnerable. Concentration risk in SA-Inc-heavy strategies should be reduced.

Base case

Characteristics:

GDP growth around 1.5%, partial infrastructure improvement and modest net savings flow from retirement reform.

Winners:

Diversified managers offering multi-asset, global and alternative solutions, firms blending fundamental and machine learning insights, lean operating platforms and distributionstrong managers.

Losers:

Generic balanced funds, firms unprepared for regulatory shifts and boutiques without founder succession plans or technology investment.

Allocator Implications:

In addition to above-average performance, trustees should prioritise managers with operational efficiency and distribution. Allocators must demand clarity on succession planning and technology investment to ensure resilience in a volatile but investable domestic market. There will be few winners and a higher bar to success.

Economic characteristics Winners Losers

Economic growth >2.5%; improved energy & logistics infra; fiscal consolidation; rising confidence; deeper retirement savings pools

High

road Reform momentum and expansion

Large balanced managers; high-alpha boutiques; private markets & credit aligned to infrastructure/ renewables; firms with strong quant/ML integration

Mediocre performers; offshore-heavy managers

Economic characteristics Winners Losers

Economic growth stalls at 0.5–1%; persistent energy/logistics strains; declining real incomes; elevated sovereign risk

Passive/systematic firms; global multi-asset managers; specialist boutiques with scarce expertise

Low road

Stagnation and compression

Large undifferentiated firms; monoline domestic equity/fixed income managers; firms lacking tech investment to withstand margin pressure

Economic characteristics Winners Losers

Economic growth ~1.5%; partial infrastructure improvement; modest net savings flow from retirement reform

Base case

Muddle-through middle path

Diversified multi-asset/ global/alternative managers; firms blending fundamental & ML insights; lean operational platforms; distributionstrong managers

Generic balanced funds; firms unprepared for regulatory shifts; boutiques without succession or tech investment

Allocator implications

Overweight SA equity boutiques with proven alpha; balance with multi-asset managers; diversify into infrastructurelinked private credit; maintain disciplined fee governance

Allocator implications

Tilt mandates toward passive/global exposures; interrogate fee structures; ensure mandate sustainability; reduce SA-Inc concentration risk

Allocator implications

Prioritise operational efficiency, distribution strength, and aboveaverage performance; demand clarity on succession and tech investment; expect fewer winners and higher bar to success

Lessons from the US and Australia

Global precedents sharpen South Africa’s choices:

Scale vs specialisation:

Fee compression:

Technology investment:

Distribution strength:

Solutions-led investing:

Middle-of-the-road firms lose relevance. Allocators should avoid managers without either scale or edge.

Trustees must demand transparency and outcome-linked fee structures.

Data, automation and machine learning integration are non-negotiable.

Client proximity—via advisers, retirement platforms, employer channels—becomes a structural advantage.

Flows follow outcome-based strategies, not standalone products. Allocators should favour managers who solve problems, not just sell products.

Transformation: Beyond compliance

Transformation is not peripheral—it is central to allocator risk management. Ownership expectations are rising, but unevenness persists in leadership and investment-decision roles. As Fatima Vawda of 27four observes, “We must look at transformation through a broader lens.” Allocators must interrogate whether ownership translates into influence, whether leadership depth exists beyond the founders, and whether DEI is embedded in investment teams. Fiduciary risk now includes reputational exposure on transformation.

Winners and losers across scenarios

Likely winners:

Scale players with alpha (outperformance), strong tech, data, and governance.

Differentiated boutiques with genuine expertise.

Globalised SA firms with offshore manufacturing.

Low-cost index providers.

Actively Managed ETF (AMETF) providers.

Hedge funds and absolute return managers in volatile markets.

Firms applying AI effectively.

Managers demonstrating tangible transformation.

Conclusion

Likely losers:

Single-asset class managers with shallow differentiation.

Under-resourced credit teams exposed in downturns.

Firms with weak operational resilience.

SA-Inc-heavy strategies in low-growth scenarios.

Allocator checklist: Questions trustees must ask

Is there client concentration risk to the manager’s revenue?

Are our fees and mandate sizes sustainable?

How does this manager behave when AuM shrinks?

Is there genuine leadership depth, or reliance on a star founder(s)?

Would our exit cause disorder and what does that say about initial mandate sizing?

Does transformation extend beyond ownership into leadership and decision-making?

The next decade will reward firms intentional about their competitive identity, relentless about efficiency, and decisive about where to invest. For allocators, the imperative is clear: sharpen scenario lenses, interrogate resilience and transformation, and align mandates with managers who can thrive in vastly different scenarios: reform momentum, stagnation, or muddle-through uncertainty. Scale, specialisation, technological sophistication, distribution strength, and solutions-led thinking are not optional—they are the foundations of sustainable success.

Survey information relating to the year ended 31 December 2025

SA Manager WatchTM – Best Investment View

Abax SA Absolute Prescient Fund

Abax SA Balanced Prescient Fund

All Weather BCI SA Balanced Fund

Mazi Domestic Balanced Fund

Mergence Domestic Balance Fund

Perpetua Domestic Balanced

Visio BCI SA Balanced Fund

Entries

SA Manager WatchTM – Conservative

No changes took place in this survey

SA Large Manager WatchTM

No changes took place in this survey

Global Manager WatchTM – Dynamic

No changes took place in this survey

Global Manager WatchTM – Best Investment View

ALUWANI Global Balanced

Denker SCI Balanced fund

Mentenova Wealth Builder

Mentenova Wealth Protector

Mentenova Wealth Stabiliser

Motswedi Global Balanced

Entries

Global Manager WatchTM – Conservative

Abax Absolute Prescient Fund

Entries

Global Large Manager WatchTM Survey

No changes took place in this survey

Sources of performance

Multi-asset class portfolios build and implement their investment strategies based on a multitude of methods; the most popular being economic macro research; asset allocation modelling (strategic and tactical); relative asset class valuation; assessment of market risks; security valuation; portfolio construction and market hedging strategies. Its primary driver of return is its asset allocation strategy as it will seek to take advantage of the different expected returns between assets; while sector and/or security selection within the asset seek to provide additional sources of performance. The portfolio manager will also use the asset class exposures to manage an overall risk strategy.

How investment managers performed in 2025

Continuing the trend observed last year, all managers participating in the SA Best Investment View (BIV) category recorded positive returns for the year. Of the 19 managers in this category, 10 outperformed the SA BIV median return of 31.9%. The top-performing portfolio in the SA BIV category was Mergence Domestic Balanced, which delivered a return of 37.2% for the year ended 2025.

The Mergence Domestic Balanced Fund’s strategic asset allocation (SAA) was the main driver of performance over the year. The portfolio was positioned broadly neutral in South African equities, overweight in South African bonds and commodities, and underweight in cash and inflation-linked bonds. Tactical asset allocation relative to the SAA had a largely neutral effect on performance.

Security selection within asset classes added further value to the fund’s performance. Positive contributions came from strong selection in South African equities and cash, while security selection in inflation-linked bonds detracted slightly. Overall, stock selection provided a modest additional contribution to returns.

Mergence Domestic Balanced 37.2%

The best performer in the Domestic BIV category of the survey was for the year ended 2025.

Comments relating to the performance of some managers in the SA BIV category:

Allan Gray Domestic Balanced Fund

The fund’s asset allocation benefited from strong performance in both South African equities and bonds during the year. Exposure to South African government bonds contributed positively as the local bond market rallied strongly following improved investor sentiment after the May 2024 elections. Despite the strong bond performance, the managers continue to favour selected local equities where they believe long-term value opportunities remain more attractive.

Security selection within the equity portfolio had mixed results. Holdings in precious metals shares, including AngloGold Ashanti and Northam Platinum, contributed positively as gold and platinum prices remained elevated. However, positions in Mondi and Sappi detracted from performance due to weak industry demand and ongoing oversupply in global pulp and paper markets, although the managers believe these companies remain undervalued over the long term.

Aluwani Domestic Balanced Fund

Asset allocation contributed meaningfully to the fund’s strong performance over the year. Overweight positions in equities and bonds were the main drivers of returns, benefiting from strong local equity and bond market performance during 2025. However, the fund’s allocation to property detracted from performance, while the overweight exposure to inflation-linked bonds also weighed slightly on returns.

Security selection within domestic equities was a key contributor to performance. Positive stock picks included overweight positions in resource companies such as Pan African Resources, AngloGold Ashanti and Northam Platinum, as well as holdings in MTN, Telkom and British American Tobacco. Some positions detracted from performance, including Aspen and Mondi, although overall equity selection remained a strong driver of the fund’s returns.

Camissa Domestic Balanced Fund

Asset allocation contributed positively to the fund’s performance during the year. The portfolio maintained a high allocation to equities, at around 67.6% at the end of 2025, with the equity exposure weighted mainly towards industrial shares followed by resources. In addition, South African bonds also contributed positively to returns, reflecting strong performance in the local bond market during the period.

Security selection within local equities added value to performance. Key contributors included holdings in PGM miners, Prosus/Naspers, MTN and Datatec. However, some stocks detracted from returns, including Famous Brands, KAP and Metair. Overall, the portfolio continued to focus on selected companies with attractive long-term value while gradually reducing exposure to certain resource positions.

Coronation Domestic Houseview Strategy

Asset allocation contributed positively to performance during the year. The strategy maintained a high allocation to equities, which delivered strong returns, while exposure to South African listed property also added value. The portfolio remained underweight South African government bonds during a period of declining yields, while exposure to inflation-linked bonds was increased to provide protection should inflation rise from current low levels.

Stock selection within domestic equities focused on high-quality companies demonstrating revenue growth and market share gains. Bank holdings performed well as bad debts declined and costs remained contained. The strategy maintained an underweight position in resource companies, particularly gold shares, although exposure to platinum group metal, PGM miners, contributed positively before some positions were trimmed as valuations increased.

Foord Domestic Balanced Fund

Asset allocation was supportive of the fund’s performance during the year. South African equities were the main driver of returns as the local market rallied strongly, supported by rising metals prices and a recovery in financial shares. South African bonds also contributed meaningfully as moderating inflation, interest rate cuts and renewed foreign demand supported the bond market, while the fund’s exposure to gold benefited from record highs in precious metal prices.

Stock selection within the equity portfolio contributed positively to performance. Key contributors included Naspers and Prosus, AngloGold Ashanti, the NewGold ETF, Premier Group and Standard Bank. However, the fund’s more measured allocation to precious metal shares limited relative gains during a period when these shares were among the strongest performers.

Laurium Domestic Balanced Fund

Asset allocation contributed significantly to the fund’s strong performance during the year. The portfolio maintained a tactical overweight to South African equities, which added meaningful value as domestic markets performed well. Exposure to South African government bonds also contributed positively, particularly through positioning in the middle of the yield curve during a period of falling yields.

Stock selection within equities was a key contributor to performance. Holdings in SA Inc banks, including Absa, FirstRand, Standard Bank and Capitec, delivered strong returns, while resource companies such as Valterra, Impala Platinum and AngloGold Ashanti also supported performance. Some positions detracted from returns, including Naspers, Prosus and domestic retailers such as The Foschini Group and Mr Price.

M&G Domestic Balanced Fund

Asset allocation contributed to the fund’s strong performance during the year, supported by very strong returns from both South African equities and bonds. The portfolio maintained an overweight position in bonds, which benefited from the rally in bond markets during 2025, while the equity allocation remained the primary driver of overall returns.

Stock selection within equities contributed positively in absolute terms, although it slightly underperformed the FTSE/JSE Capped All Share Index while remaining ahead of peers. Key contributors included AngloGold Ashanti, MTN Group, Naspers/Prosus and major banks, which delivered strong gains during the year. The fund’s exposure to the resources sector also added meaningfully to returns as precious metals and mining shares performed exceptionally well.

Ninety One Domestic Balanced Fund

Asset allocation contributed positively to performance during the year. The portfolio maintained a preference for equities and bonds over cash, which added to returns as both asset classes performed well. The significant allocation to domestic bonds also supported performance, particularly as yields adjusted to a more favourable inflation and interest rate environment, with the portfolio maintaining overweight exposure to the middle and long end of the yield curve.

Global Best Investment View category

Stock selection within equities contributed strongly to returns. Overweight positions in gold and platinum companies, including AngloGold Ashanti, Valterra and Impala Platinum, added value, along with an overweight holding in MTN. Relative performance also benefited from underweight positions in largecap companies such as Aspen and Woolworths, while exposures to discretionary retailers including Mr Price, Foschini and Truworths detracted from returns.

Truffle Domestic Balanced Fund

Asset allocation contributed positively to performance during 2025 as the portfolio increased exposure to South African equities and property, reflecting a preference for domestic risk assets over bonds and cash. This positioning benefited from strong returns across local asset classes and improving market sentiment, while the fund maintained relatively low cash levels. The constructive allocation to domestic assets supported overall portfolio performance during the year.

Stock selection within local equities was a key driver of returns. The portfolio benefited from meaningful exposure to precious metals companies and financial stocks, with holdings such as AngloGold Ashanti, Gold Fields and Northam Platinum contributing strongly as commodity prices increased. Positions in Naspers and Prosus also added value, while selected SA Inc shares such as Aspen and certain retailers detracted from performance during the year.

The Global Best Investment View category of the Manager Watch survey recorded a median return of 21.1%, which was lower than the 31.9% median return of domestic mandates. Twenty nine out of the 53 portfolios outperformed the Global BIV median.

The average international exposure of asset managers in the Global BIV category of the survey was 33.5% in December 2025. This follows a steady increase in global allocations in recent years, with exposure rising to 35.2% in December 2024 from 34.2% in 2023, and from 29.9% in December 2022 and 27.3% in December 2021. The slight decline in 2025 suggests that some managers reduced offshore allocations in favour of domestic investments, as South African assets delivered particularly strong returns during the year.

The best performer in the Global BIV category of the survey was the Nedgroup Investments (Truffle) Balanced Fund who returned 32.8% for the year ended 2025.

The best performer in the Global BIV category of the survey was for the year ended 2025.

Comments relating to the performance of some managers in the Global BIV category:

10X Your Future Fund

Asset allocation was the main driver of the fund’s performance and positioned it to deliver strong real returns. The portfolio benefited from diversified global equity exposure, including allocations outside the United States and to Emerging Markets, which contributed positively to returns. The fund also maintained a higher allocation to defensive assets such as South African inflation-linked bonds and global bonds to strengthen resilience and reduce drawdown risk.

While the fund prioritised diversification and risk control, its defensive positioning meant that relative performance was softer when markets favoured higher-risk assets. Overall, the approach reflected a disciplined strategy aimed at delivering steady long-term compounding across different market conditions.

Allan Gray Global Balanced Fund

The portfolio’s offshore asset allocation contributed positively to performance as global markets ended 2025 on a strong footing, with meaningful exposure to global equities supporting returns. Exposure to global bonds remained cautious as yields were viewed as offering limited compensation for inflation and interest rate risks. From a domestic perspective, the portfolio also benefited from strong performance in South African equities and bonds, with local government bonds contributing positively as the South African bond market rallied strongly following improved investor sentiment.

Security selection within global equities contributed positively, particularly through holdings in technology companies such as Nebius Group, SK Hynix and Samsung Electronics, which benefited from strong demand linked to artificial intelligence infrastructure. The position in RXO detracted from returns as trade tensions and regulatory changes weighed on the freight sector, although the managers retain conviction in its long-term prospects. In the domestic portfolio, stock selection was mixed, with precious metals shares such as AngloGold Ashanti and Northam Platinum contributing positively, while holdings in Mondi and Sappi detracted from performance despite their perceived long-term value.

Camissa Global Balanced Fund

Asset allocation was supported by strong contributions from both local and foreign assets. The portfolio also held approximately 67.6% in equities at the end of 2025, with allocations across local and global equities providing the main source of returns. South African bonds also contributed positively, while the managers continued to reduce local equity exposure in favour of increasing global equity exposure.

Security selection across both local and global equities influenced performance. Within local equities, PGM miners, Prosus/Naspers, MTN and Datatec were key contributors, while Famous Brands, KAP and Metair detracted. Within global equities, companies such as Bayer, Prudential, Dollar General, Johnson Matthey and Siemens contributed positively, although positions in Fiserv, JD.com, Sonos and Zoetis weighed on performance.

Coronation Global Houseview Strategy

Asset allocation remained strongly tilted towards equities, both globally and locally, which supported performance over the year. The strategy increased exposure to emerging market equities and maintained meaningful offshore exposure, while offshore credit holdings provided diversification and attractive US dollar yields. The portfolio remained underweight South African government bonds and had no exposure to developed market sovereign bonds due to concerns about long-term debt levels and yield pressures.

Stock selection focused on high-quality global and emerging market businesses with strong fundamentals and durable growth prospects. The strategy maintained selective exposure to Chinese companies and leading emerging market firms. Within domestic equities, stock selection emphasised strong franchises while remaining underweight gold shares and maintaining selective exposure to resources, with some PGM holdings reduced as valuations increased.

Denker SCI Balanced Fund

Asset allocation contributed to the fund’s overall performance, although some decisions detracted from relative returns. During the year, the portfolio increased exposure to South African domestic assets (SA Inc) as these were viewed as attractively valued, with this allocation funded from domestic fixed interest holdings. In addition, global equity exposure contributed positively to performance relative to the MSCI World Index.

Stock selection within domestic equities detracted from relative performance during the year. The fund maintains a strong focus on small- and midcap companies where it believes long-term value opportunities are most attractive; however, equity market returns in 2025 were concentrated in largecap resource companies. In particular, the fund’s lack of exposure to gold mining shares weighed on relative performance as gold prices and precious metal shares rose sharply during the year.

Fairtree Balanced Prescient Fund

Asset allocation contributed positively to the fund’s performance during the year, with tactical asset allocation adding approximately 1.1% to returns. The portfolio maintained an overweight position in South African and emerging market equities, which benefited from improving macroeconomic conditions and attractive valuations. The fund was also overweight commodities, particularly precious metals, while maintaining an underweight position in global equities and a neutral to slightly overweight position in fixed income.

Security selection detracted slightly from performance during the year. Within South African equities, the portfolio increased exposure to gold and platinum group metals and added selected SA Inc companies where valuations appeared attractive. In global equities, the portfolio favoured technology companies over cyclical sectors and remained geographically underweight the United States while maintaining selective exposure to markets such as Kazakhstan and South Africa.

Foord Global Balanced Fund

Asset allocation contributed positively to performance, with South African equities again the largest driver of returns as the local market rallied strongly. South African bonds also added value, rallying on moderating inflation and the SARB’s rate cut cycles, while global equities delivered positive returns despite the appreciation of the rand.

The fund’s allocation to precious metals further supported performance as gold and other metals reached record highs.

Stock selection added to performance through holdings in companies such as Naspers, Prosus, AngloGold Ashanti and the NewGold ETF, as well as banks FirstRand and Standard Bank. Relative performance was moderated by a lower allocation to precious metal shares and South African nominal bonds compared with some peers, which limited gains during a period when these assets delivered particularly strong returns.

Laurium Global Balanced Fund

Asset allocation contributed positively to performance, supported by an overweight position in South African equities as domestic markets outperformed during the year. Exposure to South African government bonds also added value, particularly through positioning in the middle of the yield curve during the bond rally. The portfolio remained slightly underweight offshore equities, while still maintaining diversified global exposure.

Stock selection within equities supported performance, with strong contributions from SA Inc banks including Absa, FirstRand and Standard Bank, as well as resource companies such as Valterra and AngloGold Ashanti. Some stocks detracted from returns, most notably Naspers and Prosus, along with retailers such as The Foschini Group and Mr Price, largely due to company-specific developments rather than broader market trends.

M&G Global Balanced Fund

Asset allocation was a key contributor to the fund’s performance during the year. The portfolio maintained strong exposure to South African assets, particularly equities and bonds, which performed very well in 2025. An overweight position in local bonds added value as bond markets rallied, while the fund’s underweight exposure to foreign assets also benefited performance as the rand strengthened and domestic markets outperformed global markets.

Stock selection within equities made an important contribution to returns, although it slightly underperformed the FTSE/JSE All Share Capped Index while still outperforming peers. Strong contributors included AngloGold Ashanti, MTN Group, Naspers/Prosus and major banks, which delivered strong gains during the year. Within

global equities, stock selection also added value through exposures outside the United States, including Latin America and Korea, although longer-dated global bond holdings detracted slightly from performance.

Motswedi Global Balanced Fund

Asset allocation supported the fund’s performance during the year, with the portfolio tilted towards domestic equities and bonds. This positioning benefited from strong earnings in the resource sector, improving inflation dynamics and attractive real yields in South African fixed income markets. Commodity exposure and SA Inc holdings were also supportive, while offshore allocations were maintained more selectively given elevated global valuations and the strengthening of the rand.

Stock selection was the main driver of performance during the year. Positive contributions came from holdings in precious metal producers such as AngloGold Ashanti, Gold Fields, Impala Platinum and Northam, as well as SA financial and telecommunications companies including Standard Bank, Absa, MTN and British American Tobacco. Select global holdings such as Alphabet, Alibaba, Samsung and TSMC also added value, while detractors included domestic retailers and certain global consumer and technology companies such as Foschini, Truworths, Aspen, Accenture and PepsiCo.

Ninety One Global Balanced Fund

Asset allocation was a key contributor to performance over the year. The portfolio increased exposure to growth assets and maintained an underweight position in developed market bonds, which supported returns. In addition, exposure to longer-duration South African fixed income assets at the expense of cash bonds contributed positively to performance.

Stock selection across global and domestic equities supported returns. Key contributors included holdings in Rheinmetall, Barclays, MTN and Taiwan Semiconductor, as well as overweight exposure to gold and platinum companies such as AngloGold Ashanti, Gold Fields, Valterra and Impala Platinum. However, exposure to domestic cyclical retailers, including Mr Price, Foschini and Truworths, detracted from performance as sales disappointed and sentiment towards the sector weakened.

OMIG Balanced Portfolio

Asset allocation contributed positively to the portfolio’s performance during the year. The fund benefited from the strong rally in South African bonds and listed property, where it maintained meaningful exposure. The portfolio was also overweight South African equities relative to the benchmark, funded partly from a lower allocation to global equities due to concerns about elevated valuations in developed markets. In addition, exposure to emerging markets and African fixed income was increased to capture attractive real yields and improving global conditions.

Stock selection within local equities focused on companies with strong fundamentals and attractive long-term prospects. The fund initiated positions in Tiger Brands, OUTsurance and Pepkor, which were viewed as businesses capable of delivering consistent returns through company-specific strategies. The portfolio also reduced exposure to Naspers/Prosus after strong performance and trimmed its holding in Mr Price following a disappointing acquisition, reflecting a disciplined approach to portfolio management.

PSG Balanced Fund

Asset allocation contributed positively to the fund’s performance during 2025, supported by strong returns across several asset classes. The portfolio maintained diversified exposure to local and global equities, bonds and property, all of which delivered positive returns during the year. In particular, longer-duration South African government bonds and selected global bonds contributed strongly as yields declined, while offshore exposure was increased to capture opportunities outside the United States where valuations were more attractive.

Stock selection within equities also supported performance during the year. Key contributors included holdings in Northam Platinum, Prudential, Telkom and Barrick Mining, while exposure to Valterra Platinum, AngloGold Ashanti and MTN also added value. However, some positions detracted from returns, including The Foschini Group, Afrimat and Viper Energy, reflecting company-specific challenges during the period.

Sasfin BCI Balanced Fund

Asset allocation contributed positively to performance during the year. The portfolio benefited from strong returns in South African bonds, particularly through a long-duration positioning relative to the FTSE/JSE All Bond Index (ALBI), which supported performance as bond yields declined. The fund maintained a constructive allocation to domestic equities, while remaining underweight global equities in favour of local opportunities where valuations appeared more attractive.

Stock selection reflected a preference for domestic companies expected to benefit from improving economic conditions and stronger earnings growth. The managers remain constructive on South African equities, supported by improving fundamentals, declining inflation and lower interest rates, which have helped reduce the cost of capital and improve company valuations. This positioning aims to benefit from broader market participation following the previously narrow gains driven mainly by resource companies.

Sasfin BCI Prudential Fund

Asset allocation was influenced by a cautious positioning across asset classes during the year. The portfolio maintained exposure to domestic equities and bonds while remaining underweight global equities relative to local opportunities. South African bonds benefited from declining yields and improved investor sentiment towards the country, supported by moderating inflation and monetary policy easing.

Stock selection was mixed during the year. The fund underperformed slightly relative to its peer benchmark, mainly due to an underweight position in the resources sector during a period when precious metal shares delivered strong returns. Despite this, the managers remain constructive on domestic equities as improving economic fundamentals, lower inflation and declining interest rates support the outlook for broader corporate earnings growth.

SIM Unique

Asset allocation made a meaningful contribution to performance during the year, largely due to strong returns from South African assets. The portfolio maintained lower-than-average foreign exposure and meaningful allocations to local bonds, equities and property, which benefited from the strong rally in domestic markets. Additional value was created through tactical changes during the quarter, including increasing exposure to equities and property and repositioning part of the bond exposure into inflation-linked bonds before their rally.

Stock selection within the foreign equity portfolio contributed positively to returns. Exposure to emerging market equities outperformed developed markets, while the portfolio’s portable alpha strategies added value relative to the MSCI World Equity Index. Although real asset exposures lagged broader equity markets during the rally, the overall global equity positioning slightly outperformed the benchmark over the quarter.

STANLIB Multi-Asset Growth Fund

Asset allocation was the primary driver of performance during the year. The portfolio maintained a pro-risk positioning, with a significant allocation to South African equities and bonds, both of which benefited from strong local market conditions and declining bond yields. Offshore exposure also provided diversification, although global fixed income and cash delivered modest negative contributions amid elevated global interest rates. Overall, the overweight allocation to domestic growth and rate-sensitive assets was the key contributor to returns.

Stock selection also contributed positively to performance, particularly within South African equities. The portfolio benefited from an overweight exposure to gold counters during a period of strong precious metals performance. Within offshore equities, returns were supported by exposures to the US technology sector, as well as thematic allocations to Japanese equities and defencerelated companies, which added value alongside the broader global equity market recovery.

Symmetry 5–7 Fund

Asset allocation was the main driver of performance during the year. Tactical positioning added value, particularly through an overweight allocation to South African equities and bonds, both of which delivered strong returns. The portfolio also benefited from being underweight global equities, especially towards the end of the year when rand strength and softer global markets reduced the relative contribution from offshore assets.

Stock selection results were mixed across underlying managers. Global equity managers such as Sanders and Jupiter added value through strong security selection, particularly in technology and financial companies. In contrast, the South African equity portfolio slightly lagged its benchmark, as many active managers were underweight gold and platinum shares, which were the main drivers of the local equity market during the year.

Mpho Molopyane Alexforbes Chief Economist

Market and economic overview 2025

Key themes

Growth held up well in 2025, despite trade policy uncertainty and tariff shocks. Economic activity was supported by easier financing conditions, robust investment in AI and tech related sectors as well as front-loaded demand ahead of anticipated higher tariffs.

Inflation continued to edge down globally, though it was disrupted by tariffs in the US and by administered prices in the UK. While this led to a divergence in monetary policy in major economies, overall interest rates were lower – barring in Japan.

Fiscal policy came into focus, with the US, Germany and Japan unveiling fiscal packages, while the UK faced pressure to balance the books. Debt sustainability concerns in advanced economies exerted pressure on longer-dated bond yields.

Locally, 2025 was a good year. Growth improved, inflation was benign, the SARB eased the policy rate by 100bps and lowered the inflation target.

The country was removed from the FATF grey list and S&P lifted the sovereign credit rating following an improvement in the fiscal outlook.

SA equities delivered stellar returns for the year, propelled by a surge in gold and PGM prices as well as technology stocks that benefited from the global interest in AI. Global markets recorded another stellar year despite heightened market volatility and uncertainty. Emerging markets outperformed developed markets, while US equities lagged their developed markets peers.

Resilience amid uncertainty

The major surprise in 2025 is how well growth held up, despite trade policy uncertainty and tariff shocks. Global growth is projected to have averaged 3.2% in 2025 –better than 2.8% projected at the height of trade policy uncertainty. Overall, economic activity was supported by easier financing conditions, robust investment in AI and tech related sectors as well as front-loaded demand ahead of anticipated higher tariffs. Expansionary fiscal policy also supported growth, with the US, Germany and Japan unveiling fiscal packages, while the UK faced pressure to balance the books.

From a regional perspective, growth in developed markets was characterised by narrowing differentials between the US and peers. In the US, growth slowed to 2.2% in 2025, from 2.8% in 2024. Across the Atlantic, 2025 growth came in at 1.4% in the Euro area and UK, up from 0.9% and 1.1% respectively. In Japan, the economy expanded by 1.2%, following a 0.2% contraction the prior year. In Emerging markets, growth in China held up around 5%, while India saw growth improve to 7.5%, from 7.3% in 2024.

Disinflation continued but was nuanced Monetary policy diverged

Inflation continued to edge down globally, though it was disrupted by tariffs in the US and by administered prices in the UK, while China continued to battle deflation. In the US, headline inflation eased from 3.0% at the beginning of year to 2.3% in April, before rising to 3.0% in October. However, average inflation for the year declined by 0.3ppt to 2.7%. Consumer inflation was also lower in the Euro area, averaging 2.1% compared to 2.4% in 2024. In the UK and Japan, 2025 inflation averaged 3.4% and 3.2%, respectively – reflecting a 0.9ppt and 0.5ppt increase relative to 2024. Inflation dynamics in emerging markets benefited from stronger currencies, lower import prices and benign fuel inflation. In select emerging markets, inflation nudged lower in India, South Africa and China but rose in Brazil and Russia.

The divergence in inflation saw monetary policy decisions vary, however, overall interest rates were lower for the year – barring in Japan and Brazil. The Fed kept rates steady in the first half of the year, before easing by 75bps in 2H26. The ECB eased by 100bps in 1H then paused for the remainder of the year. The BoE moved gradually, easing by 25bps each quarter and the Bank of Japan tightened by 50bps over the year. Emerging markets central banks continued to ease cautiously, barring Brazil’s central bank, which hiked policy rates to stem inflationary pressures.

Locally, 2025 was a stellar year

For South Africa 2025 could be characterized as a year of two halves, with GNU tensions in the first half, followed by a more upbeat second half.

Overall growth improved, coming in at 1.1% – more than double 2024’s 0.5% outcome. Growth was mainly supported by robust household consumption, which rose by a notable 3.6% y/y in 2025, up from 1.0% in 2024 and 0.2% in 2023. In contrast, fixed investment has remained a drag on growth, contracting by 2.2%, following a decline of 3.9% in 2024. Net exports were another a drag on growth, with exports weighed down by largely reflected subdued external demand, while imports gained momentum.

Consumer inflation remained benign over the year, averaging 3.2% in 2025, down from the 4.4% in 2024. The moderation in inflation is attributed to transport deflation, subdued food prices and steady housing and utilities costs. The low inflation backdrop created room for the SARB to reduce the repo rate by 100 basis points over the year – bringing the repo rate to 6.75% at year end. More importantly, the subdued inflation

backdrop presented an opportunity for the South African Reserve Bank (SARB) to reform the inflation target and lower it from a 3-6% range to a 3%-point target, with a tolerance band of +/-1%.

After two failed attempts to pass the Budget in February and March 2025 due to disagreements within the GNU over a proposed VAT increase, the third version was approved in May after the initial proposal to hike VAT was abandoned. The November Medium Term Budget Policy Statement (MTBPS) was more upbeat and well received by the market, after National Treasury showed that debt-to-GDP is still projected to stabilise in the current FY2025/26 fiscal year and that government is on course to post another primary surplus – for the third consecutive year. The positive MTBPS was well received by credit ratings agencies. S&P upgraded South Africa’s foreign-currency rating to BB from BB- and its local-currency rating to BB+ from BB, with a positive outlook. Positively as well, the country was removed from the FATF grey list.

Another year of impressive market returns

Global markets recorded another stellar year despite heightened market volatility and uncertainty. The ACWI rose by 3.4% in the forth quarter, to round off the year with a strong 22.9% return in USD terms. Emerging markets rose by 34.3%, outperforming developed markets that also returned an impressive 21.6%.

US equities posted a strong 17.9% return but lagged their developed market peers, in Europe, UK and Japan, that gained 36.3%, 36.2% and 25.1% respectively. This marked he first time in two decades that US stocks underperformed, as attractive valuations, prospects of higher fiscal spending and declining short terms rates contributed to the positive sentiment towards other development markets.

The rally in risk assets extended to fixed income, with emerging markets bonds (+19.0%) outperforming developed markets bonds (+7.5%). A combination of strong economic fundamentals, supportive investor flows and currency tailwinds supported fixed income

returns in emerging markets., while debt sustainability concerns in developed markets exerted upward pressure on longer-dated bonds, partially countering the cuts in short-term rates.

In currency markets, the US dollar index saw a soft strengthening bias in the fourth quarter, but this was not enough to offset the 9.4% underperformance for the year. Performance in the commodity market was mixed, with gold, platinum and silver surging by 65%, 127% and 148% respectively for the year, while Brent crude oil was down by 18.5%. The record rally in gold to $4300/oz by end-2025 was fuelled by safe-haven demand amid geopolitical tensions and strong ETF flows.

SA assets delivered stellar returns for the year. Equities rose by 42.4% in rand terms, propelled by a surge in gold and PGM prices as well as technology stocks that benefited from the global interest in AI. SA nominal bonds also delivered a strong 24.2% return and the rand strengthened by 13.8% over the year.

Positioning for the next 30 years: Building resilient investment businesses

Following reflections on the past 30 years of the Alexforbes Surveys’ journey in last year’s Annual Retirement Fund Survey, attention now turns to the future. In a world shaped by technological change, evolving regulation and shifting client expectations, asset managers are being challenged to think long term. This article explores how some firms are positioning themselves to remain relevant, responsible and resilient over the next three decades.

How is the firm adapting to changes in technology, regulation and client expectations, as well as to global economic and political shifts?

Periods of profound change tend to expose the difference between activity and progress. At Abax, our response to technological, regulatory and geopolitical shifts has been to slow down where

necessary, invest deliberately and remain anchored to first principles. Our objective is not to predict the future perfectly, but to ensure the firm is positioned to adapt responsibly as it unfolds.

We have operated for more than 50 years and have navigated these types of changes before. At the centre of our approach to evolution is our commitment to earning the trust of our clients by providing superior long-term investment performance and excellent client service. As our founder, Mr Allan W.B. Gray, reminded us: “We recognise that we must earn our clients’ trust

Alexforbes Investments’ process and philosophy is anchored in purposeful diversification – blending traditional asset classes with alternative strategies to create a resilient, all weather portfolio. While global political developments often influence the behaviour and valuations of traditional assets, our alternative and hedge fund managers frequently turn this uncertainty into opportunity. Their flexibility, ability to express both directional and relative value views, and responsiveness to dislocations enable them to generate differentiated return streams precisely when markets become unpredictable.

and confidence, for without that our firm cannot – and should not – survive.”

An enduring habit and part of the character of the firm is to think through every decision from first principles, without focusing on what others are doing. This has often provided an edge in both investment and business decisions.

A critical component of this approach is the macro awareness and tactical agility of our managers. Their deep understanding of global economic regimes, policy shifts and market dynamics equips us to navigate varying market environments with confidence.

By integrating these macro insights into allocation and risk decisions, we strengthen the portfolio’s ability to withstand shocks, capture emerging opportunities and preserve long term client outcomes.

Technology: We continue to invest meaningfully in information systems, data infrastructure, cybersecurity and artificial intelligence (AI). Technology is deployed to enhance research efficiency, strengthen risk management, improve client service and increase operational resilience, while remaining firmly human-led and governed by robust oversight frameworks.

Regulatory landscape: We maintain strong governance and compliance frameworks across all the jurisdictions in which we operate. Active engagement with regulators, industry bodies and policymakers allows us to anticipate change, influence outcomes where appropriate, and adapt our processes and disclosures in a timely manner.

Client expectations: As these continue to evolve, particularly around transparency, global diversification, sustainability integration and service delivery, we have expanded our global investment capability, enhanced digital

access and reporting, broadened our product range, and deepened engagement with clients through regular communication, thought leadership and structured feedback mechanisms.

Ongoing global economic and political volatility: Coronation’s long-term, valuationdriven investment philosophy, globally integrated research platform and disciplined risk management provide resilience. We actively monitor geopolitical risks, market fragmentation and macroeconomic shifts, using dislocation and volatility as a source of opportunity while maintaining a strong focus on downside protection.

Collectively, these actions ensure that Coronation remains adaptive, relevant and resilient, while staying true to our core purpose of delivering superior long-term investment outcomes for our clients.

We actively aim to keep pace with technological advances, as an example we have deployed machine learning (“AI”) in both our investment and research processes. We have also gone

as far as launching a machine learning driven investment product. As for global economic and political shifts, we have always considered and weighed these in our process – no change.

At Perpetua, we believe the next 30 years will be impacted meaningfully by ongoing structural pressure. This pressure will be multifacetted from margins to business models, as well as on domestic capital markets as a whole. Our response is both intentional and future focused: preserve investment discipline while evolving operational capability.

Technology and AI

For a boutique firm, technology is not about scale for its own sake but it is about leverage.

At Perpetua, we are investing materially in AI and digital infrastructure across operational, client and research functions. AI is already assisting in standardising and automating reporting, workflow management and elements of data processing. This is a positive development. It lowers structural cost barriers

and enables focused firms to compete with much larger institutions, without a concomitant human resource investment.

While we have found that AI enhances our research capability and improves efficiency, we do not believe investment judgement will be ever commoditised, nor can a prompt replace the art and science involved in developing investment conviction. In complex, politically influenced and often inefficient markets, particularly in emerging economies, context, experience and accountability remain decisive.

In our view, firms that treat AI as an overlay will fall behind. Firms that embed it intelligently while preserving accountability will gain a structural advantage.

Regulation and industry structure

South Africa’s regulatory framework continues to expand in scope and complexity. While governance and fiduciary discipline are fundamental, regulation alone does not strengthen an industry.

We are concerned that increasing regulatory burden, without commensurate enforcement effectiveness, risks entrenching cost structures in a market where the underlying savings pool is not expanding meaningfully. Over time, this contributes to consolidation rather than innovation.

As a boutique manager, we have chosen to invest in strong governance and operational robustness not because regulation requires it, but because trust demands it. However, long-term industry health will depend less on additional rules and more on economic growth, capital formation and policy stability.

Client expectations

At a time of ongoing heightened uncertainty and volatility, it is understandable that clients are more anxious.

They face geopolitical fragmentation, domestic fiscal strain and structurally lower growth. Fee pressure is structural and reflects both passive competition and heightened scrutiny of active managers.

Our response is not to simply compete defensively on price, but to understand and meet client needs and to deliver sustainable, compounding returns.

In an environment of constrained capital pools and rising uncertainty, a purpose-driven, values-based, stable, incentivised investment team operating within a disciplined and repeatable process is a differentiator.

We believe the future belongs to firms that deliver clarity of philosophy and consistency of execution.

Global economic and political shifts

We are cautiously hopeful on South Africa. Its capital markets remain underappreciated and often mispriced. However, declining listings and a shrinking domestic savings base are structural concerns.

Offshore diversification is therefore essential to sourcing uncorrelated returns and meeting return targets. South African investors must participate in global growth drivers while retaining selective domestic exposure where opportunity exists.

The next decade will likely be defined by geopolitical blocs, capital reallocation and policy divergence. We believe asset managers who remain domestically insular will struggle. Those who integrate global opportunity with local insight will remain relevant.

Our strategic posture is clear: be disciplined, globally aware and structurally competitive.

Adaptation is built into our process. As a leading systematic investment manager, we’ve designed our approach to evolve with the data.

Our investment process runs on three pillars: AI and machine learning, advanced statistical analysis and rigorous portfolio construction.

We process over 500 million data points daily, constantly identifying opportunities and managing risk based on the evidence.

The vast majority of our investment team can code. Technology isn’t outsourced or bolted on, its core to how we invest.

While markets shift and regulations change, our advantage remains consistent: a disciplined, data-driven process that’s been refined over 27 years.

Has AI fundamentally changed your business, or do you expect it to do so in the future? If so, how?

AI has not fundamentally changed the essence of our business — which remains rooted in judgement, stewardship and long-term thinking — but it is reshaping how we work. At Abax, AI is viewed as a supporting capability, improving research efficiency, operational resilience and risk oversight.

Allan Gray is adopting AI in a careful, client-centred and governance-led way. Our current focus is on enhancing productivity through generative AI tools. We do not currently use AI for market analysis, predictive forecasting, portfolio management or risk assessment. Looking ahead, we expect AI to support the business in measured ways. We have established an AI working group

to guide integration across core functions and early projects – often in collaboration with our offshore partner, Orbis. We are exploring how AI can minimise human bias, flag trends and derive signals from unstructured data. These outputs support analysts only to the extent that they add value. Our active investment philosophy remains unchanged.

AI is now an integral part of our investment process, enhancing manager research, risk and portfolio management. Given our long term philosophy of being long risk premia, we believe will be rewarded over time. AI strengthens our ability to evaluate, compare and monitor these exposures with far greater efficiency.

AI tools enable us to quickly synthesise manager views, identify commonalities across managers with similar approaches and produce clearer, faster reporting. This not only improves productivity but also enhances the quality of insights we extract from manager interactions. By highlighting divergences or alignment in positioning, AI helps us deepen

our understanding of where each manager contributes uniquely to the portfolio.

Importantly, AI acts as a decision support capability:

• sharpening our interpretation of qualitative inputs

• enhancing research consistency

• freeing time for higher order investment judgement

In this way, AI strengthens our overall process, enabling sharper insight, better alignment across our managers and more effective execution of our long term investment philosophy.

AI has not fundamentally changed our business to date, but we expect it to become an increasingly important enabler over time. At present, AI is used selectively to support efficiency, insight generation and scalability rather than to replace core investment judgement or decision-making. Tools such as large language models are used to assist analysts by speeding up information synthesis, data gathering, meeting summaries and idea generation. These applications improve productivity and research efficiency but remain firmly embedded within a human-led

investment framework. Operationally, AI has had a more tangible impact, particularly through intelligent process automation, which has enabled us to increase throughput and scale volumes. This has delivered clear efficiency benefits while maintaining appropriate controls and oversight. Looking ahead, we expect AI to play a more meaningful role in enhancing research depth, data ingestion and insight generation as tools mature and data quality improves.

AI has not fundamentally changed our business yet, but it may in the future and hence our strategy of early adoption and testing as described above.

AI has not altered our investment philosophy but it is refining our operating model.

Its immediate impact is in productivity and scalability. Automation across reporting, compliance monitoring and data management reduces friction and lowers operational risk. For boutiques, this is transformative. It narrows the infrastructure gap with larger players.

In research, AI strengthens our ability to interrogate data, refine screening and refine scenario analysis. However, markets remain

behavioural systems influenced by politics, incentives and human bias. Judgement and accountability cannot be outsourced.

Properly implemented, thoughtfully governed and with clear guardrails, AI enhances competitiveness and simply put, businesses who embrace AI will outperform those who don’t. Over time, the firms that thrive will be those that use AI to amplify expertise.

AI hasn’t changed our business because it’s always been part of it. We’ve incorporated machine learning into our investment process for years, and it’s one of the three core pillars of our systematic approach.

For us, AI is an established tool. As the technology evolves, we’ll continue refining how we apply it, but the principle remains the same: let the data guide the decisions.

For us, AI is about enhancement, not transformation.

In your opinion, what role will sustainability and responsible investing play in future growth?

Responsible investing is inseparable from our fiduciary duty. At Abax, sustainability is not framed as a trend or constraint, but as a lens through which long-term risks and opportunities are better understood.

Our internal policy states plainly that “we take seriously our role as custodians of client assets”, and are committed to “incorporating

environmental, social and governance (ESG) into our investment decisionmaking process”.

This reflects a broader belief that capital allocation has consequences beyond financial returns. As John Maynard Keynes noted, “the difficulty lies not in the new ideas, but in escaping from the old ones”.

Since our inception, we have held the view that companies that fail to operate sustainably face increasing risks that can erode long-term profitability. The outcome of unsustainable practices can manifest in many ways, such as regulatory sanctions, loss of client trust, difficulty attracting talent or a weakened social licence to operate. Sustainability is embedded in how we invest on behalf of our clients, operate our business and interact with society. We always consider environmental,

social and governance (ESG) factors as part of our investment process, as we believe this holistic approach enhances risk management and our ability to assist our clients to act as responsible owners. As a result, we believe that sustainability and responsible investing will continue to play a key role in driving a company’s long-term growth and resilience and ultimately protect our clients’ interests as long-term investors.

As an emerging market economy, we view sustainability as a foundational element of our investment process. It strengthens our long term positioning by supporting more resilient capital flows, enhancing economic growth prospects and aligning our portfolios with global transition pathways.

We also recognise that sustainability is increasingly interconnected with decarbonisation, AI, data governance and operational risk. Recent sustainability

outlooks emphasise rising climate transition, demand greater scrutiny of technological governance and the growing importance of resilience in corporate and investment decision making.

By integrating these themes into our philosophy, we ensure our investment approach remains future fit, globally relevant and responsive to the structural trends shaping long term value creation.

We believe sustainability and responsible investing will play an increasingly important role in long-term growth, primarily through their contribution to better-informed investment decisions and improved risk management. Integrating sustainability factors into the investment process broadens the information set available to investors, enabling a deeper

understanding of business quality, long-term value creation and potential risks. This includes assessing externalised costs that may ultimately be internalised through regulation, changes in consumer behaviour or shifts in capital allocation.

We fundamentally believe and subscribe to the notion that sustainability and responsible participation in the ecosystem we exist in are important. We believe that businesses which do not subscribe to these tenets will neither thrive nor survive in the future.

Sustainability is embedded in how we think about value and is a core mindset and belief system at Perpetua

We are intentional and conviction-led in our integration of ESG considerations across our investment process. In emerging markets, governance quality, capital allocation discipline and a social licence to operate are often decisive drivers of long-term returns.

We do not frame sustainability purely as risk management, nor do we treat it as ideology. It is a lens through which long-duration value creation and structural risk are assessed.

Over the next 30 years, the distinction will be clear between firms that market sustainability and firms that operationalise it. As reporting frameworks mature and data quality improves, authenticity and integration will matter more than labelling.

Sustainability and responsible investing are critical for South Africa’s long-term growth. Capital has a role to play in building a more sustainable economy and we take that responsibility seriously.

We’ve embedded ESG considerations into our systematic process. For us, ESG integration means deliberately including environmental, social and governance factors in our investment analysis as part of the data we process. Our systematic approach allows us to evaluate ESG metrics consistently across all

holdings, removing the subjectivity that often comes with responsible investing.

We’ve established a formal ESG Committee, led by our CEO and CIO with representation across asset classes, to ensure our approach remains consistent and accountable. Ultimately, ESG integration is the responsibility of every investment professional at Prescient. It’s not a tick-box exercise, it’s how we invest.

How are you developing future leaders to ensure continuity and relevance?

The longevity of an investment firm depends less on star individuals and more on institutional depth. Leadership development at Abax is therefore deliberately quiet, incremental and grounded in responsibility. We are able to evidence three distinct “generations or waves” across our entire employee base.

We emphasise apprenticeship, governance exposure and measured delegation —

“gradually giving newcomers a chance while maintaining high standards”. This echoes Drucker’s warning that “no institution can possibly survive if it needs geniuses to manage it”.

Our aim is continuity — leaders who understand that stewardship is inherited, not invented.

Over a more than 50-year history, we have successfully navigated multiple generations of leaders for the firm and our Investment team. In asset management, succession and talent retention are key tenets, as asset management is ultimately a human capital business. The development of leaders at all levels of the business and investment in people, who may become future leaders, is therefore significant to ensure our culture and values endure. This starts at a recruitment level, where we seek

out individuals who share the firm’s values – people who are performance driven, individually accountable and independent-minded. We foster an environment which values diversity of opinion and thought and, more importantly, where we can openly disagree in an atmosphere of open-mindedness. The aim is to develop people who have strong problem-solving capabilities and can operate in a challenging, high-performance environment.

Alexforbes Investments has built a highly successful graduate programme that spans more than a decade, driven by a strong culture of “paying it forward”. This long standing commitment to developing young talent has created a sustainable pipeline of skilled professionals and helped embed mentorship as a core part of our identity.

Importantly, this culture has also contributed to the investment team becoming one of the few female led teams in the industry, reflecting our focus on meaningful transformation, inclusive leadership and creating opportunities that support long term diversity within the organisation.

The strength of our approach is also evident in the calibre of Alexforbes Investments alumni now occupying senior leadership roles across the investment industry, including those who go on to lead and shape prominent organisations. This track record underscores our role as a respected training ground for future industry leaders and reflects the depth, relevance, and portability of the skills developed within our investment team.

Succession planning and leadership development are core priorities at Coronation, underpinning both business continuity and the long-term relevance of the firm. Senior management is acutely aware of the need to plan proactively for leadership transitions, particularly in key executive and investment roles.

As it relates to our business, we strive to develop future leaders internally through our graduate programme and the continuous training of all employees. The existence of clear and relevant KPIs enable us to measure performance and therefore identify high potential talent. This is augmented with deliberate career

mapping by our HR function, enabling long-term partnerships with talented individuals. As for the broader society, our efforts are directed via the Mazi Foundation which has education and training as its main focus.

For a boutique firm, enabling continuity and proactively planning succession are strategic considerations.

Our competitive edge lies in a stable, incentivised investment team aligned with client outcomes. Leadership development therefore centres on an ownership mentality, accountability, long-term mission, vision and values alignment.

We provide meaningful responsibility early, encourage rigorous debate and ensure that investment professionals are exposed to both

We invest heavily in skills-development, it’s a core part of working at Prescient. Our approach includes formal training, leadership development and coaching, all designed to build depth across the business. We have also introduced a structured mentorship programme that supports young professionals as they grow within the organisation. This programme pairs emerging talent with experienced leaders, creating opportunities for guided learning, career exposure and practical support. It strengthens our internal pipeline and accelerates readiness for future leadership

portfolio construction and client engagement. Technical skill alone is insufficient, however, and a growth and impact-oriented mindset centred in resilience, intellectual honesty and courage are equally critical.

Succession is embedded in our Perpetua structure to ensure our founding business promise is institutionalised and can endure into the future.

roles. Additionally, we’ve implemented personal development planning to retain talent and actively prepare people for bigger roles.

Given that most of our investment team can code and work with complex data, continuous learning is essential to staying sharp and relevant in a field that’s constantly evolving.

Our Talent Management team partners closely with leadership to build the capabilities we’ll need for the future, ensuring continuity and long-term relevance.

If you could change one thing about the South African asset management industry, and South Africa at large, to drive meaningful progress over the next 30 years, what would it be and why?

If one change could meaningfully shape the next 30 years, it would be a stronger commitment across industry and society to long-term alignment over short-term expediency. Nelson Mandela captured this ethos when he said, “What counts in life is not the mere fact that we have lived. It is what

difference we have made to the lives of others”. For South African asset management, progress will depend on deepening savings, strengthening institutions and ensuring capital is deployed in a way that supports sustainable economic and social outcomes.

Meaningful progress over the next three decades depends on aligning regulation and capital markets around a shared objective: expanding the productive capacity of the South African economy. In an economy with high levels of unemployment and wide income disparities, asset managers play a key role in channelling capital from savers to where it is needed in the real economy, and in so doing, creating return on capital that will sustain investors in retirement.

Achieving this goal is not possible without a supportive regulatory environment. The transition from rulesto principles based reforms will aid in strengthening confidence in the system, supporting long term capital formation, and ensuring that capital markets more effectively contribute to economic growth, employment and improved retirement outcomes over time.

When you meet a young, talented individual with genuine passion and a desire to serve the South African savings industry – give them a chance. Talent grows when it is mentored, supported and trusted with responsibility. Our industry is built on stewardship, and stewardship begins with investing in people.

Investments require passion. Those who lack it tend to follow momentum; those who have it develop insight, resilience and conviction.

Passion fuels curiosity, discipline and the willingness to do the hard work that long term investing demands.

By creating opportunities for young people with purpose and potential, we strengthen both our organisations and the future of the entire savings industry.

If we could change one thing, it would be to align the South African asset management industry and the broader policy environment, more explicitly around delivering the best long-term outcomes for savers. Over a 30-year horizon, sustainable wealth creation depends on economic growth, institutional competence and trust, all of which are ultimately underpinned by education, effective

governance and accountability. For the asset management industry, this means maintaining a clear focus on fiduciary duty, long-term capital allocation and investment excellence, rather than short-term performance metrics or excessive regulatory complexity that can dilute outcomes for savers.

We believe asset owners and custodians should consider making a small allocation to venture capital. While it carries more risk, it is essential for nurturing the businesses of the future that will drive economic growth and its benefits. At present those who have the power to deploy capital to new ideas remain overly cautious.

The most meaningful long-term change for South Africa and its asset management industry would be a sustained expansion of the country’s long-term savings base. The structural pressures are clear: weak real growth, limited job creation, a shrinking listed market and too many managers competing for a constrained pool of capital. Without deeper capital formation, consolidation across the industry becomes increasingly likely.

Shifting this trajectory will require policy consistency, credible economic reform and a stronger culture of saving. Education and financial literacy are important, but sustained growth and higher employment are what ultimately drive capital accumulation and broader participation in financial markets.

For the investment industry, the appropriate response is not defensiveness or protectionism. Managing decline is not a viable long-term approach. Firms should instead focus on competing globally, delivering genuine alpha and maintaining disciplined governance standards that build trust. South Africa’s capital markets remain underappreciated, but unlocking their potential will require greater scale, wider participation and renewed confidence. Over time, those investment firms that are aligned to clients’ needs, exercise discipline, are globally integrated and structurally adaptable, and who operate for the greater benefit of society, are likely to be best positioned to succeed.

We’d accelerate the retirement fund industry’s shift toward data-driven decision-making.

The industry is grappling with structurally low economic growth, inflation volatility, sequencing risk, and insufficient preservation. These challenges require investment strategies grounded in quantitative evidence: robust scenario analysis, real-time risk measurement, and factor-based diversification that adapts to what the data shows.

When retirement fund decisions are based on systematic processes rather than short-term thinking or procyclical behaviour, members

get better outcomes. The opportunity is to build strategies that deliver consistent, inflation-beating returns with transparency and accountability at every stage: accumulation, transition, and decumulation.

For us, this isn’t theoretical. Our entire philosophy is built on disciplined process and data-driven execution. We believe this approach can materially improve members’ long-term financial resilience, and that’s the progress South Africa needs.

The next 30 years will demand adaptability, strong leadership and a clear sense of purpose. Firms that embrace innovation, invest in people and respond thoughtfully to change will be best placed to grow. The future of asset management will belong to those who prepare for it with intention and discipline.

Services offered include: Daily unitisation I Portfolio rebalancing I Cash flow management I Performance reporting Enhanced financial analytics I Transition management I Reg 28 compliance reporting I SDG impact grading I Operational due diligence

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Two CEOs in conversation: Dawie de Villiers and Hendrik du Toit

In Two CEOs in conversation: Dawie de Villiers and Hendrik du Toit, Alexforbes CEO Dawie engages Ninety One CEO Hendrik as the firm marks its 35th anniversary. The discussion reflects on the firm’s journey, the lessons learnt over three and a half decades, and the priorities that will shape its future.

Looking back

Congratulations, 35 years! Hendrik, can you identify one key decision that has shaped Ninety One’s long-term success the most?

Since inception we have dedicated ourselves to building for the long term. Ninety One thinks in decades not reporting periods. That sounds obvious, but it isn’t. The easiest thing in this industry is to act as if the next quarter is the only quarter that matters. The hard thing is to build something that can outlive a few cycles, a few crises, a few fashionable narratives and founding generations.

So, we made choices that are slightly unfashionable in a short-term world. We kept reinvesting in people and capability when it would

have been simpler to chase the marketing story of the day. We built teams with real “freedom to create”, but inside a culture that demands debate, rigour and accountability. We insist on results and relationships, but not at the expense of the human spirit. Ultimately success in this business is built on the foundations of a strong culture in which independent thinking is protected and intellectual honesty is rewarded. Combined with carefully selected people who want to play in a team and a willingness to invest for the long term, success will compound through bad and good times.

How has the firm’s investment philosophy changed over time and what has stayed the same?

The world changes constantly, so the toolkit evolves: better data, better risk analytics, broader access, better ways to test our own thinking. But the anchor is the same: active investing is about making forward-looking judgements in an uncertain world. That requires humility. It requires a respect for valuation and risk. And it requires patience, because the long term is usually uncomfortable in the short term.

At Ninety One we have never tried to enforce a single investment philosophy or style. Our teams share the commitment to high-quality and intensive research but execute their investment in accordance with their particular styles and philosophies. What we insist on is for teams to invest consistent with their stated philosophies. That is why we have successful Quality, Value and Multi-Factor strategies in-house.

What has been the toughest period for the business and what did it teach you?

There are a few contenders. The global financial crisis tested the plumbing of capitalism. The pandemic tested society and reminded us how quickly the “impossible” becomes normal when fear arrives. But the toughest periods are often the ones where markets become narrow and narratives become dominant, where you’re essentially told: there is only one way to invest, and if you disagree you’re an idiot. Those are dangerous moments.

The lesson? Don’t confuse a style cycle with your skill. Don’t become a weather vane. And don’t outsource your thinking to the mood of the market. Investors don’t need a manager who is brave when it’s easy; they need one who stays rational when it’s hard. They also need honesty about time horizons and liquidity.

To put it bluntly: you don’t save for tomorrow; you save for 20 years from now. If someone wants to treat their portfolio like an ATM, they should rather get a bank account. That’s not a moral statement. It’s just how long-duration compounding works.

I can recall two particularly challenging periods after the initial trials and tribulations of being a start-up. Start-ups are per definition exciting, uncertain and often chaotic times not depicted like that in the forgiving medium of PowerPoint.

The fast growth that follows a successful start-up is often extremely stressful and tests team spirit, culture and systems to the limit. From 1993 to 1998 we doubled every year. Those were good but hard years. The most challenging period we have faced to date was the period from the second half of 2022 when the Fed fund rates went up from 0.25% to 5.25% in a very short period of time.

This sucked capital back into the US from the rest of the world. This huge move in interest rates combined with the bull market in a highly concentrated US equity market left an extremely hostile environment for active investment management firms specialising in global and emerging markets. Thankfully conditions improved in 2025 and have subsequently become quite supportive.

When you look back, what achievement makes you most proud of Ninety One’s impact?

I’m proud of the people of Ninety One and forever thankful to our clients. Together we built a global firm from an emerging market starting point. To date, no other comparable firm has completed this journey from emerging markets start-up to competitor in the global mainstream.

I’m also proud that we’ve tried to be useful beyond returns, and I mean useful in a grown-up

way, not with slogans. We’ve tried to engage seriously on sustainability and the transition, and to do it with substance, not marketing. The world doesn’t need more green theatre; it needs capital allocated in a way that actually changes real outcomes. And in an institutional context, that links directly back to the intergenerational bargain: a dignified retirement for current savers and a functioning economy with employment opportunity for their offspring. That’s the real long-term objective.

Looking forward

How is the firm adapting to changes in technology, regulation, client expectations and geopolitics?

We’re adapting by accepting the obvious: the world is becoming more multipolar, more contested, and more regulated. At the same time, clients are more demanding, rightly so. Technology helps us scale insight and strengthen operational resilience, but it doesn’t absolve us from judgement. The services sector has been “Neanderthal” in places compared to the industrial world and there is huge efficiency to be unlocked through better data and better digital communication with sophisticated clients who don’t want a phone call; they want the numbers.

Regulation raises standards – disclosure, governance, alignment – and that’s not a bad thing if it improves trust. Geopolitics, meanwhile, is reshaping what “risk-free” even means, how supply chains work, how capital moves, and where opportunity will sit. We are living through the birthing pains of a new world order. You can see it in tariffs, alliances, and the competition of ideas. The point isn’t to predict headlines. It’s to build a firm that can think clearly through noise and keep clients focused on long-term outcomes.

Has AI fundamentally changed your business, or do you expect it to do so in the future? If so, how?

AI will change the how. It already is. It will make us faster at processing information, better at workflow and reporting, and probably more robust operationally. But it doesn’t change the essence of the job. Investing is still about framing the right questions, spotting where the consensus is lazy, and having the temperament to hold a view when it’s unpopular. And, to change your mind when the facts change.

There’s also a practical point for investment committees: in a world where “answers” are cheap, good judgement becomes more valuable, not less. Technology can help fund managers become more efficient and better equipped, but we are not trying to be a “fund managerless” firm. We think human judgement will remain central, and the competitive advantage will be culture, governance, and a coherent philosophy, not just tools.

In your opinion, what role will sustainability and responsible investing play in future growth?

It will be central, but only if we stop pretending it’s simple. The sustainability conversation sometimes drifts into moral theatre: lots of noise, not enough honesty. The real world is messy. Emerging markets can’t switch off coal tomorrow. People still need jobs, electricity, mobility, dignity. So the question is not “are you pro-sustainability?” Everyone is, in principle. The question is: will we fund a transition that is credible and fair, and that actually lowers real-world emissions over time?

From an investment perspective, that means pricing risk for the long term and mobilising capital for solutions, because there are profitable opportunities in financing the transition. It also means remembering who owns the money: we are custodians, not moral arbiters for every issue under the sun. Our duty is to help clients meet long-term objectives, and to do so in a way that recognises the long-term consequences of what we own and fund. If we get that balance right –substance over slogans - sustainability becomes not a constraint, but a source of long-term opportunity and relevance.

How are you developing future leaders to ensure continuity and relevance?

You don’t build leadership with a workshop once a year. You build it through apprenticeship, responsibility, and a culture that encourages debate without ego. We try to grow teams organically because tenure has value. Wisdom accumulates, judgement improves, and relationships deepen. At the same time, we have to protect the freedom to create that attracts strong investors and creative business builders. If you suffocate independent thinking, you might gain short-term conformity, but you will lose long-term edge.

Continuity comes from shared values and real alignment: an owner-led mindset. Relevance comes from curiosity and adaptability: leaders who aren’t frightened of change, because they’ve learned to treat change as the natural condition. That matters now more than ever, because committees and trustees are navigating complexity: regulation, transparency, technology, geopolitics, sustainability. All at once. You need leaders who can hold complexity without losing the plot.

Hendrik, at Ninety One’s 50th anniversary, what would you like the firm to be remembered for?

It is not for me to dictate this. I will most likely be on my farm at that stage. Let me tell you what I dream about. I’d like us to be remembered for building something that endured, not just a successful company, but a useful one. A firm that delivered for clients through different regimes, that didn’t become hollow as it got bigger, and that kept its integrity when it would have been easy to drift.

And I’d like us to be remembered for understanding the difference between talking about a better future and investing in one.

The intergenerational bargain matters: we should be allocating capital sensibly in order to sustain future economic activity. This means adequate returns for a dignified retirement, and an economy capable of providing employment opportunity for savers’ children and grandchildren. If, at 50, people recognise Ninety One for contributing to better investment outcomes for their clients, better careers for their people, and a better tomorrow for the societies in which we operate, those of us who started Ninety One will be grateful.

The conversation reflects a business grounded in strong principles and long-term thinking. As Ninety One celebrates this milestone, it does so with pride in its history and confidence in the road ahead. I extend my sincere congratulations to Hendrik and the entire Ninety One team on reaching 35 years of achievement and impact.

SA Balanced Manager WatchTM Survey – Best Investment View

Objective: The portfolios are balanced (i.e. multiple asset class) portfolios subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only.

SA Balanced Manager Watch™ Survey – Best Investment View

Objective: The portfolios are balanced (multi-asset class) portfolios subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only. These portfolios represent the managers’ best investment view.

General information

SA Balanced Manager WatchTM Survey – Best Investment View

Objective: The portfolios are balanced (i.e. multiple asset class) portfolios subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only. These portfolios represent the managers’ best investment view.

Investment Data to the end of December for the past 5 Calendar years

Global Balanced Manager Watch™ Survey – Dynamic

Objective: The portfolios are balanced (multi-asset class) portfolios subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to maximise long-term (more than 5 years) capital growth. This may lead to volatility of returns in the short term (less than one year).

Range of returns of the Global Dynamic Investable Universe for the periods ending 31 December 2025

Global Balanced Manager Watch™ Survey – Dynamic

Objective: The portfolios are balanced (multi-asset class) portfolios subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to maximise long-term (more than 5 years) capital growth. This may lead to volatility of returns in the short term (less than one year).

Global Balanced Manager Watch™ Survey – Dynamic

Objective: The portfolios are balanced (i.e. multiple asset class) portfolios subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are have exposure to both global and local assets. These statistics represent the various categories that portfolios are represented in but only for those managers that are open to new investments.

Investment Data to the end of December for the past 5 Calendar years

* No performance history

Global Balanced Manager WatchTM Survey – Best Investment View

Objective: The portfolios are balanced (multi-asset class) portfolios subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers’ best investment view.

Range of Returns of the Global Best Investment View Investable Universe for the periods ending 31 December 2025

Return Statistics (Investable)

Global Balanced Manager Watch™ Survey – Best Investment View

Objective: The portfolios are balanced (multi-asset class) portfolios subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers’ best investment view.

General information

Momentum Investments Classic Factor 6 N/A Pooled Partial Y

42.5% FTSE/JSE Capped SWIX , 15% ALBI, 13% STeFI, 4% FTSE/JSE SA Listed Property , 20% MSCI WRLD

Global Balanced Manager Watch™ Survey – Best Investment View

Objective: The portfolios are balanced (i.e. multiple asset class) portfolios with exposure to global and local assets. subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers’ best investment view.

No performance history

Global Balanced Manager Watch™ Survey – Best Investment View

Objective: The portfolios are balanced (multi-asset class) portfolios with exposure to global and local assets. subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers’ best investment view.

Investment Data to the end of December for the past 5 Calendar years

No performance history

Global Balanced Manager Watch™ Survey – Conservative

Objective: The portfolios are balanced (i.e. multiple asset class) portfolios with exposure to both global and local assets. subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to minimise the probability of short-term (i.e. less than one year) capital loss while targeting long-term (i.e.more than five years) capital return.

Time is the greatest gift of all.

Global Balanced Manager Watch™ Survey – Conservative

Objective: The portfolios are balanced (i.e. multiple asset class) portfolios with exposure to both global and local assets. subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to minimise the probability of short-term (i.e. less than one year) capital loss while targeting long-term (i.e.more than five years) capital return.

information

FTSE/JSE Capped SWIX , 28% ALBI, 26% STeFI, 2.5% FTSE/JSE SA Listed Property , 17% MSCI WRLD (SEI), 5% WGBI, 1.5% D-FTSE EPRA/NAREIT Dev_Mstar GBP

Capped

23.5% ALBI, 18% STeFI, 3% FTSE/JSE SA Listed Property, 18% MSCI WRLD (SEI), 3.5% WGBI, 2% D-FTSE

Global Balanced Manager Watch™ Survey – Conservative

Objective: The portfolios are balanced (i.e. multiple asset class) portfolios with exposure to both global and local assets. subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to minimise the probability of short-term (i.e. less than one year) capital loss while targeting long-term (i.e.more than five years) capital return.

Data to the end of December 2025 – Performance Data

Investment Data to the end of December for the past 5 Calendar years

SA Balanced Manager Watch™ Survey – Best Investment View Risk

Objective: The portfolios are balanced (i.e. multiple asset class) portfolios subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and are confined to investing in South Africa only. These portfolios represent the managers’ best investment view.

Global Balanced Manager Watch™ Survey – Dynamic Risk

Objective: The portfolios are balanced (i.e. multiple asset class) portfolios with exposure to both global and local assets. subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to maximize long-term (i.e. more than 5 years) capital returns. This may lead to volatility of returns in the short-term (i.e. less than one year).

Global Balanced Manager Watch™ Survey – Best Investment View Risk

Objective: The portfolios are balanced (i.e. multiple asset class) portfolios with exposure to global and local assets. subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and represent the managers’ best investment view.

Global Balanced Manager Watch™ Survey – Conservative Risk

Objective: The portfolios are balanced (i.e. multiple asset class) portfolios subject to the restrictions imposed by Regulation 28 of the Pension Funds Act and aim to minimise the probability of short-term (i.e. less than one year) capital loss while targeting long-term (i.e. more than five years) capital growth.

SA and Global Manager Watch™ – Volatility vs Return

Volatility vs Return Scatterplot – SA Best Investment View 3 years ended 31 December 2025

Volatility vs Return Scatterplot – Global Best Investment View 3 years ended 31 December 2025

Global Balanced Manager Watch™ – Conservative and Dynamic

– Volatility vs Return

Volatility vs Return Scatterplot – Global Conservative 3 years ended 31 December 2025

Volatility vs Return Scatterplot – Global Dynamic 3 years ended 31 December 2025

Composite Dispersion of SA Balanced Manager WatchTM Managers

Composite Dispersion of Global Balanced Manager WatchTM Managers

SA Equity Manager Watch™ Survey

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

Range of Returns of the SA Equity Total Investable Universe for the periods ending 31 December 2025

Return Statistics (Investable)

of Participants

Benchmarks of Portfolios in the equity survey as a percentage of the Survey

SA Equity Manager Watch™ Survey

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

SA Equity Manager Watch™ Survey (continued)

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

SA Equity Manager Watch™ Survey

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

General information

SA Equity Manager Watch™ Survey

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

SA Equity Manager Watch™ Survey (continued)

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

No performance history

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SA Equity Manager Watch™ Survey

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

FTSE/JSE

Indices &

SA Equity Manager Watch™ Survey

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

Investment Data to the end of December for the past 5 Calendar years

Indices

* No performance history

SA Equity Manager Watch™ Survey

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

Investment Data to the end of December for the past 5 Calendar years

No performance history

SA Equity Manager Watch™ Survey

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

Investment Data to the end of December for the past 5 Calendar years

* No performance history

SA Equity Manager Watch™ Survey

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

Investment Data to the end of December for the past 5 Calendar years

SA Equity Manager Watch™ Survey

Objective: The portfolios included in this survey represent specialist active actual equity portfolios with various benchmarks. No carve-outs are reflected.

Investment Data to the end of December 2025 – Performance

Due to differing benchmarks, the portfolios below are

* No performance history

Data

and

SA Equity Manager Watch™ Survey

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

Investment Data to the end of December 2025 – Risk vs Return

* No performance history

SA Equity Manager Watch™ Survey Risk

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

SA Equity Manager Watch™ Survey Risk (continued)

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

to the end of December

SA Equity Manager Watch™ Survey Risk (continued)

Objective: The portfolios included in this survey represent specialist active equity portfolios with various benchmarks. No carve-outs are reflected.

SA Equity Manager Watch™ Survey – Volatility vs Return

vs Return Scatterplot on SA Equity Managers – Not Benchmark Cognisant 3 years ended 31 December 2025

(p.a.) (Standard

Composite Dispersion of SA Equity Manager Watch™ Survey

1 Year to 31 December 2025

Benchmark Cognisant

Vunani Active Capped SWIX

Terebinth Capped SWIX Composite

STANLIB Enhanced Multi Style Equity

Satrix Momentum Equity SIM Moderate Equity

Prescient Core Capped SWIX Equity

Old Mutual Fundamental Equity OMIG Managed Alpha

Mianzo Active Equity Composite CAPI

Mianzo Active Equity Composite

Mergence Capped SWIX Mergence SWIX

M&G Houseview Equity M&G Select Equity Mergence CAPI

Composite Dispersion of SA Equity Manager Watch™ Survey

1 Year to 31 December 2025

Not Benchmark Cognisant

* Data not available

SA Bond Manager Watch™ Survey

Objective: The portfolios included in this survey represent specialist bond portfolios with ALBI as their benchmark and have an effective modified duration mandate of ±2 years around the ALBI. This survey also include the following two categories: inflation linked bonds and flexible bonds-income.

Range of Returns of the Specialist Bond Universe for the periods ending 31 December 2025

Return Statistics (Investable)

SA Bond Manager Watch™ Survey

Objective: The portfolios included in the specialist bond category of this survey represent portfolios with ALBI as their benchmark and have an effective modified duration mandate of ±2 years around the ALBI. The participants in the flexible bond and inflation linked bond categories represent portfolios with various benchmarks.

General information

SA Bond Manager Watch™ Survey

Objective: The portfolios included in the specialist bond category of this survey represent portfolios with ALBI as their benchmark and have an effective modified duration mandate of ±2 years around the ALBI. The participants in the flexible bond and inflation linked bond categories represent portfolios with various benchmarks.

SA Bond Manager Watch™ Survey (continued)

Objective: The portfolios included in the specialist bond category of this survey represent portfolios with ALBI as their benchmark and have an effective modified duration mandate of ±2 years around the ALBI. The participants in the flexible bond and inflation linked bond categories represent portfolios with various benchmarks.

* No performance history

SA Bond Manager Watch™ Survey

Objective: The portfolios included in the specialist bond category of this survey represent portfolios with ALBI as their benchmark and have an effective modified duration mandate of ±2 years around the ALBI. The participants in the flexible bond and inflation linked bond categories represent portfolios with various benchmarks.

Investment Data to the end of December for the past 5 Calendar years

Specialist Bonds Statistics

SA Bond Manager Watch™ Survey (continued)

Objective: The portfolios included in the specialist bond category of this survey represent portfolios with ALBI as their benchmark and have an effective modified duration mandate of ±2 years around the ALBI. The participants in the flexible bond and inflation linked bond categories represent portfolios with various benchmarks.

Investment Data to the end of December 2025

No performance history

SA Bond Manager Watch™ Survey Risk

Objective: The portfolios included in the specialist bond category of this survey represent portfolios with ALBI as their benchmark and have an effective modified duration mandate of ±2 years around the ALBI. The participants in the flexible bond and inflation linked bond categories represent portfolios with various benchmarks.

SA Bond Manager Watch™ Survey Risk (continued)

Objective: The portfolios included in the specialist bond category of this survey represent portfolios with ALBI as their benchmark and have an effective modified duration mandate of ±2 years around the ALBI. The participants in the flexible bond and inflation linked bond categories represent portfolios with various benchmarks.

SA Bond Manager Watch™ Survey

SA Bond Manager Watch™ Survey (continued)

Composite Dispersion of SA Bond Manager Watch™ Survey

1 Year to 31 December 2025

Composite Dispersion of SA Bond Manager Watch™ Survey

1 Year to 31 December 2025

Data not available

SA Money Market Manager Watch™ Survey

Objective: The portfolios in this survey represent short-term debt securities that are highly marketable and trade in large denominations.

SA Money Market Manager Watch™ Survey

Objective: The portfolios in this survey represent short-term debt securities that are highly marketable and trade in large denominations.

Investment Data to the end of December 2025

SA Money Market Manager Watch™ Survey

Objective: The portfolios in this survey represent short-term debt securities that are highly marketable and trade in large denominations.

Investment Data to the end of December 2025

No performance history

SA Money Market Manager Watch™ Survey Risk

Objective: The portfolios in this survey represent short-term debt securities that are highly marketable and trade in large denominations.

Volatility vs Return

SA Money Market Manager Watch™ Survey

Volatility vs Return Scatterplot on Money Market Managers (up to 90 day duration) – 3 Years ended 31 December 2025

Coronation Strategic Cash*

27four Money Market Fund Allan Gray Money Market Fund

Ashburton Corporate Money Market Composite

Money Market Composite

Symmetry Money Market

Capital Link Partners Money Market Fund

Cash Fund

Corporate Money Market STANLIB Corporate Money Market Fund STANLIB Money Market Fund

Prowess Money Market Fund

Mutual Money Market Fund Prescient Corporate Money Market Composite

Futuregrowth Core Money Market Composite M&G Money Market Fund

Mutual Corporate Money Market Fund

Money Market Fund Momentum AM Money Market Nedgroup Investments Corporate Money Market Fund Nedgroup Investments Money Market Fund Ninety One Corporate Money Market Fund

One Money Market Fund

Sygnia Money Market Fund

Forbes Investments

Volatility vs Return Scatterplot on Money Market Managers (91–180 day duration) – 3 Years ended 31 December 2025

Income Fund Mianzo Money Market Fund Momentum AM Enhanced Yield

Ashburton Enhanced Money Market Composite Balondolozi Cash Fund

Taquanta Cash Fund Terebinth Cash Plus Composite Volantis Enhanced Money Market Fund

Nedgroup Investments Core Income Fund Ninety One Money Fund

Prescient Yield Quantplus Composite

Prowess 180 Day Money Market Fund

Cash Enhanced STANLIB Enhanced Yield Fund

Futuregrowth 180 Day Enhanced Money Market Composited

Cash Plus

Enhanced Money Market Fund

Volatility (p.a.) (Standard Deviation) Volatility (p.a.) (Standard Deviation)

SA Money Market Manager Watch™ Survey

Objective: The portfolios in this survey represent short-term debt securities that are highly marketable and trade in large denominations.

Investment Data to the end of December for the past 5 Calendar years

Composite Dispersion of SA Money Market Manager Watch™ Survey

1 Year to 31 December 2025

Maximum duration up to 90 days

Maximum duration from 91–180 days

Absolute Return Manager Watch™ Survey

Objective: The portfolios in this survey comply with Regulation 28 and represent products targeted at real returns with a CPI objective.

Absolute Return Manager Watch™ Survey

Objective: The portfolios in this survey comply with Regulation 28 and represent products targeted at real returns with a CPI objective.

Absolute Return Manager Watch™ Survey

Objective: The portfolios in this survey comply with Regulation 28 and represent products targeted at real returns with a CPI objective.

Absolute Return Manager Watch™ Survey Risk

Objective: The portfolios in this survey comply with Regulation 28 and represent products targeted at real returns with a CPI objective.

* No performance history # Inflation figures in this table are lagged by one month Investment Data to the end of December 2025

Absolute Return Manager Watch™ Survey Risk (continued)

Objective: The portfolios in this survey comply with Regulation 28 and represent products targeted at real returns with a CPI objective.

Absolute Return Manager Watch™ Survey

Absolute Return Manager Watch™ Survey (continued)

vs

Scatterplot for Absolute

Managers – All categories for the 3 Years ended 31 December 2025

Composite Dispersion of Absolute Return Manager Watch™ Survey

Composite Dispersion of Absolute Return Manager Watch™ Survey

Targeted Development Investments Manager Watch™ Survey

Objective: The purpose of the TDI Manager WatchTM survey is to provide clients, trustees, consultants and asset managers with objective and meaningful performance and risk comparisons within SA TDI mandates.

Investment data to the end of December 2025 – Performance Data

# Inflation figures in this table are lagged by one month

Targeted Development Investments Manager Watch™ Survey

Objective: The purpose of the TDI Manager WatchTM survey is to provide clients, trustees, consultants and asset managers with objective and meaningful performance and risk comparisons within SA TDI mandates.

Investment Data to the end of December for the past 5 Calendar years

# Inflation figures in this table are lagged by one month

Targeted Development Investments Manager Watch™ Survey

Volatility vs Return – TDI Balanced, Equity, Absolute, Alternative & Property Portfolios 3 years ended 31 December 2025

Volatility vs Return – TDI Fixed Interest Portfolios 3 years ended 31 December 2025

Fund of Hedge Funds Manager Watch™ Survey

Objective: The portfolios in this survey show the performance of fund of hedge fund managers. FoHF managers select a number of underlying single hedge fund managers to provide diversification across a range of alternative strategies.

Investment Data to the end of December 2025

*No performance history.

# Inflation figures in this table are lagged by one month

Fund of Hedge Funds Manager Watch™ Survey

Objective: The portfolios in this survey show the performance of fund of hedge fund (FoHF) managers. FoHF managers select a number of underlying single hedge fund managers to provide diversification across a range of alternative strategies.

Investment Data to the end of December 2025 – Quantitative Analysis

SA Property Manager Watch™ Survey

Objective: The purpose of this survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA property mandates.

SA Property Manager Watch™ Survey

Objective: The purpose of this survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA property mandates.

Data to the end of December 2025

SA Property Manager Watch™ Survey Risk

Objective: The purpose of this survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA property mandates.

Composite Dispersion of SA Property Watch™ Survey

Multi-Manager Watch™ Survey (Balanced Mandates)

Fixed Asset Allocation: Managers included in the survey typically make use of fixed asset allocations, which means that they balance the asset allocation back to the strategic long-term asset allocation target (from time to time, according to predefined strategies) with no intention to enhance returns from an asset allocation point of view. However, while some of these managers adhere rigidly to these fixed asset allocations, others may allow these allocations to drift slightly within certain margins.

Strategic Asset Allocation: Although managers included in the survey may have long-term strategic asset allocation targets, they actively manage the asset allocation in an attempt to enhance returns. The different categories above (Low Volatility, Best Investment View and Dynamic) represent the different risk profiles of the funds. The Low Volatility category represents the manager’s most conservatively managed portfolio while the Dynamic category represents the manager’s most aggressively managed portfolio, according to the manager’s discretion.

No performance history

Multi-Manager Watch™ Survey (Balanced Mandates)

Fixed Asset Allocation: Managers included in the survey typically make use of fixed asset allocations, which means that they balance the asset allocation back to the strategic long-term asset allocation target (from time to time, according to predefined strategies) with no intention to enhance returns from an asset allocation point of view. However, while some of these managers adhere rigidly to these fixed asset allocations, others may allow these allocations to drift slightly within certain margins.

Strategic Asset Allocation: Although managers included in the survey may have long-term strategic asset allocation targets, they actively manage the asset allocation in an attempt to enhance returns. The different categories above (Low Volatility, Best Investment View and Dynamic) represent the different risk profiles of the funds. The Low Volatility category represents the manager’s most conservatively managed portfolio while the Dynamic category represents the manager’s most aggressively managed portfolio, according to the manager’s discretion. Investment Data to the end of December 2025

Multi-Manager Watch™ Survey (Balanced Mandates)

Multi-Manager Watch™ Survey Risk (Balanced Mandates)

Fixed Asset Allocation: Managers included in the survey typically make use of fixed asset allocations, which mean that they balance the asset allocation back to the strategic long-term asset allocation target (from time to time, according to predefined strategies) with no intention to enhance returns from an asset allocation point of view. However, while some of these managers adhere rigidly to these fixed asset allocations, others may allow these allocations to drift slightly within certain margins.

Strategic Asset Allocation: Although managers included in the survey may have long-term strategic asset allocation targets, they actively manage the asset allocation in an attempt to enhance returns. The different categories above (Low Volatility, Best Investment View and Dynamic) represent the different risk profiles of the funds. The Low Volatility category represents the manager’s most conservatively managed portfolio while the Dynamic category represents the manager’s most aggressively managed portfolio, according to the manager’s discretion.

Investment Data to the end of December 2025 – Volatility vs Return

Inflation figures in this table are lagged by one month.

Multi-Manager Watch™ Survey (Balanced Mandates)

Excess Return vs Tracking Error Scatterplot – Multi-Managers Fixed & Strategic Asset Allocation

3 Years ended 31 December 2025

Alexander Forbes Medium Growth

Nedgroup Investments XS Guarded Fund of Funds

Symmetry 1-3

Alexander Forbes High Medium Growth

Mentenova Wealth Protector PPS Conservative FoF

Alexander Forbes Investments (Conserver)

Sygnia Signature 70 Pro Fund

27four CPI+3% Fund

Alexander Forbes High Growth

27four CPI+5% Fund

27Four CPI +7% Fund

Sygnia Signature 40 Fund

PPS Balanced FoF

Sygnia Signature 50 Fund

Sygnia Signature 60 Fund

Alexander Forbes Investments (Performer)

Sygnia Signature 70 Fund

SMM Select Balanced Fund

Momentum Investments Flexible Factor 6

Symmetry Managed

STANLIB Multi Manager Balanced Fund

Mentenova Wealth Builder

Momentum Investments Flexible Factor 7

Momentum Investments Enhanced Factor 7

Momentum Investments Enhanced Factor 6

Alexander Forbes Investments Accelerator

Sygnia Synergy 70 Pro Fund

Weaver BCI Moderate FoF

Symmetry Max 28

Sygnia Synergy 70 Fund

Symmetry 3-5

STANLIB Multi-Manager Defensive Balanced Fund

Symmetry 5-7

(p.a) Active Risk (p.a) (tracking error)

Momentum Investments Enhanced Factor 5 PPS Moderate FoF

Mentenova Wealth Stabiliser

Momentum Investments Classic Factor 6

Momentum Investments Classic Factor 7

Sanlam Wealth Creation

Momentum Investments Classic Factor 5

SMM 50

SMM 70

Sanlam Accumulation Fund

Momentum Investments Enhanced Factor 4

Alexander Forbes Medium Conservative Growth

Alexander Forbes Conservative Growth

Sanlam Living Planet Fund

Alexander Forbes Investments (Spectrum)

Multi-Manager Watch™ Survey (Balanced Mandates

Multi-Manager Watch™ Survey Risk (Specialist Mandates)

Multi-Manager Watch™ Survey (Specialist Mandates)

Volatility vs Return Scatterplot - Multi-Managers Equity – 3 Years ended 31 December 2025

Volatility vs Return Scatterplot - Multi-Managers Bonds and Money Market – 3 Years ended 31 December 2025

Return

Multi-Manager Watch™ Survey (Specialist Mandates)

Excess Return vs Tracking Error Scatterplot - Multi-Managers Equity 3 Years ended 31 December 2025

Excess Return vs Tracking Error Scatterplot - Multi-Managers Bonds and Money Market - 3 Years ended 31 December 2025

Multi-Manager Watch™ Survey (Specialist Mandates)

Volatility vs Return Scatterplot - Multi Managers Absolute Return funds 3 Years ended 31 December 2025

Excess Return vs Tracking Error Scatterplot - Multi Managers Absolute Return funds 3 Years ended 31 December 2025

SA Medical Aid Manager WatchTM Survey

Objective: The portfolios in this survey are targeted at medical aids and are bound by the restrictions imposed by Regulation 30 of the Medical Schemes Act

We combine a rigorous quality overlay with a preference for attractively priced investments that we believe will deliver real value to our clients. We search high and low to find these opportunities. Looking in less crowded markets, for the overlooked, undervalued or sadly-neglected gems others missed. Finally, we blend these assets into robust and carefully considered portfolios that offer valuable diversification benefits. Then, and only then, do we consider it a ‘good’ investment.

Partner with the Big Picture Thinkers today. Speak to your financial adviser, call 0860 000 368 or email wealth@psg.co.za. www.psg.co.za/asset-management

0800 600 168.

SA Medical Aid Manager WatchTM Survey

Objective: The portfolios in this survey are targeted at medical aids and are bound by the restrictions imposed by Regulation 30 of the Medical Schemes Act

# Inflation figures in this table are lagged by one month.

BEE Manager Watch™ Survey – Performance Figures

Objective: The purpose of the BEE Manager Watch™ survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA BEE asset managers.

BEE Manager Watch™ Survey – Performance Figures (continued)

Objective: The purpose of the BEE Manager Watch™ survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA BEE asset managers.

* No performance history #Inflation figures in this table are lagged by one month. Investment Data to the end of December 2025

BEE Manager Watch™ Survey – Performance Figures (continued)

Objective: The purpose of the BEE Manager Watch™ survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA BEE asset managers.

SWIX, 24.5% Capped SWIX, 2% STeFI, 10% ALBI, 6% BSAGI, 8% Property, 21% MSCI World, 4% Barclays Aggr Bond Index

BEE Manager Watch™ Survey – Performance Figures (continued)

Objective: The purpose of the BEE Manager Watch™ survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA BEE asset managers.

Data to the end of December 2025

BEE Manager Watch™ Survey – Performance Figures (continued)

Objective: The purpose of the BEE Manager Watch™ survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA BEE asset managers.

BEE Manager Watch™ Survey – Performance Figures (continued)

Objective: The purpose of the BEE Manager Watch™ survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA BEE asset managers.

BEE Manager Watch™ Survey – Performance Figures (continued)

Objective: The purpose of the BEE Manager Watch™ survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA BEE asset managers.

Investment Data to the end of December 2025

BEE Manager Watch™ Survey – Empowerment Details

Objective: The purpose of the BEE Manager Watch™ survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA BEE asset managers.

BEE Manager Watch™ Survey – Empowerment Details (continued)

Objective: The purpose of the BEE Manager Watch™ survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA BEE asset managers.

BEE Manager Watch™ Survey – Empowerment Details - Female

Objective: The purpose of the BEE Manager Watch™ survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA BEE asset managers.

BEE Manager Watch™ Survey – Empowerment Details - Female (continued)

Objective: The purpose of the BEE Manager Watch™ survey is to provide clients, consultants and asset managers with objective and meaningful performance and risk comparisons across SA BEE asset managers.

The Secret is out.

South African Manager of the Year • Best Interest-bearing Fund

A significant milestone for your investments

For more than 25 years, Alexforbes has quietly managed the retirement savings and investments of millions of South Africans with a clear philosophy: disciplined risk management, consistent investment decisions and strong governance.

This year, that philosophy was recognised at the highest level.

At the 2025 Raging Bull Awards, Alexforbes Investments was named South African Manager of the Year, the industry’s highest honour. We also received the award for Best South African Interest bearing Fund on a five-year risk adjusted basis for our interest-bearing portfolio: AF Investments Superior Yield Unit Trust.

Now in its 30 th year, the Raging Bull Awards are widely regarded as the benchmark of excellence in South Africa’s collective investment industry. Winners are determined through rigorous, independent analysis that rewards consistency, resilience and disciplined performance across market cycles.

What this recognition represents

These awards are not about short-term performance or market timing. They recognise sustained, risk-adjusted outcomes delivered through robust process and long-term focus.

For institutional clients, this reinforces the value of partnering with a professionally governed, institutionally managed investment platform trusted by some of the country’s largest corporates.

For individual investors, it confirms that your capital and discretionary investments are managed with the same institutional rigour, discipline and accountability.

A proud milestone in our evolution

This milestone reflects not only our heritage in retirement fund management, but our continued evolution as a leading investment destination in South Africa. The same institutional strength we provide to some of the country’s largest funds, is exactly what makes Alexforbes the right home for the personal savings of all South Africans.

We have always believed that disciplined thinking and consistent execution matter more than noise. It is gratifying to see that belief recognised at the highest level.

Thank you for your continued trust in Alexforbes Investments. We look forward to continuing to partner with you as your investment destination of choice.

Future-ready Islamic investing: A 30-year Shariah-compliant framework

By Abdul Davids, Camissa Asset Management

Convergence in the rear-view mirror

Thirty years ago, Shariah investing was viewed as restrictive, yet today it increasingly aligns with mainstream approaches to sustainability and long-term value creation. Principles such as prohibiting excessive corporate leverage and speculation, prioritising real economic activity and considering social impact are now recognised as forward-thinking by mainstream investors. We examine the foundational principals of Shariah-compliant investing, it’s performance across equity and Sukuk markets, the critical relationship between leverage and downside protection, and its forward-looking prospects over the next three decades.

Islamic finance has become a global force, with assets reaching $5.98 trillion in 2024 and projected to exceed $9.7 trillion by 20291, reshaping capital allocation worldwide. Its appeal extends well beyond religious obligation. By mandating low leverage, prohibiting speculative excess and requiring tangible asset backing, Shariah screening enforces the same prudent disciplines that conventional investors associate with quality factor investing. In an era of elevated debt and aggressive financial engineering, these structural safeguards have delivered measurable improvements in risk-adjusted returns.

Foundational

principles

Shariah-compliant investing follows Islamic law by enforcing ethical, social and economic rules for capital use. It prohibits Riba (interest), requiring returns through profit-sharing, assetbacked deals or cost-plus transactions. Gharar (excessive uncertainty) is also impermissible, excluding speculative instruments and complex derivatives. Strict financial screening by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) limits company debt-to-market capitalisation or debt-to-total-assets to 30–33% (AAOIFI standards) — reducing exposure to highly leveraged firms and interest-rate risks.

Performance: Constrained or competitively advantaged?

Shariah strategies have long faced scepticism based on the premise that restricting the investable universe must impair returns. However, the data tells a different story.

The S&P 500 Shariah Index comprises approximately 230 constituents that meet AAOIFI’s screening criteria. By excluding banks, insurers and highly indebted firms, the index exhibits higher exposure to technology, healthcare and consumer-oriented sectors.

As shown below, Shariah indices outperformed in six of seven years. The 2022 exception reflected rising interest rates, which triggered selloffs in technology shares and disproportionately affected growth-oriented Shariah portfolios. Even then, the absence of bank stocks — which suffered significant unrealised bond losses culminating in the Silicon Valley Bank collapse — provided important downside mitigation. In 2025, major Shariah exchange traded funds (ETFs)2 continued outperforming, with top performers delivering 26.37% versus the S&P 500’s 17.72%.

Total annual returns: Shariah vs conventional (2019-2025)

The Sukuk market: Fixed-income growth

Sukuk — Islamic bonds representing ownership in tangible assets rather than conventional debt — have experienced exceptional growth. The global market surpassed $1 trillion in outstanding issuances in 2025, with annual issuance reaching a record $264.8 billion, up from $234.9 billion in 2024.

Several structural factors underpin this expansion: GCC countries’ financing needs for Vision 2030 and economic diversification, lower global rates making Sukuk issuance cost-effective and foreign-currency Sukuk volumes doubling since 2021 as international appetite broadens.

From a credit perspective, Sukuk markets demonstrate notable stability. According to Fitch ratings, 93.6% of Sukuk issuers maintained stable outlooks in 2023, while defaulted Sukuks accounted for just 0.2% of outstanding issuance — remarkably low by any fixed-income standard.

The leverage advantage: Balance sheets still matter

The Shariah requirement that debt remain below 3033% of market capitalisation or total assets is not theology, but rather prudent risk management, delivering measurable advantages across every major dislocation.

Research from Stern Value Management confirms operating, financial and total leverage correlate negatively with shareholder returns during crises: -0.58, -0.51 and -0.60 respectively. The mechanism is straightforward: highly leveraged companies face rising interest costs, tightening credit and diminishing ability to service debt. Firms with conservative balance sheets retain operational flexibility, continue investing through downturns and avoid distressed-debt spirals. As highlighted below, companies with low leverage outperformed highly levered companies by a substantial margin during the global financial crisis as well as the Covid-19 pandemic period.

Looking ahead thirty years, this advantage is likely to intensify. Ultra-loose monetary policy is ending, fiscal constraints are tightening across developed markets and the green transition requires massive capital deployment. In this environment, self-funding growth, weathering volatility and avoiding refinancing risk is critical — not optional.

Shariah screening does more than avoid risk — it systematically excludes the most vulnerable companies before crises arrive. For South African retirement funds focused on member outcomes over three decades, this structural protection warrants serious consideration.

Forward-looking prospects

Several trends suggest that the relevancy of Shariah-compliant investing will strengthen over the next thirty years.

Geopolitical capital flows: Continued wealth accumulation across the Islamic world — Saudi Vision 2030, UAE diversification, Indonesia’s rising middle class, and Malaysia and Gulf expansion — represents capital pools exceeding $9.7 trillion by the close of the decade. South African managers with credible Shariah capabilities can access these flows.

ESG convergence: As ESG integration becomes standard, investors recognise that Shariah screening identifies sought characteristics such as sustainable business models, ethical practices, stakeholder consideration and long-term orientation. For South African retirement funds under Regulation 28’s sustainability requirements, Shariah compliance addresses similar concerns through a more time-tested framework. A 2023 Morningstar survey found 61% of sustainable fund investors perceive Islamic funds as inherently ESG aligned.

Technology positioning: Shariah’s exclusion of conventional financials and highly leveraged businesses results in a structural overweight in technology, healthcare and consumer sectors — industries poised to define the next three decades. Growth areas such as artificial intelligence (AI), biotechnology, clean energy and digital infrastructure are well-represented in Shariah indices. These companies are building the future, rather than extracting value from legacy positions.

Strength in simplicity: Shariah’s prohibition on complex derivatives and opaque structures shifts the focus toward businesses that generate returns through operational excellence. In a world where accounting complexity often obscures true business quality, the emphasis on simplicity and transparency is particularly valuable. As AI and other technologies complicate traditional valuation metrics, prioritising fundamental cash generation may become increasingly important.

Ancient principals, future-proof investing

The investment world of 2056 will demand frameworks capable of navigating uncertainty, identifying quality amid complexity and compounding wealth across cycles. Shariah-compliant investing offers precisely this — not as a constrained alternative, but as a robust approach stress-tested over centuries and refined through modern application.

For South African retirement funds focused on outcomes over thirty years, the question is not whether beneficiaries follow a particular faith.

About the author:

Abdul Davids is a Portfolio Manager at Camissa Asset Management, where he has managed Shariah-compliant funds since 2009. He holds a BCom (Accounting) and is a CFA charter holder with over 25 years’ investment experience.

Rather, it is whether principles rooted in Islamic finance — avoiding excessive leverage, emphasising tangible value creation and prioritising long-term sustainability — can serve all members well in an uncertain future.

The convergence we are witnessing is not Shariah investing becoming more like conventional finance. It is the investment world recognising that some of the oldest principles may, in fact, be the most forward-looking.

Camissa Asset Management is an independent, owner-managed investment firm with over R90 billion in assets under management. Camissa’s investment approach is contrarian, valuation-oriented and focused on delivering superior long-term performance through deep fundamental research.

Invest with confidence in a future we need.

Capital invested today shapes the world tomorrow.

That’s why institutional portfolios require breadth, structure, and intent.

Alternatives. Impact. Multi-manager. Structured Solutions. Indexation.

A complete institutional capability set, applied across mandates to support long-term economic and societal outcomes.

Explore our investment capabilities here:

Shari’ah Manager WatchTM Survey

Objective: The portfolios included in this survey represent Shari’ah compliant portfolios with various benchmarks. No carve-outs are reflected.

Shari’ah Manager WatchTM Survey

Objective: The portfolios included in this survey represent Shari’ah compliant portfolios with various benchmarks. No carve-outs are reflected.

Shari’ah Manager WatchTM Survey

Objective: The portfolios in this survey represent Shari’ah compliant portfolios with various benchmarks. No carve-outs are reflected.

Shari’ah Manager WatchTM Survey

Risk vs Return Scatterplot on Shari’ah Compliant Portfolios – Balanced and Equity mandates 3 Years ended 31 December 2025 Excess Return vs Tracking Error Scatterplot – Shariah Compliant Portfolios – Balanced and Equity Mandates 3 Years ended 31 December 2025

Camissa Islamic High Yield Fund Oasis Crescent Income Fund 27four Shari'ah Balanced Prescient FoFs

27four Shari'ah Multi-Managed Balanced Fund 27four Shari'ah Wealth Builder Fund

(p.a.) (Standard Deviation)

Crescent Balanced High Equity Oasis Crescent Balanced Progressive

Crescent Balanced Stable Old Mutual Shari'ah Balanced

Alexander Forbes Investments Shari'ah High Growth Alexander Forbes Investments Shari'ah Medium Growth

Shari’ah Equity Fund Camissa Islamic High Yield Fund Oasis Crescent Income Fund

Mazi Shari’ah Equity Fund

Sentio SCI Hikma Shari'ah Balanced SMM Nur Balanced Portfolio STANLIB Multi-Manager Shariah Balanced 27four Shari'ah Active Equity Camissa Islamic Equity Fund Element Islamic Equity

Crescent Equity Fund

SCI Hikma Shari'ah General Equity

Islamic Balanced Momentum Investments Shari’ah

Camissa Islamic Balanced Fund

CREATING WEALTH WITH PURPOSE

International Manager Watch™ Survey

Objective: The funds in this survey are comprised of actively managed global equities, global bonds and global cash. Currently retirement funds are allowed to invest up to 45% offshore, which includes exposure to Africa. Alexforbes use Morningstar monthly close when converting to South Africa Rands (ZAR).

Performance Data In Rands (R) to the end of December 2025

International Manager Watch™ Survey

Objective: The funds in this survey are comprised of actively managed global equities, global bonds and global cash. Currently retirement funds are allowed to invest up to 45% offshore, which includes exposure to Africa. Alexforbes use Morningstar monthly close when converting to South Africa Rands (ZAR).

Performance data in Rands (ZAR) to the end of December 2025

No performance history

International Manager Watch™ Survey

Objective: The funds in this survey are comprised of actively managed global equities, global bonds and global cash. Currently retirement funds are allowed to invest up to 45% offshore, which includes exposure to Africa. Alexforbes use Morningstar monthly close when converting to South Africa Rands (ZAR).

Risk vs Return (Calculated on 3 year performance returns)

International Manager Watch™ Survey

Objective: The funds in this survey are comprised of actively managed global equities, global bonds and global cash. Currently retirement funds are allowed to invest up to 45% offshore, which includes exposure to Africa. Alexforbes use Morningstar monthly close when converting to South Africa Rands (ZAR).

Risk vs Return (Calculated on 3 year performance returns)

International Manager Watch™ Survey

International Manager Watch™ Survey

Volatility vs Return Scatterplot - Global Bond 3 Years ended 31 December 2025

Excess Return vs Tracking Error Scatterplot - Global Bond 3 Years ended 31 December 2025

International Manager Watch™ Survey

Volatility vs Return Scatterplot - Global Property 3 Years ended 31 December 2025

(p.a.) (standard deviation)

Excess Return vs Tracking Error Scatterplot - Global Property 3 Years ended 31 December 2025

International Manager Watch™ Survey

International Manager Watch™ Survey (continued)

Namibia Manager Watch™ Survey

Objective: The purpose of the Namibia Manager WatchTM survey is to provide clients, trustees, consultants and asset managers with objective and meaningful performance and risk comparisons of portfolios within balanced and specialist mandates.

performance history

Namibia Manager Watch™ Survey

Objective: The purpose of the Namibia Manager WatchTM survey is to provide clients, trustees, consultants and asset managers with objective and meaningful performance and risk comparisons of portfolios within balanced and specialist mandates.

Namibia Manager Watch™ Survey

Objective: The purpose of the Namibia Manager WatchTM survey is to provide clients, trustees, consultants and asset managers with objective and meaningful performance and risk comparisons of portfolios within balanced and specialist mandates.

performance history

Namibia Manager Watch™ Survey - Combined Best Investment View

Investment Excellence. Proven Over Time.

Sasfin Asset Managers is now Otto1890, carrying forward over a century of heritage and expertise. Our new name reflects who we have always been: grounded in tradition yet focused on building for the future.

Successful investing demands more than conviction. It requires the judgement to take appropriate risk at the appropriate time and the discipline to hold steady when others do not.

Through a disciplined, repeatable process, our senior team delivers consistent, risk-adjusted outcomes across our full fund range. We take considered positions and provide complete transparency on how and why we invest.

Recognised as runner-up for Manager of the Year 2025 at the Raging Bull Awards - assessed on a risk-adjusted basis across all strategies.

Independently recognised. Institutionally trusted.

Namibia Manager Watch™ Survey - Combined Best Investment View

Risk vs Return Scatterplot on Best Investment View Namibia Manager Watch – 3 Years ended 31 December 2025

Africa Manager Watch™ Survey

Objective: The funds in this survey are comprised of actively managed African equity assets. Currently retirement funds are allowed to invest up to 45% offshore, which includes exposure to Africa. Alexforbes use Morningstar monthy close when converting to South Africa Rands (ZAR).

Performance Data In Rands (R) to the end of December 2025

Africa Manager Watch™ Survey

Objective: The funds in this survey are comprised of actively managed African equity assets. Currently retirement funds are allowed to invest up to 45% offshore, which includes exposure to Africa. Alexforbes use Morningstar monthy close when converting to South Africa Rands (ZAR).

Risk vs Return (Calculated on 3 year performance returns)

Africa Manager Watch™ Survey

Excess Return vs Tracking Error scatterplot - Including SA and Excluding SA 3 Years ended 31 December 2025

Mpho Molopyane Alexforbes Chief Economist

2026 Outlook clouded by Middle East War

Global key themes

The global economy started the year on a strong footing, however, the goldilocks outlook is challenged by the breakout of war in the Middle East.

Higher oil prices cascade into fuel and energy costs, which ultimately act as a tax on consumption, weighing on discretionary spending and overall GDP performance. The drag to growth can be further exacerbated by the monetary policy response.

The longer energy disruptions persist, the greater the likelihood that inflation remains sticky, monetary policy turns restrictive and growth slows more sharply than previously expected.

The deteriorating geopolitical backdrop saw financial markets give up some of their pre-war gains, with a risk of further losses if the war structurally shifts the macroeconomic regime to a stagflationary environment.

Local key themes

South Africa’s expectations of a continued improvement in growth, benign inflation environment, further rate cuts as well as debt stabilisation are being challenged by the war.

A weaker growth trajectory could weigh on tax revenue, unless the price of South Africa’s key export commodities (gold, platinum, iron ore and coal) also rise with higher oil prices.

A protracted war will stress test the South African Reserve Bank’s (SARB) new 3% inflation target.

Our analysis shows that inflation could surge to 5.8% in the adverse scenario, forcing the SARB to raise interests rates to anchor inflation expectations.

Prospects for the year 2026

The global economy started the year on a strong footing, following resilient performance in 2025. Expectations at the beginning of the year was that growth will continue to hold up, inflation will continue to ease and that central banks will continue to cut interest rates to some extent. This constructive macroeconomic backdrop was expected to provide support to markets.

However, the goldilocks outlook is challenged by the breakout of war in the Middle East. The coordinated US Israel strikes on Iran and the subsequent retaliation pose a significant risk to the global economy.

Key questions shaping the outlook

The primary transmission channel of the conflict to the global economy is through energy prices. The ongoing conflict has disrupted shipping flows through the Strait of Hormuz, which is a narrow passage accounting for about a quarter of global seaborne oil shipments and a fifth of liquefied natural gas. While some oil continues to move through the strait, higher insurance costs, missile attacks and logistical disruptions have brought traffic to a standstill, limiting alternatives to re-route flows.

Quantifying the supply shock

On 19 March, the Brent crude oil price surged by 49.9% to $109/bbl relative to pre-war levels. Despite this sharp increase, markets may still be underestimating the magnitude of the potential supply shock.

When Russia invaded Ukraine, the fear was that it would shave-off 3mbpd from global supply. The market’s reaction saw the oil price surge by 39% in the first three weeks to $127/bbl and stay above $100/bbl for five months, even though supply chains reconfigured and there was no actual shortage.

This time around, of the 20mbpd transiting through the Strait of Hourmuz, only about 3.3mbpd can be re-routed, while strategic reserves are likely to flow at about 3.3mbpd. This suggests that the market still has to contend with a 13.4mbpd shortfall if disruptions persist into the second quarter of the year. Prices could surge even higher as supply shortages become apparent in the physical market. According to the US Energy Information Administration, 84% of crude oil and 83% of the liquefied natural gas transported through the Strait of Hormuz in 2024 went to Asia.

To map out the impact on the global economy, we need to answer three key questions:

How long will the conflict last?

The duration remains highly uncertain, complicated by unclear objectives of the war and Iran’s determination to continue fighting even as the political ramifications of higher energy prices may make the US President seek an off-ramp.

How long will it take to stabilise shipping through the Strait of Hormuz? So far, disruptions appear set to persist for several weeks, if not months.

Will critical oil infrastructure suffer sustained damage? While damage has been limited, the risk of miscalculation has risen materially following the seizure of Kharg Island – which houses 90% of Iran’s exports. Moreover, Qatar has said that it will take five years to repair damaged facilities that make up 17% of their LNG exports.

The longer these uncertainties persist, the greater the risk that a temporary shock becomes a more permanent supply constraint.

Scenarios for the global economy

As it is difficult to tell how long the war will last and the type of the damage that will be sustained, we have mapped out scenarios to help us navigate this uncertain backdrop.

Higher oil prices spill directly into transport costs, which cascades into food prices as the majority of food is transported by road. Ultimately, higher fuel and energy costs act as a tax on consumption, weighing on discretionary spending and overall GDP performance. The drag to growth can be further exacerbated by the monetary policy response.

S1

Rapid de-escalation with higher oil supply

Oil falls to $50-55/bbl by end-2026

Faster global disinflation

Faster monetary policy easing

Stronger growth trend

S2

Short-lived conflict (de-escalation within a month)

Oil averages $90/bbl in March but reverts to $70/bbl by end-2026

The disinflation trend resumes after a temporary pause

Central banks delay further easing but do not reverse course

Growth remains broadly intact, though slightly more moderate

• If the shock is short lived, central banks are likely to look through the inflation spike and delay, rather than reverse, easing cycles. This means that the goldilocks outlook expected at the start of the year would be back on track.

• However, if elevated energy prices persist, policymakers may be forced to raise interest rates, even as growth weakens.

S3

Protracted conflict (lasting months)

Oil jumps to $129/bbl before tapering to $90/ bbl by end-2026

Inflation drifts above central bank targets The easing cycle ends Growth slows meaningfully, particularly in energy-importing regions like Europe and Asia

S4

Severe infrastructure damage

Oil surges to $148/bbl or more and remains above $100 till year-end

Inflation expectations rise

Central banks turn hawkish; tightening returns to the table

More pronounced slowdown, with energy importing regions facing a larger drag

What does this mean for South Africa?

South Africa’s expectations of a continued improvement in growth, a benign inflation environment, further rate cuts as well as debt stabilisation are being challenged by the war.

The month-to-date increase in international oil prices and currency weakness suggests that South African motorists face a steep increase in fuel prices in April, ranging from R4.43 to R4.94/l for petrol and R8.05 to R8.16/l for diesel. This means that households will need to divert discretionary spending to higher fuel costs or cut spending elsewhere. Higher fuel and energy costs

will also squeeze profit margins and weigh heavily on energy intensive sectors like manufacturing, mining and agriculture. Overall, a protracted conflict would lead to slower growth.

A weaker growth trajectory could weigh on tax revenue, unless the price of South Africa’s key export commodities (gold, platinum, iron ore and coal) also rise with higher oil prices. Meanwhile, government could come under pressure to cushion households from high fuel costs by cutting fuel levies and taxes.

The SARB’s 3% inflation target will be stress tested by the war

Most critically, and top of mind for most investors, is the inflationary impact of the war and implications for the SARB’s 3% target. At the beginning of the year, our expectation was that inflation would average 3.4% in 2026, enabling the SARB to cut the repo rate by 50 basis points (bps).

• In the rapid de-escalation scenario, inflation would be more benign, with the SARB likely easing by 75bps in 2026.

• In the short-lived conflict scenario, inflation would be marginally higher, but the SARB would be able to look through the temporary spike in inflation and resume easing in the second half of the year.

• In the protracted conflict scenario, we estimate inflation would average 4.1% for the year. This would end the SARB’s easing cycle, with the repo rate at 6.75%.

• In the severe infrastructure damage scenario, inflation is seen surging to 5.8% mid-year to average 4.6% in 2026 and remaining closer to the 4% upper tolerance level in 2027. In this scenario, we anticipate the SARB would raise interests rates, starting in the second half of 2026.

Bottom line

The global outlook for 2026 has become more uncertain. While growth has proven resilient and inflation was on a downward path, the Middle East war has reintroduced significant tail risks. The longer energy disruptions persist, the greater the likelihood that inflation remains sticky, monetary policy turns restrictive and growth slows more sharply than previously expected.

Financial markets at risk of further losses as the war drags on

The deteriorating geopolitical backdrop saw financial markets give up some of their pre-war gains, with traditional safe havens, such as gold, also on the backfoot as interest rate expectations have shifted. Markets could face further losses if the war structurally shifts the macroeconomic regime to a stagflationary environment. Similarly, should a ceasefire lead to a rapid de-escalation of the conflict and resumption of shipping through the Strait of Hormuz, then markets could rally as a risk-on environment resumes.

Overall, the environment calls for caution. Elevated volatility, shifting rate expectations and asymmetric downside risks argue for a more balanced and defensive stance, particularly as valuations in some risk assets remain stretched. In this environment, flexibility, diversification and a heightened focus on risk management will be critical.

The talent balance sheet: From social risk to investable opportunity

By Premal Ranchod, Head of Research

The dream

Imagine the South African asset management industry 30 years from now. Investment teams are deep, technically capable and globally competitive. Analysts arrive with strong foundations in mathematics, data science and finance. Hiring gazes beyond credentials to underlying thinking and judgement, while portfolio managers emerge through deliberate development pathways shaped by years of mentorship.

Firms compete not only on performance, but on the strength of their investment benches—the depth of analysts, the quality of debate in investment committees and the resilience of their talent pipelines.

Capital markets deepen as capability compounds, making South Africa a more compelling destination for long term capital.

In this future, diversity is visible but not the organising principle of hiring or promotion. Opportunity is universally accessible, and advancement is governed by transparent standards, technical qualifications, investment track records, risk discipline and the consistent ability to generate ideas. Representation emerges organically as the talent pipeline expands, rather than through compliance driven outcomes.

The reality

However, given the current realities, the above thinking could be considered utopian and foolish. A fair critique.

South Africa’s journey over the past three decades has been extraordinary in its scope and aspiration — yet deeply frustrating in its outcomes. Despite the end of apartheid and generations of transformation policies, the country still grapples with deeply entrenched inequalities in education, skills development and workforce readiness.

Within the local asset management industry, we find the following progress been made over a 15-year period based on an Alexforbes survey conducted in 2024. It sought to evaluate the race and demographic make of the local asset management industry. Specifically considering the roles within a firm navigating back office through to management.

Broadly:

Gender gaps widened as females’ journey beyond operations toward CEO.

At board level, balance improved toward the 30% mark of female representation across JSE listed companies and in asset management broadly.

The data indicates that meaningful transformation has taken place across the organisational pipeline, reflected in a clear redistribution of opportunities toward African talent at entry, analyst and operational levels. It also shows a gradual, measurable shift at senior leadership levels, more so at CEO level.

While there remains more that can be done, we could argue that the transfer of skills is pivotal, more so than optics and ownership levels.

On the topic of gender, most global surveys equate disparities to discrimination. It attributes career outcomes to factors such as weak mentorship, poor inclusivity or the motherhood penalty. These explanations have weight full stop.

There are two blind spots worth adding that explain disparity:

• The differing career preferences and role choices that both males and females pursue within the industry that led to their fields of employment.

• The assumption that every person is destined for greatness and promotion, just by representation. Industrial psychologists have drawn attention to a host of factors of significance beyond race or gender that leads to success. In short, the % male of female that achieve a pinnacle of their profession relative to their respective population size is stark.

A

look at the structural challenges before hiring can even be considered.

Structural challenges are not unique to finance or asset management — they reflect system wide limitations in human capital formation that take decades to repair. Using the below stark picture, it suggests that asset management has done well so far but runs a very real social risk.

South Africa’s investment talent pipeline narrows long before firms begin hiring. Weak mathematics and science outcomes at school level significantly limit the number of students able to pursue quantitatively demanding degrees, shrinking the pool of investment-ready graduates.

If the pipeline is structurally constrained upstream, the industry must ask whether redistributing opportunities within a limited pool is sufficient – or whether the more sustainable solution lies in expanding the pipeline itself and investing in capability development much earlier.

For the asset management industry, the implications are profound: the talent pipeline that feeds analysts, portfolio managers and investment leaders is constrained by upstream gaps in schooling, STEM achievement and workplace readiness.

If firms and regulators simply persist with performative criteria — hiring for optics rather than capability — the industry risks stagnating. The result is a capital flight or emigration phenomenon (across race or gender) as qualified professionals seek roles where hiring is based on their skill sets rather than race or gender scorecards. Another obvious reason for “brain drain” are ESG failures within South Africa where the current environment is susceptible to climate risks or water security (E); inequality (S) and poor governance (G).

The solution

When one reflects on this plight, it becomes necessary to frame the issue and ask whose responsibility is it to fight social policy or address social risks? Surely making moral judgements is not the domain of the asset management industry. One could argue the spectrum of morals is as long as a piece of string, and therefore whose standard is the correct one to measure progress by. Government? corporate sector? yours? mine? morality police?

I seek to counter this problem, by reminding us that the history of capital allocation shows that progress rarely comes from rewarding conformity. Reward comes from three things:

Scalable ideas

Demonstrated capability Independent thinking

Below are five interlinked steps asset managers can take today to benefit the industry tomorrow — designed to shift focus from short term representation to long term talent strength.

Early pipeline development

(Grass roots initiatives using your skilled talent)

Objective:

Encourage the industry and its associations to support earlier development of the foundational skills that underpin future investment capability.

Why it matters:

Investment readiness begins long before graduation. In South Africa, uneven access to quality maths, science and reading education limits the development of analytical skills critical for investment careers. Asset managers (and their teams) can play a constructive role by supporting school level interventions that strengthen numeracy, literacy and scientific reasoning during formative learning years.

This can include partnering with education NGOs, funding maths and science enrichment programmes, supporting teacher training, backing early grade reading initiatives and sponsoring problem solving clubs or holiday academies that link classroom learning to real world thinking. As learners mature, these efforts can be complemented by career awareness, mentorship and exposure to financial concepts—focusing on capability building rather than early specialisation.

Strengthening foundational skills upstream expands the future pool of investment ready talent, reducing reliance on a narrow graduate pipeline and enabling more sustainable, inclusive transformation over time.

Pipeline expansion

(External building of industry talent)

Objective:

Improve supply chain of talent in the industry

Rather than focusing solely on who is hired at a point in time, firms should be assessed on how they are building future industry capability. This includes measures such as internship intake relative to firm size, university partnerships, technical and bridging programmes, structured mentorship and graduate retention.

Why it matters:

Growing the pool prevents the poaching of a select talent pool. Also assists emerging asset managers to hold on to their talent. A price war for scarce supply is not sustainable.

Capabilityfirst talent framework

(What principle should guide hiring and promotion decisions overall?)

Objective:

Promote fair and effective hiring and promotion by focusing on observable capability, performance and development.

Why it matters:

At graduate level, where skills are theoretical, capability should be assessed through cognitive foundations, logical reasoning, learning agility, discipline and consistency — rather than polish or confidence, which tend to correlate with privilege. This enables a race neutral approach to selection while widening access at entry points.

While representation is an important dimension, sustainable improvements in portfolio outcomes, risk management, and long term value creation depend on how rigorously talent is assessed, developed and deployed. High performing firms are distinguished less by who they hire than by the strength of their assessment, development and promotion systems.

Skill centric indicators include structured interviews, competency based assessments, documented performance and idea contribution, clear progression pathways, investment in technical and behavioural development, and support for professional qualifications such as the CFA, CAIA, CA or MBA.

Anchoring talent decisions in demonstrated capability protects investment quality, reduces key person risk and preserves client trust. Over time, stronger capability systems deepen pipelines and allow diversity to emerge organically as a by product of widened access and rigorous standards.

Making capability criteria explicit

(How we decide who is promotable)

Objective:

Be clear and upfront about what you look for when deciding if someone is ready, doing well and should move up.

Subjective judgement can influence decisions at times. In investment roles, growth pathways can be made more transparent and observable by focusing on role relevant evidence such as formal qualifications, participation in decision-making, or investment committees’ representation, idea generation, risk management responsibility and experience gained under mentoring.

Clarifying these indicators does not imply fixed or innate ability. Rather, it provides a shared reference point for development, feedback and advancement — ensuring that expectations are visible, supportable and consistently applied.

Why it matters:

Clear standards protect both performance integrity and transformation credibility.

Investment bench strength evaluation

(Does the firm have internal depth beyond today’s key decision makers?)

Objective:

Measure and build depth across the investment talent pool.

Why it matters:

Firms with deeper benches are better positioned for continuity, innovation and long term risk control.

Conclusion

South Africa’s demographic challenges — from educational disparities to gender and race gaps in STEM and workforce readiness — are real and persistent. These challenges are rooted in systemic learning issues and cannot be solved through mechanised scorecards.

Bench strength should be measured relative to a firm’s size, structure, and decision making model — not in absolute headcount terms. Slightly nuanced from the above capability assessment. This relates specifically to annual evaluation by the CIO of the core team and their succession.

Bench strength is therefore not abstract—it is quantifiable.It is a deliberate building of structured talent pipelines rather than relying on opportunistic hiring because budget permits. This includes:

• Expanding analyst programmes

• Creating clear development pathways from analyst to portfolio manager through mentorship

• Firms tracking internal promotion rates

• Allocation of smaller mandates to emerging portfolio managers

• Knowledge transfer between senior and junior investment professionals

Tracking these indicators shifts focus from headline diversity statistics to the durability, succession readiness and resilience of the investment function.

Think of talent like a long duration bond. The value is not realised immediately, and early volatility is expected. Returns accrue over time through disciplined investment, patience and risk management. Demanding short term yield from long duration assets weakens future outcomes.

The asset management industry has transferrable skills and forward thinkers should introspect about the above positioning. By focusing on early pipeline development, skill centric hiring and promotion practices, operational definitions of merit and concrete bench strength metrics, firms can build capable, resilient teams.

A fun and interactive way to learn about money

Alexforbes is proud to launch Smart Money Moves for the Save Squad — a new digital children’s book created to help kids aged 7–9 learn about saving, planning and making smart money choices.

Launched in celebration of our 90th anniversary, this interactive book uses engaging stories, practical tips and fun activities to teach key financial lessons in a simple, relatable way. It’s also available in audio format, making it accessible for all learners.

“Early financial education builds lifelong confidence,” says Riccardo Fontanella, Executive: Group Marketing at Alexforbes. “This book gives families practical ways to talk about money together.”

Parents and teachers can use the book to spark conversations and encourage healthy money habits that last a lifetime.

Please share it with the young readers in your life — your children, nieces, nephews or grandchildren — and help them take their first smart money moves.

Explore and download the free digital book here

Enjoy the read.

Impact leadership on the JSE Alexforbes Paragon Impact Awards 2026

The Alexforbes Paragon Impact Awards recognise companies demonstrating measurable sustainability performance across the JSE Top 100, assessed through the Paragon Impact platform.

Unlike traditional environmental, social and governance (ESG) assessments that focus primarily on disclosure, the analysis evaluates real-world sustainability outcomes aligned with the United Nations Sustainable Development Goals (SDGs) and South Africa’s development priorities.

By analysing numerous contextualised sustainability indicators across ESG criteria, the awards identify organisations demonstrating credible, measurable and integrated sustainability performance.

Category Winners

Overall Impact Winner

Earth and Climate Stewardship Sanlam Limited Discovery Limited

Runner up: Discovery Limited. 3rd place: Datatec.

Responsible Resource Use and Innovation Momentum Group Limited

Runner up: Discovery Limited. 3rd place: Standard Bank Group.

Just Transition and Economic Inclusion

Ninety One Limited/Plc

Runner up: Coronation Fund Managers. 3rd place: Old Mutual Limited.

Basic Human Needs and Social Outcomes

Clicks Group Limited

Runner up: Clicks Group Limited. 3rd place: Absa Group Limited.

Discovery emerged as the overall winner of the 2026 Alexforbes Paragon Impact Awards, demonstrating consistent sustainability performance across all five impact themes.

Rather than leading in a single category, Discovery achieves a balanced sustainability profile, combining strong governance, credible environmental positioning and positive social outcomes.

This integrated performance reflects an increasingly important pattern across global markets: sustainability leadership is defined by consistency rather than isolated sustainability initiatives.

Runner up: Fortress Real Estate. 3rd place: Netcare.

Governance, Ethics and Accountability

Click Group Limited

Runner up: Impala Platinum Holdings. 3rd place: South32.

Core and Comprehensive SDG Grading of Discovery, including the impact rainbow indicating net impacts across all SDGs

Core SDG Grading

Comprehensive SDG Grading

+ Impact structure

Source: Alexforbes Paragon Impact 2026

What this means for investors

Sustainability performance is increasingly shaping valuation, regulatory exposure, cost of capital and long-term resilience. Investors therefore need clearer insight into how these dynamics translate across their portfolios.

Using the Paragon Impact platform, investors such as Alexforbes are able to analyse holdings to identify:

Sustainability leaders and laggards within portfolios

Environmental and social risk exposure that may influence future performance

Alignment with emerging regulation and the SDGs

Opportunities to build resilient investment strategies

This complements existing ESG disclosures by adding evidence-based impact insight that deepens understanding of portfolio resilience and long-term financial performance.

Investors or organisations interested in learning more about the Paragon Impact platform and how impact analysis can support deeper sustainability insights, can contact us on impactadvisory@alexforbes.com or visit www.paragonimpact.com for further information.

Investment management fees

Investment management fees are intended to compensate investment managers for their time and skill to manage the assets of a fund, and are usually in the form of a percentage of the assets managed.

The main types of investment fees are annual base fees, with some funds charging an additional performance fee. Fees can be quoted on a fixed basis or a sliding scale. A fixed fee is a constant percentage fee charged irrespective of the value of the assets being managed. A sliding scale fee is a structure where the percentage fee charged reduces as the value of assets managed increases.

Alexforbes fee study

The purpose of the Alexforbes Fee Survey is to create transparency and visibility of fees charged by the investment industry for institutional pension fund mandates. The primary benefit of this survey is to provide trustees, asset consultants and advisors with a framework to benchmark the fees that they are charged. The data collection process involved liaising with asset managers to obtain relevant data which was subsequently validated. The survey was conducted in November 2025 and covered twenty of the most popular pension fund mandates.

They are:

• Global Balanced, BIV, segregated and pooled portfolios

• Global Absolute Return, segregated and pooled portfolios

• Domestic Balanced, BIV, segregated and pooled portfolios

• Domestic Absolute Return, segregated and pooled portfolios

• Domestic Equity, segregated and pooled portfolios

• Domestic Property, segregated and pooled portfolios

• Domestic Specialist Bond, segregated and pooled portfolios

• Domestic Inflation-Linked Bond, segregated and pooled portfolios

• Domestic Flexible Bond, segregated and pooled portfolios

• Domestic Money Market, segregated and pooled portfolios

Investment management fees are intended to compensate investment managers for their time and skill to manage the assets of a fund, and are usually in the form of a percentage of the assets managed.

The managers were requested to categorise their fee structure into a standardised, sliding scale format, utilising distinct asset under management (AuM) bands:

• R0-50 million

• R51-100 million

• R101-150 million

• R151-250 million

• R251-500 million

• R500 + million

Limitations of study:

• The universe was restricted to asset managers who participate in the Alexforbes surveys.

• Participation in the survey was voluntary, and therefore selection may be biased

• Historically, asset managers reported the fees for domestic and international assets within their global balanced funds separately. However, beginning in 2021 and persisting into 2022, the majority of asset managers have shifted towards reporting a total fee for their global balanced portfolios. This change complicates the comparison of international asset fees against those from prior years. The trend of consolidating fees into a total figure by asset managers has continued into 2025.

• The standardisation of fees in AuM categories may not reflect an individual manager’s fee scale.

Base Fees – Indicative Range

Multi–Asset Class Mandates

Global BIV, Segregated Portfolios

Domestic Absolute Return, Segregated Portfolios

Base Fees – Indicative Range

(Specialist) Mandate

Domestic Equity, Pooled Portfolios

Domestic Property, Pooled Portfolios

Base Fees – Indicative Range (continued)

Single Asset (Specialist) Mandate

Investment survey glossary

The Accounting and Auditing Organisation for Islamic Financial Institutions.

Absolute Return Investment Strategy

An actively managed investment objective that seeks consistent, positive returns regardless of whether markets are rising or falling; and without reference to a benchmark index for comparison. While not all absolute return strategies are alike, typically, the goal is to produce returns in excess of the inflation rate and/or cash that can be measured by the consumer price index (CPI) while protecting against capital losses.

Active Fund Management

An investment approach that relies on the belief that it is possible to outperform the market. Typically an actively managed fund would select asset classes and investment securities that are expected to perform better than the market or benchmark.

Active Return

The difference in returns between a fund and its benchmark at each point in time.

Africa Global Funds (AGF)

The New York-based Africa Global Funds organisation provides complete coverage and analysis of the biggest players in African investment space. Drawing on an intense dialogue with a constantly expanding group of key decision-makers in the industry, we cover traditional and alternative asset classes of the African asset management space.

All Bond Index (ALBI)

A popular index used to benchmark performance for South African fixed income (bond) portfolios. This index represents a weighted basket of the top 20 South African bonds ranked dually by market capitalisation and liquidity.

Alpha

Alpha is a measurement of the performance of an investment portfolio against a benchmark. The alpha is the return the fund or portfolio makes, relative to the return of the benchmark.

ALSI (FTSE JSE ALL SHARE INDEX)

A popular index used to benchmark performance for South African equity portfolios. This index represents a weighted basket of 99% of the full market capitalisation of all eligible companies listed on the main board of the JSE subject to free float and liquidity criteria. The index can be divided by size into the Top 40, Mid Cap and Small Cap Indices.

Artificial intelligence

Artificial intelligence is the development of computer systems that can perform tasks normally requiring human intelligence, such as understanding language, recognising images and making decisions.

Asset Class

Categories of investments that behave similarly and are subject to similar market forces. Major asset classes include equities (shares), fixed income (bonds and cash), commodities and property.

Assets Under Management (AuM)

The market value of assets held by an investment manager on behalf of clients.

Balanced Fund Strategy

An actively managed investment framework where the asset allocation, strategies employed and risk assumed to achieve the specified investment objective is delegated to the investment manager.

Benchmark

An independently constructed reference (usually a publicly available index) that sets an objective rate of return (the neutral position) that should be used to test the effective implementation of an investment strategy. A good benchmark will also be representative of the asset class or mandate and is investable itself.

Bias

A particular tendency, trend or opinion, especially one that is preconceived or unreasoned.

Black Swan

A black swan is an unpredictable event that is beyond what is normally expected of a situation and has potentially severe consequences. Black swan events can cause catastrophic damage to an economy by negatively impacting markets and investments, but even the use of robust modelling cannot prevent a black swan event.

Bonds

Debt issued by a government or a company, typically promising regular payments of coupons (interest) on specified dates with a final capital payment on the maturity date. It can be viewed as a loan given to bond issuers by bond holders.

BSAGI (Barclays Sa Government Inflation Linked Index)

A popular index used to benchmark performance for local inflation linked bonds. This index represents a weighted basket of SA government issued inflation linked bonds calculated by Barclays Capital.

CAPPED SWIX (FTSE JSE CAPPED SWIX ALL SHARE INDEX)

A popular index used to benchmark performance for South African equity portfolios. This index includes 99% of the full market cap of eligible JSE listed companies. The constituents are weighted by applying a SWIX free float which represents the proportion of a constituent’s share capital on the South African share register. In addition, each constituent weight is capped at 10% at each quarterly review.

Climate Change

Climate change is a complex, multi-dimensional process that will affect the global environment in many ways. Largely driven by carbon dioxide and other greenhouse gases produced by agriculture and industry, it poses an existential threat to human society. Many governments across the world have announced plans to curb greenhouse gas emissions and reduce their climate footprints.

Composite

A group of similarly managed portfolios within a single investment manager and typically defined within the investment managers’ GIPS™ policy.

Composite Dispersion

The extent to which the returns of all portfolios within a composite differ. It can be measured in different ways, including: the difference between the maximum and the minimum return (range); the difference between the 1st and 3rd quartile (inter-quartile range); the standard deviation of returns, or mean absolute deviation.

Compound Rate of Return

A compound rate of return that expresses the relationship between the initial investment and the returns earned on that investment, incorporating future returns which are earned on past returns. For most investors, this is the most accurate way to calculate their returns as most investors will leave their returns in an investment.

Coupon Rate

A bond’s coupon rate is the rate used to calculate the periodic interest payments paid by the issuer of a bond to its owner at the time of payment. It is set when the bond is issued and is usually related to the nominal value of the bond at the time of issuance.

CPI (Consumer Price Index)

CPI is an estimate of the inflation rate measuring the price of goods and services in the economy.

Credit

A type of bond issued by a non-governmental entity. These bonds typically carry a higher risk than government guaranteed bonds, e.g. bonds issued by companies.

Credit Risk

Credit risk refers to the risk that a bond issuer will default on any type of debt by failing to make required payments, i.e. probability that the bond issuer will make debt payments late.

CRISA

The Code for Responsible Investing in South Africa (CRISA) gives guidance on how the institutional investors should execute investment analysis and investment activities and exercise rights so as to promote sound governance.

The CRISA code requires asset managers that adopt it to publicly disclose their policies and methods of incorporating environmental, social and governance (ESG) factors into the investment process.

Cumulative Returns

The cumulative return for a portfolio or an asset is the cumulative compound return over the full length of a specified time period. The percentage measure of this return is not annualised and as such represents the actual total return of the portfolio or asset over the period. By annualising the percentage figure, one can calculate the average annual return of the portfolio or asset over the period.

Data Analytics

Data analytics is the process of examining datasets to draw conclusions and insights by carefully studying and analysing the data using methodical analysis techniques.

Defined Contribution

Employer and employee contribute an agreed amount every month. When the employee retires, the accumulated capital amount and growth are used to purchase a pension from a third-party supplier.

Developed Markets

A developed or an advanced market in investing terms is a country that is most developed in terms of its economy and financial markets.

Diversification

A portfolio strategy to reduce exposure to risk by investing in various instruments or asset classes, such as equities, bonds and property that are unlikely to move in the same direction at the same time. In other words, the process of spreading investments among different instruments or markets to reduce the overall risk or loss if one performs poorly.

Dow Jones Industrial Average (DJIA)

The DJIA is a stock market index that tracks the performance of 30 major companies listed on US stock exchanges, similar to South Africa’s JSE Top 40 Index, which measures the performance of the 40 largest companies on the Johannesburg Stock Exchange.

Drawdown

A drawdown is a peak-to-trough decline during a specific period for an investment, trading account or fund. A drawdown is usually quoted as the percentage between the peak and the subsequent trough. If a trading account has R10 000 in it, and the funds drop to R9 000 before moving back above R10 000, then the trading account witnessed a 10% drawdown.

Duration

Duration is a measure of interest rate risk for a bond or portfolio of bonds. It measures the sensitivity of the value of a bond – or collection of bonds – to a change in interest rates.

Effective Interest Rate

The effective rate converts the compounding rate of return into a simple rate of return. This means that the effective rate of return can simply be multiplied by the investment period to calculate the cumulative rate of return.

Emerging Markets

Emerging markets are economies that show some of the traits of developed economies but aren’t quite at the same level yet.

Equities

A major category of asset class, which is a commonly used name for ordinary shares, representing ownership in a company. The owner of the share (shareholder) will generally be able to vote on company issues; and will be entitled to dividends declared.

ESG

Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.

Exchanged Traded Funds (ETF)

ETFs are funds that track a basket of assets such as an index or a sector and are traded on a stock exchange like ordinary stocks.

Fee Compression

This refers to the downward pressure on investment management fees as competition increases as well as investors demands for lower costs.

Fixed Income

A major category of asset class that includes cash, nominal bonds, inflation linked bonds and credit instruments.

Frontier Markets

Frontier markets are less advanced capital markets in the developing world. Frontier markets are countries that are more established than the least developed countries (LDCs) but still less established than the emerging markets. Frontier markets are also known as pre-emerging markets.

Geopolitical Risk

Geopolitical risk is the risk an investment’s returns could suffer as a result of political changes or instability in a country. Instability affecting investment returns could stem from a change in government, legislative bodies, other foreign policymakers or military control.

GIPSTM

The Global Investment Performance Standards (GIPS) is a set of standardized, industry-wide ethical principles that guide investment firms on how to calculate and present their investment results to prospective clients.

Greenwashing

Greenwashing is when a company or organisation falsely claims to be environmentally friendly to mislead customers or investors, even though its actions do not genuinely help the environment.

Greylisting

Greylisting essentially means that a country has been recognised as having compliance issues but has committed to address strategic inadequacies to counter money laundering and terrorist financing within a given timeframe.

Halal

Halal refers to something that is permissible according to Islamic law. To be considered acceptable, a business transaction must be based on an Islamic contract form, distribute risk and return among the parties to the contract, and avoid unacceptable activities, including interest and uncertainty. To determine whether a stock is halal, Muslim investors evaluate companies based on levels of debt, interest income and liquidity, as well as participation in prohibited activities.

Haram

Haram describes anything that is unacceptable under Shari’ah law. It is considered inappropriate for a Muslim investor to profit from any activity that violates Islamic principles. Certain industries, including alcohol, pornography, gambling, pork, and conventional financial services, are inherently haram.

Headwinds

When economists speak about headwinds, they refer to factors that might impede or inhibit economic growth or progress.

Hedge Funds

These are usually absolute return investment strategies that use alternate investment techniques (such as short positions, leverage and so on). The funds can be used in a Regulation 28 strategy but are not compliant as standalone products.

Impact Investing

Impact investing refers to a general investment strategy that not only generates financial returns but also creates a positive social or environmental impact.

Inflation

The increase in the general price level in the economy. The inflation rate is calculated by defining a basket of goods and services that a typical consumer would consume and calculating a weighted average of the prices of those goods to arrive at a single percentage number, e.g. CPI.

Inflation Linked Bonds (ILBs)

An inflation linked bond is a type of bond where the final capital payment is adjusted by the inflation rate for the term of the bond.

Information Ratio

A risk-adjusted measure of return calculated by dividing the active return of a fund by the tracking error of the fund.

Inter-Quartile Range

A statistical measure representing the difference between the medians of the upper half and the lower half of a ranked set of data.

International Corporate Governance Network (ICGN)

Established in 1995 and led by investors responsible for assets under management of over $59 trillion, ICGN advances the highest standards of corporate governance and investor stewardship worldwide in pursuit of long-term value creation, contributing to sustainable economies, societies and the environment.

International Monetary Fund (IMF)

The IMF is an international organisation that aims to promote global economic growth and financial stability, encourage international trade and reduce poverty.

Investment Manager

An organisation that invests assets on behalf of third parties for a fee.

Investment Philosophy

A framework of principles and way of thinking about markets that underlies the beliefs and approach of an investment manager. It drives which asset classes and investment securities to include in the investment portfolio. It can be used to describe the style of a manager.

Johannesburg Securities Exchange (JSE)

Currently the only South African Exchange which offers a centralised trading platform to capital markets across a diverse set of investment securities, in particular, equities, bonds and derivatives.

King IV™

King IV™ is structured as a Report that includes a code, with additional, separate sector supplements for SME’s, NPO’s, State-Owned Entities, Municipalities and Retirement Funds. The King Code™ contains both principles and recommended practices aimed at achieving governance outcomes.

Kingmaker

An asset class or factor (such as ESG considerations) which has great influence over others’ succession within the portfolio, without being the most viable or obvious option.

Long position

It is a positive holding in a portfolio that results from buying investments in the portfolio. This is done when the manager believes that the value of this investment security will increase in the future and he will be able to sell it for a higher price and create a profit. This is directly opposite to a short position.

Leverage

It is a holding in a portfolio that results from using complex alternate trading techniques that allows the manager to buy investment securities with money borrowed or by utilising collateral as a means of payment.

Loadshedding

In South Africa, shedding load is done to prevent the failure of the entire system when the demand for electricity strains the capacity of Eskom’s power generating system. Load shedding is characterised by periods of widespread national-level rolling blackouts.

Lower Quartile

A statistical measure representing the bottom 25% of observations in a ranked set of data.

Machine Learning

Machine learning is a branch of artificial intelligence where computers learn and improve from experience without being explicitly programmed for each task.

Market Capitalisation

The value of a company’s issued share capital, i.e. share price multiplied by number of shares on the stock exchange.

Maximum Drawdown

A risk of loss measure that is calculated as the maximum loss incurred by an investment over a stated time horizon.

Mean Absolute Deviation

A measure of dispersion calculated as the average of the absolute differences between each value and the mean in a data set.

Median

A statistical measure representing the midpoint value in a ranked set of data.

Mittelstand

This refers to a group of unique businesses in Germanspeaking countries that are very successful and are usually capable of surviving economic turbulence. These businesses are generally small and mediumsized enterprises.

Modified Duration

Modified duration is a type of duration measure which measures the approximate sensitivity of the value of a bond – or collection of bonds – to a change in interest rates, assuming the cash flows remain unchanged. As such, it is only appropriate for bonds with no embedded options.

Money Market

Market for short-term loans and deposits with a maturity less than one year.

Money Weighted Return

Measures internal rate of return, to identify when cash flows are entering or exiting an investment by discounting cash flows to the beginning value.

Murabahah

Murabahah refers to an instalment credit agreement for the sale of tangible goods. The seller acquires an asset, which the buyer agrees to purchase at some point in the future. The seller is entitled to a profit, as long as the exact mark-up is disclosed in the contract. Payments may be spread out over time.

MSCI World Index

The Morgan Stanley International World Index is maintained by MSCI Inc., formerly Morgan Stanley Capital International, and is used as a common benchmark for ‘world’ or ‘global’ stock funds intended to represent a broad cross-section of global markets. The index includes a collection of stocks of all the developed markets in the world, as defined by MSCI.

Peer Group

Usually refers to a set of similarly managed investment mandates.

Passive Investing

An implementation approach of a specialist fund strategy where the need to outperform the benchmark is not required in order to meet the investment objective. The specialist investment strategy is invested in passive funds. Not to be confused with Passive Fund Management.

Passive Fund Management

An investment approach that seeks to replicate the performance and risk of an investable benchmark/ index. Typically, the investment portfolio will mirror the holdings of a market index. Passive managers believe that this is a more efficient and cost-effective way of accessing the risk and return profile of an asset class or investment style.

Pooled Portfolio

Funds from many individual investors that are aggregated for the purposes of investment, as in the case of a retirement fund. Investors in pooled fund investments benefit from economies of scale, which allow for lower trading costs, diversification and professional fees. Pooled funds are generally backed by a policy of insurance.

Purification

Purification in a Shari’ah investing context refers to getting rid of unacceptable profits. Shariah prohibits Muslims from profiting, even indirectly, from unacceptable practices, so investors are expected to account for and give away any income derived from riba or other haram sources.

Purchasing Power Parity

Purchasing power parity (PPP) is an economic theory that compares different countries’ currencies through a “basket of goods” approach. According to this concept, two currencies are in equilibrium or at par when a basket of goods (taking into account the exchange rate) is priced the same in both countries.

Range

A statistical measure representing the difference between the maximum and minimum values in a ranked set of data.

Realpolitik

Realpolitik is a political system that’s not based on beliefs, doctrines, ethics or morals, but rather on realistic, practical ideas.

Real Return Portfolios

An alternate name for a portfolio using an absolute return investment strategy.

Regulation 28

Investment limits set by the Pensions Fund Act on retirement funds to protect against imprudent investment decisions.

RIBA

Refers to the prohibition of interest in financial transactions under Islamic law.

Risk

Risk is a very generic term used to calculate either variation in returns or as a measure of losses. E.g. Volatility is usually used as a proxy for risk that measures variation. Maximum Drawdown is usually used as a proxy of risk that measures loss.

Risk Premium

The return differential between the risk-free asset (cash) and a risky asset.

Rolling Return

A time series of a rate of return with the same time horizon for a portfolio, asset class or investment security. It represents a realistic way of reporting returns which takes into account different market and economic environments.

Sarbanes-Oxley Act (SOX)

The Sarbanes-Oxley Act (SOX) is a US law passed in 2002 to improve financial transparency and prevent corporate fraud by requiring stricter rules for company financial reporting and internal controls, similar to South Africa’s King IV Report on Corporate Governance, which promotes accountability and ethical business practices.

Scatter Plot

A diagram illustrating the relationship between two sets of quantities using dots that can be used to generate a line of best fit.

Sector

All instruments within a particular area of activity or industry for an asset class. The JSE defines sectors as Financials, Basic Materials, Oil and Gas Producers, Industrials, Consumer Goods, Healthcare, Consumer Services, Telecommunications and Technology. The bond sectors are government, parastatals, state owned enterprises, corporates and other.

Sell-off

A sell-off occurs when a large volume of shares are sold in a short period of time, causing the price of a share to fall in rapid succession. As more shares are offered than buyers are willing to accept, the decline in price may accelerate as market psychology turns pessimistic.

Shari’ah

Shari’ah is the divine law of Islam, derived from the Qur’an and other holy texts, which serves as a moral guide to Muslims. The Shari’ah sets guidelines for what is right and wrong in everyday life, including standards for food, family life and business transactions.

Simple Rate of Return

A simple rate of return that expresses the relationship between the initial investment and the rate at which returns are earned on that investment, ignoring any ability for further returns to be earned on past returns. This is only an accurate reflection of the investor’s return when all returns are paid out from the portfolio when they are earned.

Segregated Portfolio

Segregated portfolios are not pooled with those of other investors and so the performance and expenses of an investment account are not affected by the activities of any other investors in the portfolio.

Sharpe

Risk-adjusted return ratio of return per unit of risk. It is calculated as excess return (over the risk-free return) divided by volatility.

Short Position

It is a negative holding in a portfolio that results from using complex alternate trading techniques that allows the sale of an investment security that is not owned. This is done when the manager believes that the value of this investment security will decrease in the future and he will be able to buy it back later for a lower price and create a profit. This is directly opposite to a long position.

Sortino Ratio (Capital Loss Or Inflation)

A risk-adjusted return measure similar to the Sharpe ratio. The Sortino ratio measures risk as the volatility of the returns below a certain target (0% in the case of Capital Loss and inflation in the case of Inflation).

Socially Responsible Investing (SRI)

Socially responsible investing is the practice of investing money in companies and funds that have positive social impacts. Investors should keep in mind that socially responsible investments are still investments, and be sure to weigh the potential for return into their decisions.

Specialist Fund Strategy

An investment approach where the asset allocation, investment strategies employed and risk assumed to achieve the specified investment objective are explicitly defined and not delegated to the investment manager. A specialist investment strategy may be implemented actively or passively.

Specialist Mandate

A mandate given to an investment manager to manage specific asset classes (equities, bonds, etc.) or investment strategies (hedge funds, impact investing, etc.) as part of a specialist fund strategy.

Stagflation

Stagflation is an economic cycle characterised by slow growth and a high unemployment rate accompanied by inflation. Economic policymakers find this combination particularly difficult to handle, as attempting to correct one of the factors can exacerbate another.

Short Term Fixed Interest Index (STeFI)

A popular index used to benchmark performance for South African cash portfolios. This index represents a weighted basket of money market instruments of different investment maturities such as NCDs and Call Deposits.

Strategic Asset Allocation (SAA)

An investment technique that sets the medium to longterm allocation to asset classes which will primarily meet the investment objectives within a defined level of risk. Used primarily in specialist fund strategies.

SUKUK

Shariah-compliant investment certificates that represent ownership in an underlying asset and provide returns derived from that asset rather than interest.

Sustainability

Sustainability focuses on meeting the needs of the present without compromising the ability of future generations to meet their needs. The concept of sustainability is composed of three pillars: economic, environmental and social—also known informally as profits, planet and people.

Sustainable Development Goals (SDGs)

The SDGs are a collection of 17 global goals designed to be a roadmap to achieve a better and more sustainable future for all. The SDGs, set in 2015 by the United Nations General Assembly and intended to be achieved by the year 2030, are part of UN Resolution 70/1, the 2030 Agenda.

SWIX (FTSE JSE Shareholder Weighted Index)

A popular index used to benchmark performance for South African equity portfolios. This index represents a shareholder weighted basket of companies listed on the main board of the JSE with all constituents down weighted by applying an alternate free float known as the SWIX free float.

Sukuk

Sukuk are asset-backed securities designed to provide a relatively fixed stream of investment income without violating the Islamic prohibition on interest. Instead of interest payments, sukuk investors receive a pass-through of income generated by the underlying assets. Sukuk are a Shari’ah-compliant tool for raising capital and may be structured around a variety of Islamic contracts.

Tactical Asset Allocation (TAA)

An investment technique that periodically adjusts the SAA to take advantage of opportunities in the market in order to enhance returns in the short term; and maximise risk-adjusted returns.

Term to Maturity

The time remaining on the life of a bond, i.e. time remaining for the bond to be fully repaid.

Time-Weighted Rate Of Return

The compound rate of return over a stated evaluation period of one unit of money initially invested in the portfolio or strategy.

Time Horizon

The time period relating to the rate of return measurement calculation. It can also reference the time set to meet a certain investment objective or goal.

TOP 40 (FTSE/JSE Top 40 Index)

A popular index used to benchmark performance for South African large equity portfolios. This index represents a weighted basket of the 40 largest companies which are constituents of the FTSE/ JSE All Share Index, ranked by full market capitalisation. Interestingly the number of constituents can exceed 40, as some companies issue multiple share types (e.g. Investec, Mondi).

Tracking Error

Measure of variability of returns relative to benchmark or index. It is usually expressed as an annualised standard deviation of active returns.

Two-Pot System

South Africa has introduced a new retirement fund legislation to enhance the financial security of its citizens. The two-pot system in this legislation divides retirement savings into two parts: one for immediate access in emergencies and the other preserved for retirement.

UN Principles for Responsible Investment (UNPRI)

UNPRI are a set of six principles that provide a global standard for responsible investing as it relates to environmental, social and corporate governance (ESG) factors. Organisations follow these principles to meet commitments to beneficiaries while aligning investment activities with the broader interests of society.

Upper Quartile

The top 25% of observations in a ranked set of data.

UN Global Compact

The United Nations Global Compact is an initiative that supports global companies that are committed to responsible business practices in the areas of human rights, labour, the environment, and corruption. This UN-led initiative promotes activities that contribute to sustainable development goals to create a better world.

Volatility

Is a proxy for risk and is calculated as the annualised standard deviation of monthly returns.

Yield

Return on a security usually expressed in percentage terms.

Yield Curve

The relationship between time to maturity and yield to maturity of bonds.

Yield to Maturity

An estimate of the rate of return that would be earned on a bond if the bond is held to its maturity date. It assumes that interest earned is reinvested in the bond.

Directory of asset managers who have a presence in South Africa

10X Investments (Pty) Ltd

www.10x.co.za

Company details

FAIS FSP registration number: 28250

Switchboard: +27 21 412 1010

General email: info@10x.co.za

Address:

Office 01401, 14th Floor, The Terraces 34 Bree Street, Cape Town, 8001

Compliance officer name: Mandla Hendricks +27 21 409 2566

Investment philosophy

There are 4 pillars to 10X’s investment philosophy that drive an iterative process that continually reviews and evaluates the appropriateness of the portfolio asset allocation.

1) Setting of the strategic asset allocation

The process starts with the evaluation of long-term asset class characteristics covering return, risk and co-variance to determine the long-run average asset allocation that would have delivered the investment objectives with the highest probability over the long-term.

The current market environment and prevailing valuations are then evaluated against the historical norms which produced the long-run average asset allocation in order to account for differences between the current environment and the average over the long-term. These differences systematically adjust the long-term forward-looking estimate of the asset class characteristics, which are used to establish the optimum mix of assets.

2) Implementing asset class exposure

Once the asset allocation is determined, it is implemented, where possible, through thoughtful risk managed index exposure. The focus is on ensuring diversification and risk management at a security level, so that each asset class return can be generated in a manner that minimises idiosyncratic risk.

Where an index does not exist, a representative basket is built which seeks to achieve the same objective of delivering a targeted asset class return whilst minimising idiosyncratic risk.

Low turnover exposure is preferred to high turnover exposure to reduce slippage and transaction costs.

3) Stress testing portfolios

The portfolio is run through different market scenarios which stress test the portfolio to understand how it might react under stress scenarios. Any additional risks that are not being compensated for in terms of excess return are addressed.

4) Monitoring and evaluation

10X consistently monitors and evaluates the portfolios against any chances in the market environment or prevailing valuations. Portfolio changes are not constrained to arbitrary fixed time horizons but are managed in response to significant changes in forwardlooking long-term expected returns.

A monthly asset allocation committee conducts a formal review of the portfolio composition against the current market environment and portfolio objectives to ensure the validity of the asset allocation.

FAIS requirements

Who is your FAIS complaints officer?

Lindsey Bagus

Please provide the link to the complaints policy on your website: https://assets.ctfassets.net/ yqvz0zwovkbq/6XexvDj8qAyXhb43mAoy63/faf60 36e366c41f12ef6915f261934f3/10X_COMPLAINTS_ MANAGEMENT_PROCESS.pdf

Ownership

What is the ownership structure of the company? Privately Owned Company

Who are the directors of the company?

CEO: Tobias van Heerden, Non-executive chair: Sonja De Bruyn, Director: Samer Salty, Non-executive directors: Marc Balkin, Buchert Johannes, Kelly Ford, Hendrik Beets and Jacob Myburgh

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: Yes, 9.6%.

History

When was the company established? 2005/09/21

List of mergers and acquisitions that have taken place since being established:

10X completed the acquisition of 100% of CoreShares Holdings (Pty) Ltd and its subsidiaries on 31 December 2022

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 4

By whom have you been accredited? EVASA (Empowerment Verification Agency of South Africa) Date of accreditation: 2025-12-22

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R64.1 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R32.9 billion

Retail: R31.1 billion

Life: –

Other: -

Key investment personnel

Size of investment team: 13

Christopher Eddy Head of Investments

MCom, CFA

11 years of industry experience 10 years with the firm

27four Investment Managers (Pty) Ltd

www.27four.com

Company details

FAIS FSP registration number: 31045

Switchboard: +27 11 442 2464

General email: info@27four.com

Address:

Firestation Rosebank, 5th Floor, 16 Baker Street, 2196 PO Box 522417, Saxonwold Johannesburg, 2132 Compliance officer name: Independent Compliance Services – Enrique Goosen +27 21 975 6597

Investment philosophy

27four focuses on building well-diversified portfolios that are linked to a broad spectrum of investor goals and appetites for risk.

They believe that asset allocation is the primary determinant of variation in portfolio return and is the cornerstone of portfolio construction. Their skilled investment team is experienced in the application of quantitative techniques to identify the sources of asset class returns across different market cycles to derive their long-term asset allocation views.

They invest in a combination of large, well-known managers and smaller untapped “boutiques” who they believe possess a distinct performance advantage as they are more nimble and opportunistic, especially in asset classes where the ability to take calculated risks and move swiftly is vital to success.

Core to their investment philosophy is risk mitigation. Rigorous risk management and monitoring are applied at every level of their investment process and equal importance is given to business, compliance, operational and administrative risks as applied to investment performance risk.

FAIS requirements

Who is your FAIS complaints officer?

Enrique Goosen

Please provide the link to the complaints policy on your website: https://www.27four.com/legal-terms-and-conditions/

Ownership

What is the ownership structure of the company? 60%: Fatima Vawda (founder & managing director), 40%: Staff (share ownership scheme)

Who are the directors of the company?

Directors: Fatima Vawda, Vic du Preez and Hazel Bango-Moyo (Independent Non-Executive Director) Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: Yes. 100%

History

When was the company established?

2007

List of mergers and acquisitions that have taken place since being established:

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1 By whom have you been accredited?

Cardinal Ratings B-BBEE verification Solutions Date of accreditation: 2025-08-11

GIPS

Are you GIPS compliant? No Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R41.6 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R23.4 billion

Retail: R3.9 billion

Life: –

Other: R14.3 billion

Key investment personnel

Size of investment team: 36

Fatima Vawda

Managing Director

MSc (App Maths)

31 years of industry experience 18 years with the firm

Rory Ord Head: Unlisted Investments CA(SA)

22 years of industry experience 7 years with the firm

Akona Mlamleli

Portfolio Manager

BCom (Hons)

14 years of industry experience 14 years with the firm

Associate Professor Daniel Page Head: Quantitative Strategies

Phd Finance

17 years of industry experience

7 years with the firm

36ONE Asset Management (Pty) Ltd

www.36one.co.za

Company details

FAIS FSP registration number: 19107

Switchboard: +27 10 501 0250

Address:

140 West Street, Sandton, 2196

Compliance officer name:

External: Mr Johan van Zyl +27 11 568 0925

Internal: Grant Mann +27 10 501 0254

Investment philosophy

Our investment approach is centred on the principle that the market does not efficiently price securities at all times. We therefore believe that stock selection through bottom up fundamental analysis can outperform over time. We follow the same investment approach across all our funds. Although we focus primarily on bottom-up fundamental research, macroeconomic views play a supporting role in portfolio construction.

FAIS requirements

Who is your FAIS complaints officer?

Outsourced Compliance Services Pty (Ltd)

Please provide the link to the complaints policy on your website: https://www.36one.co.za/legal

Ownership

What is the ownership structure of the company?

36ONE Asset Management (Pty) Ltd is a privately owned South African asset manager, majority owned by its founders, Cy Jacobs and Steven Liptz, with a structured empowerment interest held through 36ONE ESOP (Pty) Ltd, which incorporates both employee participation and a broad-based community trust component. Who are the directors of the company? Cy Jacobs and Steven Liptz Interest in ownership? Please provide the percentage held by staff and management: Yes.

History

When was the company established? 2004

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 4

By whom have you been accredited?

Renaissance SA Ratings Date of accreditation: 2026-02-27

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment

mandates

What are your total assets under management as owned by South African clients only?

R66.5 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional:R22.9 billion

Retail: R30.1 billion

Life: R3.6 billion

Other: R10 billion

Key investment personnel

Size of investment team: 14

Cy Jacobs

Chief Investment Officer

BCom (Hons), CA(SA)

33 years of industry experience 21 years with the firm

Steven Liptz

Head: Operations BCom

32 years of industry experience 21 years with the firm

Abax Investments (Pty) Ltd

www.abax.co.za

Company details

FAIS FSP registration number: 856

Switchboard: +27 21 670 8983

General email: richard@abax.co.za

Address:

The Oval, 1 Oakdale Road, Newlands, 7700 Postnet Suite #255, Private Bag X1005, Claremont Cape Town, South Africa, 7735 Compliance officer name: eComply

Nick Howse +27 82 885 8598

Investment philosophy

We believe that markets are inefficient and that through research we can identify companies that will show superior earnings growth over the longer term which is not reflected in current valuations. Similarly we believe we can identify companies where current valuations overvalue their future earnings growth potential.

FAIS requirements

Who is your FAIS complaints officer?

Tim Howse and Nick Howse (eComply)

Please provide the link to the complaints policy on your website: www.abax.co.za/privacy-policy/

Ownership

What is the ownership structure of the company?

Abax is a standalone entity and is not part of a bigger group of companies. Abax is, however, an affiliate of Affiliated Managers Group (AMG), a US listed company. Who are the directors of the company?

Executive: Anthony Sedgwick, Marius van Rooyen, Edel Little, Lebo Thubisi

Alternate Directors (Executive): Omri Thomas, Steve Minnaar Independent Non-executive Director: Estelle Cloete

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

Abax is 75% owned by active employees and three charitable trusts.

History

When was the company established? 2003

List of mergers and acquisitions that have taken place since being established: None, however,in December 2015 Abax concluded a transaction with AMG (Affiliated Managers Group) who aquired an approximate 25% financial interest in Abax.

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 2 By whom have you been accredited? MSCT BEE Services Date of accreditation: 2025-10-01

GIPS

Are you GIPS compliant? No. However, Abax uses Confluence (StatPro) to calculate the performance of client portfolios (at the client’s request). Are you GIPS verified? No By whom have you been verified? –Date of verification: –Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only? R97.7 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R67.7 billion

Retail: R27.9 billion

Life: –

Other: R2.1 billion

Abax Investments (Pty) Ltd

Continued

Key investment personnel

Size of investment team: 17

Steve Minnaar

Portfolio Manager

PhD (Eng), BCom (Hons), CFA

27 years of industry experience 15 years with the firm

Marius van Rooyen

Portfolio Manager

MBA, BEng, BProc

28 years of industry experience 21 years with the firm

Anthony Sedgwick

Portfolio Manager

BBusSci

31 years of industry experience 21 years with the firm

Omri Thomas

Portfolio Manager

CA(SA), CFA

27 years of industry experience 18 years with the firm

Matthew de Wet

Portfolio Manager

BSc (Act Sc), CFP, CFA 26 years of industry experience 9 years with the firm

Philip Liebenberg

Portfolio Manager

PhD (Chem Eng), CFA

25 years of industry experience 7 years with the firm

Andreas Tindlund

Portfolio Manager

MSc (Ind Eco.), CFA

19 years of industry experience 3 years with the firm

Justin Hollis

Portfolio Manager

CA(SA), CFA

19 years of industry experience 19 years with the firm

Lara Dalmeyer

Portfolio Manager

M Bus Sci, FRM, CQF

13 years of industry experience 8 years with the firm

Lebeko Shai

Portfolio Manager

BCom (Hons) FAPM, CFA, CAIA 9 years of industry experience 9 years with the firm

Linda Smith

Portfolio Manager

PhD (Applied Maths)

30 years of industry experience 5 years with the firm

Mali Ntlokwana Dealer

BCom (Accounting) 17 years of industry experience 7 years with the firm

Mish-Al Emeran

Portfolio Manager

B Bus Sci, CFA 19 years of industry experience 6 years with the firm

Nkosinathi Nsibande

Co-Portfolio Manager

B Bus Sci (Act Sc.) 5 years of industry experience 5 years with the firm

Richard Bray

Head of Investor Relations

BCom (Hons - Inv. Man), SMDP 18 years of industry experience 2 years of industry experience

Wallie van der Walt

Portfolio Manager

BSc (Act Sc.), CFA

29 years of industry experience 15 years of industry experience

Aeon Investment Management (Pty) Ltd

www.aeonim.co.za

Company details

FAIS FSP registration number: 27126

Switchboard: +27 21 204 6066/8

General email: funds@aeonim.co.za

Address:

4th Floor, The Citadel, 15 Cavendish Street, Claremont, 7708 PO Box 24020, Claremont, 7735 Compliance officer name: Independent Compliance Services Christelle Granger: +27 21 975 6597

Investment philosophy

Active Equity: Track record of over 15 years. Style is that of Growth At a Reasonable Price (GARP). Their adaptation of the GARP style seeks to combine the best of growth and value investing, by buying companies with long-term sustainable growth rates greater than that implied by the company’s market valuation.

Balanced Fund (Global Exposure): Track record of 10 years. Style is that of Growth At a Reasonable Price (GARP) and modelling Implied vs. Sustainable Growth. Use of in-house Currency Model for foreign asset allocation and the Fear & Greed Index for appropriate protective structure overlays. The fund’s investment strategy encompasses active asset allocation and active management of underlying equity and fixed income assets. The fund has diversified sources of alpha (SA Active Equity, Global Equity, Diversified Income).

FAIS requirements

Who is your FAIS complaints officer?

Asief Mohamed

Please provide the link to the complaints policy on your website: https://aeonim.co.za/complaints-policy/

Ownership

What is the ownership structure of the company?

70% owned by the ZAR Trust, 30% owned by Aeon IM Staff

Who are the directors of the company?

Asief Mohamed, Muneer Ahmed, Jay Vomacka, Nocamagu (Cami) Mbulawa, Thulani Madinginye, Réjane Woodroffe, Rahma Leuner and Mark Rule. Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

Staff and management own 44% of the shares. And, up to 30% of pre-tax profits is distributed to all staff every 6 months.

History

When was the company established?

2005

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited?

BDO Verification Services (Pty) Ltd

Date of accreditation: 2025-12-03

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R27.4 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R25.5 billion

Retail: R1.9 billion

Life: –

Other: –

Key investment personnel

Size of investment team: 12

Asief Mohamed CIO

BCom, CA(SA), CFA 37 years of industry experience 20 years with the firm

Muneer Ahmed

Portfolio Manager, Analyst BCom, CA(SA), CFA 14 years of industry experience 2 years with the firm

Jay Vomacka

Senior Portfolio Manager

MSc (Ind Eng), BSc (Eng), Certified Financial Technician (IFTA, London), CFA

20 years of industry experience 13 years with the firm

Shaakir Salie

Head of Research

BBusSc, CFA

4 years of industry experience 4 years with the firm

AFC Investment Management (Pty) Ltd

www.afcinvestment.co.za

Company details

FAIS FSP registration number:

706

Switchboard: +27 82 655 3784

General email: dee@afcinvestment.co.za

Address: 18 Katzenellenbogen Road, Noordhoek 7985

Compliance officer name: Moonstone

Deon Harmse: +27 21 554 5745

Investment philosophy

AFC employs a multi-disciplinary approach to asset management, involving fundamental as well as behavioural (technical) forms of analysis. AFC believes that in excess of 90% of performance is derived from correct asset allocation and industry selection, so the majority of analysis time is spent on understanding the macroenvironment. The investment style is thematic, with stock selection reflecting those themes believed to be impacting the investment environment at any point in time. As thematic investing relies on understanding the changes within economies, its implementation will result in portfolio structures that are not carbon copies of market indices. A by-product of the thematic and behavioural approach is that views will sometimes be taken against market consensus, but resulting in superior performance at lower than average risk.

FAIS requirements

Who is your FAIS complaints officer?

DS Campouroglou

Please provide the link to the complaints policy on your website: www.afcinvestment.co.za

Ownership

What is the ownership structure of the company?

100% owned by IA Mackenzie Family Trust

Who are the directors of the company?

DS Campouroglou, IA Mackenzie

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: No

History

When was the company established? 1960s

List of mergers and acquisitions that have taken place since being established:

Independent until 1998 when acquired by Appleton/PSG. Independent again in 2005.

B-BBEE credentials

Are you B-BBEE accredited? No

What is your B-BBEE status? None

By whom have you been accredited? –

Date of accreditation: –

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R1.1 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R605 million

Retail: R454 million

Life: –

Other: –

Key investment personnel

Size of investment team: 2

DS Campouroglou

CIO

BSc

46 years of industry experience 29 years with the firm

IA Mackenzie

Head: Equities

BA (Econ)

41 years of industry experience

35 years with the firm

Alexander Forbes Investments

www.alexforbes.com

Company details

FAIS FSP registration number:

711

Switchboard:

+27 11 505 6000

Fax number: +27 11 263 2316

General email:

AFInvestclientservices@alexforbes.com

Address:

115 West Street, Sandown, Sandton, 2196 PO Box, 786055, Sandton, 2146

Compliance officer name:

Carmen Sacco

+27 11 269 2244

Investment philosophy

At Alexander Forbes Investments, our investment solutions have always been built on the foundation of our multi-manager proposition. This allows clients to invest in a complementary blend of the smartest strategies and most talented asset managers from one single, competitively-priced investment solution. This approach aims to ensure that investment portfolios achieve superior returns over time at below-average risk.

FAIS requirements

Who is your FAIS complaints officer?

Carmen Sacco

Please provide the link to the complaints policy on your website:

https://invest.alexforbes.com/za/en/about/policiespractices

Ownership

What is the ownership structure of the company?

Alexander Forbes Investments is a wholly owned subsidiary of Alexander Forbes Limited. The ultimate parent company of Alexander Forbes Investments Limited is Alexander Forbes Group Holdings Limited (AFGH), a public-listed company on the Johannesburg Stock Exchange. Who are the directors of the company?

Independent Non-executive Directors: Mr Kuseni Dlamini, Mr Bernard Fick, Mr Andile Mazwai, Ms Ndumi Ketwa

Executive Director: Mr Dawie de Villiers

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: No – None

History

When was the company established?

1997

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? AQRate

Date of accreditation: 25 June 2025

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R467.8 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R370.6 billion

Retail: R6.6 billion

Life: R59.9 billion

Other: R30.7 billion

Alexander Forbes Investments

Continued

Key investment personnel

Size of investment team: 33

Gyongyi King

CIO: Retail & Private Markets

BSc (Econ), CFA

28 years of industry experience

16 years with the firm

Senzo Langa

CIO: Institutional

MMFI, BCom (Fin), CFA, CAIA

19 years of industry experience

14 years with the firm

Ernest Mabaso

Head: Multi-asset class

BCom (Acc), ACMA, MBA

23 years of industry experience 16 years with the firm

Msizi Msomi

Portfolio Manager – Global & Specialist

BCom (Hons - Econ), Adv Dip (Invest and Instr)

9 years of industry experience 3 years with the firm

Nkosinathi Manyongwana

Portfolio manager - Retail

PPA

15 years of industry experience 6 years with the firm

Nadir Thokan

Portfolio Manager - DFM

BCom (Hons - Fin)

14 years of industry experience 3 years with the firm

Fay Khan

Portfolio Manager - DFM

BBusSc (Hons - Fin), EDP

17 years of industry experience 2 years with the firm

Premal Ranchod

Head: Manager and ESG Research

BCom, HDip Acc, CA(SA)

16 years of industry experience 10 years with the firm

Mpho Molopyane

Chief Economist

MCom (Econometrics and Quant Econ)

12 years of industry experience 2 years with the firm

Mandisa Zavala

Head: Asset Allocation

BSc (Hons)

12 years of industry experience 3 years with the firm

Allan Gray (Pty) Ltd

https://www.allangray.co.za

Company details

FAIS FSP registration number: 27145

Switchboard: +27 21 415 2300

General email: info@allangray.co.za

Address:

1 Silo Square, V&A Waterfront, Cape Town, 8001 PO Box 51318, V&A Waterfront, Cape Town, 8002 Compliance officers’ names: Ursuline Loubser and Kirk Thomas compliance@allangray.co.za

Investment philosophy

Allan Gray’s investment philosophy is valuation oriented, which means that their research is focused on identifying good-quality assets that are priced below intrinsic value. This investment philosophy is premised on their belief that the market is not always efficient or rational and that, at times, there can be significant disparities between the market price and the intrinsic business value of an investment (where intrinsic value is typically defined as the discounted value of expected future cash flows). Therefore, they buy shares when research and analysis indicate that the intrinsic value of the company exceeds its market price, with a reasonable margin of safety. These purchases are made in anticipation that the price will rise to the intrinsic value. This contrasts the ‘momentum’ approach, where a manager identifies an upward trend and follows this by purchasing the share in the belief that the trend will continue.

FAIS requirements

Who is your FAIS complaints officer?

Darren Maree

Please provide the link to the complaints policy on your website: https://www.allangray.co.za/globalassets/legal/ complaints-process.pdf

Ownership

What is the ownership structure of the company?

Allan Gray is a privately-owned company. Who are the directors of the company?

Duncan Artus, Mahesh Cooper, William Gray*, Ian Liddle (Chairman)*, Lungile Mdluli*, Jithen Pillay, Ziphezinhle Sikhakhane* (*Non-Executive Directors)

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

Past and present executive directors are shareholders of Allan Gray Group Proprietary Limited. Additionally, a 14% equity stake in Allan Gray Proprietary Limited has been reserved for current and future staff.

History

When was the company established? 1973

List of mergers and acquisitions that have taken place since being established: -

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited?

AQRate Verification Services

Date of accreditation: 2025-05-14

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? BDO

Date of verification: 2025-09-30

Expiry date of verification:

The assurance report confirms compliance with the Global Investment Performance Standards (GIPS) for the period from 1 January 2024 to 31 December 2024.

Investment mandates

What are your total assets under management as owned by South African clients only?

R637.4 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R126 billion

Retail: R426.6 billion

Life: R73.4 billion

Other: R11.3 billion

Key investment personnel

Size of investment team: 31

Duncan Artus

CIO, Portfolio Manager, Analyst

BBusSc (Hons), CMT, CFA

26 years of industry experience 25 years with the firm

Tim Acker

Portfolio Manager, Analyst MAcc, CA(SA), CFA

13 years of industry experience 13 years with the firm

Pieter Koornhof

Portfolio Manager, Analyst MSc, MBA, CA(SA), CFA

12 years of industry experience 12 years with the firm

Rory Kutisker-Jacobson

Portfolio Manager, Analyst BBusSc, CFA

17 years of industry experience 17 years with the firm

Sean Munsie

Portfolio Manager, Analyst BAcc (Hons), CA(SA), CFA 13 years of industry experience 13 years with the firm

Thalia Petousis

Portfolio Manager, Analyst MCom, CFA

14 years of industry experience 10 years with the firm

Jithen Pillay

Portfolio Manager, Analyst BBusSc, CA(SA), CFA

10 years of industry experience 10 years with the firm

Siphesihle Zwane

Portfolio Manager, Analyst BCom (Hons)

8 years of industry experience 8 years with the firm

Aluwani Capital Partners (Pty) Ltd

www.aluwani.com

Company details

FAIS FSP registration number:

46196

Switchboard: +27 21 204 3800

General email: info@aluwani.com

Address:

EPPF Office Park, 24 Georgian Crescent East, Bryanston East, Gauteng, 2152

Compliance officer name: Nick Howse, eComply +27 21 204 3800

Investment philosophy

We seek to provide sustainable risk- adjusted returns over the long term. The philosophy is based on three principles:

● Risk-adjusted returns can be maximised by actively extracting value from as many alpha sources as possible

● Focused diversification of risk across these sources should generate consistent performance in all market conditions

● Incremental, consistent alpha that compounds over time ensures a low volatility portfolio that generates competitive active return in a predictable fashion, through all stages of the investment cycle

FAIS requirements

Who is your FAIS complaints officer?

Nick Howse

Please provide the link to the complaints policy on your website: https://www.aluwani.com/compliance

Ownership

What is the ownership structure of the company?

Privately owned investment manager

Who are the directors of the company?

Sibusiso Mabuza, Gillian Raine, Louise Oertel, Alexia Shuenyane, Dumisani Mnganga, Moses Ngoasheng, Bafana Patrick Mathidi and Mishnah Seth

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

Yes, 52% of the company is held by management and staff.

History

When was the company established?

2015

List of mergers and acquisitions that have taken place since being established:

ALUWANI Capital Partners acquired 100% shareholding of Afena Capital in February 2023.

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited?

Renaissance SA Ratings

Date of accreditation: 2025-05-12

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R151.1 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R142.7 billion

Retail: R8.3 billion

Life: –

Other: R108 million

Key investment personnel

Size of investment team: 23

Patrick Mathidi

Head: Multi Asset Class Strategies

MSc (Fin), BCompt (Hons)

28 years of industry experience 10 years with the firm

Mila Mafanya

Head: Equity Strategies BBusSci, CFA

21 years of industry experience 2 years with the firm

Conrad Wood

Head: Fixed Income Strategies

BCom (Econ), CFA

31 years of industry experience 10 years with the firm

Mishnah Seth

Head: Investments BAcc (Hons), CFA

22 years of industry experience 10 years with the firm

Argon Asset Management (Pty) Ltd

www.argonassetmanagement.co.za

Company details

FAIS FSP registration number: 835

Switchboard: +27 21 670 6570

Fax number: +27 21 671 8252

General email: information@argonasset.co.za

Address:

1st Floor, Colinton House, The Oval, 1 Oakdale Road Newlands, 7700

Compliance officer name: eComply

Tim Howse and Nick Howse: +27 21 671 8162

Investment philosophy

Argon Asset Management is an investment management firm that is committed to internationally accepted best practices and global standards. They have a highperformance culture that filters through to the long- term sustainable success of their investment portfolios. They follow a bottom-up, fundamental research, valuation-based equity investment process. Multi-asset class investments follow an active tactical asset allocation approach, with a strong capital protection underpin and volatility-enhancing strategies that generate extra yield. They also follow a multi-strategy fixed income process, diversifying sources or risk and return with a mix of duration, credit and yield curve tactical trades.

FAIS requirements

Who is your FAIS complaints officer?

Tim Howse and Nick Howse

Please provide the link to the complaints policy on your website: http://www.argonassetmanagement.co.za/aboutargon/ regulatory-details/

Ownership

What is the ownership structure of the company? Independent, no group structure

Who are the directors of the company?

Executive Director: Dr Manas Bapela Non-Executive Directors: Aziza Galiel, CA(SA), CFA; Tasneem Sulaiman

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: Management and staff 82%

History

When was the company established?

2005

List of mergers and acquisitions that have taken place since being established:

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited?

AQRate Verification Services

Date of accreditation: 2025-11-12

Expiry date of verification: 2026-11-11

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? SNG Grant Thornton

Date of verification: 2023-06-05

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R37.3 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R36.4 billion

Retail: R835 million

Life: –

Other:–

Key investment personnel

Size of investment team: 17

Dr Manas Bapela CEO, CIO

PhD (Maths), MSc (Maths—cum laude), Global Investment Risk Mgt

28 years of industry experience 16 years with the firm

Krishna Sathee

Head: Fixed Income

BSc (Hons—Stats)

29 years of industry experience 16 years with the firm

Mark Ansley

Head: Equities

BCom (Hons)

32 years of industry experience 10 years with the firm

Maitse Motsoane

Head: Multi Asset Class

BCom (Hons—Invest Man cum laude), BCom (Fin Man Sc)

10 years of industry experience 7 years with the firm

Ashburton Fund Managers (Pty) Ltd

www.ashburtoninvestments.co.za

Company details

FAIS FSP registration number:

40169

Switchboard: +27 11 282 8800

Fax number: +27 11 282 1619

General email:

InstitutionalDistribution@ashburton.co.za

Address:

3rd Floor, 2 Merchant Place, 1 Fredman Drive, Sandton, 2196 PO Box 650149, Benmore, 2010

Compliance officer name:

Nombulelo Seeco +27 11 685 5573

Investment philosophy

The principal investment philosophy for Ashburton Investments is to provide investors with real returns over the long term, by investing in assets which trade below their intrinsic value while seeking diverse sources of return in order to diversify risk. We use both top-down proprietary macro data and bottom-up valuation data to make decisions on asset allocation.

Our investment approach is built on three key pillars:

Macro

We use global macro-economic factors to identify trends that inform our investment decisions and identify asset classes which are under-priced.

Quality

We invest in quality assets - companies that are of substance and sustainability, robust through economic cycles and best equipped to generate long-term sustainable revenues. We focus on three main factors: high profitability, strong balance sheet and low earnings cyclicality. We prefer market leaders with strong management operating in industries with high barriers to entry and structural growth.

Focused

While diversification is a key tenet at asset class level, at a stock selection level, we would rather own concentrated exposures of quality companies than own diluted exposures of lower quality companies. However, where we don’t have a stock selection edge, we don’t hesitate to incorporate index funds in order to capture market beta.

FAIS requirements

Who is your FAIS complaints officer?

Nombulelo Seeco

Please provide the link to the complaints policy on your website: http://www.ashburtoninvestments.com/docs/defaultsource/documents/legal/fais-complaints-resolutionpolicy.pdf?sfvrsn=2

Ownership

What is the ownership structure of the company?

Ashburton is 100% owned by the FirstRand Group

Who are the directors of the company?

Patrice Rassou, Meghna Ravjee and Mduduzi Ndlovu Do staff and management have an interest in ownership? Please provide the percentage held by staff and management:

Ashburton is 100% owned by the FirstRand Group. Staff ownership is at FirstRand Group level

History

When was the company established?

Ashburton Investments forms the fourth pillar of the FirstRand Group alongside RMB, Wesbank and FNB. Ashburton is 100% owned by FirstRand Limited.

Ashburton’s history dates to the genesis of Ashburton Jersey in 1982. FirstRand is committed to having a prominent asset manager as part of its financial service offering. Therefore, after RMB Asset Management was spun off to Momentum, a process was started to consolidate all remaining Group asset management functions under Ashburton. The businesses that were consolidated under the Ashburton brand are, the investment management arm of RMB Private Bank, BJM Multimanager, Ashburton Jersey and the retail stockbroking business of FNB. The business in its current form has been in operation since 2013.

The investment process for our Houseview Balanced Portfolios was however established in 1999 and has therefore been in existence for 19 years initially as Ansbacher, then as RMB Private Bank and currently as Ashburton Investments. It should be noted that, as a new generation manager, we seek to provide investors with access to more sources of return, the opportunity to achieve greater portfolio diversification and, consequently, to improve overall portfolio efficiency and hence the Balanced Portfolios have evolved over time.

At the end of 2015 Ashburton acquired Atlantic Asset Management, a boutique Fixed Interest house, with a view to expanding on our Fixed Interest capabilities.

The consolidation of Group asset and wealth management functions was completed in October of 2017 with the transfer of the Global Markets Fund Solutions business from RMB to Ashburton. This consolidation resulted in a common investment philosophy and common systems being applied across the various investment solutions.

Ashburton is a pure asset management company managing pooled and segregated, tailor-made mandates for clients across various risk profiles with solutions ranging from secure low risk portfolios to high -risk mandates split across various asset classes.

In September 2024, Ashburton partnered with Morgan Stanley Investment Management (MSIM). The Global Leaders Equity capability will be executed through this partnership.

List of mergers and acquisitions that have taken place since being established: At the end of 2015 Ashburton Investments acquired Atlantic Asset Management.

Ashburton Fund Managers (Pty) Ltd

Continued

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited?

Mosela Rating Agency

Date of accreditation: 2025-09-15

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R143.8 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R57.9 billion

Retail: R54.8 billion

Life: –

Other: R31.1 billion

Key investment personnel

Size of investment team: 29

Patrice Rassou

CIO

MSc (Econ), MBA, CA

34 years of industry experience

6 years with the firm

Jarred Sullivan

Global Multi-Asset Investment Strategist and Portfolio Manager

MCom (Econ), CFA, CQF

11 years of industry experience

5 years with the firm

Albert Botha

Head: Fixed Income Portfolio Management

BCom, AIA

20 years of industry experience

10 years with the firm

Charl de Villers

Head of Equities and Portfolio Manager

MBA, BTech (Elect & Electro Eng), CFA

22 years of industry experience

4 years with the firm

Santhuri Thaver

Head of Credit and Portfolio Manager

BAcc, CA(SA), CFA

21 years of industry experience

7 years with the firm

Lesiba Ledwaba

Head of Property and Portfolio Manager

BCom (Accounting)

22 years of industry experience

14 years with the firm

Sydney Matladi

Head of Liability Driven Investments and Portfolio Manager

MFin, MBA, FRM 14 years of industry experience 10 years with the firm

Vicki Tagg

Head of Indexation and Portfolio Manager

BCom (Hons), (CA) SA

26 years of industry experience 9 years with the firm

Robert Nagel Portfolio Manager

BCom (Hons), (CA) SA

29 years of industry experience 10 years with the firm

Tlhohonolofatso Komako Portfolio Manager

BSc(Hons) Maths & Statistics

10 years of industry experience 4 years with the firm

Uma Vijayan Portfolio Manager

MSc (Cheml Eng), FRM, CFA

10 years of industry experience 3 years with the firm

Mushaathama Motepe Portfolio Manager

MMFI, BBusSci, CFA

14 years of industry experience 12 years with the firm

Tsepo Moteuli Portfolio Manager

MFin (Maths), BSc (Hons - Act Sc and Stats) 16 years of industry experience 7 years with the firm

Daniel Masvosvere Portfolio Manager

MFin & Law, LLM, LLB, CFA 9 years of industry experience 4 years with the firm

Kathy Davey Portfolio Manager

MCom, BCom (Acc and IT), CFA

19 years of industry experience 13 years with the firm

Mathew John

Head of Quantitative Research and Data Science

MSc (Elec Eng), CQF

14 years of industry experience 6 years with the firm

Benguela Global Fund Managers (Pty) Ltd

www.benguelaglobal.com

Company details

FAIS FSP registration number: 45122

Switchboard: +27 10 596 8500

Fax number: 087 942 6511

General email: info@benguelaglobal.com

Address:

3rd floor Rivonia Village, Cnr Rivonia Boulevard and Mutual Road Rivonia, 2191

Compliance officer name: Nick Howse 082 085 8598

Investment philosophy

Our investment philosophy is premised on the belief that superior risk-adjusted returns can, over the long term, be achieved through investment in: high quality companies with sustainable growth prospects that are purchased at reasonable prices

FAIS requirements

Who is your FAIS complaints officer?

Nick Howse

Please provide the link to the complaints policy on your website: https://benguelaglobal.com/wp-content/ uploads/2025/08/ Complaints-Resolution-Procedure-.pdf

Ownership

What is the ownership structure of the company?

Benguela Global Fund Managers is fully owned by staff Who are the directors of the company? Directors: Zwelakhe Mnguni, Colin Clarke and Lindiwe Magubane, Rentse Tembo, Vuyelwa Masangwana, Boiketlo Serame

Interest in ownership? Please provide the percentage held by staff and management: Staff and management owns 69.9% of the company

History

When was the company established? 2013

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1 By whom have you been accredited? SANAS Date of accreditation: 2027-07-31

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? No By whom have you been verified? –Date of verification: –Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R7.1 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R6.2 billion

Retail: -

Life: R974 million

Other: –

Key investment personnel

Size of investment team: 8

Zwelakhe Mnguni CIO

BCom (Hons—Fin Man) 25 years of industry experience 11 years with the firm

Grant Nader

Portfolio Manager

BCom LLB, CA(SA) CFA 25 years industry experience 2 year with the firm

Cachalia Capital (Pty) Ltd

Company details

FAIS FSP registration number: 43755

Switchboard: +27 11 326 6699

General email: info@cachaliacapital.co.za

Address:

Sinosteel Plaza, 12th floor, 159 Rivonia Road Morningside Ext, Sandton, 2196

Compliance officer name:

Ms Carrie-Lee Wolff – Moonstone 072 636 0351

Investment philosophy

We employ a fundamental based valuation philosophy which combines both top down and bottom up research. We believe fundamentals are important. A top-down strategy is applied in deciding sector emphasis while the bottom up approach is driven by valuation as our primary concern. Our equity selection also considers other crucial risk factors and opportunities such as investment views and themes (secular, cyclical, structural) and quality rankings of companies taking into account the attractiveness of the industry, competitive advantage and financial strength. We employ a disciplined and thorough approach to the research and valuation process.

Also, we believe that rigorous and open minded debate between team members facilitates superior investment decisions. We are long term value investors. We would aim to identify value opportunities from both a top down as well as a bottom up approach. The top down process is initiated by assessing macro-economic variables in order to interpret the investment cycle which is conducted by external strategists.

Based on this research, the expected returns for the different equity sectors are forecast which enables us to determine sector weightings and consolidated themes. A value filter is then implemented in the various sectors in order to establish the best prospective opportunities. Coupled to this we will seek out value situations from a bottom up perspective utilizing Refinitiv by running filters and searching for companies that are trading at a rating lower than its history or companies that are attractively priced relative to its future earnings prospects. Companies that trade at a discount to their net asset value, trade at low free cash flow to price multiples or which have a high dividend yield will also have preference.

Company research is conducted for these various companies which culminate in detailed financial models with the aim of estimating future earnings. In depth consideration is given to both quantitative and qualitative factors. The earnings derived from these models are then further translated into valuations. Three valuation mythologies will be employed for each company in order to cross check valuations derived. This is to create certainty in the portfolio manager’s mind of valuations.

These valuations then allow us to compare different companies and rank the relative value of each stock analysed. The portfolio manager is then able to effectively construct the portfolio.

FAIS requirements

Who is your FAIS complaints officer?

Ms Mashuda Cassim

Please provide the link to the complaints policy on your website: admin@cachaliacapital.co.za or mashuda@ cachaliacapital.co.za

Ownership

What is the ownership structure of the company?

100% Black female owner managed Who are the directors of the company?

Mr Gert Vorster & Ms Mashuda Cassim

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

Ms Mashuda Cassim is the Managing Director and owns 100% of the company at this stage

History

When was the company established? 2011

List of mergers and acquisitions that have taken place since being established: 2015 Old Mutual Investment Group - 26% stake in Cachalia Capital, this was repurchased in February 2016

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? Affidavit Date of accreditation: 2023-07-11

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? No By whom have you been verified? Refinitiv

Date of verification: –Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R1.3 billion

Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R1.3 billion

Retail:Life: -

Other: -

Key investment personnel

Size of investment team: 4

Ms Mashuda Cassim

CIO

BCom (Acc)

29 years of industry experience 14 years with the firm

Michelle Kereeditse

Investment Professional

BCom (Hons—Inv Man)

5 years of industry experience 5 years with the firm

Camissa Asset Management (Pty) Ltd

www.camissa-am.com

Company details

FAIS FSP registration number:

784

Switchboard: +27 21 673 6300

Fax number: 086 675 8501

General email: info@camissa-am.com

Address: 5th Floor, MontClare Place, Cnr Main & Campground Roads, Claremont, 7708 PO Box 1016, Cape Town, Compliance officer name:

Wajdah Fataar +27 21 673 6326

Investment philosophy

Camissa Asset Management makes investment decisions based on mispricings they observe in the market. Simply put, they buy investments that are priced well below their considered assessment of intrinsic values and avoid those that they believe are overpriced.

Opportunities arise when market prices deviate from intrinsic value.

All investments represent a set of future cash flows, which can be valued with reasonable accuracy. Over time, this intrinsic value progresses at a fairly stable pace. Asset prices, however, fluctuate considerably through time. This is largely due to self-reinforcing cycles of investor enthusiasm or negativity, often fuelled by an excessive focus on near- term data and news flow.

Their aim is to identify and exploit mispricings in the markets. They therefore buy investments at prices well below their estimation of intrinsic value and hold them while they deliver strong cash returns and until they can be sold above this value. Once sold, Camissa Asset Management avoids such overvalued investments for as long as the market price is above the intrinsic value.

The future is never certain

Camissa Asset Management recognises that there is considerable danger in operating with the comfort of a false sense of certainty and the accompanying behavioural reinforcement cycles that lead to a distorted evaluation of new information. As a result, they understand that despite their best efforts, they cannot possibly know all the facts.

This drives them to think more deeply, to work harder and to be more alert. They view the future in terms of probabilities, explore alternative scenarios, diversify their positions, hedge risk and seek out potential asymmetries.

FAIS requirements

Who is your FAIS complaints officer?

Wajdah Fataar

Please provide the link to the complaints policy on your website: http://www.camissa-am.com/legal/

Ownership

What is the ownership structure of the company?

74% owned by Camissa Asset Management and 26% owned by Sinayo

Who are the directors of the company?

Roland Greaver, Gavin Wood, Tracy-Lee Scott, Khumo Shongwe, Polo Radebe

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: Yes – 74%

History

When was the company established? 2001

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? AQRate

Date of accreditation: 2025-12-12

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? PriceWaterhouseCooper

Date of verification: 2025-11-21

Expiry date of verification: N/A

Investment mandates

What are your total assets under management as owned by South African clients only?

R80 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R57.7 billion

Retail: R22.3 billion

Life: –

Other: –

Key investment personnel

Size of investment team: 19

Gavin Wood CIO

BBusSc, FFA, CFA

30 years of industry experience

24 years with the firm

Abdul Davids

Portfolio Manager

BCom, CFA

28 years of industry experience

18 years with the firm

Cannon Asset Managers

www.cannonassets.co.za

Company details

FAIS FSP registration number: 736

Switchboard: +27 10 141 9391

General email: info@cannonassets.co.za

Address:

18 Rivonia Rd, Illovo, Sandton 2196 PO Box 185 Johannesburg 2000 Compliance officer name:

Johan Jurgens Van Zyl and Zelmari Van Zyl +27 61 4911 585

Investment philosophy

Our investment objective is simply to build the best possible portfolios for our clients utilizing all the skills at our disposal and is guided by four overarching principles:

a) Opportunities: Markets adjust back to their averages and tend towards efficient pricing in the long-term, but provide consistent and identifiable mispricing opportunities in the short- to medium-term. By defining an investment universe as wide as prudently possible we believe that we maximize the potential to capitalize on opportunities that the market presents

b) Valuations: Our assessment of the valuation of a business compared to the prevailing market is the critical assessment in the merits of a particular investment

c) Risk Management: Wealth creation is driven as much by protecting capital value in difficult environments as by growing it in more prosperous times. Risk analysis and management is an important consideration here.

d) Question Everything: We avoid making investment decisions based on rules of thumb. We question management, governance structures and current wisdom in our investment process.

FAIS requirements

Who is your FAIS complaints officer?

Johan Jurgens Van Zyl

Please provide the link to the complaints policy on your website: info@cannonassets.co.za

Ownership

What is the ownership structure of the company?

90% owned by Seriti Capital Partners

Who are the directors of the company?

Tshepo Modiba, Deshan Naidoo

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: 0%

History

When was the company established? 2000 List of mergers and acquisitions that have taken place since being established: 2021 Seriti Capital Advisors acquired 100% stake from Bidvest Financial Services.

B-BBEE credentials

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? Empowerdex Date of accreditation: 2020-09-10

GIPS

Are you GIPS compliant? No

Are you GIPS verified?By whom have you been verified?Date of verification:Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only? R615 million

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R426 million Retail: R177 Million

Life: –

Other: R12.4 million

Key investment personnel

Size of investment team: 2

Deshan

Naidoo

Executive Chairman BCom

11 years of industry experience 5 years with the firm

Tshepo Modiba

CIO, Portfolio Manager

BSc (Hons—Math Stats) 16 years of industry experience 7 years with the firm

Capital Link Partners (Pty) Ltd

www.clpsa.co.za

Company details

FAIS FSP registration number:

47485

Switchboard: +27 10 001 0150

General email: info@clpsa.co.za

Address:

Tower 1B, 4th Floor, The Marc, 129 Rivonia Rd

Sandown, Sandton, South Africa, 2196

Compliance officer name:

Zandile Ngwenya +27 10 001 0150

Investment philosophy

Consistent returns through the application of fundamentals and innovation.

Our investment philosophy and process are based upon four pillars: Macro Environment Analysis, Analysis of Opportunity Sets; Instrument Selection; and Risk Monitoring and Management. The organisation was founded as a fixed income focused investment management company which is where the reliance on fundamentals originates. The founders also have a background in hedge fund management. Over the last few decades, the hedge fund industry has been at the forefront of innovative approach to product development, portfolio construction and research. With this background, our investment philosophy was established. We follow this approach to perform macro environment analysis, analysis of opportunity sets, instrument selection, and risk monitoring and management. Our investment philosophy speaks of fundamentals and innovation. We believe that the market over the long run is driven by fundamental data and the use of the latest technology allows us to remain ahead of our competitors. These fundamentals encompass the analysis of both the financial statements and the macroeconomic environment. The second part of our investment philosophy references innovation. We believe that we remove biases by using the latest developments in technology to analyse the fundamental data to form an unbiased view about a security, asset class or macroeconomic environment.

FAIS requirements

Who is your FAIS complaints officer?

Christelle Granger (ICS Compliance services)

Please provide the link to the complaints policy on your website: https://clpsa.co.za/compliance/

Ownership

What is the ownership structure of the company?

Executive Management Shareholding: 90%

Staff Trust Other: 7%

Shareholding: 3%

Who are the directors of the company?

Sithembele Manyadu, William Ofosu, Koketso Mabe and Lindy Diale

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: 97%

History

When was the company established? 2014 List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? Sworn Affidavit Date of accreditation: 2016

GIPS

Are you GIPS compliant? No

Are you GIPS verified?By whom have you been verified?Date of verification:Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R6.8 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R5.3 billion

Retail: R820 million

Life: –

Other: R715 million

Key investment personnel

Size of investment team: 12

Sithembele Manyadu

Portfolio Manager

MSc (Risk Man), MMan (Fin), BCom

26 years of industry experience 11 years with the firm

Similo Dingile

Portfolio Manager

MMan (Fin), CFA 11 years of industry experience 7 years with the firm

Lindy Diale

Portfolio Manager

BSc (Hon - Geol), CFA

5 years of industry experience 2 years with the firm

William Ofosu

Portfolio Manager

BCom (Acc)

28 years of industry experience 11 years with the firm

Sempitseng Ngoqo

Head: Fund Adminstration

BCom

6 years of industry experience 6 years with the firm

Catalyst Fund Managers SA (Pty) Ltd

www.catalyst.co.za

Company details

FAIS FSP registration number: 36009

Switchboard: +27 21 657 5500

General email: operations@catalyst.co.za

Address: 4th Floor Protea Place, Claremont, 7708 PO Box 44845, Claremont, 7735 Compliance officer name: eComply

Tim Howse, Nick Howse +27 21 671 8162 / +27 82 885 8598

Investment philosophy

Property – Income – Security

Catalyst Fund Managers’ view is that real estate is a separate asset class, providing diversification benefits to a multi-asset class portfolio resulting in enhanced riskadjusted returns. They are strong advocates of listed real estate as a long-term investment and follow a rigorous process in the analysis of listed real estate securities. The team follows a bottom-up approach in assessing the sustainability and growth of income streams by focusing primarily on key underpins, specifically considered to be the quality of property portfolios, management teams and the capital structure of the business.

Their primary consideration in identifying intrinsic value is the total return profile for investors, comprised of capital appreciation as well as an income/yield component from regular dividends, which tend to grow closely with inflation over time.

Their philosophy also drives their independent internal company research capability, which consolidates property knowledge with company-specific features. This, together with consistently applied valuation methodology designed specifically for listed property assessment, differentiates them from their competitors and allows them to add real value to their clients’ portfolios.

FAIS requirements

Who is your FAIS complaints officer?

Michael Arbuthnot

Please provide the link to the complaints policy on your website: https://www.catalyst.co.za/more-information/ Ownership

What is the ownership structure of the company?

Catalyst Fund Managers 84.9%, Other 5.0% Staff Trust 10.1%

Who are the directors of the company?

Directors: M Arbuthnot, M Seroto

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management:

Yes, Staff Trust holds 10.1%

History

When was the company established? 2001

List of mergers and acquisitions that have taken place since being established: N/A

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited?

AQ Rate Verification Services

Date of accreditation: 2025-03-11

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment

mandates

What are your total assets under management as owned by South African clients only?

R13.2 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R13.2 billion

Retail: –

Life: –

Other: –

Key investment personnel

Size of investment team: 3

Bontle Seema

Investment Analyst

BCom (Hons - BusFin)

6 years of industry experience 1 year with the firm

Mvula Seroto

Portfolio Manager

CA(SA), CFA

12 years of industry experience 12 years with the firm

Imdaad Nana

Portfolio Manager, Investment Analyst 14 years of industry experience 8 years with the firm

ClucasGray (Pty) Ltd

www.cgam.co.za and www.clucasgray.co.za

Company details

FAIS FSP registration number:

21117

Switchboard: +27 11 771 1960

General email:

ClientRelations@ClucasGray.co.za

Address:

Ground Floor, Dunkeld Place, 12 North Road, Dunkeld West, 2196 PO Box 413037, Craighall, 2024

Compliance officer name: Paul Carter

+27 11 771 1960

Investment philosophy

We believe:

● in fundamental, in-depth company analysis

● all investing requires a valuation discipline

● in a collaborative approach to investing, leveraging the insights and diverse experience of the ClucasGray investment team

● that macro analysis is an important supplement to fundamental analysis

● in focused portfolios, expressing conviction in our views

● a patient, long term approach to investing will lead to good returns over time.

FAIS requirements

Who is your FAIS complaints officer?

Paul Carter

Please provide the link to the complaints policy on your website: –

Ownership

What is the ownership structure of the company?

100% owner managed business

Who are the directors of the company?

ClucasGray: Craig Clucas, James Clucas, Grant Morris and Paul Carter

ClucasGray Asset Management: Andrew Vintcent and Paul Carter

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management:

ClucasGray (Pty) Ltd is a 100% owner managed business. All the key portfolio managers own equity in the business.

History

When was the company established?

ClucasGray: 2005

ClucasGray Asset Management: 2019

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? CGAM Level 4

What is your B-BBEE status? -

By whom have you been accredited?Date of accreditation: -

GIPS

Are you GIPS compliant?

No, however the unit trusts are deemed to be GIPS compliant through our administrator Prescient, who verify returns and compliance.

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R4.6 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R811.2 million

Retail: R1.8 billion

Life: R1 billion

Other: R996 million

ClucasGray (Pty) Ltd

Continued

Key investment personnel

Size of investment team: 15

Andrew Vintcent

Defacto CIO, Senior Portfolio Manager, Analyst CA(SA), CFA

25 years of industry experience 10 years with the firm

Grant Morris

Head: Research, Senior Portfolio Manager, Analyst

BCom, PDM, CFP

23 years of industry experience 11 years with the firm

Guy MacRobert

Senior Portfolio Manager, Analyst CA(SA)

28 years of industry experience 11 years with the firm

Brendon Hubbard

Senior Portfolio Manager, Analyst MBA

26 years of industry experience 17 years with the firm

Kirsty Savin

Portfolio Manager, Analyst

BBusSci (Hons—Fin), CFP, CFA

9 years of industry experience 12 years with the firm

James Clucas

Senior Portfolio Manager, Analyst BCom

29 years of industry experience 20 years with the firm

Paul Carter

Senior Portfolio Manager, Analyst BSC (Inf Proc)

29 years of industry experience 20 years with the firm

Kirsty Savin

Portfolio Manager, Analyst

BBusSci (Hons—Fin), CFP, CFA 17 years of industry experience 14 years with the firm

Danie van Zyl

Head of Research, Investment Analyst

CA(SA)

9 years of industry experience 9 years with the firm

JP Maritz

Investment Analyst BCom, CFF

12 years of industry experience 7 years with the firm

George Slabbert

Investment Analyst MCom, MBA, BCom, FMVA

11 years of industry experience 5 years with the firm

Siphiwe Ziqubu

Trading and Research

BCom (Fin)

6 years of industry experience 6 years with the firm

Lawrence Mosielo

Fixed Income Analyst BCom

4 years of industry experience 4 years with the firm

Christopher Hope Analyst

BEng (Mech)

2 year of industry experience 2 year with the firm

Stuart Hyde

Equity Analyst

BCom (Hons - Econ), CFA (Level 3 Candidate)

4 years of industry experience 1 year with the firm

Njabulo Buthelezi

Research Assistant

BCom, Higher Certificate (Bus Man)

1 year of industry experience 1 year with the firm

Coronation Asset Management

www.coronation.com

Company details

FAIS FSP registration number:

548

Switchboard: +27 21 680 2000

Fax number: +27 21 680 2100

General email: clientservice@coronation.co.za

Address:

7th Floor MontClare Place, Cnr Campground and Main Roads Claremont, Cape Town, South Africa PO Box 44684, Claremont, Cape Town, 7735

Compliance officer name: Ms Jamie Rowland +27 21 680 2809

Investment philosophy

All Coronation products are managed according to a single investment philosophy. It is based on two key tenets: using a long-term horizon to establish a company’s fair value and a disciplined valuation-driven approach, which drives buy and sell decisions.

FAIS requirements

Who is your FAIS complaints officer?

Jamie Rowland

Please provide the link to the complaints policy on your website: https://www.coronation.com/en-za/institutional/legal/ complaints-guidelines/

Ownership

What is the ownership structure of the company?

Coronation Asset Management (Pty) Ltd is a wholly owned subsidiary of Coronation Fund Managers Ltd which is a public company listed on the Johannesburg Stock Exchange. Coronation is a majority black-owned business with 52% black ownership. Staff own 34% of the business and the balance is owned by local and global institutional and individual investors.

Who are the directors of the company?

Anton Pillay is the executive director of the company. Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

Staff members currently own 34% of the shares in issue of the company.

History

When was the company established?

1993

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? Empowerdex

Date of accreditation: 2025-12-22

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? KPMG

Date of verification: 2025-05-26

Expiry date of verification: 2024-12-31

Investment mandates

What are your total assets under management as owned by South African clients only?

R668.5 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R340.4 billion

Retail: R325.9 billion

Life: –

Other: R2.1 billion

Coronation Asset Management

Continued

Key investment personnel

Size of investment team: 50

Karl Leinberger

Chief Investment Officer

BBusSc, CA(SA), CFA

26 years of industry experience

26 years with the firm

Neville Chester

Senior Portfolio Manager

BCom, CA(SA), CFA

30 years of industry experience

26 years with the firm

Pallavi Ambekar

Head: Absolute Return

BBusSc, CA(SA), CFA

24 years of industry experience

24 years with the firm

Quinton Ivan

Head: Core Equity

BCom (Hons), BBusSc, CA(SA), CFA

22 years of industry experience 21 years with the firm

Nishan Maharaj

Head: Fixed Income

MBA, BSc (Hons)

24 years of industry experience 14 years with the firm

Gavin Joubert

Head: Global Emerging Markets

BBusSc, CA(SA), CFA

28 years of industry experience 28 years with the firm

Peter Leger

Head: Global Frontiers

BCom (Hons), BSc (Eng), CFA

29 years of industry experience 22 years with the firm

Neil Padoa

Head: Global Developed Markets

BEconSc, FFA, CFA

19 years of industry experience 15 years with the firm

Nicholas Hops

Head: SA Equity Research

BBusSc, CFA

13 years of industry experience 13 years with the firm

Mauro Longano

Head: Fixed Income Research

BSc (Hons-Eng), CA(SA) 16 years of industry experience 13 years with the firm

Iakovos Mekios

Co-Head: Global Emerging Markets Research MIA, Ptychion (BSc), IMC, CFA

13 years of industry experience 13 years with the firm

Ori Sachs

Co-Head: Global Emerging Markets Research BBusSc, CFA

10 years of industry experience 6 years with the firm

Chris Cheetham

Head: Global Developed Markets Research

BBusSc, CA(SA), CFA

15 years of industry experience 9 years with the firm

Denker Capital (Pty) Ltd

www.denkercapital.com

Company details

FAIS FSP registration number: 47075

Switchboard: +27 21 950 2603

General email: Investorrelations@denkercapital.com

Address:

4th Floor, South Block, Avanti Office Park, 35 Carl Cronje Drive, Tyger Falls, Bellville 7530, Cape Town, South Africa Compliance officer name: Francis Hitchinson (Outsourced to Sanlam Investments) FrancisH@sanlaminvestments.com / +27 21 950 2695

Investment philosophy

Our intrinsic value philosophy is based on fundamental research and involves looking for three key factors when identifying good businesses that we believe will grow shareholder value over the long term.

Good business economics

We assess a company’s growth opportunities, its ability to generate cash and sustainable returns on invested capital, its capital structure, its sustainable competitive advantage and the strengths and weaknesses of the industry in which it operates.

Quality management

We place significant emphasis on the management team who are responsible for capital allocation decisions. We consider their track record, incentive structure, how they operate the business, their personal traits, and whether or not they are disciplined stewards of shareholder capital.

Favourable valuations

We make sure that we aren’t overpaying for the value we are receiving by understanding the intrinsic value and the range of possible outcomes.

We align a framework of responsible investing with the process above.

Responsible investing

We understand the important role we play as stewards of our investors’ capital and the fine balance that exists between various institutions and stakeholders within the value chain. We aim to drive value for the benefit of consumers, government, society at large as well as ensuring that capital providers (equity and bond investors) are sufficiently rewarded for the capital they have provided.

Our approach to investing:

We focus on company fundamentals. We focus on conducting in-depth research on company fundamentals. This informs our assessment of a company’s intrinsic value. Intrinsic value is the present value of a company’s total expected net cash flows.

We invest in companies when they are attractively priced relative to their long-term return potential.

Our investment process determines whether a company’s current price is too high or low compared to its track record and our assessment of its future potential, as measured by intrinsic value.

We invest with patience and for the long term. It can take time for a company’s share price to reflect its underlying intrinsic value. Our approach therefore requires patience to invest for the long term.

We understand and manage risks.

Returns in financial markets can only be achieved by assuming some risk. We concentrate on understanding the risks companies face so that we invest with a margin of safety and diversify our portfolios.

FAIS requirements

Who is your FAIS complaints officer?

Francis Hitchinson (Outsourced to Sanlam Investments) Please provide the link to the complaints policy on your website: https://www.denkercapital.com/complaints-policy/

Ownership

What is the ownership structure of the company?

Sanlam Investment Holdings (Pty) Ltd 49.9%, Denker Capital Employee Trust 8.8%, Arnhem Littleton Trust 15.0%, Star Fish Trust 12.9%, Cornelis Seakle Kooyman 6.5%, Lubnik Investments (Pty) Ltd 4.0%, Jan Viljoen Meintjes Familie Trust 3.0%.

Who are the directors of the company?

Executive directors: Shane Tremeer (CEO), Kokkie Kooyman, Claude van Cuyck, Madalet Sessions (alternate) Non-executive directors: Taskeen Ismail and Khanyile Nzukuma.

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: 50.1%

Denker Capital (Pty) Ltd

Continued

History

When was the company established?

2015

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 4 contributor to B-BBEE

By whom have you been accredited? MSCT BEE Services

Date of accreditation: 2025-06-25

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? Grasp (Pty) Ltd

Date of verification: 2025-05-20

Expiry date of verification: -

Investment mandates

What are your total assets under management as owned by South African clients only?

R10.2 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R713 million

Retail: R9.4 billion

Life: –

Other: –

Key investment personnel

Size of investment team: 13

Claude van Cuyck

Head: Research, Head: SA Equity, Portfolio Manager

BCom (Hons), CFA

33 years of industry experience 15 years with the firm

Madalet Sessions

Head: Research, Head: SA Multi-Asset, Portfolio Manager

MCom

20 years of industry experience 10 years with the firm

Kokkie Kooyman

Head: Research, Head: Global Financials, Portfolio Manager

BCom (Hons), HDip (Edu), CA(SA)

37 years of industry experience 22 years with the firm

Jacobus Oosthuizen

Head: Research, Head: Global Equity, Portfolio Manager

MCompt, CA(SA), CFA

22 years of industry experience 19 years with the firm

Jan Meintjes

Portfolio Manager

BCom (Hons), CA(SA), CFA

31 years of industry experience 15 years with the firm

Differential Capital

www.differential.co.za

Company details

FAIS FSP registration number:

49982

Switchboard: +27 10 443 7470

General email: info@differential.co.za

Address:

Worcester House Portion Ground floor, Eton Office Park Cnr Sloane Street & Harrison Avenue

Bryanston, 2191

Compliance officer name: Johan van Zyl +27 11 568 0925

Investment philosophy

Our investment philosophy is based on the view that investors set market prices based on their expectations of cash flow and risk. We believe that mispricing occurs because changes in expectations (and how these changes are incorporated into prices) are imperfect. We focus on three sources of market imperfection:

Information Asymmetry: Although investors are ultimately privy to the same set of information, there are differences in the extent to which different investors make use of the available information.

Processing Asymmetry: There are material differences in the readiness with which different investors can incorporate and act on new information.

Preference Asymmetry: Investors operate with vastly different preferences and mandate restrictions. Examples include the fact that value managers prefer “cheap” stocks and the fact that tracking error limits sometimes mean that investors cannot fully express their views. We believe that these restrictions have the potential to produce mispricing and delayed reaction to information.

FAIS requirements

Who is your FAIS complaints officer?

Vincent Anthonyrajah (CEO)

Please provide the link to the complaints policy on your website: https://www.differential.co.za/policies

Ownership

What is the ownership structure of the company?

Vincent Anthonyrajah: 25.60%

Sam Houlie:18.48%

Musa Malwandla: 16%

Jeremy Naguran: 4.3%

Other Founders: 10.64%

Standard Bank of South Africa: 24.99%

Who are the directors of the company?

Vincent Anthonyrajah, Sam Houlie, Musa Malwandla Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

Staff and management collectively own 67%.

History

When was the company established? 2018

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited?

No, we are a QSE with a sworn affidavit. What is your B-BBEE status? Level 2

By whom have you been accredited?Date of accreditation: -

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? No, but our Manco Prescient is. By whom have you been verified?Date of verification: -

Expiry date of verification: -

Investment mandates

What are your total assets under management as owned by South African clients only?

R5 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R4.5 billion

Retail: R45 million

Life: –

Other: R463 million

Differential Capital

Continued

Key investment personnel

Size of investment team: 9

Vincent Anthonyrajah

CEO

BSc (Act Sc), BSc (Hons—Stats), AIA, CERA

15 years of industry experience

7 years with the firm

Sam Houlie

Co-CIO (Fundamentals)

CA(SA), CFA

30 years of industry experience

3 years with the firm

Musa Malwandla

Co-CIO (AI/Data Science)

PhD (Fin), MSc, BSc (Hons),

14 years of industry experience

6 years with the firm

Louis Loizou

Head: Portfolio Risk, Investment Analyst

BCom (Hons-Inv Man, Econ)

13 years of industry experience

6 years with the firm

Sizwe Msomi

Investment Analyst

CA(SA), CFA

9 years of industry experience

6 years with the firm

William Wright

Lead Data Scientist

PhD (Phy)

5 years of industry experience 1 year with the firm

Lehumo Mashishi

Machine Learning Engineer

MSc (Phy - cum laude)

2 years of industry experience 2 years with the firm

Mark Salmon

Head of Special Situations

MBA, BSc (Act Sci)

20 years industry Experience 2 years with the firm

Naomi Oba

Data Science Analyst

BCom (Hon - Data Sci and Stats)

1 year industry experience 1 year with the firm

Edge Capital (Pty) Ltd

www.edge.co.za

Company details

FAIS FSP registration number:

1999/022409/07

Switchboard: +27 21 976 1012

Fax: +27 21 976 1096

General email: edgeclientservices@edge.co.za

Address:

Edge House, 3 Heuwelkruin Close, Durbanville, 7550 P O Box 4188, Tygervalley Compliance officer name: Independent Compliance Services: +27 21 975 6597

Investment philosophy

Edge recognises that true expertise does not reside in one place. We partner with independent managers who provide the insight and skill to build sustainable, world-class investment solutions.

We look for managers who demonstrate:

● High alpha, skill-based strategies

● Low beta, market-independent approaches

● A proven track record

● Sophisticated investment tools

● Boutique team structures

● Alignment of interest with clients

By understanding alternative investment behaviours, we deliver tailored solutions. Ranging from low-risk absolute return funds to hybrid equity and portable alpha strategies.

FAIS requirements

Who is your FAIS complaints officer? RealFin Collective Investment Schemes (RF) Proprietary Limited

Please provide the link to the complaints policy on your website: RealFin Collective Investment Schemes (RF) Proprietary Limited has entered into a co-naming agreement with and delegated the investment management function to Edge Capital Proprietary Limited in respect of the Edge RCIS range. Should you have any complaints in relation to these portfolios, please send an email to complaints@realfin.co.za

Ownership

What is the ownership structure of the company?

Edge Capital (Pty) Ltd is a wholly-owned subsidiary of Edge Investments (Pty) Ltd.

Who are the directors of the company?

Pieter Davis, Ryan Wiborg, Cephas Pfende (Non-Executive Director)

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: Edge Capital (Pty) Ltd is privately owned, and in addition to staff ownership, Edge has an enterprise development partner called Alusi Group as its Black Economic Empowerment Partner.

History

When was the company established? 1999

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? B-BBEE Level 1 Contributor By whom have you been accredited?

EVASA – Empowerment Verification Agency of South Africa

Date of accreditation: 2023-12-18

GIPS

Are you GIPS compliant?Are you GIPS verified?By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R9.4 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R9.4 billion

Retail: -

Life: –

Other: –

Key investment personnel

Size of investment team: 6

Pieter Davis

CEO

MBA, BCom (Hons - B&A), CFA

29 years of industry experience 14 years with the firm

Pieter Viljoen

CIO

BSc (Comp Sc), CFA

28 years of industry experience 17 years with the firm

Lynn Lekay

Portfolio Analyst

BCom (Hons)

18 years of industry experience 9 years with the firm

Thoriso Seepi

Independent Investment Risk Manager

MSc (Compt Fin)

10 years of industry experience 6 years with the firm

Verosha Sudhakaran

Senior Investment Specialist

CA(SA), CIPM, CFA

13 years of industry experience 4 years with the firm

Hayley Richards

Business Co-ordinator

Digital Marketing

25 years of industry experience 22 years with the firm

Zintle Mzondo

Investment Team Trainee

BCom

4 years of industry experience 5 years with the firm

Carmen Basson

Investment Assistant

20 years of industry experience

9 years with the firm

Element Investment Managers

www.elementim.co.za

Company details

FAIS FSP registration number: 663

Switchboard: +27 21 426 1313

General email: info@elementim.co.za

Address:

Block 6, Inanda Greens Business Park 54 Wierda Rd West, Sandton, 2196 Compliance officer name: Independent Compliance Services +27 21 975 6597

Investment philosophy

We are primarily fundamental investors with a quality bias and a focus on valuation. We believe that time is beneficial to good companies and focus on compounding returns. The investment philosophy also considers macroeconomic factors as a portfolio overlay. This all combines as an approach that seeks to maximise long-term returns whilst actively managing risk. We are mindful of benchmarks and mandates, though believe in an active investment approach. Through this focus on quality, value and risk, we construct relatively safer portfolios that can form the core of client portfolios or building blocks of larger portfolios.

FAIS requirements

Who is your FAIS complaints officer?

Independent Compliance Services

Please provide the link to the complaints policy on your website: https://url.za.m.mimecastprotect.com/s/ klHYCDRZKQs5DWB5OSWfAHjjFVF?domain=elementim. co.za/

Ownership

What is the ownership structure of the company?

Rockwood Holdings (Pty) Ltd: 89% Element Directors and other: 11%

Who are the directors of the company?

Dr DF Da Silva, N Hassan and KH McLachlan

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: Yes, 3.9%

History

When was the company established? 1998 List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 4 By whom have you been accredited?Date of accreditation: 2026-01-16

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only? R739 million

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R739 million

Retail:Life: –

Other: –

Key investment personnel

Size of investment team: 10

Keith McLachlan CEO CA(SA)

20 years of industry experience 3 years with the firm

Excelsia Capital (Pty) Ltd

www.excelsia.co.za

Company details

FAIS FSP registration number:

46756

Switchboard: +27 21 276 1740

General email: info@excelsia.co.za

Address:

3rd Floor, Sunclare Building 21 Dreyer Street, Claremont, Cape Town, South Africa, 7708 Compliance officer name: Independent Compliance Services

Debbie Carse +27 21 975 6597

Investment philosophy

Our investment philosophy is valuation based, focused on long-term thinking and assessing the key variables of what drives value in a business. We invest in businesses that we believe are selling at a discount to our assessment of their intrinsic value. Various valuation methods are used to determine the value of a business and normalisation of earnings forms a key part of assessing through-the-cycle intrinsic value. We also consider the probability of outcomes around our valuation and the possible timeframes over which value can be unlocked. Included in the valuation process are both quantitative and qualitative factors to help evaluate the key revenue drivers of the business, its risks/rewards and the industry dynamics in which the business operates. The key aspects of our philosophy include:

● Taking a business approach;

● Looking for a margin of safety;

● Taking advantage of fear and greed;

● Not basing investments on macro forecasting, and

● Taking a long-term approach.

FAIS requirements

Who is your FAIS complaints officer?

Derek McDonald

Please provide the link to the complaints policy on your website: https://excelsia.co.za/legal-disclosure/#client_ complaint_process

Ownership

What is the ownership structure of the company?

91.6% owned by Excelsia Holdings (Pty) Ltd

Who are the directors of the company?

Rajay Ambekar, Lindsay Tolmay, Sharifa Jaffer, Nosiphiwo Balfour (Independent Non-executive)

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes. 100%

History

When was the company established?

2016

List of mergers that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 2

By whom have you been accredited?

Qualifying small enterprise—affidavit

Date of accreditation: 2025-10-07

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R8.1 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R7.6 billion

Retail: R243 million

Life: R268 million

Other: –

Key investment personnel

Size of investment team: 10

Rajay Ambekar

CIO

CA(SA) CFA

28 years of industry experience 10 years with the firm

Richard Middleton

Portfolio Manager

MBA, BSc (Eng)

28 years of industry experience

7 years with the firm

Fairtree Asset Management (Pty) Ltd

www.fairtree.com

Company details

FAIS FSP registration number: 25917

Switchboard: 0861 760 760

Fax number: +27 21 914 3103

General email: clientservices@fairtree.com

Address:

Willowbridge Place, Cnr Carl Cronje & Old Oak Road, Bellville, 7530 PO Box 4124, Tygervalley, 7536 Compliance officer name: Independent Compliance Services

Enrique Goosen

Investment philosophy

Fairtree is a leading investment manager that manages traditional and alternative investment portfolios across all asset classes for local and global clients. Headquartered in South Africa, Fairtree manages R182 billion (as at June 2025) in award-winning, diverse global portfolios.

Our commitment to values-driven investing and a consistent investment philosophy has continued to deliver high-quality returns to investors since the inception of our first fund in 2003.

At Fairtree, investment decisions are not driven by a single central view or individual. Instead, each portfolio manager is empowered to apply their specialist expertise within a robust risk and portfolio management framework. This decentralised approach allows us to remain nimble, responsive, and disciplined across changing market conditions, while avoiding overreliance on any one idea or viewpoint.

We pride ourselves on our specialist investment teams and our tried, tested, and proven risk management processes. Meticulous top-down and bottom-up analysis guides investment selection, ensuring portfolios are thoughtfully constructed, diversified, and aligned with each fund’s objectives.

Our capabilities encompass a range of equity, fixed income, multi-strategy, hedge funds, infrastructure, property, and private equity strategies across multiple global geographies.

As a signatory to the UNPRI, Fairtree integrates environmental, social, and governance considerations into our investment process, reinforcing our commitment to responsible and values-driven investing.

FAIS requirements

Who is your FAIS complaints officer?

Enrique Goosen – Independent Compliance Services Please provide the link to the complaints policy on your website: www.fairtree.com

Ownership

What is the ownership structure of the company?

100% owned by staff

Who are the directors of the company?

Andre Malan, Kobus Nel, Bradley Anthony

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes 100%

History

When was the company established?

2006

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1 By whom have you been accredited? AQRate Date of accreditation: 2025-10-15

GIPS

Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? –Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R111 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R48.2 billion

Retail: R54.2 billion

Life: –

Other: R8.6 billion

Key investment personnel

Size of investment team: 69

Andre Malan Director MBA, BCom

32 years of industry experience 20 years with the firm

Kobus Nel Director CA(SA), CFA

20 years of industry experience 20 years with the firm

Ian Millard Portfolio Manager BCom

36 years of industry experience 16 years with the firm

Fairtree Asset Management (Pty) Ltd

www.fairtree.com

Stephen Brown

Equity Strategist

MBA, BCom, CFA

29 years of industry experience 15 years with the firm

Jacobus Lacock

Portfolio Manager

BCom (Fin - Econ), CFA

22 years of industry experience 15 years with the firm

Bradley Anthony

Director

BA (Econ - Hist), CAIA

33 years of industry experience 14 years with the firm

Cor Booysen

Portfolio Manager

BEng

21 years of industry experience 13 years with the firm

Louis Antelme

Portfolio Manager

CFA

37 years of industry experience 13 years with the firm

Paul Crawford

Portfolio Manager

MBA, BSc (Elec - Eng), CFA

29 years of industry experience 13 years with the firm

Deon Botha

Portfolio Manager

MCom (Econ)

14 years of industry experience 13 years with the firm

Joe Bester

Portfolio Manager

CA(SA)

16 years of industry experience 12 years with the firm

Cornelius Zeeman

Portfolio Manager

CA(SA), CFA

12 years of industry experience 11 years with the firm

Dane Merrick

Portfolio Manager

MSc, BSc (Hons - Mech Eng), CFA 11 years of industry experience 11 years with the firm

John-Paul Dicks

Portfolio Manager

BAcc (Hons)

17 years of industry experience 3 years with the firm

Zander Wessels

Portfolio Manager

8 years of industry experience 1 years with the firm

Cephas Dube

Portfolio Manager

MCom, BCom (Hons - Act Sc) 20 years of industry experience 10 years with the firm

Donald Curtayne

Portfolio Manager

BBusSc (Fin - Acc), PGDA, CA(SA), CFA 13 years of industry experience 10 years with the firm

Rob Hart

Portfolio Manager

BBusSci (Fin)

30 years of industry experience 10 years with the firm

Chantelle Baptiste

Head of SA Equity Research & Equity Portfolio Manager

BCom (Hons - Man Acc), ACMA, CIMA 15 years of industry experience 9 years with the firm

Clarissa van der Westhuyzen

Portfolio Manager

BBusSci (Fin), PGDip Acc, CA(SA), CFA

22 years of industry experience 9 years with the firm

Denise van Wyk

Portfolio Manager

CA(SA)

18 years of industry experience 8 years with the firm

David Evans

Portfolio Manager

MBA, BSc (Chem Eng) 26 years of industry experience 6 years with the firm

David Rossouw

Portfolio Manager

BCom (Hons - Fin Analysis), CFA 11 years in the industry 8 years with the firm

Jacques Haasbroek

Portfolio Manager

CA(SA), CFA 12 years in the industry 3 years with the firm

Nic Ross

Portfolio Manager

BSc (Hons - Molecular Bio), GDL, BVC 16 years in the industry 7 years with the firm

CC Nel

Portfolio Manager

BCom (Hons - Acc and Fin), CA(SA)

26 years in the industry 5 years with the firm

Foord Asset Management (Pty) Ltd

www.foord.co.za

Company details

FAIS FSP registration number: 578

Switchboard: +27 21 532 6988

Fax number: +27 21 532 6999

General email: info@foord.co.za

Address:

8 Forest Mews, 96 Forest Drive, Pinelands, 7405 PO Box 135, Howard Place, 7450

Compliance officer name:

Diane Behr +27 21 532 6916

Investment philosophy

How Foord thinks about investments determines how they act. The tenets of their investment philosophy are the lights that guide what they do:

Get the big calls right

Meaningful investment returns are not earned by making incremental decisions. Superior long-term returns are generated by identifying and taking advantage of economic cycles. In the long term, it is never beneficial to invest in the fast hounds of the slow pack.

Buy at the right price

The price at which one purchases an investment dictates future returns: pay too dear, and future returns are compromised. “Cheap” or “dear” are concepts that crystallise with fundamental analysis of the future revenue streams and associated risks of an investment security. Investing with a margin of safety is critical to reducing the future risk of loss.

Take a long-term view and be patient

Speculation is a short-term activity with an inherently uncertain result. Investment is a long-term activity with a more certain result. Like the maturation of a good wine or the growing of a tree, an investment’s full potential realises over time.

Ignore the benchmark when building portfolios

A benchmark is often representative of what is in vogue or what is simply big.Bigger isn’t always better and fashion is fickle. Portfolios should be constructed by applying objective, independent perspectives to their composition. To outperform the herd you have to be different from the herd.

Diversify and manage risk

Diversification offers possibly the only “free lunch” in the market – it affords the investor the chance to manage the risk of being wrong. Diversification should be used often, but not excessively. Where careful analysis gives an investor greater conviction, less diversification is needed –because the risk of being wrong is lower.

FAIS requirements

Who is your FAIS complaints officer?

Diane Behr

Please provide the link to the complaints policy on your website: https://url.za.m.mimecastprotect.com/s/ R732C48vnzIBERB13fOfNI4sUgJ?domain=foord.co.za

Ownership

What is the ownership structure of the company?

Privately owned company

Who are the directors of the company?

PE Cluer, B Africa, WL Fraser, P Desai

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

80%

History

When was the company established?

1981

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? AQ Rate

Date of accreditation: 2025-04-17

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? BDO INC

Date of verification: 2025-02-07

Expiry date of verification: –

Foord Asset Management (Pty) Ltd

Continued

Investment mandates

What are your total assets under management as owned by South African clients only?

R77.8 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R28.0 billion

Retail: R49.8 billion

Life: –

Other: –

Key investment personnel

Size of investment team: 18

Dave Foord

Global CIO

BCom, CA(SA)

47 years of industry experience 44 years with the firm

Nick Balkin

SA CIO

BCom (Hons), CFA

23 years of industry experience 20 years with the firm

Nancy Hossack

Portfolio Manager

BBusSci (Hons), CA(SA) 14 years of industry experience 10 years with the firm

Wim Murray

Portfolio Manager, Analyst LLB, CFA 15 years of industry experience 11 years with the firm

Rashaad Tayob

Fixed Income Portfolio Manager

BBusSci (Hons—Fin), CFA

23 years of industry experience 3 year with the firm

Farzana Bayat

Fixed Income Portfolio Manager

BBusSci (Act Sc), CFA 23 years of industry experience 3 year with the firm

Futuregrowth Asset Management (Pty) Ltd

www.futuregrowth.co.za

Company details

FAIS FSP registration number:

520

Switchboard:

+27 21 659 5300

Fax number:

+27 21 659 5400

General email:

info@futuregrowth.co.za

Address:

3rd Floor, Great Westerford Main Road Rondebosch, 7700

Private Bag X6, Rondebosch, 7725

Compliance officer name:

Yvette Govender (0)21 504 7296

Investment philosophy

Futuregrowth’s fixed interest investment philosophy is to maximise long-term investment returns by identifying, measuring and managing all value-adding components of interest-bearing investments.

This can be broadly broken down into two core areas. Firstly, the interest rate process involves the determination of the most likely future direction of interest rates, followed by the most appropriate allocation to money market, nominal and inflationlinked bonds as well as yield curve positioning across all three of these broad interest rate asset classes.

The interest rate strategy is expressed mainly by utilising the most liquid RSA government bond market. The process endeavours to identify market anomalies by finding balance between economic fundamental analysis (top down) and market valuation (bottom up). They frequently find a mismatch which enables them to express their view, preferably against a well-priced market consensus.

Along with the intense scrutiny they pay to the interest rate process, they channel substantial efforts into asset selection. The core of the asset selection process is the creation of diversified portfolios with substantial yield enhancement through a robust credit/analysis process. As a result the portfolio’s running yield should produce long-term, stable outperformance.

In terms of market anomalies, Futuregrowth believe that they can add alpha through focused exploitation of market inefficiencies. They use well practised quantitative processes to select high credit quality and high yielding assets. They do realise that in the course of earning higher yields the portfolio is exposed to both default risk and widening credit spreads. These risks are minimised in a number of ways that include:

● Using a rigorous fundamental process that screens good assets for inclusion in the portfolio

● Ensuring diversity by credit exposure limits (issuer, credit class, sector)

● Negotiating strong lender covenants, security and protections which reduce the likelihood of default and also increase our estimated recovery rates in an event of default

● Actively monitoring and managing these assets

● Pricing appropriately for credit risk

FAIS requirements

Who is your FAIS complaints officer?

Yvette Govender

Please provide the link to the complaints policy on your website: http://www.futuregrowth.co.za/legal-and-policies/ complaints-procedure/

Ownership

What is the ownership structure of the company?

As of December 2025 the dispersion of Futuregrowth shares was as follows: Old Mutual Investments Holdco 51.5%, AIH Asset Management 21.2%, Futuregrowth Staff SPV 22.0%, Imfundo SPV Holdings 5.3%

Who are the directors of the company?

Vuyolwethu Nogantshi Shaun Harris, Zulfa Abdurahman, Nersan Naidoo and Sindi-Mabaso-Koyana

Interest in ownership? Please provide the percentage held by staff and management: Staff and Management 18.7%

History

When was the company established?

2000

List of mergers and acquisitions that have taken place since being established: 2008 – OMIGSA became the majority shareholder

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? AQRate

Date of accreditation: 2025-06-11 to 2026-06-10

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? KPMG

Date of verification: Covering calendar year 2024, verification letter on 14 May 2025

Expiry date of verification: –

Futuregrowth Asset Management (Pty) Ltd

Continued

Investment mandates

What are your total assets under management as owned by South African clients only?

R211.9 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R112.5 billion

Retail: R40.5 billion

Life: R45.3 billion

Other: R13.5 billion

Key investment personnel

Size of investment team: 43

Shaun Harris CIO

CA(SA), CFA

19 years of industry experience 1 year with the firm

Ntuthuzelo Magwentshu

Head: Dealing, Portfolio Manager

BCom (Hons), BSc

18 years of industry experience 3 years with the firm

Daphne Botha

Head: Risk, Portfolio Manager

BCom (Hons), Dip Fin Markets

29 years of industry experience 24 years with the firm

Jason Lightfoot Portfolio Manager, Credit Analyst

BCom (Hons), BA

28 years of industry experience 24 years with the firm

Rhandzo Mukansi

Head: Interest Rates, Portfolio Manager BA (Hons)

14 years of industry experience 4 years with the firm

Iqeraam Petersen Head of Private Debt BCom (Hons), BBus Sc (Hons), CA(SA), CFA 14 years of industry experience 2 years with the firm

Olga Constantatos Head of Credit BBusSc (Hons), CA(SA) 25 years of industry experience 16 years with the firm

Wafeeqah Lagerdien Head of Listed Credit 10 years of industry experience 1 year with the firm

Amrish Narrandes Head of Private Equity & Venture Capital BBusSc (Hons), CA(SA) 16 years of industry experience 12 years with the firm

Granate Asset Management (Pty) Ltd

www.granate.co.za

Company details

FAIS FSP registration number: 2015/090537/07

Switchboard: +27 21 276 3450

General email: info@granate.co.za

Address:

2nd Floor, Josephine Mill, 13 Boundory Rood, Newlonds, Cope Town 7700 Compliance officer name: Philosonde Ntshibo +27 21 276 3450 I +27 72 633 3327 philasande.ntshiba@granate.co.za

Investment philosophy

Gronote hos a singular investment philosophy that we apply to all savings entruted to us. We believe that markets ore inefficient and that asset prices do not consistently reflect reasonable risk compensation. These inefficiencies allow us to benefit from deviations in longterm fair value.

We believe that securities issued by entities that foil on certain qualitative factors should not qualify for inclusion in our portfolios, regardless of the price of the security. For that reason, we screen every entity based on the following four factors: Governance, Balance Sheet Strength, Management Track Record and Coshflow Sustainability.

FAIS requirements

Who is your FAIS complaints officer? Philosande Ntshibo Please provide the link to the complaints policy on your website: http://www.granate.co.za/regulatory/

Ownership

What is the ownership structure of the company?

Staff and management of Granate Asset Management own 70%. The remainder is owned by RMI Affiliates 2. Who are the directors of the company?

Directors: PJ Bosman, S Blonckenberg, AR Dearmon, AR De Swordt, P Ntshiba, AFV Rousseau, HP Vermook Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Staff and management own 70% of the company.

History

When was the company established? 2015 List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? lnforcomm (Pty) Ltd

Date of accreditation: 2022-12-13

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only? R739 million

Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R739 million

Retail:Life: –

Other: –

Granate Asset Management (Pty) Ltd

Continued

Key investment personnel

Size of investment team: 11

Bronwyn Blood

Portfolio Manager, Investment Analyst

BCom (Hons)

25 years of industry experience

9 years with the firm

Paul Bosman

Portfolio Manager, Investment Analyst

BCom (Hons), CFA

21 years of industry experience

5 years with the firm

Vaneshen Naidoo

Portfolio Manager, Investment Analyst

MSc (Eng), CFA

18 years of industry experience

9 years with the firm

Henne Vermaak

Portfolio Manager, Investment Analyst

BCom (Hons), FFA, CFA

17 years of industry experience

5 years with the firm

Tyron Green

Investment Analyst

MBA, BCom (Hons), CA(SA)

18 years of industry experience

5 years with the firm

Alida Malberbe

Investment Analyst

MPhil, BCom, BPhil

17 years of industry experience

5 years with the firm

Caroline Webber

Quants Analyst

Mphil (Maths), BSocSci (Hons), FRM

13 years of industry experience 4 years with the firm

Dalya Abramowitz

Assistant Portfolio Manager, Investment Analyst

BBusSc (Hons), CFA

11 years of industry experience 8 years with the firm

Catherine Blersch

Investment Analyst

MBA, MEng

5 years of industry experience 5 years with the firm

Nsovo Muzimbi

Quants Analyst

BSc (App Stats and Biochem)

3 years of industry experience 1 year with the firm

Georgia Hinkley

Investment Analyst

BCom (Hons - Stats and Data Sc), BCom (Invest Man)

2 years of industry experience 1 year with the firm

Melanie Stockigt

Portfolio Manager, Investment Analyst

MCom (Fin Man), BCom (Hons - Fin Man), CIM

29 years of industry experience 1 year with the firm

Independent Alternatives Investment Managers

www.independentalternatives.co.za

Company details

FAIS FSP registration number:

47402

Switchboard: +27 11 234 0187

General email:

info@independentalternatives.co.za

Address:

42 Homestead Road, Jupiter House, River Park Rivonia 2191

Compliance officer name: Johan Van Zyl +27 61 491 1585

Investment philosophy

Our investment strategy is predicated on the analysis of the impact of macro-thematic trends, imbalances and inflection points on the risk premium relating to investment strategies. We combine this top-down macro analysis with bottom quantamental analysis to identify opportunities. We believe that in the short to medium term markets are inefficient, and our process identifies these structural inefficiencies and anomalies.

We believe that the macro environment has a huge impact on how investment strategies perform. Some environments are supportive of certain strategies, and other environments are destructive. We undertake extensive macro-thematic analysis through a quantitative nowcasting methodology. We analyse the current and past long-term debt cycle, business cycle, and monetary policy cycle to understand the characteristics of these cycles and how they link to investment opportunities. We also analyse other more bespoke data sets such as Weather and Climate as these are important in understanding cross asset linkages such as commodity price driven inflation.

We uncover investment principles through a quantitative backtesting framework of risk premia performance in past macro regimes. We have created investment principles which are evidence-based market truths of the behaviour of risk premias. This helps us to position correctly for the macro environment. The key is to find macro themes early, so we use our objective quantitative modelling process to pick the right assets to go long and short to profit from the macro regime.

FAIS requirements

Who is your FAIS complaints officer?

Johan Van Zyl

Please provide the link to the complaints policy on your website: https://www.independentalternatives.co.za/legal/

Ownership

What is the ownership structure of the company?

100% Staff and Management Team

Who are the directors of the company?

Directors: Grant Hogan, Tatenda Chapinduka, Desiree Mpeta, Lufuno Makhari, Thabiso Foto

Interest in ownership? Please provide the percentage held by staff and management: Yes, 100% of the company is owned by Staff and Management.

History

When was the company established?

2015-08-04

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 2 By whom have you been accredited? Commisioner of Oaths

Date of accreditation: 2023-07-10

GIPS

Are you GIPS compliant? Yes Are you GIPS verified? No By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R3.3 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R1.9 billion

Retail: -

Life: –

Other: R1.4 billion

Key investment personnel

Size of investment team: 5

Tatenda Chapinduka

Co-Founder, Portfolio Manager

BBusSci (Act Sc), CAIA 16 years of industry experience 10 years with the firm

Grant Hogan

Co-Founder, Portfolio Manager

BCom (Hons—Econ Fin) 16 years of industry experience 10 years with the firm

Diketso Phokungwane Portfolio Manager

BSc (Mining Engineering) 7 years of industry experience 1 year with the firm

Laurium Capital (Pty) Ltd

www.lauriumcapital.com

Company details

FAIS FSP registration number: 34142

Switchboard: +27 11 263 7700

General email: ir@lauriumcapital.com

Address:

9th Floor, 90 Grayston, 90 Grayston Drive Sandton, Johannesburg, 2196

Fourth Floor, The Osborne, 1 Osborne Road Claremont, Cape Town, 7708 Compliance officer name: Independent Compliance Services; Enrique Goosen: +27 21 975 6597

Investment philosophy

With over 330 years’ collective professional investment management expertise, the team at Laurium Capital combines on-the-ground research and extensive local market knowledge to seek investment opportunities. We believe that our skills in stock selection, combined with disciplined portfolio construction and risk management processes should deliver superior risk adjusted returns over time.

All of our funds are underpinned by a common investment philosophy.

Bottom-up fundamental research and valuations – the core of our philosophy:

We seek to identify companies whose share prices differ materially from our intrinsic valuations, based on longer term, through-the-cycle cash flows and earnings. However, we acknowledge that there are material deviations of share prices from intrinsic valuations for extended periods, and these must be taken into consideration in the risk management of a valuation-driven stock-picking process.

Top-down views – an important overlay:

Identifying and taking advantage of economic cycles and market trends is an important contributor to the generation of superior long-term investment returns and is complementary to bottom-up research. However, cycles and trends are often unpredictable and are subject to change. Therefore, the risk of being wrong must be acknowledged and managed.

Trading – a part of both bottom-up and top-down research:

The market is right most of the time, but regular inefficiencies arise in the short term. Shorter-term inefficiencies may present trading opportunities, irrespective of a company’s intrinsic value. These opportunities often arise due to large flows of money, news flow and emotions, structural inefficiencies, corporate actions, and other special situations or events.

We believe that our strategy will perform best in times following abnormal market volatility, because during the volatile periods, prices tend to overshoot fundamental valuations, which provides opportunities to take positions in those stocks. During strong bull markets, our performance is likely to lag on a relative basis. During periods of range trading, our performance is likely to be worst on a relative basis.

FAIS requirements

Who is your FAIS complaints officer?

Zayaan Saban

Please provide the link to the complaints policy on your website: https://www.lauriumcapital.com/legal/privacy-policy

Ownership

What is the ownership structure of the company?

Co-founders Murray Winckler and Gavin Vorwerg own 61.1% of the firm between them, with other staff owning 29.4% and charitable trust, the Disa Trust, owning 9.5%.

Who are the directors of the company?

Murray Winckler, Gavin Vorwerg, Mark Preston, Brian Thomas, Zayaan Saban

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, 90.5%

History

When was the company established?

2008

List of mergers and acquisitions that have taken place since being established: Laurium Capital acquired Tantalum Capital in 2020.

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? EVASA (Pty) Ltd Date of accreditation: 2025-10-09

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? No

By whom have you been verified?Date of verification: –

Expiry date of verification: –

Laurium Capital (Pty) Ltd

Continued

Investment mandates

What are your total assets under management as owned by South African clients only?

R38.5 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R13.3 billion

Retail: R20.9 billion

Life: R631.2 million

Other: R3.9 billion

Key investment personnel

Size of investment team: 22

Murray Winckler

CIO and Portfolio Manager (Co-Founder) CA(SA), CFA

37 years of industry experience 17 years with the firm

Gavin Vorwerg

Head: Equities and Portfolio Manager (Co-Founder) CA(SA), CFA

28 years of industry experience 17 years with the firm

Junaid Bray

Co-Portfolio Manager and Research Coordinator

BBusSci (Hons-Fin), CFA

23 years of industry experience

6 years with the firm

Paul Robinson

Head: Africa Research, Portfolio Manager

MBA, BSc

26 years of industry experience 17 years at the firm

Matthew Pouncett

Co-Portfolio Manager

BBusSci (Hon—Fin), CFA

16 years of industry experience 12 years with the firm

Robert Oellerman

Head: Global Equity, Portfolio Manager

CA(SA), CFA

32 years of industry experience 5 years with the firm

Brian Thomas Portfolio Manager

BBusSci (Hons) CA(SA), ACA, CFA

26 years of industry experience 8 years with the firm

Shwebi Gqosha Portfolio Manager

BSc (IS)

13 years of industry experience 4 years with the firm

Legacy Africa Fund Managers (Pty) Ltd

www.legacyafrica.co.za

Company details

FAIS FSP registration number: 44651

Switchboard: +27 10 109 3753

General email: info@legacyafrica.co.za

Address:

Oxford & Glenhove, 114 Oxford Road, Building 2 Suite 1, Rosebank, 2196 Compliance officer name: Tibane Mpalwa +27 11 475 9606

Investment philosophy

We are a style agnostic long- term investor. We believe that Fundamental Research and Engagement, taken together, form the basis of mutually beneficial long-term relationships between shareholders and companies. We adopt rigorous fundamental analysis to identify companies that have the ability to grow profits faster than average over long periods of time. We use ESG research to generate a holistic picture of the enterprise and its operating model, insights that are not considered when you simply look at financial statements. Furthermore, it provides us with an opportunity to benchmark different companies and provides us with a better understanding of why a company’s financial metrics or performance may be substantially different from others. That could lead to a hidden risk that’s uncovered, or a promising opportunity that is unveiled. Hence, ESG integration can be seen as a natural step in the evolution of long-term investment.

We aim to invest in superior economically sustainable companies that have the following characteristics:

● Sustainable competitive advantage(s)

● Good and repeatable business model

● Good operational management

● Management assumptions about their operating environment and their business are realistic

● Well-articulated and sensible business strategy

● Large and/or open ended market opportunity

● Strong balance sheet

● Growing free cash flows

● Higher standards of corporate governance and good corporate citizenship

FAIS requirements

Who is your FAIS complaints officer?

Tibane Mpahlwa

Please provide the link to the complaints policy on your website:

https://legacyafrica.co.za/index.php/publications/ policies

Ownership

What is the ownership structure of the company?

● Legacy Africa Fund Managers PTY LTD (Holdings Company) – Godwin Sepeng’s shareholding is 60%, Lentswe Gopane’s shareholding is 20%, Senzo Hlangu’s shareholding is 7.41%, Malose Sepeng Family Trust’s shareholding is 3.1%. 9.49% are treasury shares.

● Legacy Africa Fund Managers PTY LTD’s shareholding is 76% of Legacy Africa Multi Strategies and Joe Kainja’s shareholding is 24% of Legacy Africa Multi-Strategies.

● Legacy Africa Fund Managers PTY LTD’s shareholding is 60% of Legacy Africa Capital Partners and Legacy Africa Capital Partners Management shareholding is 40%.

Who are the directors of the company?

Godwin Sepeng (Managing Director), Lentswe Gopane (Executive Director) & Senzo Hlangu (Non-Executive Director Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, 89.49% owned by staff

History

When was the company established? 2012 List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1 By whom have you been accredited? Affidavit Date of accreditation: 2025-12-01

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No By whom have you been verified? –Date of verification: –Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only? R5.4 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R4.6 billion

Retail: –

Life: –

Other: R762 million

Legacy Africa Fund Managers (Pty) Ltd

Continued

Key investment personnel

Size of investment team: 6

Godwin Sepeng CIO

BSc (Stats and Econ), CFA

31 years of industry experience

13 years with the firm

Joe Kainja

Head: Multi–Strategies

MSc (Stats), BSc (Math)

31 years of industry experience

6 years with the firm

Kgosi Monametsi

Head: Private Equity

BBusBsc (Hons)

20 years of industry experience

7 years with the firm

Mduduzi Ngobeni

Assistant Portfolio Manager

BCom (Hons - Econ), BCom

11 years of industry experience

7 years with the firm

Kelebantswe Morare

Senior Private Equity Associate

BCom (Accounting), CA(SA)

10 years of industry experience 3 year with the firm

Xolani Mazomba

Research Analyst

MCom (Fin Ecos), BCom (Hons - Econ), BCom (Econ)

3 years of industry experience 1 year with the firm

Tshisikhawe Mafamadi Research Analyst

BCom (Hons)

4 years of industry experience 4 years with the firm

Precianti Mokobodi Research Analyst

2 years of industry experience 2 years with the firm

Keitumetse King

Research Analyst

2 years of industry experience 2 years with the firm

Lima Mbeu Investment Managers (Pty) Ltd

www.limambeu.co.za

Company details

FAIS FSP registration number:

49018

Switchboard: +27 11 778 6663

Fax: +27 86 415 5280

General email: invest@limambeu.co.za

Address: 11 Alice Lane, Sandhurst, Sandton, 2196

Postnet Suite 189, Private Bag X9 Benmore, 2010 Compliance officer name: James Smalberger +27 21 975 6597

Investment philosophy

We believe that disciplined growth investing is the best way to build wealth and capital in the long term

The four key components of our philosophy are as follows:

Active Management: We believe that although the market is hard to beat consistently, it is still inefficient. There are opportunities for skilled investors to generate excess returns, and it is for this reason that we believe in active management. Therefore, we actively manage our investment portfolios with a benchmark-cognisant mindset.

Growth Investing: We believe that buying companies whose earnings are growing much faster than average leads to the outperformance of the market in the long run. We concentrate on finding companies that have a clear prospect of unusually rapid increases in earnings, as we believe that this presents the best way to outperform the market.

Process: We believe that long-term success comes only from the most rigorous pursuit of disciplines designed to neutralise the emotional pressures that arise when one is responsible for investing other people’s money. We believe that a process that combines human foresight with the discipline of a quantitative framework is likely to generate relatively better investment returns.

Risk Control: We believe in building highly diversified portfolios as this enhances the probability of outperformance through various cycles. The best way to build wealth is through the compounding of consistent absolute and relative investment returns. Therefore, risk management is embedded within our investment processes to create portfolios that have low to moderate active risk.

FAIS requirements

Who is your FAIS complaints officer? Ndinavhushavhelo Rabali

Please provide the link to the complaints policy on your website: https://www.limambeu.co.za/wp-content/ uploads/2021/03/Conflict-of-Interest-ManagementPolicy-.pdf

Ownership

What is the ownership structure of the company? Staff (50%). Sanlam Investment Holdings (Pty) Ltd (49.99%) Who are the directors of the company? Board of Directors: Ndinavhushavhelo Rabali, Thabo Stanley Seopa, Adv. Lindelani Patience Sigogo, Willem Theron Lategan, Clare Nyama and Taskeen Ismail Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: 50%

History

When was the company established? 2017 List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 2 By whom have you been accredited? Empowerlogic Date of accreditation: 2024-12-06

GIPS

Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? EmpowerLogic Date of verification: 2024-12-06

Expiry date of verification: 2025-12-05

Investment mandates

What are your total assets under management as owned by South African clients only? R3.8 billion

Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R3.7 billion Retail: R88 million Life: –Other: –

Key investment personnel

Size of investment team: 3

Ndinavhushavhelo Rabali CIO

MSc (Fin Maths — cum laude) 20 years of industry experience 7 years with the firm

Teboho Tsotetsi

Portfolio Manager

MSc (Quant Risk Man) 20 years of industry experience 7 years with the firm

Bhekinkosi Khuzwayo Portfolio Manager

MCom (Stats) (cum laude)

18 years of industry experience 7 years with the firm

MandG Investment Managers (Pty) Ltd

www.mandg.co.za

Company details

FAIS FSP registration number:

45199

Switchboard:

+27 21 670 5100

Fax number:

+27 21 683 7156

General email:

icm@mandg.co.za

Address:

5th Floor, Protea Place, Corner Dreyer Street and Protea Road, Claremont, 7708

PO Box 44813, Claremont, 7735

Compliance officer name:

Ziyaad Bassadien: +27 21 670 5074

Investment philosophy

Since the inception of the Southern African business in 1994, M&G Investments has maintained a consistent valuationbased investment philosophy focused on long-term growth, and prudent risk management. This disciplined approach has navigated market fluctuations effectively and delivered consistent long-term outcomes for clients. As part of a global investment manager, M&G Investments offer an extensive range of active investment strategies and are recognised for their expertise in equities, fixed income, and multi-asset solutions, locally and globally.

Valuation-based approach

At the core of our investment philosophy is a valuationbased approach, where we focus on the long-run anchors of where assets should be priced. We believe that the true value of an asset is determined by its fundamentals, and we emphasise assessing assets based on intrinsic value rather than market sentiment or short-term fluctuations. This long-term perspective allows us to make well-informed decisions that reflect the underlying strength and potential of investments, positioning portfolios for long-term growth.

Long-term focus

In an environment which is becoming more dominated by short-term market noise and movements, we believe taking a disciplined long-term view to generate value for our clients. We focus on the long-term sustainability of the companies we invest in, and which align with our clients’ long-term financial goals. By disregarding transient market disturbances and staying focused on the sustainable value creation of a company, we build investment strategies designed to weather cycles and deliver value over time.

Prudent risk management

Our approach to portfolio construction is rooted in riskconscious decision-making. We understand that managing risk is just as important as identifying investment opportunities. With a focus on diversification and careful asset allocation, we build portfolios that balance potential rewards with an awareness of the risks involved.

Active management

We believe that active investment can deliver superior returns for clients. With extensive in-house research capabilities, our expert portfolio managers draw on indepth analysis to make considered investment decisions. We believe in acting decisively where opportunities arise and where we are being rewarded for taking on risk.

Fundamental research

Our business is underpinned by extensive in-house research capabilities to help us identify compelling investment opportunities. Our analysts and portfolio managers collaborate across the group, conducting thorough assessments of companies, industries and markets to inform carefully considered investment decisions.

FAIS requirements

Who is your FAIS complaints officer? Ziyaad Bassadien Please provide the link to the complaints policy on your website: https://www.mandg.co.za/terms-conditions

Ownership

What is the ownership structure of the company?

M&G Investment Managers (Pty) Ltd is 100% owned by M&G Investment Southern Africa (Pty) Ltd [M&G SA]

Who are the directors of the company?

AT Leepile (CEO), DD van Zyl, M Moyle and David Lumby

Interest in ownership? Please provide the percentage held by staff and management: 28.1%

History

When was the company established? M&G Investments was founded in 1931. The South African business was opened in 1994.

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited?

AQRate Verification Services

Date of accreditation: 2025-09-05

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? PWC

Date of verification: 2025-06-11

Expiry date of verification: The assurance report confirms compliance with the Global Investment Performance Standards (GIPS) for the period from 1 January 2024 to 31 December 2024.

Investment mandates

What are your total assets under management as owned by South African clients only?

R238.3 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R150.6 billion

Retail: R70.3 billion

Life: R14.2 billion

Other: R3.1 billion

Key investment personnel

Size of investment team: 38

Sandile Malinga

CIO: Multi-Asset

BSc (Maths, Stats and Act Sci) 18 years of industry experience 12 years with the firm

Ross Biggs

CIO: Equities

BBusSc (Finance), CA(SA), CFA 24 years of industry experience 24 years with the firm

Gareth Bern

CIO: Fixed Income

BBusSc, BCom (Hons), CA(SA), CFA 21 years of industry experience 21 years with the firm

Mazi Asset Management (Pty) Ltd

www.mazi.co.za

Company details

FAIS FSP registration number:

46405

Switchboard:

+27 10 001 8300

Fax: +27 10 001 8599

General email: clientservice@mazi.co.za

Address:

4th Floor, North Wing, 90 Rivonia Road, Sandton, 2196 PO Box 784583, Sandton, 2196

Compliance officer name:

External: CompliServe

Anel Naude: +27 10 001 8322

Internal: Siyabonga Mchunu

Investment philosophy

Our investment objective is two-fold – return of capital and return on capital i.e. to grow the long-term value of our client’s capital. The investment philosophy is therefore founded on thorough understanding of businesses and disciplined research to value such businesses. We employ a longterm fundamental approach to asset valuation. Valuation investing means really asking what is the “real” values of an asset, and not assuming that because a company looks expensive that it is, or assuming that because a stock is down in price and trades at low multiples that it is a bargain. A good investment has the following attributes:

● A sustainable business model.

● Is managed and lead by experience and competent management team including the board of directors;

● Boasts of a healthy financial position; and offers clarity on how the company makes / will make its cash profits – current and future.

● Offers downside characteristics during tough economic periods.

FAIS requirements

Who is your FAIS complaints officer?

Anel Naude, Compliserve

Please provide the link to the complaints policy on your website: http://assets.ctfassets.net huwhedd2onge/68hzq6JiVmg1kazEw2Gi9U/ a40c31a85bee98839e7c85f024d3d7e1/Complaints_ Management_Policy_and_Procedure.pdf

Ownership

What is the ownership structure of the company?

100% staff owned

Who are the directors of the company?

Directors: Malungelo Zilimbola, Boitumelo Hlongwane and Ayanda Mngadi

Interest in ownership? Please provide the percentage held by staff and management: Yes staff own 100%

History

When was the company established? 2006

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? Empower Logic

Date of accreditation: 2022-05-06

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R50 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R47.2 billion

Retail: R1.8 billion

Life: R893 million

Other: R133.4 million

Mazi Asset Management (Pty) Ltd

Continued

Key investment personnel

Size of investment team: 21

Malungelo Zilimbola

CEO

BSc (Hons), BCom (Hons)

26 years of industry experience

19 years with the firm

Jaynesh Bhana

Investment Analyst

BCom (Inv Man)

13 years of industry experience

7 years with the firm

Asanda Notshe

CIO

BBusSc, FIA, FFASSA

22 years of industry experience

16 years with the firm

Francois Olivier

Head: Equities

BCom (Hons), CA(SA), CFA

26 years of industry experience

10 years with the firm

Walter Rauch

Business Development Manager

MCom (Fin Man, Inv and Fin)

22 years of industry experience

5 years with the firm

Andreas van der Horst

Portfolio Manager

MPhil, BA, CFA

20 years of industry experience 5 years with the firm

Keonethebe Bosigo

Portfolio Manager for Pan Africa ex SA

BCom (Hons), CAIA, CFA

19 years of industry experience 12 years with the firm

Kgapu Mphahlele

Investment Analyst

BCom (Hons - Acc)

23 years of industry experience 12 years with the firm

Stephen Engelbrecht

Portfolio Manager: AI Hedge Fund

MBA, CFA

22 years of industry experience 4 years with the firm

Melville Douglas Investment Management (Pty) Ltd

www.melvilledouglas.co.za

Company details

FAIS FSP registration number: 595

Switchboard: +27 11 721 7964

General email:

Admin.MelvilleDouglas@standardbank.co.za

Address:

8th Floor, West Wing, Standard Bank, 30 Baker Street, Rosebank, 2196 PO Box 411184, Craighall, 2024

Compliance officer name: Sue Chetti

GroupFAIScomplianceofficer@standardbank.co.za

Investment philosophy

Their investment philosophy is rooted in their mission to preserve the capital entrusted to them and deliver superior risk adjusted investment returns. Only fundamental research aimed at establishing the true intrinsic value of the investment opportunities can provide true insight. They acknowledge the importance of balance:

● Balance between investment returns and the risk associated with delivering those returns. They are long term investors who demand a high margin of safety at the point of investing and maintain a low level of turnover within portfolios.

● Balance between capital growth and cash generation.

● Balance between compound and cyclical price performers. Their philosophy results in the core of the portfolio being invested in businesses with more predictable, less cyclical earnings profiles. Cyclical businesses are not ignored; however, the risk is managed via the weighting.

Melville Douglas’ philosophy is based on the firm belief that long-term investment returns depend on two key investment characteristics:

● the stable compounding ability of the underlying cash stream; and

● the price the investor pays. Investments with no cash streams (return on capital) are usually purely speculative, and are near-impossible to value appropriately.

As the key factor affecting the long term returns of an investment is the price paid, they focus on identifying the intrinsic value of an investment opportunity and then ensuring they invest only when there is an appropriate margin of safety.

This margin of safety allows them to absorb short-term market shifts, strengthens their ability to take a longer term investment view and allows portfolios to benefit from the power of compounding returns. They believe in buying superior businesses with strong cash flows, known integrity and competence of management, at compelling valuations.

Their philosophy has been adopted and carried forward since the inception of the company. It has been a core principle of the firm and its investment professionals. The investment process has been refined and improved over the years, but the core investment approach and philosophy has been unwavering.

Their approach aims at achieving alpha by avoiding investments with high downside risk (or high volatility) and doubtful compounding ability; and by patiently allowing the compounding effect to work.

FAIS requirements

Who is your FAIS complaints officer?

Sue Chetti and JW Wielsma

Please provide the link to the complaints policy on your website: www.standardbank.co.za

Ownership

What is the ownership structure of the company?

100% owned by Standard Bank Group Limited

Who are the directors of the company?

Directors: PL Schlebusch* (Chairman), BJ Drotschie, MJ Laws, N Maharaj*, TJ Ngwane, TS Nkanzela*, DTV Msibi (*Non-executive)

Interest in ownership? Please provide the percentage held by staff and management: None

History

When was the company established? 1983

List of mergers and acquisitions that have taken place since being established:

Purchased by Standard Bank Group Limited in 2001

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? EmpowerLogic Date of accreditation: 2026-02-20

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –Date of verification: –Expiry date of verification: –

Melville Douglas Investment Management (Pty) Ltd

Continued

Investment mandates

What are your total assets under management as owned by South African clients only?

R39.5 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R7.8 billion

Retail: R30.4 billion

Life: R1.4 billion

Other: –

Key investment personnel

Size of investment team: 22

Bernard Drotschie CIO

BCom (Hons—Econ), CFA, CFP®

28 years of industry experience 24 years with the firm

Paolo Senatore

Head: South African Equities

MSc (Mech Eng)

28 years of industry experience 7 years with the firm

Mike Laws

Managing Director

BCom, CFA, CFP®, AMP (HBS)

29 years of industry experience 29 years with the firm

Natalie van Rooyen

Head: Diversified SA

BSc (Hons - Econ), CFA

21 years of industry experience 11 years with the firm

Nigel McKenzie COO

MCom (Econ), BCom (Hons - cum laude)

28 years of industry experience 13 years with the firm

Oliver Sonnbichler

Head: Commercial BCom (GDA), HDip Tax

29 years of industry experience 15 years with the firm

Trevor Lukhele

Head: Portfolio Management Gauteng

MBA, BCom (Econ and Fin)

22 years of industry experience 12 years with the firm

Simon Bothner

Head: Portfolio Management W. Cape BBusSci, CFA

24 years of industry experience 17 years with the firm

Mzimasi Mabece

Head: SA Fixed Income BSc

23 years of industry experience 9 years with the firm

Thandi Ngwana

Head: SA

LLM, LLB, BSocSci, CFP®, GMP (HBS) 22 years of industry experience 7 years with the firm

Refilwe Moroka

Head: Domestic Equity Research

BCompt (Hons - Cost Man Acc), BCom (Acc), CFA

18 years of industry experience 8 years with the firm

Merchant West Investments

www.merchantwest.co.za

Company details

FAIS FSP registration number:-

44508

Switchboard: +27 21 492 0200

General email: invest@merchantwest.co.za

Address: 6th Floor, The Terraces 25 Protea Road, Claremont, 7708

Postal: Postnet Suite 64, Private Bag X1005 Claremont, 7708

Compliance officer name: Outsourced

Investment philosophy

We place the highest priority on the stewardship of our clients’ assets. Always looking forward and adapting to evolving market conditions. Understanding new technologies and responding to the opportunities and threats posed by societal evolution is critical to success. We focus on providing transparent, innovative, skilled and beneficial asset management, education, knowledge and expertise to all our customers.

FAIS requirements

Who is your FAIS complaints officer?

Daniel King

Please provide the link to the complaints policy on your website: -

Ownership

What is the ownership structure of the company?

Merchant West Holdings (Pty) Ltd is the controlling shareholder

Who are the directors of the company?

Braam Viljoen – Non-executive Chairman Phillip Lochner – Non-executive Director Piet Viljoen – Executive Director

Daniel King - Executive Director

Raymond Shapiro - CIO

Johan Pretorius - Independent Non-executive Director

Interest in ownership? Please provide the percentage held by staff and management: 0%

History

When was the company established? 2012

List of mergers and acquisitions that have taken place since being established: Counterpoint merged with RECM 2020, Counterpoint acquired Bridge Fund Mangers September 2020

B-BBEE credentials

Are you B-BBEE accredited? Non-compliant What is your B-BBEE status? Non-compliant By whom have you been accredited? Amax Date of accreditation: 2023-10-01

GIPS

Are you GIPS compliant? –Are you GIPS verified? –By whom have you been verified? –Date of verification: –Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R6.2 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R6.2 billion

Retail:Life:Other: –

Key investment personnel

Size of investment team: 11

Daniel King

Head: Fixed Income MCom (Fin Mark) 10 years of industry experience 3 years with the firm

Raymond Shapiro

Head: Equities

BBusSc (Fin), PGDA, CA(SA) and CFA 17 years of industry experience 9 years with the firm

Ian Anderson

Head: Listed Property BCom, CAIA, CFA 30 years of industry experience 3 years with the firm

Mergence Investment Managers (Pty) Ltd

www.mergence.co.za

Company details

FAIS FSP registration number: 16134

Switchboard: +27 21 433 2960

General email: info@mergence.co.za

Address:

2nd Floor, Cape Town Cruise Terminal V&A Waterfront, Cape Town, 8002 Compliance officer name: Nadia Verappen +27 82 441 1835

Investment philosophy

Mergence Investment Managers is an independent asset management company founded in 2004. Mergence has a pragmatic approach or philosophy to investing, which means that they attempt to understand how the world really works rather than how they think it should work, especially concerning markets and investing. They manage listed investments, listed equity and multi-asset class portfolios, as well as unlisted equity and debt mandates with a particular bias toward infrastructure and development investing.

FAIS requirements

Who is your FAIS complaints officer?

John Afordofe

Please provide the link to the complaints policy on your website: https://mergence.co.za/wp-content/ uploads/2025/02/POL241231-Mergence-ComplaintsPolicy-Dec-2024.pdf

Ownership

What is the ownership structure of the company?

Mergence Investment Managers is 46% owned by Harith General Partners, 5% by Shandurwa, 28% by the Mergence Group and Mergence Africa Holdings. 21% is held by staff. Who are the directors of the company? Directors: Sholto Dolamo, Fabian de Beer. Non-executive directors: Masimo Magerman (Chair), Tshepo Mahloele, Sipho Makhubela, Lizeka Matshekga. Independent non-executive directors: Nyonga Fofang, Maserame Mouyeme.

Interest in ownership? Please provide the percentage held by staff and management: Yes, 21% is owned by staff directly (excluding founding partner)

History

When was the company established?

2004

List of mergers and acquisitions that have taken place since being established: In 2024 Harith General Partners acquired a 46% stake in Mergence Investment Managers.

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1 By whom have you been accredited? Authentic Rating Solutions

Date of accreditation: 2025-06-13

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? PwC

Date of verification: 2025-12-23

Expiry date of verification: 2026-12-22

Investment mandates

What are your total assets under management as owned by South African clients only?

R31.2 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R27 billion

Retail:R266.7 million

Life: R1.8 billion

Other: R2.3 billion

Key investment personnel Size of investment team: 22

Fabian de Beer

Chief Risk Officer

BCom (Acc and Econ), HDipEd 39 years of industry experience 19 years with the firm

Peter Takaendesa

Chief Investment Officer

MCom (Econ), MCom (Fin and Econ) 19 years of industry experience 12 years with the firm

Fazila Manjoo

Head: Multi-asset & Global equities

BSc (Acc Sci), PGDip (Man Acc Sc) 21 years of industry experience 5 years with the firm

Mohamed Ismail

Head: Fixed Income

MFin, BSc (Hons - Adv Maths of Fin), BSc (Act Sc and Maths Stats), FRM, CFA® 17 years of industry experience 5 years with the firm

Chitongwa Siame

Head: Private Equity

MCom (Fin Man), BSc (Hons), ACCA 19 years of industry experience 15 years with the firm

Mosa Molebatsi

Head: Private Debt

MPhil (Dev Fin), BCom (Hons - Act Sc in Quant Fin and Fin), CFA®

13 years of industry experience 3 years with the firm

Neo Mokhesi

Portfolio Manager

MCom (Dev Fin), MSc (Medicine), BSc (Hons - Biochem), BCom (Hons - FAPM)

10 years of industry experience 1 year with the firm

Mianzo Asset Management (Pty) Ltd

www.mianzo.co.za

Company details

FAIS FSP registration number:

43114

Switchboard: +27 21 552 3555

General email: info@mianzo.co.za

Address:

4 Century Way, The Colosseum, Foyer 3

2nd Floor, Unit 206, Century City, 7441

Compliance officer name:

External: Moonstone

Deon Harmse: +27 21 554 5745

Internal: Mianzo

Keletso Sekhotla: +27 21 552 3555

Investment philosophy

Equity philosophy

We hold ourselves accountable for the investment decisions we make by being innovative, professional and having a strong sense of integrity and discipline through continuous and consistent excellence.

Our equity philosophy is based on the belief that superior investment performance is achieved by investing in companies that are priced below their intrinsic value with a sufficient margin of safety. Our intrinsic value is calculated by looking at what the company is currently worth based on sustainable earnings or net asset value.

Our equity philosophy is centred on assembling the following:

● VALUATION: The current value of the business.

● QUALITY: The quality of the business.

● MARKET EXPECTATIONS: The market’s expectation on the business.

We blend both fundamental and quantitative investment approaches to gain a more comprehensive perspective of business.

Multi-asset philosophy

Our focus is capital preservation. Achieving real returns while preserving capital, careful attention to potential downside risk and providing asymmetric returns. Key investment tenants:

● Downside risk mitigation

● Yield enhancing strategies

We follow a balanced approach using both quantitative and fundamental investment approaches to gain a more comprehensive view on asset classes. This is achieved by identifying appropriate asset class exposures following a systematic and disciplined investment approach and using protection strategies to risky assets.

FAIS requirements

Who is your FAIS complaints officer?

Keletso Sekhotla

Please provide the link to the complaints policy on your website: On request at info@mianzo.co.za

Ownership

What is the ownership structure of the company?

Mianzo Asset Management is a black owned and managed third-party Investment Management Company.

Luvo Tyandela 55%

Mianzo Senior Employees 45%

Who are the directors of the company?

Luvo Tyandela (Executive Director), Thembeka Sobekwa (Executive Director), Pieter Joubert (Independent Non-executive Director) and Nkosinathi Mbatha (Independent Non-executive Director) Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

Staff in aggregate hold 45% of the shares being Mianzo Asset Management, being the holding company of Mianzo Asset Management. Staff therefore do, indirectly, have an ownership interest in Mianzo Asset Management.

History

When was the company established?

2010

List of mergers and acquisitions that have taken place since being established: No mergers or acquisitions have taken place since inception.

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? Sworn Affidavit Date of accreditation: 2024-06-01

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –Date of verification: –Expiry date of verification: –

Mianzo Asset Management (Pty) Ltd

Continued

Investment mandates

What are your total assets under management as owned by South African clients only?

R30.8 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R28.3 billion

Retail: R441.3 million

Life: R1.5 billion

Other: R575.4 million

Key investment personnel

Size of investment team: 11

Luvo Tyandela

CEO, Head: Multi-Assets

MBA, BSc (Stats), BBA (Hons)

22 years of industry experience 15 years with the firm

Mark Lamohr

Head: Equities and Portfolio Manager

BSc (Maths and App Maths)

25 years of industry experience 13 years with the firm

Thembeka Sobekwa

Portfolio Manager

BBusSci (Act Sc)

16 years of industry experience 15 years with the firm

Mohamed Shafee Loonat

Portfolio Manager: Equity Fund

BCom (Hons - Adv Tax), BCom (Econ), PGD (Islamic Banking and Ins), CA(SA), CFA

24 years of industry experience

8 years with the firm

Sifiso Similane

Portfolio Manager: Alternative Funds

BCom (Hons - FAPM), BCom

18 years of industry experience 5 years with the firm

Ayanda Ndlovu

Junior Fixed Income PM and Multi-Asset Analyst

BCom (Acc), SAIFM (RPE)

9 years of industry experience

9 years with the firm

Nkanyezi Mwelase

Senior Analyst: Equity and Multi-Asset Funds

MCom (Fin and Inv), BCom (Hons - Acc Sc), BCom (Acc), CA(SA)

9 years of industry experience 5 years with the firm

Yanga Mxinwa Analyst: Equity Funds

BCom (Acc)

7 years of industry experience 1 year with the firm

Mpho Mashishi Analyst: Equity Funds

BSc (Min Eng)

6 years of industry experience 6 years with the firm

Sibusiso Mahlalela Analyst: Equity Funds

BCom (Hons - Fin & Inv)

7 years of industry experience 6 years with the firm

Simeon Brown Analyst: ESG

BCom (Hons - FAPM)

2 years of industry experience 2 years with the firm

Lesedi Sepogwane

Junior Equity Analyst

BCom (Finance)

1 year of industry experience 1 year with the firm

Lefika Thobatsi

Junior Equity Analyst

BCom (Hons - Inv Man), BCom (Finance)

1 year of industry experience 1 year with the firm

Kabelo Seboko

Junior Multi-Asset Analyst

BCom (Hons - Econ Analysis of Fin Mar), BSocSci (Politics, Phil and Econ)

1 year of industry experience 1 year with the firm

Momentum Asset Management (Pty) Ltd

www.momentum.co.za/asset-management

Company details

FAIS FSP registration number: FSP 623

Switchboard: (012) 671-8911

General email: am@momentum.co.za

Address:

268 West Avenue, Centurion, 0157 PO Box 7400, Centurion, 0046 Compliance officer name: Daleen Lessing - (087) 742 9166

Investment philosophy

We always compare the risk with opportunity in our investments and we follow a valuation-based investing approach, meaning we look for instruments we believe have high value but are undervalued by the market. These investments must meet our strict criteria of generating income when interest rates go up or down so that we maximise compounding through the income accrual process.

Core to the approach is the belief that active investment research supported by disciplined investment and risk management processes, is the cornerstone for enhanced investment returns.

1. Valuation

Long-term, valuation-driven investment team. We don’t chase yield for the sake of it.

2. Diversification

Diversification leads to lower risk and more consistent performance over time.

3. Construction

Fundamental research and portfolio construction are important to deliver on client outcomes.

4. Real Rates

We think about interest rates on a nominal and real basis. We look for the best positive real yields across the domestic FI.

5. Risk Adjusted

We pursue rewardable risk which implies focusing on risk adjusted returns through the cycle.”

FAIS requirements

Who is your FAIS complaints officer? clientcomplains@momentum.co.za

Please provide the link to the complaints policy on your website: https://sls-fresco.momentum.co.za/files/documents/ invest-and-save/complaints-resolution-policy-andprocedure.pdf

Ownership

What is the ownership structure of the company? Momentum Group Limited, which is listed on the JSE Stock exchange, is the sole shareholder (100%) of Momentum Metropolitan Life Limited. Momentum Metropolitan Life Limited is the sole shareholder (100%) of Momentum Investments Management (Pty) Ltd. Momentum Investments Management (Pty) Ltd is the sole shareholder (100%) of Momentum Asset Management (Pty) Ltd (Registration No: 1987/004655/07).

Who are the directors of the company?

Daleen Lessing and Jannie du Randt

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Momentum Metropolitan Holdings has an Employee Ownership Share Plan (EOSP), named iSabelo, that will empower over 13 000 employees from an allocation of over 44.9 million shares.

History

When was the company established?

25/09/1987

List of mergers that have taken place since being established: Momentum Asset Management itself has not gone through any direct mergers.

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited?

AQ Rate Rating Agency

Date of accreditation: 2024-10-30

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates - Momentum AM

What are your total assets under management as owned by South African clients only?

R114.4 billion

Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R32 billion

Retail: R43.1 billion Life: R39.2 billion

Other: R32.4 million

Momentum Asset Management (Pty) Ltd

Continued

Key investment personnel

Size of investment team: 11

Roberts Grava

Interim Head Fixed Income

BA (Econ), CFA

33 years of industry experience

2 years with the firm

Zisanda Gila

Head: Money Markets

BCom, Fin Maths Cert

20 years of industry experience 11 years with the firm

Karabo Seima

Head: Credit Investments

MCom (Finance)

19 years of industry experience

4 years with the firm

Nicolette Plaatjies

Lead: Credit Research

BCom (Acc)

25 years of industry experience

2 years with the firm

Thamage Lesito

Snr Portfolio Manager

MCom (Fin), CAT1 & 2, RES, CFA Level 1

19 years of industry experience

12 years with the firm

Bafana Motshweni

Credit Analyst

BCom (Fin); PGDip (Fin Marks)

5 years of industry experience 5 years with the firm

Boromeo Freeman

Fixed Income Trader

BCom (Hons - Econ)

11 years of industry experience 11 years with the firm

Imtiaz Mohammed Alli Portfolio Manager BCompt

22 years of industry experience 22 years with the firm

Stanley Bisho

Portfolio Manager

BSc (Stats), CFA

17 years of industry experience 5 years with the firm

Stephany Thomas

Index Tracking Specialist

BCom (Hons)

13 years of industry experience 12 years with the firm

Momentum Multi-Manager Pty Ltd

www.momentum.co.za/momentum/business/investment-management

Company details

FAIS FSP registration number: 2004/023064/07

Switchboard: (012) 671-8911

General email: emailus@momentum.co.za

Address:

268 West Avenue, Centurion, 0157 PO Box 7400, Centurion, 0046 Compliance officer name: Daleen Lessing - (087) 742 9166

Investment philosophy

We always compare the risk with opportunity in our investments and we follow a valuation-based investing approach, meaning we look for instruments we believe have high value but are undervalued by the market. These investments must meet our strict criteria of generating income when interest rates go up or down so that we maximise compounding through the income accrual process.

Core to the approach is the belief that active investment research supported by disciplined investment and risk management processes, is the cornerstone for enhanced investment returns.

1. Valuation

Long-term, valuation-driven investment team. We don’t chase yield for the sake of it.

2. Diversification

Diversification leads to lower risk and more consistent performance over time.

3. Construction

Fundamental research and portfolio construction are important to deliver on client outcomes.

4. Real Rates

We think about interest rates on a nominal and real basis. We look for the best positive real yields across the domestic FI.

5. Risk Adjusted

We pursue rewardable risk which implies focusing on risk adjusted returns through the cycle.”

FAIS requirements

Who is your FAIS complaints officer?

Daleen Lessing

Please provide the link to the complaints policy on your website: https://retail.momentum.co.za//documents/invest-andsave/complaints-resolution-policy-and-procedure.pdf

Ownership

What is the ownership structure of the company? Momentum Metropolitan Holdings (MMH) Limited Who are the directors of the company? Daleen Lessing and Jannie du Randt Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: No

History

When was the company established? 1996

List of mergers that have taken place since being established: In 1996, Momentum pioneered the multimanagement investment philosophy in South Africa.

2004: Momentum and m Cubed (which later became Advantage Asset Managers) initially merged their multimanagement businesses to form Momentum Manager of Managers.

In July 2014, we rebranded and changed our name from Momentum Manager of Managers to Momentum Outcomebased Solutions following the amalgamation of Momentum Manager of Managers, Momentum Alternative Investments, and Momentum Investment Consulting.

In 2025, Momentum Outcome-based Solutions rebranded and changed its name to Momentum Multi-Manager.

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited?

AQ Rate Rating Agency

Date of accreditation: 2025-10-31

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates - Momentum AM

What are your total assets under management as owned by South African clients only?

R336.4 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R10.1 billion

Retail: R32.5 billion

Life: R293.7 billion

Other: -

Momentum Multi-Manager Pty Ltd

Continued

Key investment personnel

Size of investment team: 42

Mike Adsetts

Chief Investment Officer

BSc (Hons), CFA, MBA

22 years of industry experience

18 years with the firm

Jean Badenhorst

Head of Manager Research

BCom (Hons)

28 years of industry experience

28 years with the firm

Herman van Papendorp

Head of Asset Allocation

MCom (Econ - cum laude), BCom (Hons - Econ)

BCom (Act Sc)

34 years of industry experience

13 years with the firm

Nina Saad

Head of Institutional Portfolio Solutions

BSc, CFA

27 years of industry experience 9 years with the firm

Jako de Jager

Head Retail Portfolio Solutions

BCom (Hons)

25 years of industry experience 25 years with the firm

Andrew Hardy

Director Global Investment Management

BSc (Econ), CFA

20 years of industry experience 18 years with the firm

Rian Smit

Senior Portfolio Manager: Alternative investments

BCom (Hons), CTA, CA(SA)

28 years of industry experience 18 years with the firm

Jana van Roijen

Head Responsible Investing BCom

20 years of industry experience 20 years with the firm

Eugene Botha

Head of Research Hive

MSc, BSc (Hons)

20 years of industry experience 20 years with the firm

Motswedi Economic Transformation Specialists

www.motswedi.co.za

Company details

FAIS FSP registration number:

46027

Switchboard: +27 (0)11 656 1160

General email: info@motswedi.co.za

Address:

Block D, Country Club Estate Office Park 21 Woodlands Drive, Woodmead, Johannesburg, 2191

Compliance officer name:

Mr. Schalk Burger Tel: 072 415 7263, Fax: 021 883 8000

Investment philosophy

We believe that economic transformation is a fundamental driver of long-term, sustainable financial performance. Our philosophy is rooted in the conviction that capital investments should generate both competitive financial returns and measurable social impact, in that way fostering an inclusive and thriving South African economy. Economic transformation is about the restructuring of the economy in a way that will make meaningful change in the ownership and allocation of capital. It is a process which will drive changes in the perspectives and common knowledge of asset owners and asset allocators. We recognise that economic growth is strongest when capital is diversified, barriers to entry are reduced, and businesses across all market segments have access to funding and expertise.

This principle informs all our investment decisions—ensuring that we do not merely invest in financial assets, but in the broader economic fabric that supports long-term value creation in South Africa.

FAIS requirements

Who is your FAIS complaints officer?

Mr. Schalk Burger

Please provide the link to the complaints policy on your website: https://www.motswedi.co.za/privacy-paia/

Ownership

What is the ownership structure of the company?

51% Mark Davids; 49% ICTS (Pty) Ltd

Who are the directors of the company?

Mark Davids, David Weil

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

51% Mark Davids; 49% David Weil (beneficial owner)

History

When was the company established? 2019

List of mergers that have taken place since being established: None

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? BEE Level 2

By whom have you been accredited? Affidavit

Date of accreditation: 2024-07-16

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R601 million

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R601 million

Retail: -

Life: -

Other: -

Key investment personnel

Size of investment team: 6

Mark Davids Portfolio Manager

BCom

23 years of industry experience 6 years with the firm

Kyle Davids Head of Research

BCom

15 years of industry experience 4 years with the firm

Leon Greyling Chief Operations Officer

Harvard Business School (AMP195)

30 years of industry experience 3 years with the firm

Katlego Mthimunye Research analyst

BCom

13 years of industry experience 1 year with the firm

Emile Hugo Research analyst

BCom, (CA)SA, CFA

20 years of industry experience 2 years with the firm

David Weil Director

BCom

35 years of industry experience 6 years with the firm

Ntombi Radebe Intern

BCom

1 year of industry experience 1 year with the firm

Nedgroup Investments (Pty) Ltd

www.nedgroupinvestments.co.za

Company details

FAIS FSP registration number: 1652

Switchboard:

+27 86 012 3263

Fax number:

+27 86 011 9733

General email:

NedgroupInvestments-Institutional@Nedbank.co.za

Address:

2nd Floor, Nedbank Clocktower Precinct V&A Waterfront Cape Town, 8001 PO Box 1510, Cape Town, 8000

Compliance officer name:

Head of compliance: Pierre De Klerk

Investment philosophy

We offer individual and institutional investors access to a range of South African and offshore unit trust portfolios to meet their investment needs. These portfolios are managed by a range of Best of Breed™ investment managers that they actively monitor and review, so that clients don’t have to.

FAIS requirements

Who is your FAIS complaints officer?

Hayley Roux

Please provide the link to the complaints policy on your website: http://www.nedgroupinvestments.co.za

Ownership

What is the ownership structure of the company?

Wholly owned subsidiary of Nedbank Group Ltd

Who are the directors of the company?

NA Andrew and R Williams

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: No

History

When was the company established? 1997

List of mergers and acquisitions that have taken place since being established:

2003 – African Harvest, BoE, FTNIB, NIBi and Nedbank Unit Trusts merged to form Nedcor Collective Investments. Changed to Nedgroup Collective Investments in 2005

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1 By whom have you been accredited?

Mosela Rating Agency

Date of accreditation: 2025-02-14

GIPS

Are you GIPS compliant? No

Are you GIPS verified? –

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R427.4 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R191.4 billion

Retail: R238.8 billion

Life: –

Other: R2.2 billion

Key investment personnel

Size of investment team: 22

Nic Andrew

Executive Head: Asset Management BCom, PG Dip (Tax Law), CA(SA), CFA, AMP

31 years of industry experience 28 years with the firm

Trevor Garvin

Head: Investments & Multi-management MCom (Fin), MBA, BCom (Hons - Econ), Dip FMI (cum laude), SAFEX, ACIBM, CAIA 29 years of industry experience 16 years with the firm

Jannie Leach

Head: Core Investments

PhD (Cosmology)

18 years of industry experience 18 years with the firm

Rob Johnson

Head: Investments Best of Breed BSc, Securities and Futures Authority

Registered Representative (UK), CFA 26 years of industry experience 9 years with the firm

Tom Caddick

Head: Investment London

BA (Hons - Acc and Fin), IAC, Securities & Portfolio Management, IMC

27 years of industry experience 5 years with the firm

Ninety One (Pty) Ltd

https://ninetyone.com/south-africa

Company details

FAIS FSP registration number:

587

Switchboard: +27 21 901 1000

General email: natalie.phillips@ninetyone.com

Address:

36 Hans Strijdom Avenue, Foreshore, Cape Town, 8000 PO Box 1655, Cape Town, 8000 Compliance officer name: Stephan Kemp +27 21 901 1509

Investment philosophy

Ninety One is an active, globally integrated multi-specialist investment manager managing approximately R3.6 trillion. Ninety One does not have an over-arching house view, but offers active strategies across equities, fixed income, multi-asset and alternatives to institutions, advisors and individual investors around the world. We bring a different perspective to active and sustainable investing.

Our goal is to provide long-term investment returns for our clients while making a positive difference to people and the planet.

FAIS requirements

Who is your FAIS complaints officer?

Keegan Cloete

Please provide the link to the complaints policy on your website: https://ninetyone.com/-/media/documents/ miscellaneous/91-global-complaints-handlingprocedure-en.pdf

Ownership

What is the ownership structure of the company?

Ninety One is dual listed in JSE and LSE. It is owned by Ninety One staff (circa 29% shareholding) and other shareholders (circa 71% shareholding). Who are the directors of the company?

Gareth Penny - Independent Non-Executive Director and Chairman

Hendrik du Toit - Chief Executive Officer Kim McFarlandFinance Director

Busisiwe Mabuza - Senior Independent Director

Idoya Basterrechea Aranda*, Victoria Cochrane*, Khumo Shuenyane* and Charles Harman*

*Independent Non-Executive Director

Do staff and management have an interest in ownership?

Yes

Please provide the percentage held by staff and management:

Employees own 29% of the company.

History

When was the company established?

Ninety One was established in South Africa in 1991 as Investec Asset Management, an independent business within Investec Group.

List of mergers and acquisitions that have taken place since being established: In March 2020, Investec Asset Management demerged from the Investec Group, rebranded as Ninety One and independently listed on the London and Johannesburg Stock Exchanges.

In November 2024, we announced the creation of a longterm strategic relationship between Sanlam and Ninety One. The UK and South African transactions closed on 16 June 2025 and 2 February 2026, respectively, following relevant regulatory approvals and fulfilment of all suspensive conditions.

Following completion of the transaction, the Sanlam Group holds an effective equity interest of approximately 12.5% in Ninety One on a dual-listed company basis.

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited?

Premier Verification (Pty) Ltd

Date of accreditation: 2025-06-30

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? Spaulding Group

Date of verification: 2019-01-01

Expiry date of verification: 2024-12-31

Investment mandates

What are your total assets under management as owned by South African clients only?

R909.9 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R572.9 billion

Retail: R336.8 billion

Life: –

Other: R274.4 million

Key investment personnel

Size of investment team: 238

Horatius Maluleka

CIO South Africa

Bachelor of Accounting degree, Bachelor of Accounting Honours degree

22 years of industry experience

<1 year with the firm

John McNab

Co-CIO

BEng (Ind—cum laude),

MEng (Ind—cum laude), CFA

31 years of industry experience

31 years with the firm

Mimi Ferrini

Co-CIO

BCom, CFA

37 years of industry experience

34 years with the firm

Oasis Asset Management Ltd

www.oasiscrescent.com

Company details

FAIS FSP registration number:

603

Switchboard: +27 21 413 7860

Fax number: +27 21 413 7900

General email:

Clients.sa@oasiscrescent.com

Address:

Oasis House, 96 Upper Roodebloem Road

University Estate, Cape Town, 7925 Oasis Crescent Capital (Pty) Ltd

PO Box 1217, Cape Town 8000

Compliance officer name: Nazeem Ebrahim +27 21 413 7860

Investment philosophy

Oasis Asset Management Ltd strives to provide unrivalled world-class financial services to its clients and is responsible for every aspect of collective investment schemes, property management, retail retirement funds, institutional investment funds and linked investment insurance policies. The products offered are designed to protect clients’ assets through the application of a low volatility fund management philosophy. The application of this philosophy is epitomised in the focused management of financial assets through the utilisation of proven stock selection skills that leverage off a meticulous research process.

FAIS requirements

Who is your FAIS complaints officer?

Nazeem Ebrahim

Please provide the link to the complaints policy on your website: Available on request

Ownership

What is the ownership structure of the company?

The company is 100% owned by Oasis Group Holdings (Pty) Ltd

Who are the directors of the company? Mohamed Adam Ebrahim, Mohamed Shaheen Ebrahim, Nazeem Ebrahim, Bint Nur Ebrahim, Roshin Ara Ebrahim (Non Executive Director), Pulane Delia Ndlovu (Non Executive Director), Sthembile CH Nkabinde (Non Executive Director) and Ridwan Essop Kajee (Non Executive Director), Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Oasis staff incentive scheme is based on profit participation rather than ownership interest.

History

When was the company established? 1997

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited?

aBEErate Verification Agency

Date of accreditation: 2025-11-25

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? SAB and T

Date of verification: 2025-02-24

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R43.7 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R36.1 billion

Retail: R6.3 billion

Life: R1.2 billion

Other: –

Key investment personnel

Size of investment team: 17

Adam Ebrahim

CIO

CA(SA), CFA

42 years of industry experience 28 years with the firm

Mohamed Shaheen Ebrahim

Strategist

AltX Dip

51 years of industry experience 28 years with the firm

Nazeem Ebrahim

Strategist

BSocSci, BProc

43 years of industry experience 28 years with the firm

Bint Nur Ebrahim

Senior Analyst

BBusSci (Fin and Acc) 10 years of industry experience 10 years with the firm

Yusuf Ebrahim

Senior Analyst

16 years of industry experience 16 years with the firm

Zahrah Ebrahim

Senior Analyst

BBusSci (Law), PGDA, CA(SA) 10 years of industry experience 10 years with the firm

Michael Swingler

Senior Analyst

CA(SA), CFA

31 years of industry experience 28 years with the firm

Yusuf Ebrahim

Senior Analyst

ND: Management

19 years of industry experience 19 years with the firm

Obsidian Capital (Pty) Ltd

www.obsidiancapital.co.za

Company details

FAIS FSP registration number:

32444

Switchboard: +27 11 219 6300

Fax number: +27 11 268 5251

General email: operations@obsidiancapital.co.za

Address: Suite 1, 5 Fricker Road, Illovo, Johannesburg 2196 PO Box 413407, Craighall, Johannesburg 2024 Compliance officer name: -

Investment philosophy

Our investment mantra is to “Marry valuation with the cycle.” To achieve this we only invest when our measures of valuation (be it those applicable to equity, property, bonds, commodities, or cash) look attractive AND the cycle that influences their profit drivers looks supportive. The experience of the founders is that without both of these elements in place, the risk of making a poor investment is heightened.

FAIS requirements

Who is your FAIS complaints officer? Royce Long Please provide the link to the complaints policy on your website: Compliants policy available on request

Ownership

What is the ownership structure of the company?

Richard Simpson and Royce Long are still owners and directors of the company However Optimum Investment Group has aquired a 40% stake in the company I am happy to provide more information on this if you require Who are the directors of the company?

Richard Simpson, Royce Long, Tayler Blackbeard Eugene Visagie and Andromeda Jooste Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: As above

History

When was the company established?

2007

List of mergers and acquisitions that have taken place since being established:

Optimum Investment Group acuired a stake of 40% of Obsidian Capital at the end of 2025

B-BBEE credentials

Are you B-BBEE accredited? No What is your B-BBEE status?By whom have you been accredited?Date of accreditation: -

GIPS

Are you GIPS compliant?Are you GIPS verified?By whom have you been verified?Date of verification:Expiry date of verification: -

Investment mandates

What are your total assets under management as owned by South African clients only?

R2.3 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R2.3 billion

Retail: -

Life: -

Other: -

Key investment personnel

Size of investment team: 6

Royce Long

Portfolio Manager

CA(SA), CFA

32 years of industry experience 19 years with the firm

Richard Simpson

Portfolio Manager

BSc (Hons), PDM

32 years of industry experience 19 years with the firm

Alex Holmes

Junior Analyst

BEng (Mech Eng)

3 years of industry experience 3 years with the firm

Liam Arron Analyst

BCom (Hons—Inv Man)

8 years of industry experience 8 years with the firm

Tayler Blackbeard

Head of Operations, Distribution

BCom (Hons—Inv Man)

5 years of industry experience 5 years with the firm

Matthew Lunney

Trader, Junior analyst

Mcom Financial Markets

1 year of industry experience 1 year with the firm

Old Mutual Alternative Investments (Pty) Ltd (“OMAI”)

https://www.oldmutualalternatives.com/

Company details

FAIS FSP registration number: 45255

Switchboard: +27 21 509 9000

General email: Clients@oldmutualalternatives.com

Address:

Building 2, Riverlands Mall, Gogosoa Road, Observatory Cape Town, 7925

Compliance officer name:

Yvette Govender ygovender2@oldmutualinvest.com

Investment philosophy

Old Mutual Alternative Investments is a multi-specialist private markets manager, with domain expertise across Infrastructure, Private Equity, Private Debt, International and Direct Impact investing.

Our investment philosophy across disciplines is anchored on long-term value creation through active and strategic management, underpinned by a strong price discipline.

We seek to deliver outstanding performance for investors by investing in great businesses and assets. Fundamental to how we operate is building strong partnerships, and leveraging our expertise and network to source, execute and exit investments in established companies across Africa.

We work closely with our investments throughout their lifecycle to drive long-term sustainable value. We believe that sustainable investments have a greater positive impact on the world around them. Our investments in infrastructure development, housing, schools and education, community property and private businesses, serve as great engines of employment, skills development and economic growth.

FAIS requirements

Who is your FAIS complaints officer?

Zulfa Abdurahman

Please provide the link to the complaints policy on your website: ygovender2@oldmutualinvest.com

Ownership

What is the ownership structure of the company?

Shareholding:

Old Mutal Group (75%)

Old Mutual Staff SPV (25%)

Who are the directors of the company?

Bradley Kalil (CEO) and Karin Du Toit (COO)

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

Yes, Staff SPV (OWSS) – 25% shareholding of OMAI

History

When was the company established? 1999 List of mergers and acquisitions that have taken place since being established: No mergers have occurred through the history of OM Alternatives.

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? AQRate

Date of accreditation: 2025-05-23

GIPS

Are you GIPS compliant?

Not yet, in the process of becoming compliant

Are you GIPS verified?

Not yet, in the process of becoming compliant

By whom have you been verified? -

Date of verification: -

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R147.1 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R21.2 billion

Retail: -

Life: R61.6 billion

Other: R64.3 billion

Old Mutual Alternative Investments (Pty) Ltd (“OMAI”)

Continued

Key investment personnel

Size of investment team: 60

Bradley Kalil

Chief Investment Officer

BBusSc (Fin), BCompt, CA(SA), CFA

30 years of industry experience 25 years with the firm

Jacci Myburgh

Co-Head: Old Mutual Private Equity

BCom (Hons - Acc), CA(SA)

30 years of industry experience 25 years with the firm

Chumani Kula

Co-Head: Old Mutual Private Equity

BBusSc (Hons - Fin), BCom (Hons - Acc), CA(SA), CFA

17 years of industry experience 17 years with the firm

Abdu-Rahman Abrahams

Co-Head: Hybrid Capital

BBusSc (Fin and Stats), PGDip (Acc), PGDip (Tax Law), CA(SA) 23 years of industry experience 23 years with the firm

Mujaahid Hassan

Co-Head: Hybrid Capital

BBusSc (Hons - Fin), PGDip (Acc), CA(SA) 17 years of industry experience 17 years with the firm

Nabeel Laher

Head: International Private Equity BAcc (Hons), CA(SA), CFA 20 years of industry experience 20 years with the firm

Ian Mason

Head: Impact Investing MBA, BSc (Hons), MRICS 30 years of industry experience 8 years with the firm

Rolf Canto

Head: Infrastructure Debt MSc (Civ), MBA, CFA 12 years of industry experience 25 years with the firm

Trevor Rolfe

Head: Diversified Credit BCom (Hons), PGDip (Acc), CA(SA) 15 years of industry experience 25 years with the firm

Olusola Lawson

Managing Director: AIIM MBA, BSc (Hons - Econ), PGDip Law 15 years of industry experience 15 years with the firm

Vuyo Ntoi

Managing Director: AIIM MSc, MBA, BCom (Hons), AMP 25 years of industry experience 21 years with the firm

Old Mutual Investment Group (Pty) Ltd

www.oldmutualinvest.com/institutional/

Company details

FAIS FSP registration number:

604 and 721

Switchboard:

+27 21 509 5022

Fax number: +27 21 509 5025

General email:

ClientService@oldmutualinvest.com

Address:

Building 1, 1st floor, Riverlands precinct 51 Gogosoa Street, Observatory, Cape Town, 7925

Compliance officer name:

Yvette Govender

+27 67 631 0939

Investment philosophy

We are a black-owned African investment manager with a long history of helping grow our clients’ investments. We relentlessly pursue investment excellence across our range of local and global portfolios. Our local and global investment solutions are shaped by specialist teams who go deeper –combining rigorous research, disciplined execution and clear accountability, all anchored in an unwavering commitment to meeting client outcomes. We combine fundamental insight, quantitative discipline and outcome-oriented portfolio construction to meet diverse client needs with deep insight, data-led foresight and long-term conviction.

Furthermore, within our fundamental, quantitative and liability driven investment capabilities, we employ rigorous risk management strategies across all investment decisions to actively protect client capital and preserve long-term value. We integrate sustainability considerations across all our investment and ownership decision-making processes, irrespective of asset class. We are also market leaders in offering South African institutional investors access to our Listed Equity Stewardship services – enabling them to maximise the long-term value of their equity holdings.

FAIS requirements

Who is your FAIS complaints officer?

Yvette Govender

Please provide the link to the complaints policy on your website: https://www.oldmutualinvest. com/v3/assets/bltdd392fd32dda3ce8/ bltf296ed9192005a44/685972b2f27683c9551929b6/ Old_Mutual_Investment_Group_Complaints_Policy.pdf

Ownership

What is the ownership structure of the company?

Old Mutual Investment Group is owned by three entities:

• Old Mutual Investments (Pty) Ltd, which is ultimately owned by Old Mutual Ltd

• Old Mutual Investment Group Management Equity Scheme

• The Imfundo Trust – a scholarship initiative providing funding to black tertiary students, particularly women, in investment related fields.

Who are the directors of the company?

Tebogo Naledi, Sne Dlamini, Zulfa Abdurahman and Nic Loggenberg

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

11.6% of Old Mutual Investment Group is owned by a majority black-owned management scheme. The senior leaders across the business and investment teams acquired a stake in OMIG, driving an entrepreneurial culture and alignment of interest between OMIG leaders, our clients and the business. Specific criteria were used to determine those that would participate in the scheme, including a tenure of at least 3 years, being in key roles that drive value in the business and the individuals’ performance within their specific roles. Due to the transformation that we have affected in our senior leadership, it has resulted in the OMIG management scheme being majority black owned.

History

When was the company established? 1993 List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? AQRate

Date of accreditation: 2025-05-06

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified?

PricewaterhouseCoopers

Date of verification: 2024-12-31

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R427.5 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R95.8 billion

Retail: R167.6 billion

Life: R164.1 billion

Other: -

Old Mutual Investment Group (Pty) Ltd

Continued

Key investment personnel

Size of investment team: 63

Siboniso Nxumalo

CIO

MBA, BCom (Hons)

21 years of industry experience

19 years with the firm

Bernisha Lala

Head: Indexation

MSc (Adv Analytics and Dec Sc), BSc (Hons - Fin Eng, CFA

21 years of industry experience 8 years with the firm

Michelle Erasmus

Co-Head: Liability Driven Investments

BCom (Insu Sc), BSc (Hons - Maths of Fin)

26 years of industry experience 16 years with the firm

Mark Fairbrother

Co-Head: Liability-Driven Investments

MSc (Maths of Fin), BBusSc (Act Sc), FASSA, CERA

17 years of industry experience 14 years with the firm

Meryl Pick

Portfolio Manager

MBA, BScEng (Chem)

20 years of industry experience 14 years with the firm

Gustav Schulenberg

Portfolio Manager

MBA, BCom

18 years of industry experience 2 years with the firm

Jason Swartz

Portfolio Manager

MBusSc (Fin), CFA

24 years of industry experience 6 years with the firm

Otto1890 Asset Management (Pty) Ltd

www.otto1890.com

Company details

FAIS FSP registration number: 2002/003307/07

Switchboard: +27 11 809 7500

General email: info@otto1890.com

Address:

140 West Street, Sandown, Sandton, 2196

Compliance officer name: Shaun Dhora +27 11 524 9068

Investment philosophy

The core of our investment identity and philosophy is built on an “all things considered” approach integrating active return generation with appropriate risk management in a sustainable manner. It is underpinned by a diligent research-driven process that leverages the collective investment team expertise to ensure that the reward outcomes are sustainable over the long-term.

Otto1890 Asset Management is a multi-strategy boutique asset manager and does not prescribe to a specific investment style but is premised on a thematic, scenariodriven approach designed to achieve optimal risk-adjusted returns across different investment cycles. We believe that dominant themes that shape the world are never static, and one needs a process that lends itself to an identity that allows for flexibility which invariably increases investment robustness, responsiveness to evolving market conditions as well as the precision for long-term money management success. Our approach therefore strikes a balance between taking the appropriate risks at the appropriate time in the cycle to generate active returns. This focuses on not just the return side of the equation, but also a significant focus on risk management, with our belief being that as stewards of capital, avoiding loss of capital is a central requirement from a client objective.

FAIS requirements

Who is your FAIS complaints officer?

Shaun Dhora

Please provide the link to the complaints policy on your website:

Available on request

Ownership

What is the ownership structure of the company?

Otto1890 Asset Management (Pty) Ltd is a wholly owned subsidiary of Otto1890 (Pty) Ltd.

Who are the directors of the company?

Erol Zeki; Gugu Dingaan; Murunwa Oni and Noluthando Gosa

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: Yes, 2.95%

History

When was the company established? 2002

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? AQRate

Date of accreditation: 2025-11-07

Expiry date: 2026-11-06

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R21.3 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R14.5 billion

Retail: R6.9 billion

Life: –

Other: –

Key investment personnel

Size of investment team: 8

Arno Lawrenz

CIO

BSc (Hons), CFA

34 years of industry experience 5 years with the firm

Errol Shear

Portfolio Manager

BBusSc, CA(SA), CFA

40 years of industry experience 9 years with the firm

Rephael Rootshtain Portfolio Manager

BSc

12 years of industry experience 12 years with the firm

Ringetani Ndlovu Head of Credit CA(SA)

16 years of industry experience 3 years with the firm

Siphesihle Siswana Senior Equity Analyst

BCom, CFA

11 years of industry experience 3 years with the firm

Veenesh Dhayalam Head: Implemented Solutions

MBA, BSc, HED

25 years of industry experience 8 years with the firm

Perpetua Investment Managers (Pty) Ltd

https://perpetua.co.za/

Company details

FAIS FSP registration number:

29977

Switchboard: +27 21 674 4274

Fax number: +27 21 674 4599

General email: info@perpetuaim.co.za

Address:

5th Floor, The Citadel, 15 Cavendish Street, Claremont, 7708 PO Box 44367, Claremont, 7735

Compliance officer name: James George +27 86 127 3783

Investment philosophy

The bedrock of Perpetua’s investment philosophy is valueorientation. We invest in assets which offer value and that are trading at a meaningful discount to their intrinsic value. We believe that an asset’s price and its intrinsic value are not always in line, as asset prices are more volatile than their underlying fundamental value. The reason for asset price volatility is largely due to the effect of market sentiment and human emotion on the daily pricing of assets, which often creates mispricing in the short term. This mispricing provides opportunities for those who seek to exploit these anomalies. Taking advantage of this mispricing requires a form of contrarian mindset and an ability to invest based on convictions and not on popularity or herding. Our key focus at Perpetua therefore is on determining an asset’s intrinsic/fundamental value and we seek to achieve this in a holistic way. Whilst it is difficult to predict precisely when the price of a security and its intrinsic value will converge, by focusing our attention on ensuring our investment research is thorough and up-to-date, and that we as investors remain patient enough for the investment thesis to be fulfilled.

The key tenets of our investment philosophy are that:

● We are valuation-based

● We seek a margin of safety when investing

● We adopt a holistic approach in considering the fundamental qualities of a business

● We employ a long-term view when considering the prospects of a business.

FAIS requirements

Who is your FAIS complaints officer?

Logan Govender

Please provide the link to the complaints policy on your website: https://perpetua.co.za/governanceinstitutional/#policies

Ownership

What is the ownership structure of the company? 86% of the shares in the company are held by management and staff. The remaining 14% is held by IMG Affiliates. Who are the directors of the company?

Executive Directors: Delphine Govender, Logan Govender, Patrick Ntshalintshali

Non-executive Directors: Raymond Ndlovu (Chairman of the Board), Alida de Swardt and Refilwe Moloto

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Yes, 85% of Perpetua’s shares are held by management and staff.

History

When was the company established? 2012 List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? KGB-BBEE Services Date of accreditation: 2025-07-29

GIPS

Are you GIPS compliant? No

Are you GIPS verified? –

By whom have you been verified? –Date of verification: –Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R17.2 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R15.9 billion

Retail: R1.3 billion

Life: –

Other: –

Key investment personnel

Size of investment team: 10

Delphine Govender

CIO, Portfolio Manager (All Asset Classes)

CA(SA), CFA

28 years of industry experience 13 years with the firm

Lonwabo Maqubela

Deputy CIO, Portfolio Manager (Domestic Equity and Balanced Funds)

CA(SA), CFA

19 years of industry experience 13 years with the firm

Patrick Ntshalintshali

Chair of Investment Risk Committee, Portfolio Manager (Domestic Equity and Balanced Funds)

BCom (Hons), EDP

30 years of industry experience 11 years with the firm

Pooja Tanna

Portfolio Manager (Fixed Income)

BSc (Hons)

21 years of industry experience 3 years with the firm

Ryan van Breda

Portfolio Manager (Public and Private Credit)

MCom, FRM

20 years of industry experience 1 year with the firm

Jeremy Gorven

Head of Equity Research

BBusSc, CFA

16 years of industry experience

2 years with the firm

Prescient Investment Management

http://www.prescient.co.za

Company details

FAIS FSP registration number: 1998/023640/07

Switchboard: +27 21 700 3600

General email: prescientimclients@prescient.co.za

Address:

Block B, Silverwood, Silverwood Lane Steenberg Office Park, Tokai 7945 PO Box 31142 Tokai 7966

Compliance officer name: Hilton Netta

+27 21 700 3600

Investment philosophy

We help our clients achieve financial certainty through a systematic, evidence-based approach that is born from human insights and proven by science. We do this by offering data-driven solutions that focus on managing risk, each tailored specifically to our clients’ needs.

We apply statistical models to determine the potential range of outcomes as well as the probability of these outcomes before investing. This ensures that the position taken will on the upside, deliver on client expectation, while in downward markets will not breach the risk objective. The core of Prescient’s investment philosophy is to create certainty by delivering outcomes in a more reliable and predictable way. We achieve our goals by relying on our core strengths of asset allocation, yield generation and risk management.

The investment philosophy has been consistent since inception.

FAIS requirements

Who is your FAIS complaints officer?

Nazley Herandien

Please provide the link to the complaints policy on your website: https://www.prescient.co.za/media/pfsdr4c3/ pim_fais-disclosure-document2.pdfEW%20and%20 SP%20edits. pdf

Ownership

What is the ownership structure of the company?

Prescient is a 100% held subsidiary of Prescient South Africa (Pty) Ltd which in turn is wholly owned by Prescient Holdings (Pty) Ltd.

Who are the directors of the company?

Executive Directors: Cheree Dyers - Chief Executive Officer, Letshego Rankin - Head of Institutional, Bastian Teichgreeber - Chief Investment Officer

Non-Executive Directors: Thabo Dloti (Chairman), Herman Steyn, Guy Toms, Rachel Nxele (Independent non-executive director)

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: Strategic staff have a 25% economic stake in the business via an evergreen staff trust structure. We recognise the importance of human capital in building a sustainable business. The staff share scheme bolsters our employee value proposition, which already includes meaningful annual profit share participation by all performing staff. The ownership scheme therefore includes strategic management as equity partners in our business.

History

When was the company established? 1998

List of mergers and acquisitions that have taken place since being established: -

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? AQRate Rating Agency

Date of accreditation: 2025-03-31

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? EY

Date of verification: 2024-04-01

Expiry date of verification: 2025-03-31

Investment mandates

What are your total assets under management as owned by South African clients only?

R152.4 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R79 billion

Retail: R69.3 billion

Life: R356 million

Other: R3.7 billion

Prescient Investment Management

Continued

Key investment personnel

Size of investment team: 35

Bastian Teichgreeber

Chief Investment Officer

MSc, BA (Hons), FRM, CFA

10 years of industry experience 10 years with the firm

Odwa Sihlobo

Head: Research

MPhil (Fin Math), BBusSc (Act Sci)

14 years of industry experience 10 years with the firm

Seeiso Matlanyane

Head: Equities

BBusSc (Econ), FRM, CAIA, CFA

11 years of industry experience 11 years with the firm

Henk Kotze

Head: Income and Cash

LLB, BA (Fin Acc, Econ, Ph and Pol)

18 years of industry experience 8 years with the firm

Reza Ismail

Head: Bonds

MSc (Math Fin), MBA, BA (Hons), BSc (Maths Stats), PGDip (Math Fin), CFA

20 years of industry experience 6 years with the firm

Conway Williams

Head: Credit

MPhil (Dev Fin), CA(SA), CDFA 18 years of industry experience 5 years with the firm

Rupert Hare

Head: Multi Asset

MSc (Inv Man), BCom (Hons - FAPM), CAIA, CFA 11 years of industry experience 8 years with the firm

Jabulani Ngobese

Portfolio Manager (Income)

BCom (Hons - FAPM), BCom (Econ and Fin)

12 years of industry experience 11 years with the firm

Michele van der Berg

Portfolio Manager (Cash)

Money Market RPE SAIFM

23 years of industry experience 7 years with the firm

Luzuko Nomjana

Portfolio Manager (Credit), Credit Structuring Specialist

CA(SA)

16 years of industry experience 5 years with the firm

Martin Hammond

Portfolio Manager (Multi-Asset)

BBusSci (Act Sci), CFA 17 years of industry experience 12 years with the firm

Nabeel Kolia

Portfolio Manager (Multi-Asset)

BCom (Hons - FAPM), CFA 10 years of industry experience 9 years with the firm

Ishma-eel Allie

Portfolio Manager

BCom (Hons - Fin and Invest), BCom FM, JSE Securities Trader, JSE Equity Settlement Officer

17 years of industry experience 8 years with the firm

Romelon Chetty

Portfolio Manager

BBusSc (Analytics), FRM

7 years of industry experience 4 years with the firm

Sajjaad Ahmed

Portfolio Manager

BBusSc (Act Sc), CFA

6 years of industry experience 6 years with the firm

Shriya Roy

Portfolio Manager

BBusSc (Analytics), CFA

7 years of industry experience 6 years with the firm

Chanté Burger

Portfolio Manager

BCom (Hons - Econ Analysis of Fin Marks)

8 years of industry experience 1 year with the firm

Professional Provident Society Multi-Managers (Pty) Ltd

https://www.pps.co.za/invest/start-investment

Company details

FAIS FSP registration number: FSP 28733

Switchboard: +27 860 468 777

Address:

Campground Building, 146 Campground Rd, Newlands Cape Town, 7700

Compliance officer name: Mahdie Fakier

+27 21 680 3691

Investment philosophy

PPS Investments is a purpose-led asset manager that applies a disciplined multi-manager approach to delivering resilient, long-term outcomes. We combine South African and global manager research with a pragmatic use of different investment styles, constructing portfolios that are tailored to member objectives. Our investment philosophy emphasises diversification and robust risk management, supported by rigorous analysis, ongoing manager engagement and sustainability considerations. As a mutual organisation, our focus is firmly on long-tern, value creation and responsible stewardship, ensuring alignment between our investment decisions and the interests of our members.

FAIS requirements

Who is your FAIS complaints officer?

Mahdie Fakier

Please provide the link to the complaints policy on your website: https://www.pps.co.za/sites/default/files/2022-02/ PPS%20Complaints%20Handling%20communication%20 to%20members%20220211 %20EW%20and%20SP%20 edits.pdf

Ownership

What is the ownership structure of the company?

Professional Provident Society Multi-Managers (Pty) Ltd is wholly owned by Professional Provident Society Investments (Pty) Ltd

Who are the directors of the company?

Radha Govender, Nicholas Battersby, Dirk Du Plessis, Stephen Gerber, Simphiwe Johnson, Shaun Ruiters, Izak Smit and Shaylen Trikamjee

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: No

History

When was the company established? 2007

List of mergers and acquisitions that have taken place since being established: -

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 2

By whom have you been accredited? Empower Logic

Date of accreditation: 2025-12-12

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R74.4 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R40 billion

Retail: R34.4 billion

Life: –

Other: –

Key investment personnel

Size of investment team: 12

David Crosoer

CIO

MSocSci (Econ), CFP, CIPM, CFA 23 years of industry experience 17 years with the firm

Andriette Theron

Head of Research

BCom (Hons - Fin Analysis), CFA 19 years of industry experience 15 years with the firm

Reza Hendrlckse

Portfolio Manager

BBusSc (Econ), CFA 18 years of industry experience 8 years with the firm

Mark Phillips

Head of Portfolio Management & Analytics

MPhil (Future Studies), BBusSc (Quant Man) 16 years of industry experience 2 years with the firm

Kobus Viljoen

Quantitative Analyst

MCom (Fin Risk Man) 10 years of industry experience 3 years with the firm

Karel-Wynand Croeser

Manager Research Analyst

BCom (Man Sc), CFA

5 years of industry experience 6 years with the firm

Ntuthuko Nxumalo Manager Research Analyst

BCom (Hons - EAFM), BSc (Maths and App Stats)

5 years of industry experience 5 years with the firm

Fran Troskie

Manager Research Analyst

MCom (Econs)

14 years of industry experience 3 years with the firm

Prowess Investment Managers (Pty) Ltd

www.prowessinvestments.com

Company details

FAIS FSP registration number:

38318

Switchboard: +27 21 565 0200

Fax number: +27 86 614 7173

General email: businessdevelopment@prowessinvestments.com

Address:

The ICON Building, 24 Hans Strijdom Avenue Foreshore, Cape Town 8000

Private Bag 15086, Vlaeberg, 8078

Compliance officer name: Cheryl Wyngaard +27 21 565 0070

Investment philosophy

Our philosophy is to exploit certain anomalies regarding the valuations of the yield curve, be it level and shape. Furthermore, we believe we can add alpha by investing in credit on a continuous basis. These two sources of alpha on a combined basis will provide 100 basis points of performance over ALBI net of fees. Our investment philosophy is thus two-pronged: exploit anomalies on the curve, and invest in credit to earn additional returns. We aim to generate 30% of alpha with curve views, and 70% of alpha by means of investing in credit.

FAIS requirements

Who is your FAIS complaints officer?

Kelebogile Moloko

Please provide the link to the complaints policy on your website: Available on request

Ownership

What is the ownership structure of the company?

Prowess is 100% owned by Kelebogile Moloko. Who are the directors of the company?

Executive Director: KB Moloko, CG Wyngaard

Non-executive Director: S Ndoga, J De Bruyn, P Ncetezo and A Moloto

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

Yes, the staff has 25% interest in ownership

History

When was the company established? 2008

List of mergers and acquisitions that have taken place since being established: -

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? BEE Affidavit

Date of accreditation: 2025-04-01

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R14.3 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R11.4 billion

Retail: R916 million

Life: R63.9 million

Other: R1.9 billion

Key investment personnel

Size of investment team: 5

Kelebogile Moloko CIO

BCom (Hons - FAPM), BCom (Econ and Fin)

30 years of industry experience 17 years with the firm

Jacques Simpson

Snr Portfolio Manager: Fixed Income

MEcon, BCom (Hons - FAPM) 28 years of industry experience 9 years with the firm

Qhivi Tiva

Head: Fixed Income, Portfolio Manager LDI and FI BSc (Econ Sc, Act Sc and Math Stats), FRM, CFA 18 years of industry experience 4 years with the firm

Cyril Tshehla

Senior Quantitative and Investment Analyst

BSc (Act and Fin Math) 11 years of industry experience 4 years with the firm

Takudzwa Makotore

Fixed Income Analyst

BBusSc (Hons - Act Sc) 13 years of industry experience 3 years with the firm

PSG Asset Management Holdings (Pty) Ltd

www.psg.co.za/asset-management

Company details

FAIS FSP registration number: 29524

Switchboard: +27 21 799 8000

Fax number: +27 21 799 8182

General email: psgassetmanagement@psg.co.za

Address:

1st Floor, PSG House, Alphen Park Constantia Main Rd, Constantia, Cape Town Compliance officer name: Elana Honiball elana.honiball@psg.co.za

Investment philosophy

At the heart of our investment philosophy is our search for an inherent quality that the overall market is missing (often in uncrowded areas).

To sustainably beat client objectives, we:

● Think independently

● Are mindful of valuations

● Emphasise avoiding permanent capital loss Do our own detailed research

● Take a long-term view

Result: Our funds may look different to competitors, making us an essential part of a diversified portfolio.

FAIS requirements

Who is your FAIS complaints officer?

Elana Honiball

Please provide the link to the complaints policy on your website: https://download.psg.co.za/files/asset-management/ forms/PSG-AMDispute-Resolution-Procedure.pdf

Ownership

What is the ownership structure of the company?

PSG Asset Management is a wholly owned subsidiary of PSG Financial Services (‘the group’), a listed financial services company with 51% of the group’s shares held by institutional shareholders and ii has a shareholder base of over 18 500 shareholders at tile end of February 2023. Who are the directors of the company?

Anet Ahern, John Gilchrist, Arlene Tanta and Terence Collopy

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

Not directly. Staff and management have shares in PSG PSG Financial Services (Ply) Ltd. PSG Asset Management is a wholly owned subsidiary of PSG Financial Services (Pty) Ltd.

History

When was the company established?

1999

List of mergers and acquisitions that have taken place since being established:

PSG Tanzanite (Pty) Ltd and Alphen Asset Management (Ply) Ltd merged into PSG Asset Management (Ply) Ltd in 2011

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 5 By whom have you been accredited? AQRate Date of accreditation: 2024-05-28

GIPS

Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? –Date of verification: –Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R66.7 billion

Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R30 billion

Retail: R35 billion

Life: –

Other: 1.2 billion

Key investment personnel

Size of investment team: 19

John Gilchrist

CIO, Portfolio Manager

MBA, BAcc, BCom, CA(SA)

26 years of industry experience 7 years with the firm

Greg Hopkins

Deputy CIO, Portfolio Manager

BCom, PGDA, CA(SA), CFA

29 years of industry experience 15 years with the firm

Justin Floor

Head: Equities

MPhil, BBusSc (Hons), FASSA, CFA

14 years of industry experience 7 years with the firm

Kevin Cousins

Head: Research

BCom, CA(SA)

33 years of industry experience 11 years with the firm

PSG Asset Management (Pty) Ltd

Continued

Ane Craig

Head: Fixed Income

MSc (App. Economics), CA(SA), CFA 10 years of industry experience 6 years with the firm

Phillip Worz

Portfolio Manager

BCom (Hons), CFA

19 years of industry experience 19 years with the firm

Shaun Le Roux

Portfolio Manager

BCom, PGDA, CA(SA), CFA 25 years of industry experience 27 years with the firm

Dirk Jooste

Portfolio Manager

MCom, CFA

20 years of industry experience 8 years with the firm

Duayne Le Roux

Portfolio Manager

BCom (Hons), CFA 10 years of industry experience 10 years with the firm

Nomandla Duma

Analyst

BBusSc, CFA Level 2

7 years of industry experience 4 years with the firm

Marc Beckenstrater

Portfolio Manager

MBA, BSc (Eng)

31 years of industry experience 1 year with the firm

Mikhail Motala

Portfolio Manager

BCom, PGDA, CA(SA) 11 years of industry experience 11 years with the firm

Gavin Rabbolini Analyst

MCom, CFA

11 years of industry experience 14 years with the firm

Felicia Makondo

Assistant Portfolio Manager

BBusSc (Fin and Acc), CFA 3 years of industry experience 3 years with the firm

Siphesihle Mabaso Analyst

BCom (Hons - Invest Man) 3 years of industry experience 3 years with the firm

Pontsho Motene

Analyst

BCom (Invest Man) 3 years of industry experience 3 years with the firm

James Mills

Analyst

BA, CFA Level 2

2 years of industry experience 2 years with the firm

Bandile Cele Analyst

BBusSc

1 year of industry experience 1 year with the firm

Nokukhanya Makhanya Quantitative Analyst

BSc (Hons - Engineering) 4 years of industry experience 1 year with the firm

Sanlam Multi Manager International (Pty) Ltd

www.sanlaminvestments.com

Company details

FAIS FSP registration number:

845

Switchboard:

+27 21 950 2500

Fax number:

+27 21 950 2555

General email: SIInstitutional@sanlaminvestments.com

Address:

55 Willie van Schoor Avenue, Bellville, Cape Town, 7530

Compliance officer name:

Warren Young

+27 21 950 2530

Investment philosophy

Sanlam Investments Multi-Managers are solutions architects and believe that through an in-depth understanding of its clients’ needs, combined with the ability to construct portfolios which optimally blend multiple investment strategies and sources of risk and return, it enables its clients to achieve their desired investment outcomes.

The Multi-Manager offers clients a convenient and costeffective solution to the portfolio construction challenge, drawing on its extensive investment strategy, manager selection, market research and portfolio construction skills.

The Multi-Manager’s solutions are designed to suit the needs of a variety of investors, ranging from conservative investors to those targeting more aggressive growth strategies. This solutions range uses tactical asset allocation to tailor the portfolio and exploit short-term asset pricing inefficiencies as the economic landscape changes.

For those who prefer to choose from the existing risk profiled solutions, the team offers a range of pre-packaged solutions from a variety of established asset managers. The Multi-Manager is also able to offer those clients who are constructing their own portfolios access to a range of managers’ style betas as well as consistent alpha in the portfolio construction processes.

FAIS requirements

Who is your FAIS complaints officer?

Warren Young

Please provide the link to the complaints policy on your website: https://www.sanlam.co.za/contact/ complimentsandcomplaints/Pages/default.aspx

Ownership

What is the ownership structure of the company?

Sanlam Multi Manager International (Pty) Ltd is wholly owned by Sanlam Investment Holdings (Pty) Ltd. Sanlam Investment Holdings is, in turn, majority owned by Sanlam Limited (65.458%), with additional shareholdings held by ARC Financial Services Investments (Pty) Ltd (21.819%) and Absa Financial Services Limited (12.723%).

Who are the directors of the company?

Cromwell Mashengete, Paul Hanratty, Renganayagee Kisten, Preston Speckmann, Johannes van der Merwe, Armien Tyer, Khetha-Okuhle Rantao, Khomotso Mthimunye, Carl Roothman and Taskeen Ismail.

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: Staff and management have a shareholding in Sanlam Limited in the form of long-term incentives.

History

When was the company established? 2002

List of mergers and acquisitions that have taken place since being established: The transaction whereby Sanlam and Absa combined their investment management businesses became effective on 1 December 2022.

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1 By whom have you been accredited? AQRate Verification Services

Date of accreditation: 2025-08-29

Expiry date: 2026-08-28

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? No

By whom have you been verified? -

Date of verification:Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R436.4 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R122.8 billion

Retail: R202.2 billion

Life: R109.5 billion

Other: R1.9 billion

Sanlam Multi Manager International (Pty) Ltd

Key investment personnel

Size of investment team: 40

Paul Wilson

CIO: Multi Manager

BSc (Hons), BBusSc, BSc, CFA

20 years of industry experience 12 years with the firm

Mothepu Mothae

Head: Domestic Manager Research

MBA, BBA (Fin)

18 years of industry experience

2 years with the firm

Francois van der Merwe

Head: Global

BCom (Hons - Quan, Inv Man), BCom (Inst Inv), CFA

23 years of industry experience

3 years with the firm

David Galloway

Head: Investment Strategy

MCom, BCom (Hons), BBusSc

31 years of industry experience 18 years with the firm

Mohapi Mohlamonyane

Head: Portfolio Enablement

MCom, BSc (Eng)

6 years of industry experience 6 years with the firm

Rafiq Taylor

Head: Retail Implemented Consulting

BCom (Hons), BCom, FAIS, FICA

20 years of industry experience 20 years with the firm

Lilian Lerm

Deputy CIO: Multi Manager

BCom (Hons), BCom

15 years of industry experience 12 years with the firm

Sanan Pillay

Head: Private Markets

BBusSc, FRM

7 years industry experience 7 years with the firm

Pearlene Govender

Head: Global Manager Research

BCom (Fin and Econ)

14 years of industry experience 3 years with the firm

Willem le Roux

Head: Multi-Asset

BCom (Act Sc)

16 years of industry experience 1 year with the firm

Lethu Zulu

Head: Hedge Funds

MCom (Computational and App Maths), BSc (Hons)

9 years of industry experience 6 year with the firm

Louis Bekker

Portfolio Manager

BCom (Hons - Acc), BCom (Acc), CA, CFA 22 years of industry experience 3 years with the firm

Sheetal Rama Nana

Portfolio Manager

BSc (Act Sc)

20 years of industry experience 3 years with the firm

Niel Hougaard

Portfolio Manager

BCom (Hons), BCom, CFA 16 years of industry experience 6 years with the firm

Lehan Kruger

Portfolio Manager

BCom (Hons), BCom, CFA

9 years of industry experience 3 years with the firm

Dean de Nysschen

Portfolio Manager

BCom (Inv and Fin Man), CFA 9 years of industry experience 2 years with the firm

Jaco-Chris Koorts

Portfolio Manager

BCom (Hons), FASSA, CERA 3 years of industry experience 2 years with the firm

Luke Mcmahon

Portfolio Manager

BCom (Hons), BCom 8 years of industry experience 8 years with the firm

Shawn Phillips

Portfolio Manager

BSocSc (PPE), BCom (Hons - FAPM)

7 years of industry experience 7 years with the firm

Tebogo Moopa

Portfolio Manager

11 years of industry experience 1 year with the firm

Thato Moitsemang

Portfolio Manager

BCom (Corp Fin and Invest)

9 years of industry experience 3 years with the firm

Satrix Investments (Pty) Ltd

Company details

FAIS FSP registration number: 43670

Switchboard: +27 21 950 2100

General email: managers@satrix.co.za

Address:

5th Floor, Building 2, 11 Alice Lane Sandton, 2196, South Africa

Compliance officer name: Francis Hitchinson +27 21 950 2695

Investment philosophy

Satrix is the leading provider of index-tracking investment products in South Africa, with assets under management of R300 billion*, invested across a range of ETFs, unit trusts, life pooled, UCITS, and segregated mandates.

Satrix pioneered index investing in South Africa, launching the flagship Satrix Top 40 ETF, the first locally listed ETF, in November 2000. The business services the institutional, intermediary, and individual investor markets. Satrix has proven expertise in risk management, portfolio construction and index design.

A core part of Satrix’s purpose is to drive the democratisation of investing for all South Africans, with SatrixNOW, the no-minimum online investing platform, a key enabler providing South Africans with access to invest and “Own the Market”.

The multi-award-winning business holds the largest market share in South Africa’s ETF industry at nearly 41%.

Satrix Capabilities to Build Smarter Portfolios for clients looking for:

● Strategic or tactical exposure to a range of geographies, market segments, asset classes, investment styles, or any combination of factors to provide increased certainty and predictability from portfolio performance.

● A well-constructed core combined with strategic satellites to enhance returns over time.

● An experienced partner to craft a solution that provides transparent, systematic and accountable adherence to investment limits and Multi-Asset Solutions

Satrix’s approach to multi-asset investing is simple. Satrix combines building blocks of essential asset class indices and blends them in an optimal allocation. This allocation is a function of long-term prospective returns, appropriate risk budgets and portfolio construction insights, all of which inform an optimal mix.

The Satrix view is that strategic asset allocation is the most important driver of performance, contributing between 80% and 95% of portfolio returns. Added to this, many empirical studies have found that only a minority of managers possess significant tactical asset allocation skills.

Along with its increasing acceptance, multi-asset investing has also seen substantial innovation in portfolio construction. Satrix employs strategic allocations to vanilla building blocks, and our research and insights construct a ‘best view’ blend of factors expressed through the Satrix SmartCore™ Index, which is utilised as the equity building block within the flagship Satrix Balanced Index Fund and Satrix Low Equity Balanced Index Fund.

Satrix collaborates across the Sanlam Group to deliver what clients need. It may be a physically replicated solution, a bespoke strategic asset allocation, tactical tilts around a strategic asset allocation, combining vanilla index tracking with alternative asset classes or using synthetic replication to further enhance returns. Satrix is ideally positioned to provide a multi-asset solution that is just right.

FAIS requirements

Who is your FAIS complaints officer?

Francis Hitchinson

Please provide the link to the complaints policy on your website: https://satrix.co.za/media/79670?inline=true

Ownership

What is the ownership structure of the company?

Satrix Investments (Pty) Ltd is100% owned subsidiary of Sanlam investment Holdings (Pty) Ltd 1998/022648/06.

Satrix has been operating as a division of Sanlam Investment Management (Pty) Ltd (SIM) (FSP 579) and also forms part of the Sanlam Investments cluster (“Satrix Smartcore”). Whilst under the SIM license, they were responsible for the investment management of all Satrix products. This included managing index-tracking segregated mandates and serving as the entity housing Satrix’s Category II representatives. Satrix Investments (Pty) Ltd obtained its own Category II FSP licence in June 2025, which allows it to manage the assets on its own FSP license.

Who are the directors of the company?

Cromwell Mashengete, Paul Hanratty, Renganayagee Kisten,Preston Speckmann, Johannes van der Merwe, Armien, Tyer, Khetha Rantao, Khomotso Mthimunye, Carl Roothman and Taskeen Ismail.

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: Staff and management have a shareholding in Sanlam Limited in the form of long-term incentives.

History

When was the company established?

Sanlam was established in 1918. Satrix is the indextracking of Sanlam Investments, was incorporated in 1967. Satrix has more than two decades of experience in tracking market indices, having launched the very first exchanged fund (ETF), our flagship Satrix 40 ETF, in 2000.

List of mergers and acquisitions that have taken place since being established:

The transaction whereby Sanlam and Absa combined their investment management businesses became effective on 1 December 2022.

Satrix Investments (Pty) Ltd

Continued

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited?

AQRate Verification Services

Date of accreditation: 2025-08-29

Expiry date: 2026-08-28

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? PWC

Date of verification: 2024-11-29

Expiry date of verification: –

Investment

mandates

What are your total assets under management as owned by South African clients only?

R272.5 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R118.6 billion

Retail: R125.5 billion

Life: R13.7 billion

Other: –

Key investment personnel

Size of investment team: 10

Kingsley Williams

Chief Investment Officer

MBA, BSc (Hons), BSc

26 years of industry experience

8 years with the firm

Henriqueco Visser

Chief Technology Officer

BSc (Math Stats)

26 years of industry experience

26 years with the firm

Yusuf Wadee

Head of Exchange Traded Products

BSc (Hons - Math), BEconSc (Act Math)

25 years of industry experience

7 years with the firm

Duma Mxenge

Head of Business & Market Development

BCom (Hons - FAPM)

21 years of industry experience 21 years with the firm

Nico Katzke

Head of Portfolio Solutions

MCom (cum laude), BCom (Hons - Math Stats and Econ), ICCSSA

14 years of industry experience. 6 years with the firm

Lauren Jacobs

Senior Portfolio Manager

BBusSc (Fin)

20 years of industry experience 17 years with the firm

Nonhlanhla Mphelo

Senior Portfolio Manager

BCom (Hons)

19 years of industry experience 9 years with the firm

Siyabulela Nomoyi, Quantitative Portfolio Manager

MPhil (Math of Fin), 15 years of industry experience 6 years with the firm

Rekha Bawa

Portfolio Manager

BCom (Inv Man)

18 years of industry experience 4 years with the firm

Keighan Bradfield

Investment Analyst

MCom (Fin Risk Man), BEng (Ind)

1 year of industry experience 1 year with the firm

Schroder Investment Management Ltd

www.schroders.com

Company details

FAIS FSP registration number: 48998

Switchboard: +27 21 003 9100

General email: southafrica@schroders.com

Address:

Sunclare Building, 21 Dreyer Street, Claremont Cape Town, 7708

Compliance officer name: Jan Scholtz +27 87 897 6970

Investment philosophy

We are a leading provider of active asset management, advisory and wealth management services. Recognised widely as a leader in sustainability, few investment managers can match the combination of capabilities and global reach that we offer. This breadth of services across public and private markets allows us to design distinctive solutions for the diverse needs of clients. They look to us to provide excellent long-term investment outcomes, and it is our duty always to act in their best interests. That is a responsibility we take seriously – and we believe that when we succeed for clients, society and the wider world benefit too.

FAIS requirements

Who is your FAIS complaints officer?

Jan Scholtz

Please provide the link to the complaints policy on your website: https://www.schroders.com/en-za/za/ intermediary/complaints-handling/ Ownership

What is the ownership structure of the company?

Schroder Investment Management is a wholly-owned, indirectly held subsidiary of Schroders plc. In South Africa, Schroder Investment Management Ltd is an authorised financial services provider with a Category I licence. We have a number of funds approved by the FSCA for distribution and have office presence in both Cape Town and Johannesburg.

Who are the directors of the company?

As at December 2025: Richard Oldfield, Meagen Burnett, Rakhi Goss-Custard, Ian King, Johanna Kyrklund, Iain Mackay, Leonie Schroder, Annette Thomas, Frederic Wakeman, Claire Fitzalan- Howard, Matthew Westerman, Kate Graham.

Interest in ownership? Please provide the percentage held by staff and management: Yes. Employees own and have rights to 3.73% of the company as at 30 December 2025.

History

When was the company established? 1804

List of mergers and acquisitions that have taken place since being established: Schroders regularly evaluates acquisition opportunities to supplement organic growth and address capability gaps. We continue to execute on our strategy by investing for strong, diversified growth, and pivot into higher growth areas of Wealth Management, Private Assets and Alternatives.

B-BBEE credentials

Are you B-BBEE accredited? No

What is your B-BBEE status?By whom have you been accredited?Date of accreditation: -

GIPS

Are you GIPS compliant? Yes Are you GIPS verified? Yes

By whom have you been verified? Ernst & Young LLP

Date of verification: 2024-12.31

Expiry date of verification: Schroders has been verified for the periods January 1, 1996 to December 31, 2024.

Investment mandates

What are your SA only total assets under management?

R29.1 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R15.5 billion

Retail: R13.5 billlion

Life: –

Other: -

Key investment personnel

Size of investment team: 917

Johanna Kyrklund

Group Chief Investment Officer

MA (Phil, Politics and Econ), CFA

28 years of industry experience 18 years with the firm

Alex Tedder

CIO, Equities, Portfolio Manager MA (Econ), BAdmin 36 years of industry experience 11 years with the firm

Schroder Investment Management Ltd

Continued

Frank Thormann

Portfolio Manager, Global Equities

MBA (Bus, Fin and Int Bus), BA (Fin and Maths), CFA

27 years in industry

8 years with the firm

Sebastian Mullins

Head of Multi-Asset & Fixed Income, Australia

MCom (App Fin), BSc (Hons - Maths and Comp Sc)

18 years in industry

6 years with the firm

Lukas Kamblevicius

Co-Head of QEP Investment Team, Head of Core & Quality

BA (Hons - Bus Admin), MSc (Invest - merit), CFA

21 years in industry

9 years with the firm

William Piercy

Fund Manager, Equities

CFA

26 years in industry

3 years with the firm

Charles Somers

Fund Manager, Global Equities

BA (Classics), CFA

27 years in industry

24 years with the firm

John Bowler

Global Sector Specialist, Healthcare

PhD, BA (Bio)

31 years of industry experience

22 years with the firm

Martin Skanberg

Fund Manager, European Equity

MSc (Fin Econ)

31 years of industry experience

22 years with the firm

Simon Adler

Head of Value Equities, Portfolio Manager

MA (Politics), CFA

17 years of industry experience

17 years with the firm

Luke Biermann

Fund Manager US Cap Equities

BSc (Comp Sc), IMC, CFA

19 years of industry experience

19 years with the firm

Louisa Lo

Deputy Head Asia ex Japan Equities

Head Greater China Equity Investment

MA (App Fin), BCom, CFA

33 years of industry experience 30 years with the firm

King Fuei Lee

Co-Head Asian Equity Alternative Investments

MPhil (Econ), BSc (Econ), IMC, CFA

27 years of industry experience 27 years with the firm

Tom Walker

Co-Head Global Listed Real Assets

BA (Pol), Grad Dip (Real Estate), Member of the Royal Institute of Chartered Surveyors (MRICS)

26 years of industry experience 11 years with the firm

Mark Lacey

Head Thematic Equities, Fund Manager, Global Resource Equities

BA (Bus Studies with Law)

29 years of industry experience 12 years with the firm

Neil Sutherland

Fund Manager, Fixed Income

MA (Pol and Econ), CFA 26 years of industry experience 13 years with the firm

James Luke

Fund Manager, Commodities

MA (Mod History), IMC

19 years of industry experience 11 years with the firm

Benjamin Alt

Head Global Private Equity Portfolios

MSc (Econ and Bus Admin)

18 years of industry experience 18 years with the firm

Jeff O’Dwyer

Fund Manager, European Real Estate

Bachelor of Applied Science (Hons - Land Econ), Investment Management Certificate

30 years of industry experience

10 years with the firm

SEI Investments Company

https://seic.com/south-africa

Company details

FAIS FSP registration number:

(South Africa) (PTY) Limited (SISAL): 13186

SEI Investments (Europe) Limited (SIEL): 9796

Switchboard: +27 11 994 4200

General email: sjugmohun@seic.com

Address:

Unit 8A 1st Floor 3 Melrose Boulevard Melrose Arch, 2196 Compliance officer name:

Mr James George 087 897 6970

Investment philosophy

Our investment philosophy has remained consistent for over 30 years, focused on investing in rewarded factors (Alpha Sources) – Value, Momentum and Quality. Over the years we have broadened and refined our knowledge and understanding of the Alpha Sources through more data, systems, processes and research. How we have implemented our philosophy has changed over time. Originally, we implemented through third party managers, and over the last decade through a combination of internally managed active quant and third-party fundamental managers.

Founded in 1968, SEI has long been at the pinnacle of investment management, having authored a number of influential studies on strategic asset allocation, behavioral finance and goals-based investing, we champion the latest industry thinking to enhance investor outcomes.

Our active management philosophy is based on the belief and empirical evidence that markets are not perfectly efficient, and we seek to exploit these inefficiencies to generate improved long-term risk- adjusted returns over market benchmarks. This has remained constant since our founding.

Exposure to rewarded factors or “Alpha Sources”, such as Value, Momentum and Quality, is the main source of outperformance in equity markets. Optimal portfolios that combine high conviction fundamental managers with riskoptimized quantitative factor portfolios are able to realize higher risk- adjusted returns after fees.

FAIS requirements

Who is your FAIS complaints officer?

James George, Compliserve

Please provide the link to the complaints policy on your website: Available on request.

Ownership

What is the ownership structure of the company?

SEIC is a publicly traded diversified financial services firm. Approximately 16.76% of outstanding SEIC shares are held by employees, officers, and directors of the company. SEI is one of the first global investment management businesses to open a local office in South Africa and the first global multi-manager to conclude a B-BBEE transaction introducing black ownership into its South African operations.

Who are the directors of the company?

Directors: Santoshi Jugmohun, Paul Klauder, Ian Love, Michael Petersen and Leapeetswe Molotsane Interest in ownership? Please provide the percentage held by staff and management: SEIC is a publicly traded firm, and many employees participate in our stock option and stock purchase programs.

History

When was the company established? 1968

List of mergers and acquisitions that have taken place since being established: 1983: Acquired A.G. Becker Paribas, Inc.’s Funds Evaluation Division.

B-BBEE credentials

Are you B-BBEE accredited?

SEI (SA) has been operating in SA for over 25 years. During that time, we have shown our long-term commitment to this country by maintaining a fully staffed office in Johannesburg, to look after the interests of our South African clients. Over the years, we have demonstrated our ambition to align the business objectives of SEI (SA) with those of the SA government, especially in the areas of Employment Equity and B-BBEE:

1. SEI sources office supplies from black-owned businesses, supporting inclusive procurement practices.

2. We are actively developing emerging suppliers through targeted grant contributions.

3. SEI pays suppliers within 15 days, helping to improve their cash flow and sustainability

4. SEI has established an internship program aimed at empowering young black graduates with meaningful work experience.

5. SEI employees are awarded scholarships to further their studies at universities and other tertiary institutions.

6. SEI participates in a range of socio-economic development initiatives, contributing to broader community upliftment.

7. In June 2018, SEI concluded a B-BBEE transaction that delivered ownership in the company’s South African business to black staff members. The transaction does not rely on debt funding, and local staff members immediately took up an equity stake of that size in SEI Investments South Africa (Pty) Ltd. The funding mechanism allows the beneficiaries, which include black women to immediately earn a return from the transaction through receipt of dividends over the transactions 10-year vesting period, as well as a potential increase in share value over the time.

What is your B-BBEE status? Level 3

By whom have you been accredited?

AMAX BEE Verifications

Date of accreditation: 2025-03-03

SEI Investments Company

Continued

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? ACA

Date of verification: 01-01-13 through 31-12-24

Expiry date of verification: SEI’s Institutional Group has been GIPS®* compliant, and ACA Compliance Group (ACA) verified since 2013. As of December 31, 2025, we are GIPS OCIO Compliant and in the process of being verified by ACA. Verification is expected to be complete by June 30, 2026.

Investment mandates

What are your total assets under management as owned by South African clients only? R1 billion

Please detail the mandates you currently manage and the size of each of these mandates: Institutional: R1 billion

Retail: -

Life: –

Other: –

Key investment personnel Size of investment team: 127

James Smigiel Head: Investment Strategy and Portfolio Strategies

32 years of industry experience 24 years with the firm

Jason Collins Head: Global Equities 28 years of industry experience 15 years with the firm

Eugene Barbaneagra Portfolio Manager MBA, CFA 25 years of industry experience 23 years with the firm

Anthony Karaminas Head: Fixed Income & Multi- Asset 21 years of industry experience 6 years with the firm

Sentio Capital Management (Pty) Ltd

www.sentio-capital.com

Company details

FAIS FSP registration number:

33843

Switchboard: +27 11 880 1994

Fax number: +27 11 447 8818

General email:

TC@sentio-capital.com

Address:

Illovo Edge, Building 3 1st Floor, 5 Harries Road, Illovo 2146 PO Box 1120, Houghton, Johannesburg South Africa, 2041 Compliance officer name:

Jan H Scholtz +27 86 127 3783

Investment philosophy

Sentio customised investment filters used to highlight high probability investment opportunities and risk categorisation. Detailed fundamental models using multidimensional analysis are used to value companies. Management interaction and macro analysis to highlight key risks and catalysts for each investment opportunity. The stock selection process is integrated with quantitative portfolio construction to make buy and sell decisions. These decisions are made with a view to building portfolios that deliver superior risk-adjusted returns.

FAIS requirements

Who is your FAIS complaints officer?

Vuyiseka Kulati

Please provide the link to the complaints policy on your website: http://www.sentio-capital.com/complaints

Ownership

What is the ownership structure of the company?

Vunani Fund Managers

Who are the directors of the company?

Butana Khoza, Mohamed Mayet, Rayhaan Joosub

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

37% in Vunani-Sentio

History

When was the company established?

2007

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 2

By whom have you been accredited? Affidavit

Date of accreditation: 2025-08-13

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R57.8 billion (Sum of Vunani and Sentio AuM)

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R53.5 billion

Retail: R3.7 billion

Life: R673.4 million

Other: –

Key investment personnel

Size of investment team: 10

Rayhaan Joosub CIO

BCom, BSc (Chem Eng)

27 years of industry experience 18 years with the firm

Mohamed Mayet Portfolio Manager

BCom (Hons - Adv Fin), BCom 28 years of industry experience 18 years with the firm

Sanveer Hariparsad

Head of Fixed Income

MSc (Fin Eng), BSc (Hons - Fin Math cum laude)

BSc (Act Sc), Actuarial Exams 19 years of industry experience 8 years with the firm

Imtiaz Suliman

Senior Portfolio Management

BSc (Fin Math), CFA 21 years of industry experience 14 years with the firm

Olwethu Notshe

Senior Portfolio Management

BBusSci, CAIA, CQF, CFA 17 years of industry experience 14 years with the firm

Andile Buthelezi Portfolio Manager

BCom (Fin Man Sc), CFA 10 years of industry experience 8 years with the firm

Sesfikile Capital (Pty) Ltd

www.sesfikilecapital.com

Company details

FAIS FSP registration number:

39946

Switchboard: +27 11 684 1200

General email: Sescap@sescap.co.za

Address:

2nd Floor, 18 The High Street, Melrose Arch, 2076 Suite 334, Private Bag X1, Melrose Arch, 2076

Compliance officer name: Enrique Goosen +27 21 975 6597

Investment philosophy

At the core of our investment philosophy lies the belief that sustained returns in listed property investment emanate from the underlying fundamentals of property assets and management expertise, encompassing both systematic and unsystematic risks associated with these fundamentals. We also acknowledge the pivotal role of earnings growth in total returns over the medium term, with particular emphasis on the quality of those earnings. We express our investment philosophy as “Fundamentals at a Reasonable Price” (FARP).

Our approach revolves around being benchmark-cognisant active managers, with a primary focus on delivering lowrisk benchmark outperformance. All underlying investments undergo rigorous, in-depth research, while the ultimate portfolio construction adheres to Sesfikile’s distinctive “4D” approach:

● Our passion for direct property

● Getting immersed in the details

● Understanding the broader drivers of financial markets

● Taking views on corporate action deals and uncovering hidden potential in the sector.

FAIS requirements

Who is your FAIS complaints officer? Evan Jankelowitz

Please provide the link to the complaints policy on your website: https://sesfikilecapital.com/sustainability/

Ownership

What is the ownership structure of the company?

Ukukhlua Sibanye En Commandite Partnership: 34.29%, Evan Jankelowitz: 13.21%, Mohammed Kalla: 13.73%, Royal Investment Managers: 25.03% and Vumbung Dust Capital: 13.73%

Who are the directors of the company?

Executive director: Evan Jankelowitz, Kundayi Munzara and Mohamed Kalla

Non-executive director: Rahab Matebane, Nomthandazo Zulu and Carlo Dickson

Alternate director: Andries Rousseau

Do staff and management have an interest in ownership? Please provide the percentage held by staff and management: Executive directors / senior management hold a 40.67% ownership interest in the company.

History

When was the company established? 2010

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? Renaissance SA rating (Pty) Ltd

Date of accreditation: 2025-08-22

GIPS

Are you GIPS compliant? No Are you GIPS verified? No By whom have you been verified? –Date of verification: –Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R18 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R13.6 billion

Retail: R4.4 billion

Life: –

Other: –

Key investment personnel

Size of investment team: 6

Evan Jankelowitz,

Portfolio Manager

BCom (Hons - Inv Man), BCom (Fin Man), CFA 22 years of industry experience 15 years with the firm

Mohamed Kalla

Portfolio Manager

BCom (Inv Man), CFA 21 years of industry experience 15 years with the firm

Kundayi Munzara

Portfolio Manager

BSc (Hons - Prop Stud), PLD (HBS), CFA 20 years of industry experience 15 years with the firm

Naeem Tilly

Head: Research, Portfolio Manager

BAcc, CA(SA), CFA 18 years of industry experience 8 years with the firm

Anil Ramjee

Global REIT Analyst, Portfolio Manager

MCom (Econ Sc), MSc (Prop Stud), BEconSc 14 years of industry experience 11 years with the firm

Zinhle Simelane

Investment Analyst

BSc (Prop Studies) 5 years industry experience 1 year with the firm

STANLIB Asset Management (Pty) Ltd

www.stanlib.com

Company details

FAIS FSP registration number: 719

Switchboard: +27 11 448 5000

General email: stanlibinstitutional@stanlib.com

Address:

17 Melrose Boulevard, Melrose Arch Johannesburg, 2196 PO Box 202, Melrose Arch, 2076 Compliance officer name: Karabo Shole +27 11 448 5751

Investment philosophy

At STANLIB, our investment team is made up of focused teams (franchises) of investment professionals who are specialists in their discipline and responsible for managing clients’ assets in their areas of expertise. Each specialist investment team has developed its own investment philosophy and approach to investing. This allows STANLIB to deliver tailored investment solutions to meet diverse client needs.

STANLIB’s specialist approach to managing investments encourages accountability and independent thinking by each investment team with the benefit of collaboration with the broader investment team.

Oversight and governance are provided by experienced professionals, with alignment to our clients’ interests, need for protection and outcome.

The investment teams include: Multi-Asset, Fixed Income (including Private Markets), Infrastructure Investments, Systematic Solutions (including active equity, active listed property and index tracking).

Our specialist investment team structure offers the following unique opportunities:

● Investment team heads have ownership in their teams and are accountable for the performance of their portfolios,

● The portfolio managers invest a significant portion of their bonus in the funds they manage. This encourages long-term commitment and aligns their interests with those of their clients.

● Portfolios are not managed by large committees, but rather by small, dynamic teams that are able to build diversified portfolios and quickly react to changing circumstances in the market,

● Portfolio Managers are able to leverage off a broad range of specialist skills enabling them to make informed investment decisions,

● The structure allows for autonomy and ownership whilst still benefiting from the scale of the overall group.

FAIS requirements

Who is your FAIS complaints officer? Molatelo Raphadu

Please provide the link to the complaints policy on your website: https://stanlib.com/contact-us/

Ownership

What is the ownership structure of the company? STANLIB Asset Management (STANLIB) is wholly owned by the Standard Bank Group. Who are the directors of the company? S Ridley, H Walker, Y Suleman, N Criticos, Y Maitlin and M Hlobo.

Do s taff and management have an interest in ownership? Please provide the percentage held by staff and management:

Not in the form of share ownership as STANLIB is wholly owned by the Standard Bank Group. Instead, STANLIB offers incentives in the form of deferred investment units. This deferred scheme is applied to all investment professionals and senior management and is akin to ownership as investment professionals have a direct interest in the success of their investment team funds, clients and the overall firm.

History

When was the company established? 2002

List of mergers and acquisitions that have taken place since being established:

The formation of STANLIB in 2002 effected through the merger of seven entities owned by Standard Bank and Liberty resulting in STANLIB, STANLIB Asset Management, STANLIB Collective Investments, STANLIB Multi-Manager and STANLIB Wealth Management. Subsequent to the above there were no further mergers.

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? EmpowerLogic Date of accreditation: 2026-04-22

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? PricewaterhouseCoopers

Date of verification: 2023-12-12

Expiry date of verification: –

STANLIB Asset Management (Pty) Ltd

Investment mandates

What are your total assets under management as owned by South African clients only?

R804.4 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R341.6 billion

Retail: R232.9 billion

Life: R206.3 billion

Other: R23.6 billion

Key investment personnel

Size of investment team: 64

Greg Babaya

Head: Infrastructure Investments

MBA, BCompt (Hons - Acc), BCom

29 years of industry experience 13 years with the firm

Johan Marnewick

Head: Fixed Income Private Markets

LLB, BCom (Acc), BCom (Law), HDIP (Tax), PGDA, CA(SA)

25 years of industry experience 9 years with the firm

Kevin Lings

Chief Economist

BCom (Hons - Econ)

36 years of industry experience 24 years with the firm

Marius Oberholzer

Head: Multi-Asset

MSc (Glob Fin), BCom (Econ and Com Law), 26 years of industry experience 12 years with the firm

Mark Lovett

Head: Investments

Securities Industry Qualification in Investment Analysis and Fund Management

37 years of industry experience 8 years with the firm

Rademeyer Vermaak

Head: Systematic Solutions

MEng (Elec Eng - cum laude), CFA 22 years of industry experience 6 years with the firm

Victor Mphaphuli

Head: Fixed Income

BCom (Hons - Econ), GEDP, GMP

29 years of industry experience 25 years with the firm

Henry Munzara

Deputy Head: Investments

BA (Hons - Econ)

27 years of industry experience 19 years with the firm

STANLIB Multi-Manager

www.stanlibmultimanager.com

Company details

FAIS FSP registration number:

719

Switchboard:

+27 11 448 6000

Fax number: +27 11 448 6671

General email:

SMMBusinessDevelopment@stanlib.com

Address:

17 Melrose Boulevard, Melrose Arch Johannesburg, 2196

PO Box 202, Melrose Arch, 2076

Compliance officer name:

Karabo Shole

+27 11 448 5374

Investment philosophy

● We begin with a focused and uncompromising commitment to exploiting the highest quality data, systems, processes and people, since these are the controllable factors in an otherwise uncertain investment environment

● We recognise that asset managers with skill may exist within certain markets or specific market segments or asset classes – they have the ability to deliver returns in excess of their benchmarks or passive alternatives

● We identify these managers through a rigorous and integrated approach of quantitative and qualitative manager research

● Using advanced modelling and statistical techniques, we combine these managers with passive alternatives where appropriate, to produce superior net investment returns, with a greater consistency than single mandates, through the diversification of idiosyncratic manager risks

● Strategic (long-term) and tactical (short-term) asset allocation ensures that portfolios are appropriately designed and maintained to maximise the probability of meeting investment objectives

● Our systematic and ongoing portfolio management process includes inputs from manager and market research, asset allocation and portfolio construction. This value-add ensures portfolios are efficiently managed and positioned

● Our investment due-diligence (IDD) process is a full operational due-diligence (ODD) review on managers to ensure they are able to operate as desired for inclusion in our portfolios. The ODD process is run totally independently of the IDD process by the SMM Operations Team and the outcome has a veto right over the final investment decision.

● Portfolio risk is managed at each and every step of the process to ensure that portfolios are designed, constructed and maintained so as to maximise the chances of achieving the investment objectives within any specified constraints

Core values:

● Focus on highest quality inputs

● Do not begin with investment ideologies

● Apply curiosity throughout

● Deliberately insist on diversity in thinking

● Value collective wisdom

● Individual measurement and accountability

● Consider all sources of risk and return

● Continuous monitoring and evaluation

● Efficient and effective communication

FAIS requirements

Who is your FAIS complaints officer?

Complaints@stanlib.com

Please provide the link to the complaints policy on your website: https://stanlib.com/contact-us-individual/

Ownership

What is the ownership structure of the company?

STANLIB Multi-Manager is a division of STANLIB Asset Management (Pty) Ltd, within the Standard Bank Group. Who are the directors of the company?

D Msibi, H Walker and N Criticos. Do staff and management have an interest in ownership? Please provide the percentage held by staff and management:

Not in the form of share ownership as STANLIB is wholly owned by Liberty. Instead, STANLIB offers incentives in the form of deferred investment units. This deferred scheme is applied to all investment professionals and senior management and is akin to ownership as investment professionals have a direct interest in the success of their investment team funds, clients and the overall firm.

History

When was the company established? 1999

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited? EmpowerLogic

Date of accreditation: 2024 -09-04

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –

Date of verification:Expiry date of verification: –

STANLIB Multi-Manager

Investment mandates

What are your total assets under management as owned by South African clients only?

R94.6 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R2.6 billion

Retail: R39.6 billion

Life: R52.4 billion

Other: -

Key investment personnel

Size of investment team: 15

Joao Frasco

CIO

MBA, BSc, CIPM, FASSA, FIA, CAIA, CFA 24 years of industry experience

Jennifer Henry

Deputy CIO & Head of Research BCom (Hons), FRM, CFA 19 years of industry experience

Malcolm Holmes

Joint Head: Portfolio Management (SA) BCom (Hons), CFA 30 years of industry experience

Richo Venter

Joint Head: Portfolio Management (SA) BCom (Hons - cum laude), CFA 21 years of industry experience

Lubabalo Khenyane

Joint Head: Portfolio Management (SA) BBA, CIPM, CFA 19 years of industry experience

Kent Grobbelaar

Head: Global Portfolio Manager BCom (Hons), ICMQ, FAUT, IMC 27 years of industry experience

David Jardine

Global Portfolio Manager

Chartered FCSI 28 years of industry experience

Carl Stirrup

Global Portfolio Manager

IMC 33 years of industry experience

Nadeem Hoosen

Portfolio Manager

MSc, BBusSc, CFA 24 years of industry experience

Melvyn Lloyd

Portfolio Manager

BBA, PG Dip (Fin Planning) 17 years of industry experience

Sonal Bhagwan

Associate Portfolio Manager BBusSc, CFA 17 years of industry experience

Cleo Molepo

Manager Research Analyst

BCom (Marketing), PGDip (Fin Planning), CFA 15 years of industry experience

Joshua Munnik

Manager Research Analyst BCom (Hons), CFA 9 years of industry experience

Rembu Ramuluvhana Manager Research Analyst BCom, BSc, Passed CFA Level 2 13 years of industry experience

Chloe Mulder

Manager Research Analysts BCom (Hons), CFA 3 years of industry experience

Luyanda Dlamini, Manager Research Analyst BCom (Hon - Inv Man), Adv Dip (Fin Marks), Nat Dip (Acc), CIPM Level II candidate 6 years of industry experience

Steyn Capital Management (Pty) Ltd

www.steyncapitalmanagement.com

Company details

FAIS FSP registration number: 37550

Switchboard: +27 21 001 4682

General email: info@steyncapitalmanagement.com

Address:

Verdi House, Klein D’Aria Estate, 97 Jip de Jager Drive Bellville, Cape Town, 7530 PO Box 5673, Tygervalley 7536

Compliance officer name: Independent Compliance Services

Debbi Carse: +27 21 975 6597

Investment philosophy

Steyn Capital Management (SCM) is a value-orientated investment management firm investing in publicly traded equities in South Africa, Africa, Frontier and Emerging markets. We seek to maximize partner capital by buying securities with trading values materially lower than their intrinsic values, and by selling short or avoiding securities with trading values materially higher than their intrinsic values.

Our aim is to achieve high absolute rates of return over the long term while minimizing the risk of capital loss. SCM believes that trading values in the long term are determined strictly by fundamental factors, such as the level, growth and prospective use of discretionary cash flows and realizable net asset values. Notwithstanding this belief, technical, psychological, and supply/demand factors clearly influence trading values in the short term. Such temporary value dislocations create attractive opportunities for the alert, diligent, and patient investor focused on intrinsic value.

We believe that an investment approach that emphasizes intrinsic value with a high margin of safety will achieve consistent absolute investment returns over the long term and safeguard capital regardless of market conditions. Environmental, social and governance (“ESG”) factors can fundamentally influence the intrinsic value of equity securities and are therefore fully integrated into our investment process, with a particular focus on corporate governance. Our investment portfolio will usually differ widely from those of other fund managers.

FAIS requirements

Who is your FAIS complaints officer?

Jamie Kent

Please provide the link to the complaints policy on your website:

Request from jamie@steyncapitalmanagement.com

Ownership

What is the ownership structure of the company?

90% employee owned, 10% owned by B-BBEE Trust

Who are the directors of the company?

Directors: Andre Steyn and Jamie Kent

Interest in ownership? Please provide the percentage held by staff and management:

90% employee-owned

History

When was the company established?

2009

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 2

By whom have you been accredited?

Renaissance SA Rating Date of accreditation: 2025-09-04

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? –Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R13.5 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R9.2 billion

Retail: R307 million

Life: R373 million

Other: R3.6 billion

Key investment personnel

Size of investment team: 9

André Steyn

CIO, Portfolio Manager

BAcc (Hons), CA(SA), CFA 24 years of industry experience 17 years with the firm

Bernard Griesel

PM of Frontier Strategy

BAcc (Hons), CA(SA) 11 years of industry experience 11 years with the firm

James Corkin

PM of Global EM Strategy

BBusSc (Hons - Fin), CA(SA) 10 years of industry experience 9 years with the firm

www.symmetry.co.za

Company details

FAIS FSP registration number:

703

Switchboard:

+27 21 524 4826

General email: info@symmetry.co.za

Address:

Mutualpark, Jan Smuts Drive, Pinelands, Cape Town, 7405 PO Box 44604, Claremont, 7735

Compliance officer name:

Leah-Joy Williams

Investment philosophy

We follow a consistent investment approach in all our investment management activities, be it the management of our own funds, or when partnering on customised solutions.

The first step in our process is to identify the long-term objectives of an investment strategy. This is often, but not always, defined as a real return (inflation plus) target over a specified investment horizon.

We also identify any risk or other constraints in solutions. This might be regulatory, for example complying with Regulation 28, or it might include ESG exclusions. Risk constraints are often defined as the desire to minimize the risk of capital loss over a defined period.

Our next step is to develop an appropriate asset allocation framework to meet the portfolio objectives, if applicable. In some cases, clients also allow us to perform tactical asset allocation around this.

Once this work is done, and taking into account a suitable peer group for comparison, a primary benchmark can be chosen for the strategy. This can take the form of inflation targets, peer group averages or asset weighted composite benchmarks.

The last step in this process is to appoint and actively manage suitable asset managers to best execute to the objectives. This could be through specialist and multiasset mandates, or a combination of both.

We do not select asset managers based on style alone, nor do we only make use of active management. Our approach is pragmatic and looks to blend traditional and cutting edge asset management approaches, selected from fundamental, quantitative and passive asset management approaches. Above all, we try to identify managers that excel in their unique approach, and then combine managers with complimentary approaches. Diversification is achieved at asset allocation and at asset manager level, providing clients with enduring value as well as consistency in the performance signature of our solutions.

FAIS requirements

Who is your FAIS complaints officer? Leah-Joy Williams Please provide the link to the complaints policy on your website: Symmetry will reply to any written complaints, as defined in the Financial Advisory and Intermediary Services Act, 37 of 2002 and which are addressed to Symmetry at the addresses stated on our contact us page. If you are dissatisfied with the response, you may contact the Ombud for Financial Services by sending your complaint to PO Box 41, Menlyn Park, 0063 or calling +27 12 470 9080.

Ownership

What is the ownership structure of the company? Symmetry is a division of OMLACSA which is wholly owned by Old Mutual.

Who are the directors of the company? JH Erasmus, O Ighodaro, WR Jardine, I Kgaboesele, J Langner, JR Lister, SM Magwentshu-Rensburg, TA Manuel, BP Silwanyana, JJ Strydom, CG Troskie, EM Kirsten (Company Secratary)

Interest in ownership? Please provide the percentage held by staff and management: Employees of Symmetry do not directly own any level of the multi-management business. Symmetryis a member of Old Mutual. Employees participate in the Old Mutual variable base scheme.

History

When was the company established? Symmetry is an investment solutions provider founded in 2000, offering integrated capabilities across: Discretionary Fund Management, Multi-Managed solutions, Best-in-Class single manager solutions, Investment Consulting, and Outsourced CIO services. Every solution is anchored in rigorous manager research, strengthened further through our partnership with Russell Investments, giving us deeper insights and supporting more effective execution.

Our purpose is clear: to deliver enduring value to clients –retail and institutional – and the stakeholders who entrust us with their long-term goals. With R153bn AUM and 25 years’ experience navigating market highs and lows, we design solutions that meet real-world needs. Symmetry is built for today’s demands and tomorrow’s ambitions.

List of mergers and acquisitions that have taken place since being established: Symmetry (formerly Old Mutual Multi-Managers) was formed through the business consolidation of SYm|mETRY Multi-Manager and the Acsis Research and Investment Management team. The consolidation process began in 2013. Symmetry was renamed from Old Mutual Multi- Managers on 18 June 2025.

B-BBEE credentials

Are you B-BBEE accredited? Yes What is your B-BBEE status? Level 1 By whom have you been accredited? Empowerdex Date of accreditation: 2025-07-04

Symmetry

Continued

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R144.4 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R23.8 billion

Retail: R55.5 billion

Life: R65.2 billion

Other: -

Key investment personnel

Size of investment team: 7

Roland Grabe

CIO: Multi-Managed

BCom (Ins Sc), CFP®, CFA

27 years of industry experience 15 years with the firm

Suvira Bodha

Head: Strategic Investment Capability & Manager Research

BSc (Analytics), CFA

9 years of industry experience

2 years with the firm

Andreea Bunea

Portfolio Manager

BCom (Hons), CAIA, CFA

23 years of industry experience 17 years with the firm

Shawn Thomas

Portfolio Manager

MCom (Fin and Risk Man), BCom (Hons - Fin and Inv), NDip (Cost Acc)

20 years of industry experience 11 years with the firm

Tintswalo Mukansi Portfolio Manager

MCom, BBusSci, CFA

10 years of industry experience 3 years with the firm

Barry van Zyl Head: Quants

BCom (Hons), BSc

22 years of industry experience 22 years with the firm

Izak Odendal Chief Investment Strategist

MPhil

21 years of industry experience 12 years with the firm

Taquanta Asset Managers (Pty) Ltd

www.taquanta.co.za

Company details

FAIS FSP registration number: 618

Switchboard: +27 21 681 5100

General email: crm@taquanta.co.za

Address:

5th Floor, Draper on Main, 47 Main Road Claremont, Cape Town 7708

Compliance officer name: Nick Howse +27 21 671 8162

Investment philosophy

At Taquanta, our investment philosophy is centered around capital preservation in absolute or relative terms. Our overriding belief is that by minimizing capital losses while compounding positive returns, we can ensure superior, consistent, stable returns over the long term. The compounded effect of steady positive returns over time leads to long-term wealth creation.

The long-term sustainability of our investment offerings rests on the following four key investment pillars:

1) Capital Preservation, 2) Long-term investment horizon, 3) Diversification, 4) No point forecasting.

FAIS requirements

Who is your FAIS complaints officer?

Nick Howse

Please provide the link to the complaints policy on your website: Complaints Policy

Ownership

What is the ownership structure of the company?

100% Private

Who are the directors of the company?

Directors: S Matsebula (Chairperson), JW Kretzschmar (CEO), BLE Khan, FL Lamola, MJ Mokoala and N Mqikela

Company Secretary: Humeira Kazi

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: 43.86%

History

When was the company established? 1999

List of mergers and acquisitions that have taken place since being established: Taquanta and Ngwedi Investment Managers concluded a merger transaction in April 2021.

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1

By whom have you been accredited?

AQRate Verification Services

Date of accreditation: 2025-12-18

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified? BDO South Africa Inc

Date of verification: 2026-02-28

Expiry date of verification: -

Investment mandates

What are your total assets under management as owned by South African clients only?

R291.3 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R272.9 billion

Retail: R4.7 billion

Life: R13.7 billion

Other: –

Key investment personnel

Size of investment team: 9

Ray Wallace

Chief Investment Officer

BCompt (Hons), CFA

31 years of industry experience 30 years with the firm

Charles Allderman

Snr: Portfolio Manager BCom, CFA

30 years of industry experience 29 years with the firm

Sharika Salie

Cash Solutions Head BCom (Hons)

20 years of industry experience 18 years with the firm

Faith Muramba

Credit Solutions Head MCom (Dev Fin), BSc (Hons), CFA 16 years of industry experience 15 years with the firm

Chane Hendricks Portfolio Manager

BAdmin

11 years industry experience 11 years with firm

Liezel Louw

Snr: Portfolio Manager BCom (Hons), CFA 22 years industry experience 15 years with firm

Igshaan Alexander Portfolio Manager BCom (Hons)

17 years industry experience 2 years with firm

Clyde Gangerdine Portfolio Manager

BCom

19 years industry experience 17 years with firm

Mogamat Tayb Majiet Cash Dealer

BAdmin

7 years industry experience

Terebinth Capital (Pty) Ltd

www.terebinthcapital.com

Company details

FAIS FSP registration number: 47909

Switchboard: +27 21 943 4819

General email: clients@terebinthcapital.com

Address:

Willowbridge Place, Office P1 and P2, Cnr Carl Cronje and Old Oak Roads, Bellville, 7530

Compliance officer name: eComply Consultants (Pty) Ltd +27 21 671 8162

Investment philosophy

Terebinth Capital is a research-focused, client-centric money manager. We subscribe to the theory of cycles. Using scenario analysis, we construct diversified portfolios that always reflect our best-investment view. Our active approach incorporates disciplined risk management. Markets are inherently cyclical, prone to periods of overoptimism and extreme pessimism. We apply a two-fold approach to determine asset allocation, combining macro analysis and quantitative precision. A macro philosophy leads to low correlation with broader markets and reduces volatility of returns. We value scenario analysis, as it is impossible and imprudent to position for a single outcome

FAIS requirements

Who is your FAIS complaints officer?

Mandy Pick (internal), Tim and Nick Howse (eComply Consultants (Pty) Ltd)

Please provide the link to the complaints policy on your website: Available on request

Ownership

What is the ownership structure of the company?

100% Terebinth Capital Staff

Who are the directors of the company?

MD: Nomathibana Okello, Executive Director: Erik Nel, Independent Non-Executive Director and Chairperson: Sinazo Sibisi, Independent Non-Executive Director: Victor Muguto

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: Yes. 100%

History

When was the company established? 2013 List of mergers and acquisitions that have taken place since being established: None

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1 By whom have you been accredited?

Empowerdex (Pty) Ltd

Date of accreditation: 2024-07-10

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? No

By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R37 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R9.9 billion

Retail: R24.6 billion

Life: R460.8 million

Other: R2 billion

Terebinth Capital (Pty) Ltd

Continued

Key investment personnel

Size of investment team: 8

Erik Nel

CIO

IMCQ (Member of Institute of Financial Markets)

29 years of industry experience

13 years with the firm

Kanyane Matlou

Deputy CIO, Snr Portfolio Manager - Listed Property

BBusSc (Hons - Econ)

14 years of industry experience 4 years with the firm

Nomathibana Okello

MD, Snr: Portfolio Manager

MPhil (Maths of Fin), BBusSc (Act Sc), CFA

15 years of industry experience 9 years with the firm

Ann Sebastian

Head: Equities, Snr: Portfolio Manager

MSc (Stats Sc), BSc (Hons - Adv Maths), BSc (Math Sc)

14 years of industry experience 5 years with the firm

Carmen Nel

Head: Multi-Asset, Snr: Portfolio Manager

BSc (Hons - Adv Maths of Fin), BSc (Hons - Math Stats), BSc (Act Sc), FRM, CFA

25 years of industry experience 3 years with the firm

Johan Kurtz

Senior Portfolio Manager Fixed Income

BCom (Hons - Inv Man), BCom (Econ)

32 years of industry experience 4 years with the firm

Vukile Themba-Mketo

Senior Portfolio Manager Private Debt BCom (Hons - FAPM), BCom (Acc) 11 years of industry experience 4 Months with the firm

Oyena Mtuzula

Head of Credit and ESG Analyst

BCom (Man Studies)

11 years of industry experience 6 years with the firm

Athenkosi Mjebeza

Equity Analyst MCom (Inv Man)

10 years of industry experience 3 years with the firm

Dumisani Ngwenza

Junior Portfolio Manager and Quantitative Analyst MPhil, BSC (Act Sc)

7 years of industry experience 6 years with the firm

Truffle Asset Management (Pty) Ltd

www.truffle.co.za

Company details

FAIS FSP registration number: 36584

Switchboard: +27 11 035 7337

General email: info@truffle.co.za

Address: Johannesburg:

Ground Floor, Lancaster Gate Building Hyde Park Lane Business Park, Hyde Lane, Hyde Park, Sandton, 2196

Cape Town: Floor 1, Kildare House, The Oval Business Park, Newlands, 7700

Compliance officer name: Independent Compliance Services +27 21 975 6597

Investment philosophy

Truffle’s investment team follow a fundamental valuationbased approach using long term sustainable financial metrics to identify and exploit investment opportunities. Our disciplined investment process is coupled with a rigorous risk management approach which provides investors with sustainable and reliable investment returns.

Truffle’s investment philosophy is based on the belief that the market is efficient at valuing companies over the longterm but inefficient over the short term. This creates an opportunity to exploit inefficiencies between price and value. These inefficiencies are not obvious and can be difficult to identify, however, with an experienced team and a rigorous, robust process, it is achievable. Truffle implements one philosophy across the business, and we remain committed to this philosophy through short term market cycles.

FAIS requirements

Who is your FAIS complaints officer? Craig Sampson

Please provide the link to the complaints policy on your website: https://www.truffle.co.za/policies/

Ownership

What is the ownership structure of the company?

The holding company, Truffle Capital (Pty) Ltd, owns 100% of Truffle Asset Management (Pty) Ltd. Investment Managers Group (IMG) owns 37% of Truffle Capital. The remainder of the shares are held by staff, management, and directors.

Who are the directors of the company?

Executive Directors: Hannes van der Westhuyzen, Iain Power & Craig Sampson

Non-Executive Directors: Louis van der Merwe, Mcebo Ntombela, Alida de Swardt and Zamazulu Zulu

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: Yes. The management and staff of Truffle hold 45% of the issued share capital, the Investment team holds 86% of this interest.

History

When was the company established? 2008

List of mergers and acquisitions that have taken place since being established: –

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1 By whom have you been accredited?

Renaissance SA Rating (Pty) Ltd

Date of accreditation: 2025-11-17

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No By whom have you been verified? –

Date of verification: –

Expiry date of verification: –

Investment mandates

What are your total assets under management as owned by South African clients only?

R113.7 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R64.1 billion

Retail: R49.7 billion

Life: –

Other: –

Key investment personnel

Size of investment team: 16

Iain Power

CIO

BCom (Hons)

32 years of industry experience 15 years with the firm

Hannes van der Westhuyzen

Head: Fixed Income

CA(SA)

36 years of industry experience 17 years with the firm

Saul Miller

Portfolio Manager

MBusSc, FFA

26 years of industry experience 9 years with the firm

Nicole Agar

Portfolio Manager

CA(SA)

28 years of industry experience 10 years with the firm

Sophié-Marié van Garderen

Portfolio Manager

MCom, CFA

30 years of industry experience 9 years with the firm

Raihan Allie

Portfolio Manager: Fixed Interest

BBusSc, CFA

10 years of industry experience 3 years with the firm

Umthombo Wealth (Pty) Ltd

www.umthombow.com

Company details

FAIS FSP registration number:

2013/058341/07

Switchboard: +27 11 318 0171

General email: alex@umthombow.com, nokuthula@umthombow.com

Address:

Suite 14, 2nd floor, Katherine and West Building 114 West street, Sandton, Gauteng, 2196 Compliance officer name: Michael Denenga (compliance No. 6322) +27 73 627 3051

Investment philosophy

At Umthombo Wealth, our investment philosophy is built on a unique, unconstrained, and style-agnostic approach, specifically designed for the relatively small and concentrated South African investable universe. This flexible framework allows us to uncover opportunities across the market spectrum and consistently deliver riskadjusted outperformance through varying market cycles.

Our style-agnostic positioning enables us to avoid rigid investment classifications, giving us the freedom to adapt and capitalise on opportunities as they arise—regardless of prevailing market conditions. This translates into a higher probability of consistent performance, greater investment flexibility, and more prudent portfolio construction.

FAIS requirements

Who is your FAIS complaints officer?

Nokuthula Mthombothi and Bafedile Mafologele. Please provide the link to the complaints policy on your website: https://umthombow.com/about/#Policy

Ownership

What is the ownership structure of the company?

Bafedile Mafologele 73%, Nokuthula Mthombothi 10%, Nombuso Zwane 5%, Employee Share Incentive Scheme 12%

Who are the directors of the company?

Kagisho Mahura (independent chairman), Emuron Plaatjies (independent), Nokuthula Mthombothi (MD) and Nombuso Zwane (CFO)

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: Employee Share Incentive Scheme 12%, Management 88%

History

When was the company established? 2013

List of mergers and acquisitions that have taken place since being established: -

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 2

By whom have you been accredited? Sworn affidavit Date of accreditation: 2025-05-17

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? No

By whom have you been verified?Date of verification:Expiry date of verification: -

Investment mandates

What are your total assets under management as owned by South African clients only?

R11.5 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R11.5 billion

Retail: -

Life: -

Other: –

Key investment personnel

Size of investment team:

Alexander Duys

Chief Investment Officer

BCom (Inv Man), CAIA, CFA

18 years of industry experience 9 years with the firm

Warden Mokoka

Head of Fixed Income

BCom (Hons)

16 years of industry experience 7 years with the firm

Umthombo Wealth (Pty) Ltd

Continued

Alexander Duys

Head of Equities

BCom (Inv Man), CAIA, CF

18 years of industry experience

9 years with the firm

Lauren Zunckel

Portfolio Manager & Analyst (Equity)

BBusSc, CFA

14 years of industry experience

8 years with the firm

Molefe Leballo

Portfolio Manager & Analyst (Fixed Income)

BCom (Hons)

18 years industry experience

7 years with firm

Nyiko Mnisi

Assistant Portfolio Manager & Analyst (Equity)

BSc (App Maths), BEconSc (Hons), CFA, FRM, FMVA

11 years industry experience

1 year with firm

Jandre Pieterse

Assistant Portfolio Manager & Analyst (Equity)

BEng (Chem)

8 years industry experience

1 year with firm

Mpho Mampane

Assistant Portfolio Manager & Analyst (Fixed Income)

BEng (Mech)

4 years industry experience 1 year with firm

Talya Ginsberg

Equity & ESG Analyst

BCom (Hons)

6 years industry experience 6 years with firm

Bulelwa Ndara

ESG Analyst

BCom (Hons)

4 years industry experience 1 year with firm

Tshepo Kgaphola

Trainee Equity Analyst

BCom

1 years industry experience

<1 year with firm

Visio Fund Management (Pty) Ltd

www.visiofund.co.za

Company details

FAIS FSP registration number: 49566

Switchboard: +27 11 245 8900

Fax number: +27 11 245 8915

General email: info@visiofund.co.za

Address:

5th Floor, 92 Rivonia Road, Wierda Valley, Sandton 2196

Compliance officer name:

Lance Hunter +27 11 245 8900

Investment philosophy

The firm’s investment process is firmly rooted in bottomup fundamental analysis, and looks across the equity opportunity set- at both growth and value opportunities. They have a valuation biased investment philosophy. While global and domestic macro considerations can have a material impact on company performance and outlook, Visio believe in finding companies that have strong or improving balance sheets and sustainable cashflows and management teams who can steer through challenging economic times.

Every company is different and is influenced by its own factors, hence the need for in-depth research and analysis, regular management contact, site visits, broker and company presentations, etc. We spend a considerable amount of time ”on the road” towards achieving this end. Additional attention is devoted to companies that are either under-researched, not covered by sell side analysts or otherwise those businesses considered out of favour from time to time by the investment fraternity. There is limited use of technical analysis in the formulation of our strategies.

Our research is not only limited to listed companies. We continuously expand our knowledge and contacts base with many unlisted companies, who are either trading partners, customers or competitors with their listed counterparts.

Visio strength lies in our ability to integrate the information which we continuously gather to formulate medium to long term investment ideas for the funds. We maintain our own financial models on most of the listed companies in our investment universe.

The competitive advantage of the Visio team is their desire to uncover stocks that may be ‘off the radar screen’ and to draw deeper into companies to understand where unearthed value possibly lies. This includes ‘activism’where the team actively engages with the boards of companies to unlock value.

We have a stable team with significant market experience and we are a team of generalists. We are fundamental investors where significant work goes into “kicking the tyres” of both potential investments, as well as competitors, suppliers and customers – to ensure we have a holistic view of the investment and its environment. Our hedge fund history drives an absolute return and capita preservation mentality.

We update, enhance and tweak those models regularly as they represent the primary tools in our decision-making process. The investment universe spans across industries, market capitalizations and using a number of different valuation techniques.

We prefer to keep portfolio ‘churn’ is low. Significant shareholdings may be accumulated in certain sectors from time to time.

FAIS requirements

Who is your FAIS complaints officer?

Lance Hunter

Please provide the link to the complaints policy on your website:

The complaints policy is available on request and not published on our website

Ownership

What is the ownership structure of the company? Visio staff 66%, Royal Investment Managers 34% Who are the directors of the company? Patrice Moyal, Alida de Swardt, Althea Modiselle and Mr Andre Rou

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management: Staff own 66%

History

When was the company established?

2003 as Visio Capital. Visio Fund Management since 2014 List of mergers that have taken place since being established: There have been no mergers since the company was established.

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 2 By whom have you been accredited?

Renaissance SA Rating (Pty) Limited

Date of accreditation: 2025-10-23

Visio Fund Management (Pty) Ltd

Continued

GIPS

Are you GIPS compliant? No

Are you GIPS verified? No

By whom have you been verified? N/A

Date of verification: N/A

Expiry date of verification: N/A

Investment mandates

What are your total assets under management as owned by South African clients only?

R17.9 billion

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R17.3 billion

Retail: R602 million

Life: -

Other: -

Key investment personnel

Size of Investment Team: 13

Patrice Moyal

CIO & Head of Global Equity

CA

29 years of industry experience 23 years with the firm

Douglas Wallace

Senior Portfolio Manager

CA(SA), ACA, CFA

29 years of industry experience 19 years with the firm

Ofri Kahlon

Head of Hedge Funds and Senior Portfolio Manager

Master of Mathematics, Operational Research, Statistics and Economics

19 years of industry experience

19 years with the firm

Yaakov Goldfein

Analyst

BSc (App Maths and Compt Sc)

2 years Industry Experience

1 year with the firm

Sindiso Mujaji

Portfolio Manager

BBusSc (Hons), CFA

18 years of industry experience

11 years with the firm

Jonathan Myerson

Head: Fixed Income

Head: Multi Asset

MSocSc (Econ)

31 years of industry experience 7 years with the firm

David Talpert

Analyst

CA(SA), CFA

9 years of industry experience 5 years with the firm

Vizikhungo Mpono Analyst

CA(SA)

7 years of industry experience 5 years with the firm

Corinne Cordier

Fixed Income Analyst

BCom (Hon - Math Sc), Fin Risk Man

8 years of industry experience 2 years with the firm

Justin Froneman

Senior Analyst

CA(SA)

19 years industry experience 1 year with the firm

Siphokuhle Zwane

Fixed Income Analyst

BCom (Hons - Fin Analysis and Port Man), FRM, CFA

7 years experience

1 month with the firm

Bakang Ndala

Junior Analyst

BCom (Fin), PGDip (Fin Marks)

6 months Industry experience 6 months with the firm

Shae van Rooyen

Junior Fixed Income Analyst

BCom (Hons - Fin Analysis)

1 month experience 1 month with firm

Vunani Fund Managers (Pty) Ltd

www.vunanifm.co.za

Company details

FAIS FSP registration number:

608

Switchboard:

+27 21 670 4900

Fax number: +27 21 683 5788

General email: info@vunanifm.co.za

Address:

1st Floor, 5 Cavendish Street Claremont, 7708 PO Box 44586, Claremont, 7735

Compliance officer name:

Vuyiseka Kulati

Investment philosophy

Vunani Fund Managers (VFM) has a strong investment capability in the areas of absolute return (CPI + range), enhanced income, vanilla bond, ILB, core domestic equity, specialist equity, global equity capability, as well as property funds. Their investment philosophy is based on the use of inference as opposed to forecasting and the minimisation of drawdown risk across all product groups. To this end the following principles guide their investment process and philosophy:

● Risk control. Their objective in each of their product groups is to deliver performance that exceeds the benchmark but with less-than-commensurate risk.

● Emphasis on consistency. They value consistency in everything they do. This includes delivering alpha as consistently as they are able to.

● Market efficiency. Unlike most market participants that believe that they possess some skill or are able to find inefficiencies in the market (and whilst this is possible in some cases), Vunani Fund Managers don’t believe it to be the primary source of long-term alpha generation.

● Specialisation. They believe that specialisation offers the surest path to the achievement of results.

● Macro-environment. Using inference as opposed to forecasting they extract the key values discounted by the market at any point in time and debate these. Their analysis shows that aggregate return expectations differ for both asset classes and companies in each of the three regimes identified within the macro-economic environment.

● Market timing. Whilst they do not seek to time the market or believe that it’s time in the market that counts, they focus their market timing decisions in the context of the potential for drawdown risk as defined by their composite macro indicator.

FAIS requirements

Who is your FAIS complaints officer?

Vuyiseka Kulati

Please provide the link to the complaints policy on your website: On request at info@vunanifm.co.za

Ownership

What is the ownership structure of the company?

Vunani Capital 63%, Sentio Staff 22% and Vunani FM Staff Share Trust 15%

Who are the directors of the company?

Executive Directors: Butana Khoza, Mohamed Mayet, Rayhaan Joosub, Sarfaraz Narker

Non-Executive Directors: Nathi Chonco (Chairman), Thobeka Bonoyi (Independent), Lithalethu Mtembu (Independent)

Do staff and management have an interest in ownership?

Please provide the percentage held by staff and management:

Vunani staff own 15% and Sentio Staff own 22% of the equity.

History

When was the company established?

1999

List of mergers that have taken place since being established:

In October 2025 Vunani Fund Managers Proprietary Limited and Sentio Capital Management Proprietary Limited announced the signing of a landmark merger agreement that brought together two of South Africa’s leading black-owned asset managers. The merged firm will be a fully black-owned, Level 1 B-BBEE asset manager with combined assets under management (AUM) of approximately R60 billion.

B-BBEE credentials

Are you B-BBEE accredited? Yes

What is your B-BBEE status? Level 1 By whom have you been accredited? Empowerlogic Date of accreditation: 2025-07-11

GIPS

Are you GIPS compliant? Yes

Are you GIPS verified? Yes

By whom have you been verified?

PricewaterhouseCoopers Inc Date of verification: 2025-06-30

Expiry date of verification: -

Investment mandates

What are your total assets under management as owned by South African clients only?

R57.8 billion (Sum of Vunani and Sentio AuM)

Please detail the mandates you currently manage and the size of each of these mandates:

Institutional: R53.5 billion

Retail: R3.7 billion

Life: R673.4 million

Other: –

Vunani Fund Managers (Pty) Ltd

Continued

Key investment personnel

Size of investment team: 16

Rayhaan Joosub CIO

BCom, BSc (Chem Eng)

27 years of industry experience

18 years with the firm

Safs Narker

Co-Head: Domestic Equities

CA(SA), CFA

21 years of industry experience

13 years with the firm

Rory Spangenberg

Head: Global Equities

BCom, PGDAM

27 years of industry experience

3 years with the firm

Rowan Williams-Short

Head: Fixed Interest

MSc, FIFM, CIPM, CFA

36 years of industry experience

14 years with the firm

Nino Frodema

Portfolio Manager: Equity

MSc, CAIA

17 years of industry experience

10 years with the firm

Morotola Pholohane

Head: Multi Asset

MBA, BCom (Hons), BSc, CAIA

20 years of industry experience 7 years with the firm

Lazola Ngcengula

Quantitative Portfolio Manager

BCom (Hons), BSc, FDP, CFA

9 years of industry experience 4 years with the firm

Jamie Jepthas

Co-Head: Equities

BBusSc, CFA

11 years of industry experience 2 year with the firm

Keagan Dodo Portfolio Manager

MCom (Fin and Inv)

13 years of industry experience 1 year with the firm

Alexander Forbes Financial Services (Pty) Ltd

Nic Campbell, Head: Sales and Business Development Mobile: +27 83 393 0001

Email: campbellni@alexforbes.com

Gavin Schmidt, Principal Sales Mobile: +27 82 312 6437 Email: schmidtg@alexforbes.com www.alexforbes.com

Alexander Forbes Investments Limited

Mercy Mpofu, Head: Platform Services Mobile: +27 82 326 0528 Email: mpofum@alexforbes.com www.alexforbes.com

Allan Gray Proprietary Limited

Nick Curtin and Radhesen Naidoo Email: institutional@allangray.co.za www.allangray.co.za

Aluwani Capital Partners

Lonwabo Dambuza, Chief Client Officer

Switchboard: +27 21 204 3800 EPPF Office Park, ALUWANI House, 24 Georgian Crescent East, Bryanston East, Johannesburg, 2152 Email: Lonwabo@aluwani.com/info@aluwani.com www.aluwani.com

Finding a better way

Argon Asset Management (Pty) Ltd

Jeremy Jutzen, Client Relationship Manager Tel: +27 021 670 6592 Mobile: +27 83 703 8523 http://www.argonassetmanagement.co.za/

Creating wealth with purpose.

Ashburton Investments

Tel: +27 11282 8800 (reception)

Email: institutional@ashburtoninvestments.co.za www.ashburtoninvestments.co.za

Fully Invested.

Foord Asset Management

Linda Eedes

Tel: +27 21 532 6908

Mobile: +27 71 115 3838

Email: linda.eedes@foord.com www.foord.co.za

Lentswe Gopane, Head of Distribution

Tel: +27 10 109 3753

Mobile: +27 82 786 0988

Email: lentswe@legacyafrica.co.za www.legacyafrica.co.za

Fully Invested.

M&G Investments

Vishal Bhikha, Head of Institutional Business

Email: vishal.bhikha@mandg.co.za www.mandg.co.za

INTELLIGENCE CONNECTED

Mazi Asset Management (Pty) Ltd

Phindile Moteane

Tel: +27 10 001 8300

Email: clientservice@mazi.co.za www.mazi.co.za

Mergence Investment Managers (Pty) Ltd

Semoli Mokhanoi, Chief Commercial Officer

Mobile: +27 82 672 3474

Email: semoli@mergence.co.za

Ronel Bantjes,Head: Marketing & PR

Mobile: +27 82 563 8610

Email: ronel@mergence.co.za www.mergence.co.za

Mianzo Asset Management (Pty) Ltd

Luvo Tyandela • Mark Lamohr • Thembeka Sobekwa

Mohamed Shafee Loonat • Sifiso Simelane - PMs

Nkanyezi Mwelase • Ayanda Ndlovu - Jnr PMs

Ntandokazi Sisusa - BD

Faldie Isaacs - Ops

Tel: +27 21 552 3555

Email: info@mianzo.co.za www.mianzo.co.za

Creating certainty in uncertain times

Momentum Asset Manager (Pty) Ltd

Sherwin Pillay, Head: Asset management distribution

Mobile: +27 084 525 5251

Email: sherwin.pillay1@momentum.co.za

Momentum Investments (Pty) Ltd

Gordon Webb, Head: Multi-Manager distribution

Mobile: +27 082 823 6509

Email: gordon.webb@momentum.co.za

www.momentum.co.za/investments

Nedgroup Investments

Fasiega Benjamin, Head of Institutional Business

Mobile: +27 (0)83 391 3309

Nedbank Clocktower, Clocktower Precinct V & A Waterfront, Cape Town 8001

Email: InstitutionalInvestor@Nedgroupinvestments.co.za

Ninety One

Natalie Phillips

Tel: +27 21 901 1700

Email: natalie.phillips@ninetyone.com www.ninetyone.com

Change is opportunity. We’re always ready to invest in it.

Old Mutual Investment Group

Tel: +27 (0)21 509 5022

Building 1, 1st Floor, 51 Gogosoa St Observatory, Cape Town, 7925

Email: listening@oldmutualinvest.com

Perpetua Investment Managers (Pty) Ltd

Kevin Dantu

Tel: +27 21 674 4274

Mobile: +27 82 801 4877

Email: clients@perpetua.co.za www.perpetua.co.za

Mastering insightful investing.

Perpetua Investment Managers (Pty) Ltd

Paul Truscott, Head of Institutional and Strategic Initiatives

Tel: +27 (21) 799 8000

Mobile: +27 (78) 894 6445

Email: paul.truscott@psg.co.za https://www.psg.co.za/asset-management

Robeco Africa