Old Mutual Absolute Smooth Growth Portfolio

31 July 2014

General Information

Status Open
Fund category: Life Fund, Bonus Funds
Management company: Old Mutual Life Fund
Asset Manager(s): Old Mutual Investment Group (SA)
Sector Insurance----Smoothed
Benchmark CPI
Launch Date 01 April 2008
Fund Value ZAR 945,000,000.00 as at 31 Mar 2014
Risk Rating
Low Risk  High Risk
Performance Target CPI plus 6% pa (gross of fees with the execption of a capital charge, over a rolling 3-year period)
Status is provided by the management company. This does not provide an indication of the availability of the fund within an Old Mutual product and may differ from the status of the fund within a product. The displayed risk rating may differ from the risk rating provided by the management company, where deemed appropriate.

Please note this fund is only available through Max Investments Retirement Annuity Wrapper only.


Fund Description

The Absolute Smooth Growth Portfolio is a life fund that uses enhanced smoothing technology to deliver stable, inflation-beating returns to its investors in the most efficient manner. Returns are awarded in the form of monthly bonuses, declared at the beginning of each month.

The investment returns earned on the underlying investment mandate are smoothed and passed on to investors by way of bonuses declared monthly in advance. Therefore, returns are known at the start of each month.

This smoothing mechanism significantly reduces the short-term volatility typically associated with market-related investments. A Bonus Smoothing Reserve (BSR) is maintained which absorbs the impact of the peaks and troughs experienced with investing in the market, while delivering real returns to investors in the medium to long term.

Perfromance Target
CPI + 6% p.a., gross of fees with the exception of a capital charge, over a rolling 3-year period.

Guarantee
The Absolute Smooth Growth Portfolio offers a 50% guarantee on capital, contributions and declared returns. These guarantees apply on benefit payment and other specified events, and are backed by Old Mutual's shareholders capital.

(Old Mutual reserves the right to remove the non-guaranteed element in poor markets, by declaring a negative bonus.)


Fees and Charges
Investment admin fee:
Refer Fee section

Capital Charge:
0.2%

Disinvestments/Switches for Investment Frontiers and Galaxy product solutions
Withdrawals from the ASGP will only be allowed on two days during the year (the first business day of April and the first business day of October) subject to a notice period of one month (by 28/29 February and 31 August respectively)

Disinvestments/Switches for Max Investments and Max Income Product solutions
Withdrawals from the ASGP will be allowed at anytime. A Market Value Adjuster will apply if applicable.


Prices

Latest Buy Price: ZAR 258.35 29 Jul 2014
Latest Sell Price: ZAR 258.35 29 Jul 2014
Highest Sell Price: ZAR 258.35 29 Jul 2014

Prices are those of the tax-exempt fund class.


Price Performance


Daily Performance Figures as at 29 July 2014


Fund:
1 Year 3 Years 5 Years
18.48% 15.37% 13.37%
Fund performance results are calculated on the sell-to-sell fund performance of the tax-exempt fund class, net of asset management fees and including reinvested income. Figures are calculated on a lump sum investment basis in the currency of the fund and are annualised.


Month-End Performance Figures as at 30 June 2014


Fund:
Benchmark:
1 Year 3 Years 5 Years
18.79%
6.61%
15.29%
5.88%
13.22%
5.37%
Fund performance results are calculated on the sell-to-sell fund performance of the tax-exempt fund class, net of asset management fees and including reinvested income. Figures are calculated on a lump sum investment basis in the currency of the fund and are annualised. Benchmark performance results include reinvested income and are gross of any deductions.


Asset Management Fees

Buy / Sell Spread Fee: N/A
Annual Fee: 0.75%
Performance Fee: 0.6% - 1.05%
Total Expense Ratio: 2.46


Fees are those of the tax-exempt class and include VAT. Fees are those levied when investing in the fund through an Old Mutual product and do not include product administration charges and adviser fees.


Asset Split as at 31 December 2013

Holding Name Percentage
Foreign Alternative Investment Strategies
4.00%
Foreign Bonds
2.00%
Foreign Equities
19.00%
Local Alternative Investment Strategies
5.00%
Local Bonds
16.00%
Local Equities
47.00%
Local Property
7.00%

Top Holdings as at 30 June 2008

Holding Name Sector Percentage
SASOL Oil & Gas Producers 8.00%
MTN GROUP Mobile Telecommunications 7.80%
ANGLO Mining 7.20%
BHPBILL Mining 6.30%
IMPLATS Mining 5.60%
STANBANK Banks 4.00%
RICHEMONTX Personal Goods 4.00%
AMPLATS Mining 3.80%
OLDMUTUAL Life Insurance 3.60%
REMGRO General Industrials 3.40%

Disclaimer

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