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Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
Ora presentation nov_12_senate_group
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Ora presentation nov_12_senate_group

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  1. The Senate GroupThe role of tax managed funds in financial planning 15 November 2012
  2. We design tax managed income funds that perform reliably and increase after- tax returns for employed and retired individuals, companies and trusts.1
  3. WHERE COULD YOU USE OUR EXPERTISE? Enhance financial planning for high net worth individuals & trusts. Offer solutions for companies.2
  4. WE WILL COVER • Who we are and what we do • The opportunity for you • The challenge • The solution • Funds we offer • The solution for you • How to access our funds3
  5. WHO WE ARE4
  6. WHO WE ARE • Independent, specialist fund manager • Pioneers of tax managed funds in South Africa • Only external manager of Sanlam funds • Highly experienced and established management team5
  7. WHO WE ARE Ora/Sanlam has the largest market share Grindrod, BOE, Gryphon, 1.77% 1.36% Fund Size (Rm) 2.35% Coronation, 3.24% Sanlam Alternative Income Fund 7 508 Personal Trust, Old Mutual High Yield Opportunity Fund 2 150 5.12% Satrix DIVI Fund 1 641 Allan Gray, 6.68% Nedgroup Investments Optimal Income Fund 1 246 Allan Gray Optimal Fund 1 182 Personal Trust High Yield Growth Fund 907 Satrix, 7.04% Sanlam Dividend Income Fund of Funds 810 Grindrod Diversified Preference Share Fund 416 Sanlam Stable Growth Fund 403 Sanlam, 51.02% Coronation Optimal Income Fund 356 Nedgroup Investments, 9.27% Gryphon Dividend Income Fund 314 Sanlam Optimised Income Fund 309 BOE Preference Share Fund 240 Old Mutual, Coronation Preference Share Fund 218 12.15% Total 17 701 Includes funds that are larger than R200m, as at September 2012, with more than 50% invested in tax efficient instruments (based on exposures from respective fund factsheets).6
  8. WHO WE ARE Our team Caylin Christelle Esther Eugene Ian Ian Conradie Olivier von Maltitz Goosen Donovan Groenewald Marketing & Personal Portfolio Portfolio Director Director & CRM Assistant Analyst Manager CEO Inghe Mark Ockert Shirley Tienie van Wayne Wynand Schneider Pryce Goosen Rademeyer der Mescht Liebenberg Marais Sales & Portfolio Director & Sales & Non- Distribution Portfolio Marketing Manager Portfolio Marketing Executive Manager Administrator Manager Director7
  9. THE OPPORTUNITY FOR YOU8
  10. THE OPPORTUNITY FOR YOU International trend • Growing awareness that pre-tax analysis is not adequate. • SEC (US equivalent of FSB) has required publication of pre-tax and after-tax returns since 2001. “We are concerned that the millions of mutual fund investors who are subject to current taxation may not fully appreciate the impact of taxes on their fund investments…” • The demand for tax managed funds is growing internationally. Source of quote: http://www.sec.gov/rules/final/33-7941.htm9
  11. THE OPPORTUNITY FOR YOU Be ahead of the trend • Consider after-tax analysis • Appropriate use of tax managed income funds • Create unique income focused solutions for your: • High net worth individuals, • Trusts and • Corporate clients Treat Customers Fairly (TCF)10
  12. THE OPPORTUNITY FOR YOU Appropriate use of tax managed funds Income Growth Tax rates Interest and Rental Dividends Capital Gains Individuals 40% 15% 13.33% Trusts 40% 15% 26.64% Companies 28% 0% 18.66% Focus Income Income & Growth Growth Choice of High Medium Low investments Efficiency of tax managed funds11
  13. THE CHALLENGE12
  14. THE CHALLENGE PROBLEM: Combining pre-tax and after-tax instruments or funds doesn’t work.13
  15. THE ORA SOLUTIONS14
  16. THE SOLUTION SOLUTION: Don’t combine pre-tax and after-tax. Offer separate income solutions for Discretionary Compulsory Savings Savings15
  17. THE ORA SOLUTIONS We offer unique tax managed income focused funds Conservative Cautious Moderate Aggressive RETURN E quity Growth OUR BUILDING BLOCKS: P roperty v 4 Income & Sanlam Stable Growth Growth Fund Income v 3 Sanlam Optimised 4 Income Fund 3 E nhanced 2 C ash Sanlam Dividend M oney Income Fund of Funds M arket Income 2 1 Sanlam Alternative 1 Income Fund RISK Pre-tax funds After-tax After-tax (compulsory funds returns of savings) (discretionary pre-tax funds savings)16
  18. THE SOLUTION FOR YOU17
  19. THE SOLUTION FOR YOU 2% 3% 5% Volatility Volatility Volatility Sanlam Sanlam Sanlam Stable Optimised Optimised Growth Fund Income Fund Income Fund 55% 35% 43% Coronation Sanlam Stable Satrix Dividend Optimal Income Growth Fund Plus Portfolio Fund 37% 35% 33% Sanlam Sanlam Stable Satrix Dividend Optimised Growth Fund Plus Portfolio Income Fund 30% 20% 10% PSG Preferred Dividend Fund 2% Notes: Fee classes used for solutions (excl. VAT) Sanlam Optimised Income Fund 0.40% Sanlam Stable Growth Fund 0.80% Coronation Optimal Income Fund 0.85%18 PSG Preferred Dividend Fund 0.85%
  20. THE SOLUTION FOR YOU Performance19
  21. FUNDS WE OFFER20
  22. FUNDS WE OFFER • Funds with different risk and after-tax reward profiles. Sanlam Stable Growth Fund RETURN Sanlam Optimised Income Fund Sanlam Dividend Income Fund of Funds Sanlam Alternative Income Fund RISK Conservative Cautious21
  23. FUNDS WE OFFER Sanlam Sanlam Dividend Sanlam Sanlam Stable Alternative Income Optimised Growth Fund Income Fund Fund of Funds Income Fund Individuals who have Individuals who have Individuals who have Individuals who have used their interest used their interest used their interest used their interest exemption, companies exemption, companies exemption, companies exemption, companies Target client and trusts who would like and trusts who would like and trusts who would like and trusts who would like a higher after-tax return a higher after-tax return a higher after-tax return a higher after-tax return than money market than enhanced cash than listed pref or than absolute return funds. funds. income funds. funds. Fund size: R7 508m R810m R309m R403m September 2012 SAIF by 1% over any 1 SAIF by 2% over any 1 SAIF by 3% over any 1 Target to Money market funds by year period, after-tax year period, after-tax year period, after-tax outperform 1% after tax. basis. basis. basis. Redeemable prefs Redeemable prefs: 85%- High dividend and high SAIF: 75% (incl. corporate prefs): 90% liquidity listed shares: 80% 40% Investment Listed perpetual prefs: mandate Hedging: 60% -100% Money market funds: 40% Income and 10%-15% money market funds: 25% Income and Cash and money market funds: 20% money market funds: 20% Risk profile Conservative Conservative Cautious Cautious22
  24. FUNDS WE OFFER Sanlam Sanlam Dividend Sanlam Sanlam Stable Alternative Income Optimised Growth Fund Income Fund Fund of Funds Income Fund Rated AA- (zaf) by Fitch Ratings. Available via Glacier. Available via Glacier. Liquid investments. Unique features Liquid investments. Lower volatility than Stable unit price (no Low TER and volatility. listed pref funds. CGT). After-tax return of SIM After-tax return of SIM After-tax return of STeFI After-tax return of STeFI Benchmark Money Market Fund Money Market Fund Composite Index Composite Index Launch date May 2007 March 2009 October 2011 August 2012 48 hours 30 days’ notice for Liquidity 24 hours 48 hours 48 hours repurchases greater than R5million Annual management 0.85% 0.75% 1.15% 1.17% fee, excl. VAT Annual trailer fee included, 0.25% 0.25% 0.35% 0.35% excl. VAT23
  25. FUNDS WE OFFER Sanlam Alternative Income Fund (SAIF)24
  26. FUNDS WE OFFER Sanlam Alternative Income Fund (SAIF) • SAIF has the lowest risk-return profile Sanlam Stable Growth Fund RETURN Sanlam Optimised Income Fund Sanlam Dividend Income Fund of Funds Sanlam Alternative Income Fund RISK Conservative Cautious25
  27. FUNDS WE OFFER: SAIF Fund objective The objective of the fund is to offer a liquid, mainly dividend yielding investment that will track the South African short-term interest rate cycle.26
  28. FUNDS WE OFFER: SAIF Investment mandate Money Redeemable market prefs SAIF funds 85%-90% 10%-15% • No exposure to • Non-cumulative or fixed rate preference shares • Perpetual preference shares • Swap transactions • Structured redeemable preference shares27
  29. FUNDS WE OFFER: SAIF Key fund facts • Stable unit price (no CGT) • External rating of AA–(zaf) by Fitch Ratings • Low capital risk (high quality, variable rate investments only) • 24 Hour liquidity • Returns • Mainly in the form of dividends and some interest • Will track short term interest rates • Monthly income distributions • Conservative risk profile • Benchmark: after tax return of SIM Money Market Fund28
  30. FUNDS WE OFFER: SAIF Invested in highly rated SA financial services companies Investment Portfolio 30 September 2012 Nedbank Limited 19.76% Sanlam Limited 16.68% FirstRand Limited 12.46% Preference shares Standard Bank of South Africa Limited 9.29% Nedbank Group Limited 9.02% ABSA Bank Limited 7.96% Investec Bank Limited 7.96% SIM Money Market Fund 11.34% Cash & money Standard Bank Corporate Money Market Fund 4.88% market funds Standard Bank Cash Account 0.46% Investec Money Market Fund 0.21%29
  31. FUNDS WE OFFER: SAIF Liquidity profile < 48 hours 48 hours to 30 days 31 days to 90 days 91 days to 12 months > 12 months 0% 5% 10% 15% 20% 25% 30%30
  32. FUNDS WE OFFER: SAIF Indicative returns – 31 October 2012 Sanlam Alternative Income Fund B1 (0.85% Annual Management Fee) Effective 7 day rolling average Net Fund Return 4.39% Interest 0.27% Dividends 4.13% Capital Gain n/a COMPANY INDIVIDUAL Tax 0.23% -0.42% Income tax -0.07% -0.11% DWT n/a -0.31% CGT n/a n/a Benefit of STC credit portion 0.31% n/a Total After Tax Return 4.63% 3.98% Pre Tax Equivalent Return 6.43% 6.63% SIM Money Market Fund Return 5.03% 5.03% Pre Tax Yield Pick-Up 1.40% 1.60%31
  33. FUNDS WE OFFER: SAIF Performance – Individuals SAIF compared to Benchmark 6.00% 5.50% 5.00% SAIF After Tax 4.50% SIM MMF After Tax (Benchmark) 4.00% 3.50% 3.00%32 Effective 7 day rolling returns, net of fees.
  34. FUNDS WE OFFER: SAIF Performance – Companies SAIF compared to Benchmark 6.20% 5.70% SAIF After Tax 5.20% SAIF After Tax & STC SIM MMF After Tax (Benchmark) 4.70% 4.20% 3.70%33 Effective 7 day rolling returns, net of fees.
  35. FUNDS WE OFFER Sanlam Dividend Income Fund of Funds (SDIFoF)34
  36. FUNDS WE OFFER Sanlam Dividend Income Fund of Funds (SDIFoF) Sanlam Stable Growth Fund RETURN Sanlam Optimised Income Fund Sanlam Dividend Income Fund of Funds Sanlam Alternative Income Fund RISK Conservative Cautious35
  37. FUNDS WE OFFER: SDIFoF Fund objective The objective of the fund is to offer a low risk, liquid, mainly dividend yielding investment that will substantially track the South African short-term interest rate cycle.36
  38. FUNDS WE OFFER: SDIFoF Investment mandate Income and money SAIF market SDIFoF 75% funds 25% • No exposure to equity funds37
  39. FUNDS WE OFFER: SDIFoF Key fund facts • Low volatility (only 25% income fund exposure) • Highly liquid investments • Low TER • 48 Hour liquidity • Returns • Mainly in the form of dividends with some capital gains and interest • Will track short term interest rates • Monthly income distributions • Target to outperform SAIF by 1% over any 1 year period • Conservative risk profile • Benchmark: after tax return of SIM Money Market Fund38 • Available via Glacier
  40. FUNDS WE OFFER: SDIFoF Investment portfolio Investment Portfolio 30 September 2012 Sanlam Alternative Income Fund 73.81% Standard Bank Corporate Money Market Fund 8.65% SIM Money Market Fund 6.97% Coronation Strategic Income Fund 4.45% Coronation Money Market 3.72% SIM Active Income Fund 1.23% Stanlib Income Fund 1.16% Cash 0.02%39
  41. FUNDS WE OFFER: SDIFoF Liquidity profile 48 hour liquidity40
  42. FUNDS WE OFFER: SDIFoF Indicative returns – 31 October 2012 Sanlam Dividend Income Fund of Funds A3 (0.75% Annual Management Fee) Effective 3 month rolling average Net Fund Return 4.64% Interest 0.40% Dividends 2.92% Capital Gain 1.32% COMPANY INDIVIDUAL Tax -0.13% -0.54% Income tax -0.11% -0.16% DWT n/a -0.21% CGT -0.25% -0.18% Benefit of STC credit portion 0.23% n/a Total After Tax Return 4.51% 4.10% Pre Tax Equivalent Return 6.27% 6.83% SIM Money Market Fund Return 5.21% 5.21% Pre Tax Yield Pick-Up 1.06% 1.62%41
  43. FUNDS WE OFFER: SDIFOF Performance – Individuals SDIFoF compared Benchmark 5.50% 5.00% SDIFoF After-Tax 4.50% SIM MMF After-Tax (Benchmark) 4.00% 3.50% 3.00% Effective 3 month rolling returns, net of fees.42
  44. FUNDS WE OFFER Sanlam Optimised Income Fund (SOIF)43
  45. FUNDS WE OFFER: Sanlam Optimised Income Fund (SOIF) Sanlam Stable Growth Fund RETURN Sanlam Optimised Income Fund Sanlam Dividend Income Fund of Funds Sanlam Alternative Income Fund RISK Conservative Cautious44
  46. FUNDS WE OFFER: SOIF Fund objective The objective of the fund is to offer an optimised total return by focusing on maximising after tax income and capital returns, while actively managing downside risk.45
  47. FUNDS WE OFFER: SOIF Investment mandate Income and Redeemable Perpetual money prefs (incl. prefs market SOIF corporate) funds 40% 40% 20%46
  48. FUNDS WE OFFER: SOIF Key fund facts • Lower volatility than listed pref funds • 48 Hour liquidity • Investments >R5m (30 days’ notice) • No exit fee • Returns • Mainly in the form of dividends and some capital gains and interest • Will track medium term interest rates • Monthly income distributions • Target to outperform SAIF by 2% over any 1 year period • Cautious risk profile • Benchmark: 60% of STeFI Composite Index47 • Available via Glacier
  49. FUNDS WE OFFER: SOIF Investment portfolio Investment Portfolio 30 September 2012 Redeemable Steinhoff International Holdings Ltd* 8.71% preference Nampak Ltd* 8.16% shares Ned Investment Trust 6.49% 23.36% Standard Bank Group Ltd 9.53% First Rand Ltd 9.66% Listed ABSA Bank Ltd 4.94% preference shares Nedbank Ltd 5.71% Investec Ltd 3.55% PSG Group Ltd 1.62% 35.02% Cash 2.69% Stanlib Income Fund 0.66% Coronation Strategic Income Fund 5.59% Income funds, 5.34% Coronation Money Market Fund money market funds & cash Standard Bank Corporate Money Market Fund 13.91% SIM Active Income Fund 0.60% Sanlam Alternative Income fund 2.63% SIM Money Market Fund 10.20% 41.62% * Redeemable preference share covered by listed shares.48
  50. FUNDS WE OFFER: SOIF Liquidity profile < 48 hours 48 hours to 30 days 31 days to 90 days 91 days to 12 months > 12 months 0% 10% 20% 30% 40% 50%49
  51. FUNDS WE OFFER: SOIF Indicative returns – 31 October 2012 Sanlam Optimised Income Fund B1 (1.15% Annual Management Fee) 1 Year returns Net Fund Return 6.42% Interest 0.41% Dividends 4.59% Capital Gain 1.43% COMPANY INDIVIDUAL Tax 0.02% -0.64% Income tax -0.11% -0.16% DWT n/a -0.29% CGT -0.27% -0.19% Benefit of STC credit portion 0.40% n/a Total After Tax Return 6.44% 5.78% Pre Tax Equivalent Return 8.95% 9.63% STeFI Composite Index 5.62% 5.62% Pre Tax Yield Pick-Up 3.32% 4.01%50
  52. FUNDS WE OFFER: SOIF Performance51
  53. FUNDS WE OFFER: SOIF Performance Cumulative Total Returns 107 105 103 101 99 97 95 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Cumulative weighted Bank Index 100 100.20 96.13 101.86 104.78 105.18 101.49 100.10 101.94 104.72 Cumulative Opti NRPS 100 98.78 95.50 99.38 103.79 104.05 101.20 100.06 102.06 104.45 Cumulative OptiFund (ModDietz) 100 100.43 99.52 101.17 103.19 103.57 102.81 102.71 103.74 104.9452
  54. FUNDS WE OFFER: SOIF Monthly returns53
  55. FUNDS WE OFFER Sanlam Stable Growth Fund (SSGF)54
  56. FUNDS WE OFFER: Sanlam Stable Growth Fund (SSGF) Sanlam Stable Growth Fund RETURN Sanlam Optimised Income Fund Sanlam Dividend Income Fund of Funds Sanlam Alternative Income Fund RISK Conservative Cautious55
  57. FUNDS WE OFFER: SSGF Fund objective The objective of the fund is to create long term stable growth.56
  58. FUNDS WE OFFER: SSGF Investment mandate Cash and Hedged money equity market funds SSGF 80% 20% • Share selection criteria • Universe: Top 70 1. High dividend yields 2. High liquidity • Hedging • Share in positive movement • Protect against negative market movement • Net equity exposure: 0%-30%57
  59. FUNDS WE OFFER: SSGF Key fund facts • Share selection with input from Sanlam Investment Management • Hedging done by specialists (Sanlam Structured Solutions) • Highly liquid investments • 48 Hour liquidity • Returns • Mainly in the form of capital gains and dividends with some interest • Driven by a combination of medium term interest rates and the performance of high dividend yielding shares • Bi-annual income distributions • Target to outperform SAIF after-tax by 3% over any 1 year period • Cautious risk profile • Benchmark: 60% of STeFI Composite Index58
  60. FUNDS WE OFFER: SSGF Investment portfolio Investment Portfolio 30 September 2012 Cash and SIM Money Market Fund 14.94% money market funds Cash 4.43% Other Equity 34.30% SAB Miller PLC 6.32% MTN Group Ltd 5.83% Naspers Ltd 5.54% Hedged Compagnie Financiare Richemont SA 5.22% equity Kumba Iron Ore Ltd 4.77% British Amercian Tobacco PLC 4.73% Sanlam Ltd 4.67% Woolworths Holdings Ltd 4.65% The Bidvest Group Ltd 4.61%59
  61. FUNDS WE OFFER: SSGF Liquidity profile 48 hour liquidity60
  62. FUNDS WE OFFER: SSGF Performance61 Note: SSGF returns are based on back testing and do not represent actual returns.
  63. HOW TO ACCESS OUR FUNDS62
  64. HOW TO ACCESS OUR FUNDS Sanlam Glacier SAIF SDIFoF SDIFoF SOIF SOIF SSGF63
  65. CONTACT Fund queries Wayne Liebenberg 021 941 1889 waynel@orafunds.co.za Client queries Caylin Conradie 021 941 1891 caylinc@orafunds.co.za Transactions and statements High Net Worth Department 086 010 4949 highnetworth@sci.sanlam.com LISP Investments Glacier Contact Centre 021 917 9002 client.services@glacier.co.za Or speak to your consultant.64
  66. FOLLOW US65
  67. DISCLAIMER The information contained in this document (together with any opinions expressed or further information provided in connection with this document) is of a general nature and provided for illustrative purposes. It does not address the circumstances of any particular person or entity and it is not a recommendation or advice in relation to any transaction or investment. In making this information available, we are not purporting to act in any way as an advisor or in a fiduciary capacity. No one should rely on any of this information without appropriate advice from an independent financial adviser, based on a thorough investigation of the investor’s specific circumstances. While we have taken care to ensure that the information is accurate and not misleading, Ora Fund Managers (Pty) Ltd (Ora) makes no representations or warranties of any kind with respect to its accuracy, completeness or correctness. The information is provided on the clear understanding that Ora will not be held liable or responsible for any loss or damages that may be suffered by any person or entity as a result of that party placing reliance on or failing to act on any of the information provided.66
  68. NOTICE The information in this document is proprietary to Ora and is not to be reproduced, distributed, published or used for any purpose other than the evaluation of any proposal contained in the document, except with the prior written permission of a director of Ora. Ora is an authorised financial services provider. Ora has entered into a co-asset management mandate with Sanlam Collective Investments Limited (SCI) and during the preceding 12 month period, Ora earned more than 30% of its total remuneration from SCI in respect of this mandate. The authorised representatives of Ora for purposes of this presentation are: • Wayne Liebenberg • Ian Groenewald • Shirley Rademeyer Directors: OJ Goosen, I Groenewald, IA Donovan, A du Preez, GC Swanepoel (alt) Address: 3rd Floor, Mettle Building, Willie van Schoor Avenue, Bellville, 7530 FSP Number: 42968 More information about Ora Fund Managers (Pty) Ltd may be found at www.orafunds.co.za67
  69. NOTES TO INDICATIVE RETURNS • Notes • Net Fund Returns are net of fees and gross of tax. • SOIF dividends includes dividends already declared and dividends to be declared. Assumption made that dividends to be declared will be grossed up. • Capital gains tax is only for illustrative purposes and is calculated on the assumption that the investor invested funds at the exact same time and date as the period stated above. • Capital Gains Tax will differ for each investor. • Assuming an individual tax rate of 40%, a corporate tax rate of 28% and a dividends tax rate of 15%. • The returns for Company investments assume that Sanlam Collective Investments received a dividend tax exemption form. • After 1 April 2012, dividends are received in the form of either dividends with STC credits (not subject to DWT) or a grossed up dividend subject to DWT. Therefore, a STC benefit is calculated on dividends with STC Credits received, as the DWT exemption benefit is passed on to shareholders. • The value of the units can go down or up. Past returns are in no way an indication of future returns. • The quoted annual management fees are exclusive of VAT. • These unit trusts are co-managed by Ora Fund Managers (Pty) Ltd. • The returns were obtained from Sanlam Collective Investments.68
  70. End69

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