Investors have been warned against timing the market, after results showed that quarterly net inflows into SA Equity portfolios exceeded net inflows into South African Multi Asset portfolios by more than double. The Collective Investment Schemes (CIS) industry statistics for the quarter and year ending March 2015 were released on Thursday by the Association for Savings and Investment South Africa (Asisa). SA Equity portfolios attracted R8.8bn in net inflows for the first quarter of this year, with the bulk of the money flowing into SA General Equity portfolios, while SA Multi Asset portfolios recorded R4.3bn. Asisa CEO Leon Campher warned that if these results were as a result of investors timing the market to get high returns, then it would be concerning. www.fin24.

1. Overview of CIS
Industry
March 2015
1

2. R1.775 tr – Total Net Assets
R16.36 bn – Net Flows – 1st Quarter 2015
R98.02 bn – Net Flows – Year to March 2015
1211 Portfolios - 31 March 2015
2
CIS Overview
(Rand Denominated Portfolios)

3. CIS Statistics
December 2010
949
1015
1280
1538
1775
107
31
166 158
98
934 945
988
1053
1211
0
200
400
600
800
1000
1200
1400
0
200
400
600
800
1000
1200
1400
1600
1800
2000
Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015
PortfoliosRbn
Total Assets Net Flows No of Portfolios
3
CIS Overview
(Rand Denominated Portfolios)

4. CIS Statistics
December 201024
29
36
18
4
15
12
1
15
63
41
47
64
57
25
27
42
2
38
16
0
1
2
3
4
5
6
7
0
10
20
30
40
50
60
70
Jun
10
Sep
10
Dec
10
Mar
11
Jun
11
Sep
11
Dec
11
Mar
12
Jun
12
Sep
12
Dec
12
Mar
13
Jun
13
Sep
13
Dec
13
Mar
14
Jun
14
Sep
14
Dec
14
Mar
15
Rbn Flows Repo rate %
4
Net quarterly flows
(All Rand denominated funds)

5. CIS Statistics
December 20103 5
-6
7 4 11 4 12
1 -2
2713
27 33 14
8
35
37
57 81
115
83
20
11
23
21
55
22 37
-45
10
-2
-35
6
21
15
14
16 16
24
3
64 27
-2
-100
-50
0
50
100
150
200
Mar
2005
Mar
2006
Mar
2007
Mar
2008
Mar
2009
Mar
2010
Mar
2011
Mar
2012
Mar
2013
Mar
2014
Mar
2015
Rbn Equities Multi Asset Money Market Interest Bearing
5
Net annual flows by sector
(Excluding Worldwide, Regional and Global sectors)

6. 6
March 2010
TOTAL 100%
Interest Bearing 50%
Equity 23%
Real Estate 3%
Multi Asset 24%
Portfolio Allocation - SA Funds
March 2015
TOTAL 100%
Interest Bearing 24%
Equity 23%
Real Estate 4%
Multi Asset 49%
Money Market 15%
IB Variable Term 4%
IB Short-Term 5%
Flexible 3%
MA Income 7%
MA Low Equity 13%
MA Medium Equity 3%
MA High Equity 23%
Flexible 3%
Prudential 21%
Money Market 32%
FI Varied Specialist 14%
Bond 2%
Income 2%

7. SA – Multi Asset - High Equity – R37.2bn
SA – Equity – General – R28.4bn
SA - Multi Asset – Low Equity – R21.6bn
SA – Fixed Interest – Variable Term – R10.3bn
7
Net Annual Inflows
(Rand denominated funds)

8. SA – Interest Bearing - Money Market - (R34.6bn)
SA – Interest Bearing – Short Term – (R12.4bn)
SA – Equity – Large Cap - (R1.6bn)
SA – Equity – Medium & Small Cap – (R0.1bn)
8
Net Annual Outflows
(Rand denominated funds)

9. CORONATION
ALLAN GRAY
STANLIB
INVESTEC
OLD MUTUAL
NEDGROUP
SANLAM
ABSA
PRUDENTIAL
FOORD
79% of CIS Assets
9
Largest CIS Managers
(All funds)

10. CORONATION
ALLAN GRAY
STANLIB
OLD MUTUAL
INVESTEC
NEDGROUP
SANLAM
PRUDENTIAL
FOORD
MOMENTUM
77% of CIS Assets
10
Largest CIS Managers
(Excluding Money Market Funds)

11. 11
Largest funds
(Rand millions)
ALLAN GRAY BALANCED FUND 106,414
CORONATION BALANCED PLUS FUND 78,952
ABSA MONEY MARKET FUND 47,786
FOORD BALANCED FUND 45,498
ALLAN GRAY EQUITY FUND 41,293
CORONATION BALANCED DEFENSIVE FUND 38,981
INVESTEC OPPORTUNITY FUND 38,156
ALLAN GRAY STABLE FUND 36,217
PRUDENTIAL INFLATION PLUS FUND 31,702
NEDGROUP INVESTMENTS STABLE FUND 31,302

12. CIS Statistics
December 2010
4.0%
5.7%
5.8%
10.4%
12.2%
12.4%
0% 2% 4% 6% 8% 10% 12% 14%
CPI
SA - Interest Bearing - Short Term
SA - Interest Bearing - Money Market
SA - Multi Asset - Low Equity
SA - Multi Asset - High Equity
SA - Equity - General
Source: Profile Media
12
Sector Performances
(One year to 31 March 2015)

13. CIS Statistics
December 2010
5.3%
5.7%
6.1%
10.2%
12.9%
14.2%
0% 2% 4% 6% 8% 10% 12% 14% 16%
CPI
SA - Interest Bearing - Money Market
SA - Interest Bearing - Short Term
SA - Multi Asset - Low Equity
SA - Multi Asset - High Equity
SA - Equity - General
Source: Profile Media
13
Sector Performances
(Five years to 31 March 2015 – annualized)

14. CIS Statistics
December 2010
6.0%
7.2%
7.4%
10.1%
13.4%
15.9%
0% 5% 10% 15% 20%
CPI
SA - Interest Bearing - Money
Market
SA - Interest Bearing - Short Term
SA - Multi Asset - Low Equity
SA - Multi Asset - High Equity
SA - Equity - General
Source: Profile Media
14
Sector Performances
(Ten years to 31 March 2015 - annualized)

15. CIS Statistics
December 2010
5.9%
10.7%
14.6%
14.9%
0% 2% 4% 6% 8% 10% 12% 14% 16%
CPI
SA - Interest Bearing - Short
Term
SA - Multi Asset - High Equity
SA - Equity - General
Source: Profile Media
15
Sector performances
(Twenty years to 31 March 2015) (annualized performance)

16. 16
Indices
(Rands - 12 months ending 31 March 2015)
100
105
110
115
120
125
130
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
FTSE/JSE ALSI (TR) FTSE 100 (TR) S&P 500 (TR)
12.5%
29.9%
9.1%
Source: Morningstar Direct

17. 17
Indices
(Rands – 5 years ending 31 March 2015)
80
130
180
230
280
330
Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15
FTSE/JSE ALSI (TR) FTSE 100 (TR) S&P 500 (TR)
16.1%
26.5%
18.1%
Source: Morningstar Direct