NEDGROUP INVESTMENTS · Nedgroup Investments Abridged Annual Report 2010 01. 02. Nedgroup Investments Abridged Annual Report 2010. I am pleased to report that Nedgroup Investments
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Abridged Annual Report 31 December 2010
NEDGROUP INVESTMENTS
Nedgroup Investments Abridged Annual Report 2010
Report to Investors 3 - 7
Trustees’ Report 9
Unit Trust Performance Table 10 - 11
Equity Range
Nedgroup Investments Rainmaker Fund 12
Nedgroup Investments Equity Fund 13
Nedgroup Investments Quants Core Equity Fund 14
Nedgroup Investments Growth Fund 15
Nedgroup Investments Value Fund 16
Specialist Equity Range
Nedgroup Investments Entrepreneur Fund 17
Nedgroup Investments Mining & Resource Fund 18
Nedgroup Investments Financials Fund 19
Asset Allocation Range
Nedgroup Investments Balanced Fund 20
Nedgroup Investments Managed Fund 21
Nedgroup Investments Bravata Worldwide Flexible Fund 22
Nedgroup Investments Core Diversified Fund 23
Contents
Asset Allocation Range (continued)
Nedgroup Investments Core Guarded Fund 24
Nedgroup Investments Positive Return Fund 25
Nedgroup Investments Stable Fund 26
Income Range
Nedgroup Investments Bond Fund 27
Nedgroup Investments Optimal Income Fund 28
Nedgroup Investments Money Market Fund 29
Nedgroup Investments Cash Plus Fund 30
Nedgroup Investments Flexible Income Fund 31
Nedgroup Investments Property Fund 32
International Rand-Denominated Range
Nedgroup Investments Global Equity Feeder Fund 33
Nedgroup Investments Global Balanced Feeder Fund 34
Nedgroup Investments Global Cautious Feeder Fund 35
Corporate Social Responsibility
Nedgroup Investments Fundisa Fund 36
Nedgroup Investments Abridged Annual Report 2010 01
Nedgroup Investments Abridged Annual Report 201002
I am pleased to report that Nedgroup Investments has delivered another set of
solid investment results for investors in 2010. We remain fully committed to
fulfilling our mission of equipping you to achieve your investment goals.
Market overview
Equity markets ended the year on a very pleasing note with the FTSE/JSE ALSI
rewarding investors with a return of 19% for 2010. Although the index price
series is still below its previous high in May 2008, investors who endured the
2008 market crash have returned to positive territory on a total return basis.
South African asset classes fared well overall with the bond and property
sectors delivering healthy returns of 15% and 30% respectively for the year.
With inflation at its most subdued levels in recent years (3.6%), all domestic
asset classes including cash (6.3%) provided investors with significant real
returns for 2010. Attractive local interest rates saw an influx of foreign
portfolio flows (with interest rates in developed markets at historic lows)
into South Africa, resulting in the rand appreciating further against the major
currencies over the year. While this has benefited foreign investors in local
markets, it has diminished returns for local investors offshore.
The developed world continues to struggle with a recessionary environment and
in particular, the extraordinarily high debt of many governments. The outlook
remains uncertain as the world and global markets consider the consequences
of unprecedented quantitative easing (a monetary policy that a central bank
may employ to increase the supply of money in the economy in order to
stimulate growth), exceptionally low interest rates and bailing out countries
that are unable to service their debt. We acknowledge that investing in such an
environment can be daunting and understand the significant responsibility we
have in partnering with you.
Best of breed™ investment strategy
Nedgroup Investments once again delivered a very strong performance over
the course of 2010, anchored by our Best of breed™ investment strategy,
which allows us to identify the most appropriate investment managers to
meet our investors’ needs.
This strategy sees us partner with select investment managers - individuals
and teams - who we believe will deliver exceptional, consistent investment
performance over the long term, while acting as responsible stewards of
investors’ capital.
Report to Investors
Nedgroup Investments Abridged Annual Report 2010 03
Performance review
We are delighted with the performance of our fund range, with the majority
of our funds outperforming their benchmarks over the relevant measurement
periods. We were recently awarded second place in the category “Domestic
Management Company of the Year” at the 2011 Raging Bull Awards ceremony
in addition to four individual fund awards. The awards recognise asset
management companies with the most impressive and consistent overall
performance across their range of funds, taking into account performance
and risk management.
Some individual performance highlights during 2010 include:
Equity Range
The Nedgroup Investments Rainmaker Fund (+18.9% in 2010; +24.4% per
annum over 10 years) – our largest fund and the second largest equity fund in
the industry – had another solid year, finishing just outside the top quartile.
The fund ranked 13th out of 55 over five years, 3rd out of 42 over seven years,
and 1st in its category over 10 years.
The Nedgroup Investments Value Fund (+24.4% in 2010; +25.8% per annum
over 10 years) was ranked 1st in the Value category over one, three and five
years and relative to all General Equity, Growth and Value Funds, placed 1st
out of 88 funds over three years and 2nd over five and 10 years.
Nedgroup Investments Abridged Annual Report 201004
Report to Investors
The Nedgroup Investments Growth Fund (+22.2% in 2010; +18.2% per annum
over 10 years) was ranked 1st in its category over the year as well as over five,
seven and 10 years.
Out of the 55 General Equity, Growth and Value Funds, we have three funds
in the top 10 over a seven year period – the Nedgroup Investments Growth
Fund (6th), the Nedgroup Investments Value Fund (7th) and the Nedgroup
Investments Rainmaker Fund (8th). Over 10 years, the Nedgroup Investments
Rainmaker Fund ranked 2nd and Value 3rd out 43 General Equity, Value and
Growth Funds.
Asset Allocation Range
The Nedgroup Investments Managed Fund (+11.9% in 2010; +16.1% per
annum over seven years) delivered another pleasing performance for the year.
Relative to all Prudential Medium & Variable Equity Funds, the fund ranked
3rd out of 77 funds over three years and 11th out of 53 funds over five years.
The Nedgroup Investments Stable Fund (+11.1% in 2010) had an excellent year,
repeating the success of 2008 and 2009 (its first two calendar years). The fund
was placed 12th out of 53 over one year and 2nd out of 44 over three years.
The Nedgroup Investments Positive Return Fund (+7.8% in 2010; +9.7% per
annum over three years) enjoyed a good year relative to its inflation plus 4%
benchmark. With the recent run in equity markets and moderation in inflation,
the fund has recovered a fair amount of lost ground relative to its
performance benchmark.
Income Range
The Nedgroup Investments Bond Fund (+14.6% in 2010; +11.2% per annum
over three years) ranked 2nd in its category over two years and 1st over three
and five years.
The Nedgroup Investments Flexible Income Fund (+4.9% in 2010; +8.9%
per annum over three years) had a slightly disappointing year as the offshore
exposure was negatively impacted by the strong rand. Its longer-term
performance remains good, with the fund keeping pace with a challenging
benchmark of 110% of cash over a five-year period.
The Nedgroup Investments Optimal Income Fund enjoyed an outstanding
year with a return of 9.2% - well ahead of its after-tax cash benchmark.
Our investors
We would like to thank our investors for entrusting their money to Nedgroup
Investments. We remain committed to providing our investors with relevant
information in a straight-forward and responsible way to assist them in
making well-informed decisions. We should also not overlook the vital role that
financial planners have played in guiding their clients during this volatile period.
Nedgroup Investments Abridged Annual Report 2010 05
We enjoyed very strong flows with record gross and net inflows. The assets
we manage on behalf of investors has grown an incredible ten-fold since
the introduction of our Best of breed™ strategy in 2003, from R5 billion
to R50 billion.
Our people
I would like to thank my colleagues at Nedgroup Investments for their
commitment and hard work during the year in providing our investors
with the excellent service they have come to expect from us.
New developments
We launched our first TV commercial in 2010. The key message is about
preventing emotions from negatively affecting your investment decisions.
We hope to convey that humans all experience powerful emotions (such as
fear, greed, over-confidence, frustration and impatience). These emotions
often cause us to make irrational investment decisions that are not in our
best long-term interests. We will continue reinforcing this important theme
and message during 2011.
Nedgroup Investments Abridged Annual Report 201006
Report to Investors
We also made two enhancements to our range during the year. In July, we
launched the Nedgroup Investments Property Fund and appointed Ian Anderson
of Grindrod Asset Management as the investment manager. We have taken a
decision to limit the size of the fund, which we believe will allow the manager
greater flexibility and improve the probability of outperformance.
South African equity investors have enjoyed a decade of excellent returns,
particularly in comparison to their experience with offshore investments.
We believe that long-term investors should look carefully at increasing their
offshore exposure. With this in mind, we have spent considerable time refining
our best of breed international offering. During the final quarter of 2010,
we appointed Veritas Asset Management to manage the Nedgroup Investments
Global Equity Fund (and therefore also the Global Equity Feeder Fund).
During 2009 we launched our Dream Big Campaign, encouraging South Africans
to invest for a child’s education through the Nedgroup Investments Fundisa Fund.
This is a powerful initiative between industry and government that offers
competitive interest rates and a 25% bonus for all contributions made
(up to a maximum of R600 per year). We have made it our mission to raise
awareness of this initiative so that it can reach its full potential and are
pleased to report considerable take-up during 2010.
In closing, despite the challenging economic conditions, we believe that we
continue to deliver on our promise of providing excellent client service and
strong investment performance. We look forward to helping our investors
achieve their financial goals over the course of 2011 and beyond.
Nic Andrew
Head: Nedgroup Investments
Nedgroup Investments Abridged Annual Report 2010 07
.
Nedgroup Investments Abridged Annual Report 201008
Trustees’ Report
Nedgroup Investments Abridged Annual Report 2010 09
Seggie MoodleyHead: Risk and Legal (Trustee Services)Standard Bank of South Africa Limited
Report of the Trustee for the Nedgroup Collective Investments Scheme
We, the Standard Bank of South Africa limited, in our capacity as Trustee of the Nedgroup Collective Investments (“the Scheme”) have prepared a report in terms of Section 70(1)(f) of the Collective Investment Schemes Control Act, 45 of 2002, as amended (“the Act”), for the financial year ended 31 December 2010.
In support of our report we have adopted certain processes and procedures that allow us to form a reasonable conclusion on whether the Manager has administered the Scheme in accordance with the Act and the Scheme Deed.
As Trustees of the Scheme we are also obliged to in terms of Section 70(3) of the Act to satisfy ourselves that every income statement, balance sheet or other return prepared by the Manager of the Scheme as required by Section 90 of the Act fairly represents the assets and liabilities, as well as the income and distribution of income, of every portfolio of the Scheme.
The Manager is responsible for maintaining the accounting records and preparing the annual financial statements of the Scheme in conformity with generally accepted accounting practice. This responsibility also includes appointing an external auditor to the Scheme to ensure that the financial statements are properly drawn up so as to fairly represent the financial position of every portfolio of its collective investment scheme in accordance with generally accepted accounting practice and in the manner required by the Act.
Our enquiry into the administration of the Scheme by the Manager does not cover a review of the annual financial statements and hence we do not provide an opinion thereon.
Based on our records, internal processes and procedures we report that nothing has come to our attention that causes us to believe that the accompanying financial statements do not fairly represent the assets and liabilities, as well as the income and distribution of income, of every portfolio of the Scheme administered by the Manager.
We confirm that according to the records available to us, no losses were suffered in the portfolios and no investor was prejudiced as a result thereof.
We conclude our report by stating that we reasonably believe that the Manager has administered the Scheme in accordance with:
the limitations imposed on the investment and borrowing powers of the manager by this Act;
and the provisions of this Act and the deed.
Melinda Mostert Head: Trustee ServicesStandard Bank of South Africa Limited 25 March 2011
Fund Size Rm Fund Return % Benchmark Return % Benchmark
Equity RangeNedgroup Investments Rainmaker Fund 11 837 18.9 18.1 Sector average
Nedgroup Investments Equity Fund 1 121 21.5 18.1 Sector average
Nedgroup Investments Quants Core Fund 666 20.4 18.1 Sector average
Nedgroup Investments Growth Fund 1 415 22.2 17.9 Sector average
Nedgroup Investments Value Fund 2 614 24.4 19.5 Sector average
Specialist Equity Range
Nedgroup Investments Entrepreneur Fund 433 26.1 25.6 Sector average
Nedgroup Investments Mining & Resource Fund 729 17.3 14.3 Sector average
Nedgroup Investments Financials Fund 194 26.8 17.8 Sector average
Asset Allocation Range
Nedgroup Investments Positive Return Fund 5 474 7.8 7.6 Inflation +4% pa over rolling 3-year periods
Nedgroup Investments Stable Fund 2 349 11.1 7.6 Inflation +4% pa over rolling 3-year periods
Nedgroup Investments Balanced Fund 92 14.7 10.9 Sector average
Nedgroup Investments Managed Fund 3 731 11.9 11.6Average of the Prudential Medium
and Variable Equity sectorsNedgroup Investments Bravata Worldwide Flexible Fund 481 1.7 8.6 Inflation + 5% per annum
Nedgroup Investments Core Diversified Fund 86 14.3 8.7 Inflation +4-6% pa over rolling 5-year periods
Nedgroup Investments Core Guarded Fund 32 12.1 6.1 Inflation +2-4% pa over rolling 3-year periods
Nedgroup Investments Abridged Annual Report 201010
Fund Size Rm Fund Return % Benchmark Return % Benchmark
Income Range
Nedgroup Investments Bond Fund 322 14.6 14.8 All Bond Index
Nedgroup Investments Optimal Income Fund 2 428 8.1 3.7 STeFI Call rate after income tax (40%)
Nedgroup Investments Money Market Fund 5 698 7.0 6.2 STeFI Call rate
Nedgroup Investments Cash Plus Fund 942 7.9 6.9 STeFI Composite
Nedgroup Investments Flexible Income Fund 4 940 4.9 6.9 110% STeFI Call rate
Nedgroup Investments Property Fund 81 Not applicable Not applicable Sector average
International Rand-Denominated Range
Nedgroup Investments Global Equity Feeder Fund 493 -4.8 -2.2 Sector average
Nedgroup Investments Global Balanced Feeder Fund 661 -2.9 -4.7 Sector average
Nedgroup Investments Global Cautious Feeder Fund 3 -9.1 -3.9 USD Libor 1 month (rand equivalent)
Corporate Social Responsibility
Nedgroup Investments Fundisa Fund 11 9.8 8.7 Sector average
Source: © 2010 Morningstar, Inc. All rights reserved. For the period 1 year ending 31 December 2010. Lump sum investment, using NAV-NAV prices with income distributions reinvested.
Market Returns: 1 Year Ending 31 December 2010
All Share Index 19%
All Bond Index 15%
Inflation 3.5%
Source: I-Net
Unit Trust Performance
Nedgroup Investments Abridged Annual Report 2010 11
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 105 882 568 809Distribution R 000's 111 678 569 552
Statement of financial position 2010 2009Total equity and liabilities R 000's 11 939 265 10 090 836Capital value of unit portfolio R 000's 11 724 863 9 404 749Current liabilities R 000's 214 402 686 087Total assets R 000's 11 939 265 10 090 836
Investment objective
The fund seeks to offer investors long-term capital growth through
active stock selection within the South African equity market.
A minimum of 75% of the fund’s assets will be invested in
domestic equities at all times.
NEDGROUP INVESTMENTS Rainmaker Fund
Income DistributionsDecember
2010December
2009
Class A 60.82 cpu 367.86 cpuClass A1 42.24 cpu 352.48 cpuClass B 0.00 cpu 291.81 cpuClass B1 173.96 cpu 462.58 cpuClass R 98.28 cpu 399.35 cpu
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 3.42%Management fee: Class A 1.71% pa Class A1 2.00% pa Class B 3.42% pa Class B1 0.00% pa Class R 1.14% pa
December2010
December2009
Market Value Rm 11 837 Rm 9 970
Risk Profile Medium - High
PortfolioStructure
Basic Materials 21%
Industrials 14%
Consumer Goods 15%
Consumer Services 9% Telecomms 8%
Oil & Gas 7%
Healthcare 3%
Additional 3%
Financials 16%
Cash 4%
Nedgroup Investments Abridged Annual Report 201012
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 28 954 16 178Distribution R 000's 24 741 16 079
Statement of financial position 2010 2009Total equity and liabilities R 000's 1 121 758 995 998Capital value of unit portfolio R 000's 1 095 679 978 809Current liabilities R 000's 26 079 17 189Total assets R 000's 1 121 758 995 998
Investment objective
An equity fund that seeks to offer investors long term capital growth
through active stock selection within the South African equity market.
A minimum of 75% of the fund’s assets will be invested in domestic
equities at all times.
NEDGROUP INVESTMENTS Equity Fund
Income DistributionsDecember
2010December
2009
Class A 6.62 cpu 3.77 cpuClass A1 5.71 cpu 3.02 cpuClass R 8.47 cpu 5.24 cpu
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 3.42%Management fee: Class A 1.71% pa Class A1 2.00% pa Class R 1.14% pa
December2010
December2009
Market Value Rm 1 121 Rm 993
Risk Profile Medium - High
Industrials 24%
Basic Materials 24%
Financials 19%
Cash 1%Technology 3%
Consumer Services 3%
ConsumerGoods 14%
Telecomms 6%
Oil & Gas 6%PortfolioStructure
Equity Range
Nedgroup Investments Abridged Annual Report 2010 13
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 12 557 24 659Distribution R 000's 12 094 24 192
Statement of financial position 2010 2009Total equity and liabilities R 000's 667 036 592 030Capital value of unit portfolio R 000's 654 392 567 337Current liabilities R 000's 12 644 24 693Total assets R 000's 667 036 592 030
Investment objective
An equity fund that seeks to offer investors long-term capital growth
through active stock selection within the South African equity market.
The manager utilises a quantitative technique called Price Indifferent
Investing to enhance the ability of the fund to meet its objectives.
A minimum of 75% of the fund’s assets will be invested in domestic
equities at all times
NEDGROUP INVESTMENTS Quants Core Equity Fund
Income DistributionsDecember
2010December
2009
Class A 6.86 cpu 14.25 cpuClass R 7.91 cpu 15.10 cpu
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 2.28%Management fee: Class A 1.14% pa Class R 0.86% pa
December2010
December2009
Market Value Rm 666 Rm 592
Risk Profile Medium - High
Consumer Goods 11%
Basic Materials 23%
Industrials 17%
Healthcare 1%Technology 2%
Cash 5%
Financials 18%
Consumer Services 9%
Telecomms 8%
Oil & Gas 6%
PortfolioStructure
Nedgroup Investments Abridged Annual Report 201014
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 23 546 14 495Distribution R 000's 23 640 14 520
Statement of financial position 2010 2009Total equity and liabilities R 000's 1 453 857 1 059 799Capital value of unit portfolio R 000's 1 391 734 1 035 593Current liabilities R 000's 62 123 24 206Total assets R 000's 1 453 857 1 059 799
Investment objective
An equity fund that seeks to offer investors long-term capital growth
through active stock selection within the South African equity market.
A minimum of 75% of the fund’s assets will be invested in domestic
equities at all times.
NEDGROUP INVESTMENTS Growth Fund
Income DistributionsDecember
2010December
2009
Class A 20.63 cpu 13.38 cpuClass A1 16.67 cpu 10.31 cpuClass B 0.00 cpu 0.40 cpuClass R 28.52 cpu 19.52 cpu
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 3.42%Management fee: Class A 1.71% pa Class A1 2.00% pa Class B 3.42% pa Class R 1.14% pa
December2010
December2009
Market Value Rm 1 415 Rm 728
Risk Profile Medium - High
PortfolioStructureBasic Materials 20%
Financials 21%
Cash 3%
Technology 4%
Oil & Gas 4%
Telecomms 5%
Industrials 11%
Additional 10%
Consumer Goods 6%
Healthcare 2%
Consumer Services 14%
Equity Range
Nedgroup Investments Abridged Annual Report 2010 15
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 3.42%Management fee: Class A 1.71% pa Class A1 2.00% pa Class B 3.42% pa Class R 1.14% pa
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 47 047 53 735Distribution R 000's 46 993 53 681
Statement of financial position 2010 2009Total equity and liabilities R 000's 2 624 792 1 893 912Capital value of unit portfolio R 000's 2 563 393 1 837 922Current liabilities R 000's 61 399 55 990Total assets R 000's 2 624 792 1 893 912
Investment objective
An equity fund that seeks to offer investors long-term capital growth
through active stock selection within the South African equity market.
A minimum of 75% of the fund’s assets will be invested in domestic
equities at all times.
NEDGROUP INVESTMENTS Value Fund
Income DistributionsDecember
2010December
2009
Class A 63.49 cpu 85.17 cpuClass A1 54.07 cpu 77.93 cpuClass B 15.92 cpu 43.10 cpuClass R 82.69 cpu 99.91 cpu
December2010
December2009
Market Value Rm 2 614 Rm 728
Risk Profile Medium - High
PortfolioStructureIndustrials 28%
Basic Materials 18% Financials 17%
Consumer Services 14%
Healthcare 4%
Cash 5%
Oil & Gas 5%
Consumer Goods 9%
Equity Range
Nedgroup Investments Abridged Annual Report 201016
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 13 277 18 134Distribution R 000's 12 406 17 252
Statement of financial position 2010 2009Total equity and liabilities R 000's 434 222 730 651Capital value of unit portfolio R 000's 420 105 710 990Current liabilities R 000's 14 117 19 661Total assets R 000's 434 222 730 651
Investment objective
A specialist equity fund that seeks to offer investors long term capital
growth by actively investing in the shares of small and medium sized
companies listed on the JSE. A minimum of 75% of the fund’s assets
will be invested in domestic equities at all times.
NEDGROUP INVESTMENTS Entepreneur Fund
Income DistributionsDecember
2010December
2009
Class A 18.28 cpu 12.88 cpuClass A1 16.49 cpu 11.46 cpuClass B 12.01 cpu 7.42 cpuClass R 21.98 cpu 15.76 cpu
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 3.42%Management fee: Class A 1.71% pa Class A1 2.00% pa Class B 3.14% pa Class R 1.14% pa
December2010
December2009
Market Value Rm 433 Rm 728
Risk Profile High
PortfolioStructureIndustrials 25%
Financials 15%
Basic Materials 15%
Consumer Goods 11%
Healthcare 5%Technology 2%
Additional 1%
Cash 3%Consumer Services 23%
Specialist Equity Range
Nedgroup Investments Abridged Annual Report 2010 17
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 3.42%Management fee: Class A 1.71% pa Class R 1.14% pa
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 7 212 11 837Distribution R 000's 7 149 11 799
Statement of financial position 2010 2009Total equity and liabilities R 000's 736 928 680 173Capital value of unit portfolio R 000's 728 954 667 568Current liabilities R 000's 7 974 12 605Total assets R 000's 736 928 680 173
Investment objective
A specialist equity fund that seeks to offer investors long-term capital
growth by actively investing in the mining and resources sector of the
market. A minimum of 75% of the fund’s assets will be invested in
domestic equities at all times.
NEDGROUP INVESTMENTS Mining & Resource Fund
Income DistributionsDecember
2010December
2009
Class A 7.68 cpu 15.83 cpuClass R 14.66 cpu 21.81 cpu
December2010
December2009
Market Value Rm 729 Rm 668
Risk Profile High
PortfolioStructureBasic Materials 82%
Oil & Gas 14%
Consumer Goods 4%
Nedgroup Investments Abridged Annual Report 201018
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 2 036 2 600Distribution R 000's 1 658 2 212
Statement of financial position 2010 2009Total equity and liabilities R 000's 194 657 157 625Capital value of unit portfolio R 000's 192 622 155 217Current liabilities R 000's 2 035 2 408Total assets R 000's 194 657 157 625
Investment objective
A specialist equity fund that seeks to offer investors long-term
capital growth by actively investing in the shares of financial services
companies. A minimum of 75% of the fund’s assets will be invested
in domestic equities at all times.
NEDGROUP INVESTMENTS Financials Fund
Income DistributionsDecember
2010December
2009
Class A 54.49 cpu 97.43 cpuClass R 110.79 cpu 138.92 cpu
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 3.42%Management fee: Class A 1.71% pa Class R 1.14% pa
December2010
December2009
Market Value Rm 194 Rm 158
Risk Profile High
PortfolioStructureBanks 34%
Financial Services 32%
Insurance 17%Foreign Equities 14%
Domestic Cash 2%
Foreign Cash 1%
Specialist Equity Range
Nedgroup Investments Abridged Annual Report 2010 19
Fees and Charges (VAT incl.)
Initial fee 0.00%
Maximum financial adviser fee 3.42%
Management fee: Class A 1.71% pa
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 3 626 2 572Distribution R 000's 2 427 1 545
Statement of financial position 2010 2009Total equity and liabilities R 000's 91 828 72 558Capital value of unit portfolio R 000's 90 157 72 046Current liabilities R 000's 1 671 512Total assets R 000's 91 828 72 558
Investment objective
The fund seeks to offer investors medium- to long-term income and
capital growth by actively investing in a mix of local and international
assets. The manager may invest in a combination of local and international
equities, bonds, property and cash. A maximum of 75% of the fund’s assets
may be invested in domestic equities at all times. The fund complies with
Regulation 28 of the South African Pension Funds Act.
NEDGROUP INVESTMENTS Balanced Fund
Income DistributionsDecember
2010December
2009
December - Class A 45.00 cpu 13.95 cpuJune - Class A 30.75 cpu 32.90 cpu
December2010
December2009
Market Value Rm 92 Rm 72
Risk Profile Medium
Local Equities 56%
Local Bonds 23%
Foreign Assets 13%
Local Cash 8%
PortfolioStructure
Nedgroup Investments Abridged Annual Report 201020
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 80 966 78 025Distribution R 000's 72 344 68 677
Statement of financial position 2010 2009Total equity and liabilities R 000's 3 739 443 2 628 185Capital value of unit portfolio R 000's 3 691 107 2 595 052Current liabilities R 000's 48 336 33 133Total assets R 000's 3 739 443 2 628 185
Investment objective
The fund seeks to offer investors medium- to long-term income and
capital growth by actively investing in a mix of local and international
equities, bonds, property and cash. A maximum of 75% of the fund’s
assets may be invested in domestic equities at all times. The fund
complies with Regulation 28 of the South African Pension Funds Act.
NEDGROUP INVESTMENTS Managed Fund
Income DistributionsDecember
2010June2010
Class A 4.34 cpu 3.43 cpuClass A1 4.89 cpu 3.93 cpuClass B 1.79 cpu 1.39 cpuClass R 5.41 cpu 4.46 cpu
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 3.42%Management fee: Class A 1.71% pa Class A1 1.43% pa Class B 3.14% pa Class R 1.14% pa
December2010
December2009
Market Value Rm 3 731 Rm 2 622
Risk Profile Medium
PortfolioStructure
Local Equities 44%
Local Cash 34%
Foreign Equities 13%
Foreign Cash 7%
Local Bonds 2%
Asset Allocation Range
Nedgroup Investments Abridged Annual Report 2010 21
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 3.42%
Management fee: Class A
Fixed fee of 1.71% plus a performance fee of 20% of the total positive performance above the high watermark, limited to 2.28% (VAT incl.) over any 12-month period.
Class B 2.00% to 4.28% pa
Investment objective
A flexible, worldwide portfolio aiming to maximise total return for
investors by actively investing in a mix of equities, bonds, property
and cash, both locally and internationally.
NEDGROUP INVESTMENTS Bravata Worldwide Flexible Fund
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 19 023 22 590Transfer from capital R 000's 5 835 10 260
Statement of financial position 2010 2009Total equity and liabilities R 000's 497 311 468 757Capital value of unit portfolio R 000's 475 035 457 762Current liabilities R 000's 22 276 10 995Total assets R 000's 497 311 468 757
Income DistributionsDecember
2010December
2009
Class A 1.60 cpu 2.84 cpuClass B 1.24 cpu 2.51 cpu
December2010
December2009
Market Value Rm 481 Rm 468
Risk Profile Medium - High
PortfolioStructure
Foreign Equities 56%
Foreign Cash 24%
Foreign Bonds 2%
Local Cash 2%
Local Equities 16%
Nedgroup Investments Abridged Annual Report 201022
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 1 977 364Distribution R 000's 1 993 366
Statement of financial position 2010 2009Total equity and liabilities R 000's 86 571 34 741Capital value of unit portfolio R 000's 85 410 33 984Current liabilities R 000's 1 161 757Total assets R 000's 86 571 34 741
Investment objective
The fund targets a long-term annual return of inflation +4-6% over
rolling 5 years. The fund is compliant with Regulation 28 of the
South African pension Funds Act and is suitable for retirement funds.
NEDGROUP INVESTMENTS Core Diversified Fund
Income DistributionsDecember
2010December
2009
Class B 15.39 cpu 11.28 cpuClass C 13.68 cpu 11.23 cpu
Fees and Charges (VAT incl.)
Initial fee 0.00%Management fee: 0.57% pa
December2010
December2009
Market Value Rm 86 Rm 34
Risk Profile Medium
PortfolioStructure
Local Equities 60%
Local Cash 14%
Foreign Equities 7%
Local Nominal Bonds 5%
Local Listed Property 4%
Foreign Cash 4%
Local Inflation-Linked Bonds 3%Foreign Inflation-Linked Bonds 1%
Foreign Nominal Bonds 2%
Asset Allocation Range
Nedgroup Investments Abridged Annual Report 2010 23
Income DistributionsDecember
2010September
2010June2010
March2010
Class B 11.04 cpu 14.24 cpu 12.02 cpu 7.21 cpu
Fees and Charges (VAT incl.)
Initial fee 0.00%Management fee 0.57% pa
Statement of comprehensive income Year ended31 Dec 2010
Income available for distribution R 000's 1 090Distribution R 000's 1 104
Statement of financial position 2010Total equity and liabilities R 000's 33 978Capital value of unit portfolio R 000's 33 632Current liabilities R 000's 346Total assets R 000's 33 978
Investment objective
The fund targets a long-term annual return of inflation +2-4%
over rolling 3 years. The fund is compliant with Regulation 30 of
the South African Medical Schemes Act.
NEDGROUP INVESTMENTS Core Guarded Fund
December2010
Market Value Rm 34
Risk Profile Medium
PortfolioStructure
Foreign Cash 6%
Foreign Bonds 4%
Local Cash 28%
Local Equities 35%
Foreign Inflation-Linked Bonds 2%
Local Listed Property 4%
Local Bonds 15%
Local Inflation-Linked Bonds 6%
Nedgroup Investments Abridged Annual Report 201024
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 166 331 180 386Distribution R 000's 169 168 182 595
Statement of financial position 2010 2009Total equity and liabilities R 000's 5 481 168 4 293 918Capital value of unit portfolio R 000's 5 390 659 4 196 250Current liabilities R 000's 90 509 97 668Total assets R 000's 5 481 168 4 293 918
Investment objective
The fund seeks to offer investors total returns that are in excess of
inflation over the medium-term through active asset allocation and
with a high emphasis on capital protection. A maximum of 75% of the
fund’s assets may be invested in domestic equities at all times. The fund
complies with Regulation 28 of the South African Pension Funds Act.
NEDGROUP INVESTMENTS Positive Return Fund
Income DistributionsDecember
2010June2010
Class A 2.25 cpu 2.38 cpuClass A1 1.93 cpu 2.08 cpuClass A2 1.95 cpu 1.97 cpuClass B 1.41 cpu 1.55 cpu
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 3.42%
Management fee: Class A Management fee: 0 to 2.85% pa (Performance fee calculated daily as 10% of total positive performance above high watermark, limited to a maximum of 2.85% (incl. VAT) over any rolling 12-month period.)
Class A1 Base fee: 0.57% plus performance fee calculated daily as 10% of total positive performance above high watermark, limited to a maximum of 2.85% (including VAT) over any rolling 12-month period.
Class A2 1.42% pa Class B 1.71% to 4.56% pa
December2010
Market Value Rm 34
December2010
December2009
Market Value Rm 5 474 Rm 4 154 Risk Profile Low - Medium
PortfolioStructure
Basic Materials 24%
Consumer Goods 8%
Oil & Gas 3%Industrials 2%
Healthcare 1%
Money Market Instruments 29%
Financials 10%
Telecommunications 4%
Consumer Services 4%
Listed Bonds 5%
Cash 10%
Asset Allocation Range
Nedgroup Investments Abridged Annual Report 2010 25
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 3.42%
Management fee: Class A
Management fee: 0 -2.85% pa (Performance fee calculated daily as 10% of total positive performance above high watermark, limited to a maximum of 2.85% (incl. VAT) over any rolling 12-month period.)
Class A1 3.52% pa Class B 2.79% pa Class C 1.54% pa
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 40 410 14 365Distribution R 000's 40 418 14 377
Statement of financial position 2010 2009Total equity and liabilities R 000's 2 358 538 385 797Capital value of unit portfolio R 000's 2 319 531 380 094Current liabilities R 000's 39 007 5 703Total assets R 000's 2 358 538 385 797
Investment objective
The fund seeks to offer investors total returns that are in excess of
inflation over the medium term. A maximum of 40% of the fund’s
assets may be invested in domestic equities at all times. The fund
complies with Regulation 28 of the South African Pension Funds Act.
NEDGROUP INVESTMENTS Stable Fund
Income DistributionsDecember
2010June2010
Class A 1.53 cpu 1.89 cpuClass A1 1.26 cpu 1.61 cpuClass B 0.71 cpu 1.02 cpuClass C 1.40 cpu 1.68 cpu
December2010
December2009
Market Value Rm 2 349 Rm 385
Risk Profile Low - Medium
PortfolioStructure
Local Equities 40%
ForeignEquities 13%
Foreign Cash 6%
Listed Bonds 5%
Local Cash 36%
Asset Allocation Range
Nedgroup Investments Abridged Annual Report 201026
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 24 071 23 305Distribution R 000's 24 135 23 207
Statement of financial position 2010 2009Total equity and liabilities R 000's 321 205 273 808Capital value of unit portfolio R 000's 314 537 267 709Current liabilities R 000's 6 668 6 099Total assets R 000's 321 205 273 808
Investment objective
A specialist portfolio aiming to secure an optimal overall yield,
comprising both capital and income. The fund invests across
government and parastatal bonds, as well as other fixed income
securities approved by the Financial Services Board.
Income DistributionsDecember
2010September
2010June2010
March2010
Class A 3.14 cpu 3.07 cpu 3.14 cpu 3.08 cpuClass B 2.48 cpu 2.44 cpu 2.52 cpu 2.48 cpuClass R 3.18 cpu 3.08 cpu 3.13 cpu 3.08 cpu
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 0.68%Management fee: Class A 0.57% pa Class B 2.22% pa Class R 0.57% pa
December2010
December2009
Market Value Rm 322 Rm 274
Risk Profile Low - Medium
MaturitySpread
3-7 years 35%
7-12 years 29%
12+ years 21%
0-1 year 14%
1-3 years 1%
NEDGROUP INVESTMENTS Bond Fund
Income Range
Nedgroup Investments Abridged Annual Report 2010 27
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 1.71%Management fee: Class A 0.80% pa Class B 2.39% pa
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 74 476 38 742Distribution R 000's 68 555 32 969
Statement of financial position 2010 2009Total equity and liabilities R 000's 2 440 235 770 576Capital value of unit portfolio R 000's 2 414 579 762 432Current liabilities R 000's 25 656 8 144Total assets R 000's 2 440 235 770 576
Investment objective
The primary investment objective of the portfolio is to seek to
generate returns that exceed cash deposits on an after-tax basis,
i.e. returns similar to those available from a bank, but in a far
more tax efficient manner through the generation of dividends,
capital gains and interest income.
NEDGROUP INVESTMENTS Optimal Income Fund
December2010
December2009
Market Value Rm 2 428 Rm 768
Risk Profile Low
Income DistributionsDecember
2010September
2010June2010
March2010
Class A 0.79 cpu 2.21 cpu 1.57 cpu 1.84 cpuClass B 0.18 cpu 1.64 cpu 1.01 cpu 1.28 cpu
PortfolioStructure
Hedged Equity 47%
Money Market Floating 18%
Preference Shares 22%
Hybrid Debt 5%
Credit Bonds 8%
Nedgroup Investments Abridged Annual Report 201028
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 380 684 305 615Distribution R 000's 380 743 305 585
Statement of financial position 2010 2009Total equity and liabilities R 000's 5 700 091 4 283 033Capital value of unit portfolio R 000's 5 667 172 4 254 784Current liabilities R 000's 32 919 28 249Total assets R 000's 5 700 091 4 283 033
Investment objective
The fund aims to maximise interest income while protecting the initial
capital and providing immediate liquidity to investors by investing in
short-term money market instruments.
NEDGROUP INVESTMENTS Money Market Fund
Income Distributions2010
December2010
November2010
October2010
September
Class R 0.50 cpu 0.51 cpu 0.54 cpu 0.54 cpu
2010 August July June May
Class R 0.57 cpu 0.58 cpu 0.57 cpu 0.60 cpu
2010 April March February January
Class R 0.59 cpu 0.62 cpu 0.56 cpu 0.62 cpu
Fees and Charges (VAT incl.)
Initial fee 0.00%Management fee: Class R 0.57% pa
December2010
December2009
Market Value Rm 5 698 Rm 4 281
Risk Profile Low
Maturity spread6-12 months 1%
0-3 months 99%
Income Range
Nedgroup Investments Abridged Annual Report 2010 29
Fees and Charges (VAT incl.)
Initial fee 0.00%Management fee: Class A 0.40% pa Class B 0.57% pa Class C 0.29% pa
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 27 859 34 485Distribution R 000's 27 847 34 509
Statement of financial position 2010 2009Total equity and liabilities R 000's 942 487 369 856Capital value of unit portfolio R 000's 926 167 362 324Current liabilities R 000's 16 320 7 532Total assets R 000's 942 487 369 856
Investment objective
The fund aims to preserve capital and to provide a total return in
excess of that offered by money market portfolios, regular annual
fixed deposits and cash accounts.
NEDGROUP INVESTMENTS Cash Plus Fund
December2010
December2009
Market Value Rm 942 Rm 370
Risk Profile Low
Income DistributionsDecember
2010September
2010June2010
March2010
Class A 1.71 cpu 1.89 cpu 1.93 cpu 2.02 cpuClass B 1.67 cpu 1.84 cpu 1.90 cpu 1.98 cpuClass C 1.74 cpu 1.91 cpu 1.97 cpu 2.05 cpu
Maturity Spread0-3 Months 100%
Nedgroup Investments Abridged Annual Report 201030
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 325 579 391 977Distribution R 000's 333 321 401 049
Statement of financial position 2010 2009Total equity and liabilities R 000's 4 943 401 6 055 699Capital value of unit portfolio R 000's 4 865 389 5 948 652Current liabilities R 000's 78 012 107 047Total assets R 000's 4 943 401 6 055 699
Investment objective
The fund aims to maximise income and identify opportunistic capital
gains by actively repositioning the portfolio across a dynamic mix of
cash, bonds and other fixed interest securities.
NEDGROUP INVESTMENTS Flexible Income Fund
Income DistributionsDecember
2010September
2010 June2010
March2010
Class A 21.66 cpu 21.83 cpu 24.25 cpu 22.03 cpuClass A1 19.96 cpu 20.04 cpu 22.54 cpu 20.32 cpuClass A2 19.30 cpu 19.45 cpu 22.42 cpu 19.58 cpuClass B 15.42 cpu 15.18 cpu 18.22 cpu 15.34 cpuClass R 21.46 cpu 20.81 cpu 23.79 cpu 20.87 cpu
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 0.68%
Management fee: Class A Management fee: 0 - 1.43% pa (Performance fee calculated daily as 10% of total positive performance above high watermark, limited to a maximum of 1.43% (incl. VAT) over any rolling 12-month period.)
Class A1Management fee: 0-2.00% pa (Base fee of 0.57% plus performance fee calculated daily as 10% of total positive performance above high watermark, limited to a maximum of 1.43% (incl. VAT)
over any rolling 12-month period.)
Class A2 1.25% pa Class B 2.28% pa Class R 0.86% pa
December2010
December2009
Market Value Rm 4 940 Rm 6 049
Risk Profile Low - Medium
Credit Bonds 16%
Money Market Floating 50%
InternationalAssets 17%
Inflation-Linked Bonds 15%
Cash 2% PortfolioStructure
Income Range
Nedgroup Investments Abridged Annual Report 2010 31
Fees and Charges (VAT incl.)
Initial fee 0.00%
Maximum financial adviser fee 3.42%
Management fee: Class A 1.14% pa
Statement of comprehensive income 6 Months to31 Dec 2010
Income available for distribution R 000's 1 685Distribution R 000's 1 679
Statement of financial position 2010Total equity and liabilities R 000's 80 675Capital value of unit portfolio R 000's 80 084Current liabilities R 000's 591Total assets R 000's 80 675
Investment objective
A specialist portfolio aiming to secure an optimal overall yield
comprising both income and long-term capital appreciation by
investing primarily, but not exclusively, in listed property shares
and collective investment schemes in property. The portfolio shall
maintain a minimum effective exposure to real estate securities
of 50% or such other percentage as prescribed by ASISA.
NEDGROUP INVESTMENTS Property Fund
December2010
Market Value Rm 81
Risk Profile Medium - High
Income DistributionsDecember
2010September
2010
Class A 0.62 cpu 2.17 cpuClass A1 0.70 cpu 2.22 cpu
Real Estate Holding & Development 74%
Real Estate Investment Trusts 22%
Cash 4%
PortfolioStructure
Income Range
Nedgroup Investments Abridged Annual Report 201032
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 3.42%Management fee: Class A - Feeder Fund 0.00% pa
- Offshore Fund 1.50% paClass B 2.39% paClass B1 2.75% pa
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's (4 085) 2 014Distribution R 000's 87 0
Statement of financial position 2010 2009Total equity and liabilities R 000's 493 402 249 905Capital value of unit portfolio R 000's 493 266 249 660Current liabilities R 000's 136 245Total assets R 000's 493 402 249 905
Investment objective
A global equity fund that aims to provide investors with long-term
capital growth through active stock selection in global equity
markets. A minimum of 85% of the fund’s assets will be invested
offshore, with a minimum of 75% in equities at all times.
Income DistributionsDecember
2010December
2009
Class A 0.03 cpu 0.00 cpuClass B 0.07 cpu 0.00 cpu
December2010
December2009
Market Value Rm 493 Rm 251
Risk Profile Medium - High
PortfolioStructure
Emerging Markets Equity 7%
US Equity 28%
Japan Equity 6%
Domestic Cash 19%
European Equity 16%
Foreign Cash 11%
UK Equity 13%
NEDGROUP INVESTMENTS Global Equity Feeder Fund
International Rand-Denominated Range
Nedgroup Investments Abridged Annual Report 2010 33
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 3.42%Management fee: Class A - Feeder Fund 0.00% pa
- Offshore Fund 1.50% paClass B 1.25% paClass R 0.00% pa
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 492 488Distribution R 000's 888 379
Statement of financial position 2010 2009Total equity and liabilities R 000's 661 182 508 868Capital value of unit portfolio R 000's 660 199 507 937Current liabilities R 000's 983 931Total assets R 000's 661 182 508 868
Investment objective
A global balanced fund that aims to provide investors with long-term
capital growth and income through a diversified portfolio of foreign
equities and fixed income securities. A minimum of 85% of the fund’s
assets will be invested offshore.
NEDGROUP INVESTMENTS Global Balanced Feeder Fund
Income DistributionsDecember
2010December
2009
Class A 1.24 cpu 0.56 cpuClass B 0.00 cpu 0.00 cpuClass R 0.41 cpu 0.27 cpu
December2010
December2009
Market Value Rm 661 Rm 508
Risk Profile Medium - High
PortfolioStructureForeign Equities 60%
Foreign Fixed Interest 19%
Foreign Alternative Assets 3%
Foreign Property 1%
Foreign Cash 7%
Domestic Cash 10%
Nedgroup Investments Abridged Annual Report 201034
Fees and Charges (VAT incl.)
Initial fee 0.00%Maximum financial adviser fee 3.42%Management fee: Class A 0.00% pa
Offshore Fund 1.50% paClass A1 0.00% paClass B 1.25% pa
Statement of comprehensive income Year Ended31 Dec 2010
2 Months Ended31 Dec 2009
Income available for distribution R 000's (12) 0Distribution R 000's 0 1
Statement of financial position 2010 2009Total equity and liabilities R 000's 2 772 1 285Capital value of unit portfolio R 000's 2 772 1 284Current liabilities R 000's 0 1Total assets R 000's 2 772 1 285
Investment objective
A low-risk asset allocation fund that aims to provide investors with
steady long-term capital growth, while at the same time controlling
the level of downside risk. The fund will invest in a diversified
portfolio of foreign equities and fixed income securities with a
maximum equity exposure of 50%. A minimum of 85% of the fund’s
assets will be invested offshore.
Income DistributionsDecember
2010December
2009
Class A 0.00 cpu 0.56 cpuClass A1 0.00 cpu 0.99 cpuClass B 0.00 cpu 0.00 cpu
December2010
December2009
Market Value Rm 3 Rm 1
Risk Profile Medium - High
PortfolioStructure
Domestic Cash 3%
Foreign Equities 25%
Foreign Bonds 24%
Foreign Convertibles 6%
Foreign Cash 42%
NEDGROUP INVESTMENTS Global Cautious Feeder Fund
International Rand-Denominated Range
Nedgroup Investments Abridged Annual Report 2010 35
Fees and Charges (VAT incl.)
Initial fee 0.00%Management fee 0.00% pa
Statement of comprehensive income Year ended31 Dec 2010
Year ended31 Dec 2009
Income available for distribution R 000's 826 460Distribution R 000's 824 459
Statement of financial position 2010 2009Total equity and liabilities R 000's 11 109 5 059Capital value of unit portfolio R 000's 10 285 4 600Current liabilities R 000's 824 459Total assets R 000's 11 109 5 059
Investment objective
A savings fund where you can save money for your children’s
education and receive a government grant as a bonus for your savings.
NEDGROUP INVESTMENTS Fundisa Fund
Income DistributionsDecember
2010December
2009
Class A 8.75 cpu 10.70 cpuClass G 8.75 cpu 10.74 cpu
December2010
December2009
Market Value Rm 11 Rm 5
Risk Profile Low - Medium
PortfolioStructure
of the CentralFundisa Fund
Cash 100%
Corporate Social Responsibility
Nedgroup Investments Abridged Annual Report 201036
DisclaimerCollective Investment Schemes in Securities (CIS) are generally medium- to long-term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. The price of each unit is aimed at a constant value. The total return to the investor is primarily made up of interest received, but may also include any gain or loss made on any particular instrument. In most cases this will merely have the effect of increasing or decreasing the daily yield, but in an extreme case it can have the effect of reducing the capital value of the portfolio. CIS are traded at ruling prices and can engage in borrowing and scrip lending. Different classes of units apply to these portfolios and are subject to different fees and charges. A schedule of fees and charges and maximum financial planner fees is available on request from Nedgroup Investments. Financial planner fees may be paid and if so, would be included in the overall costs. A Feeder Fund is a portfolio that, apart from assets in liquid form, consists solely of participatory interests in a single portfolio of a collective investment scheme. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Portfolios may be closed or capped at any stage.
Nedgroup Investments is a member of the Association of Savings & Investment South Africa.
Contact us
Client Service Centre (within South Africa) (outside South Africa) Tel: 0860 123 263 Tel: +27 21 416 6011 Fax: 0861 119 733 Fax: +27 11 263 6067
Email: clientservices@nedgroupinvestments.co.za Website: www.nedgroupinvestments.co.za
Western Cape BoE Clocktower, Clocktower Prescient, V&A Waterfront, Cape Town, 8001 PO Box 1510, Cape Town, 8000
Gauteng & Pretoria Nedbank Building Second Floor I Block 135 Rivonia Road, Sandown, 2197 PO Box 582, Johannesburg, 2000
Durban Nedbank Ridgeside, 2 Ncondo Place, Umhlanga, 4320 PO Box 50995, Musgrave, 4062
Copies of the audited financial statements for Nedgroup Collective Investments Limited,
together with each of the Nedgroup Investments unit trust portfolios are available
on request, free of charge. Simply call our Client Service Centre or send us an email to
clientservices@nedgroupinvestments.co.za to request a printed or electronic copy.
Nedgroup Collective InvestmentsCompany Registration Number: 1997/001569/06
TrusteesThe Standard Bank of SA Limited, PO Box 54, Cape Town, 8000
DirectorsD Macready, NA Andrew, CE Sevenoaks, MA Hoosain, J Bestbier
Company SecretaryNedgroup Secretariat Services (Proprietary) Limited
BR
AN
DLA
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