Investec Property Equity Fund
MANAGEMENT Fund Manager's Comment
Neil Stuart-Findlay
Neil is a portfolio manager within our Frontier - Emerging Market Equities team, where his focus is on listed property. Neil transferred to the investment team in February 2004 after having previously worked as a project manager in the performance area and as an analyst in the trade implementation team. Prior to Investec Asset Management, Neil worked in London as a portfolio administrator in Coutts Private Bank and Deutsche Asset Management. He graduated from the University of Cape Town with a Bachelor of Business Science (Honours) degree in Accounting and Finance. Neil is a CFA Charterholder.

Investment objective The Investec Property Equity Fund aims to grow income and capital. The fund targets returns in excess of the SA Listed Property Index, measured over three year periods. Strategy The fund maintains an exclusive focus on interest-income generating South African listed property stocks, specifically Property Unit Trusts (PUTs) and Property Loan Stocks (PLSs). The investment team utilises Investec Listed Property Investments' proprietary research platform to assist in the screening and selection of listed property securities. The focus is on sourcing lines of stock at attractive prices and identifying value opportunities relative to the sector in order to achieve out performance. Fund features - Attractive and growing income returns - Long-term capital appreciation - An investment underpinned by tangible assets with fairly predictable income streams - Diversification from a general equity portfolio - Active exposure to the South African listed property sector - Fund's volatility is similar to a general equity fund

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SectorSouth African-Real Estate-General
Sector Rank: 8 out of 22
(lump sum over 3 years to 30 September 2015)
Overall Rank: 167 out of 745
(lump sum over 3 years to 30 September 2015)
R1000 invested on 30 September 2012 was worth R 1564 at 30 September 2015
( 16.08% annual compound return)
R100 per month since 30 September 2012 was worth R 4813 at 30 September 2015
( 18.19% annual return compounded monthly)
Formation Date:01 JUN 2004 Holdings:18
Original Price:100 Pricing:Forward
Top Holdings on 30 September 2015
Share (Sector)No.Value% of Fund
GROWPNT (Real Estate Investment Trusts)45,290,9301,198,398,008 20.68 %
CASH (Cash on call)0138,735,064 2.39 %
TOTAL R1,337,133,07223.07%

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