Old Mutual Gold Fund
MANAGEMENT Fund Manager's Comment
Meryl Pick, BScEng (Chem), MBA
Meryl joined Old Mutual Equities in 2012. She is responsible for analysing gold miners, the retail sector and various industrial shares. Her background enables her to look at companies with an insider s perspective while bringing her analytical skills to the fore. Having graduated as a chemical engineer, Meryl initially joined Unilever where she worked for five years. Thereafter, she joined ABSA where she spent two years before joining Old Mutual Equities. Meryl has three years of work experience in the asset management industry.

The fund aims to offer the investor superior returns over the medium to longer term. It invests in gold and gold-related shares showing above average prospects for growth. Up to 20% of the portfolio may be invested offshore. The fund aims to achieve its performance objectives through well-researched and superior share selection. The fund is for investors who are bullish on gold, and who are wishing to invest a portion of their total portfolio in this higher risk sector of the market. This is an aggressive risk fund (risk rating 5). With its exclusive exposure to the gold sector, it may be more volatile than a fully diversified general equity fund. Adding to the fund's higher risk profile are the different limits that apply to the portfolio composition, and exposure to a single security may be higher. The fund is exposed to share price movements, which are affected by the performance of individual companies, general market conditions as well as political and economic changes. Risk is minimised through a diversified portfolio of shares. Poor performance of one share may be offset by stronger performance of other shares.

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Sector Rank: 1 out of 1
(lump sum over 3 years to 31 July 2017)
Overall Rank: 806 out of 818
(lump sum over 3 years to 31 July 2017)
R1000 invested on 31 July 2014 was worth R 872 at 31 July 2017
( -4.48% annual compound return)
R100 per month since 31 July 2014 was worth R 3354 at 31 July 2017
( -4.64% annual return compounded monthly)
Formation Date:05 FEB 1990 Holdings:10
Original Price:242.19 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
ANGLD (Mining)1,049,256134,955,307 35.63 %
FOREIGNEQ (Foreign Invest)0123,877,878 32.71 %
CASH (Cash on call)012,893,368 3.40 %
TOTAL R271,726,55371.74%

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