Old Mutual Real Income Fund
MANAGEMENT Fund Manager's Comment
John Orford, BA (Hons), MBA, MSc: Development Economics
John joined MacroSolutions in June 2014 as a portfolio manager. As a member of the MacroSolutions team, he is responsible for managing conservative funds including the Profile Capital - Stable Growth Funds and the Old Mutual Real Income and Stable Growth Unit Trusts. John's background as an investment strategist enables him to integrate top down and bottom up analysis into portfolio construction. Prior to joining MacroSolutions, he was the Investment Strategist for South Africa at UBS South Africa for nine years. In his last two years at UBS, he was also responsible for the emerging EMEA Equity strategy. John has 12 years of work experience in financial markets in South Africa and London. In addition he has seven years of experience as an economist in public and private sector capacities in Namibia and South Africa.

The fund aims to provide an income that grows in line with inflation, while sustaining the level of capital over time and minimising any losses over a 12-month period. The portfolio manager actively manages asset allocation to take advantage of changing market conditions. This fund is suited to investors who can accept a lower initial income in return for the expectation of inflation-matching growth in income over the recommended investment term, while maintaining the value of their capital. It is suitable as a low-risk investment in retirement. The fund invests in the full spectrum of fixed interest investments. The fund may invest up to 25% of its portfolio in selected listed property shares and up to 10% in equities. The fund may invest up to 25% of its portfolio offshore in line with Treasury guidelines. Derivatives may be used for risk management purposes.

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SectorSouth African-Multi Asset-Low Equity
Sector Rank: 36 out of 84
(lump sum over 3 years to 31 July 2017)
Overall Rank: 384 out of 818
(lump sum over 3 years to 31 July 2017)
R1000 invested on 31 July 2014 was worth R 1206 at 31 July 2017
( 6.45% annual compound return)
R100 per month since 31 July 2014 was worth R 3987 at 31 July 2017
( 6.54% annual return compounded monthly)
Formation Date:01 APR 2006 Holdings:166
Original Price:0 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
DERIVATIVB (Derivatives)0-41,188 -0.00 %
GROWPNT (Real Estate Investment Trusts)3,129,51486,562,357 1.65 %
FOREIGN MMI (For Currency)0108,484,540 2.07 %
BONDS (Bond)0283,459,768 5.41 %
CASH (Cash on call)0318,590,079 6.08 %
MM-05MONTH (Money Market)0176,272,434 3.36 %
ZPLP (Preference Shares)855,21954,562,972 1.04 %
MTN GROUP (Mobile Telecommunications)435,64559,509,106 1.14 %
TOTAL R1,087,400,06820.75%

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