Investec Commodity Fund
MANAGEMENT Fund Manager's Comment
Daniel Sacks, BSc (Hons), CFA
Daniel is the sector head of resources at Investec Asset Management and portfolio manager on the Investec Commodity Fund unit trust. He joined Investec Asset Management in October 1997 as a portfolio administrator before moving to the research department in 1999 to begin working as an investment analyst on resources. Daniel received his Bachelor of Business Science (Honours) degree in Economics from the University of Cape Town in 1995, and is a Chartered Financial Analyst charterholder.

Investment objective The Investec Commodity Fund aims to grow capital over the long term. The objective is to achieve returns well in excess of a composite of the FTSE/JSE Resources Index and the FTSE/JSE Basic Industries Index, measured over three year periods. Strategy The fund invests in listed companies that are involved in mining, minerals, energy, natural resources and other commodities. The fund aims to take advantage of changing commodity cycles by investing in a range of resources such as gold, platinum, iron, steel, coal, oil and pulp. The investment team uses Investec's proprietary research platform. The fund favours equities that have a history of value creation, demonstrate strong and improving operating performance, are attractively valued relative to this performance and are increasingly drawing investors' attention. Fund features o A specialist equity fund for investors who want to benefit from South Africa's mineral and commodity wealth o Uses the Investec proprietary research model to assist in the screening and the selection of companies o Expected to outperform the broader stock market over the long term o Provides portfolio diversification o More volatile than a general equity fund

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SectorSouth African-Equity-Resource
Sector Rank: 3 out of 9
(lump sum over 3 years to 31 July 2017)
Overall Rank: 44 out of 1038
(lump sum over 3 years to 31 July 2019)
R1000 invested on 31 July 2016 was worth R 1530 at 31 July 2019
( 15.23% annual compound return)
R100 per month since 31 July 2016 was worth R 4860 at 31 July 2019
( 18.77% annual return compounded monthly)
Formation Date:01 FEB 1995 Holdings:32
Original Price:105 Pricing:Forward
Top Holdings on 31 July 2019
Share (Sector)No.Value% of Fund
BHP (Mining)284,427102,609,885 19.12 %
USA C (For Currency)08,793 0.00 %
CASH (Cash on call)01,452,635 0.27 %
U-AFRIRHO (Exchange Traded Funds)30,06413,934,063 2.60 %
TOTAL R118,005,37621.99%

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