Old Mutual Real Income Fund
MANAGEMENT Fund Manager's Comment
John Orford, BA Economic History (Hons),Postgraduate Dip (Quantitative Dev Economics), MSc (Dev Economics), MBA, Portfolio Manager
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. 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 and Stable Growth Funds and the Old Mutual Real Income and Stable Growth Funds. John s background as an investment strategist enables him to integrate top-down and bottom up analysis into portfolio construction.
Zain Wilson, BBusSc Economics, CFA, Portfolio Manager
Zain joined MacroSolutions in July 2015 as an investment analyst. In March 2018 he became co-portfolio manager of the Old Mutual Real Income Fund. In addition to this role, he is responsible for identifying "between the gap" investment opportunities for MacroSolutions portfolios in areas like preference shares, convertible bonds and international assets. He also contributes to MacroSolutions overall asset allocation. Prior to joining MacroSolutions, Zain was a Fixed Income and Quants Analyst at Old Mutual Investment Group s fixed income boutique, Futuregrowth Asset Management, for three and a half years.
FUND OBJECTIVES AND FOCUS

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 gain exposure to foreign assets up to a maximum of 30% of its portfolio (with an additional 10% for African ex-SA investments). Derivatives may be used for efficient portfolio management purposes.


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WEBGRAPH
RANKING
SectorSouth African-Multi Asset-Low Equity
SizeR5,434,372,453
Sector Rank: 12 out of 123
(lump sum over 3 years to 31 July 2019)
Overall Rank: 298 out of 1038
(lump sum over 3 years to 31 July 2019)
R1000 invested on 31 July 2016 was worth R 1212 at 31 July 2019
( 6.61% annual compound return)
R100 per month since 31 July 2016 was worth R 3991 at 31 July 2019
( 6.60% annual return compounded monthly)
TECHNICAL OVERVIEW
Formation Date:01 APR 2006 Holdings:166
Original Price:0 Pricing:Forward
Top Holdings on 31 July 2019
Share (Sector)No.Value% of Fund
SASOL (Chemicals)31,39310,982,841 0.20 %
RFG (Food Producers)554,1979,637,486 0.18 %
DERIVATIVB (Derivatives)0-255,531 -0.00 %
DIPULA A (Real Estate Investment Trusts)5,367,39654,801,113 1.01 %
FOREIGNBO (Foreign Invest)0157,433,100 2.90 %
R186 (Bond)641,061,290726,053,581 13.36 %
REUNERT (Electronic - Electrical Equipment)410,69928,215,021 0.52 %
CASH (Cash on call)0153,327,459 2.82 %
MM-10MONTH (Money Market)0180,472,131 3.32 %
ZPLP (Preference Shares)949,27267,398,312 1.24 %
VODACOM (Mobile Telecommunications)164,88219,812,221 0.36 %
TOTAL R1,407,877,73425.91%

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