The following asset portfolio was specially

created and individualized for Wealth

Gold’s client, Mr. Sable

Asset Portfolio for Mr S

able
Investment Management 3B
GROUP 24

Created by the following Wealth

Gold’s Portfolio Managers:

❖ DLAMINI STM
❖ KGABI M
❖ LETANTA K
❖ MANDHLA S ❖ MOKOENA D
❖ NDLANGAMANDLA SS
❖ PALELE M
❖ SERATI SC
❖ VILAKAZI MM
Table of Contents
Investor Description.....................................................................................................................................2
Disclaimer....................................................................................................................................................2
Investor Profile.............................................................................................................................................2
Investor Summary........................................................................................................................................2
Market Description......................................................................................................................................3
ASSET ALLOCATION......................................................................................................................................8
ASSET ALLOCATION ANALYSIS:....................................................................................................................9
PORTFOLIO RETURNS AND ANALYSIS........................................................................................................20
PORTFOLIO RETURNS................................................................................................................................21
REFRENCES................................................................................................................................................24
Investor Description

Disclaimer
The following asset portfolio was designed by Wealth Gold Inc. and created for Mr. Sable based on his
return objectives, risk tolerance, liquidity requirements and time horizon. The client has been made
explicit aware of the risks involved in investing in various investment vehicles. The asset portfolio
returns have been tracked on a weekly, quarterly, and annual basis. The final return has been calculated
using the holding period return formula.

Investor Profile

Mr. Sable is a 26-year-old single black South African chartered accountant. He works at
PricewaterCoopers (PwC) as an associate financial accountant and earns R750 000 annually. He
recently inherited his share in his parents’ estate amounting to R250 000. He wishes to invest
R200 000 in various asset classes, so that he can be able to purchase his dream home in the
next 10 years.
He is not worried about accessing and withdrawing funds from the investments for the next 10
years. However, once he begins withdrawing funds from the investment, he plans to spend all
of the funds within 7 years. He wishes to realize an absolute return of 14% (after all expenses
have been deducted) in the next 8 years.
Mr. Sable has good knowledge of investments and is equally concerned about his investment
losing or gaining value. However, he wishes his investment to earn him both growth and
income whilst being less volatile than the market as a whole.

Investor Summary
After careful consideration of Mr. Sable’s time horizon, return objectives, liquidity and risk
appetite, Wealth Gold identified him to be a moderate. Which is an investor that values equally
reducing risk and enhancing returns. Mr Sable is willing to endure a short-term loss of principal
and lower degree of liquidity in exchange of long-term appreciation

Market Description

SA
Before we dive right into the South African Stock Market, we first analysed the South African
economy and how healthy it is doing. Looking at South Africa’s GDP for the past 5 years, we see
an economy characterised by a mixture of concerning challenges and some applaudable
growth. The economy has faced a variety of challenges, like high unemployment rates, high
crime rates and down-scaling of companies. This analysis warns us on the type of companies we
must target when making investment, as growth stocks will not necessarily be fruitful for the
long term.

Below is a picture of the South African Economic Growth Rate between 2017 and 2022.
Looking at the graph and extrapolating the information, we see South Africa has an average
growth rate of 0.5%, which is very low. This is caused by the huge variability in this economy.

Interest Rates
Another Indicator of the health of the economy is Interest rate.
Interest rate refers to the rate at which money is borrowed but because of the effect of interest
rate on money supply, consumer spending, and exchange rates, there’s a lot of connotations
tied to it.

Graph showing South Africa’s Interest Rates for past 5 years.

As we can see, the interest rates were moderately high before 2020, but during Covid 2020,
they began to drop and now have risen to the highest it’s been in the past 10 years. High
interest rates mean.

▪ Increased cost of borrowing money

▪ Reduced disposable income.

▪ Reduced inflationary pressure.

▪ Appreciation in exchange rate

These imply a lack of reinvestment by companies, low disposable income means its harder for
growth stocks to thrive, but rather value stocks are a more prominent investment option. There
are a lot more stock options and investments to consider.

JSE
The South African market is a long-standing well-regulated market. The South African Stock
market also known as Johannesburg Stock Exchange was established in 1987 and has stood the
test of time surviving the various Market Crashes. Johannesburg Stock Exchange (JSE), is
influenced by various factors, including the government, inflation, and other economic
indicators. Here is a thorough market description of the South African market:

Johannesburg Stock Exchange (JSE): The JSE is Africa's largest, most liquid stock exchange,
providing a platform for trading equities, bonds, and derivatives. It serves as an important
barometer of South Africa's economic performance and investor sentiment. The JSE is home to
numerous listed companies across various sectors, including mining, finance,
telecommunications, and consumer goods.
Key Indices: The JSE's main indices include the FTSE/JSE All Share Index (ALSI), these indices
represent a broad measure of the market performance, and sector-specific indices like the
Financials Index, Industrial Index, and Resources Index. These indices provide knowledge into
the performance of different sectors within the South African economy and gives projectiles on
expected growth in certain areas. Putting everything (spending/investing) into perspective.
Market Capitalization: The JSE's market capitalization reflects the overall value of listed
companies, the JSE had a market capitalization of R9.7 bn, (JSE Limited) (2020: R9.8 billion)
there are 1 108 Securities available on the JSE (2020: 1 003), 61% Average liquidity2 (JSE
Limited) (2020: 61%) and 288 Companies listed on the Main Board (2020: 300), including 62
foreign domiciled companies (2020: 69)

Stock performance is influenced by many different factors, both macro and micro-economic
factors. Some Major Factors that affect Stock Performance:

1. Government
 South Africa is one of the most developed an economy in Africa, with a unique
industrial base and rich natural resources. The government plays an important role in
the country's economic policies and regulations, which can have an immense impact on
the JSE. Key government institutions, such as the South African Reserve Bank (SARB),
the
National Treasury, and the regulatory body, the Financial Sector Conduct Authority
(FSCA), oversee the financial and capital markets. Policies related to taxation, land
reform, labour laws, and empowerment initiatives (such as Black Economic
Empowerment) can influence investor confidence and business operations. Political
stability and policy certainty are crucial factors for attracting both domestic and foreign
investment. The actions of Government and its officials carry much weight as they affect
prices of currency and at times stocks. In Picking stocks, we ought to look for one with
less volatile movement in relation to Government actions as they tend to be
unpredictable.

2. Economic Growth:
Economic growth is a critical driver of stock market performance. Factors such as GDP
growth, employment rates, and consumer spending impact investor sentiment and
corporate profitability. South Africa's economic growth has historically been modest,
influenced by factors such as global commodity prices, domestic policy decisions, and
structural challenges like unemployment and income inequality. A modest economic
growth is suitable for a moderate investor as the value of their investment will not get
devalued by inflation.

3. Currency and Exchange Rates:

The South African rand (ZAR) is the country's currency. Exchange rate fluctuations can
affect the profitability and competitiveness of companies traded on JSE, particularly
those engaged in international trade. Currency volatility can impact investor sentiment
and the performance of export-oriented and import-dependent sectors.

4. Consumer price index/inflation:

The substitution effects—consumers' propensity to shift spending away from goods and
categories that have become relatively more expensive—are considered when calculating the
CPI indexes from the data.
In the year ending in June 2020, the Consumer Price Index (CPI) increased by 7.9%, down from
8.7% in May and from a recent peak of 11.1% in October 2021. The 0.1% monthly increase in
prices contrasted to a 0.8% yearly increase was the cause of the CPI annual rate dropping
between May and June 2023. Along with an increase in the price of commodities globally, South
Africa's inflation is also being fueled by above inflationary electricity price hikes and output
losses because of sporadic power outages.
When yearly average inflation in South Africa jumped from 3.2% at the end of 2020, a rising
inflation trend started in 2021. The average prime lending rate was 10.5% in 2016, 446 basis
 points greater than the rate at which loans are typically made now, for an average inflation rate
of 6.6%. In 2022, interest rate rises are most likely to continue.
Price inflation in South Africa is impacted by exchange rate fluctuations through imported
products and services. From the third quarter of 2020 to the second quarter of 2021, the rand's
average quarterly exchange rate against the US dollar, the British pound, and the euro
increased. The rand, however, has declined in value versus the US dollar, the British pound, and
the euro since the third quarter of 2021. The rand's weakening will boost import prices and
inflation in South Africa when combined with rising commodity prices.

5. Commodity Prices:
South Africa is rich in natural resources, including gold, platinum, coal, and diamonds.
Commodity prices, influenced by global supply and demand dynamics, can have a
significant impact on the performance of mining and resource companies listed on the
JSE. In 2020, PwC forecast that global oil demand would “never again exceed 2019
levels”, as the pandemic accelerates the transition to cleaner energy sources. The price
of oil at the pumps is a key cost for consumers and business alike, so this is a space to
watch.
Platinum’s price rose 11% in 2020 and palladium’s 28%. Palladium’s fortunes have been
lifted by its role as a catalyst for petrol engines, which are coming into favour in key
markets over diesel engines because of emissions regulations. Maintaining these rallies
will hinge on several things, including the availability of above-ground stocks.

6. Pandemic
The COVID-19 pandemic, and unprecedented restrictions designed to protect public
health, have led to a sharp contraction in the domestic economy. Government
interventions have cushioned the impact on workers and businesses but have not offset
the full decline. South Africa’s economic growth is forecast to fall by 7.2 per cent in 2020
because of the crisis, the March and April 2020 credit rating downgrades, and the
compounding effects of weak investor confidence. The following allows the investor to
have sufficient information in decision making when it comes to invest in short- or
longterm investment.

The South African has relative macroeconomic stability but is struggling to recover from
the COVID-19 pandemic, July 2021 riots, and floods in three provinces. This is despite a
boom in commodity exports. The economy expanded by 0.8 percent in 2018 and by 0.2
percent to $350 billion in 2019. The Covid-19 pandemic has led to a 7 percent
contraction to $302 billion in 2020; the 2021 growth rate was 4.9%. Inflation was 6.5
 percent in May 2022. This is above the upper band of the South African Reserve Bank’s
(SARB) monetary policy target range which is 3-6%

ASSET ALLOCATION
After careful consideration ana analysis of Mr. Sable’s time horizon, return objectives, liquidity and risk
appetite, Wealth Gold identified him to be a moderate investor and therefore identified 3 asset classes
suitable for him to invest in, namely being:

1. Equities,
2. Fixed income, and 3. Alternative investments.

The allocation size per asset class will be divided according to Wealth Gold’s allocation structure for their
moderate investors. The structure is presented below:

ASSET ALLOCATION
Alternative Investments Fixed Income Equities

35%

35%

30%

Mr. Sables’s Portfolio will be split into the following Assets:

▪ Shoprite Ltd (22.75%)

▪ Reunert Ltd (12.25%)
▪ AfricaGold ETF (17.5%)
▪ Satrix REITway Global Property ETF (17.5%)
▪ Ashburton stable income fund (30%)
ASSET ALLOCATION ANALYSIS:
Shoprite Holdings Ltd

Since Mr. Sable is a moderate investor, we looked for stocks that have a steady growth (moderate
volatility) in their price fluctuations for a short to medium term. In our findings, we decided that
Shoprite Holdings Limited would be a beneficial fit to Mr. Sable’s portfolio. As of June 2021, the Shoprite
share price was quoted at 15,383 ZAR per share. This was a 20% rise since the start of the year. The
Shoprite share price reached all-time highs in March 2018 when shares were valued at 28,195 ZAR. From
then until July 2020, Shoprite’s shares suffered a significant price decline, losing over 64% of its value.
However, since July 2020, the company has turned its fortunes around, and the Shoprite share price is
now heading in an upwards trajectory, forming clear higher highs. This research shows that the share
price decreasing trend has stopped and reversed, which makes it a desirable investment opportunity for
Mr. Sable.

In addition to the moderate volatility of share prices, Shoprite proves to be a good selection for Mr.
Sable because of its profitability. The reason being, as of June 2021, the company’s P/E ratio was 27.51.
This meant that Shoprite was trading at just over 27x of their earnings and indicates that Mr. Sable can
expect a solid level of growth from this company going forward. This was the highest level that the
company’s P/E ratio has been at since 2018. In terms of EPS, Shoprite’s EPS for the previous twelve
months was stated as 6.35 ZAR. This EPS figure shows that Shoprite is profitable and makes a healthy
amount of earnings for each outstanding share. These findings provide a good level of certainty that the
investor will reach his return objective of 14%.

Because Shoprite offers a lower level of liquidity, this might concern most investors, but not Mr. Sable as
he is not looking for a steady income before maturity of his investment. This means that a Shoprite stock
is beneficial for the investor considering his time horizon of 10 years. With his time horizon he can
expect steady appreciation in his growth and income of the stock.

We made the decision to invest in a second equity stock for Mr. Sable that would be negatively
correlated with our first choice. This decision was made to hedge any possible risks that might be
encountered with our first stock.

Reunert Ltd

Reunert Limited was selected because in comparison to Shoprite, Reunert Ltd benefits from
loadshedding unlike Shoprite that gets impacted due to lack of power or hefty expenses due to power
generators. Reunert has an electrical engineering business segment with a significant footprint across
the electrical and telecommunications infrastructure industries. The Low Voltage segment supplies
electrical distribution, protection, and control equipment. These products are sure to be in demand due
to the increase in cable theft and vandalism, equipment burning out from power surges, and business
projects to change energy sources.

Because of it’s positioning in the market, Reunert Ltd is a profitable stock for Mr Sable. This can be
backed by the group’s results. The financial performance of Reunert in 2021 was enhanced by a robust
comeback in the Electrical Engineering section and a great showing in the ICT segment. Headline
earnings per share (HEPS) were 478 cents (2020: 115 cents) and earnings per share (EPS) were 483 cents
(2020: 29 cents) as a result of a 19% increase in group revenue to R9 575 million (2020: R8 046 million)
and a 405% increase in operating profit to R1 050 million (2020: 208 million restated). These results
provide reassurance of obtaining the investor’s return objectives.
To further enhance our reasoning for our selection, Reunert has defendable market positions and good
market fundamental support which aids in continued growth in all segments. This provides assurance of
stable fluctuations that fit our moderate investor’s risk profile and in reaching his objective of long-term
appreciation.

These two companies are negatively correlated specifically regarding the electricity crisis. Reunert has
increasing demand, which in turn offers better returns for the company than Shoprite. Reunert would be
a good company to hedge the risk of any possible losses incurred by Shoprite, not only because it has an
electrical engineering business segment but because they have a footprint across both electrical and
telecommunications which are industries that are impacted positively on average, and they have more
stable price fluctuations compared to a company like Shoprite that gets impacted by several
macroeconomic factors. However, this does not deny the greater performance of Shoprite Holdings
even with the price fluctuations over the long-term.

AfricaGold ETF

Gold was selected as it has historically been considered a good hedge against inflation. Given the
unprecedented times and economic uncertainty regarding the economy caused by the pandemic, Gold
was selected as the first and only “safe haven” in this pool of alternative investments. During times of
inflation and market uncertainty, the price of Gold has increased, this is extremely beneficial as the
pandemic has caused the global inflation to increase to 4.5% (1,2% increase from 2020).

The ETF is managed by Standard Bank and was issued back in 2014. It is structured in such a way that
the investor directly invests in gold and is exposed to gold which is physically in reserves.

An investment in this ETF is one that is considered long-term and requires a minimum of a 5-year period
to realize impressive gains. Since Mr. Sable is not concerned with the liquidity of his investment for the
foreseeable future, it is well suited to his needs of appreciation and safe from inflation.

Satrix REITway Global Property ETF

The South African real estate market has been increasing ever since the financial crisis in 2009. Although
growth has been smaller compared to pre-crisis years, the growth of real estate has continued even
during the pandemic. In comparison to private homes growth, rental growth has been slower (1%>),
however the value of investment allocated to commercial properties is expected to increase to R20,5
billion at the end of 2021.

REITs are attractive as they offer potential for long-term capital appreciation and stable dividends. Over
the last 20 years REIT’s have outperformed the S&P500 and inflation. In addition, REITs are easily
accessible on public exchanges and offer better data transparency compared to other alternative
investments.

Because Mr. Sable is concerned about both growth and income, this real estate property was found
suitable as it is known to pay dividends thus providing an income cash stream.

The SATRIX REITway Global Property ETF is structured in such a way that it provides access to
international portfolios of listed real estate in local rand currency.

ASHBURTON INVESTMENTS – STABLE INCOME FUND

A wide variety of fixed income securities was thoroughly investigated and looked at. Due to our client
being a moderate investor that is an investor that values equally reducing risk and enhancing value, it
was then decided that it is best to opt for the Ashburton Stable Income Fund. It is rated annually and
currently has a rating of AA-(za)(f) from Global Credit Ratings It only utilizes instruments which minimize
interest rate risk and volatility. The probability of a long-term capital loss in this security is extremely low
and it is appropriate for both short term parking of capital and long-term conservative investing.

Fund profile

This fund is suitable for investors wanting a low-risk investment, income more than current accounts.

Fund Objective and Strategies

The Ashburton Stable Income vehicle is an actively managed cash vehicle that aims to outperform
conventional money market unit trust funds in terms of returns. In this vehicle the investment manager
can invest in income generating instruments with a longer maturity. The investment objective of the
fund is to maximize the current level of income within the restrictions set out in the investment policy,
while providing high stability of capital. It aims to achieve performance returns more than money
market yield and current account yields.

Fund performance

Monthly performance history %

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2023 1.14 0.28 0.85 0.43 -0.29 1.65 1.13 5.28

2022 0.42 0.48 0.27 0.46 0.71 -0.14 0.49 0.82 -0.09 0.70 1.05 0.76 6.08

2021 0.31 -0.32 0.29 0.68 0.65 -0.01 0.63 0.65 0.08 -0.01 0.42 0.88 4.34

2020 0.72 0.43 -1.13 0.21 0.66 0.53 0.68 0.44 0.45 0.75 0.58 0.72 5.14

2019 0.96 0.61 0.70 0.74 0.70 0.79 0.56 0.78 0.68 0.55 0.50 0.83 8.74
ASSET RETURNS
The following returns are calculated based on the holding Period Return, over a period starting from the
1st of July 2021 ending on the 30th of September 2021.

Mr Sable’s portfolio is based on a long-term time horizon therefore the short term returns of this period
(01/07/2021 – 30/09/2021) are not of concern.

Shoprite

Weekly Holding Period Returns

WEEK HPR
28-JUN -0.28%

05-JUL 1.25%

12-JUL 0.69%

19-JUL 1.41%

26-JUL 1.84%
 02-AUG 3.09%

09-AUG -0.07%

16-AUG 0.46%

23-AUG 4.55%

30-AUG 3.74%

06-SEP -1.83%

13-SEP 3.01%

20-SEP 4.76%

27-SEP -6.26%

MONTHLY HOLDING PERIOD RETURNS

MONTH MONTHLY HPR

JULY 2.82%
AUGUST 13.76%

SEPTEMBER -2.05%

QUARTERLY HOLDING PERIOD RETURN

PERIOD QUATERLY HPR2

JULY-SEPT 14.58%

ANNUALISED RETURN 2021

20888/13597) ^1/10-1 = 4.40%

Reunert Ltd

Weekly Holding Period Returns

DATE HPR
28-JUN -0.80%

05-JUL -0.18%

12-JUL -2.02%

19-JUL 2.06%

26-JUL -1.45%

02-AUG -0.21%

09-AUG 1.01%

16-AUG 0.84%

23-AUG -0.26%

30-AUG 0.90%

06-SEP -5.45%

13-SEP 2.99%

20-SEP 1.32%

27-SEP -4.69%
MONTHLY HOLDING PERIOD RETURNS

MONTH MONTHLY HPR

JULY -5.00%
AUGUST 4.52%

SEPTEMBER -5.57%

QUARTERLY HOLDING PERIOD RETURN

PERIOD QUATERLY HPR

JULY-SEPT -4.98%

ANNUALISED RETURN 2021

5300/3717^1/10-1 = 3.6%

AFRICAGOLD ETF
Weekly Holdings Period Returns

DATE HPR
05-JUL -
12-JUL 1.60%
19-JUL 1.66%

26-JUL 0.25%

02-AUG -2.97%

09-AUG 1.05%

16-AUG 4.34%

23-AUG -1.59%

30-AUG -2.63%

06-SEP -2.93%

13-SEP 1.59%

20-SEP -0.49%

27-SEP 2.13%

Monthly Holding Period Returns

MONTH MONTHLY HPR

JULY -3.98%
AUGUST -1.87%

SEPTEMBER 3.24%

Quarterly Holding Period Return

PERIOD QUARTERLY HPR

JULY-SEPT 1.72%

Annualised Holding Period Return

(25605/25172)^(1/10)-1= 1.706%
SATRIX REITWAY GLOBAL PROPERTY ETF
WEEKELY HOLDING PERIOD RETURNS

DATE HPR
05-JUL -
12-JUL 3.23%
19-JUL 1.03%

26-JUL 1.83%

02-AUG -0.13%

09-AUG -0.15%

16-AUG 3.85%

23-AUG -2.13%

30-AUG -0.84%

06-SEP -4.10%

13-SEP 2.35%

20-SEP 2.53%

27-SEP -2.01%

Monthly Holding Period Returns

MONTH MONTHLY HPR

JULY -2.67%
 AUGUST 0.63%

SEPTEMBER 2.82%

Quarterly Holding Period Returns

PERIOD QUATERLY HPR

JULY-SEPTEMBER 5.26%

Annualised Holding Period Returns

(7790/7401) ^(1/10)-1 = 5.135%

ASHBURTON STABLE INCOME FUND

WEEKYLY HOLDING PERIOD RETURNS
DATE HPR
SEP- 26 -0.31%
SEP -19 0.10%
SEP- 12 0.00%
SEP- 05 0.10%
AUG- 29 -0.21%
AUG- 22 0.10%
AUG- 15 0.00%
AUG -08 0.10%
AUG- 01 -0.31%
JUL -25 0.10%
 JUL- 18 0.21%
JUL- 11 0.00%
JUL -04 --

Monthly Holding Period Return

MONTH HPR
JULY 0.31%
AUGUST 0.00%
SEPTEMBER -0.21%

Quarterly Holding Period Return

PERIOD QUATERLY HPR
JULY-SEP -0.10%

Annualized Holding Period Return

ANNUALISED RETURN
(END VALUE-INITIAL VALUE)
^(1/10)-1 = -1038%
PORTFOLIO RETURNS AND ANALYSIS
EQUITY
In the period, 1 July 2021 to 30 September 2021, we saw that Reunert Limited is much more
volatile. In the week-to-week price fluctuations. Reunert also offered less returns than Shoprite.
Reunert had a negative quarterly return of -4.98%. Because we have allocated 65% of our
Equity portfolio to Shoprite, this means Reunert Ltd will have the remainder, which is 35%
allocated to it. From the analysis of the returns above, Reunert’s returns are not stable,
compared to our first stock selection. This is expected as we have mentioned earlier that these
two stocks are negatively correlated. Looking at the annualized returns we see that Reunert Ltd
makes a 3.65 return whilst Shoprite Holdings Ltd makes 4.4%.

FIXED INCOME
In the Period 1 July 2021 to 30 September 2021, we saw that Ashburton fixed income had an
hpr of 30% in July which indicated that the asset/ investment has generated a slightly higher
return that the initial investment made which is expected given mr sable’s risk tolerance.
However, during the months August and September the HPR drastically dropped to 0.00% and
– 21% meaning the investment generated less income than the initial investment and that is
not good for our portfolio as it means we should be expecting a loss rather than the positive
return we desire.

ALTERNATIVE INVESTMENT
For the quarter, the alternative investments yielded a return of 6,9% with the AfricaGold ETF
contributing 1,72% and the Satrix Reitway Global Property ETF contributing 5,135%. The
property market is expected to grow to R20.5 billion from R18.3 billion (12,02% annual
expected growth). This means that the approximate growth rate per quarter for the property
industry in South Africa is 3,005%. Therefore, the Satrix has outperformed the market by 2,13%.
A large contributing factor is since the SATRIX ETF is exposed to global properties of which the
global property market share increased by 8,571% therefore returns were exposed to both local
and international growth returns. Such growth is beneficial for the investor as he is concerned
about growth and income. Additionally, the ETF is expected to pay out dividends every quarter
thus providing an income for the investor. The gold market experienced large fluctuations in
2021 due to inflation and the pandemic. However, this is still considered a ‘safe haven’ due to
the 6.3% decline in GDP and expected to recover in 2021. Additionally, inflation is expected to
increase by 1.4% in 2021, therefore the AfricaGold ETF return exceeds the annual inflation
growth solely from the quarterly return. This is beneficial as the purchasing power of the
investor’s money is not depreciated by the economic environment and the value of his
investment is set to grow.

PORTFOLIO RETURNS
EQUITY
Total Equity Return = (% Allocation to Shoprite) * (Annualized return of Shoprite)
+ (%Allocation to Reunert) * (Annualized Return of Reunert)
Total Equity Return = (65%) * (4.4%) + (35%) *(3.6%) = 4.12%
FIXED INCOME
Total FI return = (%Allocated to fixed income) * (annualized return of Ashburton investment)
= 30% * -1.038%
=-0.3114%

ALTERNATIVE INVESTMENTS
Total alternative investments return = (%allocation to afrigold etf )*(annualized return of
AfriGold ETF) + (% Allocation to Reitway Global Property ETF)*(Annualized return of Reitway
Global Property ETF)
= (17.5%* 1.705% ) + (17..5%* 5.135% )= 1.197%