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Sanlam Employee Benefits

Sanlam Umbrella Fund monthly investment fact sheets

May 2020

Investment menu at a glance

Investment Strategy / Portfolio Standard

Option

Optimal

Option

Comprehensive

Option

In-Fund Preservation

Members / Phased

Retirees / In-Fund

Living Annuitants

Sanlam Lifestage* √ √ √

Volatility Protection Strategy* √ √ √

Passive Lifestage Strategy* √ √ √

Sanlam Blue Lifestage Strategy* √ √ √ √

Sanlam ACA Wealth Creation

Strategy **√ √ √

SIM Balanced Fund √ √

SIM Moderate Absolute Fund √ √

SIM Cash Fund √ √

SIM Temperance Balanced fund √ √

SPW Balanced Fund √ √

SMM70 √ √

SMM50 √ √

SMM30 √ √

SMM Moderate Absolute Fund √ √

SMM NUR Balanced Fund √ √

SMM Select Balanced Fund √ √

ACA Wealth Creation √ √

Sanlam Accumulation Portfolio √ √

Sanlam The Most Aggressive

Portfolio √ √

Ninety One Balanced Fund √ √

Allan Gray Global Balanced

Portfolio√ √

Coronation Houseview Portfolio √ √

PSG Balanced Fund √ √

Sanlam Foord Balanced Fund √ √

Sanlam Prudential Balanced Fund √ √

Sanlam Allan Gray Global Balanced

Portfolio#√

Sanlam Coronation Houseview

Portfolio#√

Sanlam Monthly Bonus Fund √ √ √

Sanlam Stable Bonus Portfolio √ √

Sanlam Progressive Smooth Bonus

Fund√ √

SATRIX Enhanced Balanced

Tracker Fund√ √

Glacier+ √ √

* Trustee-approved default investment strategies # Closed portfolios – not available to new investors after 01/03/2015. + Subject to Glacier product minima and participating employer agreement ** The Sanlam ACA Lifestage Strategy is only available as a default investment strategy to new

Comprehensive Option clients who were previously invested in the ACA Houseview portfolios in their prior fund

Section 1: Sanlam Umbrella Fund

Default investment

Sanlam Lifestage

strategy

Phase 1 month 3 months 1 year 3 years 5 years

0.8% -1.4% -1.4% 2.5% 3.5%

Preservation Portfolios:

Capital Protection 0.2% 0.8% 6.4% 7.3% 7.9%

Inflation Annuity 1.3% -3.0% -2.8% 0.6% 2.1%

Living Annuity 1.3% -1.3% 0.2% 3.7% 5.0%

Please note:

Note: Performance figures are gross of investment management fees, but are net of any performance fees (if applicable). For portfolios in the Smoothed Bonus Range ,the returns are gross of investment management fees,

but are net of any guarantee premiums. Performance figures for periods greater than 12 months are annualised. All data shown is at the month-end, unless specifically indicated differently. Changes in currency rates of

exchange may cause the value of your investment to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the income from them may increase or decrease and are not

guaranteed. You may not get back the amount you invest. The product information sheets are prepared for the SANLAM UMBRELLA FUND by its investment consultants. The product information sheets are prepared in

good faith and the information, data and opinions contained in the product information sheets are based on source information considered reliable. However, no guarantee, explicit or otherwise are provided that the

information and data contained therein are correct and comprehensive. The SANLAM UMBRELLA FUND and the investment consultants cannot be held liable for any loss, expense and/or damage following from the use of

the product information sheets.

Members with more than 6 years before reaching their Planned Retirement Age are

fully invested in Sanlam Lifestage Accumulation Portfolio which aims to achieve

capital growth.

The investment strategy consists of two phases and members are automatically

switched from one phase to another as they near retirement. The two phases are:

• Accumulation phase

• Preservation phase

As retirement approaches, this target date strategy invests in an investment portfolio

matching the member’s postretirement needs or plans, but in the years prior to this

greater emphasis is placed on achieving capital growth. Members with more than 6

years before reaching their Normal Retirement Age or Planned Retirement Age (if

different) are fully invested in the Sanlam Lifestage Accumulation Portfolio which

aims to achieve capital growth. Six years (72 months) before a member reaches

his/her Normal Retirement Age or Planned Retirement Age (if different), the member

is gradually switched from the Sanlam Lifestage Accumulation Portfolio to his/her

selected Sanlam Lifestage preservation portfolio by means of 50 monthly switches.

Sanlam Lifestage investment reporting only commences from 1 August 2013, but

the following longer term performance was achieved applicable to members

previously invested in the Accumulation Phase of the Sanlam Umbrella Fund’s

discontinued Lifestage Programme, and whose investments were transitioned to

Sanlam Lifestage during the month of July 2013.

Accumulation Portfolio

Six years (72 months) before a member reaches his/her Planned Retirement Age,

the member is gradually switched from the Sanlam Lifestage Accumulation Portfolio

to his/her selected Sanlam Lifestage preservation portfolio by means of 50 monthly

switches.

Sanlam Umbrella Fund Monthly Fact Sheet May 2020

LIFESTAGE PROGRAMMEA

ccu

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Pre

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LIFESTAGE PROGRAMMEIFESTAGE PROGRAMME

Mandate description Fund performance

How Sanlam Lifestage works

Accu

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Pre

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Sanlam Lifestage

Sanlam Lifestage is the Fund’s trustee approved default investment strategy and aims to meet each member’s savings requirement by working towards a target date, which would be the Normal Retirement Age or the Planned Retirement Age (if different).

Period Ending 31-May-20 Benchmark 24.5% SWIX (Shareholder Weighted Index)

Fund Size R 15,262 million 24.5% Capped SWIX (Shareholder Weighted Index)

Inception Date Jul-13 10% BEASSA Total Return All Bond Index

8.0% FTSE/JSE SAPY Index2.0% Short Term Fixed Interest Index (STeFI)

6% Barclays SA Inflation Linked Index

21% MSCI World (Developed Markets) Equity Index

4% Barclays Global Aggregate Index

Fund Benchmark

Financials 19.2%

Resources 46.3%

Industrials 34.5%

*Based on 1 year returns

Fund Benchmark

1 Month 0.8% 0.4%

3 Months -1.4% -1.4%

6 Months -5.2% -6.0%

1 Year -1.4% -3.1%

3 Years 2.5% 2.1%

5 Years 3.5% 3.8%

Naspers 18.3%

Prosus 4.7%

Anglo American 4.5%

British American Tobacco Plc 4.4%

Firstrand Limited 2.9%

Impala Platinum Holdings Limited 2.7%

BHP Group 2.3%

Standard Bank Group Limited 2.2%

Anglogold Ashanti Limited 2.2%

Quilter Plc 1.9%

% of negative months over the last 3 years

Average capital loss in one month

Downside risk ** Downside risk is measured as the standard deviation of the underperformance

of the portfolio relative to CPI

Share Name % of Equities

41.7%

-2.9%

8.8%

37.6%


Note: Performance figures are gross of investment management fees, but are net of any performance fees (if applicable). For portfolios in the Smoothed Bonus Range ,the returns are gross of investment management

fees, but are net of any guarantee premiums. Performance figures for periods greater than 12 months are annualised. All data shown is at the month-end, unless specifically indicated differently. Changes in currency rates

of exchange may cause the value of your investment to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the income from them may increase or decrease and are

not guaranteed. You may not get back the amount you invest. The product information sheets are prepared for the SANLAM UMBRELLA FUND by its investment consultants. The product information sheets are prepared

in good faith and the information, data and opinions contained in the product information sheets are based on source information considered reliable. However, no guarantee, explicit or otherwise are provided that the

information and data contained therein are correct and comprehensive. The SANLAM UMBRELLA FUND and the investment consultants cannot be held liable for any loss, expense and/or damage following from the use

19.1%

43.3%

Fund performance (%)

Asset class breakdown

Fund manager breakdown

Monthly and cumulative returns

The benchmark reflects the fund's long-term strategic asset allocations. Fund asset allocations may be allowed to vary from the benchmark, depending on market conditions.

Top 10 holdings (% of Equities)

Equity sectoral exposure (%)

Foreign split

Risk analysis(based on the last 3 years' monthly returns)

LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESanlam Lifestage Accumulation Portfolio

The fund is an aggressive portfolio displaying high levels of volatility over the short term and is aiming to provide market related growth.Scrip lending may be performed on the passive equity component.

Risk profile

1.00% per annum for the first R50m0.90% per annum on the portion of assets between R50m - R100m0.775% per annum on the portion of assets between R100m – R300m0.70% per annum on the portion of assets between R300m – R500m0.65% per annum on the portion above R500m

All Sub-funds invested in this portfolio are charged the highest investment management fee applicable to the first tranche of assets, and Sub-funds with greater than R50 million assets are separately rebated any savings due to the sliding investment management fee scale on a monthly basis.The underlying investment managers may be incentivised on a performance fee basis.

5.7%

-2.9%

97.2%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

International Bond International Cash International Equity

Fees

Fund objective

This portfolio has an aggressive risk profile

60

80

100

120

140

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

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Aug

-19

Sep

-19

Oct-

19

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Feb

-20

Mar-

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Apr-

20

May-2

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Month

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Fund Fund (Cum)*

51.9%

13.3%1.7%

4.9%

28.2%

0%

10%

20%

30%

40%

50%

60%

Equities and Alternative Bonds Cash Property Foreign

Blue Ink Fixed Income, 1.5%

Blue Ink Long Short Aggr, 2.4%

Coronation Strategic Income, 0.2%

Ethos Mid Market1 (A) Partnership,

0.4%

Ginsglobal Emerging Markets, 1.9%

Ginsglobal Equity Index, 3.3%

International Cash, 0.5%

Matrix Bond Plus, 4.8%

ML Drakens Africa SA UCITs, 0.7%

MSCI World Index Tracker, 10.2%

MSCI World Tracker, 2.8%

Ninety One Global Multi-Asset Income

Fund, 1.6%

Passive Equity Portfolio, 10.4%

Prescient Bonds, 7.2%

Sanlam Africa Equity, 1.2%

Sanlam Real Assets Fund, 3.1%

Satrix Global Factor Enhanced Equity,

4.2%

SIM Active Income, 0.3%

SMM Core Equity, 9.8%

SMM Inflation Linked Bonds, 1.5%

SMM Momentum Equity, 4.9%

SMM Property, 4.9%

SMM Quality Equity, 5.3%

SMM Value Equity, 5.2%

SMMI Cash, 0.1%

SMMI Swix tracker, 11.6%

Please refer to the “Local equity manager breakdown for SMMI portfolios” for a detailed outline of


Fund Size (Book Value) R 3,376 million 16.0% Capped SWIX (Shareholder Weighted Index)

Inception Date Nov-86 19.0% BEASSA Total Return All Bond Index

5.5% 3 month JIBAR +1.25%

2.0% IGOVI

17.5% MSCI World Index (Dev. Markets)

5.0% Barclays Global Aggregate Index

2.5% US 3 month LIBOR+2.5% (net of fees)

2.5% US 3 month LIIBOR7.5% STeFI Index

6.5% BEASSA 7-12 years TRI plus 1.0% p.a.

Foreign split


Fund (gross of fees)

1 Month 0.2% Fund

3 Months 0.8% Financials 22.9%

6 Months 2.7% Resources 18.4%

1 Year 6.4% Industrials 58.7%

3 Years 7.3%

5 Years 7.9% The Non - Vested bonuses as a proportion of the total Sanlam Stable Bonus Portfolio

holdings:

Sanlam Umbrella Pension Fund 8.30%

Sanlam Umbrella Provident Fund 9.47%

18.4% * Only impacts Sanlam Lifestage members opting for this preservation strategy in the last

6.0% 6 years before retirement.

5.2%

4.2%

4.1%3.3% % of negative months over the last 3 years

2.8% Average capital loss in one month

2.6% Downside risk *

2.4% * Downside risk is measured as the standard deviation of the underperformance

2.4% of the portfolio relative to CPI


Share Name % of Shares

Naspers N

British American Tobacco

Prosus (PRX)

Anglos

FirstRand / RMBHStanbank

Note: Performance figures are gross of investment management fees, but are net of any performance fees (if applicable). For portfolios in the Smoothed Bonus Range ,the returns are gross of investment management fees, but are net of any

guarantee premiums. Performance figures for periods greater than 12 months are annualised. All data shown is at the month-end, unless specifically indicated differently. Changes in currency rates of exchange may cause the value of your

investment to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the income from them may increase or decrease and are not guaranteed. You may not get back the amount you invest. The

product information sheets are prepared for the SANLAM UMBRELLA FUND by its investment consultants. The product information sheets are prepared in good faith and the information, data and opinions contained in the product information

sheets are based on source information considered reliable. However, no guarantee, explicit or otherwise are provided that the information and data contained therein are correct and comprehensive. The SANLAM UMBRELLA FUND and the

investment consultants cannot be held liable for any loss, expense and/or damage following from the use of the product information sheets.

0.0%

0.0%

0.3%

June 2020: 95.3% funded

MTN Group

Consol Holdings

Implats

BILLITON (BHP)


Monthly and cumulative bonuses

Fund bonuses (%)

Top 10 equity holdings (% of Shares)

LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMME

Sanlam Capital Protection Portfolio

58.5%

41.5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

International Equity International Other

The Portfolio offers investors stable, smoothed returns with a partial guarantee on benefit payments. A bonus, which consists of a vesting and non-vesting component is declared monthly in advance. Bonuses cannot be negative. The portfolio offers 100% capital guarantee and partially vesting bonuses.

The portfolio has a conservative risk profile

Fund objective

Sanlam’s cost in relation to the investment plan is recouped by recovering the following fees:Investment Management Fees:0.425% per annumGuarantee Premium:A guarantee premium of 0.90% per annumAnnual Performance Linked Fee:The investment manager may be incentivised with performance fees (capped at 0.30% p.a.)


100

110

120

130

140

0%

2%

4%

6%

May-1

9

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Aug

-19

Sep

-19

Oct-

19

No

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Feb

-20

Mar-

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Apr-

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May-2

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Fund Fund (Cum)*

32.6%

24.6%

4.1% 4.0%

7.0%

27.7%

0%

5%

10%

15%

20%

25%

30%

35%

Equities Bonds Credit Cash Property Foreign

Risk profile

Fees


Funding Level


Period Ending 31-May-20 Benchmark 17.5% Capped SWIX (Shareholder Weighted Index)

Fund Size R 57 million 17.5% SWIX Index

Inception Date Oct-13 20.0% BEASSA Total Return Index

10.0% Short Term Fixed Interest Index (STeFI)

6.0% SAPY Property Index

9.0% Barclays SA Inflation Linked Index

15.0% MSCI World Equity Index

2.0% US 3 month Libor Rate


Foreign split

Fund Benchmark

Financials 18.7% 19.1%

Resources 46.5% 43.3%

Industrials 34.8% 37.6%


Fund Benchmark

1 Month 1.3% 1.2%

3 Months -1.3% -0.5%

6 Months -2.9% -3.2%

1 Year 0.2% -0.3%

3 Years 3.7% 3.4%

5 Years 5.0% 4.6%

Naspers 20.8%

Prosus 4.8%British American Tobacco Plc 4.6%Anglo American 4.5%

Firstrand Limited 3.0%Impala Platinum Holdings Limited 2.6%



BHP Group 2.3%

MTN Group Limited 2.1%



Downside risk *

* Downside risk is measured as the standard deviation of the underperformance



The relatively high equity allocation of the Fund should occasionally result in high

volatility but also a high rate of growth compared to funds with a moderate risk

profile.

Note: Performance figures are gross of investment management fees, but are net of any performance fees (if applicable). For portfolios in the Smoothed Bonus Range ,the returns are gross of investment management fees, but are

net of any guarantee premiums. Performance figures for periods greater than 12 months are annualised. All data shown is at the month-end, unless specifically indicated differently. Changes in currency rates of exchange may cause

the value of your investment to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the income from them may increase or decrease and are not guaranteed. You may not get back

the amount you invest. The product information sheets are prepared for the SANLAM UMBRELLA FUND by its investment consultants. The product information sheets are prepared in good faith and the information, data and opinions

contained in the product information sheets are based on source information considered reliable. However, no guarantee, explicit or otherwise are provided that the information and data contained therein are correct and

comprehensive. The SANLAM UMBRELLA FUND and the investment consultants cannot be held liable for any loss, expense and/or damage following from the use of the product information sheets.


38.9%

-2.0%

7.0%





Top 10 equity holdings (% of Equities)


Sanlam Living Annuity Target Portfolio

10.5% 8.6%

80.9%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%


Fees

The portfolio has a moderate risk profile.

Investment Management Fees:0.80% per annum.

The underlying investment managers may be incentivised on a performance fee basis.


Equity sectoral exposure (%)40

60

80

100

120

140

-15%

-10%

-5%

0%

5%

10%

May-1

9

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Aug

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Sep

-19

Oct-

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Feb

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Mar-

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Apr-

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May-2

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Fund Fund (Cum)*

32.6%

36.5%

4.0% 3.5%

23.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Equities andAlternative

Bonds Cash Property Foreign

Blackrock Dev World Equity, 10.1%

Coronation Strategic Income, 2.4% Ethos Mid Market1

(A) Partnership, 0.5%

Futuregrowth Bonds, 1.3%

Ginsglobal Emerging Markets, 1.6%




Fund, 3.7%



Sanlam Real Assets Fund, 2.5%Satrix Bond, 10.7%





SMM Property, 2.8%



SMMI Cash, 1.0%


Fund objective

Risk profile

Please refer to the “Local equity manager breakdown for SMMI portfolios” for a detailed outline of the underlying equity managers within this portfolio.


Period Ending 31-May-20 Benchmark Sanlam Asset Liabilty Index Real (inflation linked)

Fund Size R 5 million

Inception Date May-13




Downside risk *




Fund Benchmark

1 Month 1.3% 1.0%

3 Months -3.0% -4.4%

6 Months -2.0% -3.1%

1 Year -2.8% -6.3%

3 Years 0.6% -1.5%

5 Years 2.1% -0.6%

May 2020

44.4%

-1.6%

6.3%







Sanlam Umbrella Fund Monthly Fact Sheet




Sanlam Inflation Annuity Target Portfolio

Investment Management Fees:0.70% per annum.

11.5%

18.4%

44.7%

25.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Cash Inflation Linked Bonds3 - 7 years

Inflation Linked Bonds7 - 12 years

Inflation Linked Bonds12+ years

This fund has a conservative risk profile

Fund objective

Risk profile

Fees

The portfolio aims to closely match movements in its benchmark index, the SALI Real. This index tracks the changes in the cost of an inflation linked annuity caused by changes in real interest rates. The portfolio therefore aims to preserve a member’s ability to purchase an inflation linked annuity.

60

70

80

90

100

110

120

130

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

May-1

9

Ju

n-1

9

Ju

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Aug

-19

Sep

-19

Oct-

19

No

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Feb

-20

Mar-

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Apr-

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May-2

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Fund Fund (Cum)*



Alternate default

Volatility Protection Strategy

investment strategy


0.2% 0.7% 5.8% 6.7% 7.4%

Satrix Enhanced Balanced 0.8% -1.1% -3.4% 2.1% n/a

Total Fund 0.4% 0.8% 4.1% 5.7% 6.8%

Rand %

Satrix Enhanced Balanced Tracker Fund R 868,782,826 24.4%

Sanlam Monthly Bonus Fund R 2,697,646,490 75.6%

Total Fund R 3,566,429,317 100.0%







May 2020Sanlam Umbrella Fund Monthly Fact Sheet

Sanlam Monthly Bonus

Market Values

The trustees have approved an alternative default investment strategy suitable for members who wish to achieve inflation beating real returns over the medium to long term, but who are particularly concerned about protecting against significant short term investment losses. The strategy will most likely result in lower returns than the Sanlam Lifestage over the long term as a consequence of the implicit cost of the underlying guarantees and lower effective equity exposure. Nonetheless, the trustees recognise that such a strategy is suitable for many members – particularly those members who are not financially sophisticated and who might not appreciate that a high equity exposure inevitably implies some risk of capital loss over the short-term.

The trustees have agreed the following objectives for the Volatility Protection Strategy:

● An investment return of CPI + 3% net of fees over any 3 year rolling period (i.e. long term, inflation-beating returns);● Aim to prevent capital loss not greater than 10% in any 12 month rolling period or 5% in any one month (i.e. protection against significant short term losses);● “Volatility Protection” does not necessarily imply a 100% capital guarantee (however still structured to protect assets against significant losses).

The trustees review the investment strategy of the Volatility Protection Strategy continually, and will make periodic changes to the underlying investments in line with the objectives of the strategy. The Volatility Protection Strategy has historically invested contributions in the Sanlam Monthly Bonus Fund, but in early 2017 has commenced the process of investing new cash flows in the Satrix Enhanced Balanced Tracker Fund with the intention that over time the Volatility Protection Strategy will be invested 75% in the Sanlam Monthly Bonus Fund and 25% in the Satrix Enhanced Balanced Tracker Fund .


LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMEVolatility Protection Strategy

Asset allocation


Fund Size (Book Value) R7 426million 16.0% Capped SWIX (Shareholder Weighted Index)

Inception Date Jul-99 19.0% BEASSA Total Return All Bond Index


2.0% IGOVI



2.5% US 3 month London InterBank Offered Rate (LIBOR)

+2.5% (net of fees)

7.5% STeFI Index


2.5% US 3 month LIBOR

Risk profile

This fund has a conservative risk profile

Fees

Foreign split


Fund

Fund (gross of fees) Financials

1 Month 0.2% Resources

3 Months 0.7% Industrials

6 Months 2.4%

1 Year 5.8%

3 Years 6.7%

5 Years 7.4%



Downside risk *


18.4%6.0%5.2%4.2%4.1%

3.3%2.8% June 2020: 95.28% funded2.6%2.4%2.4%




guaranteed. You may not get back the amount you invest. The product information sheets are prepared for the SANLAM UMBRELLA FUND by its investment consultants. The product information sheets are prepared in good

faith and the information, data and opinions contained in the product information sheets are based on source information considered reliable. However, no guarantee, explicit or otherwise are provided that the information and

data contained therein are correct and comprehensive. The SANLAM UMBRELLA FUND and the investment consultants cannot be held liable for any loss, expense and/or damage following from the use of the product

information sheets.

Consol HoldingsImplatsBILLITON (BHP)

FirstRand / RMBH

Stanbank

MTN Group



Anglos

0.0%

0.0%

Share Name % of Shares 0.4%

The Monthly Bonus Fund (MBF) protects investors against short-term volatility by

smoothing out investment returns, whilst providing valuable guarantees on benefit

payments. The underlying portfolio is mandated with more weight to less risky asset

classes than a typical balanced fund. The Sanlam Monthly Bonus Fund offers 100%

capital guarantee and fully vesting bonuses. Fully vesting bonuses are declared

monthly in advance.

Prosus (PRX)

Naspers N

58.7%

22.9%

18.4%




Fund bonuses (%)




LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESanlam Monthly Bonus Fund

58.5%

41.5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


60

80

100

120

140

-4%

-2%

0%

2%

4%

May-1

9

Ju

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9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

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Feb

-20

Mar-

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Apr-

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May-2

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Cum

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Month

ly R

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Fund Fund (Cum)*

32.6%

24.6%

4.1% 4.1%

6.9%

27.7%

0%

5%

10%

15%

20%

25%

30%

35%


Fund objective

Investment Management Fees:0.425% per annumGuarantee Premium:A guarantee premium of 1.6% per annum Annual Performance Linked Fee:The investment manager may be incentivised with performance fees

Funding Level


Fund Size R 5,160 million 8.0% Sapy Property Index

Inception Date Sep-08 10.0% ALBI (BEASSA All Bond Index)

2.0% STeFI

21.0% MSCI All Country World Index (ACWI)


6.0% S&P South Africa Sovereign ILB 1+Y Index

The portfolio invests in tracker equity and bond indices , locally and abroad, and

also cash to create a moderate risk balanced portfolio which is expected to

perform close to the underlying indices without incurring active management costs.

Scrip lending may be performed on the passive equity component.

Risk Profile

This fund has an aggressive risk profile

Fees

On South African assets:

0.36% per annum

On International assets:

0.36% per annum on international equities, and

0.25% per annum on international interest bearing assets

The domestic equity component tracks the Capped SWIX Index. Script lending is

permitted in respect of this basket of shares, and the resultant income (net of

associated costs) is periodically rebated to clients participating in this portfolio, and effectively serves to reduce the quoted management fee.

Foreign Split

Fund Benchmark

Financials 28.3%

*Based on 1 year returns Resources 24.2%

Industrials 47.5%

Fund Benchmark

1 Month 0.8% 0.4%

3 Months -1.1% -2.2%

6 Months -6.0% -7.1%

1 Year -3.4% -4.4%

3 Year 2.1% 1.7%

5 Year 3.9% 3.6%


Naspers N 10.5%

British American Tobacco 4.4%

Prosus (PRX) 4.3%

Anglos 4.0%

FirstRand / RMBH 3.7%

Growpnt 3.5%

NEPIROCK (NEP) 3.0%

Stanbank 2.9%

Anglogold 2.4%

BILLITON (BHP) 2.3%



Downside risk *


24.3%

47.5%

Note: Performance figures are gross of investment management fees, but are net of any performance fees (if applicable). For portfolios in the Smoothed Bonus Range ,the returns are gross of investment management fees, but are net of

any guarantee premiums. Performance figures for periods greater than 12 months are annualised. All data shown is at the month-end, unless specifically indicated differently. Changes in currency rates of exchange may cause the value of

your investment to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the income from them may increase or decrease and are not guaranteed. You may not get back the amount you

invest. The product information sheets are prepared for the SANLAM UMBRELLA FUND by its investment consultants. The product information sheets are prepared in good faith and the information, data and opinions contained in the

product information sheets are based on source information considered reliable. However, no guarantee, explicit or otherwise are provided that the information and data contained therein are correct and comprehensive. The SANLAM

UMBRELLA FUND and the investment consultants cannot be held liable for any loss, expense and/or damage following from the use of the product information sheets.

28.2%

44.4%

-2.6%

8.5%









LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESatrix Enhanced Balanced Tracker Fund

0.4%

90.9%

8.7%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

International Cash International Equity iShares Global AggregateBond ETF60

70

80

90

100

110

120

130

140

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

48.1%

19.5%

1.9%

6.3%

24.2%

0%

10%

20%

30%

40%

50%

60%

Equities Bonds Cash Property Foreign

Fund objective

Sanlam Cash, 1.9%

Satrix Bond C (D), 13.4%

SA ILB, 6.1%

iShares Global Aggregate Bond

ETF, 2.1%

Local Equity, 48.1%

Local Property, 6.3%


International Equity, 22.0%



2nd Alternate default

Passive Lifestage Strategy

investment strategy

Phase 1 month 3 months 3 years 5 years

0.8% -1.1% -3.4% 2.1% 3.9%



Note: Performance figures are gross of investment management fees, but are net of any performance fees (if applicable). For portfolios in the Smoothed Bonus Range ,the returns are gross of investment

management fees, but are net of any guarantee premiums. Performance figures for periods greater than 12 months are annualised. All data shown is at the month-end, unless specifically indicated

differently. Changes in currency rates of exchange may cause the value of your investment to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the

income from them may increase or decrease and are not guaranteed. You may not get back the amount you invest. The product information sheets are prepared for the SANLAM UMBRELLA FUND by its

investment consultants. The product information sheets are prepared in good faith and the information, data and opinions contained in the product information sheets are based on source information

considered reliable. However, no guarantee, explicit or otherwise are provided that the information and data contained therein are correct and comprehensive. The SANLAM UMBRELLA FUND and the



1 year


The core objective of this alternative default investment strategy aims to meet each member’s savings requirement by working towards a target date, which would be the Normal Retirement.


LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMEPassive Lifestage Strategy

How the Passive Lifestage Strategy works





As retirement approaches, this target date strategy invests in an investment

portfolio that provides inflation beating returns with a 100% guarantee on the

capital invested, but in the years prior to this greater emphasis is placed on

achieving capital growth. Members with more than 6 years before reaching their

Normal Retirement Age or Planned Retirement Age (if different) are fully invested

in the Passive Lifestage Accumulation Portfolio which aims to achieve capital

growth. Six years (72 months) before a member reaches his/her Normal

Retirement Age or Planned Retirement Age (if different), the member is gradually

switched from the Passive Lifestage Accumulation Portfolio to the Sanlam Capital

Protection Portfolio by means of 50 monthly switches.

The Passive Lifestage Accumulation Portfolio invests in the Satrix Enhanced

Balanced Tracker Fund.




2.0% STeFI



The portfolio invests in tracker equity and bond indices , locally and abroad, and 6.0% S&P South Africa Sovereign ILB 1+Y Index

also cash to create a moderate risk balanced portfolio which is expected to

perform close to the underlying indices without incurring active management costs.

Scrip lending may be performed on the passive equity component.

Risk Profile

This fund has an aggressive risk profile

Fees

On South African assets:

0.36% per annum

On International assets:

0.36% per annum on international equities, and

0.25% per annum on international interest bearing assets

The domestic equity component tracks the Capped SWIX Index. Script lending is

permitted in respect of this basket of shares, and the resultant income (net of

associated costs) is periodically rebated to clients participating in this portfolio, and effectively serves to reduce the quoted management fee.

Foreign Split

Fund Benchmark

Financials 28.3%


Industrials 47.5%

Fund Benchmark

1 Month 0.8% 0.4%3 Months -1.1% -2.2%6 Months -6.0% -7.1%1 Year -3.4% -4.4%3 Year 2.1% 1.7%5 Year 3.9% 3.6%


Naspers N 10.5%


Prosus (PRX) 4.3%

Anglos 4.0%FirstRand / RMBH 3.7%

Growpnt 3.5%

NEPIROCK (NEP) 3.0%

Stanbank 2.9%

Anglogold 2.4%

BILLITON (BHP) 2.3%% of negative months over the last 3 years


Downside risk *



24.3%

47.5%







28.2%

44.4%

-2.6%

8.5%









0.4%

90.9%

8.7%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

International Cash International Equity iShares Global AggregateBond ETF

60

70

80

90

100

110

120

130

140

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

48.1%

19.5%

1.9%

6.3%

24.2%

0%

10%

20%

30%

40%

50%

60%


Fund objective

Sanlam Cash, 1.9%


SA ILB, 6.1%


ETF, 2.1%

Local Equity, 48.1%









2.0% IGOVI




2.5% US 3 month LIIBOR

7.5% STeFI Index


Foreign split



1 Month 0.2% Fund




3 Years 7.3%


holdings:





5.2%

4.2%

4.1%

3.3%

2.8% % of negative months over the last 3 years





Note: Performance figures are gross of investment management fees, but are net of any performance fees (if applicable). For portfolios in the Smoothed Bonus Range ,the returns are gross of investment management fees, but are net of any guarantee

premiums. Performance figures for periods greater than 12 months are annualised. All data shown is at the month-end, unless specifically indicated differently. Changes in currency rates of exchange may cause the value of your investment to fluctuate. Past

performance is not necessarily a guide to the future returns. The value of investments and the income from them may increase or decrease and are not guaranteed. You may not get back the amount you invest. The product information sheets are prepared for

the SANLAM UMBRELLA FUND by its investment consultants. The product information sheets are prepared in good faith and the information, data and opinions contained in the product information sheets are based on source information considered reliable.

However, no guarantee, explicit or otherwise are provided that the information and data contained therein are correct and comprehensive. The SANLAM UMBRELLA FUND and the investment consultants cannot be held liable for any loss, expense and/or

damage following from the use of the product information sheets.

Stanbank

Consol Holdings

Implats


BILLITON (BHP)

MTN Group

0.0%

0.0%

0.3%

Prosus (PRX)

Anglos

FirstRand / RMBH


Naspers N





Fund bonuses (%)


LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESanlam Capital Protection Portfolio

58.5%

41.5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%



Fund objective



100

110

120

130

140

0%

1%

2%

3%

4%

5%

6%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

32.6%

24.6%

4.1% 4.0%

7.0%

27.7%

0%

5%

10%

15%

20%

25%

30%

35%


Risk profile

Fees


Funding Level



3rd Alternate default

Sanlam Blue Lifestage Strategy

investment strategy

Phase 1 month 3 months 1 Year 3 years 5 years

0.0% -0.9% 0.3% 3.0% 4.5%



Note: Performance figures are gross of investment management fees, but are net of any performance fees (if applicable). For portfolios in the Smoothed Bonus Range ,the returns are gross of investment management fees, but

are net of any guarantee premiums. Performance figures for periods greater than 12 months are annualised. All data shown is at the month-end, unless specifically indicated differently. Changes in currency rates of exchange may

cause the value of your investment to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the income from them may increase or decrease and are not guaranteed. You may

not get back the amount you invest. The product information sheets are prepared for the SANLAM UMBRELLA FUND by its investment consultants. The product information sheets are prepared in good faith and the information,

data and opinions contained in the product information sheets are based on source information considered reliable. However, no guarantee, explicit or otherwise are provided that the information and data contained therein are

correct and comprehensive. The SANLAM UMBRELLA FUND and the investment consultants cannot be held liable for any loss, expense and/or damage following from the use of the product information sheets.



The core objective of this alternative default investment strategy aims to meet each member’s savings requirement by working towards a target date, which would be the Normal Retirement.

How the Sanlam Blue Lifestage Strategy works





As retirement approaches, this target date strategy invests in an investment portfolio

that provides inflation beating returns with a 100% guarantee on the capital invested,

but in the years prior to this greater emphasis is placed on achieving capital growth.

Members with more than 6 years before reaching their Normal Retirement Age or

Planned Retirement Age (if different) are fully invested in the Sanlam Blue Lifestage

Accumulation Portfolio which aims to achieve capital growth. Six years (72 months)

before a member reaches his/her Normal Retirement Age or Planned Retirement Age

(if different), the member is gradually switched from the Sanlam Blue Lifestage

Accumulation Portfolio to the Sanlam Capital Protection Portfolio by means of 50

monthly switches.

The Sanlam Blue Lifestage Accumulation Portfolio invests as follows:

-

75% SIM Balanced Fund

- 25% SPW Balanced Fund


LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESanlam Blue Lifestage Strategy

Period Ending 31-May-20 Benchmark Alexander Forbes Global Large Manager Watch Median

Fund Size R 1,011 million

Inception Date Feb-75

The portfolio has a moderate-aggressive risk profile.

0.70% per annum for the first R100m

0.60% per annum on portion of assets between R100m - R250m


0.50%per annum on portion of assets between R500m - R1bn

0.45% per annum on the portion above R1bn

Foreign Split

No performance Fees

Benchmark

Financials 23.8%

Resources 20.4%

Industrials 55.8%



Fund Benchmark Average capital loss in one month

Downside risk *

1 Month 0.1% 0.8% * Downside risk is measured as the standard deviation of the underperformance

3 Months -2.5% -1.1% of the portfolio relative to CPI

6 Months -5.2% -3.4%1 Year -1.2% 0.1%3 Years 2.5% 2.6%5 Years 4.2% 3.1%

Naspers N 24.8%


Prosus (PRX) 4.6%

Anglos 4.4%

Implats 3.3%


Sasol 2.7%

Stanbank 2.6%

BILLITON (BHP) 2.6%

MTN Group 2.5%


Fund

25.9%

55.8%

18.3%

May 2020

41.7%

-2.7%

8.2%













LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESIM Balanced Fund

94.8%

5.2%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

International Equity International Cash

The fund’s objective is to provide stable long-term investment income and capital growth. It provides peer-related investment returns by investing primarily in equities, fixed-interest investments, cash and foreign assets.

50

60

70

80

90

100

110

120

130

140

-14%-12%-10%

-8%-6%-4%-2%0%2%4%6%8%

10%12%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cu

mula

tive

Re

turn

Month

ly R

etu

rn

Fund Fund (Cum)*

32.1%

16.4%

26.5%

1.9%

23.1%

0%

5%

10%

15%

20%

25%

30%

35%


Risk profile

Fees

Fund objective

All Sub-funds invested in this portfolio are charged the highest investment management fee applicable to the first tranche of assets, and Sub-funds with greater than R100 million assets are separately rebated any savings due to the sliding investment management fee scale on a monthly basis.



Period Ending 31-May-20 Benchmark Average of the SA Multi-Asset High Equity

Fund Size R 162 million Category

Inception Date Sep-19


0.80% per annum

No performance Fees

Foreign Split

*Based on 1 month return

Financials

Resources

Industrials

Fund Benchmark

1 Month -0.2% 0.4%

3 Months 3.4% -0.9%

6 Months 2.2% -3.7%

1 Year N/A N/A

3 Years N/A N/A

5 Years N/A N/A

Naspers N 20.5%

BILLITON (BHP) 9.4%

Anglos 7.6%


CFR 5.1%


Bid Corp Ltd 4.2%

Mondi 3.8%

ABSAG ABG 3.7%

Netcare 3.3%








Fund

23.5%

22.1%

54.4%







LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESPW Balanced Fund

29.5%

70.5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

International Cash International Equity

The fund is a moderate-aggressive portfolio displaying moderate levels of volatility over the short term and aims to provide market related growth.

60

80

100

120

140

160

-6%

-4%

-2%

0%

2%

4%

6%

8%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

43.5%

10.9%

14.7%

0.1%

30.8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%


Risk profile

Fees

Fund objective






2.0% IGOVI




2.5% US 3 month LIIBOR7.5% STeFI Index


Foreign split



1 Month 0.2% Fund




3 Years 7.3%


holdings:





5.2%

4.2%

4.1%

3.3%2.8% % of negative months over the last 3 years




Prosus (PRX)


guarantee premiums. Performance figures for periods greater than 12 months are annualised. All data shown is at the month-end, unless specifically indicated differently. Changes in currency rates of exchange may cause the value of your investment

to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the income from them may increase or decrease and are not guaranteed. You may not get back the amount you invest. The product

information sheets are prepared for the SANLAM UMBRELLA FUND by its investment consultants. The product information sheets are prepared in good faith and the information, data and opinions contained in the product information sheets are

based on source information considered reliable. However, no guarantee, explicit or otherwise are provided that the information and data contained therein are correct and comprehensive. The SANLAM UMBRELLA FUND and the investment

consultants cannot be held liable for any loss, expense and/or damage following from the use of the product information sheets.

Implats


Stanbank

MTN Group

BILLITON (BHP)

0.0%

0.3%


Naspers NBritish American Tobacco


FirstRand / RMBH

Anglos

0.0%Consol Holdings



Fund bonuses (%)



58.5%

41.5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%



Fund objective



100

110

120

130

140

0%

2%

4%

6%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

32.6%

24.6%

4.1% 4.0%

7.0%

27.7%

0%

5%

10%

15%

20%

25%

30%

35%


Risk profile

Fees


Funding Level



4th Alternate default

Sanlam ACA Lifestage Strategy

investment strategy


0.6% -0.4% 0.9% 3.8% n/a



Disclaimer:

Note: Performance figures are gross of investment management fees, but are net of any performance fees (if applicable). For portfolios in the Smoothed Bonus Range ,the returns are gross of investment

management fees, but are net of any guarantee premiums. Performance figures for periods greater than 12 months are annualised. All data shown is at the month-end, unless specifically indicated differently.

Changes in currency rates of exchange may cause the value of your investment to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the income from

them may increase or decrease and are not guaranteed. You may not get back the amount you invest. The product information sheets are prepared for the SANLAM UMBRELLA FUND by its investment

consultants. The product information sheets are prepared in good faith and the information, data and opinions contained in the product information sheets are based on source information considered reliable.

However, no guarantee, explicit or otherwise are provided that the information and data contained therein are correct and comprehensive. The SANLAM UMBRELLA FUND and the investment consultants

cannot be held liable for any loss, expense and/or damage following from the use of the product information sheets.

ACA Wealth Creation


The core objective of this alternative default investment strategy aims to meet each

member’s savings requirement by working towards a target date, which would be the

Normal Retirement


LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESanlam ACA Lifestage Strategy

How the Sanlam ACA Lifestage Strategy works

The investment strategy consists of two phases and members are automatically switched from one phase to another as they near retirement. The two phases are:* Accumulation phase* Preservation phaseAs the member approaches retirement, this target date strategy invests in an investment portfolio that provides inflation beating returns with a 100% guarantee on the capital invested, but in the years prior to this greater emphasis is placed on achieving capital growth. Members with more than 6 years before reaching their Normal Retirement Age or Planned Retirement Age (if different) are fully invested in ACA Wealth Creation Portfolio (Accumulation phase) which aims to achieve capital growth. Six years (72 months) before a member reaches his/her Normal Retirement Age or Planned Retirement Age (if different), the member is gradually switched from the ACA Wealth Creation Portfolio to the Sanlam Capital Protection Portfolio by means of 50 monthly switches.

The Sanlam ACA Lifestage Strategy is only available as a default investment strategy to new Comprehensive Option clients who were previously invested in the ACA Houseview portfolios in their prior fund

Period Ending 31-May-20 Benchmark 20.00% 65% FTSE/JSE Capped SWIX (CAPI)

Fund Size R 0 million 35% BEASSA Total Return All Bond Index (ALBI)

Inception Date Jun-16 52.00% SA Domestic Large Manager Watch Median

25.00% 85.2% MSCI World Index

15.2% MSCI Emerging Markets (Net)

3.00% JP Morgan Global Bond Index Total Return (JPM)

To deliver superior real returns over the longer term. This balanced portfolio is

managed on a multi-manager basis and includes international exposure. Each

manager has been selected on the basis of rigorous quantitative and qualitative

analysis. The underlying managers of the portfolio have been selected,

mandated, monitored and reviewed by a Joint Investment Committee consisting

of ACA Employee Benefits and Alexander Forbes Investments.

Risk Profile

This portfolio has a moderate-aggressive risk profile.

Fees

Wealth Creation

Investment management fee 0.45% per annum

Investment consulting fee 0.05% per annum excluding VAT

Foreign Split

Fund Benchmark

Financials 11.1%


Industrials 2.0%

Fund Benchmark

1 Month 0.6% 0.7%

3 Months -0.4% -3.3% Manager Weight

6 Months -3.1% -5.7% ACA Offshore Passive Wealth Creation 31.8%

1 Year 0.9% -1.3% AFI Capped SWIX Tracker 11.3%

3 Year 3.8% 2.7% Prudential Domestic Balanced 13.2%

5 Year N/A N/A Allan Gray Domestic Balanced 13.1%

Coronation Domestic Balanced 13.1%

Ninety One Domestic Balanced 9.6%

Share Name % of Portfolio Futuregrowth Bond 3.1%

Naspers N 6.2% Prescient Fixed Interest 1.8%

British American Tobacco 3.5% Banker 0.7%

Anglos 2.2% Coronation Bond 2.3%

Prosus (PRX) 1.9%

Stanbank 1.5%


Implats 1.3%

MTN 1.2%

Remgro 1.0%

Microsoft Corp 1.0%



Downside risk *








24.3%

49.4%

36.1%

-2.9%

2.8%


26.4%








LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMEACA Wealth Creation

80

90

100

110

120

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

Fund objective


0.027 0.01

0.963

0

0.2

0.4

0.6

0.8

1

International Property International Cash International Equity





2.0% IGOVI





7.5% STeFI Index


Foreign split



1 Month 0.2% Fund




3 Years 7.3%


holdings:





5.2%

4.2%

4.1%

3.3%






Note: Performance figures are gross of investment management fees, but are net of any performance fees (if applicable). For portfolios in the Smoothed Bonus Range ,the returns are gross of investment management fees, but are net of any guarantee

premiums. Performance figures for periods greater than 12 months are annualised. All data shown is at the month-end, unless specifically indicated differently. Changes in currency rates of exchange may cause the value of your investment to fluctuate. Past

performance is not necessarily a guide to the future returns. The value of investments and the income from them may increase or decrease and are not guaranteed. You may not get back the amount you invest. The product information sheets are prepared for

the SANLAM UMBRELLA FUND by its investment consultants. The product information sheets are prepared in good faith and the information, data and opinions contained in the product information sheets are based on source information considered reliable.

However, no guarantee, explicit or otherwise are provided that the information and data contained therein are correct and comprehensive. The SANLAM UMBRELLA FUND and the investment consultants cannot be held liable for any loss, expense and/or

damage following from the use of the product information sheets.

BILLITON (BHP) 0.3%

MTN Group


Implats 0.0%

Prosus (PRX)

Anglos

FirstRand / RMBH

Stanbank

Consol Holdings 0.0%


Naspers N





Fund bonuses (%)



58.5%

41.5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%



Fund objective



100

110

120

130

140

0%

1%

2%

3%

4%

5%

6%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

32.6%

24.6%

4.1% 4.0%

7.0%

27.7%

0%

5%

10%

15%

20%

25%

30%

35%


Risk profile

Fees


Funding Level



Trustee Approved Institutionally Priced

Investment PortfoliosMember investment selection menu


SMM 70 Portfolio

SMM 50 Portfolio

SMM 30 Portfolio

SMM Moderate Absolute Fund

SMM NUR Balanced Fund

Sanlam The Most Aggressive Portfolio

Sanlam Accumulation Portfolio

SMM Select Balanced Fund

ACA Weath Creation

SIM Balanced Fund

SIM Moderate Absolute Fund

SIM Cash Fund

SIM Temperance Balanced Fund

SPW Balanced Fund

Sanlam Allan Gray Global Balanced Portfolio*

Sanlam Coronation Houseview Portfolio*

Sanlam Foord Balanced Fund

Sanlam Prudential Balanced Fund

Ninety One Balanced Fund

Allan Gray Global Balanced Portfolio

Coronation Houseview Portfolio

PSG Balanced Fund

* Please note – These portfolios are closed to new Investors after 01/03/2015

Satrix Enhanced Balanced Tracker Fund

Sanlam Monthly Bonus Fund

Sanlam Stable Bonus Portfolio

Sanlam Progressive Smooth Bonus Fund

Sanlam Investment Management Single Manager Range

External Single Manager Range

Index-tracking Range

Member Investment Selection Menu

Multi-manager Range

Smoothed Bonus Range

Regulation 28 Compliance

LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMEMember Investment Selection Menu

All of the Trustee-approved institutionally priced portfolios are compliant with Regulation 28 .

The Sanlam Umbrella Fund Trustees are responsible for ensuring compliance with Regulation

28 of the Pension Funds Act, and no monitoring is required at Participating Employer

level. The Trustees will take whatever steps are necessary to ensure ongoing compliance

with Regulation 28 including the possibility of making changes to the Fund's investments, for

example closing non-compliant portfolios to new inflows, as permitted in terms of the

approved Investment Protocol.

Smoothed Bonus Range

Smooth bonus portfolios contain various intricacies outside of the scope of these monthly fact

sheets. For more information members are advised to consult the product brochures which

explain the mechanics of the Sanlam Monthly Bonus Fund and the Sanlam Stable Bonus

Portfolio in more detail. These brochures are available on the Sanlam website at

www.sanlam.co.za

May 2020

Multi-manager Range 1 month 3 months Year to date 12 months 3 years 5 years 10 yearsSMM 70 Portfolio 1.0% -1.7% -7.2% -1.5% 2.4% 3.2% 9.5%

SMM 50 Portfolio 1.7% -0.5% -3.9% 1.6% 4.2% 4.7% 9.4%

SMM 30 Portfolio 1.8% -0.5% -2.1% 2.8% 5.8% 6.3% n/a

SMM Moderate Absolute Fund 2.0% 0.0% -0.8% 6.3% 6.8% 6.5% 9.4%

SMM NUR Balanced Fund 0.4% -0.5% -5.4% -0.9% 3.7% 4.1% n/a

Sanlam The Most Aggressive Portfolio 0.6% -3.1% 0.6% -4.3% n/a n/a n/a

Sanlam Accumulation Portfolio 0.8% -1.4% -6.8% -1.4% 2.5% 3.5% n/a

SMM Select Balanced Fund 1.7% -2.0% -5.7% 2.1% n/a n/a n/a

ACA Wealth Creation 0.6% -0.4% -4.4% 0.9% 3.8% n/a n/a

Single Manager Range 1 month 3 months Year to date 12 months 3 years 5 years 10 yearsSIM Balanced Fund 0.1% -2.5% -7.0% -1.2% 2.5% 4.2% 9.9%

SIM Moderate Absolute Fund 1.1% 0.6% 0.9% 6.4% 7.0% 7.6% 10.3%

SIM Cash Fund 0.6% 2.0% 3.3% 8.1% 8.2% 8.1% 7.1%

SIM Temperance Balanced Fund 1.5% -2.4% -7.7% -1.9% 4.1% 4.6% 9.8%

SPW Balanced Fund *** -0.2% 3.4% 1.4% 4.5% 5.1% 5.6% 11.6%

External Single Manager Range 1 month 3 months Year to date 12 months 3 years 5 years 10 yearsSanlam Foord Balanced Fund 0.6% 5.5% 2.0% 9.1% 4.3% 4.5% 9.7%

Sanlam Prudential Balanced Fund 1.6% -2.9% -7.6% -3.8% 2.8% 4.1% n/a

Sanlam Allan Gray Global Balanced Portfolio* 0.4% -4.1% -5.6% -0.9% 2.0% 5.2% n/a

Sanlam Coronation Houseview Portfolio* 1.6% -1.3% -5.6% 1.5% 3.1% 4.2% 11.0%

Allan Gray Global Balanced -0.4% -0.3% -3.7% 0.4% 2.4% 5.4% 10.3%

Coronation Houseview Portfolio ** 2.0% -0.3% -4.6% 1.8% 3.5% 4.6% 11.3%

Ninety One Balanced Fund 0.6% 0.0% -2.3% 3.9% 5.1% 5.4% 11.4%

PSG Balanced Fund -0.3% -9.5% -17.0% -17.2% -3.9% 0.5% n/a

Index-tracking Range 1 month 3 months Year to date 12 months 3 years 5 years 10 yearsSatrix Enhanced Balanced Tracker Fund 0.8% -1.1% -7.3% -3.4% 2.1% 3.9% 10.0%

Smoothed Bonus Range 1 month 3 months Year to date 12 months 3 years 5 years 10 yearsSanlam Monthly Bonus Fund 0.2% 0.7% 1.8% 5.8% 6.7% 7.4% 10.1%

Sanlam Stable Bonus Portfolio 0.2% 0.8% 2.1% 6.4% 7.3% 7.9% 11.0%

Sanlam Progressive Smooth Bonus Fund 0.1% 0.5% 1.9% 6.5% n/a n/a n/a

* Only available to Sub-funds who had exposure to this portfolio prior to 01 March 2015.

** The Sanlam Allan Gray Global Balanced and Sanlam Coronation Houseview portfolios are separate portfolios to the Allan Gray Global Balanced and Coronation Houseview: will slightly differ due to cash flows.

*** SPW Balanced Fund is actual returns from 1 Sep 2019. Returns prior are from a Model Portfolio similar to the SPW Balanced Fund.


Investment Returns

May 2020

1 month 3 months Year to date 12 months 3 Years 5 Years 10 Years0.8% -1.4% -6.8% -1.4% 2.5% 3.5% n/a

0.2% 0.8% 2.1% 6.4% 7.3% 7.9% 11.0%

1.3% -3.0% -3.2% -2.8% 0.6% 2.1% n/a

1.3% -1.3% -4.3% 0.2% 3.7% 5.0% n/a

1 month 3 months Year to date 12 months 3 years 5 years 10 years0.8% -1.4% -6.8% -1.4% 2.5% 3.5% 9.8%

1 month 3 months Year to date 12 months 3 years 5 years 10 years0.4% 0.8% 0.1% 4.1% 5.7% 6.8% 9.8%

1 month 3 months Year to date 12 months 3 years 5 years 10 years0.0% -0.9% -4.8% 0.3% 3.0% 4.5% 10.1%

0.2% 0.8% 2.1% 6.4% 7.3% 7.9% 11.0%

1 month 3 months Year to date 12 months 3 years 5 years 10 years0.8% -1.1% -7.3% -3.4% 2.1% 3.9% 10.0%

0.2% 0.8% 2.1% 6.4% 7.3% 7.9% 11.0%

1 month 3 months Year to date 12 months 3 years 5 years 10 years0.6% -0.4% -4.4% 0.9% 3.8% n/a n/a

0.2% 0.8% 2.1% 6.4% 7.3% 7.9% 11.0%

Sanlam ACA Lifestage Strategy

ACA Wealth Creation


Sanlam Inflation Annuity Target Portfolio


Passive Lifestage Strategy


Sanlam Umbrella Fund Lifestage Solution (note 4)

Sanlam Umbrella Fund Lifestage


Sanlam Blue Lifestage Strategy


Sanlam Blue Lifestage Accumulation Portfolio

Passive Lifestage Accumulation Portfolio

Sanlam Lifestage

Sanlam Lifestage Accumulation Portfolio


Please note: Members that were invested in the Lifestage Programme Accumulation Phase before July 2013 and were therefore part of the transition in July 2013 (to the Sanlam Lifestage Accumulation

Portfolio) would have benefitted from the following actual investment returns (based on the combination of the underlying investment strategies) :


Sanlam Living Annuity Target Portfolio

Investment Returns for the default strategies

1. Investment returns are quoted gross of investment management fees but are net of any performance fees. The returns on the Smoothed Bonus Range and the Volatility Protection Strategy are net of the guaranteed premium. 2. Investment returns for periods greater than 12 months are annualised. 3. This summary sheet is prepared for the Sanlam Umbrella Fund by its investment consultants. Every effort has been made to ensure that the information in this summary is correct. However, the summary is for information purposes only and Sanlam, the Sanlam Umbrella Fund and its investment consultants cannot be held liable for any loss or damage suffered as a result of any inaccuracy.4. The previous investment strategy for the Sanlam Umbrella Fund lifestage solution (the Lifestage Programme) was changed eff ective 1 July 2013 and the assets were transitioned over the month of July 2013 to the Sanlam Lifestage solution. 5. The Sanlam ACA Lifestage Strategy is only available as a default investment strategy to new Comprehensive Option clients w ho were previously invested in the ACA Houseview portfolios in their prior fund. 6. Further information on our portfolios is available on our website www.SanlamUmbrellaFund.co.za.

Period Ending 31-May-20 Benchmark 49% Capped SWIX (Shareholder Weighted Index)

Fund Size R 714 million 10% BEASSA Total Return Index

Inception Date Feb-00 2% Short Term Fixed Interest Index (STeFI)

8% Sapy Property Index

6% Barclays SA Inflation Linked Index

21% MSCI World (Developed Markets) Equity Index

4% Barclays Global Aggregate Bond Index

The relatively high equity allocation of the Fund should occasionally result in high volatility but also high rate of growth compared to funds with a moderate

risk profile.

Risk Profile

This fund has a moderate -aggressive risk profile

Foreign Split

Fund Benchmark

Financials 18.3%

Resources 49.0%

Industrials 32.7%


Fund Benchmark

1 Month 1.0% 0.5%3 Months -1.7% -1.9%6 Months -5.6% -7.0%1 Year -1.5% -4.1%3 Years 2.4% 1.8%5 Years 3.2% 3.5%


Naspers 15.4%

Prosus 5.2%Anglo American 5.1%


Impala Platinum Holdings Limited 3.3% % of negative months over the last 3 years

Firstrand Limited 3.2% Average capital loss in one month

BHP Group 2.4% Downside risk *

Quilter Plc 2.3% * Downside risk is measured as the standard deviation of the underperformance



9.1%








information sheets.

20.6%

46.8%

32.6%

38.9%

-3.1%









LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESMM 70 Portfolio

2.2% 0.4%

97.4%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%


0.80% per annum for the first R100m0.75%per annum on portion of assets between R100m - R250m0.70% per annum on portion of assets between R250m - R500m0.60% per annum on portion of assets between R500m - R1bn0.55%per annum on the portion above R1bn

Fees

60

80

100

120

140

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)

46.0%

14.7%

1.9%4.9%

32.5%

0%

10%

20%

30%

40%

50%


Monthly and cummulative returns

Fund objective




Coronation Strategic Income, 0.1%


0.6%Ginsglobal Emerging Markets,

2.4%







Fund, 1.3%





7.6%SMM Core Equity,

19.1%



SMM Property, 4.7%



Please refer to the “Local equity manager breakdown for SMMI portfolios” for a detailed outline of the



Fund Size R 464 million 20.0% BEASSA Total Return Index

Inception Date Sep-00 10.0% STeFI Composite

6.0% Sapy Property Index



15.0% MSCI World Equity Index (Developed Markets)

The Fund aims to provide investment returns in line with its risk profile. The 3.0% Barclays Global Aggregate Index

moderate equity allocation should result in moderate volatility and a moderate

rate of growth.

This fund has a moderate risk profile.

Foreign Split

Fund Benchmark

Financials 18.4%

Resources 49.0%

Industrials 32.6%


Fund Benchmark

1 Month 1.7% 1.3%3 Months -0.5% -0.9%6 Months -2.4% -3.9%1 Year 1.6% -1.1%3 Years 4.2% 3.3%5 Years 4.7% 4.5%


Naspers 15.3%

Prosus 5.2%

Anglo American 5.1%

British American Tobacco Plc 4.8%Impala Platinum Holdings Limited 3.3%


BHP Group 2.4% % of negative months over the last 3 years

Quilter Plc 2.3% Average capital loss in one month

Anglogold Ashanti Limited 2.2% Downside risk *


7.2%









of the product information sheets.

20.6%

46.8%

32.6%

36.1%

-2.4%











8.8%3.8%

87.4%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


0.75% per annum for the first R100m 0.70%per annum on portion of assets between R100m - R250m 0.65% per annum on portion of assets between R250m - R500m 0.55% per annum on portion of assets between R500m - R1bn

60

70

80

90

100

110

120

130

140

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cu

mula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

34.6%32.4%

4.2% 3.2%

25.6%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%




Coronation Strategic Income,

3.0%


0.6%Futuregrowth Bonds, 1.5%

Ginsglobal Emerging Markets,

1.5%Ginsglobal Equity

Index, 8.2%






Fund, 3.3%





3.6%





SMM Property, 2.9%



Fees

Risk profile

Fund objective




Fund Size R 63 million 23.0% BEASSA Total Return Index (ALBI)

Inception Date Jul-10 20.0% Short Term Fixed Interest Index (STeFi)


6.0% Sapy Property Index


14.0% MSCI World Equity Index (Developed Markets)


The Fund aims to provide investment returns in line with its risk profile. The low

equity allocation should result in low volatility and a modest rate of growth.

Conservative

Foreign Split


Fund Benchmark

Financials 18.8%

Resources 48.4%

Industrials 32.8%


Fund Benchmark

1 Month 1.8% 1.6%

3 Months -0.5% 0.0%

6 Months -1.1% -1.3%

1 Year 2.8% 1.9%

3 Years 5.8% 5.1%

5 Years 6.3% 5.8%


Naspers 15.1%

Prosus 5.1%

Anglo American 4.9%


Firstrand Limited 3.1%Impala Platinum Holdings Limited 3.1%

BHP Group 2.4%

Quilter Plc 2.3% % of negative months over the last 3 years

Anglogold Ashanti Limited 2.1% Average capital loss in one month

Anglo American Platinum Ltd 2.1% Downside risk *




fees, but are net of any guarantee premiums. Performance figures for periods greater than 12 months are annualised. All data shown is at the month-end, unless specifically indicated differently. Changes in currency

rates of exchange may cause the value of your investment to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the income from them may increase or decrease

and are not guaranteed. You may not get back the amount you invest. The product information sheets are prepared for the SANLAM UMBRELLA FUND by its investment consultants. The product information sheets

are prepared in good faith and the information, data and opinions contained in the product information sheets are based on source information considered reliable. However, no guarantee, explicit or otherwise are

provided that the information and data contained therein are correct and comprehensive. The SANLAM UMBRELLA FUND and the investment consultants cannot be held liable for any loss, expense and/or damage

following from the use of the product information sheets.

20.6%

46.8%

32.6%

33.3%

-1.7%

5.8%










14.1%

4.1%

81.8%

0.0%

30.0%

60.0%

90.0%


0.70% per annum for the first R100m 0.65%per annum on portion of assets between R100m - R250m 0.60% per annum on portion of assets between R250m - R500m 0.50% per annum on portion of assets between R500m - R1bn

60

70

80

90

100

110

120

130

140

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

22.6%

42.9%

7.6%

3.6%

23.3%

0%

10%

20%

30%

40%

50%





Capitalworks Private Equity Partnership

III, 0.1%Coronation Strategic Income, 6.6%


0.4%

Futuregrowth Bonds, 5.0%


1.7%







Fund, 2.5%Prescient Bonds,

15.1%Sanlam Africa Equity, 0.8%

Sanlam Global Bond, 1.0%



4.7%





SMM Property, 3.3%



SMMI Cash, 1.1%

Fees

Risk profile

Fund objective



Period Ending 31-May-20 Benchmark CPI + 5%



This fund has a moderate risk profile

Fees


0.75%per annum on portion of assets between R100m - R250m


0.65% per annum on portion of assets between R500m - R1bn

0.60%per annum on the portion above R1bn

Fund

Financials

Resources

Industrials


Fund Benchmark *

1 Month 2.0% 0.0%

3 Months 0.0% 0.6%

6 Months -0.2% 3.2%

1 Year 6.3% 7.1%

3 Years 6.8% 8.7%

5 Years 6.5% 9.5%

* The figure for the most recent month is estimated.

% of Equities

Naspers 11.0%


Prosus 4.6%

4.2%

4.1%

3.7%



2.6% Downside risk **

Firstrand Limited 2.5% ** Downside risk is measured as the standard deviation of the underperformance


BHP Group 5.8%








African Rainbow Minerals Limited


Remgro Limited -1.7%

Reinet Inv SCA

32.8%

35.9%

31.3%

Share Name

Anglo American








Risk analysis

LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESMM Moderate Absolute Fund

10.3%

7.1%

82.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%


60

70

80

90

100

110

120

130

140

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

26.1%

35.8%

6.7% 7.0%

24.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%


Risk profile

Fund objective

Amplify SCI Absolute, 10.2%

Amplify SCI Flexible Equity,

8.0%

Amplify SCI Strategic Income,

2.0%

Aylett Equity Prescient B3, 8.3%

Bateleur Flexible B3, 10.5%







Fund, 2.7%




SMM Flexible Equity (Truffle),

6.5%

SMMI Fexi Beta, 5.2%

SMMI Cash, 0.5%

SMMI Fx Hedge UPF, 0.5%

Truffle Flexible Property, 10.9%

Foreign Split

The fund’s objective is to provide long-term absolute (positive) returns to investors. In specific terms, it aims to achieve a return of inflation +5%, gross of investment management fees over any rolling three-year period and aim for no capital loss over any rolling 12 months. The fund has a low to medium risk profile relative to typical balanced portfolios.


Period Ending 31-May-20 Benchmark

Fund Size R 221 million The market value weighted average rolling three year total return

Inception Date Jan-14 of peer group Shariah Balanced Funds.

Provide stable long-term investment returns by investing in Shariah

compliant balanced funds.

Risk Profile

This fund is Shariah Compliant - moderate-aggressive risk profile.

0.95% per annum

Monthly and cumulative returns Foreign Split

Fund

Financials

Resources

Industrials


Fund Benchmark

1 Month 0.4% -0.2%

3 Months -0.5% 0.2%

6 Months -4.7% -3.7%

1 Year -0.9% -0.5%

3 Years 3.7% 2.6%

5 Years 4.1% 2.9%


African Rainbow Minerals Limited 5.3%BHP Group 5.0%

Anglogold Ashanti Limited 4.3% % of negative months over the last 3 years

Anglo American 4.2% Average capital loss in one month

Mondi Plc 4.0% Downside risk **

Anglo American Platinum Ltd 3.9% ** Downside risk is measured as the standard deviation of the underperformance

MTN Group Limited 3.9% of the portfolio relative to CPI

New Gold ETF 3.7%

A E C I LIMITED 3.5%

AVI Limited 3.2%


41.7%

-1.7%

5.8%








0.2%

67.9%

31.9%





LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESMM NUR Balanced Fund

Fees

16.6%

83.4%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


60

70

80

90

100

110

120

130

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

36.3%

8.0%

29.6%

2.6%

23.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Equity Bonds Cash Property Foreign

ABSA Shariah Bank -Current Accounts, 2.5%

Kagiso Islamic Balanced,

39.3%

Old Mutual Albaraka Balanced, 28.9%

Sentio SCI HIKMA Shariah Balanced,

29.3%

Fund objective

Risk analysis


Period Ending 31-May-20 Benchmark 54% SWIX (Shareholder Weighted Index)

Fund Size R 29 million 11% South African Property Index(SAPY)

Inception Date 01-Mar-18 10% CPI+2% p.a.

21% MSCI All Country World Index (ACWI)4% S&p GLOBAL REIT INDEX

Fund Benchmark

Financials 18.9%

Resources 46.7%

Industrials 34.4%


Fund Benchmark

1 Month 0.6% -0.7%

3 Months -3.1% -3.0%

6 Months -7.8% -8.7%

1 Year -4.3% -5.9%

3 Years n/a n/a

5 Years n/a n/a

Naspers 18.2%Prosus 4.8%

Anglo American 4.6%British American Tobacco Plc 4.5%Firstrand Limited 3.0%Impala Platinum Holdings Limited 2.8%BHP Group 2.3%

Standard Bank Group Limited 2.3%Anglogold Ashanti Limited 2.2%




are net of any guarantee premiums. Performance figures for periods greater than 12 months are annualised. All data shown is at the month-end, unless specifically indicated differently. Changes in currency rates of exchange

may cause the value of your investment to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the income from them may increase or decrease and are not guaranteed. You

may not get back the amount you invest. The product information sheets are prepared for the SANLAM UMBRELLA FUND by its investment consultants. The product information sheets are prepared in good faith and the

information, data and opinions contained in the product information sheets are based on source information considered reliable. However, no guarantee, explicit or otherwise are provided that the information and data contained

therein are correct and comprehensive. The SANLAM UMBRELLA FUND and the investment consultants cannot be held liable for any loss, expense and/or damage following from the use of the product information sheets.

19.1%

43.3%

37.6%






LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESanlam The Most Aggressive Portfolio

The fund is an actively managed fund that is designed to provide long-term investment returns at a risk and volatility level much higher than that of a

Risk profile

Fees

Fund objective


60

70

80

90

100

110

120

130

140

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*








Foreign split

Risk profile

0.90% per annum

The underlying investment managers may be incentivised on a performance fee basis

3.2% 0.2%

96.6%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%


Fees

Fund objective

54.7%

16.0%

-1.8%

7.1%

24.0%

-10%

0%

10%

20%

30%

40%

50%

60%






0.4%



Index, 5.4%



MSCI World Index Tracker,

2.7%



Fund, 1.3%








SMM Property, 6.7%




Please refer to the “Local equity manager breakdown for SMMI portfolios ” for a detailed outline of


Fund Size R 15,262 million 24.5% Capped SWIX (Shareholder Weighted Index)

Inception Date 01-Jul-13 10.0% BEASSA Total Return All Bond Index

8.0% FTSE/JSE SAPY Index



21.0% MSCI World (Developed Markets) Equity Index


Fund Benchmark

Financials 19.2%

Resources 46.3%

Industrials 34.5%


Fund Benchmark

1 Month 0.8% 0.4%

3 Months -1.4% -1.4%

6 Months -5.2% -6.0%

1 Year -1.4% -3.1%

3 Years 2.5% 2.1%

5 Years 3.5% 3.8%

Naspers 18.3%

Prosus 4.7%

Anglo American 4.5%




BHP Group 2.3%



Quilter Plc 1.9%



Downside risk *



41.7%

-2.9%

8.8%







19.1%

43.3%

37.6%










Foreign split


LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESanlam Accumulation Portfolio

The fund is an aggressive portfolio displaying high levels of volatility over the short term and is aiming to provide market related growth.Scrip lending may be performed on the passive equity component.

Risk profile

1.00% per annum for the first R50m0.90% per annum on the portion of assets between R 50m - R100m0.775% per annum on the portion of assets between R100m – R300m0.70% per annum on the portion of assets between R 300m – R500m0.65% per annum on the portion above R500m

All Sub-funds invested in Sanlam Lifestage Accumulation Portfolio are charged the highest investment management fee applicable to the first tranche of assets, and Sub-funds with greater than R50 million assets are separately rebated any savings due to the sliding investment management fee scale on a monthly basis.The underlying investment managers may be incentivised on a performance fee basis.

5.7%

97.2%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Fees

Fund objective


51.9%

13.3%1.7%

4.9%

28.2%

-20%

0%

20%

40%

60%



Blue Ink Fixed Income, 1.5% Blue Ink Long Short

Aggr, 2.4%

Coronation Strategic Income, 0.2% Ethos Mid Market1

(A) Partnership, 0.4%Ginsglobal

Emerging Markets, 1.9%








Fund, 1.6%




4.2%





SMM Property, 4.9%










Foreign split


Risk profile

1.00% per annum for the first R50m0.90% per annum on the portion of assets between R 50m - R100m0.775% per annum on the portion of assets between R100m – R300m0.70% per annum on the portion of assets between R 300m – R500m0.65% per annum on the portion above R500m


5.7%

-2.9%

97.2%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%


Fees

Fund objective

60

70

80

90

100

110

120

130

140

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

51.9%

13.3%1.7%

4.9%

28.2%

0%

10%

20%

30%

40%

50%

60%



Blue Ink Long Short Aggr, 2.4% Coronation Strategic

Income, 0.2%


0.4%



Index, 3.3%







Fund, 1.6%






4.2%





SMM Property, 4.9%



SMMI Cash, 0.1%



Period Ending 31-May-20 Benchmark Alexander Forbes Global Large Manager Watch

Fund Size R 11,895,856


This fund has a moderate aggressive risk profile

Fees


0.90%per annum on portion of assets between R100m - R250m


0.75% per annum on portion of assets between R500m - R1bn

0.65%per annum on the portion above R1bn

Fund

Financials

Resources

Industrials


Fund Benchmark *

1 Month 1.7% 0.8%

3 Months -2.0% -1.1%

6 Months -3.6% -3.4%

1 Year 2.1% 0.1%

3 Years n/a n/a

5 Years n/a n/a

* The figure for the most recent month is estimated.

% of Equities

Naspers 13.5%


Prosus 4.5%

4.3%


3.2%

2.7%

2.4%

2.1%

Sibanye Stillwater Ltd 2.1%

Anglogold Ashanti Limited








Standard Bank Group Limited

Impala Platinum Holdings Limited

African Rainbow Minerals Limited

Share Name

Anglo American

34.3%

21.5%

44.2%








LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESMM Select Balanced Fund

10.3%15.9%

73.8%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


60

70

80

90

100

110

120

130

140

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

40.1%

18.8%

10.4%

3.5%

27.2%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%


Risk profile

Fund objective

ABAX Balanced Prescient, 17.8%

Amplify SCI Balanced, 10.2%

Centaur BCI Balanced, 15.5%

Coronation Balanced Plus Z,

12.5%

Ninety One Balanced, 17.1%

SIM Balanced, 9.8%

SMMI Cash, 0.2%

Truffle Balanced, 16.9%

Foreign Split

The fund’s objective is to provide capital growth, rather than capital security. It is suitable for investors who have a long-term investment horizon and who are willing to accept short-term volatility to maximise the potential long-term growth. The fund mainly invests in selected South African unit trusts.


Period Ending 31-May-20 Benchmark 20.00% 65% FTSE/JSE Capped SWIX (CAPI)

Fund Size R 0 million 35% BEASSA Total Return All Bond Index (ALBI)

Inception Date Jun-16 52.00% SA Domestic Large Manager Watch Median

25.00% 85.2% MSCI World Index

15.2% MSCI Emerging Markets (Net)

3.00% JP Morgan Global Bond Index Total Return (JPM)

To deliver superior real returns over the longer term. This balanced portfolio is

managed on a multi-manager basis and includes international exposure. Each

manager has been selected on the basis of rigorous quantitative and qualitative

analysis. The underlying managers of the portfolio have been selected,

mandated, monitored and reviewed by a Joint Investment Committee consisting

of ACA Employee Benefits and Alexander Forbes Investments.

Risk Profile

This portfolio has a moderate-aggressive risk profile.

Fees

Wealth Creation

Investment management fee 0.45% per annum

Investment consulting fee 0.05% per annum excluding VAT

Foreign Split

Fund Benchmark

Financials 11.1%


Industrials 2.0%

Fund Benchmark

1 Month 0.6% 0.7%

3 Months -0.4% -3.3% Manager Weight

6 Months -3.1% -5.7% ACA Offshore Passive Wealth Creation 31.8%

1 Year 0.9% -1.3% AFI Capped SWIX Tracker 11.3%

3 Year 3.8% 2.7% Prudential Domestic Balanced 13.2%

5 Year N/A N/A Allan Gray Domestic Balanced 13.1%

Coronation Domestic Balanced 13.1%

Ninety One Domestic Balanced 9.6%

Share Name % of Portfolio Futuregrowth Bond 3.1%

Naspers N 6.2% Prescient Fixed Interest 1.8%

British American Tobacco 3.5% Banker 0.7%

Anglos 2.2% Coronation Bond 2.3%

Prosus (PRX) 1.9%

Stanbank 1.5%


Implats 1.3%

MTN 1.2%

Remgro 1.0%

Microsoft Corp 1.0%



Downside risk *








24.3%

49.4%

36.1%

-2.9%

2.8%


26.4%








LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMEACA Wealth Creation

80

90

100

110

120

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

Fund objective


0.027 0.01

0.963

0

0.2

0.4

0.6

0.8

1

International Property International Cash International Equity

Period Ending 31-May-20 Benchmark


Inception Date Feb-75





0.50%per annum on portion of assets between R500m - R1bn

0.45% per annum on the portion above R1bn

No performance Fees Foreign Split


Fund Benchmark Benchmark

1 Month 0.1% 0.8% Financials 23.8%

3 Months -2.5% -1.1% Resources 20.4%

6 Months -5.2% -3.4% Industrials 55.8%

1 Year -1.2% 0.1%

3 Years 2.5% 2.6%

5 Years 4.2% 3.1%



Downside risk *

Naspers N 24.8% * Downside risk is measured as the standard deviation of the underperformance

British American Tobacco 5.3% of the portfolio relative to CPI

Prosus (PRX) 4.6%

Anglos 4.4%

Implats 3.3%


Sasol 2.7%

Stanbank 2.6%

BILLITON (BHP) 2.6%

MTN Group 2.5%







-2.7%

Share Name % of Shares 8.2%

41.7%

Fund

18.3%

25.9%

55.8%


Alexander Forbes Global Large Manager Watch Median






LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESIM Balanced Fund

94.8%

5.2%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

International Equity International Cash

The fund’s objective is to provide stable long-term investment income and capital growth. It provides peer-related investment returns by investing primarily in equities, fixed-interest investments, cash and foreign assets.

50

60

70

80

90

100

110

120

130

140

-14%-12%-10%

-8%-6%-4%-2%0%2%4%6%8%

10%12%

May-1

9

Ju

n-1

9

Ju

l-19

Au

g-1

9

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

32.1%

16.4%

26.5%

1.9%

23.1%

0%

5%

10%

15%

20%

25%

30%

35%


Risk profile

Fees

Fund objective




Period Ending 31-May-20 Benchmark CPI+5%

Fund Size R 1,528.8 million

Inception Date 01-Jul-03

No performance Fees

Fund

*Based on 1 year returns Financials 21.7%

Resources 29.6%

Industrials 48.7%

Fund Benchmark

1 Month 1.1% 0.0%

3 Months 0.6% 0.6%

6 Months 1.7% 3.3%

1 Year 6.4% 7.2% % of negative months over the last 3 years

3 Years 7.0% 8.7% Average capital loss in one month

5 Years 7.6% 9.5% Downside risk *



Naspers N 26.2%


Prosus (PRX) 4.9%

Anglos 4.8%

Implats 3.5%


Sasol 2.8%

Stanbank 2.8%

MTN Group 2.6%

BILLITON (BHP) 2.6%








information sheets.


Benchmark

-1.1%

3.8%

20.7%

21.2%

58.1%

36.1%





Foreign split

LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESIM Moderate Absolute Fund

The fund’s objective is to provide long-term absolute (positive) returns to investors. In specific terms, it aims to achieve a return of inflation +5%, gross of investment management fees over any rolling three-year period and aim for no capital loss over any rolling 12 months. The fund has a low to medium risk profile relative to typical balanced portfolios.

0.70% per annum for the first R100m 0.60% per annum on the portion of assets between R100m – R250m 0.55% per annum on the portion of assets between R250m – R500m 0.50% per annum on the portion of assets between R500m – R1bn 0.45% per annum on the portion of assets above R1bn

Fund objective




Top 10 holdings (% of Shares)


Risk profile

17.3% 16.9%

61.5%

4.3%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

International Bonds International Cash International Equity InternationalProperty

Fees

Fund objective

This portfolio has a moderate risk profile

60

70

80

90

100

110

120

130

140

-6%

-4%

-2%

0%

2%

4%

6%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

13.9%16.4%

48.3%

0.6%

20.8%

0%

10%

20%

30%

40%

50%

60%



All Sub-funds invested in this portfolio are charged the highest investment management fee applicable to the first tranche of assets, and Sub -funds with greater than R100 million assets are separately rebated any savings due to


Period Ending 31-May-20 Benchmark STeFI Index


Inception Date Jul-01

Risk Profile Fund Benchmark

This fund has a conservative risk profile. 1 Month 0.6%

3 Months 2.0%

Fees 6 Months 4.0%

1 Year 8.1%

0.20% per annum for the first R100m 3 Years 8.2%

0.125% per annum on portion of assets between R100m - R500m 5 Years 8.1%

0.10% per annum on the portion of assets above R500m

No performance Fees




Downside risk *





0.5%

1.6%







information sheets.

3.3%

7.0%

7.2%

7.2%

0.0%

0.0%

0.3%

SANLAM CASH FUND



SANLAM CASH FUNDSANLAM CASH FUND

LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESIM Cash Fund

To provide capital stability and high liquidity that offers competitive returns compared to bank deposits.

60

80

100

120

140

-4%

-2%

0%

2%

4%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

Fund objective


Period Ending 31-May-20 Benchmark 42.5% Capped SWIX excl Tobacco Alcohol and Gambling

Fund Size R 225 million 17.5% BEASSA TRI

Inception Date 01-Sep-09 12.5% STeFI


17.5% MSCI World ESG Leaders Net Ret (ZAR)

7.5% SAPY PROPERTY INDEX


Fund

Financials 21.9%

Resources 31.5%

Industrials 46.6%

Fund Benchmark

1 Month 1.5% 1.2%

3 Months -2.4% -1.8%

6 Months -6.0% -6.1%

1 Year -1.9% -3.2% % of negative months over the last 3 years

3 Years 4.1% 2.9% Average capital loss in one month




Naspers N 12.6%

Prosus (PRX) 5.6%

Anglos 5.3%


Implats 3.6%

Growpnt 3.5%

NEPIROCK (NEP) 3.3%

Stanbank 3.1%

MTN Group 3.0%

Sasol 2.9%









information sheets.

29.1%

25.9%

45.0%

41.7%

-2.4%

8.4%

Benchmark




Foreign split

LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESIM Temperance Balanced fund

The fund’s objective is to provide stable long-term investment income and capital growth. The fund is actively managed and invests primarily in equities, fixed-interest investments, cash and foreign assets. The manager is however not allowed to invest in securities (equities and bonds) where alcohol, tobacco and gambling form the core of the company’s business.

On domestic assets: 0.60% and on foreign assets: 0.85%

Fund objective




Top 10 holdings (% of Shares)


Risk profile

7.7%

105.6%

-13.3%-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%

International Cash International Equity International Derivatives

Fees

Fund objective

This portfolio has a moderate risk profile

50

60

70

80

90

100

110

120

130

140

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

35.8%

26.3%

14.8%

5.1%

18.0%

0%

5%

10%

15%

20%

25%

30%

35%

40%







0.80% per annum

No performance Fees

Foreign Split


Financials

Resources

Industrials

Fund Benchmark

1 Month -0.2% 0.4% % of negative months over the last 3 years

3 Months 3.4% -0.9% Average capital loss in one month

6 Months 2.2% -3.7% Downside risk *

1 Year 4.5% -0.7% * Downside risk is measured as the standard deviation of the underperformance

3 Years 5.1% 2.0% of the portfolio relative to CPI

5 Years 5.6% 2.7%

Naspers N 20.5%

BILLITON (BHP) 9.4%

Anglos 7.6%


CFR 5.1%


Bid Corp Ltd 4.2%

Mondi 3.8%

ABSAG ABG 3.7%

Netcare 3.3%

41.7%

-2.3%


Fund

23.5%

22.1%

54.4%








5.7%






LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESPW Balanced Fund

29.5%

70.5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


The fund is a moderate-aggressive portfolio displaying moderate levels of volatility over the short term and aims to provide market related growth.

60

80

100

120

140

160

-6%

-4%

-2%

0%

2%

4%

6%

8%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

43.5%

10.9%

14.7%

0.1%

30.8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%


Risk profile

Fees

Fund objective



SPW Balanced Fund is actual returns from 1 Sep 2019. Returns Prior are from a Model Portfolio similar to the SPW Balanced Fund.



Inception Date Apr-12

This fund has a moderate - aggressive risk profile.

Fees

Foreign split

Fund

Financials

Resources

Industrials


Fund Benchmark

1 Month 0.6% 0.8% % of negative months over the last 3 years

3 Months 5.5% -0.9% Average capital loss in one month

6 Months 2.9% -3.3% Downside risk *

1 Year 9.1% -0.4% * Downside risk is measured as the standard deviation of the underperformance

3 Years 4.3% 1.8%

*5 Years 4.5% 3.0%

*Returns are illustrative as the Fund has not been invested over that period


New Gold ETF 12.5%

BHP Group 11.5%

Anheuser-Busch Inbev SA INV 7.6%

RMB Holdings Limited 7.2%

Richemont 7.1%

Naspers 7.1%

Aspen Healthcare Holdings 6.8%



Prosus 5.1%

-2.6%

6.4%








21.1%

30.8%

48.1%

41.7%








LIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESanlam Foord Balanced Fund

The fund aims to provide investors with a steady growth in income and capital as well as the preservation of real capital. The portfolio shall comprise a mix of securities in the equity, bond, money and property markets.

Risk profile

South African assets: 0.70% per annumInternational assets: 1.35% per annum

Performance fee of 10% (excluding VAT) of the outperformance of its benchmark calculated over a rolling 12 month period.The performance fee is accrued daily and paid monthly. There is no cap on performance fee. A high water mark applies.

60

80

100

120

140

160

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

38.0%

19.4%

5.3%4.3%

33.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%


10.6%3.7%

83.6%

2.1%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

International Bonds International Cash International Equity InternationalProperty

Fund objective

Period Ending 31-May-20 Benchmark ASISA SA Multi Asset High Equity Category Average


Inception Date Apr-12

Foreign split

Fund

Financials

*Based on 1 year returns Resources

Industrials

Fund Benchmark

1 Month 1.6% 0.4%

3 Months -2.9% -0.9%

6 Months -6.1% -3.7% % of negative months over the last 3 years

1 Year -3.8% -0.7% Average capital loss in one month


5 Years 4.1% 2.7% * Downside risk is measured as the standard deviation of the underperformance


Naspers 15.4%


Anglo American 7.7%



Remgro Limited 4.5%


ABSA Group Limited 3.6%

Bid Corporation Limited 3.5%

MC GROUP 3.1%


29.0%

24.9%

46.1%

41.7%

-2.8%








9.3%







LIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESanlam Prudential Balanced Portfolio

The fund aims to achieve steady growth of capital and income through global asset allocation and stock selection across all industry sectors.

10.3%

3.5%

86.2%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Risk profile

Fees

South African assets:0.90% p.a.International assets:0.65% p.a, and0.45% per annum deducted by the asset manager before the unit price is declared

48.5%

20.7%

6.0%

2.1%

22.7%

0%

10%

20%

30%

40%

50%

60%


This fund has a moderate-agressive risk profile.

Fund objective

60

70

80

90

100

110

120

130

-20%

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*


Period Ending 31-May-20 Benchmark Alexander Forbes Global Large Manager

Fund Size R 3,959 million Watch Average

Inception Date Jul-10

This fund has a moderate-aggressive risk profile.

Foreign split

Fund

Financials

Resources

Industrials


Fund Benchmark ** % of negative months over the last 3 years

1 Month 0.4% 0.9% Average capital loss in one month

3 Months -4.1% -0.1% Downside risk *

6 Months -3.9% -2.6% * Downside risk is measured as the standard deviation of the underperformance

1 Year -0.8% 0.9%

3 Years 2.0% 3.5%

5 Years 5.2% 4.1%


Naspers 16.4%


Glencore Xstrata Plc 5.9%


Remgro Limited 4.3%

Newplat (NGPLT) 3.3%

Old Mutual Limited 3.0%

Woolworths Holdings Limited 2.7%

Reinet Inv SCA 2.5%

Nedbank Group Limited 2.3%


38.9%

33.4%

31.6%

35.0%

-2.9%

8.5%


** Cumulative monthly benchmark returns







information sheets.







LIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESanlam Allan Gray Global Balanced Portfolio

This Portfolio is for institutional investors with an average risk tolerance. It aims to offer long-term returns superior to the benchmark, but at lower risk of capital loss.

10.2%23.6%

65.8%

0.4%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

International Bond International Cash International Equity InternationalProperty

Risk Profile

45.3%

9.9% 11.2%

0.7%

32.9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%


40

60

80

100

120

140

-15%

-10%

-5%

0%

5%

10%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

Fund objective

Fees

Fees applicable to Participating Employers who had exposure to this portfolio prior to 1 March 2015 South African assets 1.00% per annum for the first R25m 0.85% per annum on the portion of assets between R25m – R50m 0.75% per annum on the portion of assets above R50m No performance fee on South African assets. International assets0.10% per annum of the international assets, after the recovery of the performance related fee. A performance related fee variable between 0.5% and 2.5% per annum of the value of the international assets, with a fee of 1.5% per annum for returns equal to the benchmark


Fund Size R 2,014 million Median


Foreign split

Fund

Financials

Resources

Industrials


*Based on 1 year returns Average capital loss in one month

Downside risk *


Fund Benchmark

1 Month 1.6% 0.8%

3 Months -1.3% -1.1%

6 Months -4.1% -3.4%

1 Year 1.5% 0.1%

3 Years 3.1% 3.1%

5 Years 4.2% 4.2%


Naspers 14.3%

Anglo American 7.8%


Africagold 6.0%

Prosus 5.6%

Quilter Plc 5.4%


Aspen Healthcare Holdings 4.0%

Anheuser-Busch Inbev SA INV 3.8%

Shoprite Holdings Limited 3.4%


8.6%








20.9%

40.2%

38.9%

44.4%

-2.6%






Risk analysis(based on the last 3 years' monthly return)

LIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESanlam Coronation Houseview Portfolio

The Coronation Houseview Portfolio is a clean slate fully discretionary balanced portfolio and represents our best investment view for a balanced portfolio in all major asset classes –equities, property, bonds, cash and international. The Portfolios objective is to outperform the median return of the peer group over rolling 3 year periods. The Portfolio is managed in accordance with the limits of Regulation 28.

1.5%

97.8%

0.7%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

International Bond International Equity International Property

Risk profie

Fees

45.0%

18.0%

8.3%

3.4%

25.3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%


60

70

80

90

100

110

120

130

140

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

Fees applicable to Participating Employers who had exposure to this Houseview portfolio prior to 1 March 2015. On South African assets:

0.60% per annum

On International assets: 1.00% per annum


Fund objective

Period Ending 31-May-20 Benchmark Alexander Forbes Global Large Manager

Inception Date Aug-00 Watch Average


Foreign split

Fund

Financials

Resources

Industrials


Fund Benchmark ** % of negative months over the last 3 years

1 Month -0.4% 0.9% Average capital loss in one month

3 Months -0.3% -0.1% Downside risk *

6 Months -2.2% -2.6% * Downside risk is measured as the standard deviation of the underperformance

1 Year 0.4% 0.9%

3 Years 2.4% 3.5%

5 Years 5.4% 4.1%


Naspers 16.4%




Remgro Limited 4.3%


Old Mutual Limited 3.0%

Woolworths Holdings Limited 2.7%

Reinet Inv SCA 2.5%

Nedbank Group Limited 2.3%

-2.5%

7.5%


** Cumulative monthly benchmark returns







information sheets.

44.4%

33.4%

31.6%

35.0%








LIFESTAGE PROGRAMMEIFESTAGE PROGRAMMEAllan Gray Global Balanced Portfolio

This Portfolio is for institutional investors with an average risk tolerance. It aims to offer long-term returns superior to the benchmark, but at lower risk of capital loss.

10.2%23.6%

65.8%

0.4%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

International Bond International Cash International Equity InternationalProperty

Risk Profile

45.3%

9.9% 11.2%

0.7%

32.9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%


60

80

100

120

140

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

Fund objective

Fees

Fees applicable to Participating Employers who did not have exposure to this portfolio prior to 1 March 2015.South African assets 1.00% per annumInternational assetsThe Base Refundable Reserve Fee (RRF) levies a base fee of 0.60% p.a. plus 25% of the outperformance (net of the base fee) experienced relative to its benchmark, subject to a refund for subsequent underperformance. The maximum fee (base plus performance fee), that Orbis can receive in cash in any one year is limited to 2.6%.The benchmark for the Selection (Base RRF) is 60% of the MSCI World Index (net dividends reinvested) and 40% of the JP Morgan Global Government Bond Index.


Inception Date Oct-93 Median

Foreign split

Fund

Financials

Resources

Industrials


*Based on 1 year returns Average capital loss in one month

Downside risk *


Fund Benchmark

1 Month 2.0% 0.8%

3 Months -0.3% -1.1%

6 Months -3.1% -3.4%

1 Year 1.8% 0.1%

3 Years 3.5% 3.1%

5 Years 4.6% 4.2%


Naspers 14.3%

Anglo American 7.8%British American Tobacco Plc 7.6%Africagold 6.0%Prosus 5.6%Quilter Plc 5.4%Firstrand Limited 4.8%Aspen Healthcare Holdings 4.0%Anheuser-Busch Inbev SA INV 3.8%Shoprite Holdings Limited 3.4%

7.9%








20.9%

40.2%

38.9%

41.7%

-2.6%







Risk analysis(based on the last 3 years' monthly return)

LIFESTAGE PROGRAMMEIFESTAGE PROGRAMMECoronation Houseview Portfolio

The Coronation Houseview Portfolio is a clean slate fully discretionary balanced portfolio and represents our best investment view for a balanced portfolio in all major asset classes –equities, property, bonds, cash and international. The Portfolios objective is to outperform the median return of the peer group over rolling 3 year periods. The Portfolio is managed in accordance with the limits of Regulation 28.

1.5%

97.8%

0.7%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

International Bond International Equity International Property

Risk profie

Fees

45.0%

18.0%

8.3%

3.4%

25.3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%


60

80

100

120

140

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

Fees applicable to Participating Employers who did not have exposure to this portfolio priorto 1 March 2015Investment Management Fees:The following base fees are applicable to the portion of assets invested in the portfolios:Coronation Global Bond Fund: 0.55% per annumCoronation Global Equity Fund of Funds: 0.75% per annumCoronation Global Opportunity Equity Fund: 0.75% per annumCoronation Global Capital Plus Fund: 0.75% per annumCoronation Global Emerging Markets Fund: 0.75% per annumCoronation Absolute World Opportunities Fund: 0.75% per annumCoronation World Opportunities Fund: 0.75% per annumCoronation Global Managed Fund: 0.75% per annumCoronation Global Emerging Markets Opportunities Fund: 1.00% per annumCoronation Africa Fund: 1.50% per annumCoronation Africa Frontiers Fund: 1.50% per annumDomestic assets and direct international assets not invested in any of the portfolios above:


Fund objective

Period Ending 31-May-20 Benchmark Alexander Forbes Global Best Investment View

Inception Date Jan-97 Median

Foreign split

Fund

Financials

Resources

*Based on 1 year returns Industrials

Fund Benchmark

1 Month 0.6% 0.8%

3 Months 0.0% -2.0% % of negative months over the last 3 years

6 Months -0.6% -4.8% Average capital loss in one month

1 Year 3.9% -1.1% Downside risk *

3 Years 5.1% 3.0% * Downside risk is measured as the standard deviation of the underperformance

5 Years* 5.4% 4.0%

* Returns are off the FFS as the fund has not been invested for that period


Naspers 12.9%


Prosus 7.0%


New Gold ETF 5.5%



BHP Group 3.7%

Sanlam 3.7%

Anglo American 3.6%

36.1%

-2.9%

7.3%









34.6%

12.8%

52.6%








LIFESTAGE PROGRAMMEIFESTAGE PROGRAMMENinety One Balanced Fund

The primary objective is to deliver capital growth over the medium to long term at volatility levels that reflect a moderate risk profile. The portfolio will invest in a combination of equities, bonds, money market instruments, listed property as well as international equities and fixed interest investments. The portfolio will be broadly diversified across asset classes. Active asset allocation and securities selection strategies appropriate to the needs of

25.7%

73.1%

1.2%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

International Cash International Equity International Property

Risk profile

Fees

South African assets: 0.54% per annumInternational assets: 0.75% per annum

60

80

100

120

140

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

37.4%

24.1%

3.7%

1.8%

33.0%

0%

5%

10%

15%

20%

25%

30%

35%

40%



Fund objective

Period Ending 31-May-20 Benchmark CPI +5%


Foreign split

Fund

Financials

Resources

*Based on 1 year returns Industrials

Fund Benchmark

1 Month -0.3% -0.2%

3 Months -9.5% 1.8% % of negative months over the last 3 years

6 Months -16.9% 3.7% Average capital loss in one month

1 Year -17.2% 7.8% Downside risk *

3 Years -3.9% 8.9% * Downside risk is measured as the standard deviation of the underperformance

5 Years* 0.5% 9.7%


Discovery Holdings Limited 10.8%

Anheuser-Busch Inbev Sa Inv 10.7%

Jse Limited 7.6%

Prudential Plc 7.6%


A E C I Limited 4.8%

Imperial Holdings Limited 4.1%

Shoprite Holdings Limited 4.1%

Remgro Limited 3.8%

Exxaro Resources Limited 3.7%


44.2%

29.1%

26.7%

50.0%

-2.7%

11.8%












Risk analysis


LIFESTAGE PROGRAMMEIFESTAGE PROGRAMMEPSG Balanced Fund

The PSG Balanced Fund is a pooled moderate-aggressive risk balanced portfolio managed on a market-linked basis. The objective is to achieve long-term growth of capital and a reasonable level of income for investors. This portfolio is suitable for investors wishing to achieve a good investment return while simultaneously avoiding unnecessary stress emanating from financial markets. It requires a longer-term time horizon.

15.9%

75.7%

8.4%

-10.0%

10.0%

30.0%

50.0%

70.0%

90.0%

110.0%

International Cash International Equity International Property

Risk profile

Fees

50

60

70

80

90

100

110

120

130

140

-20%

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

52.3%

21.4%

1.6%0.2%

24.5%

0%

10%

20%

30%

40%

50%

60%


This fund has a moderate aggressive risk profile.

Fund objective

0.70% per annum




2.0% STeFI



6.0% S&P South Africa Sovereign ILB 1+Y Index

Foreign split

Fund Benchmark

Financials 28.3%


Industrials 47.5%

Fund Benchmark

1 Month 0.8% 0.4%3 Months -1.1% -2.2%6 Months -6.0% -7.1%1 Year -3.4% -4.4%3 Year 2.1% 1.7%5 Year 3.9% 3.6%


Naspers N 10.5%


Prosus (PRX) 4.3%

Anglos 4.0%


Growpnt 3.5%

NEPIROCK (NEP) 3.0%

Stanbank 2.9%

Anglogold 2.4%

BILLITON (BHP) 2.3%



Downside risk *


24.3%

47.5%








28.2%

44.4%

-2.6%

8.5%










0.4%

90.9%

8.7%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

International Cash International Equity iShares Global AggregateBond ETF

60

70

80

90

100

110

120

130

140

-15%

-10%

-5%

0%

5%

10%

15%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

48.1%

19.5%

1.9%

6.3%

24.2%

0%

10%

20%

30%

40%

50%

60%


Fund objective

Risk profile

Fees

South African assets:0.36% per annumInternational assets:0.36% p.a. on international equities0.25% p.a. on international interest bearing assetsThe domestic equity component tracks the Capped SWIX Index. Script lending is permitted in respect of this basket of shares, and the resultant income (net of associated costs) is periodically rebated to clients participating in this portfolio, and effectively serves to reduce the quoted

The portfolio invests in tracker equity and bond indices, locally and abroad, and also cash to create a moderate risk balanced portfolio which is expected to perform close to the underlying indices without incurring active management costs. Scrip lending may be performed on the passive equity component.

This fund has an aggressive risk profile.


Sanlam Cash, 1.9%


SA ILB, 6.1%


ETF, 2.1%

Local Equity, 48.1%





Fund Size (Book Value) R7 426million 16.0% Capped SWIX (Shareholder Weighted Index)

Inception Date Jul-99 19.0% BEASSA Total Return All Bond Index


Fund objective 2.0% IGOVI



2.5% US 3 month London InterBank Offered Rate (LIBOR)

+2.5% (net of fees)

7.5% STeFI Index


2.5% US 3 month LIBOR

Risk Profile

Fees

Foreign split


Fund

Financials

Fund (gross of fees) Resources

1 Month 0.2% Industrials

3 Months 0.7%

6 Months 2.4%

1 Year 5.8%

3 Years 6.7%

5 Years 7.4%



Downside risk *


18.4%

6.0%

5.2%

4.2%4.1%

3.3% June 2020: 95.28% funded

2.8%

2.6%

2.4%

2.4%MTN Group







Consol Holdings

Implats

BILLITON (BHP)

AnglosFirstRand / RMBH

Stanbank

Prosus (PRX)

Naspers N



0.4%


The Monthly Bonus Fund (MBF) protects investors against short-term volatility by smoothing

out investment returns, whilst providing valuable guarantees on benefit payments. The

underlying portfolio is mandated with more weight to less risky asset classes than a typical

balanced fund. The Sanlam Monthly Bonus Fund offers 100% capital guarantee and fully

vesting bonuses. Fully vesting bonuses are declared monthly in advance.

0.0%

0.0%


58.7%

22.9%

18.4%



Fund bonuses (%)




LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESanlam Monthly Bonus Fund

58.5%

41.5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


60

80

100

120

140

-4%

-2%

0%

2%

4%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

32.6%

24.6%

4.1% 4.1%

6.9%

27.7%

0%

5%

10%

15%

20%

25%

30%

35%


This fund has a conservative risk profile.

Investment Management Fees:0.425% per annumGuarantee Premium:A guarantee premium of 1.6% per annum Annual Performance Linked Fee:The investment manager may be incentivised with performance fees

Funding level





2.0% IGOVI





7.5% STeFI Index


Conservative

Foreign Split

Fund

*Based on 1 year returns Financials

Resources

Industrials


1 Month 0.2%

3 Months 0.8% Fund

6 Months 2.7% % of negative months over the last 3 years 0.0%

1 Year 6.4% Average capital loss in one month 0.0%

3 Years 7.3% Downside risk * 0.3%

5 Years 7.9% * Downside risk is measured as the standard deviation of the underperformance


The Non - Vested bonuses as a proportion of the total Sanlam Stable Bonus Portfolio

holdings:

18.4% Sanlam Umbrella Pension Fund 12.40%

6.0% Sanlam Umbrella Provident Fund 10.89%

5.2%4.2% * Only impacts Sanlam Lifestage members opting for this preservation strategy in the last


3.3%2.8%2.6%2.4%2.4%


22.9%

18.4%

58.7%


Naspers NBritish American TobaccoProsus (PRX)Anglos

FirstRand / RMBHStanbank

MTN Group







Consol HoldingsImplatsBILLITON (BHP) June 2020: 95.3% funded


Fund bonuses (%)





LIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESanlam Stable Bonus Portfolio

The Stable Bonus Portfolio (SBP) offers investors stable, smoothed returns with a partial guarantee on benefit payments. A bonus, which consists of a vesting and non-vesting component is declared monthly in advance. Bonuses cannot be negative. The portfolio offers 100% capital guarantee and partially vesting bonuses

58.5%

41.5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Fees

Risk profile

Fund objective

40

60

80

100

120

140

160

-4%

-2%

0%

2%

4%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

32.6%

24.6%

4.1% 4.0%

7.0%

27.7%

0%

5%

10%

15%

20%

25%

30%

35%


Investment Management Fees:0.425% per annum

Guarantee Premium:A guarantee premium of 0.9% per annum

Annual Performance Linked Fee:The investment manager may be incentivised with performance fees

Funding Level


Fund Size R 195 million 22.0% BEASSA Total Return All Bond Index

Inception Date 01-Oct-17 2.5% US 3 Mnth LIBOR + 2.5% pa


17.5% MSCI World Equity Index

6.0% SAPY PROPERTY INDEX


5.0% CPI+3

2.0% JSE ASSA TR Inflation-Linked Gov Bond Index

Fund Benchmark

*Based on 1 year returns Financials 16.0% 20.6%

Resources 48.8% 46.8%

Industrials 35.2% 32.6%


1 Month 0.1%

3 Months 0.5%

6 Months 2.6%

1 Year 6.5%

3 Years n/a

5 Years n/a

Naspers 18.0%

Prosus 6.3%


Anglo American 4.5%


BHP Group 3.9%



Mondi Plc 3.2%



Note: Performance figures are gross of investment management fees, but are net of any performance fees (if applicable). For portfolios in the Smoothed Bonus Range ,the returns are gross of investment management fees, but are

net of any guarantee premiums. Performance figures for periods greater than 12 months are annualised. All data shown is at the month-end, unless specifically indicated differently. Changes in currency rates of exchange may cause

the value of your investment to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the income from them may increase or decrease and are not guaranteed. You may not get back

the amount you invest. The product information sheets are prepared for the SANLAM UMBRELLA FUND by its investment consultants. The product information sheets are prepared in good faith and the information, data and

opinions contained in the product information sheets are based on source information considered reliable. However, no guarantee, explicit or otherwise are provided that the information and data contained therein are correct and

comprehensive. The SANLAM UMBRELLA FUND and the investment consultants cannot be held liable for any loss, expense and/or damage following from the use of the product information sheets.






Foreign split

LIFESTAGE PROGRAMMELIFESTAGE PROGRAMMEIFESTAGE PROGRAMMESanlam Progressive Smooth Bonus Fund

The Progressive Smooth Bonus Fund is the first and only empowered smoothed bonus portfolio in South Africa, managed by black asset managers and with an investment guarantee provided by Sanlam. The portfolio offers investors stable, smooth returns with guarantee on benefit payments.

Administration Fees:0.7% per annum excluding VAT.Guarantee Premium:A guarantee premium of 0.7% per annum. Annual Performance Linked Fee:The underlying managers may be incentivised with performance fees subject to a portfolio performance fee threshold.

5.7%

97.2%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Fund objective

Fund bonuses (%)





Foreign split

Risk profile

1.0%

99.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Fees

Fund objective

This portfolio has a conservative to moderate risk profile

60

70

80

90

100

110

120

130

140

-6%

-4%

-2%

0%

2%

4%

6%

May-1

9

Ju

n-1

9

Ju

l-19

Aug

-19

Sep

-19

Oct-

19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Apr-

20

May-2

0

Cum

ula

tive R

etu

rn

Month

ly R

etu

rn

Fund Fund (Cum)*

35.1%

20.5%13.8%

4.4%

26.2%

0%

10%

20%

30%

40%


274 Global Equity FoF, 20.7%

Argon BCI Bond Fund, 23.4%

Benguela Equity ACI Fund, 6.5%

Kagiso Equity Alpha, 7.4%

Momentum Top 25 Fund, 7.9%

Ned ITF Aeon Act Equ Pres Fd,

8.3%

Prowess MM ACI Fund, 8.1%

Sentio Sanlam Collective

Investments General EQ,

6.6%

Sesfikile BCI Global Property

Fund, 4.8%

Sesfikile BCI Property, 4.0%

SMMI Cash, 2.3%


Lifestage

Accumulation

SMM 70

Portfolio

SMM 50

PortoflioSMM 30 Portfolio

ILLA

Preservation

Domestic Equity

Core Equity

Fairtree Equity 2.0% 4.0% 2.9% 1.6% 1.4%

Truffe Equity 2.1% 4.1% 3.0% 1.7% 1.5%

ABAX Eqity 1.7% 3.4% 2.5% 1.4% 1.2%

Coronation Equity 2.3% 4.5% 3.3% 1.8% 1.6%

Sentio Equity 0.0% 0.0% 0.0% 0.0% 0.0%

Quality Equity

First Avenue 0.9% 1.6% 1.2% 0.8% 0.6%

Steyn Equity 0.7% 1.2% 0.8% 0.5% 0.4%

Bataleur Equity 0.8% 1.5% 1.1% 0.7% 0.5%

Satrix Quality Index 0.4% 0.7% 0.5% 0.3% 0.2%

Momentum Equity

Kaizen Thematic Equity 1.0% 1.9% 1.4% 0.9% 0.8%

Satrix Momentum 2.4% 4.5% 3.1% 2.0% 1.9%

Capricorn Equity 0.0% 0.0% 0.0% 0.0% 0.0%

Value Equity

ABSA Select Equity 1.0% 1.7% 1.3% 0.8% 0.8%

Ninety One Value 0.7% 1.3% 0.9% 0.6% 0.6%

SIM General Equity 1.8% 3.1% 2.3% 1.5% 1.5%

Satrix Stable Dividend 1.6% 2.9% 2.1% 1.3% 1.4%

Total 19.4% 36.2% 26.5% 15.8% 14.5%


Note: Performance figures are gross of investment management fees, but are net of any performance fees (if applicable). For portfolios in the Smoothed

Bonus Range ,the returns are gross of investment management fees, but are net of any guarantee premiums. Performance figures for periods greater than

12 months are annualised. All data shown is at the month-end, unless specifically indicated differently. Changes in currency rates of exchange may cause

the value of your investment to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the income from

them may increase or decrease and are not guaranteed. You may not get back the amount you invest. The product information sheets are prepared for the

SANLAM UMBRELLA FUND by its investment consultants. The product information sheets are prepared in good faith and the information, data and

opinions contained in the product information sheets are based on source information considered reliable. However, no guarantee, explicit or otherwise are

provided that the information and data contained therein are correct and comprehensive. The SANLAM UMBRELLA FUND and the investment consultants

cannot be held liable for any loss, expense and/or damage following from the use of the product information sheets.


Local equity manager breakdown for SMMI portfolios

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