13611 city wire draft4

Investing in Unpopular Assets with Investec Citywire Scotland, 13-14 June 2013

Peter Lowery, Value Investment Team

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Target audience Retail

This document is only for professional investors and professional financial advisors.

No other person should rely on the information contained in this document.

This document is not to be generally distributed to the public.

Update: Monthly

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Seven capabilities designed to deliver distinctive high

performance strategies

● Clear investment philosophies and

processes applied across multiple

strategies

● Focused teams with short lines of

communication for effective implementation

● Clear performance accountability

● Supported by a strong investment centre

providing leadership, support in talent

management, integration, governance, risk

management, execution, strategic and

research support

● Approximately £70 billion in assets under

management

Focused teams, one culture, one mission

4FactorTM Equities

Source: Investec Asset Management, as at 31 March 2013

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Investec UK Special Situations Fund Key facts

Fund Structure UK-based OEIC, Series i, UCITS* Compliant

Objective The Fund aims to provide a combination of income and long-

term capital growth, primarily through the application of a

contrarian approach to investment in UK Equities

Comparative index FTSE All-Share

Fund manager Alastair Mundy and team

Fund size £893.5 million (31 May 2013)

Annual management fee ‘A’ Shares – 1.50%

‘I’ Shares – 0.75%

General administrative charge ** 0.09%

Charges taken from*** 50% capital, 50% income

URL www.investecassetmanagement.com/ukspecialsituations

Source: Investec Asset Management, June 2013

* Has extended investment powers which are currently not used, however they could be used without further shareholder notification

** There will be additional charges for custody

*** A proportion of the Fund’s expenses are charged to the capital account of the Fund rather than to its income, which for income shares

has the effect of increasing the Fund’s income distributions (which may be taxable) whilst reducing its capital to an equivalent extent.

This could constrain future capital and income growth. For accumulation shares this has the effect of increasing the Fund’s income

distributions automatically reflected in the value of your shares (which may be taxable) whilst reducing its capital to an equivalent extent.

Fund ratings may be provided by independent rating agencies based on a range of investment criteria. For a full description of the ratings

please see www.investecassetmanagement.com/ratings

Update: Monthly

G:\Depts\Marketing\P

resentations\~EVIDE

NCE\AUMS\Fund

size

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Investec Cautious Managed Fund Key facts

Fund Structure UK-based OEIC, Series i, UCITS Compliant

Objective The Fund aims to provide a combination of income and long-

term capital growth by investing conservatively in a

diversified portfolio of equities, bonds and other fixed interest

securities of high quality and marketability. At all times the

Fund’s equity exposure will be limited to a maximum of 60%

of the portfolio value.

Performance comparison index 50% FTSE All-Share / 50% ML GBP Broad Market

Fund manager Alastair Mundy and team

Fund size £2,620.0 million (31 May 2013)

Annual management fee ‘A’ Shares – 1.50%

‘I’ Shares – 0.75%

General administrative charge 0.09%*

URL www.investecassetmanagement.com/cautiousmanaged

Source: Investec Asset Management, June 2013. Fund size valuation is preliminary * There will be additional charges for custody

Fund ratings may be provided by independent rating agencies based on a range of investment criteria. For a full description of the ratings

please see www.investecassetmanagement.com/ratings

Update: Monthly

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Outperforming is difficult… what’s your edge?

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How do you get your edge?

http://www.google.co.uk/url?sa=i&rct=j&q=geek&source=images&cd=&cad=rja&docid=LaD_GfGOjYevsM&tbnid=JlhyRogpxeMY1M:&ved=0CAUQjRw&url=http://productdesignhub.com/2010/08/so-you-got-an-interview-now-what-do-you-do-so-you-dont-f-it-up/beauty-and-the-geek/&ei=eFCbUZfRGqmK0AXrrYGIAg&bvm=bv.46751780,d.d2k&psig=AFQjCNHROPAAfTkUglvMoICdOkkihtpFzQ&ust=1369219553703739

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Unpopular assets… difficult to buy

● Human beings are emotional and over-react

● Tendency to extrapolate

● Difficult to put yourself in the way of perceived danger

● Overconfidence… ‘I’ll wait until it turns’

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Unpopular assets… but likely to represent better value

● Reversion to the mean

● Future is uncertain

● Less hope and more bad news baked in

● More lowly valued!

− Supply & Demand

− Regulation

− Complacency

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Investment Life-Cycles

Company profitability

Investor Behaviour

Time

In favour /

expensive

Earnings Growth Relative /

Return on capital

Overconfidence

In trends

Decline

extrapolated

indefinitely

Tension zone

Tension zone

Fair value

Increased

investment

Out of favour /

cheap

Cutting capacity

To be in our universe, shares must have

underperformed by 50% from their peak relative

to the FTSE All-Share Index. This peak must not

have occurred in the last 2 years

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But there are dangers…

● Very unpopular not slightly unpopular

● The world is changing and some (more?) businesses are in terminal decline

● Needs to have the time and the ability to make it to better times

● Often takes longer and more bad news surfaces than expected

● Turnaround shouldn’t be assumed and must be risk-adjusted

● Make sure that it is cheap… adjust for real world costs

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We ask ourselves four questions

1. Why is it unpopular? What are we standing in the way of?

2. What has been missed? What were people saying when it was more highly valued?

3. Does it have the balance sheet to get to better times?

4. What is a reasonable estimate of fair value? Does this represent enough upside?

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Protecting on the downside is key to long-term success

For illustrative purposes only

Warren Buffett

£100 £100

-25%

£75

+33%

£75

Rule No.1 of investing is:

Don’t lose money! “

“

£100 £100

-50%

£50

+100%

£50

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Example: Signet

● Largest jeweller in US, >10% market share = sales of approx. $3.5bn

● Largest jeweller in UK, >20% market share = sales of $410m

● Mainly bought in 2008-2009 consumer gloom

● Jewellery market very attractive – − Knowledge asymmetry

− Lack of price comparison

− Prestige purchase

− Low stock risk

− Limited threat from discounters & internet

● Gaining market share from independents

● Trading as Kay and Jared in the US, and H. Samuel and Ernest Jones in the UK

0

50

100

150

200

250

300

Jun-0

3

Dec-0

3

Jun-0

4

Dec-0

4

Jun-0

5

Dec-0

5

Jun-0

6

Dec-0

6

Jun-0

7

Dec-0

7

Jun-0

8

Dec-0

8

Jun-0

9

Dec-0

9

Jun-1

0

Dec-1

0

Jun-1

1

Dec-1

1

Jun-1

2

Dec-1

2

Jun-1

3

Signet Jewelers Price relative to FTSE All Share

Buys

Source: Thomson Reuters DataStream, June 2013

This is not a buy or sell recommendation for any particular stock.

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0

50

100

150

200

250

300

350

400

Dec-0

0

Aug

-01

Mar-

02

Oct-

02

May-0

3

Dec-0

3

Jul-04

Feb

-05

Sep

-05

Ap

r-06

No

v-0

6

Jun-0

7

Jan-0

8

Aug

-08

Mar-

09

Oct-

09

Jun-1

0

Jan-1

1

Aug

-11

Mar-

12

Oct-

12

May-1

3

Carnival Price relative to FTSE All-Share

Example: Carnival

● No.1 global cruise operator (c.45% market

share) in a growing and consolidated cruise

market (RCL c.25%, NCL c.7%)

● Favourable industry dynamics with ‘mobile

hotels’, possible all year demand etc

● Current returns depressed by excessive

pipeline of vessels from before downturn and

poor consumer spending… plus Carnival

Concordia sinking and Carnival Triumph

breaking down in the middle of the sea!

● Pipeline of vessels has reduced which bodes

well for future pricing and profitability

● Consumers have shown themselves to have

short memories

● $40bn of assets making EBIT of only $2bn

Source: Thomson Reuters DataStream, June 2013

This is not a buy or sell recommendation for any particular stock.

Buys

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What is really riskier... unpopular or popular?

Little bad news in the price

High expectations

Complacency

Trading at new highs

Dangers of reversion

Easy to love… fickle trend chasers

Likely to be highly valued

Unpopular Popular

Lots of bad news in the price

Low expectations

Heightened desire to release value

Shown ability to be more highly valued

Reversion to mean

Hard to love… no momentum money

Likely to be lowly valued

OEIC Investec UK Special Situations Fund An ideal fund to blend with the best in the industry

Update: Monthly Data: Jo Slater (email first to review) Signoff: Alastair Mundy

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Why Investec UK Special Situations Fund?

● Strong historic risk adjusted returns

● Blends very well with funds with other investment styles

● Particularly strong historic performance in down markets

● Has typically bounced back quickly after underperformance

● Award winning and highly rated fund manager

Update this table link to

check which periods

are 1st quartile

Update: Monthly

G:\Depts\Marketing\Presentations\~MASTER PITCHBOOKS\OEIC\OEI

C UK Special Situations Fund\~Evidence\Evidence_MASTER UK

SS.xlsx\Quartile rankings

Period

Quartile

ranking

1 year 2

2 years 1

3 years 2

5 years 1

10 years 1

Past performance should not be taken as a guide to the future, losses may be made. Data is not audited

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G:\Depts\Marketing\Prese

ntations\~MASTER

PITCHBOOKS\OEIC\OEI

C UK Special Situations

Fund\~Evidence\UKSS

Evidence.xlsx\UKSS_10

year_£

192.5

135.6

149.6

0%

50%

100%

150%

200%

250%

May-03 May-04 May-05 May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13

Perc

enta

ge g

row

th

Investec UK Special Situations A Acc Net (MF)

IMA UK All Companies sector

FTSE All-Share index

Investec UK Special Situations Fund A top long term performer


Source: Lipper, dates to 31 May 2013, NAV based, income reinvested (inclusive of management fees but excluding any initial

charge) net of UK basic rate tax, in GBP

Update: Monthly


C Cautious Managed Fund\~Evidence\Master_UK Cautious Managed

Fund.xlsx\Ranking

Period

Sector

ranking

1 year 86/268

2 years 53/264

3 years 89/258

5 years 15/234

10 years 27/166

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C UK Special Situations Fund\~Evidence\UKSS Evidence.xlsx\UKSS 10yr

rolling_£

0%

50%

100%

150%

200%

250%

300%

Ap

r-04

Jul-04

Oct-

04

Jan-0

5

Ap

r-05

Jul-05

Oct-

05

Jan-0

6

Ap

r-06

Jul-06

Oct-

06

Jan-0

7

Ap

r-07

Jul-07

Oct-

07

Jan-0

8

Ap

r-08

Jul-08

Oct-

08

Jan-0

9

Ap

r-09

Jul-09

Oct-

09

Jan-1

0

Ap

r-10

Jul-10

Oct-

10

Jan-1

1

Ap

r-11

Jul-11

Oct-

11

Jan-1

2

Ap

r-12

Jul-12

Oct-

12

Jan-1

3

Ap

r-13

Rolling 10 year returns positive over 100% of periods


Source: Lipper, from 30 April 2004 to 31 May 2013, NAV based, income reinvested (inclusive of management fees but excluding

any initial charge) net of UK basic rate tax, in GBP

Double check

the percentage

is correct:

Column H & I

(Rolling

performance,

UKSS 10yr)

Update: Monthly

13611

156.6

130.3

141.5

111.5

151.3

119.3

0

20

40

60

80

100

120

140

160

180

200

12-Mar-03 to 15-Jun-07 03-Mar-09 to 31-Mar-13

Pe

rce

nta

ge

gro

wth

Investec UK Special Situations A GBP Acc Net IMA UK All Companies FTSE All-Share TR

In aggregate, the fund has outperformed peers over bull

markets


Source: Lipper to 31 March 2013, NAV based, income reinvested (inclusive of management fees but excluding any initial charge) net of

UK basic rate tax, in GBP

The bull and bear markets are defined by the peaks and troughs in FTSE All-Share performance

Update: If asked Jo Slater

\\mercury\gdrive\Depts\EQUITY\UK\JoS\Presentations\Back up

data\Monthly\Bull and bear mkts_UKSS_Caut _ASI.xlsx\UKSS

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-24.0

-39.1

-43.6-45.4

-46.4-45.4

-50

-45

-40

-35

-30

-25

-20

-15

-10

-5

0

31-Dec-99 to 12-Mar-03 15-Jun-07 to 03-Mar-09

Pe

rce

nta

ge

gro

wth

Investec UK Special Situations A GBP Acc Net IMA UK All Companies FTSE All-Share TR

Fund has exhibited excellent bear market capture


Source: Lipper to 4 October 2011, NAV based, income reinvested (inclusive of management fees but excluding any initial charge) net of

UK basic rate tax, in GBP

31.6 77.3 86.6 64.2 83.2 83.2

Performance

necessary to return to

break-even

Update: If asked


data\Monthly\Bull and bear mkts_UKSS_Caut _ASI.xlsx\UKSS

Jo Slater

13611


C UK Special Situations Fund\~Evidence\UKSS Evidence.xlsx\UKSS 10yr

Drawdown_£

-70.0

-60.0

-50.0

-40.0

-30.0

-20.0

-10.0

0.0

Investec UK Special Situations (ranked 17/165)

Maximum drawdown top quartile versus sector over 10 years


Source: Lipper, based on total returns from 31 May 2003 to 31 May 2013, NAV based, income reinvested (inclusive of management

fees but excluding any initial charge) net of UK basic rate tax, in sterling. Performance refers to A Inc share class

Update: Monthly

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C UK Special Situations Fund\~Evidence\UKSS Evidence.xlsx\UK Risk vs

Ret_10yr_£

An ideal fund to blend with the best in the industry

Update: Quarterly

Investec UK Special Situations

BlackRock UK Special Situations

AXA Framlington UK Select Opportunities

Cazenove UK Opportunities

Invesco Perpetual UK Aggressive

Franklin UK Mid Cap

Old Mutual UK Mid Cap

Schroder UK Alpha Plus

M&G Recovery

0

2

4

6

8

10

12

14

16

18

20

10 12 14 16 18 20 22 24

Annualis

ed

perf

orm

ance %

chang

e

Annualised standard deviation


Source: Lipper to 31 May 2013, annualised, NAV based, income reinvested (inclusive of management fees but excluding any

initial charge) net of UK basic rate tax, in GBP. Chart axes converge on IMA UK All Companies sector averages

Performance refers to the A Acc share class

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C UK Special Situations Fund\~Evidence\UKSS Evidence.xlsx\UKSS Low

correlation_10yr_£

Low historic correlation vs. key competitors


Lipper to 31 March 2013, annualised, NAV based, income reinvested (inclusive of management fees but excluding any initial charge) net of UK basic rate tax, in

GBP. Correlation data are based on the relative returns of the funds in the IMA UK All Companies sector vs. the average fund

against the FTSE All-Share over the ten year period to 31 December 2012. Chart axes converge on sector averages

Performance refers to the A Acc share class

This chart illustrates the

correlation of our

outperformance against the

FTSE All-Share Index with

the outperformance of the

average fund in the sector

against the FTSE All-Share

Index, compared with the

alpha of the funds.

Update: Quarterly

-7.0

-5.0

-3.0

-1.0

1.0

3.0

5.0

7.0

0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9

Alp

ha (y a

xis

)

Correlation (x axis)

Schroder UK Alpha Plus

M&G Recovery

AXA Framlington UK Select Opportunities

Investec UKSpecial Situations

BlackRock UK Special Situations

Cazenove UK Opportunities

Invesco Perpetual UK Aggressive

OEIC Investec Cautious Managed Fund Aiming for attractive returns with lower volatility

Update: Monthly Data: Jo Slater (email first to review) Signoff: Alastair Mundy

13611

Why Investec Cautious Managed?

● Strong long-term track record

● Sufficient flexibility to purchase a spread of assets that help to dampen volatility

● Has only underperformed sector in 1 of the last 13 years

● Rolling 5 and 10 year returns have always been positive




charge) net of UK basic rate tax, in GBP. Performance is preliminary

Sector rankings based on IMA Mixed Investment 20-60% Shares

Check the track

record against

the retail

performance

sheet

Should

match slide

48

Update: Monthly

13611

Investec Cautious Managed Fund Outperformer and portfolio diversifier



charge) net of UK basic rate tax, in GBP. Performance is preliminary

Sector rankings based on IMA Mixed Investment 20-60% Shares

104.5

67.4

37.5

-20

20

40

60

80

100

120

May 03 May 04 May 05 May 06 May 07 May 08 May 09 May 10 May 11 May 12 May 13

%

Investec Cautious Managed A Acc IMA Mixed Investment 20-60% Shares

UK Retail Price Index



Fund.xlsx\Cautious_10 year_£



Fund.xlsx\Ranking

Period

Sector

ranking

1 year 58/149

2 years 53/140

3 years 46/123

5 years 3/86

10 years 7/23

Update: Monthly

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10 year rolling total returns are strong


Source: Lipper, 08 June 1993 to 31 May 2013, NAV based, income reinvested (inclusive of management fees but excluding any

initial charge) net of UK basic rate tax, in GBP. Performance is preliminary

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

Jun-03 Jan-04 Sep-04 Apr-05 Nov-05 Jul-06 Feb-07 Oct-07 May-08 Dec-08 Aug-09 Mar-10 Oct-10 Jun-11 Jan-12 Sep-12 Apr-13

%



Fund.xlsx\10 yr rolling

Info from Jo Slater

\\mercury\gdrive\Dept

s\EQUITY\UK\JoS\Pr

esentations\Back up

data\Monthly\Rolling

performance LIM.xlsx

Update: Monthly

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Evolving the asset allocation

The portfolio may change significantly over a short period of time

Source: Investec Asset Management, 30 April 2013


data\Monthly\Cautious AA table.xlsx\Summary (2)

Update: Monthly

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

Cash and short dated Government

Bonds

Gold Shares

Index-linked bonds

Corporate Bonds

Norwegian Government

Bonds

UK Equities

European equities

US Equities

Japanese Equities

31-Mar-11 30-Sep-11 31-Mar-12 30-Sep-12 Current (30-Apr-13)

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The Fund has outperformed the Sector in 11 of the last 13

calendar years

Past performance figures are not audited and should not be taken as a guide to the future

Source: Lipper, total returns from 31 December 1999 to 31 May 2013, NAV based, income reinvested (inclusive of

management fees but excluding any initial charge) net of UK basic rate tax, in GBP. Performance is preliminary

Copy data from

G:\Depts\EQUITY\UK\Jo

S\Presentations\Back up

data\Monthly\Caut perf

YTD LIM.xlxs

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD

-20

-15

-10

-5

0

5

10

15

20

25

Investec Cautious Managed A Acc Net IMA Mixed Investment 20-60% Shares

=



Fund.xlsx\Outperformance 9 out of 10

Update: Monthly

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Good bull market capture relative to sector


Source: Lipper to 31 March 2013, NAV based, income reinvested (inclusive of management fees but excluding any initial charge)

net of UK basic rate tax, in GBP


data\Monthly\Bull and bear mkts_ASI.xlsx\Cautious

73.0 76.8

54.9 52.2

151.3

119.3

0

20

40

60

80

100

120

140

160

180

200

12-Mar03 to 15-Jun-07 03-Mar-09 to 31-Mar-13

Pe

rce

nta

ge

gro

wth

Investec Cautious Managed A Acc Net IMA Mixed Investment 20-60% Shares FTSE All-Share TR

13611

Good bear market capture relative to sector \\mercury\gdrive\Depts\EQUITY\UK\JoS\Presentations\Back up

data\Monthly\Bull and bear mkts_ASI.xlsx\Cautious

-4.3

-22.9

-11.3

-23.4

-46.4-45.4

-50

-45

-40

-35

-30

-25

-20

-15

-10

-5

0

31-Dec-99 to 12-Mar-03 15-Jun-07 to 03-Mar-09

Pe

rce

nta

ge

gro

wth

Investec Cautious Managed A Acc Net IMA Mixed Investment 20-60% Shares FTSE All-Share TR

Update: If asked


Source: Lipper to 4 October 2011, NAV based, income reinvested (inclusive of management fees but excluding any initial charge)

net of UK basic rate tax, in GBP

13611

Value investing with Investec Asset Management

● Focused on identifying out of favour, cheap stocks with appropriate balance sheets

● Strong historic risk-adjusted returns

● Particularly strong performance in down markets


● Investec UK Special Situations Fund – could be ideal to blend with the best in

the industry

● Investec Cautious Managed Fund – may be suitable for clients who need a lower

volatility solution

Check the track

record against

the retail

performance

sheet

Should

match slide

48

Update: Monthly


Thank you www.investecassetmanagement.com

13611

Important information GSY B

OEIC

This communication is not for general public distribution. If you are a private investor and receive it as part of a general circulation, please

contact us at +44 (0)20 7597 1900. The value of this investment, and any income generated from it, will be affected by changes in

interest rates, general market conditions and other political, social and economic developments, as well as by specific matters relating to

the assets in which it invests. The Fund’s investment objective will not necessarily be achieved and investors are not certain to make

profits; losses may be made. Past performance should not be taken as a guide to the future. Performance would be lower had initial

charges been included and will vary between different share classes dependant upon their applicable charges. Returns to indiv idual

investors will vary in accordance with their personal tax status and tax domicile.

All the information contained in this communication is believed to be reliable but may be inaccurate or incomplete. Any opinions stated

are honestly held but are not guaranteed and should not be relied upon. This is not a buy, sell or hold recommendation for any particular

security. The portfolio may change significantly over a short period of time.

This communication is provided for general information only. It is not an invitation to make an investment nor does it consti tute an offer for

sale. The full documentation that should be considered before making an investment, including the Prospectus and Key Investor

Information Documents or Offering Memorandum, which set out the fund specific risks, is available from Investec Asset Management.

This communication should not be distributed to private customers who are resident in countries where the Fund is not registered for sale

or in any other circumstances where its distribution is not authorised or is unlawful. Please visit

www.investecassetmanagement.com/registrations to check registrations by country. For Funds registered in Switzerland, the Prospectus,

Key Investor Information Documents and Report & Accounts may be obtained free of charge from the Swiss Representative and Paying

Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Badenerstrasse 567, P.O. Box 101, CH-8066 Zurich.

In the USA, this communication should only be read by institutional investors, professional financial advisers and, at their exclusive

discretion, their eligible clients, but must not be distributed to US Persons.

THIS INVESTMENT IS NOT FOR SALE TO US PERSONS.

Telephone calls may be recorded for training and quality assurance purposes. Issued by Investec Asset Management Limited, which is

authorised and regulated by the Financial Conduct Authority, June 2013.

Update: Monthly

13611


C UK Special Situations Fund\~Evidence\UKSS Evidence.xlsx\UKSS

Active positions

Security

Fund

(%)

Index*

(%)

Active

(%)

Diageo PLC 0.00 2.46 -2.46

AstraZeneca PLC 0.00 2.12 -2.12

Barclays PLC 0.00 2.06 -2.06

BG Group PLC 0.00 2.05 -2.05

BHP Billiton PLC 0.00 2.03 -2.03

Rio Tinto PLC 0.00 1.79 -1.79

SABMiller PLC 0.00 1.56 -1.56

Reckitt Benckiser Group PLC 0.00 1.53 -1.53

Standard Chartered PLC 0.00 1.52 -1.52

Tesco PLC 0.00 1.47 -1.47

Investec UK Special Situations Fund Active positions

Top 15 overweight positions Top 10 underweight positions

The portfolio may change significantly over a short period of time

This is not a buy or sell recommendation for any particular stock

Data as at 31 May 2013. Source: Investec Asset Management

* Index is FTSE All-Share

Update: Monthly

Security

Overweight

Established

Fund

(%)

Index*

(%)

Active

(%)

Signet Jewelers Ltd. 2006 5.59 0.00 5.59

Grafton Group PLC 2008 5.20 0.00 5.20

GlaxoSmithKline PLC 2004 7.95 4.23 3.72

SIG PLC 2009 3.46 0.05 3.41

Avon Products Inc. 2010 2.58 0.00 2.58

Kingspan Group PLC 2009 2.55 0.00 2.55

QinetiQ Group PLC 2010 2.56 0.06 2.50

Royal Bank of Scotland Group Plc 2012 2.73 0.35 2.38

BT Group PLC 2003 3.18 1.19 1.99

Travis Perkins PLC 2007 2.10 0.20 1.90

Unilever PLC 2003 3.37 1.68 1.70

Direct Line Insurance Group PLC 2012 1.66 0.08 1.58

Carnival PLC 2012 1.57 0.21 1.36

Carrefour S.A. 2011 1.11 0.00 1.11

TNT Express N.V. 2011 1.10 0.00 1.10

13611

UK Equities26.4%

US Equities 4.3%

Japanese Equities 10.5%

European Equities 2.3%

Gold Shares 3.8%

Physical Gold 4.7%

UK Index-Linked

Government

bonds7.9%

Corporate Bonds 1.5%

Norwegian Government Bonds 9.7%

Cash and short dated

Government

Bonds29.0%

Investec Cautious Managed Fund Asset allocation and holdings

Source: Investec Asset Management, 30 April 2013

The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular stock



Fund.xlsx\Holdings

Update: Monthly

Top 5 gold holdings % of fund

Source Physical Gold ETC 4.7

Newmont Mining 1.1

Anglogold Ashanti ADR 0.7

Barrick Gold Corp 0.7

Gold Fields ADR 0.6

Top 5 Japanese equity holdings % of fund

Japan Airlines Co. Ltd. 1.2

T&D Holdings Inc. 1.0

Casio Computer Co. Ltd. 0.7

Yamaha Corp. 0.6

Konica Minolta Inc. 0.4

Top 10 equity holdings (excl. gold shares) % of fund

HSBC Holdings PLC 2.8

Signet Jewelers Ltd. 2.6

Grafton Group PLC 2.6

Royal Dutch Shell PLC (CL B) 2.4

Kingspan Group PLC 2.0

GlaxoSmithKline PLC 1.9

Avon Products Inc. 1.7

Travis Perkins PLC 1.3

Japan Airlines Co. Ltd. 1.2

QinetiQ Group PLC 1.2