monthly insights · 2018. 3. 19. · 0.10 0.10 4.50 4.50 2.34 2.34 5.73 5.73 1.96 1.96 ftse/jse all...
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MONTHLY INSIGHTSJANUARY 2018
Time Period: 2018/01/01 to 2018/01/31
Return
Steinhoff Interna�onal Holdings NV
Steinhoff Africa Retail Ltd
Jse Limited
PPC Ltd
Mr Price Group Ltd
Bidvest Group
42.58
31.12
21.28
17.22
16.74
14.43
JSE Winners 1 month
Time Period: 2018/01/01 to 2018/01/31
Return
Steinhoff Interna�onal Holdings NV
Steinhoff Africa Retail Ltd
Jse Limited
PPC Ltd
Mr Price Group Ltd
Bidvest Group
42.58
31.12
21.28
17.22
16.74
14.43
JSE Winners YTD
1 M 3 M 6 M 1 Y 3 Y 5 Y YTD
FTSE/JSE All Share TR ZAR
FTSE/JSE Top 40 TR ZAR
FTSE/JSE SA Resources TR ZAR
FTSE/JSE Ind/Industrials TR ZAR
FTSE/JSE Financial 15 TR ZAR
FTSE/JSE Top 40 SWIX TR ZAR
FTSE/JSE Mid Cap TR ZAR
FTSE/JSE Small Cap TR ZAR
Beassa ALBI TR ZAR
STeFI Composite ZAR
MSCI ACWI Ex USA NR USD
1.21
0.30
1.07
18.00
13.55
1.72
7.06
0.73
6.57
1.80
8.81
9.43
9.24
12.49
24.85
17.04
9.84
10.57
5.62
6.36
3.65
13.50
16.07
17.82
9.85
24.12
22.72
20.24
5.51
0.24
10.79
7.51
29.68
8.21
8.33
0.57
8.74
6.73
7.81
6.02
4.45
5.36
7.16
9.85
11.25
11.00
2.95
11.14
13.46
12.23
11.22
11.80
6.64
6.53
7.11
0.10 0.10
0.20 0.20
3.18 3.18
5.76 5.76
2.31 2.31
0.67 0.67
0.09 0.09
0.28 0.28
1.86 1.86
0.60 0.60
5.57 5.57
South African Indices
American Indices
1 M 3 M 6 M 1 Y 3 Y 5 Y YTD
DJ Industrial Average TR USD
S&P 500 TR USD
NASDAQ Composite TR USD
US Dollar
CBOE Market Vola�lity (VIX)
12.49
10.18
10.44
5.73
33.01
20.81
15.43
17.36
4.02
31.97
34.80
26.41
33.43
10.43
12.93
17.98
14.65
18.30
2.03
13.57
16.36
15.91
20.16
2.39
1.06
5.88 5.88
5.73 5.73
7.40 7.40
3.25 3.25
22.64 22.64
European Indices
World Index (USD)
1 M 3 M 6 M 1 Y 3 Y 5 Y YTD
FTSE 100 TR GBP
FSE DAX TR EUR
Euronext Paris CAC 40 PR EUR
MSCI ACWI Ex USA NR USD
1.13
0.30
0.39
8.81
3.95
8.84
7.62
13.50
10.38
14.34
15.44
29.68
7.82
7.24
5.99
9.85
7.67
11.15
7.99
7.11
1.96 1.96
2.10 2.10
3.19 3.19
5.57 5.57
1 M 3 M 6 M 1 Y 3 Y 5 Y YTD
MSCI ACWI NR USD 8.12 2.85 12.29 12.67 17.521.32 1.32
World Index (ZAR)
1 M 3 M 6 M 1 Y 3 Y 5 Y YTD
MSCI ACWI NR USD 9.42 14.29 27.48 11.90 11.025.64 5.64
Time Period: 2017/11/01 to 2018/01/31
2017/11 2017/12 2018/0195.0
97.5
100.0
102.5
105.0
107.5
110.0
112.5
FTSE/JSE All Share TR ZAR DJ Shanghai PR CNY S&P 500 TR USD
FTSE 100 TR GBP
Global Indices Performance
Global Indices Cumula�ve Performance YTD
1 M YTD3.00
2.25
1.50
0.75
0.00
0.75
1.50
2.25
3.00
3.75
4.50
5.25
6.00
0.10 0.10
4.50 4.50
2.34 2.34
5.73 5.73
1.96 1.96
FTSE/JSE All Share TR ZAR DJ Shanghai PR CNY S&P GSCI Gold TR
S&P 500 TR USD FTSE 100 TR GBP
Re
turn
JSE Losers 1 month
Time Period: 2018/01/01 to 2018/01/31
Return
Ascendis Health Ltd
Greenbay Proper�es Ltd
Fortress Income Fund Ltd Class B
Capitec Bank Holdings Limited
NEPI Rockcastle PLC
Resilient REIT Ltd
33.69
29.02
29.01
26.75
24.81
22.87
JSE Losers YTD
Time Period: 2018/01/01 to 2018/01/31
Return
Ascendis Health Ltd
Greenbay Proper�es Ltd
Fortress Income Fund Ltd Class B
Capitec Bank Holdings Limited
NEPI Rockcastle PLC
Resilient REIT Ltd
33.69
29.02
29.01
26.75
24.81
22.87
January 2018 Page 1
JSE Top 40 Holdings
Por�olio Holding's Date: 2018/01/31
Market Cap (mil) 1 M 1 Y 3 Yr YTD
Anglo American PLC
Anglogold Ashan� Ltd
Aspen Pharmacare Holdings Ltd
Barclays Africa Group Ltd
BHP Billiton PLC
Bid Corp Ltd
Bidvest Group Ltd
Bri�sh American Tobacco PLC
Cie Financiere Richemont SA DR
Discovery Ltd
Firstrand Ltd
Fortress REIT Ltd Class A
Fortress REIT Ltd Class B
Gold Fields Ltd
Growthpoint Proper�es Ltd
Impala Pla�num Holdings Ltd
Intu Proper�es PLC
Investec Ltd
Investec PLC
Life Healthcare Group Holdings Ltd
Mediclinic Interna�onal PLC
Mondi Ltd
Mondi PLC
Mr Price Group Ltd
MTN Group Ltd
Naspers Ltd Class N
Nedbank Group Ltd
Netcare Ltd
Old Mutual PLC
Redefine Proper�es Ltd
Reinet Investments SCA DR
Remgro Ltd
Rmb Holdings Ltd
Sanlam Ltd
Sappi Ltd
Sasol Ltd
Shoprite Holdings Ltd
Standard Bank Group Ltd
Steinhoff Interna�onal Holdings NV
Tiger Brands Ltd
Truworths Interna�onal Ltd
Vodacom Group Ltd
25 873.01 10.27 29.35 17.68 10.27
46 140.64 2.75 21.71 0.93 2.75
90 416.03 10.97 16.77 — 10.97
173 276.59 0.53 19.99 1.89 0.53
585 799.89 2.35 11.25 8.01 2.35
122 077.88 2.45 11.18 14.08 2.45
116 755.52 9.00 48.27 15.76 9.00
79 082.23 14.43 60.76 17.41 14.43
423 156.24 0.75 37.55 12.12 0.75
100 862.78 3.97 2.81 12.51 3.97
86 088.83 0.25 12.88 4.32 0.25
2 840.16 10.91 11.43 9.92 10.91
38 414.87 5.93 31.77 6.68 5.93
36 440.08 29.01 8.57 18.15 29.01
81 187.38 2.73 13.36 7.72 2.73
21 901.23 11.67 31.98 21.71 11.67
40 264.52 0.50 9.67 8.30 0.50
4 265.53 2.24 1.60 3.06 2.24
36 440.08 5.73 10.33 6.07 5.73
28 279.30 3.13 2.53 2.54 3.13
4 475.09 8.05 22.92 — 8.05
1 422 875.39 1.99 58.61 26.05 1.99
35 818.42 5.22 16.47 9.41 5.22
232 536.25 3.81 10.31 7.10 3.81
12 716.70 0.91 15.90 7.49 0.91
— 5.23 22.10 12.76 22.38
61 199.57 1.98 5.30 5.51 1.98
6 953.70 2.80 9.63 18.63 2.80
146 444.02 3.25 19.36 5.32 3.25
135 120.55 0.44 7.06 2.01 0.44
124 729.14 0.52 26.32 9.82 0.52
147 443.26 1.20 9.97 17.61 1.20
24 102.90 42.58 89.13 44.00 42.58
76 481.61 1.71 16.32 7.67 1.71
258 873.85 0.11 10.02 3.93 0.11
41 694.12 1.71 1.28 22.93 1.71
43 747.25 3.71 26.57 11.10 3.71
186 338.63 1.34 40.08 10.88 1.34
348 320.38 2.56 45.26 12.91 2.56
275 349.49 12.09 13.54 11.71 12.09
77 177.30 16.74 80.39 4.92 16.74
143 228.81 11.27 40.66 12.06 11.27
JSE Top 40 Return per annum
2013 2014 2015 2016 YTD5.0
0.0
5.0
10.0
15.0
20.0
25.0 22.8
9.27.5
1.6
23.1
FTSE/JSE Top 40 TR ZAR
Re
turn
South African Headlines
Cyril Ramaphosa’s commitment to roo�ng out corrup�on (through forging ahead with the inquiry into state
capture), a firm stance on the unaffordability of nuclear energy and an overhaul of Eskom’s board have
rekindled hopes for structural reform, necessary to li� the country to a higher growth plane in the medium
term. Ramaphosa further noted the importance of providing regulatory certainty and reining in
government’s budget deficit. Gains were muted against the euro (0.2%), which strengthened against the US
dollar in January 2018. The rand weakened against the Bri�sh pound by 0.8% in the same period.
The local equity market moved broadly sideways for the month. The All Share Index inched 0.1% higher in
January, while the returns from the market’s underlying cons�tuents varied considerably. The Resources
Index increased by 3.2% in the month, in line with a rise in commodity prices. The Financials Index, on the
other hand, collapsed 3%, with losses extending in the final week of January 2018 in reac�on to a nega�ve
report released on Capitec, by Viceroy Research. The Industrials Index treaded water in January 2018,
ending the month only 0.4% higher. Randhedge shares suffered on the back of further gains in the local
unit. The FTSE/JSE Midcap Index dipped 0.1% in January, while the FTSE/JSE Smallcap Index tracked lost
0.3% for the month.
Vodacom subscriber numbers jump 13%
Vodacom had 73.6 million ac�ve customers across its various markets at the end of December, an increase of 13% year on
year, the JSElisted telecommunica�ons group said on Wednesday in a quarterly update for the last three months of 2017.
Group revenue climbed by 6.7% to R22.6 billion in the threemonth period, while service revenue rose by 5.5% to R18.4
billion.
Vodacom added 1.6 million new customers in South Africa and 900 000 in its interna�onal opera�ons.Group data revenue
increased by 9.7% to R6.6 billion. Interna�onal data revenue was up 19.5%. South Africa service revenue grew 4.9% to
R14.1 billion, supported by strong customer gains and data revenue growth. Interna�onal service revenue increased 8.7% to
R4.6 billion.
“Our strategy of sustained investment into our network and improving customer experience has delivered solid gains in
customer numbers in South Africa, and driven growth in our interna�onal opera�ons, resul�ng in stronger growth in group
revenue of 6.7%,” said group CEO Shameel Joosub in a statement to shareholders.
“In South Africa, our customer base grew 14.4% to 41.6 million, contribu�ng to the 6.2% increase in revenue, underpinned
by a resilient prepaid voice market and a highly successful summer campaign.”
Vodacom said it cut the effec�ve price of data by 24.2% year on year. “To compensate for the expected shor�all in revenue,
we have undertaken a range of ini�a�ves to s�mulate usage. Monthly trends toward the end of the quarter show that this
is having the desired effect,” Joosub said.
In South Africa, the group’s biggest market, it added 1.5 million prepaid customers during the quarter, with prepaid ac�ve
customers up 16.3% year on year. This led to prepaid customer revenue growth of 6.8%. Contract customers increased by
81 000.
Capitec
South Africa’s bestperforming stock of the last decade, Capitec Bank Holdings, was ra�led a�er a short seller alleged the
lender was concealing significant writeoffs. The bank denied the allega�ons and fired back by repor�ng Viceroy Research to
regulators.Capitec, which makes unsecured loans mainly to low and middleincome households, posted its biggestever
intraday share drop on Tuesday. It then recovered most of those losses a�er South Africa’s central bank said it has no
evidence to suggest the lender’s stability is in ques�on.
Visibly exhausted from a long day of turmoil, Chief Execu�ve Officer Gerrie Fourie met reporters in Cape Town to deny
allega�ons by Viceroy that Capitec may be hiding losses by refinancing defaulted loans with new debt. “We find it very one
sided, and very inaccurate,” he said of Viceroy’s report on Bloomberg Television.
Stock Informa�on
1 M YTD1.00
0.50
0.00
0.50
1.00
1.50
2.00
0.20 0.20
1.74 1.74
0.52 0.52
0.14 0.14
1.69 1.69
FTSE/JSE Top 40 TR ZAR Fairtree Select Equity (Daily Track) (ASISA) South African EQ Financial
(ASISA) South African EQ Industrial (ASISA) South African EQ Resources
Re
turn
Local Indices Performance
Time Period: 2017/02/01 to 2018/01/31
2017/07 2018/0195.0
100.0
105.0
110.0
115.0
120.0
125.0
FTSE/JSE Top 40 TR ZAR 117.8
JSE Top 40 Index
January 2018 Page 2
The economic expansion has been running for 103 months. This is just 17 months short of the longest
economic upswing experienced in the US between 1991 and 2001. Although the business cycle is
becoming increasingly mature, there is reason to believe the risk of an imminent recession remains low.
A s�ll accommoda�ve monetary policy stance, easier fiscal policy and a lack of clear economic distor�ons
suggest growth in the economy and could pick up close to 2.5% in 2018 from 2.3% in 2017. Moreover,
fiscal policy is set to become a li�le more suppor�ve in 2018 and 2019. Morgan Stanley es�mates the
changes to tax legisla�on should boost growth by 0.3% in 2018 and 0.2% in 2019.
Investors have been cheered thus far by be�erthanexpected company results and upbeat outlooks in
the wake of US tax cuts. But a�er a wave of Wall Street records in the first month of 2018, they are
nervous that stocks may be ‘priced for perfec�on’ heading into the busiest stretch of earnings season.
There have been worries about Apple's earnings a�er the Nikkei daily reported that the company was
slashing produc�on of the latest model of its iPhone. Apple will halve produc�on of the iPhone X in the
threemonth period from January from the level envisaged at the �me of its release in November, the
business paper said.
American Headlines S&P 500
Time Period: 2018/01/01 to 2018/01/31
2018/01100.0
101.0
102.0
103.0
104.0
105.0
106.0
107.0
108.0
S&P 500 TR USD 105.7
NASDAQ
Time Period: 2018/01/01 to 2018/01/31
2018/01100.0
102.0
104.0
106.0
108.0
110.0
NASDAQ Composite TR USD 107.4
DJ INDUSTRIAL AVE
Time Period: 2018/01/01 to 2018/01/31
2018/01100.0
101.0
102.0
103.0
104.0
105.0
106.0
107.0
108.0
DJ Industrial Average TR USD 105.9
1 M 3 M 6 M 1 Y 3 Y 5 Y YTD
DJ Industrial Average TR USD
S&P 500 TR USD
NASDAQ Composite TR USD
12.49
10.18
10.44
20.81
15.43
17.36
34.80
26.41
33.43
17.98
14.66
18.31
16.36
15.91
20.16
5.88 5.88
5.73 5.73
7.40 7.40
American Indices
Asian Indices
European Indices
The Eurozone experienced a strong start to the year, with manufacturing and services sen�ment levels improving
further, indica�ng a broadbased economic recovery. This �me around, not only are the core economies experiencing an
up�ck in growth, but peripheral countries are also undergoing an improvement in growth. The European Commission’s
economic sen�ment indicator improved from 76 points in August 2015, in Greece, to 101 points in December 2017. The
sen�ment index for Germany was nearly 25 points higher in December 2017, compared to its previous low in October
2012.
Although the lower risk of a euro breakup could indicate populist forces have dimmed somewhat, the risk of rising
populist support has not been ex�nguished. Support for populist par�es today is the highest it’s been in three decades.
With ci�zens ra�ng immigra�on and terrorism as the two main concerns facing the European Union, it is no wonder
support for nonmainstream par�es has strengthened.
Brexit: In the absence of a deal, to either replace or extend the UK’s membership of the European Union, trade
condi�ons between the UK and the European Union would revert to World Trade Organisa�on (WTO) rules, which are
less favourable for the UK, given that more puni�ve tariffs would likely be implemented across many sectors of the UK
economy. In par�cular, a 30% to 40% tariff on agricultural goods could poten�ally be imposed on UK farmers, which
would curb export growth.
The Eurostoxx 50 gained 4.7% by the third week of January 2018, but gains were partly reversed in the final week of the
month as concerns arose over a paring back of asset purchases by the European Central Bank.
European Headlines FTSE 100
Time Period: 2018/01/01 to 2018/01/31
2018/01
97.8
98.5
99.3
100.0
100.8
101.5
FTSE 100 TR GBP 98.0
DAX
Time Period: 2018/01/01 to 2018/01/31
2018/01
99.0
100.0
101.0
102.0
103.0
104.0
105.0
FSE DAX TR EUR 102.1
CAC 40
Time Period: 2018/01/01 to 2018/01/31
2018/01
99.0
100.0
101.0
102.0
103.0
104.0
105.0
Euronext Paris CAC 40 PR EUR 103.2
1 M 3 M 6 M 1 Y 3 Y 5 Y YTD
FTSE 100 TR GBP
FSE DAX TR EUR
Euronext Paris CAC 40 PR EUR
MSCI ACWI Ex USA NR USD
1.13
0.30
0.39
8.81
3.95
8.84
7.62
13.50
10.38
14.34
15.44
29.68
7.82
7.24
5.99
9.85
7.67
11.15
7.99
7.11
1.96 1.96
2.10 2.10
3.19 3.19
5.57 5.57
Asian Headlines
In the fourth quarter of 2017, China’s economy grew slightly above consensus at 6.8% year on year. Retail
sales disappointed slightly and industrial produc�on was stable. One of the best performing equity
markets in January was emerging market equity—heavily driven by emerging Asia. A number of factors
are suppor�ve of ac�vity and stocks in emerging markets, including a weaker US dollar, stronger
commodity demand and prices, and an expansion in global business investment. All of which are
suppor�ve of emerging market technology producers.
Overall, markets are moving broadly in line with the key themes we iden�fied for this year. Risk assets are
benefi�ng from a synchronised global recovery, and infla�on is picking up moderately. Central banks feel
comfortable easing off the accelerator, but are not close to moving to the brake.
The Japanese Nikkei 225 brought up the rear, edging higher by 1.5% for the same period. Asian stock s
ended the month 7.5% higher, while the MSCI EMEA (Europe, Middle East and Africa) Index rose 5.5%.
NIKKEI
Time Period: 2018/01/01 to 2018/01/31
2018/01
100.0
102.0
104.0
106.0
Nikkei 225 Average TR JPY 101.5
HANG SENG
Time Period: 2018/01/01 to 2018/01/31
2018/01
100.0
102.5
105.0
107.5
110.0
112.5
Hang Seng HSI TR HKD 109.9
SHANGAI
Time Period: 2018/01/01 to 2018/01/31
2018/01
100.0
102.0
104.0
106.0
108.0
DJ Shanghai PR CNY 104.5
1 M 3 M 6 M 1 Y 3 Y 5 Y YTD
Nikkei 225 Average TR JPY
Hang Seng HSI TR HKD
DJ Shanghai PR CNY
5.01
16.04
6.32
19.50
21.65
9.81
27.25
48.93
14.62
12.22
14.76
5.20
18.21
10.99
9.70
0.35 0.35
7.59 7.59
4.15 4.15
January 2018 Page 3
Commodity Headlines
For South African gold miners, it’s both the best and worst of �mes.
The metal started the year with a bang, rising more than 4% to the highest since August 2016. But an
equally impressive rally in the rand means that South Africafocused producers are likely to miss out on the
party.
Because mining companies pay most of their expenses in local currency, a stronger rand squeezes pro fit
margins and can render some opera�ons unprofitable. Many of South Africa’s gold mines date back to the
1950s and 1960s and much of the easily accessible metal has been exhausted, while labourintensive mining
methods compound the effect of currency moves. With the rand below R12/$, margin pressure is definitely
building up. Rand strength is the flip side of an improving economy, but it’s causing headwinds to miners
because of costs going up they are not enjoying the tailwinds from rising gold prices.
Commodi�es
Something Interes�ng
VW completes R6.1bn investment programme in SA
Volkswagen Group South Africa has completed its R6.1 billion investment programme in the country, which
began in 2015.
Speaking at the event, VWSA chairman and managing director Thomas Schaefer lauded the government fo r
introducing the Motor Industry Development Programme, which was later succeeded by the Automo�ve
Produc�on and Development Programme (APDP).
“The automo�ve sector of the South African economy accounts for approximately 7.4% of the GDP and
accounts for the direct employment of 113 000 people. I am convinced that the next phase of the APDP will
con�nue in the same vein and allow for con�nued automo�ve investment,” Schaefer said.
The group said it had produced 110 000 cars in 2017. This is set to increase to 133 000 for 2018, of which
83 000 will be exported to markets around the world. This will include not only righthand drive markets,
but also to some le�hand drive markets, especially for the Polo GTI. Maximum annual plant capacity is
expected to be reached with a threeshi� opera�on of some 160 000 vehicles, in 2019.
January 2018
Time Period: 2018/01/01 to 2018/01/31
2018/0198.0
100.0
102.0
104.0
106.0
S&P GSCI Gold TR 102.3 Oil Price Brent Crude PR 103.3
Currency Headlines
It’s been a good few months for emergingmarket currencies, and none more so the rand. The rand gained
nearly 3.5% against the US dollar during the month on rising sen�ment.
South Africa’s currency has had its best threemonth run in almost 10 years as it rides a wave of op�mism
following Deputy President Cyril Ramaphosa’s elec�on as the leader of the ruling African Na�onal Congress.
The 19% gain in the period ended January 31 is more than double that of the nextbest emergingmarket
currency, Poland’s zloty. Meanwhile, the ANC wants a speedy transi�on of power following the elec�on of a
new leadership and will discuss the ma�er with President Jacob Zuma, according to a top party official. The
rand will con�nue to remain sensi�ve to the headlines surrounding poli�cal news. It certainly looks like
there is pressure building for a plan for President Zuma’s removal.
Time Period: 2018/01/01 to 2018/01/31
2018/0114.2
14.3
14.4
14.5
14.6
14.7
Currency EUR 14.3
Time Period: 2018/01/01 to 2018/01/31
2018/01
16.7
16.9
17.1
17.3
Currency GBP 17.1
GBP/ZAR
Time Period: 2018/01/01 to 2018/01/31
2018/01
12.9
13.113.3
13.5
13.7
13.9
Currency USD 13.2
USD/ZAR
Page 4
EUR/ZAR
Monthly Returns FTSE/JSE All share Monthly Returns FTSE/JSE SA Listed Property
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2018
2017
2016
2015
2014
2013
0.10
4.31 3.11 2.68 3.64 0.42 3.49 7.03 2.65 0.87 6.26 1.46 0.34
2.99 0.59 6.44 1.70 1.84 3.02 1.16 0.26 0.93 2.49 0.55 0.97
3.08 4.07 1.33 4.70 3.95 0.76 0.52 3.55 0.95 7.61 3.86 1.72
2.36 4.88 1.83 2.65 1.60 2.77 0.93 0.46 2.58 1.01 0.54 0.19
3.23 1.89 1.19 2.49 8.51 5.70 4.41 2.58 5.08 3.61 1.10 2.98
20.95
2.63
5.13
10.88
21.43
0.10
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2018
2017
2016
2015
2014
2013
9.91
1.63 0.36 0.11 0.51 0.11 0.29 3.70 0.76 1.19 1.99 1.92 4.21
2.98 3.65 9.48 1.95 3.47 1.17 3.26 4.89 1.09 0.50 3.34 4.24
7.38 3.16 2.64 0.04 5.93 0.36 5.14 0.22 0.82 2.08 0.50 6.12
7.13 4.66 4.76 2.32 1.26 3.37 1.91 2.96 2.18 6.84 2.83 1.11
0.99 4.64 3.28 7.37 11.09 4.38 4.19 3.47 6.71 3.04 2.96 1.00
17.15
10.20
7.99
26.64
8.39
9.91
Monthly Returns MSCI World (ZAR) Monthly Returns MSCI World (USD)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2018
2017
2016
2015
2014
2013
1.32
1.27 0.25 3.77 1.37 0.70 0.18 3.51 1.11 5.89 6.91 1.66 7.79
3.58 1.41 0.08 2.16 11.05 7.45 1.26 6.50 5.97 3.62 4.82 0.40
1.03 5.77 2.36 1.54 1.64 2.60 4.85 2.08 0.47 7.69 3.58 5.52
2.37 0.82 1.65 1.08 2.64 2.41 0.49 1.44 2.79 1.54 1.67 2.71
10.14 0.43 4.12 0.70 11.69 4.20 4.60 1.19 3.35 3.42 3.05 4.80
12.23
4.81
30.78
15.05
51.60
1.32
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2018
2017
2016
2015
2014
2013
5.64
2.73 2.81 1.22 1.56 2.21 0.45 2.79 0.38 1.93 2.08 1.94 1.61
6.03 0.69 7.41 1.48 0.13 0.61 4.31 0.34 0.61 1.70 0.76 2.16
1.56 5.57 1.55 2.90 0.13 2.35 0.87 6.86 3.62 7.85 0.83 1.80
4.00 4.83 0.44 0.95 2.13 1.88 1.21 2.21 3.24 0.70 1.67 1.93
4.61 0.02 1.83 2.86 0.27 2.92 4.79 2.08 5.17 4.02 1.42 1.73
23.97
7.86
2.36
4.16
22.80
5.64
Beassa ALBI SA CPI Synthe�c (Headline)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2018
2017
2016
2015
2014
2013
1.86
1.36 0.71 0.40 1.42 1.03 0.95 1.50 1.03 1.11 2.30 0.97 5.66
4.57 0.72 2.63 1.85 1.47 4.04 2.19 1.72 2.98 0.64 1.83 1.54
6.47 2.77 0.51 0.49 0.76 0.15 1.04 0.14 0.07 1.30 1.02 6.67
3.24 2.44 1.79 0.32 1.14 0.97 1.02 2.80 1.57 3.41 2.36 1.51
0.07 0.66 0.20 4.09 4.64 1.56 0.62 1.32 3.92 0.39 1.37 1.13
10.24
15.42
3.93
10.15
0.64
1.86
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2018
2017
2016
2015
2014
2013
0.48
0.40 0.60 1.09 0.59 0.10 0.29 0.19 0.29 0.10 0.48 0.29 0.10
0.32 0.75 1.38 0.73 0.83 0.21 0.51 0.82 0.10 0.20 0.51 0.30
0.22 0.11 0.56 1.45 0.88 0.22 0.44 1.09 0.00 0.00 0.21 0.11
0.24 0.71 1.06 1.40 0.46 0.11 0.34 0.80 0.34 0.00 0.22 0.00
0.25 0.25 1.00 1.23 0.36 0.24 0.24 1.09 0.24 0.48 0.24 0.12
4.62
6.64
4.71
5.81
5.38
0.48
STeFI FTSE/JSE Ind/Industrials
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2018
2017
2016
2015
2014
2013
0.60
0.65 0.57 0.63 0.61 0.63 0.61 0.62 0.62 0.59 0.61 0.58 0.60
0.56 0.53 0.58 0.58 0.61 0.59 0.62 0.62 0.60 0.63 0.61 0.61
0.52 0.48 0.53 0.51 0.53 0.51 0.53 0.54 0.52 0.54 0.52 0.55
0.44 0.41 0.46 0.46 0.48 0.47 0.50 0.50 0.49 0.51 0.50 0.52
0.43 0.39 0.43 0.41 0.43 0.41 0.43 0.43 0.42 0.43 0.42 0.44
7.56
7.37
6.47
5.91
5.19
0.60
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2018
2017
2016
2015
2014
2013
5.76
2.25 0.73 2.12 2.82 0.04 3.73 1.91 4.57 2.37 3.64 4.13 7.15
1.79 2.02 7.84 1.98 0.03 2.96 5.68 2.08 1.22 0.03 0.83 6.12
3.14 0.63 1.70 0.53 4.46 0.13 0.31 0.69 2.07 6.81 5.03 5.62
6.73 0.34 5.55 4.26 1.55 0.13 1.35 1.08 4.19 5.40 1.16 0.17
1.70 5.23 3.31 2.40 5.42 2.85 0.36 0.74 4.25 3.99 1.34 2.39
14.73
21.55
10.07
6.99
21.50
5.76
FTSE/JSE Financial 15 FTSE/JSE SA Resources
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2018
2017
2016
2015
2014
2013
2.31
0.99 0.10 0.87 4.09 1.63 2.07 5.58 2.93 2.38 2.58 5.89 9.77
3.45 2.87 12.41 1.26 2.18 2.80 2.85 2.88 1.52 1.37 1.34 3.23
4.57 3.39 2.26 4.93 6.76 0.54 3.46 4.04 2.19 7.31 3.96 6.13
7.13 8.38 6.38 3.84 1.94 2.70 0.56 0.70 1.75 6.98 2.98 0.18
3.61 1.01 2.81 0.08 2.08 4.18 2.37 0.75 6.54 7.54 3.05 2.87
24.38
3.55
1.06
27.83
19.83
2.31
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2018
2017
2016
2015
2014
2013
3.18
10.74 9.91 2.91 0.01 4.11 3.08 13.32 5.10 1.07 7.06 1.60 0.45
2.72 15.57 5.08 13.45 3.81 2.47 4.33 0.85 4.48 3.41 6.11 3.60
1.16 8.38 8.94 7.96 5.19 7.07 8.45 0.38 9.96 5.93 20.66 3.87
5.92 4.44 0.05 3.97 4.32 3.45 4.75 5.44 6.26 9.90 6.06 4.66
3.32 6.51 2.64 9.00 12.15 13.60 9.15 7.55 1.96 2.76 2.22 1.66
17.90
34.24
36.99
14.74
1.38
3.18
Page 5January 2018
With President Cyril Ramaphosa at the steer of things, confidence seems to be restored. The South African government bond market con�nued to rally into 2018, with the favorable poli�cal backdrop
playing a massive part. It seems like we can expect a rate cut in 2018, should we be able to avoid a poten�al downgrade. The Rand appreciated by 4.5% against the US Dollar, mostly because of Dollar
weakening. In the por�olio we decided to move out of Truffle SCI Flexible fund and up weight PSG Flexible fund. We s�ll have an overweight offshore exposure to that of our peers, as we just cannot
argue that there must be more value globally than that which we can find locally. The property market struggled in January, both locally and offshore. The income funds making up the biggest
alloca�on in the cau�ous model was up on average by 0.66%.
Commentary
Correla�on Matrix
Time Period: 2016/02/01 to 2018/01/31
1 2 3 4 5 6
1.00
0.80 1.00
0.82 0.97 1.00
0.67 0.89 0.90 1.00
0.78 0.97 0.95 0.92 1.00
0.83 0.97 0.96 0.94 0.98 1.00
1 FTSE/JSE All Share TR ZAR
2 Fairtree Cau�ous Mul�Managed Por�olio (Momentum)
3 Fairtree Cau�ous Mul�Managed Por�olio (Investec, Stanlib & Glacier)
4 Fairtree Cau�ous Por�olio (PPS)
5 Fairtree Cau�ous Mul�Managed Por�olio (Allan Gray)
6 (ASISA) South African MA Low Equity
Posi�vely Correlated Nega�vely Correlated
Fairtree Cau�ous Mul�Managed Por�olio (Momentum) Fairtree Cau�ous Mul�Managed Por�olio (Investec, Stanlib & Glacier)
Fairtree Cau�ous Por�ollio (PPS)
January 2018
Fairtree Cau�ous Mul�Managed Por�olio (Allan Gray)
Page 6
Wrap / House View 1 M 3 M 6 M 1 Y 3 Y 5 Y YTD
Fairtree Cau�ous Mul�Managed Por�olio (Momentum)
Fairtree Cau�ous Mul�Managed Por�olio (Investec, Stanlib & Glacier)
Fairtree Cau�ous Por�olio (PPS)
Fairtree Cau�ous Mul�Managed Por�olio (Allan Gray)
(ASISA) South African MA Low Equity 0.69 3.16 7.24 5.89 7.460.06 0.06
0.87 3.40 8.29 6.91 8.790.43 0.43
0.26 4.76 9.59 7.82 9.350.19 0.19
1.10 3.45 8.10 8.000.07 0.07
0.60 3.63 8.42 7.21 8.900.91 0.91
Trailing Returns
REGULATION 28 SOLUTIONS: CAUTIOUS PORTFOLIOS
Time Period: 2016/02/01 to 2018/01/31
1 2 3 4 5 6 7
1.00
0.90 1.00
0.90 0.99 1.00
0.86 0.94 0.95 1.00
0.87 0.92 0.91 0.86 1.00
0.83 0.93 0.94 0.89 0.82 1.00
0.87 0.95 0.95 0.89 0.86 0.98 1.00
1 FTSE/JSE All Share TR ZAR
2 Fairtree Balanced Mul�Managed Por�olio (Investec, Stanlib & Glacier)
3 Fairtree Balanced Mul�Managed Por�olio (Momentum)
4 Fairtree Balanced Por�olio (PPS)
5 Fairtree Smart Beta Balanced Por�olio (Investec)
6 Fairtree Balanced Mul�Managed Por�olio (Allan Gray)
7 (ASISA) South African MA Medium Equity
Posi�vely Correlated Nega�vely Correlated
Correla�on Matrix
Wrap / House View 1 M 3 M 6 M 1 Y 3 Y 5 Y YTD
Fairtree Balanced Mul�Managed Por�olio Por�olio (Momentum)
Fairtree Balanced Mul�Managed Por�olio (Investec, Stanlib & Glacier)
Fairtree Balanced Por�olio (PPS)
Fairtree Smart Beta Balanced Por�olio (Investec)
Fairtree Balanced Mul�Managed Por�olio (Allan Gray)
(ASISA) South African MA Medium Equity 1.43 3.45 7.77 5.46 7.930.00 0.00
3.35 7.98 12.87 9.26 11.590.40 0.40
1.41 5.47 9.70 7.92 10.921.22 1.22
0.80 6.52 11.10 8.45 10.830.15 0.15
0.18 5.59 10.25 7.52 10.260.01 0.01
2.64 3.35 7.80 7.360.03 0.03
Trailing Returns
The Fairtree Balanced Mul�Managed Por�olio had a small (but posi�ve) start, being up 0.15% for January. The All Bond Index drew some a�en�on, with new leadership and all together confidence
being restored, possibly avoiding a downgrade by the ra�ng agencies. The All Bond Index ended off the month being up 1.86%. The offshore exposure returns, were set off by the Rand’s apprecia�on
by 4.5%. With a recent reassessment of management we feel that Truffle does not bring the necessary uncorrelated performance to our por�olio. In streamlining our por�olio we have decided to
rather up weight our PSG Flexible alloca�on with the 4% alloca�on we had in Truffle Flexible. We have seen another valuable month from the smart beta mul� factor investment strategy and saw a
return of +2.68% for January. We will con�nue reassessing our current por�olio and managers included.
Smart Beta Balanced
The Fairtree Smart Beta Balanced Por�olio started the year on a good note. The main contributor to this being the Fairtree Smart Beta Prescient Fund, being up 2.68%. The Rand appreciated by 4.35%
against the US Dollar, despite this strengthening the Fairtree Global Smart Beta Prescient Fund managed to be up 0.47% for January. The largest detractor for the month would be the local property
market, being down 9.91%. The All Share Index was up 0.1% for January. For the year ahead we are looking freshly at our approach and managers included. For the main part, we are very happy with
the por�olios returns for the last 6 months and the value we have seen come to play in terms of the mul� factor based investment strategy. Looking at the year ahead we are op�mis�c at the current
opportuni�es and excited for what the year might hold. ...
Commentary
Fairtree Balanced Mul�Managed Por�olio (Momentum) Fairtree Balanced Mul�Managed Por�olio (Investec, Stanlib & Glacier)
Fairtree Balanced Mul�Managed Por�olio (Allan Gray) Fairtree Smart Beta Balanced Por�olio (Investec)Fairtree Balanced Por�olio (PPS)
January 2018 Page 7
REGULATION 28 SOLUTIONS: BALANCED PORTFOLIOS
Time Period: 2016/02/01 to 2018/01/31
1 2 3 4 5 6 7
1.00
0.94 1.00
0.93 0.99 1.00
0.88 0.94 0.95 1.00
0.86 0.87 0.89 0.85 1.00
0.84 0.89 0.91 0.88 0.74 1.00
0.90 0.92 0.94 0.90 0.81 0.98 1.00
1 FTSE/JSE All Share TR ZAR
2 Fairtree Growth Mul�Maanged Por�olio (Momentum)
3 Fairtree Growth Mul�Managed Por�olio (Investec, Stanlib & Glacier)
4 Fairtree Growth Por�olio (PPS)
5 Fairtree Smart Beta Growth (Investec)
6 Fairtree Growth Mul�Managed Por�olio (Allan Gray)
7 (ASISA) South African MA High Equity
Posi�vely Correlated Nega�vely Correlated
Correla�on Matrix
Wrap / House View 1 M 3 M 6 M 1 Y 3 Y 5 Y YTD
Fairtree Growth Mul�Managed Por�olio (Momentum)
Fairtree Growth Mul�Managed Por�olio (Investec, Stanlib & Glacier)
Fairtree Growth Por�olio (PPS)
Fairtree Smart Beta Growth (Investec)
Fairtree Growth Mul�Managed Por�olio (Allan Gray)
(ASISA) South African MA High Equity 1.58 3.97 8.24 5.61 8.460.07 0.07
5.76 10.94 15.38 9.85 13.260.81 0.81
3.20 3.31 7.65 7.020.00 0.00
1.72 5.88 9.94 7.69 11.351.51 1.51
1.06 7.79 11.99 8.67 11.810.09 0.09
1.06 7.80 11.64 8.48 11.700.09 0.09
Trailing Returns
We ended 2017 on a high, with great sen�ment as we saw the change in leadership with President Ramaphosa replacing former President Zuma. The year started rather flat in terms of market
returns, even though we are experiencing some consumer confidence. The main reason for this was the strengthening of the Rand and while that is good in some aspects, it does have an effect on our
SA listed companies who generate their income offshore. We made one change in terms of management, as we reassessed management we felt that Truffle Flexible does not bring the wanted
uncorrelated returns we desire from them. Through an effort to streamline our por�olio we have up weighted PSG Flexible with the exposure we had to Truffle Flexible. The local property market
struggled throughout the month of January. We are confident and full of hope for the year of 2018.
Smart Beta Growth
As the year ended on a high for the mul� factor based investment strategy, so it started in 2018. The Fairtree Smart Beta Prescient fund has con�nued to produce returns when the All Share Index was
rather flat. The fund was up 2.86%, while the All Share Index was up 0.1%. The value factor was the biggest contributor in January with 4.7%, while the momentum factor was the smallest contributor
with 0.3%. Through the mul� factor investment philosophy, which makes up the largest part of the por�olio, we have seen the ability to avoid recent pi�alls. In avoiding these pi�alls, it serves as a
healthy contributor to the returns of the funds and that again contributes in the returns of the por�olio. As we enter the new year, with new leadership in our country and new op�mism, we are
definitely looking for new opportuni�es and reevalua�ng the por�olio’s construct. ...
Commentary
Fairtree Growth Mul�Managed Por�olio (Momentum) Fairtree Growth Mul�Managed Por�olio (Investec, Stanlib & Glacier)
Fairtree Growth Por�olio (PPS)
January 2018
Fairtree Growth Mul�Managed Por�olio (Allan Gray) Fairtree Smart Beta Growth Por�olio (Investec)
Page 8
REGULATION 28 SOLUTIONS: GROWTH PORTFOLIOS
Trailing Returns
Time Period: 2016/02/01 to 2018/01/31
1 2 3 4
1.00
0.75 1.00
0.74 0.95 1.00
0.80 0.92 0.86 1.00
1 FTSE/JSE All Share TR ZAR
2 Fairtree High Growth Mul�Managed Por�olio (Momentum & Glacier)
3 Fairtree High Growth Por�olio (PPS)
4 Fairtree Tax Free Savings Mul�Managed Por�olio (Investec)
Posi�vely Correlated Nega�vely Correlated
Correla�on Matrix
Wrap / House View 1 M 3 M 6 M 1 Y 3 Y 5 Y YTD
Fairtree High Growth Mul�Managed Por�olio (Momentum & Glacier)
Fairtree High Growth Por�olio (PPS)
Fairtree Tax Free Savings Mul�Managed Por�olio (Investec)
FTSE/JSE All Share TR ZAR 1.21 9.43 16.07 8.22 11.250.10 0.10
0.49 5.14 12.06 9.58 14.010.54 0.54
4.45 3.11 7.99 7.45 12.590.58 0.58
2.10 8.53 13.33 7.710.17 0.17
Commentary
The Fairtree High Growth wrap por�olio has had a good start to the year. Despite an overweight offshore exposure at 44.38% and the strengthening of the Rand against the US
Dollar, the por�olio s�ll managed to be up 0.54%. The biggest contributors to the performance was the Fairtree Smart Beta Prescient Fund and the Corona�on Op�mum Growth
Fund. The global outlook s�ll seems posi�ve for the near future and we feel comfortable with the current offshore exposure. The blend between ac�ve and passive within the
por�olio, gives it somewhat of a smoother return stream, yet par�cipa�ng in the upside of performance. The core of the por�olio being allocated to ac�vely managed, flexible
mandates, allows for asset alloca�on �lts and op�miza�on of opportuni�es with the local and global sectors.
Tax Free Savings Account
The por�olio has had some mixed returns during January. The Fairtree Smart Beta Prescient fund has performed well and was up 2.86%. The Satrix MSCI World Equity Index FF was
rather flat at +0.6%. Although global markets are looking strong, the US Dollar weakening led to a 4.5% apprecia�on in the Rand, this having a direct influence in the offshore
returns. The property market had a really tough start to the year and was down in excess of 9%. Considering all this, the por�olio had a rather flat start being down 0.17% for
January. As the poli�cal changes come to a se�le within SA, the Rand will be drawn to fair value, which can be good for the por�olio as we have around 40% offshore exposure.
Fairtree High Growth Por�olio (PPS) Fairtree High Growth MM Por�olio (Mom & Glacier) Fairtree TaxFree Savings MM Por�olio
January 2018 Page 9
NONREGULATION 28 SOLUTIONS: HIGH GROWTH PORTFOLIOS
As we saw a transi�on in leadership from Jacob Zuma to Cyril Ramaphosa, the poli�cal risk premium came down. There is a sense of confidence from both consumers and businesses. With the new
found confidence in leadership, many are hoping for some be�er economic growth. We believe that Rhamaphosa will make some cabinet changes, which will signal his intent to implement reforms of
both government and SOE’s.
In January, SA equi�es con�nued to see inflows of $791.1mn, while SA bonds saw ou�lows of $347mn. This speaks to some of the confidence that we see being restored within the South African
economy, the ques�on s�ll begs how much of these inflows are in SA only stocks vs dual listed Rand hedged stocks.
The US and European Central banks have been in focus on the global front. The US Dollar weakened and allowed the Rand to appreciate by 4.5% over the month of January. Global growth and strong
economic back ground will allow central banks to roll back accommoda�ve policies gradually. The US should con�nue with some rate hikes through 2018. The European Central bank is also expected to
announce an end to its asset purchase program during the first half of this year. This can lead to some pressure on the emerging markets in the second half of this year. However, at this stage, global
growth remains stable along with commodity prices and the US dollar weak.
The RMB note por�olios have had a very tough start to the year. The mul� strategies, in terms of Woodland and Wild Fig have underperformed, acknowledged by management. We have had some
communica�on from them and all investors will receive an in depth le�er sta�ng some of the current posi�ons and explaining the recent drag on performance. However, the nature of these
investments have been proven over the longer term and we s�ll fully believe in the strategies implemented by management. We believe in the management staff and the possibili�es the year holds.
Our investment behavior can easily get the be�er of us in such circumstances, but as we have learned in the past that standing firm and backing robust investment processes, being able to stay
unemo�onal and invested will pay rich rewards in the future. As the year lays before us, it leaves us with a new set of opportuni�es to be exploited.
With the posi�vity we have experienced from many fellow South Africans in the change of leadership through Ramaphosa being elected, we believe that we can take the same a�tude with us in the
new year. Do we think that 2018 will be free of challenges? By no means, but are we excited by what it holds – definitely.
Commentary
Correla�on Matrix
Time Period: 2016/02/01 to 2018/01/31
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
1.00
0.86 1.00
0.73 0.65 1.00
0.68 0.84 0.75 1.00
0.52 0.74 0.55 0.93 1.00
0.65 0.85 0.64 0.98 0.94 1.00
0.52 0.75 0.54 0.93 0.96 0.96 1.00
0.76 0.74 0.92 0.85 0.73 0.77 0.68 1.00
0.90 0.94 0.72 0.87 0.75 0.86 0.77 0.81 1.00
0.53 0.51 0.90 0.71 0.56 0.59 0.52 0.87 0.58 1.00
0.78 0.81 0.91 0.94 0.81 0.87 0.78 0.94 0.87 0.83 1.00
0.46 0.72 0.48 0.91 0.97 0.96 0.99 0.64 0.72 0.47 0.74 1.00
0.91 0.85 0.75 0.70 0.51 0.66 0.54 0.74 0.92 0.52 0.78 0.46 1.00
0.72 0.88 0.63 0.94 0.88 0.96 0.89 0.76 0.91 0.57 0.85 0.88 0.73 1.00
0.68 0.85 0.63 0.97 0.92 0.98 0.93 0.76 0.88 0.55 0.87 0.91 0.71 0.96 1.00
1 FTSE/JSE All Share TR ZAR
2 Fairtree Aggressive Growth
3 Fairtree Balanced Mul� Manager
4 Fairtree Best Ideas Balanced Growth
5 Fairtree Best Ideas Cau�ous
6 Fairtree Best Ideas Aggressive Growth
7 Fairtree Capital Guarantee
8 Fairtree Cau�ous Mul� Manager
9 Fairtree Equity Index + Alpha
10 Fairtree Global
11 Fairtree Aggressive Growth Mul� Manager
12 Fairtree High Growth
13 Fairtree Select Equity
14 Fairtree Empress Por�olio
15 Fairtree Juniper Por�olio
Posi�vely Correlated Nega�vely Correlated
Fairtree Cau�ous Mul� Manager Fairtree Best Ideas Cau�ous
Wrap / House View 1 M 3 M 6 M 1 Y 3 Y 5 Y YTD
Fairtree Aggressive Growth
Fairtree Balanced Mul� Manager
Fairtree Best Ideas Balanced Growth
Fairtree Best Ideas Cau�ous
Fairtree Best Ideas Aggressive Growth
Fairtree Capital Guarantee
Fairtree Cau�ous Mul� Manager
Fairtree Equity Index + Alpha
Fairtree Global
Fairtree Aggressive Growth Mul� Manager
Fairtree High Growth
Fairtree Select Equity
Fairtree Empress Por�olio
Fairtree Juniper Por�olio
3.90 0.82 4.91 6.48 11.010.93 0.93
12.28 8.25 7.82 1.28 10.807.08 7.08
5.17 2.25 6.76 2.72 10.581.90 1.90
5.68 0.77 1.47 3.87 10.143.00 3.00
0.69 8.68 18.03 8.47 20.031.54 1.54
5.63 2.12 1.20 7.473.69 3.69
4.76 1.37 0.05 6.963.05 3.05
6.22 3.96 1.77 4.38 10.963.83 3.83
7.97 2.36 3.84 3.44 13.373.95 3.95
6.11 2.60 0.01 3.79 10.313.56 3.56
15.34 13.83 13.91 0.33 10.939.90 9.90
3.05 0.72 4.04 5.00 7.841.10 1.10
3.96 1.88 0.39 5.21 9.543.05 3.05
15.09 4.24 0.18 5.17 14.583.85 3.85
Trailing Returns
January 2018 Page 10
NONREGULATION 28 SOLUTIONS: RMB NOTE STRUCTURE
Fairtree High Growth
Fairtree Aggressive Growth Mul� Manager
Fairtree Aggressive Growth
Fairtree Best Ideas Aggressive Growth
Fairtree Capital Guarantee
Fairtree Juniper
January 2018
Fairtree Select Equity
Fairtree Empress
Page 11
Fairtree Global Por�olio
Fairtree Equity Index plus Alpha
NONREGULATION 28 SOLUTIONS: RMB NOTE STRUCTURE con�nued
Fairtree Best Ideas Balanced GrowthFairtree Balanced Mul� Manager
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