tag:blogger.com,1999:blog-21440876210781550322023-11-16T14:00:31.578+02:00Dit & DatAfrikaanse artikels wat handel oor aspekte wat finansiele beplanning raakSA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.comBlogger18125tag:blogger.com,1999:blog-2144087621078155032.post-52044818127698690312016-10-27T14:28:00.002+02:002016-10-27T14:36:25.720+02:00Die uitdagings verbonde aan die keuse van aftree-inkomste opsies in lewende annuïteitsplanne<div dir="ltr" style="text-align: left;" trbidi="on">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="AF" style="font-size: 16.0pt; line-height: 107%; mso-ansi-language: AF;">Die uitdagings
verbonde aan die keuse van aftree-inkomste opsies in lewende annuïteitsplanne <o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="AF" style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: AF;">Deur Daniel R
Wessels<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Eienaars van lewende annuïteitsplanne, d.w.s.
persone wat die minimum aftreeouderdom van 55 jaar bereik het en vanuit hul
aftreefondse afgetree het, het jaarliks die keuse om hul inkomstevlakke vir die
komende twaalf maande te hersien. Op daardie stadium word die afgetredene die
opsie gebied om sy bestaande inkomste vanuit die plan in randterme te handhaaf
of aan te pas by veranderende behoeftes – solank die gekose inkomste tussen die
minimum van 2.5% en maksimum 17.5% van die kapitaalwaarde van die plan is by
hersieningsdatum. ‘n Alternatiewe
moontlikheid is om slegs die inkomste-keuse in terme van ‘n gekose persentasie
te maak – bv. indien die inkomste die afgelope jaar 5% van kapitaalwaarde was,
kan bloot by die 5% keuse vir die nuwe jaar gehou word. Dit beteken dat die
nuwe inkomste herbereken sal word op hersieningsdatum en kan natuurlik baie
meer of minder wees as vantevore omrede die opbrengs van die
beleggingsportefeulje van die lewende annuïteit ‘n direkte invloed op die
herberekende inkomste sal hê. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Watter een van hierdie metodes gebruik gaan word
om die inkomste vir die nuwe jaar te hersien,
kan ‘n bepalende rol speel of die aftreeplan oor die langer termyn volhoubaar
sal wees, m.a.w. die vermoë van die plan om in die inkomstebehoeftes van die
afgetredene oor die lang termyn te kan voorsien. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Byvoorbeeld, vergelyk die volgende twee uitkomste.
In die <u>eerste geval</u>, verkies die afgetredene om ‘n vaste persentasie
keuse (5%) elke jaar te maak. Die toekomstige groei in inkomste is direk
onderhewig aan die onderliggende groei
van die beleggingsportefeulje – dit kan dus baie meer of minder as die
amptelike inflasiekoers wees, tipies die koers waarteen inkomste behoort te groei.
Die gevolg is dat inkomste oor tyd redelik volatiel in vergeleke met die inflasiekoers
groei, maar die inherente voordeel hiervan is dat die kapitaalwaardes van die
plan oor tyd redelik beskerm sal word (bloot omdat inkomste na afloop van swak
opbrengsperiodes dienooreenkomstig afwaarts aangepas sal word).<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">In die <u>tweede geval</u> kies die afgetredene ‘n
vaste randbedrag wat jaarliks daarna met die heersende inflasiekoers aangepas
word. Dit het tot gevolg dat inkomste
direk in lyn met inflasie beweeg, maar die kapitaalwaardes van die plan mag
vinniger daal omrede beleggingsopbrengste volatiel van aard is en nie elke jaar
‘n styging van inkomste met inflasie noodwendig kan onderhou nie. In hierdie
geval is die gekose inkomste nie onderhewig aan die onderliggende groei van die
beleggingsportefeulje nie.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Ter illustrasie, vergelyk die twee onderstaande
tabelle waar die effek van elke metode aangetoon word.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Opsie 1: Kies ‘n vaste persentasie onttrekking<o:p></o:p></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .75pt solid windowtext; mso-border-insidev: .75pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-layout-alt: fixed; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.45pt;" valign="bottom" width="75"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Period<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Value at
review date<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: xx-small;">Income
percentage<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Rand
amount<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Portfolio
return over past 12 months<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Closing
value<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.35pt;" valign="bottom" width="72"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Inflation
over past 12 months<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Increase
in income<span style="background: yellow; mso-highlight: yellow;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.45pt;" valign="bottom" width="75"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Review 1<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,000,000 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><b>5.0%</b><b><o:p></o:p></b></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">
150,000 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">20%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,420,000 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.35pt;" valign="bottom" width="72"></td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="bottom" width="66"></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.45pt;" valign="bottom" width="75"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Review 2<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,420,000 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><b>5.0%</b><b><o:p></o:p></b></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">
171,000 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">-5%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,086,550 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.35pt;" valign="bottom" width="72"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">6%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="background: yellow; font-size: xx-small;">14%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.45pt;" valign="bottom" width="75"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Review 3<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,086,550 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><b>5.0%</b><b><o:p></o:p></b></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">
154,328 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">12%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,284,089 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.35pt;" valign="bottom" width="72"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">7%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="background: yellow; font-size: xx-small;">-10%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.45pt;" valign="bottom" width="75"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Review 4<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,284,089 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><b>5.0%</b><b><o:p></o:p></b></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">
164,204 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">7%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,338,277 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.35pt;" valign="bottom" width="72"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">4%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="background: yellow; font-size: xx-small;">6%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.45pt;" valign="bottom" width="75"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Review 5<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,338,277 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><b>5.0%</b><b><o:p></o:p></b></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">
166,914 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">14%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,615,354 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.35pt;" valign="bottom" width="72"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">6%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="background: yellow;"><span style="font-size: xx-small;">2%</span><span style="font-size: x-small;"><o:p></o:p></span></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-family: "calibri" , sans-serif; font-size: 11.0pt; line-height: 107%;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Opsie 2: Verhoog die randbedrag by elke hersiening
met die inflasiekoers<o:p></o:p></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .75pt solid windowtext; mso-border-insidev: .75pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-layout-alt: fixed; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.45pt;" valign="bottom" width="75"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Period<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Value at
review date<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Income percentage<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-size: xx-small;">Rand amount<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Portfolio
return over past 12 months<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Closing
value<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.35pt;" valign="bottom" width="72"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Inflation
over past 12 months<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Increase
in income<span style="background: yellow; mso-highlight: yellow;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.45pt;" valign="bottom" width="75"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Review 1<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,000,000 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">5.0%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><b>
150,000 </b><b><o:p></o:p></b></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">20%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,420,000 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.35pt;" valign="bottom" width="72"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><br /></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><br /></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.45pt;" valign="bottom" width="75"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Review 2<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,420,000 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">4.6%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><b>
159,000 </b><b><o:p></o:p></b></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">-5%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,097,950 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.35pt;" valign="bottom" width="72"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">6%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><span style="background: yellow;">6%</span><span style="background: yellow;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.45pt;" valign="bottom" width="75"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Review 3<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,097,950 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">5.5%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><b>
170,130 </b><b><o:p></o:p></b></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">12%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,279,158 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.35pt;" valign="bottom" width="72"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">7%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><span style="background: yellow;">7%</span><span style="background: yellow;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.45pt;" valign="bottom" width="75"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Review 4<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,279,158 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">5.4%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><b>
176,935 </b><b><o:p></o:p></b></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">7%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,319,379 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.35pt;" valign="bottom" width="72"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">4%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><span style="background: yellow;">4%</span><span style="background: yellow;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.45pt;" valign="bottom" width="75"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">Review 5<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,319,379 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">5.7%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"><b>
187,551 </b><b><o:p></o:p></b></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">14%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;"> 3,570,283 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.35pt;" valign="bottom" width="72"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: xx-small;">6%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="background: yellow; font-size: xx-small;">6%</span><span style="background: yellow;"><o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Dus, watter een van hierdie metodes is die mees
geskikte om die volhoubaarheid van die lewende annuïteitsplan oor die
langtermyn te verseker? Hier verwys ek spesifiek na twee hoof oogmerke van ‘n
lewende annu</span><span lang="AF">ï</span><span lang="AF">teitsplan, nl. die vermoë van die plan om aan die
inkomstebehoefte van die afgetredene oor die langtermyn te kan voorsien, en
tweedens, tot watter mate word die kapitaalwaarde van die plan beskerm. Nie
albei oogmerke is ewe belangrik nie, dit word eintlik deur jou persoonlike
finansiële doelwitte en situasie beïnvloed, maar alle ander dinge gelyk, is die
voldoende inkomstelewering van die plan oor tyd waarskynlik die belangrikste
oogmerk.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Ek kan bostaande numeriese voorbeelde uitbrei om
die effek op kapitaal en inkomstelewering van die plan aan te toon.<a href="https://d.docs.live.net/dcf2bc123094f04a/WIP/Aftree-inkomste_keuses.docx#_ftn1" name="_ftnref1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="AF" style="font-family: "calibri" , sans-serif; font-size: 11.0pt; line-height: 107%;">[1]</span></span><!--[endif]--></span></a>
Vergelyk die twee onderstaande grafieke.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<!--[if gte vml 1]><v:shapetype
id="_x0000_t75" coordsize="21600,21600" o:spt="75" o:preferrelative="t"
path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f">
<v:stroke joinstyle="miter"/>
<v:formulas>
<v:f eqn="if lineDrawn pixelLineWidth 0"/>
<v:f eqn="sum @0 1 0"/>
<v:f eqn="sum 0 0 @1"/>
<v:f eqn="prod @2 1 2"/>
<v:f eqn="prod @3 21600 pixelWidth"/>
<v:f eqn="prod @3 21600 pixelHeight"/>
<v:f eqn="sum @0 0 1"/>
<v:f eqn="prod @6 1 2"/>
<v:f eqn="prod @7 21600 pixelWidth"/>
<v:f eqn="sum @8 21600 0"/>
<v:f eqn="prod @7 21600 pixelHeight"/>
<v:f eqn="sum @10 21600 0"/>
</v:formulas>
<v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"/>
<o:lock v:ext="edit" aspectratio="t"/>
</v:shapetype><v:shape id="Chart_x0020_1" o:spid="_x0000_i1026" type="#_x0000_t75"
style='width:360.75pt;height:216.75pt;visibility:visible' o:gfxdata="UEsDBBQABgAIAAAAIQDZ6g1JTAEAAOYDAAATAAAAW0NvbnRlbnRfVHlwZXNdLnhtbKyTS07DMBBA
90jcIfIWJW5ZIISadsFnCSzKAYw9SSz8k8ct7e2ZOC0SqIQWsYnj2DPvjZ2ZLTbWFGuIqL2r2bSa
sAKc9Eq7tmYvy4fymhWYhFPCeAc12wKyxfz8bLbcBsCCoh3WrEsp3HCOsgMrsPIBHK00PlqRaBpb
HoR8Ey3wy8nkikvvErhUpj4Hm8/uoBErk4r7DX0eTCIYZMXtsLFn1UyEYLQUiUz52qlvlHJHqCgy
78FOB7wgDcYPEvqVnwEjcQY3I4EHzHzTaAnKy5WlqisMEYTCDiBZU+WxV3yiW4haQfEsYnoUlirm
0ujw6kVUXEXxTneC+5dpNe7/u8Yu4/6ExvGyIynkefg3NFWfE56kgGlr4BgFi+Vw8AMkx51Ekt74
iH9ADYG953G8RF0DPD+PoX3trl2Rn39XTrPn8tyl8w8AAAD//wMAUEsDBBQABgAIAAAAIQCtMD/x
wQAAADIBAAALAAAAX3JlbHMvLnJlbHOEj80KwjAQhO+C7xD2btN6EJGmvYjgVfQB1mTbBtskZOPf
25uLoCB4m2XYb2bq9jGN4kaRrXcKqqIEQU57Y12v4HTcLdYgOKEzOHpHCp7E0DbzWX2gEVN+4sEG
FpniWMGQUthIyXqgCbnwgVx2Oh8nTPmMvQyoL9iTXJblSsZPBjRfTLE3CuLeVCCOz5CT/7N911lN
W6+vE7n0I0KaiPe8LCMx9pQU6NGGs8do3ha/RVXk5iCbWn4tbV4AAAD//wMAUEsDBBQABgAIAAAA
IQC+7Qzb+QEAAPIEAAAfAAAAY2xpcGJvYXJkL2RyYXdpbmdzL2RyYXdpbmcxLnhtbKRT22rjMBB9
X9h/MHp3fK2TmjolTuylsHQLu/0AISuxqSUZSc2mlP77jmSFuGlhoXmxR5c5M3PO0c3tgfXenkrV
CV6gaBYij3Iimo7vCvT4p/YXyFMa8wb3gtMCvVCFbpffv93gfCfx0HbEAwSuclygVushDwJFWsqw
momBcjjbCsmwhqXcBY3EfwGZ9UEchlnAcMfR8gS1wRp7z7L7AlQvyBNt1pjvsQLInuTTHddjTy5H
xjnf/5DD7+FBms7J/f5Bel1TIGCOYwYUocAduGuwDM6ydieAw1Yyc19st97BoryYr8WgB+0R2Eyv
5sAXFCBwFs/TBFauSvvrkzzSVv/JhIbGwhBMmnGS1hIGMU2ZUa3Idud84ug48brFUnuRlRJ6/qm0
STbdWzFf6zour6o69WuI/DQsU7+s0mu/jpNFFc/rdZxkbyY7ynIiKdZgxrvmaKwo+6Aa64gUSmz1
jAgWAHUdoUdzgbWidLSW1eV1kcVZGsaZXybhHKpHlb9aVQlEm0V1nZTrMl29GTqBC+j5+LdTwJZV
2MwDwXs2TsKec+R4NFkuvMDaxLAL7JDcRo6Wr1h5RHIA8gOrnzzYkdqNIM+Mcj2+Wkl7q5Bqu0Eh
T+bG/fKuiRyHk4ktlxMyLjH7e8ueGIcaZ699WtXwPl0v/wEAAP//AwBQSwMEFAAGAAgAAAAhAPpl
0TwGAQAAMQIAACYAAABjbGlwYm9hcmQvY2hhcnRzL19yZWxzL2NoYXJ0MS54bWwucmVsc6yRTUvE
MBBA74L/oczdpF1BRDbdgx+wBy+64nGJ6fSDTTIlE6X996bIqpVd9uIxCXnvTbJcDc5mHxi4I6+g
EDlk6A1VnW8UvGweLq4h46h9pS15VDAiw6o8P1s+odUxXeK26zlLFM8K2hj7GynZtOg0C+rRp5Oa
gtMxLUMje212ukG5yPMrGX4zoJwxs3WlIKyrS8g2Y5/Mp9lU153BOzLvDn08oNjbE1KHBqMCISS6
N6ymeVk+diYQUx2394NBu32lsOMWMYrB8gDycOHiSKHb04QhJ7/iUlRRzOeWptUh3pKl8BxHiz9x
ZtrjQqQnPOYu/sP9R8tTxbdVzj66/AQAAP//AwBQSwMEFAAGAAgAAAAhAGcD7obOAAAArAEAACoA
AABjbGlwYm9hcmQvZHJhd2luZ3MvX3JlbHMvZHJhd2luZzEueG1sLnJlbHOskM1qwzAMgO+DvYPR
fVbSwxijTi+l0OvoHkA4yg9NbGOpZX37mRbGAoVeepGQhD59aL35mSdz5ixjDA5qW4Hh4GM7ht7B
92H39gFGlEJLUwzs4MICm+b1Zf3FE2lZkmFMYgoliINBNX0iih94JrExcSiTLuaZtJS5x0T+SD3j
qqreMf9nQLNgmn3rIO/bFZjDJZXLj9mx60bP2+hPMwe9cwK1eHEBUu5ZHVh769xibYsr4H2N+pka
fqCsC41rR/Ca/jxw8ePmFwAA//8DAFBLAwQKAAAAAAAAACEAu8Qbn9hIAADYSAAAMwAAAGNsaXBi
b2FyZC9lbWJlZGRpbmdzL01pY3Jvc29mdF9FeGNlbF9Xb3Jrc2hlZXQueGxzeFBLAwQUAAYACAAA
ACEAv3eb86kBAACYBwAAEwAIAltDb250ZW50X1R5cGVzXS54bWwgogQCKKAAAgAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAArJXLTsMwEEX3SPxD
5C1K3LJACDXtgscSkIAPMPakierYlseF9u+ZOAEhVJq06SbOw3PPzbWTmS02tU4+wGNlTc6m2YQl
YKRVlVnm7O31Ib1mCQZhlNDWQM62gGwxPz+bvW4dYELVBnNWhuBuOEdZQi0wsw4MPSmsr0WgS7/k
TsiVWAK/nEyuuLQmgAlpaDTYfHYHhVjrkNxv6HbrxINGlty2ExtWzoRzupIikFP+YdQfStoRMqqM
c7CsHF6QDcZ3Epon/wO6uieKxlcKkmfhw6OoyQbfaP5p/erd2lW2X2SHS1sUlQRl5bqmBDJ0HoTC
EiDUOotjVovKfPvew4+TkcdhemIjzftF4R4fgdYbeDyOtxBleoAYthrw1LFH0T5yKTyol+Dpyzi5
gd/aPT6UF5+NBd6djM+9E+rhSvIYkMfhZEza81FwGDsu/hB2jWn7nbXqsW7g61ltPR7BkLGw2UgH
5Hg5eiN3a3dEjkPYY3M8gjEsR/p/PnvraDtaD4eH+N0qmurUkRD4UMFPs9j10/0hUhcavWrQ9DkF
agebx746/wIAAP//AwBQSwMEFAAGAAgAAAAhALVVMCP0AAAATAIAAAsACAJfcmVscy8ucmVscyCi
BAIooAACAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAACskk1PwzAMhu9I/IfI99XdkBBCS3dBSLshVH6ASdwPtY2jJBvdvyccEFQagwNHf71+/Mrb
3TyN6sgh9uI0rIsSFDsjtnethpf6cXUHKiZylkZxrOHEEXbV9dX2mUdKeSh2vY8qq7iooUvJ3yNG
0/FEsRDPLlcaCROlHIYWPZmBWsZNWd5i+K4B1UJT7a2GsLc3oOqTz5t/15am6Q0/iDlM7NKZFchz
YmfZrnzIbCH1+RpVU2g5abBinnI6InlfZGzA80SbvxP9fC1OnMhSIjQS+DLPR8cloPV/WrQ08cud
ecQ3CcOryPDJgosfqN4BAAD//wMAUEsDBBQABgAIAAAAIQCBPpSX8wAAALoCAAAaAAgBeGwvX3Jl
bHMvd29ya2Jvb2sueG1sLnJlbHMgogQBKKAAAQAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACs
Uk1LxDAQvQv+hzB3m3YVEdl0LyLsVesPCMm0KdsmITN+9N8bKrpdWNZLLwNvhnnvzcd29zUO4gMT
9cErqIoSBHoTbO87BW/N880DCGLtrR6CRwUTEuzq66vtCw6acxO5PpLILJ4UOOb4KCUZh6OmIkT0
udKGNGrOMHUyanPQHcpNWd7LtOSA+oRT7K2CtLe3IJopZuX/uUPb9gafgnkf0fMZCUk8DXkA0ejU
ISv4wUX2CPK8/GZNec5rwaP6DOUcq0seqjU9fIZ0IIfIRx9/KZJz5aKZu1Xv4XRC+8opv9vyLMv0
72bkycfV3wAAAP//AwBQSwMEFAAGAAgAAAAhAMcp3cNZAgAAxAQAAA8AAAB4bC93b3JrYm9vay54
bWysVN9v0zAQfkfif4j83jpO03WLmkz7EUQRTFNXtmfXuTRWHTvYDu1A/O9cEgKDvQzBS3y+2N/d
fd+dl+fHWgWfwTppdErYNCQBaGEKqXcp+bh5MzklgfNcF1wZDSl5BEfOs9evlgdj91tj9gECaJeS
yvsmodSJCmrupqYBjX9KY2vucWt31DUWeOEqAF8rGoXhCa251GRASOxLMExZSgHXRrQ1aD+AWFDc
Y/quko0b0WrxEria233bTISpG4TYSiX9Yw9Kglokq502lm8Vln1k8xEZzWfQtRTWOFP6KULRIcln
9bKQMjaUnC1LqeB+oD3gTXPD6y6KIoHizueF9FCkZIFbc4DfHLZtLlup8C9bzKIzQrOfUtzaoICS
t8pvUIQRHg+exCFj3Uks6kJ5sJp7uDLaI4c/2P9Xvnrsq8qgOsEaPrXSAjZFR1u2xC8XCd+6W+6r
oLVq4M9huxTTwgg3VfIzTDV4Wogy2goWzcKzuAxjTkepHV3nm9U6/5DfbOgTKfhznf9CDC46VijS
MqQ+2H9SlC27Rr+XcHC/yO62wfFB6sIcUoJj8/jEPvTuB1n4Cumfz2LsnsH3FuSu8imZM/R1sZ9A
96OBIfo10H1L3HXjwnAGu3XVqU4Cm0g07KroNaXjNcGVwBbolv7ggoXRoothFNzJLxBYKFNywZJ3
UR8ajv6989kSVxRFpuQri8OLBTI/CfPZfBKfnkWT03gWTa7i6yifL/Lr/HL+7f/OAfZGMj4lXfIV
t35judjjA7SG8pI7nIuhTswT+RqzpuOt7DsAAAD//wMAUEsDBBQABgAIAAAAIQCm0PFUFQEAAN8B
AAAUAAAAeGwvc2hhcmVkU3RyaW5ncy54bWxsUUFOAzEMvCPxBysHBAea0gOqYHcrVFGpN4TgAdbG
7QYlzhK7tP09qbYXttxsz4w9I1eLQwzwQ1l84to8TKYGiNvkPG9r8/mxup8bEEV2GBJTbY4kZtFc
X1UiCkXLUptOtX+yVtqOIsok9cQF2aQcUUubt1b6TOikI9IY7Gw6fbQRPRto04613J0Z2LH/3tFy
GMxNU4lvKm3W7NVjgL3XzmXclzKjUmW1qeyJMtBW/kAO3ii3xIrbC/yditCXZJHgJuhzqYe9w2y8
7pUdtNh7Lao/9PNwzH/ZKGXQzmc9wpEwSzkAmdRnisXR/3YxntLCredNQC0fAHRfk7sx2SzPTkIS
MRfoekg1Am15UPMLAAD//wMAUEsDBBQABgAIAAAAIQCu6jllTwcAAMYgAAATAAAAeGwvdGhlbWUv
dGhlbWUxLnhtbOxZzYsbNxS/F/o/DHN3/DXjjyXe4M9sk90kZJ2UHLW27FFWMzKSvBsTAiU59VIo
pKWXQm89lNJAAw299I8JJLTpH9EnzdgjreUkm2xKWnYNi0f+vaef3nt6evN08dK9mHpHmAvCkpZf
vlDyPZyM2Jgk05Z/azgoNHxPSJSMEWUJbvkLLPxL259+chFtyQjH2AP5RGyhlh9JOdsqFsUIhpG4
wGY4gd8mjMdIwiOfFsccHYPemBYrpVKtGCOS+F6CYlB7fTIhI+wNlUp/e6m8T+ExkUINjCjfV6qx
JaGx48OyQoiF6FLuHSHa8mGeMTse4nvS9ygSEn5o+SX95xe3LxbRViZE5QZZQ26g/zK5TGB8WNFz
8unBatIgCINae6VfA6hcx/Xr/Vq/ttKnAWg0gpWmXEydYafZ6YUZ1gClXx26e/VetWzhDf3VNc7t
UH0svAal+oM1/GDQBStaeA1K8aHDJvVKN7DwGpTia2v4eqndC+oWXoMiSpLDNXQprFW7y9WuIBNG
d5zwZhgM6pVMeY6CaFhFl5piwhK5KdZidJfxAQAUkCJJEk8uZniCRhDFXUTJASfeLplGEHgzlDAB
w6VKaVCqwn/1CfQ3bRG0hZEhrXgBE7E2pPh4YsTJTLb8K6DVNyAvnj17/vDp84e/PX/06PnDX7K5
tSpLbgclU1Pu1Y9f//39F95fv/7w6vE36dQn8cLEv/z5y5e///E69bDi3BQvvn3y8umTF9999edP
jx3a2xwdmPAhibHwruFj7yaLYYEO/viAn05iGCFiSaAIdDtU92VkAa8tEHXhOtg24W0OWcYFvDy/
a3Hdj/hcEsfMV6PYAu4xRjuMOw1wVc1lWHg4T6buyfncxN1E6Mg1dxclloP78xmkV+JS2Y2wRfMG
RYlEU5xg6anf2CHGjtXdIcSy6x4ZcSbYRHp3iNdBxGmSITmwAikX2iEx+GXhIgiutmyzd9vrMOpa
dQ8f2UjYFog6yA8xtcx4Gc0lil0qhyimpsF3kYxcJPcXfGTi+kKCp6eYMq8/xkK4ZK5zWK/h9KuQ
Ydxu36OL2EZySQ5dOncRYyayxw67EYpnTs4kiUzsZ+IQQhR5N5h0wfeYvUPUM/gBJRvdfZtgy91v
TgS3ILmalPIAUb/MucOXlzGz9+OCThB2ZZk2j63s2ubEGR2d+dQK7V2MKTpGY4y9W585GHTYzLJ5
TvpKBFllB7sC6wqyY1U9J1hAmaTqmvUUuUuEFbL7eMo28NlbnEg8C5TEiG/SfA28boUunHLOVHqd
jg5N4DUC5R/Ei9Mo1wXoMIK7v0nrjQhZZ5d6Fu54XXDLf2+zx2Bf3j3tvgQZfGoZSOxvbZshotYE
ecAMERQYrnQLIpb7cxF1rmqxuVNuYm/a3A1QGFn1TkySNxY/J8qe8N8pe9wFzBkUPG7F71PqbEop
OycKnE24/2BZ00Pz5AaGk2Q9Z51XNedVjf+/r2o27eXzWua8ljmvZVxvXx+klsnLF6hs8i6P7vnE
G1s+E0LpvlxQvCt010fAG814AIO6HaV7kqsW4CyCr1mDycJNOdIyHmfycyKj/QjNoDVU1g3MqchU
T4U3YwI6RnpYt1LxCd267zSP99g47XSWy6qrmZpQIJmPl8LVOHSpZIqu1fPu3Uq97odOdZd1SUDJ
noaEMZlNouogUV8OghdeR0Kv7ExYNB0sGkr90lVLL65MAdRWXoFXbg9e1Ft+GKQdZGjGQXk+Vn5K
m8lL7yrnnKmnNxmTmhEAJfYyAnJPNxXXjctTq0tD7S08bZEwws0mYYRhBC/CWXSaLfez9HUzd6lF
T5liuRtyGvXGh/C1SiIncgNNzExBE++45deqIdyqjNCs5U+gYwxf4xnEjlBvXYhO4dplJHm64d8l
s8y4kD0kotTgOumk2SAmEnOPkrjlq+WvooEmOodobuUKJISPllwT0srHRg6cbjsZTyZ4JE23GyPK
0ukjZPg0Vzh/1eLvDlaSbA7u3o/Gx94BnfObCEIsrJeVAcdEwMVBObXmmMBN2CqR5fF34mDK0q55
FaVjKB1HdBah7EQxk3kK10l0RUc/rWxgPGVrBoOum/Bgqg7Y9z5133xUK8sZSTM/M62sok5NdzL9
cIe8wSo/RC1WaerW79Qiz3XNZa6DQHWeEm84dd/iQDCo5ZNZ1BTj9TSscnY2alM7w4LAsERtg91W
Z4TTEu968oPcyahVB8SyrtSBr6/MzVttdnAXkkcP7g/nVArtSujtcgRFX3oDmaYN2CL3ZFYjwjdv
zknLv18K20G3EnYLpUbYLwTVoFRohO1qoR2G1XI/LJd6ncoDOFhkFJfD9Lp+AFcYdJFd2uvxtYv7
eHlLc2HE4iLTF/NFTVxf3Jcrmy/uPQJJ536tMmhWm51aoVltDwpBr9MoNLu1TqFX69Z7g143bDQH
D3zvSIODdrUb1PqNQq3c7RaCWknRbzQL9aBSaQf1dqMftB9kZQysPE0fmS3AvJrX9j8AAAD//wMA
UEsDBBQABgAIAAAAIQAVr6o8vQAAACsBAAAjAAAAeGwvd29ya3NoZWV0cy9fcmVscy9zaGVldDEu
eG1sLnJlbHOEj80KwjAQhO+C7xD2btJ6EJGmXkTwKvUBlmT7g20SsvGnb28ugoLgbWeX/Wam2j+n
Udwp8uCdhlIWIMgZbwfXabg0x9UWBCd0FkfvSMNMDPt6uajONGLKT9wPgUWmONbQpxR2SrHpaUKW
PpDLl9bHCVOWsVMBzRU7Uuui2Kj4yYD6iylOVkM82RJEM4fs/J/t23YwdPDmNpFLPyyUjfjIzTIS
Y0dJg5TvHb+HUubIoOpKfVWsXwAAAP//AwBQSwMEFAAGAAgAAAAhAIHxoD/EAAAArQEAACMAAAB4
bC9kcmF3aW5ncy9fcmVscy9kcmF3aW5nMS54bWwucmVsc7yQzwrCMAyH74LvUHK33XYQEbtdRNhV
9AFCl/3BrS1NFff2FkRQELx5CknI9/vIrrpPo7hR4MFZDbnMQJA1rhlsp+F8Oqw2IDiibXB0ljTM
xFCVy8XuSCPGdMT94FkkimUNfYx+qxSbniZk6TzZtGldmDCmNnTKo7lgR6rIsrUK7wwoP5iibjSE
uilAnGafkn+zXdsOhvbOXCey8UuEMj2GmIAYOooapHxO+FkKmWRBfffI/+eRvzzUx5PLBwAAAP//
AwBQSwMEFAAGAAgAAAAhAIAb3IHSAAAAjwEAAB8AAAB4bC9jaGFydHMvX3JlbHMvY2hhcnQxLnht
bC5yZWxzrJDBSsQwEIbvgu8Q5m7T7EFENt2DIOxV1wcI6bQNm2TCTBD79qYXsYtHjzPD/30/czx9
pag+kSVQtmC6HhRmT2PIs4WPy+vDEyipLo8uUkYLKwqchvu74xtGV1tIllBENUoWC0ut5Vlr8Qsm
Jx0VzO0yESdX28izLs5f3Yz60PePmn8zYNgx1Xm0wOfxAOqylma+YafgmYSm2nlKmqYp+I1qzJ6q
/eK4vlAkfq9rxEZzPGO14LedmK4VBP232/yH+0YrW4sfq969cfgGAAD//wMAUEsDBBQABgAIAAAA
IQARynoh0wAAAI8BAAAfAAAAeGwvY2hhcnRzL19yZWxzL2NoYXJ0Mi54bWwucmVsc6yQsWrEMAyG
90LfwWhvnGQopZxzQ6Fwa3t9AOEoiTnbMpY5Lm9fZynN0bGjJP7v+9HheAteXSmL42iga1pQFC2P
Ls4Gvs7vTy+gpGAc0XMkAysJHIfHh8MHeSw1JItLoiolioGllPSqtdiFAkrDiWK9TJwDljrmWSe0
F5xJ9237rPNvBgw7pjqNBvJp7EGd11TNd+zgbGbhqTSWg+Zpcnajdt2equ2Cubyx5/xZVk+Vhnmm
YsBuO+mbWhD03+7uP9x3Wtla/Fj17o3DNwAAAP//AwBQSwMEFAAGAAgAAAAhAG2ni/fcAgAAQgcA
AA0AAAB4bC9zdHlsZXMueG1spFXfb5swEH6ftP/B8js10JCFCKiapkiVtmpSO2mvDpjEqn8gYzrS
af/7zkASqk5b174E+3z+7ru7z5fkopMCPTLTcK1SHJz5GDFV6JKrbYq/3efeAqPGUlVSoRVL8Z41
+CL7+CFp7F6wux1jFgGEalK8s7ZeEtIUOyZpc6ZrpuCk0kZSC1uzJU1tGC0bd0kKEvr+nEjKFR4Q
lrJ4DYik5qGtvULLmlq+4YLbfY+FkSyWN1ulDd0IoNoFM1qgLpib8BChN70IInlhdKMrewagRFcV
L9hLrjGJCS1OSAD7NqQgIn44JJ4llVa2QYVulYXyA7ojvXxQ+ofK3ZEzDl5Z0jyhRyrAEmCSJYUW
2iALxYZce4uikg0eV1TwjeHOraKSi/1gDp2h78/oJzlUyxmJ4zF+GrjEhTiyCh0BMGQJFNwyo3LY
oHF9v68hvAJtDDC93z+8t4bugzCaXCB9wCzZaFOCFk/1OJiyRLDKAlHDtzv3tbqG3422FlqWJSWn
W62ocKkMIMcFpFMwIe6cXr9Xz7C7CqlW5tLelCkG5bsiHJaQyLgc8IaNw5+iDdgT2BkU6/9hUVcd
8Z/djl9D6ngb0boW+9tWbpjJ+3c3KuMdjAbMS8G3SrJBpFkC8hq2aKcNf4KyOV0WcM4GOXXVu8rw
9qB9d6Afk6Y/a/mxeci9lhTfujIJeHdjA9Cm5cJy9Yd2A2bZnQTkO/1aN2p6aR2jgI5KVtFW2Pvj
YYpP6y+s5K2EkTR6feWP2vYQKT6tPzudB3MXg3X2cwOPE76oNTzFP69Xn+L1dR56C3+18GbnLPLi
aLX2otnVar3OYz/0r35NZt47Jl4/n6GXwWzZCJiLZkx2JH93sqV4shno9y8caE+5x+Hcv4wC38vP
/cCbzenCW8zPIy+PgnA9n62uozyacI/eOGN9EgSHGdsF0dJyyQRXh14dOjS1QpNg+5ckyKET5PTn
l/0GAAD//wMAUEsDBBQABgAIAAAAIQD61mD2RwMAAIoKAAAYAAAAeGwvd29ya3NoZWV0cy9zaGVl
dDEueG1slFbbbqMwEH1faf8B+b3cmisKqZpCtV1ppdVenx1jEquAWdtJ2r/vGEKCnV7YPITLmTme
OTN4vLh5KgtnT4VkvIpR4PrIoRXhGas2Mfr96/5qhhypcJXhglc0Rs9Uopvl50+LAxePckupcoCh
kjHaKlVHnifJlpZYurymFSA5FyVW8Cg2nqwFxVnjVBZe6PsTr8SsQi1DJIZw8DxnhCac7EpaqZZE
0AIriF9uWS07tpIMoSuxeNzVV4SXNVCsWcHUc0OKnJJED5uKC7wuIO+nYIRJx908XNCXjAguea5c
oPPaQC9znntzD5iWi4xBBlp2R9A8RrdBlM6Qt1w0+vxh9CB7947C65+0oETRDMqEHC3/mvNHbfgA
r3xglI2BZsREsT29o0URo68TqOC/Zg24hQW80wr9+261+6Zg34WT0RzvCvWDH75QttkqWHYMAmgd
ouw5oZJAAWBhNxxrVsILoIB/p2S6k0BA/NSGyjK1jVE4cadAQHZS8fJv+y44erY+4dEHroejT6DZ
3/O5PvrA9ewz+2Ch0dEJrp2T7wYfrARxNBnBtXMK34jOa8VodE6wwsuF4AcH+htUkTXWX0sQvSkm
qKhtb8EY9JVQ2P1ytPD2UC1yxFaaKEaQ9MkiMC3uOgtdGk2XXLqMTZe05+JBwKeooR7DowbjU0y+
FXUfu7bi7WOhiSXv+KWv+xnxg0yD419pY2jWXhYTK9JLi6kV74cc6XscRuzQosO118a6yXTH+K5v
N40BW0mZrmOrOokJW/VJLfQMG6lAww9PRRv3UrFadWXBdvOb8NTuJxMeWTqlFjw/SWWko7fVwd+y
Nu6lY7XUyoKtgO5MeGZ5JyY8seDUhHtiGOlM/ycdbdylM3V98zdNryzBV3172Gntcpnw3Cp2YsIz
qzdTC569Xi59jhlcLm3cK9eZstlKVyYc2uUy4fm5f9qN2ILtj8mCz2K05WqndztVSio2zZSXDuE7
PY1D+PZPb9uDxSqIYBjAGLDeJ3DgaN57Z5rlosYb+g2LDaukU9C8GfAgsGhPAL4L94rXeuzrGbvm
CoZ597SF0x2FUeO7sL3lnKvuARbPBD7AmdIREYPTinjI2qVPp8jlCwAAAP//AwBQSwMEFAAGAAgA
AAAhANuF2nOVAgAA5AgAABgAAAB4bC9kcmF3aW5ncy9kcmF3aW5nMS54bWzsVltvmzAUfp+0/4D8
TgHjkAQFqnCbKlVdH7YfYBlT0ABHNm1SVf3vs41JsixVL9qkPewFDudwLj7f+Q6sLnddaz1QLhrW
R8C7cIFFe8LKpr+LwPdvhb0AlhhwX+KW9TQCj1SAy/jzp9Wu5OFWZNySAXoRyscI1MOwCR1HkJp2
WFywDe2ltWK8w4N85HdOyfFWhu5aB7pu4IgNp7gUNaVDNlqAiYc/EK3DTQ9iXdmwZSlt23VPasZH
VcVZN0qEtbG3ctQJlKgdpPC1qmK4mM1ne5PSaCtn29hzR72SJ6V6wVu6s4NJu+jQh3wDO+T1z+f1
fA+hKYypZZ8ZovOZlzN4NvOU747jTd2QguOOWh0mnEXA9Kd/+HJkvDUtIjcPt9xqyghAYPXSKwJp
jflgedINh3Q3XIvBSNY9byLwVBQwmeUFsgsp2chNkJ3kaGkX0F/kcF6k0A+elbcXhESCPcg5uyon
kL3gN5i7RtYpWDVcENY5rKoaQqexkUPjIUfDrKt8WgQwQC4M7MR35zK7l9vrde5LKVvkSz9JE7R+
Bk68cnT1012fYsRfndigc3PSE+WmZuR8r3YVl+OEQ1mhtYuA5M2jukonncoio5JMWh1qcjLIqHeN
mOEBjy19N4mIgki2mIRaMr0lHyDQGMkEeBOfR3wyRu472g8jqTltNcyibjYCWDxUA8WvSs8AcXRi
Dci+GbpFx0NrgGkbGVs1aELkDLtfJbzh0CnhDXNPKfcS2d9O9OVLRPf99/J8HshluV8Bhw3zB3ju
/8pz+I/yfDlfo0Ay3YazZGYj5EM7cReZnRfreZrDLE2R92GeH7FQr8prRn6IadTkSjzdlP+Xwisf
+fcsBfi3loJGSf2gxD8BAAD//wMAUEsDBBQABgAIAAAAIQAi+VaZyQcAAGsoAAAUAAAAeGwvY2hh
cnRzL2NoYXJ0MS54bWzsWltz2zYWft+Z/gcux51pZ1cSdZc1kToyZXcydTaeOO1D3yASklCDAAOA
tpRO/3vPAUDqYslx42Y2Se0HmcTl4ODDuYMvflhlPLilSjMpRmGzHoUBFYlMmViMwp/fXtQGYaAN
ESnhUtBRuKY6/GH8zb9eJMNkSZS5zklCAyAi9DAZhUtj8mGjoZMlzYiuy5wK6JtLlREDr2rRSBW5
A+IZb7SiqNewREJPgHwEgYwwUc5Xj5kv53OW0KlMiowK47hQlBMDCOgly3VJLWn2VOsexYwlSmo5
N/VEZg1HrNwUEGt2G9WuxgBSSgxtnkad4JbwURiFDWzkRCxcAxW1n69do5KFSGkaSyXgOLbGZ8lw
wg1VAkjFUhjg2uOVPQrxjKibIq8BuzlscsY4M2u77XD8AmjHSwl4BG/ou4Ipqkdh0uxsIOj8VQCi
fmPQaPlzhc02O0Nt1py6DTWjFu62Ua1rWbggnM9IcoPYbA2uhm76ceI+GDjLihE+GGY4tQ8r/FUs
WY5fkOFMpusrFShp8BACnScXTGlzSbS5IgrkrhmiFpjX8DPn8m4UUs5BFhhIA7YDClK9D4M7RfJR
qN8VRNEwICKBZkDMqPIlNvDexD2SIdfmGrduX3Jsya8U/kvp/A1wo9/D0E4E/MwsV8z+FqNQgKqh
2il2Ayon5LV9CoMbEAKYAopjt2CHz4imnKFqRnCeZKglZ+kF49y+oB7SmCuHvlk17RheZK9k6tp6
3QjIOX6L7PV87prbZXMDSJZU4OD2FkC1EYFZ53QOdmAU/icTNW4cOUr2OihxHYne60i0FYoSGLuM
h8ripQAs1Bk4FVH7deKomPGUzedUoTrAMYAM6/8GadUkCwMSTzWybCxFIAXP7hzuHQYKZXU+Dy36
ErQoMYEUQZiQnBnCAy61Dg+s0yjlDx6MFUcJssTJescYaL9TIfHU3EEI5K9qAMa4baGw38RcaoPc
gqrYmUjbidWzkKON/QKFnIoUrRDahErMnVtwAmvlB88YH0oDRwoj3+LLlHJqqFdn72FyLs1EUeK8
zRqUwTkeMBQxum1sX4DHycEVO2l0Tl6lzhndErWOJZc7jggkjgITyZClqx0Rliql3sT49Z24gwV7
Q+c4Yz6+XlJqmv8+OTtp4jZsK/THBIwLjshNDA7QeDfhuMhNAEs5y5YMb8cXbAX7vKIqAaUnC4qE
bi0qOao4Oo+SoHuxq1faV2oaFwEY+Nag2++GASjxKFQi/aDxJAmuak37vhW0rttZkAcVFT2xQ1Cv
s5mEwAsF1lp7p9GbAQmxZySK7B6Ck5PO8GRyMqhghEEVjC7UimVKx9G3doSNvWzDPsrdwyhH9aiz
iyyejjsJ9B+IOYzpHhvT2ozpHRvT9mP6dfA+23/981rr2KTOhrDd/M7Rb0CA8y5hg0cPJCCNnB/C
8wzxPPuEeD4CTKsTm/1sAN8C8+ihlGBG9eZROhvsWnt0HFxegHax86DpTEqz3NF4ukI3hIjCU1Ao
CF1+j9vtQRTHnVp32juvdaLTuHZ23m7Vzvutaeu03+624/iPreD6L4fWna2osjcsBHtX0Jfe7v1e
ClFtcta5qHV6p93aWTc6r502u61pM552+oPWHzbMsDxbc1HuAo2F18s9A2fVPRluGTjfctzATZ9s
4EhmLeF3TMxdWhKQ9Lf69/8Ha+ci8L2Y7xNYuwe0c4raOf2U1u6ovdkYu85R3dvoZ++Dxi6qD9of
tm2ne/x8XfrZfJp+ppczrm2auJR3l3QBkdNPdC+ehp5fICrfTrg1tMXE/I9kPg/1YQq2X1N1sN2H
GffonBWzGafX7P02KTikDWv3zSVZlXaqHXW6/UFnMHC+d79j0Ox5G4U5XRWqgROb2ATiKCGdEJix
QGikYhgeYT3DMZ8x8YqsPN2tgakNHHc2SFZX0tceZo7DLy6hxnT2YxLqf3Ai/VIww0Bl7phZYn0O
HhUUm55TWizZHKnbPIsZZEGukLVdOvmoVBai8ovMBJvcBVK+b6HEJQvI9C6ZuKGpL6olw4z8JtVb
lty8gmRqN4GCTiaOdxqYBO6jMnACwr+30lm5g0UYzBJPu60yScRgDPLFLAdmtFhAxY8voByHxb+P
Kbw1DxfeBo8rvD02CDtUG6r1fLD8ORVCT5/N9pP0CTJduJfQE1+ZcXGGDyd8H/WeHStHv1LlRR/f
dqoufMYnINmuDaXblY5mHIrDmpYVGlc0hoxaviq4YZe3HHRrK5ZwqbeLWiAUOxy+VPz9/eELd2xb
c/GjYinGUy5y9PVWVwX6svUbQL6/wUdEbLUuXDtYD/YZ3YQ8e9SDHvWhy4grJWfE3egFco61zOpC
4jML3p4l7su5c/uaYrgnX6Q9B0tfoeAeDJaqoowNpA4HS7brjJo7Sn2ANHMvvrpSRTpPvdUFz75z
h2dLXfY2zz7tV2n+oRfLz0nDk5NwXkkWytsvTL8W3BdU/VVHynR+BvfSN3riE4gFyX3aDPXTKZZk
8bsZqDHuxf/lTXOpDA99mzJbHLxa/Rqi9P0vNB7zcdDO9yiPdshgNBQT5poa+CxnYdOdJSVwOX8B
N3hU2UQuh4tzqJ0smNC2TFrHW3D8Nq3eDwP4eMn+x8+kbIebjm/tEAo0SMW9VLRgsSJ319d7i2MK
WH0jOP4TAAD//wMAUEsDBBQABgAIAAAAIQCiCAeRnwQAAIcmAAAUAAAAeGwvY2hhcnRzL3N0eWxl
MS54bWzsWm1v4jgQ/iuRf0AD9GgpKpV6rVY6id5WeyvdZ5M44FvHztlmKf31N3ZeiPPCSwu0cPsN
T4LjeWb8zHjGt4EaBjMs9V96yYj3EjMOAjVCM62Toe+rYEZirC5iGkihRKQvAhH7IopoQPxQ4gXl
U7/X6fb81SwomwbXZhEJ4fCJSMgYa3Uh5DSfI2YwS+fKjzHlyKPhCPV61+juFpaHX6j6TjUjdsT4
NxLBCy8j1EG+FUWUsZqQRBEJdP1dwVfCmHIh4SN4aNUkD0x6PzEbIf3StWI2j59EmMqu+p2O/SIe
gvhrFKXiy1zsl2a5u/Vh4VH6LbvGkETfnqWnXkeoa+bxfhDJ4TcobbQwr7t6BliTqZDLe9D+lBVX
ybM0CDPuLUbopt/rIy/AyQhFDGv4GSdga8WnyMNsCogEOrOIYDT8Apbd0jzdZvMMWswDxip/QIo5
D40dzEJTc6QLB7uUTHfTbLmarexeuJcEe7EIYTNhxsTiT2HU+fqTSElDAupa2ZhykstSfz+ah2d+
V3bT3FoOOJXNMZl2rctWIDwLA7ftzcKg6WbGGo/xhIBvgn98GCNdN7t8b2dGanHr0FGzGD0Yz53r
4+ke/tg3G2/j5ky3uLklpDXs1LTcwiZu8CgsWAkeztbanZPAKSciXEK8kUKbOOmpJPhCpdJjrPQz
lhCZu8gDJtKGeiIgIiBeRhPkzYR8rcrMexDK4QnyFtJwt/p3jiVBHvuDA7tdXvWvr5Cn7aA76A0G
yJPlJ5PyE8wDmColei8dPGgYpzZWyf1cA1HqjJxSPVJGbvRAI3wWlG/nj+YjgI4yyU4R7TF8MQ/C
WS5h33p3CvFGgk1msLQ6xZocIXVc88vVuxhdPm61L88Qh0zzAgkTWOtYbDC/5fJ6UmmZAEA/pEek
8bM36F/nGZLkYZqcriGbFl/Bw9aMxnGeAqQCticsITXdH3Cnu9+cnHUT6bft2Wo+6aBfwrqC/xgv
IcR6ahlPBJxHAioDBnyr6CsZoX527in+8zeVJJI4PkF/Lx0IjuDuLlAGv+94ctoHyzyV4fZ0ARHn
vI9ars1CseC/4wa2OlRhwOR2b4zqe8hi209cm+hpDwWN9Tmp5bWSNUIpkuYIfMiazRrTHPp4WtSB
3Ay/qBqty/A3ResyllA9EPKoPm985wOB3bHutm1hxzisgyWcgsQRmWQDqg6dm91dCGrHQVtqLBY/
heISg9T3Cf/zidQ50eKQgbYOaCEx5ePjloA+cB82F5tu3llfdRAu8JzRsfhfRY8dS3m7kJyLJcEh
kb8C8wjtIzCzCppkSnh4Jl2qlpowW+mYMKFPrsdh+CZfuLVUPrh8PKleTVmPrPKliKREnXq/cHO3
raJnOvxFafuhtAqa+pz67r+Z7u3E9kNK3XfTG7GyCVbEZM7ZxQKzw1bqawnUbp7uqzKaX144fEm5
e9Ppg+K26f6uGlsCDaRHrGbpxQe1VI9CZ20Kt2luoXMAK+D7BG3TvV3kaAmRDbrOk1OpUrV2PYvb
G28pNb3nckbjeXcFKNzXmZPzD3qumgtowX+ag+eOpYp07YYiVjfG7v4DAAD//wMAUEsDBBQABgAI
AAAAIQAcFKeo/QAAAG4DAAAVAAAAeGwvY2hhcnRzL2NvbG9yczIueG1spJNBbsIwEEWvEvkAcRIg
rSLCpuuKBScYTWxiyfYg26Vwe5xQaEMhEsE7++u/+X8kL9FXSJrcJhy1SA5G2/jga9aGsKs499gK
Az41Ch15kiFFMpykVCh44+Bb2S0vsrzg2IILPYX9YOAfhXbCxhGSnIHgU3LbC8PoSMlKbkBZlhgR
2prhEbVgiWpqlmdstYSqTyM+tEv2oGsGiMKGnPGHWjGizUa0+Yi2GNHKTosr3YNTEBTZm2sXVH+Z
T2rODcosns7D/5qGiFvP+8XTo9ZSnlFxfdNRT4y/Rh6On08Yv5jgebvffvYK6on218jD9o+adOTf
77U6AQAA//8DAFBLAwQUAAYACAAAACEAHBSnqP0AAABuAwAAFQAAAHhsL2NoYXJ0cy9jb2xvcnMx
LnhtbKSTQW7CMBBFrxL5AHESIK0iwqbrigUnGE1sYsn2INulcHucUGhDIRLBO/vrv/l/JC/RV0ia
3CYctUgORtv44GvWhrCrOPfYCgM+NQodeZIhRTKcpFQoeOPgW9ktL7K84NiCCz2F/WDgH4V2wsYR
kpyB4FNy2wvD6EjJSm5AWZYYEdqa4RG1YIlqapZnbLWEqk8jPrRL9qBrBojChpzxh1oxos1GtPmI
thjRyk6LK92DUxAU2ZtrF1R/mU9qzg3KLJ7Ow/+ahohbz/vF06PWUp5RcX3TUU+Mv0Yejp9PGL+Y
4Hm73372CuqJ9tfIw/aPmnTk3++1OgEAAP//AwBQSwMEFAAGAAgAAAAhAKIIB5GfBAAAhyYAABQA
AAB4bC9jaGFydHMvc3R5bGUyLnhtbOxabW/iOBD+K5F/QAP0aCkqlXqtVjqJ3lZ7K91nkzjgW8fO
2WYp/fU3dl6I88JLC7Rw+w1PguN5ZvzMeMa3gRoGMyz1X3rJiPcSMw4CNUIzrZOh76tgRmKsLmIa
SKFEpC8CEfsiimhA/FDiBeVTv9fp9vzVLCibBtdmEQnh8IlIyBhrdSHkNJ8jZjBL58qPMeXIo+EI
9XrX6O4WlodfqPpONSN2xPg3EsELLyPUQb4VRZSxmpBEEQl0/V3BV8KYciHhI3ho1SQPTHo/MRsh
/dK1YjaPn0SYyq76nY79Ih6C+GsUpeLLXOyXZrm79WHhUfotu8aQRN+epadeR6hr5vF+EMnhNyht
tDCvu3oGWJOpkMt70P6UFVfJszQIM+4tRuim3+sjL8DJCEUMa/gZJ2BrxafIw2wKiAQ6s4hgNPwC
lt3SPN1m8wxazAPGKn9AijkPjR3MQlNzpAsHu5RMd9NsuZqt7F64lwR7sQhhM2HGxOJPYdT5+pNI
SUMC6lrZmHKSy1J/P5qHZ35XdtPcWg44lc0xmXaty1YgPAsDt+3NwqDpZsYaj/GEgG+Cf3wYI103
u3xvZ0ZqcevQUbMYPRjPnevj6R7+2Dcbb+PmTLe4uSWkNezUtNzCJm7wKCxYCR7O1tqdk8ApJyJc
QryRQps46akk+EKl0mOs9DOWEJm7yAMm0oZ6IiAiIF5GE+TNhHytysx7EMrhCfIW0nC3+neOJUEe
+4MDu11e9a+vkKftoDvoDQbIk+Unk/ITzAOYKiV6Lx08aBinNlbJ/VwDUeqMnFI9UkZu9EAjfBaU
b+eP5iOAjjLJThHtMXwxD8JZLmHfencK8UaCTWawtDrFmhwhdVzzy9W7GF0+brUvzxCHTPMCCRNY
61hsML/l8npSaZkAQD+kR6TxszfoX+cZkuRhmpyuIZsWX8HD1ozGcZ4CpAK2JywhNd0fcKe735yc
dRPpt+3Zaj7poF/CuoL/GC8hxHpqGU8EnEcCKgMGfKvoKxmhfnbuKf7zN5Ukkjg+QX8vHQiO4O4u
UAa/73hy2gfLPJXh9nQBEee8j1quzUKx4L/jBrY6VGHA5HZvjOp7yGLbT1yb6GkPBY31OanltZI1
QimS5gh8yJrNGtMc+nha1IHcDL+oGq3L8DdF6zKWUD0Q8qg+b3znA4Hdse62bWHHOKyDJZyCxBGZ
ZAOqDp2b3V0IasdBW2osFj+F4hKD1PcJ//OJ1DnR4pCBtg5oITHl4+OWgD5wHzYXm27eWV91EC7w
nNGx+F9Fjx1LebuQnIslwSGRvwLzCO0jMLMKmmRKeHgmXaqWmjBb6ZgwoU+ux2H4Jl+4tVQ+uHw8
qV5NWY+s8qWIpESder9wc7etomc6/EVp+6G0Cpr6nPruv5nu7cT2Q0rdd9MbsbIJVsRkztnFArPD
VuprCdRunu6rMppfXjh8Sbl70+mD4rbp/q4aWwINpEesZunFB7VUj0JnbQq3aW6hcwAr4PsEbdO9
XeRoCZENus6TU6lStXY9i9sbbyk1vedyRuN5dwUo3NeZk/MPeq6aC2jBf5qD546linTthiJWN8bu
/gMAAP//AwBQSwMEFAAGAAgAAAAhAH5/jHLWBwAAbygAABQAAAB4bC9jaGFydHMvY2hhcnQyLnht
bOxa63PbNhL/fjP3P/A47kw7d5Ko92Mid2Tausmcc/HEaT/0G0RCEmoQYADQltLp/95dAKQelhw3
vszFqf1BJvFYLBb7+O2Cr35cZTy4pUozKcZhsx6FARWJTJlYjMOf3k9rgzDQhoiUcCnoOFxTHf54
+ve/vUpGyZIoc52ThAZAROhRMg6XxuSjRkMnS5oRXZc5FdA3lyojBl7VopEqcgfEM95oRVGvYYmE
ngD5DAIZYaKcrx4zX87nLKHnMikyKozjQlFODEhAL1muS2pJs6da9yhmLFFSy7mpJzJrOGLlpoBY
s9uodnUKQkqJoc1h1AluCR+HUdjARk7EwjVQUfvp2jUqWYiUprFUAo5ja3yWjCbcUCWAVCyFAa69
vLJHSTwj6qbIa8BuDpucMc7M2m47PH0FtOOlBHkE7+iHgimqx2HS7GxE0PmzAoj6jUGj5c8VNtvs
jLRZc+o21IxauNtGta5lYUo4n5HkBmWzNbgauunHifvCwFlWjfDBMMOpfVjhr2LJ8vQVGc1kur5S
gZIGDyHQeTJlSptLos0VUaB3zRCtwLyFnzmXd+OQcg66wEAbsB2kINXHMLhTJB+H+kNBFA0DIhJo
BokZVb7EBt6buEcy4tpc49btS44t+ZXCfymdvwNu9EcY2omAn5nlitnfYhwKMDU0O8VuwOSEvLZP
YXADSgBTwHDsFuzwGdGUMzTNCM6TjLTkLJ0yzu0L2iGNuXLSN6umHcOL7I1MXVuvGwE5x2+RvZ3P
XXO7bG4AyZIKHNzeAmg2IjDrnM7BD4zDf2aixo0jR8leByWuI9F7HYm2SlEKxi7jRWXlpUBYaDNw
KqL2y8RRMafnbD6nCs0BjgF0WP8rSKsmWRjQeKqRZWMpAil4dudw7zBQKavzeWjR12BFiQmkCEIG
jjKjAZcatOTAOo1S/+DBWHWUoEucrHecgfY7FRJPzR2EQP6qBmCM2xYK+03MpTbILZiKnYm0nVq9
KDn62Geo5FSk6IXQJ1Rq7sKCU1irP3jG+FA6OFIY+R5fzimnhnpz9hEm59JMFCUu2qzBGFzgAUcR
Y9jG9gVEnBxCsdNGF+RV6oLRLVHrWHK5E4hA4ygwkYxYutpRYalS6l2MX9+pO3iwd3SOM+an10tK
TfMfJ2cnTdyGbYX+mIBzwRG5iSEAGh8mHBe5CWAp59mS0e3plK1gn1dUJWD0ZEGR0K2VSo4mjsGj
JOhe7OqV9ZWWxkUADr416Pa7YZCgQ1ci/aTzJAmual37vhe0odt5kAcNFSOxk6BeZzMJwAsV1np7
Z9GbAQmxZySK7J4EJyed0cnkZFCJEQZVYnRQK5YpPY2+syMs9rIN+1LuHpZyVI86u5LF03EngfED
ZQ5jusfGtDZjesfGtP2Yfh2iz/Zf/6LWOjapsyFsN79z9BshwHmXYoNHL0iQNHJ+SJ4xyjP+kvLs
tj8tz/7RbW/kOfikPKP68Oi5bMQ3HN6znGPi83LTmZRmuWP0dIWRCIUKT0GhAL38FrfbgyiOO7Xu
ee+i1omGce3sot2qXfRb561hv91tx/HvW/j6T6Przhaw7I0KwT4U9LV3fb+VelTrti4mtc6gP6wN
J4NprdtvRdPexVm/3+/9bpGG5dl6jHIX6C+8ae75OGvxyWjLx/mW4z7u/Mk+jmTWGX7PxNxlJgFJ
f63/8H9weA6E78G+L+DwHjDQCzTQiy9poK2jxrdxeJ09o9k4xY2BHjfi0uFF9cGe79rQ2TLQPSN2
Ls07+V3/9gwNtPk0A00vZ1zbVHEp7y7pAtDTf+gepoaen4mPrx6SaGiLifkvAci+nYxj+zVVB9s9
1Lg3/qyYzTi9Zh+3ScG5bFi77y/JqnRU7ajT7Q86g4GLv/sdg2bPOynM6yq4BoFsYpOIo4R0QmDG
AkUjFUOIhDUNx3zGxBuy8nS3BqYWPO5skKyupK8/zByHzy6pxpT2c5Lqv3Ay/Voww8Bk7phZYo0O
HhUUnF7SWizbHKndvKgZZEKumLVdPvmsdBYA6DQzwSZ/gbTvOyhzyQKyvUsmbmjqC2vJKCO/SvWe
JTdvIKHaTaKgk4njnQYmQfioHJwA/PdeOi93sBCDmeKw2yoTRURjkDNmOTCjxQKqfnwBJTksAH5O
8a15uPg2eFzx7bEo7FB9qNbzaPlrKoYOX9z2k+wJsl24m9ATX51xOMPDCd9HfWTH6tEvVHnVx7ed
yguf8QlotmtD7XbloxmHArGmZZXGFY4hq5ZvCm7Y5S0H29rCEi79dqgFINdh+FLx97+HL9yxbd3F
vxVLEU855Ohrrq4S9LztG4R8f4OPQGy1Llw92Aj2Fd2GvETUgxH1oQuJKyVnxN3qBXKO9UxmALzh
rcRXBt5eNO753Lt9SxjuyZdpL2DpG1Tcg2CpKspYIHUYLNmuM2ruKPUAaeZefHWlQjpPvdmFyL5z
j2dLXfZGzz7tV2n+opfLL0nDk5NwXmkW6tvPTL8V3BdU/V1HynR+BnfTN3riE4gFyX3aDPXTcyzJ
4rczUGPcw//lbXNpDA99nzJbHLxe/RZQ+v5XGo/5QGjnm5RHB2RwGooJc00NfJqzsOnOkhK4oJ/C
FR5VNpHL4fIcaicLJrQtk9bxJhy/T6v3wwA+YLL/8VMp2+Gm41s7hAINUnEvFS1YrMjdFfbe4pgC
Vt8Jnv4BAAD//wMAUEsDBBQABgAIAAAAIQBhSQkQiQEAABEDAAAQAAgBZG9jUHJvcHMvYXBwLnht
bCCiBAEooAABAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAJySQW/bMAyF7wP6HwzdGzndUAyB
rGJIV/SwYQGStmdNpmOhsiSIrJHs14+20dTZeuqN5Ht4+kRJ3Rw6X/SQ0cVQieWiFAUEG2sX9pV4
2N1dfhUFkgm18TFAJY6A4kZffFKbHBNkcoAFRwSsREuUVlKibaEzuGA5sNLE3BniNu9lbBpn4Tba
lw4CyauyvJZwIAg11JfpFCimxFVPHw2tox348HF3TAys1beUvLOG+Jb6p7M5Ymyo+H6w4JWci4rp
tmBfsqOjLpWct2prjYc1B+vGeAQl3wbqHsywtI1xGbXqadWDpZgLdH94bVei+G0QBpxK9CY7E4ix
BtvUjLVPSFk/xfyMLQChkmyYhmM5985r90UvRwMX58YhYAJh4Rxx58gD/mo2JtM7xMs58cgw8U44
24FvOnPON16ZT/onex27ZMKRhVP1w4VnfEi7eGsIXtd5PlTb1mSo+QVO6z4N1D1vMvshZN2asIf6
1fO/MDz+4/TD9fJ6UX4u+V1nMyXf/rL+CwAA//8DAFBLAwQUAAYACAAAACEA4HVAAD8BAABdAgAA
EQAIAWRvY1Byb3BzL2NvcmUueG1sIKIEASigAAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
jJJRS8MwFIXfBf9DyXubptM5QtuBjj05EJwovoXkbgs2aUiiXf+9abvVynzwMfec+91zL8mXR1VF
X2CdrHWBSJKiCDSvhdT7Ar1s1/ECRc4zLVhVayhQCw4ty+urnBvKawtPtjZgvQQXBZJ2lJsCHbw3
FGPHD6CYS4JDB3FXW8V8eNo9Nox/sD3gLE3nWIFngnmGO2BsRiI6IQUfkebTVj1AcAwVKNDeYZIQ
/OP1YJX7s6FXJk4lfWvCTqe4U7bggzi6j06OxqZpkmbWxwj5CX7bPD73q8ZSd7figMpccMotMF/b
csW0hCrHk1J3voo5vwmX3kkQ9+3oulQCq48+AEFEIQwdop+V19nDartGZZaSeUzSOJttyS1N72hK
3rvBv/q7cENBncb/m5gt6M1iQjwDyhxffIjyGwAA//8DAFBLAQItABQABgAIAAAAIQC/d5vzqQEA
AJgHAAATAAAAAAAAAAAAAAAAAAAAAABbQ29udGVudF9UeXBlc10ueG1sUEsBAi0AFAAGAAgAAAAh
ALVVMCP0AAAATAIAAAsAAAAAAAAAAAAAAAAA4gMAAF9yZWxzLy5yZWxzUEsBAi0AFAAGAAgAAAAh
AIE+lJfzAAAAugIAABoAAAAAAAAAAAAAAAAABwcAAHhsL19yZWxzL3dvcmtib29rLnhtbC5yZWxz
UEsBAi0AFAAGAAgAAAAhAMcp3cNZAgAAxAQAAA8AAAAAAAAAAAAAAAAAOgkAAHhsL3dvcmtib29r
LnhtbFBLAQItABQABgAIAAAAIQCm0PFUFQEAAN8BAAAUAAAAAAAAAAAAAAAAAMALAAB4bC9zaGFy
ZWRTdHJpbmdzLnhtbFBLAQItABQABgAIAAAAIQCu6jllTwcAAMYgAAATAAAAAAAAAAAAAAAAAAcN
AAB4bC90aGVtZS90aGVtZTEueG1sUEsBAi0AFAAGAAgAAAAhABWvqjy9AAAAKwEAACMAAAAAAAAA
AAAAAAAAhxQAAHhsL3dvcmtzaGVldHMvX3JlbHMvc2hlZXQxLnhtbC5yZWxzUEsBAi0AFAAGAAgA
AAAhAIHxoD/EAAAArQEAACMAAAAAAAAAAAAAAAAAhRUAAHhsL2RyYXdpbmdzL19yZWxzL2RyYXdp
bmcxLnhtbC5yZWxzUEsBAi0AFAAGAAgAAAAhAIAb3IHSAAAAjwEAAB8AAAAAAAAAAAAAAAAAihYA
AHhsL2NoYXJ0cy9fcmVscy9jaGFydDEueG1sLnJlbHNQSwECLQAUAAYACAAAACEAEcp6IdMAAACP
AQAAHwAAAAAAAAAAAAAAAACZFwAAeGwvY2hhcnRzL19yZWxzL2NoYXJ0Mi54bWwucmVsc1BLAQIt
ABQABgAIAAAAIQBtp4v33AIAAEIHAAANAAAAAAAAAAAAAAAAAKkYAAB4bC9zdHlsZXMueG1sUEsB
Ai0AFAAGAAgAAAAhAPrWYPZHAwAAigoAABgAAAAAAAAAAAAAAAAAsBsAAHhsL3dvcmtzaGVldHMv
c2hlZXQxLnhtbFBLAQItABQABgAIAAAAIQDbhdpzlQIAAOQIAAAYAAAAAAAAAAAAAAAAAC0fAAB4
bC9kcmF3aW5ncy9kcmF3aW5nMS54bWxQSwECLQAUAAYACAAAACEAIvlWmckHAABrKAAAFAAAAAAA
AAAAAAAAAAD4IQAAeGwvY2hhcnRzL2NoYXJ0MS54bWxQSwECLQAUAAYACAAAACEAoggHkZ8EAACH
JgAAFAAAAAAAAAAAAAAAAADzKQAAeGwvY2hhcnRzL3N0eWxlMS54bWxQSwECLQAUAAYACAAAACEA
HBSnqP0AAABuAwAAFQAAAAAAAAAAAAAAAADELgAAeGwvY2hhcnRzL2NvbG9yczIueG1sUEsBAi0A
FAAGAAgAAAAhABwUp6j9AAAAbgMAABUAAAAAAAAAAAAAAAAA9C8AAHhsL2NoYXJ0cy9jb2xvcnMx
LnhtbFBLAQItABQABgAIAAAAIQCiCAeRnwQAAIcmAAAUAAAAAAAAAAAAAAAAACQxAAB4bC9jaGFy
dHMvc3R5bGUyLnhtbFBLAQItABQABgAIAAAAIQB+f4xy1gcAAG8oAAAUAAAAAAAAAAAAAAAAAPU1
AAB4bC9jaGFydHMvY2hhcnQyLnhtbFBLAQItABQABgAIAAAAIQBhSQkQiQEAABEDAAAQAAAAAAAA
AAAAAAAAAP09AABkb2NQcm9wcy9hcHAueG1sUEsBAi0AFAAGAAgAAAAhAOB1QAA/AQAAXQIAABEA
AAAAAAAAAAAAAAAAvEAAAGRvY1Byb3BzL2NvcmUueG1sUEsFBgAAAAAVABUAkAUAADJDAAAAAFBL
AwQUAAYACAAAACEAHBSnqAIBAABuAwAAHAAAAGNsaXBib2FyZC9jaGFydHMvY29sb3JzMS54bWyc
k0FugzAQRa+CfAAMJKEVCtlkXXXRE4wGO1iyPZHtps3ta0ihhapI4N3M139/ZiQf0VdImtxbuGuR
fBptY8PXrA3hWnHusRUGfGoUOvIkQ4pkOEmpUPDGwYeyF15kecGxBRd6CvvGwB8KXYWNEZKcgeBT
cpeBYXSkZCU3oCxLjAhtzfCOWrBENTXLM3Y6QtVPI87aJTfQNQNEYUPO+L9asaDtFrT9gnZY0MpO
iye9gVMQFNlZ2Q2q380LNY8Nyiy+zsN/m6aIued58PSoVykfqHi+7agV8ePI0/j9hvjDBs/T4JnG
74b2ik1G1ArPOPI0fmzPUF35871OXwAAAP//AwBQSwMEFAAGAAgAAAAhAKIIB5H8BAAAhyYAABsA
AABjbGlwYm9hcmQvY2hhcnRzL3N0eWxlMS54bWzsWuFu4jgQfpXID9AAPVpalUrdViudRG+rvZXu
t0kc8K5j52yzlD79jZ3ExAlp2KWwhb1/eBI5nm9mvhnPcBOp62iOpf5brxgJnlPGQaDGaK51dh2G
KpqTFKuzlEZSKJHos0ikoUgSGpEwlnhJ+Swc9PqDcL0LKrbBjV1ERjh8IhEyxVqdCTkr90gZ7NK7
CFNMOQpoPEaDwSW6vYHj4WeqvlDNiF0x/pkk8MLzGPVQaEUJZawhJElCIt0QJ4KvhSnlQsJH8LVV
k9wzGXzHbIz0c9+K2SJ9FHEuuxj2evaL+BrEn5IkF5+X4rCyy+1NCAcvvmXPGJPk85MM1MsY9c0+
wTciOfwGpY0W5nVfzwhrMhNydQfaH7PiKnuSBmHGg+UYXQ0HQxREOBujhGENP9MMbK34DAWYzQCR
SBcWEYzGH8GyW5qnX9rBN8+oFNfMA8aqfkCKBY+NHcxBc3PkBwe7VEx3tdlyDVvZWLiTBAepiCGY
MGNi+Zcw6nz6TqSkMQF1rWxCOSllub8fzMMLv6u6aWktD5xacExnfeuyNQhPwsBtsekMmgcz1niC
pwR8E/zjYPayYVRhpMvSt32XH5Timsu3M1KLW8eemm51bzx3oQ+ne/ztrdl4GzdnusXNLSFVyaMW
H5uO62zim8pZsGYqL7R+nJPA0lMRryDfSKFNngxUFn2kUukJVvoJS8jMfRQAE2lDPQkQERAvoxkK
5kK+1GXmPUjl8AQFS2m4W/27wJKggP3Jgd3OL4aXFyjQdtEfDUYjFMjqk2n1CeYRbJUTfZAv7jWs
cxur7G6hgSh1QU65Hjkjb/RAI3wSlG/nj+YjgI4yxY7L9hi+WCbhopawb+1cQvwkwWZzOFqTYk2N
kDuu+eXr7VbnD1vF5QniUGjukDCJtYlFh/ktl9t3vKLSMgGAvk+PyPPnYDS8LCskyWNbhb6WjFt8
BV+3VjSe8ziQHGyPWEJp+nbAdQD+juPNlIKuZu0i/RY7NLjbQ7+CdQ3/CV5Big3UKp0KuI9EVEYM
+FbRFzJGQ8MNVQr4h0qSSJweob9XLgQHcHcfKIP5Fzw97otlWcpwe7sAx/Dc9uSuWr7NYrHkH/AG
tsoDxOPwsluwE4eb2u4ns/qmsvAHewpeWejZuYue3qCh4X18M69VrBFLkbnkcrAb0iumqXD5XoLC
9YH8Ct9Z+LUKvytbV7GE7oGQB/V54zu/EFiHoA+sw3sHYD0s4RYkDsgkHah6dG6i2wk2ht768DNo
LjEofR/x13ekzr6jb0/dP1OtNQF1EtM+blbK+8o9HR6zb4jLrpIfhleleIcwbOI5pxPxW2UP1wjy
0XVtox3Q9bEkOCbyt4LWJQofWpdWdoCW1dAkM8LjwxKCrfcrPWGnlq+tA6GmLfBbtf3fPepgax0z
JvTRzTgMo5cHt5YqF+cPRzWrqepRdL4UkZSoY58XdrtgTc98+T+ljZGL/VqQeze3jrtGDU19SnP3
P8z0dmrnIZXpu5mNWNkUK2Iq5+KPBSbC1uprCdRunjbp3UraJwotLeU3aUdsVRL2r3pDUNwO3Xfq
sWUwQHrAap7/8UGt1IPQxZjCH5pb6DzAHHzvYGzqwmRPKXKDrovsoDf2HbpUrVPPrTvhxifrVcku
1zMgs6Z3rQGF/+ssyOknPV/NJYzgm0T0iy6erjORG6qrVZGf3VDE+h9jt/8BAAD//wMAUEsDBBQA
BgAIAAAAIQAnS7l9UAcAAFQlAAAbAAAAY2xpcGJvYXJkL2NoYXJ0cy9jaGFydDEueG1s7Fpbb9s4
Fn5fYP+DVsgAO9iNb7UT16g9cJzNoph0GzTtPMwbLdE2JxSpIenE6a/f75CUfIm9ybZToJ0mDw5F
UkeH5/qdI736aVXI5JYbK7Qapu1GK024ynQu1HyYfnh/cdxPE+uYypnUig/Te27Tn0Z//curbJAt
mHHXJct4AiLKDrJhunCuHDSbNlvwgtmGLrnC2kybgjlcmnkzN+wOxAvZ7LRaJ01PJI0E2CcQKJhQ
1f3mKffr2Uxk/Fxny4IrF7gwXDIHCdiFKG1FLWufmM4DioXIjLZ65hqZLpqBWHUoEGv3mvWpRhBS
zhxvv2x1k1smh2krbdKkZGoeJrg6/nAdJo1eqpznE20U1LGxv8gGY+m4USA10cqB6yiv4kkSL5i5
WZbHYLfEIadCCnfvj52OXoH2ZKEhj+Qd/30pDLfDNGt31yLo/r8CaJ02+81O1CsO2+4OrLuXPByo
3erQaZv1cz0LF0zKKctuSDYbm+ut63W6cVcYdJc3Ixo44ST3gxX9GpEtRq/YYKrz+yuTGO1ICYkt
swthrLtk1l0xA7trp+QF7i1+ZlLfDVMuJWxBwBpoHlLQ5mOa3BlWDlP7+5IZniZMZZiGxJypLiYO
1206IxtI667p6P6ipJnyytC/nM/egRv7EVu7LfAz9VwJ/7scpgquRm5nxA1cTulrP0qTGxgBboHj
+CP47VNmuRTkmi3okw2sliK/EFL6C/JDPpEmSN+t2n6PXBZvdB7mTnotkAv8Lou3s1mYflFNN0Gy
ogLF7TyA3EYl7r7kM8SBYfqPQh1LF8hxtrPAWVjI7M5CZmkBtINg/DCKysvLQFjkM9CKOv51HKi4
0bmYzbghd4AaYMP2n0leT+mlg8VzS2SdpwhSGAc9PFBGeP4THvoaXpS5RKskzVgpHJOJ1Name57T
rOwPA+fNUcOWJLsPIo7BwMaHKk1aC4pQxF89Aa6ln+E4b+YurSNu4Sr+TqIdzOrZyCnGfoNGzlVO
UYhiQm3mIS0Eg/X2QzqmQRXg2NLp93RxziV3PLpzNKpSajc2nFEMhMHBGWAyGCJQTCht08UcGadE
Kg7WGJK8ycm5ssEtM/cTLfVWIoLFcTCRDUS+2jJhbXIeQ0x8fjB3RLB3fEZ3zEbXC85d+29HZ0dt
OoafxfqEIbjQjtJNkABdoOsDKM0leFSIbOBpdCFWOOcVNxmcns05Ebr1UinJxSl5VATDhX86hpGd
6GlSJQjwnX7vtJcmcOJhalSePhY8WUZP9ZxBK1th1qdu8slHHJUycZCgvS+mGsCLDNZH++DR6w0Z
8zpSy+KBBMdH3cHR+KhfixGbajEGqDXROR+1fvA7PPbyE7tS7gVd70q51Wh1tyW71gTlD5I59vQO
7ems95wc2vMi7jltIPts/p3+67hz6KbumrA//Jbq10KAviuxYRgFCUkT59XCtkVCnmdfUJ6HzrMh
TO8T6/OsBb4hzINKqYTZarQP0lnLrrNDJ4grGtC27KLQbKG1W2x5PF9tpKFo0juxIfrwRmyIM4dj
w/lnxwZW+CDyd6FmAdEnLP+t8eO2BnDILx8oAnj98oHifxj2OQWK8y9o2I2Drro27e6Oue0z7ZNH
40Sr0X+xrcQ1nbVpv9zh548y7fxyKi2FD7vQd5d8jnz9M99BcVj5BVgQ6qB85ZMo7Z4w9x9WxOpn
Y/6am73zMbk9oHO2nE4lvxYfN0nhfGvWHjopW72OqOBFq9s77Xf7/cDY7kK/fUILILcFEBA6xx62
7u6vCdmM4Y45iUYbQUmZqujAfCHUG7aKdDc25h6ubB2Qra50rHingcMa5YRg8fWXcchhn1TGfcfl
22slnIDL3Am3oK4QhgYtjudCihoFDwrU0C14NjNg7Iddgk8qoIAFLwqXrBEzAvcPaKzoJeqLS6Fu
eB5bOdmgYL9p815kN28A4UPsqmA7FoU6vOhwE9JHHeAUoNN7HaLc3tKfapOXvU5VmhCOQZVSlGDG
qjn6THKOJlCGltNjFcu+Srhd9XVQqmy0e/rVNJU2h9s9Ty109nUkjk8izve9q6+k/fbyOWx/lj+h
vkI33I5jPyDgjAgn4hqPmZ36Fb9yE02froIfxapATuUYlh3myLo9hMIsWpKWV32B0KpEHaffLKUT
l7cSvrWBJQBhatQCKLYfvtT8baCSPwi+yMC2Dxf/NiInPBWQ41bv4dv2bwj54QGfgNiOe2h2+wz2
FfXfPT+f0H//joHbldFTFt4jJXpGHbS6Df6Vgbdni/t23vT8mTDcZ7++eQZLf0LD3QuW6l6KB1L7
wZJfOuPujvMIkKbhgtAGsnFEOhhtvffxjSrqzUg/qkuQ2GP5Tl9GPkP+zy6hgz2RZZG9/SLsWyVj
OzSi+VzY8gzvMm/sOML/OStj0Yuu6DlQu6VvLdAh3EHv1dvJ7RISdv7o9xTkC/UnFk/OJtkABTl9
XCPPmWOJwctNvA98nYeXKlSmfCjpI55tNjfv8S64/hhq9F8AAAD//wMAUEsDBBQABgAIAAAAIQC2
OwQiVAYAAAsaAAAaAAAAY2xpcGJvYXJkL3RoZW1lL3RoZW1lMS54bWzsWUtvGzcQvhfof1jsvbHe
io3Iga1H3MZOgkhJkSOlpXYZc5cLkrKjW5EcCxQomhY9NEBvPRRtAyRAL+mvcZuiTYH8hQ65D5ES
VTtGChhBLMDYnf1mOJyZ/YbkXrn6IKbeEeaCsKTjVy9VfA8nExaQJOz4d0aDjy77npAoCRBlCe74
cyz8q9sffnAFbU0oSccM8WAU4Rh7YCgRW6jjR1KmWxsbYgJiJC6xFCfwbMp4jCTc8nAj4OgYBojp
Rq1SaW3EiCT+NliUylCfwr9ECiWYUD5UZrCXoBhGvzmdkgnW2OCwqhBiLrqUe0eIdnywGbDjEX4g
fY8iIeFBx6/oP39j+8oG2sqVqFyja+gN9F+ulysEhzU9Jg/H5aCNRrPR2intawCVq7h+u9/qt0p7
GoAmE5hp5otps7m7udtr5lgDlF06bPfavXrVwhv26ys+7zTVz8JrUGa/sYIfDLoQRQuvQRm+uYJv
NNq1bsPCa1CGb63g25WdXqNt4TUooiQ5XEFXmq16t5htCZkyuueEbzYbg3YtN75AQTWU1aWGmLJE
rqu1GN1nfAAABaRIksST8xRP0QRqsosoGXPi7ZMwgsJLUcIEiCu1yqBSh//q19BXOiJoCyNDW/kF
nogVkfLHExNOUtnxPwGrvgF5/eKn1y+eeScPn588/PXk0aOTh79khiytPZSEptarH77858ln3t/P
vn/1+Gs3Xpj4P37+/PffvnIDYaaLELz85umfz5++/PaLv3587IDvcDQ24SMSY+HdwMfebRbDxHQI
bM/xmL+ZxihCxNTYSUKBEqRGcdjvy8hC35gjihy4XWxH8C4HinEBr83uWw4PIz6TxGHxehRbwAPG
6C7jzihcV2MZYR7NktA9OJ+ZuNsIHbnG7qLEym9/lgK3EpfJboQtN29RlEgU4gRLTz1jhxg7ZneP
ECuuB2TCmWBT6d0j3i4izpCMyNiqpoXSHokhL3OXg5BvKzYHd71dRl2z7uEjGwlvBaIO50eYWmG8
hmYSxS6TIxRTM+D7SEYuJ4dzPjFxfSEh0yGmzOsHWAiXzk0O8zWSfh3oxZ32AzqPbSSX5NBlcx8x
ZiJ77LAboTh1YYckiUzsx+IQShR5t5h0wQ+Y/Yaoe8gDStam+y7BVrpPZ4M7wKymS4sCUU9m3JHL
a5hZ9Tuc0ynCmmqA+C0+j0lyKrkv0Xrz/6V1INKX3z1xzOqiEvoOJ843am+Jxtfhlsm7y3hALj53
99AsuYXhdVltYO+p+z11++88da97n98+YS84GuhbLRWzpbpeuMdr1+1TQulQzineF3rpLqAzBQMQ
Kj29P8XlPi6N4FK9yTCAhQs50joeZ/JTIqNhhFJY31d9ZSQUuelQeCkTsOzXYqdthaez+IAF2Xa1
WlVb04w8BJILeaVZymGrITN0q73YgpXmtbeh3ioXDijdN3HCGMx2ou5wol0IVZD0xhyC5nBCz+yt
eLHp8OKyMl+kasULcK3MCiydPFhwdfxmA1RACXZUiOJA5SlLdZFdncy3mel1wbQqANYRRQUsMr2p
fF07PTW7rNTOkGnLCaPcbCd0ZHQPExEKcF6dSnoWN94015uLlFruqVDo8aC0Fm60L/+XF+fNNegt
cwNNTKagiXfc8Vv1JpTMBKUdfwrbfriMU6gdoZa8iIZwYDaRPHvhz8MsKReyh0SUBVyTTsYGMZGY
e5TEHV9Nv0wDTTSHaN+qNSCEC+vcJtDKRXMOkm4nGU+neCLNtBsSFensFhg+4wrnU61+frDSZDNI
9zAKjr0xnfHbCEqs2a6qAAZEwOlPNYtmQOA4sySyRf0tNaacds3zRF1DmRzRNEJ5RzHJPINrKi/d
0XdlDIy7fM4QUCMkeSMch6rBmkG1umnZNTIf1nbd05VU5AzSXPRMi1VU13SzmDVC0QaWYnm+Jm94
VYQYOM3s8Bl1L1PuZsF1S+uEsktAwMv4ObruGRqC4dpiMMs15fEqDSvOzqV27ygmeIprZ2kSBuu3
CrNLcSt7hHM4EJ6r84PectWCaFqsK3WkXZ8mDlDqjcNqx4fPA3A+8QCu4AODD7KaktWUDK7gqwG0
i+yov+PnF4UEnmeSElMvJPUC0ygkjULSLCTNQtIqJC3f02fi8B1GHYf7XnHkDT0sPyLP1xb295vt
fwEAAP//AwBQSwECLQAUAAYACAAAACEA2eoNSUwBAADmAwAAEwAAAAAAAAAAAAAAAAAAAAAAW0Nv
bnRlbnRfVHlwZXNdLnhtbFBLAQItABQABgAIAAAAIQCtMD/xwQAAADIBAAALAAAAAAAAAAAAAAAA
AH0BAABfcmVscy8ucmVsc1BLAQItABQABgAIAAAAIQC+7Qzb+QEAAPIEAAAfAAAAAAAAAAAAAAAA
AGcCAABjbGlwYm9hcmQvZHJhd2luZ3MvZHJhd2luZzEueG1sUEsBAi0AFAAGAAgAAAAhAPpl0TwG
AQAAMQIAACYAAAAAAAAAAAAAAAAAnQQAAGNsaXBib2FyZC9jaGFydHMvX3JlbHMvY2hhcnQxLnht
bC5yZWxzUEsBAi0AFAAGAAgAAAAhAGcD7obOAAAArAEAACoAAAAAAAAAAAAAAAAA5wUAAGNsaXBi
b2FyZC9kcmF3aW5ncy9fcmVscy9kcmF3aW5nMS54bWwucmVsc1BLAQItAAoAAAAAAAAAIQC7xBuf
2EgAANhIAAAzAAAAAAAAAAAAAAAAAP0GAABjbGlwYm9hcmQvZW1iZWRkaW5ncy9NaWNyb3NvZnRf
RXhjZWxfV29ya3NoZWV0Lnhsc3hQSwECLQAUAAYACAAAACEAHBSnqAIBAABuAwAAHAAAAAAAAAAA
AAAAAAAmUAAAY2xpcGJvYXJkL2NoYXJ0cy9jb2xvcnMxLnhtbFBLAQItABQABgAIAAAAIQCiCAeR
/AQAAIcmAAAbAAAAAAAAAAAAAAAAAGJRAABjbGlwYm9hcmQvY2hhcnRzL3N0eWxlMS54bWxQSwEC
LQAUAAYACAAAACEAJ0u5fVAHAABUJQAAGwAAAAAAAAAAAAAAAACXVgAAY2xpcGJvYXJkL2NoYXJ0
cy9jaGFydDEueG1sUEsBAi0AFAAGAAgAAAAhALY7BCJUBgAACxoAABoAAAAAAAAAAAAAAAAAIF4A
AGNsaXBib2FyZC90aGVtZS90aGVtZTEueG1sUEsFBgAAAAAKAAoA+AIAAKxkAAAAAA==
">
<v:imagedata src="file:///C:/Users/Danie/AppData/Local/Temp/msohtmlclip1/01/clip_image001.png"
o:title=""/>
<o:lock v:ext="edit" aspectratio="f"/>
</v:shape><![endif]--><!--[if !vml]--><img height="289" src="file:///C:/Users/Danie/AppData/Local/Temp/msohtmlclip1/01/clip_image002.png" v:shapes="Chart_x0020_1" width="481" /><!--[endif]--><span lang="AF"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Source: DRW
Investment Research<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Met “kapitaalverlies” verwys ek na die
waarskynlikheid dat die plan met die verloop van ‘n langdurige aftreetydperk, s</span><span lang="AF">ê</span><span lang="AF">, 30
jaar, minder kapitaal gaan oorhou as waarmee begin is. Uit die aard van die
saak, hoe ho</span><span lang="AF">ë</span><span lang="AF">r die aanvanklike onttrekkingskoers (7% en meer),
hoe groter is die waarskynlikheid dat kapitaalwaardes onderkant die
aanvangswaardes gaan daal of uitgeput sal raak.
Tweedens, die “vaste persentasie”-metode bied aansienlike beter
kapitaalbeskerming as die “inflasie-aangepaste, vaste inkomste” metode.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<!--[if gte vml 1]><v:shape
id="Chart_x0020_2" o:spid="_x0000_i1025" type="#_x0000_t75" style='width:360.75pt;
height:216.75pt;visibility:visible' o:gfxdata="UEsDBBQABgAIAAAAIQDZ6g1JTAEAAOYDAAATAAAAW0NvbnRlbnRfVHlwZXNdLnhtbKyTS07DMBBA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==
">
<v:imagedata src="file:///C:/Users/Danie/AppData/Local/Temp/msohtmlclip1/01/clip_image003.png"
o:title=""/>
<o:lock v:ext="edit" aspectratio="f"/>
</v:shape><![endif]--><!--[if !vml]--><img height="289" src="file:///C:/Users/Danie/AppData/Local/Temp/msohtmlclip1/01/clip_image004.png" v:shapes="Chart_x0020_2" width="481" /><!--[endif]--><span lang="AF"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Source: DRW
Investment Research<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF"> <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Tweedens, met “inkomsteverlies” word verwys na die
onvermoë van die plan om oor die langtermyn inflasie-aangepaste inkomste te
verseker wat minstens in reële terme ( die uitwerking van inflasie word in ag
geneem) ooreenstem met die inkomste tydens aanvang van die plan.<a href="https://d.docs.live.net/dcf2bc123094f04a/WIP/Aftree-inkomste_keuses.docx#_ftn2" name="_ftnref2" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="AF" style="font-family: "calibri" , sans-serif; font-size: 11.0pt; line-height: 107%;">[2]</span></span><!--[endif]--></span></a>
Anders gestel, tot watter mate kan die plan daarin slaag om reële inkomste oor
die langtermyn op te lewer. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">In hierdie geval, slaag die “inflasie-aangepaste, vaste
inkomste” metode beter daarin as met die “vaste persentasie” metode. Byvoorbeeld,
met ‘n aanvanklike onttrekking, gelykstaande aan 5% van die kapitaalwaarde, en
jaarlikse inflasie-aanpassing daarna, is die waarskynlikheid ongeveer 50% dat
die plan nie daarin sou slaag om reële inkomste oor die langtermyn (30 jaar) op
te lewer nie. Die “vaste persentasie”
metode, vaar egter nog swakker en sou die waarskynlikheid meer as 70% wees dat
dit nie reële inkomste oor die langtermyn kan bewerkstellig nie.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Dus, gegewe die bostaande bevindings en dat die
lewering van reële inkomste meestal die primêre oogmerk van die lewende annuïteitsplan
behoort te wees, behoort voorkeur aan die “inflasie-aangepaste vaste inkomste”
metode gegee te word. Nogtans, die groot dilemma hiermee is dat die jaarlikse
inflasie-aanpassings sonder inagneming van die onderliggende portefeuljegroei
plaasvind. Derhalwe word eerder ‘n hibriede benadering tussen hierdie twee
metodes voorgestel wat poog om die beste voordele van beide metodes te benut. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">In die praktyk kom dit daarop neer dat die
“inflasie-aangepaste vaste inkomste” metode behoort gevolg te word, maar
boonste grense of plafonne (“ceiling rates”) word op die maksimum onttrekking
per jaar gestel (ongeag die amptelike maksimum vlak van 17.5%). Dit wil s</span><span lang="AF">ê</span><span lang="AF">,
indien die “normale” inkomste-aanpassing hierdie plafon sou oorskry, moet ‘n
verhoging slegs tot daardie vlak wat gelykstaande aan die plafonkoers is,
aangebring word. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Byvoorbeeld, gestel die volgende verwagte
lewensduur/aftreetydperk is van toepassing, dan word ‘n plafonkoers
(persentasie van kapitaal) daargestel:<o:p></o:p></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.95pt;" valign="top" width="236"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">Verwagte
lewensduurte (jare)<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 191.35pt;" valign="top" width="255"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">Plafonkoers
(persentasie van kapitaal)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.95pt;" valign="top" width="236"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">30<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 191.35pt;" valign="top" width="255"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">6.5%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.95pt;" valign="top" width="236"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">25<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 191.35pt;" valign="top" width="255"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">7%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.95pt;" valign="top" width="236"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">20<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 191.35pt;" valign="top" width="255"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">7.5%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.95pt;" valign="top" width="236"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">15<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 191.35pt;" valign="top" width="255"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">8.5%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.95pt;" valign="top" width="236"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">10<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 191.35pt;" valign="top" width="255"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">10%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Indien hierdie benadering gevolg word, sal die
resultate, in vergeleke met die twee bestaande metodes, soos volg lyk:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b><span lang="AF">Waarskynlikheid dat gebeurtenis sal plaasvind:<o:p></o:p></span></b></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 112.7pt;" valign="top" width="150"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">Uitkoms<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 120.95pt;" valign="top" width="161"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span lang="AF">“Hibriede” benadering<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 104.45pt;" valign="top" width="139"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">“Vaste
persentasie”<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 112.7pt;" valign="top" width="150"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">“Vaste
inkomste”<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 112.7pt;" valign="top" width="150"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">“Kapitaalverlies”<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 120.95pt;" valign="top" width="161"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span lang="AF">27%<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 104.45pt;" valign="top" width="139"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">1%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 112.7pt;" valign="top" width="150"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF" style="color: red; mso-ansi-language: AF;">44%</span><span lang="AF"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 112.7pt;" valign="top" width="150"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">“Inkomsteverlies”<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 120.95pt;" valign="top" width="161"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span lang="AF">50%<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 104.45pt;" valign="top" width="139"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF" style="color: red; mso-ansi-language: AF;">73%</span><span lang="AF"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 112.7pt;" valign="top" width="150"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="AF">49%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Source: DRW Investment Research<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF">Dus, hierdie “hibriede” benadering lewer oor die
algemeen meer bevredigende uitkomste as die uitkomste van elke metode op sy eie.
Natuurlik is dit nog nie ‘n volmaakte oplossing wat 100% sukses van die plan
sal waarborg nie (behalwe as jou
aanvanklike onttrekking minder as 4% per jaar is of die plafonkoerse in hierdie
voorbeeld laer gestel word), maar dit is alreeds ‘n groot verbetering op die
bestaande praktyke wat gevolg word.</span><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<div>
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<br />
<div id="ftn1">
<div class="MsoFootnoteText">
<a href="https://d.docs.live.net/dcf2bc123094f04a/WIP/Aftree-inkomste_keuses.docx#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "calibri" , sans-serif; font-size: 10.0pt; line-height: 107%;">[1]</span></span><!--[endif]--></span></a> Ek
verkry ‘n waarskynlikheidsverdeling deur middel van veelvuldige simulasie-resultate
(moontlike uitkomste), maar vir die doeleindes van hierdie artikel word die
tegniese besonderhede nie hier verskaf nie. Die volledige artikel is op
aanvraag beskikbaar by <a href="http://www.indexinvestor.co.za/index_files/Retirement_Drawdown.htm">http://www.indexinvestor.co.za/index_files/Retirement_Drawdown.htm</a>
<o:p></o:p></div>
<div class="MsoFootnoteText">
<br /></div>
</div>
<div id="ftn2">
<div class="MsoFootnoteText">
<a href="https://d.docs.live.net/dcf2bc123094f04a/WIP/Aftree-inkomste_keuses.docx#_ftnref2" name="_ftn2" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "calibri" , sans-serif; font-size: 10.0pt; line-height: 107%;">[2]</span></span><!--[endif]--></span></a> Hoeveel
is R1,000 vandag oor 30 jaar werd? Met ‘n inflasiekoers van 6% per jaar oor die
volgende 30 jaar, is R1,000 vandag die ekwivalent van R5,740 oor dertig jaar.<o:p></o:p></div>
</div>
</div>
</div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-54886877867065074542016-08-23T13:16:00.000+02:002016-08-23T20:34:04.049+02:00Die uitdagings van aftreebeplanning in 'n veranderende tydvak<div dir="ltr" style="text-align: left;" trbidi="on">
<h2 style="text-align: center;">
<span style="font-size: large;">Die uitdagings van aftreebeplanning in ‘n veranderende tydvak</span></h2>
<h3 style="text-align: center;">
<span style="font-size: small;">Deur Daniel R Wessels</span></h3>
<h3 style="text-align: center;">
<span style="font-size: small;">Augustus 2016</span></h3>
<div style="text-align: left;">
<span style="text-align: justify;">Die basiese veronderstelling van tradisionele aftreebeplanning lui dat ‘n persoon vir ‘n tydperk van 35-40 jaar tot ‘n aftreefonds bydra wat daarna vir hierdie persoon ‘n aftree-inkomste, sê, vir ‘n tydperk van 20-25 jaar (of lewenslank) kan verseker. Dit wil sê, ‘n persoon dra aktief by tot ‘n aftreefonds tot ouderdom 60-65 jaar waarna die plan ‘n gereelde aftree-inkomste tot ouderdom 80-85 kan oplewer. Ideaal gesproke behoort die plan voorsiening te maak vir minstens gereelde inflasie-aanpassing in aftree-inkomste, maar die mate waartoe die aftreeplan in die toekomstige behoeftes van die afgetredene sal kan voorsien, word grootliks bepaal deur die hoeveelheid aftree-kapitaal en die verwagte inkomste-behoefte by aftrede.</span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
‘n Tipiese riglyn wat hier gebruik word is dat aftree-kapitaal by aftrede ongeveer 15-20 maal die inkomste-behoefte by aftrede behoort te wees. Byvoorbeeld, met ‘n jaarlikse inkomste-behoefte van R500,000 (voor belasting) behoort die hoeveelheid aftree-kapitaal in die orde van R10 miljoen te beloop. Dit kan bewerkstellig word as ‘n persoon , byvoorbeeld, oor ‘n tydperk van 40 jaar nougeset 15% van sy bruto inkomste (ingesluit werkgewersbydrae) tot ‘n aftreefonds bygedra het. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Maar hoe realisties of haalbaar is hierdie tipe spaarteikens? In die hedendaagse samelewing met die dikwels selfopgelegde eise en behoeftes van weelderige wonings, luukse voertuie, en algemene hoë lewenstandaarde, is dit alles behalwe ‘n maklike teiken om te handhaaf. Voeg daarby die groter-wordende finansiële eise wat kwaliteit opvoeding van kinders deesdae verg – ouers moet vandag in reële terme aansienlik meer opdok as hul eie ouers twee of drie dekades gelede. Boonop het die belastinggaarder (ingesluit munisipale owerhede) oor die afgelope aantal jare allerlei “innoverende” vorme van belasting (verskillende vorme van munisipale heffings, brandstofheffing, tolgelde, koolstofspoor, “suikerbelasting” ) ingestel wat groot druk op die vermoëns van huishoudings plaas om aandag aan hul langtermyn spaarplanne te gee. Persoonlik dink ek nie hierdie tipe spaarteiken is meer realisties vir die tipiese huishouding deesdae nie en dit beweeg eerder af na 10% van bruto inkomste.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Verder, persone is dikwels in die versoeking om met die verandering van hul werkgewer nie hul bestaande aftreevoordele te bewaar nie – daar is kwansuis altyd redes hoekom dit op daardie stadium “beter” is om die kontant (na aftrekking van eenmalige belasting) te neem, want hul gaan bestaande skuld delg (asof hul nie weer in die toekoms dieselfde tipe skuld sal aangaan nie) en sal die “verlore” aftreefondse weer “gou” iewers in die toekoms opmaak. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Na raming, volgens opnames deur onder andere Sanlam en Old Mutual Werknemersvoordele, is minder as 10% van alle afgetredenes werklik in staat om hulself as finansieel onafhanklik te kan beskou. Dit wil sê, hul is daartoe in staat om hul lewenstandaarde te handhaaf sonder om die lewensvatbaarheid (toekomstige inkomste-lewering) van hul aftreeplanne in die wiele te ry. Verreweg die meeste afgetredenes moet egter ‘n verlaging in hul jaarlikse inkomste-behoefte (lewenstandaarde) aanvaar, dit wil sê, indien hul voor aftrede gewoond was aan ‘n bruto inkomste van R500,000 per jaar, hul nou aanpassings moet maak om met R300-400,000 oor die weg te kom. Laasgenoemde is moontlik, maar nie sonder daadwerklike aanpassings in hul bestedingspatrone nie. Dit beteken onder andere kleiner en goedkoper eiendom, die afskaling na ekonomiese voertuie en streng beheer van uitgawes (begrotingsbeheer). </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Die fundamentele probleem in Suid-Afrika met aftree-voorsiening is dat afgetredenes slegs op werklik beperkte maatskaplike voordele kan staatmaak. Die samestelling van die huidige belastingbasis en wesentlike gebrek aan ‘n uitgebreide, vermoënde middelklas, plaas ‘n ernstige demper op die staat se vermoëns om sulke voordele noemenswaardig uit te brei. Dus, die individu wat enigsins in die hoër inkomstekategorieë inval, is uitsluitlik aangewese op sy eie vermoëns (en met geluk, bystand vanaf vermoënde familie) om vir aftrede voorsiening te maak.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
‘n Demografiese tendens wat wêreldwyd, veral in die ontwikkelde ekonomieë, afspeel is dat mense deesdae geneig is om gemiddeld ouer te raak as ander generasies in vorige dekades, veral as gevolg van verbeterde en gesonder lewensstyl gewoontes, mediese innovasies en behandeling. Dit beteken dat die aftrede-model van 35-40 jaar aktief werk en daarna aftree vir ‘n verwagte lewensduur na aftrede van ongeveer 20-25 jaar vinnig besig is om irrelevant te raak. Die basiese probleem is dat die tydperk van aktiewe werk en bydrae tot aftreevoordele nie toeneem tot dieselfde mate as wat die tydperk na aftrede toeneem nie. Dit beteken dat mense noodgedwonge hul aftreekapitaal gaan oorleef, veral as die ouderdom van 90s die norm van verwagte lewensduurte gaan raak. Uiteindelik, ongeag hoe die somme gemaak word en waar moontlik uitgawes ingeperk word, gaan die werklikheid hierdie model inhaal, naamlik die periode van aktiewe bydrae tot aftreefondse is eenvoudig te kort om vir ‘n langdurige aftree-periode van 30 jaar plus voorsiening te maak. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
‘n Addisionele dilemma wat kan ontstaan is dat met die snelle tegnologiese vooruitgang en onvermydelike verandering in die behoeftes wat werkgewers aan hul werknemers stel, jou spesifieke beroep tot ’n mate oorbodig mag raak of dat jy nie genoegsaam kan aanpas by die veranderde behoeftes wat jou beroep daarstel nie, en kan dit wees dat jy jou formele beroep “vroegtydig” moet verlaat, dit wil se jou “beplande” aftree-ouderdom word ontydig vervroeg. Hierdie is ongelukkig harde realiteite wat ‘n skoot koue water oor die bes-geformuleerde aftreeplanne gooi.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
‘n Verdere uitdaging vir afgetredenes is dat selfs indien jy vermoed dat jy finansieel goed toegerus is, weet niemand regtig watter eise veral mediese sorg vroeër of later in jou lewe kan stel nie. Mediese sorg, veral intensiewe sorg en bystand, is duur terwyl die finansiële hulp vanaf ‘n mediese fonds, afhangende van die tipe mediese sorg vereis, beperkend kan wees en derhalwe groot kapitaalbesteding uit jou eie sak kan vereis. Ons weet ook dat mediese fonds premies tipies vinniger styg as algemene inflasie en dus ‘n knyptang effek op jou besteebare inkomste, veral tydens aftrede sal hê.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
‘n Ander, meer persoonlike uitdaging waarmee afgetredenes kan worstel is hoe om die oorgang vanaf aktiewe werk en gebondenheid (die “gevoel” dat jy iets tot die samelewing se welsyn bydra) tot die skielike beëindiging daarvan met aftrede suksesvol te kan bestuur. In der waarheid fokus mense met aftrede dikwels net op die finansiële aspekte daaraan verbonde, maar min aandag word aan hierdie psigiese aspekte gewy, wat uiteindelik tot diepe ongelukkigheid kan lei en dat mense hul aftrede eintlik glad nie geniet nie, selfs indien hul finansieel goed toegerus is vir aftrede. Die uitdaging is natuurlik om iets te vind waarin jou belangstelling, talente en verworwe vaardighede vlerke kry; dat jy voel dat jy daadwerklik bydra en terugploeg tot die bevordering van die samelewing, en as dit boonop finansieel lonend is, maak dit die bestuur van jou aftrede soveel makliker.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Die vraag wat dan opkom is of aftrede, wat dalk veronderstel is om die finale hoogtepunt in jou lewe te wees, werklik ‘n aangename ondervinding, en nie slegs vanuit ‘n finansiële oogpunt nie, gaan wees? Wel, ek persoonlik dink ‘n mens moet wegbeweeg van die tradisionele aftree-model en sieninge waar die idee is dat jy jou moet afsloof vir 40 jaar, selfs al is dit nie aangenaam nie, en dan welverdiende rus neem (asof jy nie jou werk geniet het nie en moet plek maak vir ander). Eerder moet die fokus daarop wees om te werk na ‘n doelwit waar jy jou beroep en passie kan vereenselwig, jouself tot ‘n mate kan losmaak van die formele afhanklikheid van ‘n werkgewer (as dit moet), jy tot ‘n mate finansiële selfstandigheid kan bewerkstellig om jou werksure na gelang van ander persoonlike behoeftes en voorkeure te kan inkort, en dat ‘n spesifieke ouderdom nie hieraan gekoppel hoef te word nie. As jy dit op ouderdom 49, 58, of 67 regkry, en daarna betrokke bly solank jou gesondheid of geesdrif dit toelaat, hoekom moet ‘n mens jouself as afgetree (en dikwels afgeleef) beskou? Ek dink dit is boonop verregaande om in ‘n ontwikkelende land soos Suid-Afrika met besonder skaars vaardighede mense in ‘n aftree-kategorie te gaan plaas as hul nog soveel het om aan die samelewing te bied. </div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
Die basiese idee is dat mense verantwoordelikheid moet neem vir hul eie aftrede en hoe hul die finale lewensfase wil ervaar. Ongelukkig dink baie werknemers omdat hul aan ‘n aftreefonds behoort dat die werkgewer uiteindelik na hul welsyn sal omsien en dat genoeg kapitaal bymekaar gemaak sal word om salig en gelukkig te kan aftree. Wees verseker dat in die meeste gevalle dit nie sal gebeur nie, enersyds omrede daar nie finansieel goed genoeg voorsiening gemaak sal word nie, en andersyds, omdat mense dalk nie goed genoeg voorbereid is op die drastiese aanpassing in die psigiese vereistes wat aftrede teweeg mag bring nie. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Dus, ek sien as aftreebeplanning eintlik meer as net die suiwer finansiële beplanning daarvan. Ja, ek sal my gereelde bydraes van 10-15% van my bruto inkomste volhou, maar dit gaan eintlik oor ‘n meesterplan hoe om by ‘n punt uit te kom waar ek my vaardighede op my eie voorwaardes en tyd sal kan aanwend. Daardeur wil ek myself aktief besig hou en stimuleer, en wil ek nie angsvrese ontwikkel of ek my kapitaal gaan oorleef al dan nie, en terselfdertyd dalk nie in staat is om enigiets aan my heil te doen nie. </div>
<div>
<br /></div>
</div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-8645376448873903622016-05-28T22:59:00.000+02:002016-05-28T22:59:54.436+02:00Die regte besluitnemingsraamwerk, ja, maar die verkeerde plek...<div align="center" class="MsoNormal" style="text-align: center;">
<i><span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">Hierdie artikel is losweg
gebaseer op ‘n artikel deur Vanguard in Maart 2016 gepubliseer: “Reframing
investor choices: Right mindset, wrong market”<o:p></o:p></span></i></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<i><span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;"><br /></span></i></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="AF" style="font-family: 'Segoe UI Semilight', sans-serif; font-size: 12pt; line-height: 107%;"><b>Deur Daniel R Wessels</b></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;"><b><br /></b></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="AF" style="font-family: 'Segoe UI Semilight', sans-serif; font-size: 12pt; line-height: 107%;"><b>Mei 2016</b></span></div>
<div class="MsoNormal" style="text-align: left;">
<i><span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;"><br /></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Ek het in die onlangse verlede redelik rondgereis en
staatgemaak op sosiale nutsprogramme
(“apps”) om gastehuis en bed-en-ontbyt verblyf op verskillende plekke te bespreek. Ek het al vantevore van “Airbnb”
gehoor, maar nie werklik besef hoe kragtig
en uitstekend sulke programme kan werk nie (ek het vir my doeleindes van
die Suid-Afrikaanse pasgemaakte “Lekkeslaap” netwerk gebruik gemaak). Buiten
dat jy jou verblyf volgens smaak en sak kan kies, is die bespreking en betaling
daarvan alles in ‘n oogwink afgehandel. Verder word bevestiging en
adresbesonderhede elektronies uitgestuur, plus “reminders” ‘n enkele dag of
twee voor jy by die betrokke plek sou oornag. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Soortgelyk vind ek die gebruik van die taxidiens
nutsprogram “Uber” baie nuttig, waarskynlik net beperk tot die groter
metropole, maar vir iemand soos ek wat ‘n doelbewuste besluit geneem het om my eie
voertuig kilometers (en uiteindelik hoë verskuilde voertuigkostes en
verkeerstres) te beperk en, waar ek kan, openbare vervoer of taxidienste te
gebruik, is dit van onskatbare waarde. Met
“Uber” weet ek weet wie die taxibestuurder is, hoe ver hy van my optelpunt is
(GPS tegnologie), die beraamde koste van die rit, en ek hoef geen kontant vir die rit te betaal nie
omrede die koste daarvan elektronies van my bankrekening verhaal word. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">So is daar sekerlik nog hordes sulke nutsprogramme vir
alledaagse gebruik beskikbaar en die koms van hierdie tipe programmatuur het
die besluitnemingsproses met sulke kwessies (waar om te bly, waar om te eet,
watter besienswaardighede om te besoek, ens.) oneindig vergemaklik. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">‘n Belangrike gemene deler van al hierdie hededaagse nutsprogramme
is dat daar ‘n kliënt-terugvoer graderingsisteem (“customer review rating”)
bestaan wat jy kan raadpleeg alvorens jy jou finale besluit hoef te neem. Waarskynlik nog meer belangrik, is dat
hierdie terugvoer redelik akkuraat is – byvoorbeeld, ‘n vierster gradering is
inderdaad vier sterre werd - onthou hierdie
gradering is die samevoeging van objektiewe opinies, soos deur vorige
kliente ervaar, en met geen ander bybedoelings as om eerlik hul persoonlike
ervaring met ander te deel nie. Dit opsigself
is meer werd as hordes fotos of ‘n netjiese beskrywing van die goedere of
dienste (bemarkingsbrosjures) waarin jy mag belangstel. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Verder, ‘n diens met top gradering is geneig om dieselfde
hoë standaarde met verloop van tyd te handhaaf. Dieselfde geld ten opsigte van
dienste met swakker graderings, wat geneig is om dieselfde minder goeie aanslae
met verloop van tyd te ontvang. Byvoorbeeld, navorsing in Amerika het bevind
dat top universiteite/kolleges hul rangorde-posisies met verloop van tyd min of
meer handhaaf, m.a.w. ‘n relatief-onbekende kollege sal nie uit die bloute ‘n
top-tien posisie inneem nie, of ‘n top kollege sal nie dramaties uit die top
posisies val nie. Soortgelyke ervarings is geldig vir restaurante, hotelle en
verblyfplekke, vermaak, professionele dienste en goedere soos motorvoertuie,
“wit goedere”, en nog vele meer. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Dus, dit maak baie sin om sulke objektiewe inligting na
te gaan alvorens jy jou finale besluit sou neem. Trouens, sonder om te veel van
jou eie tyd te spandeer, kan hierdie terugvoer-sisteme eintlik as ‘n betroubare
“kortpad” (“heuristic” of “rule of thumb”) tot goeie besluite en uitkomste
beskou word. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Die tipiese, rasionele besluitnemingsraamwerk wat ons in
alledaagse omgewing toepas kan as volg beskryf word:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 36.0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<i><span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Identifiseer ‘n behoefte; doen navorsing en versamel inligting; evalueer
alternatiewe; neem ‘n besluit; evalueer tevredenheid met aankope.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">‘n Betroubare “kortpad” soos kliënte-terugvoer en
graderingsisteme van goedere of dienste ondervang baie van die vereiste
navorsingswerk om by dieselfde antwoorde uit te kom. Anders gestel, en om my gesprek uiteindelik
na beleggings te lei, historiese prestasie in ‘n “konstante” besluitnemingsomgewing
is van onskatbare waarde om ‘n goeie besluit te kan neem. Dit is egter ongelukkig
nie waar as dit by beleggings kom nie omrede ‘n top-presterende belegging
onwaarskynlik nog steeds ‘n top-presterende belegging ‘n paar jaar jaar later
sou wees!<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Die fundamentele probleem met hierdie wisselvalligheid
wat die beleggingsomgewing kenmerk, is
dat daar soveel ekonomiese veranderlikes ter sprake is wat toekomstige
opbrengste kan beïnvloed en wat onmoontlik vandag akkuraat voorspel kan word.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Die onderstaande tabel toon die wisselvallige aard van
verskillende tipe beleggings oor tyd aan – die “beste” belegging oor ‘n
bepaalde tydperk is nie <u>altyd</u> beter wanneer oor ander tydperke gemeet
word nie en sal van tyd tot tyd selfs swak
teenoor alternatiewe vaar.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Bateklas prestasie en rangorde:<o:p></o:p></span></b></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 589px;">
<tbody>
<tr style="height: 15.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.75pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">YEAR<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BEST <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2<sup>ND</sup> BEST<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">3<sup>RD</sup> BEST<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">WORST<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">1989<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">1990<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">1991<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">1992<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">1993<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">1994<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">1995<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">1996<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">1997<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">1998<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">1999<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2000<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2001<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2002<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2003<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 16;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2004<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 17;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2005<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 18;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2006<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 19;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2007<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 20;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2008<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 21;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2009<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 22;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2010<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 23;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2011<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 24;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2012<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 25;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2013<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 26;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2014<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 27; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.0pt;" valign="bottom" width="95">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">2015<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #33CC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.0pt;" valign="bottom" width="131">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">PROPERTIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.0pt;" valign="bottom" width="124">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">CASH<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0066FF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.0pt;" valign="bottom" width="121">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">EQUITIES<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: fuchsia; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 89.0pt;" valign="bottom" width="119">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">BONDS<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">DRW Investment Research<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">‘n Verdere probleem is dat professionele fondsbestuurders
nie konsekwente <u>relatiewe</u> prestasies teenoor hul mededingers kan lewer
nie. Enersyds, wanneer hul onderskeie prestasies oor verskillende tydperke
gemeet word, word wisselvalligheid in relatiewe prestasies opgemerk. Byvoorbeeld,
die onderstaande tabel toon die top-twintig presterende aandeelfondse oor die
afgelope tien jaar aan. Let op die verandering in kleurskema (vanaf donkergroen
= top prestasie, geel = middelmatig en
rooi = swak) wanneer hierdie fondse se prestasies oor korter opbrengsperiodes
aangegee sou word. Selde sal ‘n fonds oor verskillende periodes dieselfde hoë
standaard van relatiewe prestasies oplewer.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;"> <b>Tydperk
geëindig 31 Maart 2016:<o:p></o:p></b></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .75pt solid windowtext; mso-border-insidev: .75pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<thead>
<tr style="height: 12.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Fund</span></b><b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;"><o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">10-year<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">7-year<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5-year<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">3-year<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2-year<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1-year<o:p></o:p></span></b></div>
</td>
</tr>
</thead>
<tbody>
<tr style="height: 12.75pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Nedgroup Inv Private Wealth Equity
A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #00B050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">15.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #00B050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">21.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #00B050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">19.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #00B050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">18.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #16B749; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #CEF00F; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">5.1<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Coronation Top 20 A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #2ABD42; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #A3E31D; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">18.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #EEFA05; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEF309; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">10.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FDE016; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">2.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FDDA1B; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">-1.8<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Foord Equity R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #3DC33D; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #1BB947; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">20.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #64CF30; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">16.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #A9E51B; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C1EC13; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">8.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">0.7<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Coronation Equity R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #40C43C; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.3<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #5ACC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">19.6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #ACE61A; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #CDF00F; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FCFE01; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">6.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F0FB04; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">2.0<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Prudential Dividend Maximiser A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #55CB35; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #CCEF10; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">17.3<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #CAEF10; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #D0F10E; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #E1F609; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">7.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #EEFA05; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">2.2<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Prudential Equity A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #59CC34; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C7EE11; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">17.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C3ED13; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #D5F20D; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F7FD02; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">6.3<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEF10A; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">-0.3<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">SIM General Equity R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #63CF30; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #80D827; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">18.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B0E719; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #ADE619; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #D0F10E; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">7.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #E7F807; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">2.8<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Marriott Dividend Growth R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #64CF30; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #43C53B; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">20.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #5ACC33; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">17.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #87DA25; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">15.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #0AB34D; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #EFFB05; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">2.1<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Allan Gray Equity A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #69D12F; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #D9F40C; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">17.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B6E917; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #BCEB15; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #8BDB24; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">10.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #9EE11E; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">9.4<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">ABSA Select Equity A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #8ADB24; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEF20A; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">15.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEEB0E; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">10.6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FDE513; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">8.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEED0D; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">3.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FCC02D; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">-3.5<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 11;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Old Mutual Managed Alpha Equity A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #92DE22; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #77D52A; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">19.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #89DB25; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">15.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #94DE21; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #82D927; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">10.3<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #EAF906; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">2.6<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 12;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Nedgroup Inv Value R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #99E020; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #D0F10E; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">17.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEF706; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">11.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEF309; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">10.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F3FC04; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">6.5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #EAF906; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">2.5<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 13;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Old Mutual Investors R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #9BE01F; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #80D827; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">18.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #A7E41B; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">15.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #63CF30; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">16.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #83D926; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">10.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #EAF906; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">2.6<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 14;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Sanlam Select Optimised Equity B4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #9DE11E; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #5DCD32; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">19.6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #93DE22; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">15.6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #A5E41C; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B2E818; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">8.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEFF00; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">0.8<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 15;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Investec Equity R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #9FE11E; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #A6E41C; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">18.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #72D42C; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">16.5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #35C13F; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">17.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #00B050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C9EF10; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">5.5<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 16;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Investec Active Quants A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #ABE51A; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #AFE719; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">17.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #CBEF10; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #EBF906; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEFE01; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">6.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FDD91B; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">-1.8<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 17;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Nedgroup Inv Rainmaker A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B1E718; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #EBF906; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">16.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F5FC03; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B5E817; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #92DE22; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">9.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #D8F30C; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">4.2<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 18;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Kagiso Equity Alpha A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B1E718; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F9FD02; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">16.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FDE711; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">10.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEEA0F; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">9.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FDDD18; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">1.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEFB03; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">0.4<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 19;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Sasfin MET Equity A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B5E817; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #3FC43C; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">20.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #6ED22D; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">16.6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #CAEF10; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #97DF20; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">9.6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #D7F30C; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">4.3<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 20; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">IFM Technical<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #CBEF10; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEFD02; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">16.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #A6E41C; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">15.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #8DDC23; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #1CB947; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #CBEF10; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">5.4<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">DRW Investment Research, Morningstar<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Andersyds, vandag se langtermyn top-presterende fondse (soos gemeet teen 31 Maart 2016) is oorwegend
nie dieselfde as byvoorbeeld vyf jaar terug se langtermyn wenners nie! <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Tydperk geëindig 31 Maart
2011:<o:p></o:p></span></b></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 5.4pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; width: 529px;">
<tbody>
<tr style="height: 12.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 152.8pt;" valign="bottom" width="204">
<div class="MsoNormal">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 107%;">Fund<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div class="MsoNormal">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 107%;">10-year<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div class="MsoNormal">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 107%;">7-year<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div class="MsoNormal">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 107%;">5-year<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div class="MsoNormal">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 107%;">3-year<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div class="MsoNormal">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 107%;">1-year<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 152.8pt;" valign="bottom" width="204">
<div class="MsoNormal">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 107%;">Investec Value R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">28.73<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">23.23<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">13.47<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">15.82<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">19.79<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 152.8pt;" valign="bottom" width="204">
<div class="MsoNormal">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 107%;">Nedgroup Inv Value R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">25.06<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">22.22<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">14.00<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">14.35<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">15.69<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 152.8pt;" valign="bottom" width="204">
<div class="MsoNormal">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 107%;">Nedgroup Inv Rainmaker A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">24.22<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">21.40<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">12.17<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">8.87<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">17.22<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 152.8pt;" valign="bottom" width="204">
<div class="MsoNormal">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 107%;">RMB Value<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">24.02<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">21.09<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">12.25<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: lime; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">6.95<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: lime; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">14.51<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 152.8pt;" valign="bottom" width="204">
<div class="MsoNormal">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 107%;">SIM Value R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">23.32<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">23.78<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">12.03<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">9.44<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: lime; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">12.37<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 152.8pt;" valign="bottom" width="204">
<div class="MsoNormal">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 107%;">Allan Gray Equity A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">22.70<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">21.00<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">12.75<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">8.47<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">16.80<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 152.8pt;" valign="bottom" width="204">
<div class="MsoNormal">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 107%;">Old Mutual High Yield Opp A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">21.77<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: lime; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">18.74<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #99CCFF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">8.57<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">11.17<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">15.95<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 152.8pt;" valign="bottom" width="204">
<div class="MsoNormal">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 107%;">Prudential Equity A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">21.55<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">23.59<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">13.68<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">10.91<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: lime; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">13.96<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 152.8pt;" valign="bottom" width="204">
<div class="MsoNormal">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 107%;">STANLIB Value A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">21.30<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: lime; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">20.27<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: lime; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">11.04<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #99CCFF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">3.44<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #99CCFF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">11.79<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 152.8pt;" valign="bottom" width="204">
<div class="MsoNormal">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 107%;">Investec Equity R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">21.08<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: lime; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">19.11<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: lime; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">9.11<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #99CCFF; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">2.40<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: lime; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.8pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; line-height: 107%;">12.67<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">DRW Investment Research,
Morningstar <o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Byvoorbeeld, hoe sou beleggings in enige van bostaande top-tien
presterende fondse, soos gemeet teen 31 Maart 2011, die afgelope vyf jaar (tot
31 Maart 2016) gevaar het?<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Tydperk geëindig 31 Maart
2016:<o:p></o:p></span></b></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .75pt solid windowtext; mso-border-insidev: .75pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<thead>
<tr style="height: 12.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Fund</span></b><b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;"><o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">5-year<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">3-year<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">2-year<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">1-year<o:p></o:p></span></b></div>
</td>
</tr>
</thead>
<tbody>
<tr style="height: 12.75pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Prudential Equity A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C3ED13; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #D5F20D; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F7FD02; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">6.3<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEF10A; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">-0.3<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Allan Gray Equity A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B6E917; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #BCEB15; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #8BDB24; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">10.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #9EE11E; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">9.4<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Nedgroup Inv Value R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEF706; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">11.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEF309; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">10.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F3FC04; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">6.5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #EAF906; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">2.5<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Investec Equity R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #72D42C; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">16.5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #35C13F; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">17.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #00B050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">14.6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C9EF10; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">5.5<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Nedgroup Inv Rainmaker A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F5FC03; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">12.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B5E817; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #92DE22; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">9.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #D8F30C; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">4.2<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">SIM Value R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEEB0F; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">10.5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FDE414; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">8.3<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FDDA1A; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">1.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FAA143; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">-5.4<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Investec Value R<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FCCF23; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">7.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B1E718; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">13.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #D6F30D; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">7.5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #00B050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">23.8<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">STANLIB Value A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FDE314; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">9.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FDDC19; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">7.3<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FDE810; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">3.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #D1F10E; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">4.8<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; mso-fareast-font-family: "Times New Roman";">Old Mutual High Yield Opp A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FCCC24; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">7.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FDDB1A; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">7.3<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FCCF22; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">-0.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F87662; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">-8.2<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Momentum Value A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F8696B; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">-1.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F8696B; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">-6.6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F8696B; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">-13.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #FEEA0F; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="bottom">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt; mso-fareast-font-family: "Times New Roman";">-0.7<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">DRW Investment Research,
Morningstar <o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Wel, die opbrengste wissel van goed tot baie swak, maar
oorwegend middelmatig (skakerings van groen wys op goeie prestasies, geel
middelmatig en rooi swak). Dus, selfs langtermyn historiese prestasies as basis
vir ‘n besluit watter beleggingsfondse om in te belê is nie ‘n betroubare bron
van toekomstige prestasies nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Kortom, historiese prestasie is eintlik ‘n baie swak
barometer van toekomstige prestasie. Dit opsigself is nie eintlik nuus nie,
trouens alle fondse is verplig om hierdie stelling in hul bemarkingsmateriaal te
publiseer. Maar terselfdertyd vind ons ‘n ironiese situasie homself uitspeel. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Regulatoriese owerhede verplig beleggingsfondse om hul
historiese prestasies pertinent te publiseer en as dit (toevallig!) boonop goed
sou lyk, is dit niks anders ‘n goue bemarkingsgeleentheid om masssa
beleggersgeld te lok nie, met die gewraakte klousule “historiese prestasie is
nie ‘n aanduiding van toekomstige opbrengste nie” iewers in die agtergrond (in
die fynskrif) versteek. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">In hierdie omgewing is historiese prestasies geredelik
beskikbaar, toekennings vir prestasies word ontvang en uitbasuin asof die
Heilige Graal uiteindelik ontdek is. Dit is dus nie vreemd dat baie beleggers
hul keuses uitsluitlik op historiese opbrengste baseer nie omrede hul mag dink
dat hierdie tipe inligting inderdaad baie belangrik is vir besluitneming. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Die gevolge hiervan vir beleggers is meerendeels
ontnugtering, selfs middelmatige opbrengste kan teleurstellend wees as jy top
prestasies verwag het, en word aktiewe omskakeling van een “wenner” na die nuwe
“wenner” in ‘n volgende periode eintlik die volgende “logiese” stap. Die netto gevolg van al hierdie omskakelings
oor tyd is waarskynlik middelmatige opbrengste (ek probeer positief wees!),
gepaardgaande met baie angs en teleurstellings langs die pad! <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Die punt is beleggers wil graag staat maak op “historiese
prestasie”, wat so ‘n betroubare maatstaf is met hul keuses in ander alledaagse
besluite, maar helaas dit werk nie baie goed in die beleggingsomgewing nie. Wat
dus nodig is, is om ‘n nuwe denkwyse en besluitnemingsraamwerk spesifiek vir
die beleggingsomgewing te vorm.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<i><span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Vanguard</span></i><span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">,
byvoorbeeld, stel voor dat beleggers, eerstens, daarop moet fokus om ‘n
goed-gedefinieerde plan met duidelike doelwitte saam te stel, identifiseer die
risikos wat jy bereid is om te loop asook dié wat jy kan bekostig om te neem
(risiko toleransie en kapasiteit). <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Tweedens, volg ‘n gediversifiseerde (verspreide)
benadering t.o.v. beleggingsamestelling. Belê in verskillende tipe bateklasse
en geografiese markte. Te dikwels is beleggers geneig om in daardie tipe markte
te belê wat op ‘n spesifieke stadium die gewilde keuse is, asof daar geen
verandering in die dinamika van sulke markte gaan plaasvind nie en ook asof
daar duidelike “tekens” gaan wees wanneer om te skuif na die volgende
geleentheid. Eenvoudig gestel, as dit so maklik was sou alle beleggers baie
suksesvol wees, maar ons weet die teendeel is eerder waar.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Derdens, fokus op daardie aspekte wat jy kan beheer. Die
aktiewe bestudering van die jongste opbrengssyfers en beste presteerders gee
vir geen belegger enige langtermyn voorsprong nie – dié wat daarin glo, is op
‘n dwaalspoor en het nog baie om te leer. Eerder kan beleggers statistieke soos
fondsfooie (koste) bestudeer. Gegewe die inherente wisselvalligheid van
opbrengsprestasies oor tyd sou dit dalk loon om eerder laer-koste beleggings te
identifiseer en dit deel van jou “beleggingspan” te maak. Wanneer dit oor
beleggings gaan, stel <i>Vanguard</i> dit as
volg voor: “you get what you don’t pay for”!
<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal">
</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Segoe UI Semilight",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Laastens, geen
mens gaan hul beleggingpogings sonder ‘n warboel van emosies ervaar nie. Die
dissipline om te hou by jou meesterplan is waarskynlik die moeilikste uitdaging
van enige belegger se loopbaan, gegewe die angs en vrese wat beleggers soms
gaan ervaar, of die ander uiterste van gierigheid om “vinnige rykdom” geleenthede
te kan benut. In hierdie verband kan bekwame raadgewers hul sout werd wees
omrede hul meer optree as gedragsadviseurs (behavioural coaches) as iemand wat
kwansuis die jongste, beste fondse vir die toekoms kan identifiseer. Ironies
genoeg, is dit juis laasgenoemde waarop baie adviseurs hulself roem, maar
eintlik is dit niks anders as ‘n blufspul nie en doen hul uiteindelik skade aan
die langtermyn opbrengste wat beleggers behoort te verdien. <o:p></o:p></span></div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-29164608364693160492015-12-16T06:42:00.000+02:002015-12-16T06:42:32.381+02:00Donker onweerswolke beweeg oor die Suid-Afrikaanse ekonomie<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Donker onweerswolke beweeg oor die
Suid-Afrikaanse ekonomie<o:p></o:p></span></b></div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Deur Daniel R Wessels<o:p></o:p></span></b></div>
<br />
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Desember 2015<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"><br /></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Die politieke gebeure
van die eerste twee weke in Desember het glad nie goeie nuus vir
Suid-Afrikaanse beleggers ingehou nie. Suid-Afrika beleef ʼn volslae ekonomiese
en politieke leierskapkrisis, maar anders as vorige krisisse die afgelope paar
dekades kan die skuld hiervoor nie voor die deur van die Ooste of die Weste
gelê word nie. Hierdie is tuisgemaakte probleem, en meer spesifiek as gevolg
van die ondeurdagte en irrasionele optrede van ons president. Dit gaan nie net soseer
oor die korttermyn impak daarvan op markopbrengste nie - dit is sleg genoeg, ja, maar veel eerder hoe dit
die langer-termyn lewenskragtigheid en die groeipotensiaal van die ekonomie sal
raak. Dit wil sê, of die arbeid en kapitaal wat jy vandag investeer om ʼn beter
toekoms vir jouself en kinders te skep, as’t ware in die niet gaan verdwyn.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">In die meer as
tien jaar wat ek op publieke forums doenig is, het ek nog altyd my daarvan
weerhou om enigsins my politieke opinies met lesers te deel – enersyds omdat
lesers my objektiewe finansiële insigte wil lees, en nie weens of ten spyte van
my politieke sienings nie, en, andersyds, ek het waarskynlik nie die nodige
insigte om gebalanseerde debatte oor politieke onderwerpe aan te voer nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Tot dusver kon
ek redelik maklik die politieke diskoers vermy en fokus op beleggingsaktiwiteite
en –advies. Ek het gevoel dat die langtermyn vooruitsigte van
Suid-Afrikaanse beleggers nog nie
noemenswaardig deur die politiek van die dag gekortwiek is nie. Ja, ons moes al
ʼn hele klompie politieke dwaashede en vergrype sluk, ons moes teësinnig toekyk
hoe skaars en kosbare staatshulpbronne listig verkwis of gekorrupteer word. Tog,
ek kon na my aanvanklike opgewerkte emosies bedaar het, my vertroos in die wete
dat ons ʼn min of meer onafhanklike, werkende regstelsel en ʼn Grondwet het wat
ons individuele vryhede en regte beskerm. Ek kon my beroep op ʼn verantwoordelike
Tesourie wat die fiskus relatief goed bestuur, hoewel krake in die bestuur van
staatsfinansies in die onlangse verlede begin wys het. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Nietemin, buitelandse
beleggers en kredietgraderingsagentskappe het min of meer vertroue in die
bestuur van ons land se geldsake geopenbaar en tot bykans 40% van ons
staatskuld gefinansier. Laasgenoemde vertroue is meetbaar omdat ons langtermyn staatseffektekoerse
nie enige noemenswaardige risiko-premie verdiskonteer het nie. Kortom, ek kon
ten spyte van die stortvloed van negatiewe nuus nog altyd ʼn oorwegend positiewe
beleggingshouding teenoor die toekoms van die land inneem. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Dit was tot
Woensdagaand, 9 April 2015, waar Pres. Zuma die skokaankondiging oor die
afdanking van die Minister van Finansies, gemaak het. Ek beskou hierdie oomblik
as ʼn waterskeiding hoe beleggers oor die toekoms van die land dink en gaan
optree. Maar dit is ook ʼn waterskeiding
oomblik in terme van hoe ver ons as landsburgers politici in die toekoms gaan
toelaat om met die land se ekonomiese voorspoed te dobbel – dalk is nie alles
wat hierna gebeur het net nadelig nie, daar mag uiteindelik ook ʼn positiewe
verskuiwing in politieke leierskap en verantwoordbaarheid na vore tree. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"><br /></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Terug by die
debakel van Woensdagaand - tot op daardie stadium het die politieke doen en
late van Zuma en sy trawante nie regtig te veel afbreuk aan die status en
kredietwaardigheid van Suid-Afrika by buitelandse beleggers gemaak nie, maar
hierdie keer was dit bepaald anders. Die markte het hewig gereageer in hul
afkeuring van hierdie ondeurdagte besluit; Zuma het die “ongeskrewe” spelreëls van
geloofwaardigheid en vertroue in fiskale dissipline oortree. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Dit was immers
een van Pres. Bill Clinton se raadgewers wat tydens sy presidentskap aangevoer
het die kapitaalmark is die magtigste krag in die wêreld (Clinton se slagspreuk
in sy destydse veldtog was “it’s the economy, stupid”)<a href="https://d.docs.live.net/dcf2bc123094f04a/WIP/DonkerSkadus.docx#_ftn1" name="_ftnref1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="AF" style="font-family: "Calibri",sans-serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: AF; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></a>.
Byvoorbeeld, jou land kan dalk militêr die sterkste wees in die wêreld, maar as
beleggers nie hou van jou ekonomiese en fiskale beleid en dissipline nie, en geloofwaardigheid verloor oor die erns waarmee
die land met sy geldsake omgaan, gaan hul jou genadeloos straf en jy gaan
uiteindelik die aftog blaas. Alles in die ekonomie draai uiteindelik om geld en
die koste daarvan, of jy daarvan hou of nie, dit is die harde werklikheid.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<hr align="left" size="1" width="33%" />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"></span></div>
<div id="ftn1">
<div class="MsoFootnoteText">
<a href="https://d.docs.live.net/dcf2bc123094f04a/WIP/DonkerSkadus.docx#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span style="font-family: Calibri, sans-serif; font-size: 10pt; line-height: 14.2667px;">[1]</span></span></span></a> “I used to think if there was reincarnation, I wanted to come back as the president or the pope or a .4 baseball hitter – but now I want to come back as the bond market. You can intimidate everybody.”<o:p></o:p></div>
<div class="MsoFootnoteText">
James Carville, campaign manager for Bill Clinton.</div>
</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"><br /></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"><br /></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Na die skokaankondiging
het die rand dramaties tot rekordlaagtepunte teenoor die vername geldeenhede
verswak, aandeelpryse van maatskappye wat hul verdienste hoofsaaklik in
Suid-Afrika verdien, soos finansiële instellings, eiendomsfondse en
kleinhandelaars, het skouspelagtig getuimel, en effektekoerse – die rentekoerse
waarteen die staat, publieke sektor en privaatsektor geld op die kapitaalmarkte
kan leen – het vinnig opwaarts gebeur. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Teen Vrydag,
twee dae later, het dit duidelik geword dat Suid-Afrika op ʼn grootskaalse
finansiële ramp afstuur en moes die president druipstert oor die naweek weer ʼn
nuwe (vorige) Minister van Finansies in die persoon van Pravin Gordhan aanstel
(ek dink nie Zuma het noodwendig uit vrye wil bes gegee nie, ook nie dat Pravin
goedsmoeds ʼn aanstelling van Zuma sou aanvaar nie, maar dit daar gelaat). Alles
nou doodreg en weer “sake” soos voorheen?<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
</div>
<div>
<!--[if !supportFootnotes]--><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div>
<!--[if !supportFootnotes]--><br clear="all" />
<div id="ftn1">
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 14pt; line-height: 150%;">Nee, ek dink nie
so nie. Hierdie gebeure het ondubbelsinnig bewys Zuma is nie ʼn presidentskap
waardig nie. Hy verstaan nie die spelreëls van die internasionale ekonomie nie.
Zuma het ou, uitgediende, gebrekkige, en verwronge begrippe van hoe die wêreldekonomie
werk, hy verstaan nie “vraag en aanbod” nie, eerder dat die prys van ʼn
kommoditeit gebaseer moet wees op die koste van arbeid om daardie kommoditeit
te vervaardig!</span><a href="https://d.docs.live.net/dcf2bc123094f04a/WIP/DonkerSkadus.docx#_ftn1" name="_ftnref1" style="font-size: 14pt; line-height: 150%;" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span lang="AF" style="font-family: "Calibri",sans-serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: AF; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[2]</span></span></span></a></div>
</div>
</div>
<div id="ftn1">
<div class="MsoFootnoteText">
</div>
<div>
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<div id="ftn1">
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<a href="https://d.docs.live.net/dcf2bc123094f04a/WIP/DonkerSkadus.docx#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-ZA; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></a>
<span lang="AF" style="font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Lees
meer oor Zuma se wêreldsiening by die volgende skakel:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<a href="http://www.biznews.com/leadership/2015/12/11/full-speech-zuma-addresses-business-community-after-sacking-nene/"><span style="font-family: "Segoe UI",sans-serif; font-size: 10.0pt; line-height: 150%;">http://www.biznews.com/leadership/2015/12/11/full-speech-zuma-addresses-business-community-after-sacking-nene/</span></a><span style="font-family: 'Segoe UI', sans-serif; font-size: 10pt; line-height: 150%;"> </span><span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"><o:p></o:p></span></div>
<div class="MsoFootnoteText">
<br /></div>
</div>
</div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Die skade wat Zuma
en sy getroue bondgenote aangerig het en nog kan aanrig is eenvoudig net te
groot prys vir die land om te betaal. Dit gaan nie hier meer oor politiek nie,
maar letterlik oor die voortbestaan van hierdie land as ʼn min of meer gerekende
ekonomie; ʼn plek waar jy vir jou lewensideale kan koester, vir aftrede kan
beplan, kinders ordentlik kan voorberei op hul volwasse lewens en les bes kan leef
en aftree met geld wat wel nog betekenisvolle koopkrag het. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"><br /></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Die bal is nou
pertinent in die hande van die regerende party hoe hul die land gaan wegswaai
van die piesangrepubliek waarheen ons vinnig op pad is.<a href="https://d.docs.live.net/dcf2bc123094f04a/WIP/DonkerSkadus.docx#_ftn1" name="_ftnref1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="AF" style="font-family: "Calibri",sans-serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: AF; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></a>
Hoe ons vorentoe beoordeel gaan word, en hoe ons kollektiewe toekoms gaan
verloop, hang nou vierkantig af van hoe die regerende party die krisis gaan
besleg. Hul aksies sal met ʼn vergrootglas besigtig word en ʼn opdraande stryd lê
voor om ons geloofwaardigheid en
vertroue by internasionale beleggers terug te wen. Dan sal die land se inwoners
moet saamstaan (die sosiale media is ʼn kragtige stem) om die ongewenste
elemente in die regering wat primêr daarop uit is om hulself (of minstens hul
politieke party) te verryk, spoedig uit te werk.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<h1 style="background: white; margin: 0cm 0cm 5.25pt;">
<a href="https://d.docs.live.net/dcf2bc123094f04a/WIP/DonkerSkadus.docx#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><span style="color: windowtext; font-family: Arial, sans-serif; font-size: 10pt;"><span class="MsoFootnoteReference"><span style="font-size: 10pt; line-height: 14.2667px;">[3]</span></span></span></span></a><span style="color: windowtext; font-family: Arial, sans-serif; font-size: 10pt;"> “</span><span style="color: windowtext; font-family: Arial, sans-serif; font-size: 10pt;">If anyone does not think SA is a banana republic, they can’t be helped” Julius Malema, EFF leier (en bobaas vermaaklikheidster)<o:p></o:p></span></h1>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"></span></div>
<div class="MsoFootnoteText">
<o:p><br /></o:p></div>
<div class="MsoFootnoteText">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Intussen, wat
moet ʼn mens met jou hardverdiende spaargeld en beleggings maak? Alles wat jy
het, omskakel na ʼn meer stabiele geldeenheid en ekonomie, veral teen huidige swak
wisselkoerse? Ek is bevrees ek (eintlik niemand nie) het nie antwoorde op sulke
vrae nie – primêr sal jy gelei word deur jou eie wêreldsiening en natuurlik
moet jyself verantwoordelikheid vir sulke drastiese aksies kan neem. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Laat ek dit
duidelik stel, niemand weet hoe die toekoms gaan uitspeel nie, een persoon mag
glo dat verdere verdriet en skade onafwendbaar is, terwyl ʼn ander mag glo of
hoop die land sal homself regruk, die regte leierskorps identifiseer en die
ekonomie op ʼn volhoubare groeibaan sal plaas. Albei persone het ʼn kans om reg te wees, so ʼn
bepaalde strategie kan nie as absoluut reg of verkeerd op hierdie stadium beskou
word nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Ek glo wel ons
land het die menslike hulpbronkapitaal om suksesvol te wees, miskien nie
toegerus met die nodige vaardighede om op die boonste punt van ekonomiese
ontwikkeling te kan funksioneer nie, maar wel met die nodige ywer, gesindheid en
toegewydheid. Dan glo ek daar bestaan wel ʼn redelike mate van samehorigheid en
nasietrots oor kleurgrense heen. ʼn Mens hoef net ʼn groot sportgebeurtenis by te
woon om die diepe nasietrosts te aanskou (die afgelope sewes rugbytoernooi in
die Kaapstad stadium is ʼn goeie voorbeeld – die enigste ligpunt in ʼn andersins
donker week). Verder, ek dink ook nie ons is tevrede daarmee om as verloorders
geklassifiseer te word nie. Weereens, kyk net na die oorreaksie wanneer ʼn
nasionale sportspan sleg tweede kom – ons aanvaar eenvoudig nie om boedel oor
te gee nie. Kortom, ek dink nie ons is soos skaaplammers wat ewe gedwee ter
slagting gelei gaan word nie – miskien het Zuma geglo hy het die mag en volk in
sy hand en kan hy situasies plooi soos dit sy belange pas, maar het hy hom nie
misreken nie! Wie wil volgende probeer?<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Dit was nog
altyd rasioneel om redelike gedeelte van jou beleggingsportefeulje (30%) in
buitelandse markte en geldeenhede te belê. Trouens, die meeste standaard
beleggingsportefeuljes in Suid-Afrika het hierdie tipe verskansing. Verder is
die plaaslike aandeelbeurs redelik geïnternasionaliseer deurdat die oorgrote
gewig van die markkapitalisasie van genoteerde maatskappye hul verdienstes hoofsaaklik in die buiteland
verdien. Dit is egter maatskappye soos finansiële instellings en
kleinhandelaars wat redelik blootgestel is aan die wel en wee van die plaaslike
ekonomie. Maar aan die anderkant, hierdie tipe instellings is by uitstek geskik
en gewoond daaraan om in ʼn “risiko-omgewing” te opereer, en het dalk nie soveel
mededinging soos dit sou gehad het in ʼn andersins stabieler ekonomiese omgewing
nie, dus die moontlikheid van hoër winsgrense kompenseer tot ʼn mate hiervoor. Nietemin,
die aanwesigheid van “randverskansers” op die plaaslike aandelebeurs red tot ʼn mate
beleggers se bas in die tydperk waarin die rand onder druk verkeer.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Beleggers in
langer-termyn staatseffekte (of enige effek waarvan die prys gebaseer word op staatseffekte)
moet egter katvoet loop. Indien die situasie nie in die afsienbare toekoms
beredder gaan word nie en die land ʼn rommelstatus kredietgradering sou kry, kan
internasionale beleggers op groot skaal hul effekte afverkoop en koerse sal verder
styg (pryse daal). Dan is ons om dit sagkens te stel in tamatiestraat. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Dus, as jy
jouself bevind in die kamp wat glo (of hoop) dat Suid-Afrika uiteindelik gaan “werk”,
is daar volgens my nie noodwendig drastiese aanpassings in jou beleggingstrategie
nodig nie, maar as landsburgers sal ons meer aktief betrokke moet raak, al is
dit net die gebruik van sosiale media om onreëlmatighede aan die kaak te stel. Magsbehepte
politici kan nooit weer goedsmoeds vertrou word dat hul na die belange van landsburgers
sal omsien nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"><br /></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">By nabetragting
is ʼn positiewe uitvloeisel van die reeks gebeure van die afgelope week dat ʼn
duidelike streep nou in die sand getrek is. Zuma en kie se ongebreidelde plundering
en minagting van die staatskas is kortgeknip. Die tyd vir selfsug, gierigheid
en bevordering van eiebelange met publieke fondse is verby. Die aanstelling van
die “sterkman” Pravin Gordhan bevestig dit. Die koning is “dood”, lank lewe die
“nuwe orde”. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"><br /></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">
</span></div>
<div>
<!--[endif]-->
<div id="ftn1">
<h1 style="background: white; margin: 0cm 0cm 5.25pt;">
<br /></h1>
</div>
</div>
</div>
</div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-17761024623206816472015-09-10T14:34:00.001+02:002015-09-10T14:34:45.309+02:00Die terugkeer van wisselvallige markte<br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">In die afgelope klompie
weke is die beleggerspubliek met heelwat sensasionele beriggewing oor kwellende
ekonomiese tendense en dalende aandeelmarkte gepeper. Veral die verswakkende
ekonomiese toestande in China en die direkte gevolge daarvan op dalende kommoditeitspryse,
en die invloed daarvan op die welstand van die plaaslike ekonomie en
geldeenheid, <span style="mso-spacerun: yes;"> </span>het die kollig gesteel. </span></div>
<br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Duidelik het die
Chinese probleme om hul ekonomiese “wonderwerk” in stand te hou. Soos ander
vinnig-ontwikkelende, suksesvolle ekonomieë soos Japan en Suid-Korea dekades
gelede, het skuld in die Chinese ekonomie massiewe afmetings oor die afgelope aantal
jare begin aanneem, byvoorbeeld vanaf $7tn in 2007 tot $28tn in die onlangse
verlede. Met reg is hul owerhede bekommerd oor die invloed van die inploffing
van prysborrels in batepryse (eiendom en aandele), slegte skulde, onproduktiewe
investering, oor-investering in kapasiteit, en verswakkende mededingende voordele
teenoor ander lande wat ook as lae-koste vervaardigers beskou word,
tradisioneel een van China se sterkpunte. </span></div>
<br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Die Chinese het in
Augustus maand almal verras deur die jarelange vaste wisselkoers verhouding van
hul geldeenheid, Yuan, teenoor die VSA Dollar te begin verslap, wat gesien word
as erkentenis van hul owerhede dat hul ekonomie dalk nie meer op so ʼn gesonde en
mededingende voet verkeer nie. Hierdie stap het tot vinnig-verswakkende
wisselkoerse van die meeste ontwikkelende lande se geldeenhede, insluitende
Suid-Afrika, gelei. Verder, het die Chinese, getrou aan hul ideologie van
“bevel en beheer”, invloed probeer uitoefen op aandeelmarkpryse deur aktief tot
die mark toe te tree, byvoorbeeld om aandele op ʼn massiewe skaal op te koop of
sekere beperkings in die verhandeling van aandele te begin implementeer. Dit op
sigself kon nie verhoed dat die Chinese mark met 20% in Augustus teruggesak het
nie. ʼn Mens kry die gevoel dat hierdie kunsmatige ingrepe niks verander het aan
die oorheersende negatiewe sentimente wat op hul markte heers nie. </span></div>
<br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Die gebeure in
China het na die vernaamste aandelemarkte en kommoditeitspryse oorgespoel –
inderwaarheid is die verwikkelinge in China deflasionêr van aard en winsgrense
sal onder druk verkeer. Die S&P500 het byvoorbeeld met 10% in Augustus
teruggesak, Europese aandele met bykans dieselfde omvang, terwyl kommoditeitspryse
waarvan China tipies groot gebruikers is in dieselfde tydperk verder gedaal
het. Plaaslik het die beurs “slegs” 4% gedaal, maar verdere dalings is
waarskynlik geabsorbeer deur die vinnig-verswakkende rand – ons aandelebeurs
word deur dubbelgenoteerde aandele of maatskappye wat hoofsaaklik hul
verdienste in die buiteland ontvang, oorheers. </span></div>
<br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Die vraag
waarmee plaaslike beleggers nou worstel of dit die begin van ʼn nuwe beermark of
tydperk van hoë wisselvalligheid is. Die plaaslike aandeelmark het immers
sedert die vorige laagtepunt in 2009 te midde van die wêreldwye finansiële
krisis betekenisvol meer as verdubbel (vanaf indeksvlakke van c.19,000 tot die
huidige c.49,000) <span style="mso-spacerun: yes;"> </span>en die wipplank emosie
van daardie krisistydperk het lank reeds vervaag.</span></div>
<br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Sentrale
bankowerhede het na afloop van die finansiële krisis monetêre stimulus op ʼn
ongekende skaal op hul ekonomieë losgelaat om likiditeit en markstabiliteit te
verseker en dit het inderdaad ʼn tydperk van laer wisselvalligheid van markte ingelei.</span></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"><span id="goog_975209813"></span><span id="goog_975209814"></span><img alt="Vol.png" class="ag-Al-Lg-ge" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2umnzL4wAAQZAPIVvZaQmLdtpHkmpkKtl4ZB3WTAoJaBZa_9BeApEgJugcU_KydroxKBxj4vVFMUQU8zxcCGTmx-AFjHkJl3LuzzVQ2eR1VV4NdKUi1USkXzgw6Ganm9Jl0BvkQjqeyeR/w140-h78-p/Vol.png" style="height: 78px; transform: rotate(0deg); width: 140px;" title="Vol.png" width="320" /><b></b><i></i><u></u><sub></sub><sup></sup><strike></strike></span></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"></span><br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">
</span>
<br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"><span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Die bostaande
grafiek, gebaseer op die bewegings van die maandelikse prysindeks van die JSE,
toon duidelik die afwaartse tendens in die langtermyn wisselvalligheid van
beurspryse (absolute bewegings in pryse van maand tot maand) sedert 2008/9. Tot
op hede het die langtermyn tendens tot ʼn vlak van 10% (standaard afwyking van
prysbewegings oor ʼn rollende 36-maande tydperk) gedaal – vergelyk dit met die
langtermyn gemiddelde van ongeveer 20%! </span></span></div>
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">
</span>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">
</span><div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"><br /></span></div>
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Wel, dit is
moontlik dat hierdie langtermyn tendens nou ʼn ommeswaai gemaak het – soos dit
al dikwels in die verlede gebeur het – en dat hierdie tendens nou weer opwaarts
sal beur. Let op dat die oorgang van lae na hoë wisselvalligheid redelik vinnig
geskied, tipies ingelei deur een of ander ekonomiese krisis van wêreldwye omvang.</span></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Wat beteken dit
vir beleggers? Hoër wisselvalligheid van markpryse is “normaal” of te wagte,
dit is die aard van aandeelmarkte om van tyd tot tyd wisselvalligheid in
prysbewegings (“een maand op, een maand af”) te ondervind. Dikwels word in die
media aangevoer dat sulke tye buitengewoon of abnormaal is en liefs vermy moet
word, maar ek sou tot ʼn mate daarmee verskil. </span></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Byvoorbeeld, indien
die geskiedenis van markte-wisselvalligheid, soos gemeet sedert 1960, in twee
helftes (minder as 20% wisselvalligheid - “onderste helfte” en meer as 20% wisselvalligheid
- “boonste helfte”) verdeel sou word, kan interessante afleidings daaruit gemaak
word.</span></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
</span><br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 467px;">
<tbody>
<tr style="height: 12.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background-color: transparent; border-image: none; border: 1pt solid windowtext; height: 12.75pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 176.95pt;" valign="bottom" width="236"><div style="line-height: normal; margin: 0cm 0cm 0pt;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">Statistics</span></b></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-image: none; border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 76.05pt;" valign="bottom" width="101"><div align="center" style="line-height: normal; margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">Bottom-half volatility</span></b></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-image: none; border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 97pt;" valign="bottom" width="129"><div align="center" style="line-height: normal; margin: 0cm 0cm 0pt; text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">Top-half volatility</span></b></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 1;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-image: none; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 176.95pt;" valign="bottom" width="236"><div style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">%
Positive return periods</span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 76.05pt;" valign="bottom" width="101"><div align="right" style="line-height: normal; margin: 0cm 0cm 0pt; text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">87%</span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 97pt;" valign="bottom" width="129"><div align="right" style="line-height: normal; margin: 0cm 0cm 0pt; text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">63%</span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-image: none; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 176.95pt;" valign="bottom" width="236"><div style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">%
Negative return periods</span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 76.05pt;" valign="bottom" width="101"><div align="right" style="line-height: normal; margin: 0cm 0cm 0pt; text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">13%</span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 97pt;" valign="bottom" width="129"><div align="right" style="line-height: normal; margin: 0cm 0cm 0pt; text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">37%</span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 3;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-image: none; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 176.95pt;" valign="bottom" width="236"><div style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">Overall
Avg Annual Return</span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 76.05pt;" valign="bottom" width="101"><div align="right" style="line-height: normal; margin: 0cm 0cm 0pt; text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">21.1%</span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 97pt;" valign="bottom" width="129"><div align="right" style="line-height: normal; margin: 0cm 0cm 0pt; text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">10.5%</span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 4;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-image: none; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 176.95pt;" valign="bottom" width="236"><div style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">If
Positive, Avg Annual Return</span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 76.05pt;" valign="bottom" width="101"><div align="right" style="line-height: normal; margin: 0cm 0cm 0pt; text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">25.7%</span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 97pt;" valign="bottom" width="129"><div align="right" style="line-height: normal; margin: 0cm 0cm 0pt; text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">26.4%</span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-image: none; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 176.95pt;" valign="bottom" width="236"><div style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">If
Negative, Avg Annual Return</span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 76.05pt;" valign="bottom" width="101"><div align="right" style="line-height: normal; margin: 0cm 0cm 0pt; text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">-10.2%</span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 97pt;" valign="bottom" width="129"><div align="right" style="line-height: normal; margin: 0cm 0cm 0pt; text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;">-16.8%</span></div>
</td>
</tr>
</tbody></table>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"><br /></span>
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Die “onderste
helfte” toon dat 87% van alle maande wat hierin val ʼn positiewe jaaropbrengs
sou oplewer, terwyl dit 63% van alle maande in die “boonste helfte” sou
uitmaak. Hierdie laasgenoemde syfer is tot ʼn mate verrassend omdat die deursnee
belegger dit waarskynlik ʼn veel laer syfer sou wou toeken. Verder, indien die
positiewe opbrengste in isolasie beskou word, het die “boonste helfte”
gemiddeld selfs beter as die gemiddelde positiewe jaaropbrengste van die
“onderste helfte” gevaar. Die werklike verskil tussen hierdie twee helftes is
die voorkoms van negatiewe jaaropbrengste – in die geval van die “boonste
helfte” het 37% van alle maande ʼn negatiewe jaaropbrengs tot gevolg gehad
teenoor die 13% van die “onderste helfte” en dan was hierdie negatiewe
jaaropbrengste in die “boonste helfte” gemiddeld ook hoër (-16.8% teenoor
-10.2%). Wanneer beide positiewe en negatiewe opbrengste in ag geneem word, het
die “onderste helfte” wel veel beter gemiddelde markopbrengste as die “boonste
helfte” opgelewer (21.1% teenoor 10.5% jaaropbrengste). <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></span></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Dus, met ʼn
perfek-werkende kristalbal moet hierdie periodes van hoër wisselvalligheid
vermy word, maar helaas daar is nie so iets soos ʼn “perfekte kristalbal” nie.
Daar is miskien wel perfekte kennis oor wat so pas gebeur het, maar dit
gee<span style="mso-spacerun: yes;"> </span>ʼn mens geen voorsprong op wat in die
toekoms gaan plaasvind nie. Anders gestel, tydsberekening van wanneer om te
belê of posisies te verkoop werk nou eenmaal nie so goed nie. Party markdeelnemers
probeer hul strategie daarop bou of hulself te bemark asof hul ʼn besondere
insig oor die toekoms het.<span style="mso-spacerun: yes;"> </span>Ek dink dit
is ʼn gevaarlike terrein om op te beweeg. </span></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">ʼn Verdere punt om
bogenoemde te staaf is dat indien die beste en swakste jaaropbrengs kwantiele
(top 20% en swakste 20%) oor alle maande sedert 1960 geïsoleer word, sou net
effens meer as die helfte van die top 20% beste opbrengste tydens periodes van
laer wisselvalligheid voorgekom het. Die kans is dus bykans net so goed om
uitstaande opbrengste tydens periodes van hoër wisselvalligheid te ervaar. Dit
is wel so dat die oorgrote meerderheid (80%) van die swakste opbrengste tydens
periodes van hoër wisselvalligheid voorgekom het en dien dus as waarskuwing.</span></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Alles inaggenome
is ʼn goeie kompromis om nie drastiese veranderinge aan bestaande planne te maak
nie, miskien wel in sekere gevalle waar uitsonderlike winste gemaak is, om dit
te realiseer, maar natuurlik is dit nie so voor die hand liggend nie omrede ʼn
goeie alternatief met die huidige lae rentekoersomgewing nie maklik beskikbaar
is nie. </span></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Vir jonger of
lang-termyn beleggers dien sulke periodes van hoër wisselvalligheid juis goeie
koopgeleenthede wat goeie opbrengste vorentoe dalk vasmaak. Byvoorbeeld, volgens
onderstaande grafiek bestaan die neiging dat hoër langer termyn opbrengste juis
behaal word indien beleggings in tye van hoër wisselvalligheid gemaak word.</span></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span id="goog_524520252"></span><span id="goog_524520253"><img alt="Vol2.png" class="ag-Al-Lg-ge" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwFe6IsBI3viR-AS-F8KEIZJiK2dnKTpr2wbcX4S8lENw8grg0TOByQ5pVUhd52WXJbIESKpgHqvDzadSVqbwea-ODKlOCgra7h9G-7uy85etkUn71u6bb9XSienKYEtZ7ylQk2huGntg3/w140-h88-p/Vol2.png" style="height: 88px; transform: rotate(0deg); width: 140px;" title="Vol2.png" width="320" /><b></b><i></i><u></u><sub></sub><sup></sup><strike></strike></span></div>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"></span><br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">
</span>
<br />
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;"><span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">Vir beleggers
met korter-termyn beleggingshorisonne bestaan die moontlikheid van hoër rentekoerse
vorentoe, eintlik “goeie nuus” gegewe die lae rentekoerse waarmee sulke
beleggers in die onlangse verlede tevrede moes wees. Suid-Afrika het ʼn
geneigdheid tot ʼn hoë ingevoerde inflasiekomponent en die skerp verswakking van
die rand gaan sekerlik opwaartse druk op die inflasie tendens plaas. Natuurlik,
hoewel hoër rentekoerse verligting bied, is dit dalk net tydelik want die
grootste gevaar vir veral afgetredenes is die vernietigende uitwerking<span style="mso-spacerun: yes;"> </span>van inflasie op die koopkrag van geld oor
tyd, daarom moet sulke beleggers nie heeltemal afsien van beleggings wat
plaaslike inflasie kan troef nie, naamlik aandele en eiendom.</span></span></div>
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">
</span>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
</div>
<span lang="AF" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: AF;">
</span>
<div style="line-height: 150%; margin: 0cm 0cm 8pt; text-align: justify;">
<br /></div>
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike>SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-87552769226373986422015-05-18T15:48:00.002+02:002015-05-30T11:06:23.609+02:00Die invloed van spesifieke tydsraamwerke en transaksies op die beoordeling van fondsprestasies<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="line-height: 107%;">Het u al ooit daarmee geworstel of fondsprestasies op enige gegewe oomblik werklik alles vertel wat u behoort
te weet rondom die wenslikheid om in ʼn fonds te kan belê of om hierdie fonds in
u portefeulje te behou al dan nie? <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="line-height: 107%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="line-height: 107%;">Wel, as die fondsprestasie
uitstekend tot bevredigende resultate opgelewer het, is die antwoord maklik –
“Ja, natuurlik, ek hou die fonds!”. As die fonds swak gevaar het, is die
oplossing eweneens voor die hand liggend – “Raak ontslae van die fonds”.
Ongelukkig, fondsprestasies soos op ʼn bepaalde tydstip gerapporteer, vertel nie
altyd die volle storie nie en is sulke besluite dus nie so maklik of korrek as
wat dit op die oog af sou lyk nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="line-height: 107%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="line-height: 107%;">Vervolgens sal ek verskillende
voorbeelde aanhaal waarin die voorkoms van spesifieke gebeure, hetsy die onder-prestasie
van die fondsbestuurder of spesifieke kontantvloei-transaksies, op bepaalde
tydstippe ʼn bepalende rol kan speel in die uitkoms van fondsprestasies soos
deur beleggers ondervind:<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="line-height: 107%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="line-height: 107%;">Eerstens, veronderstel die volgende situasie waar vier
fondse, wat in dieselfde tipes markinstrumente belê, met mekaar vergelyk word
oor ʼn tien-jaar periode. Let op dat negatiewe opbrengste in rooi uitgebeeld
word. Die eerste drie fondse (A, B, en C) beleef twee negatiewe of swak opbrengsjare
agtereenvolgens, in verskillende stadia van die tien-jaar siklus, naamlik aan
die begin, aan die einde en in die middel daarvan. Die vierde fonds beleef ook
dieselfde negatiewe opbrengsjare, nie agtereenvolgens nie, maar verspreid oor
die tien-jaar periode. <span style="font-size: 12pt;"><o:p></o:p></span></span></div>
<span lang="AF" style="font-family: "Calibri",sans-serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .75pt solid windowtext; mso-border-insidev: .75pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 351px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.0pt;" valign="bottom" width="89"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Year<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="bottom" width="69"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund A<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund B<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund C<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund D<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.0pt;" valign="bottom" width="89"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
1<o:p></o:p></div>
</td>
<td nowrap="" style="background: red; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-25%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
12%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
17%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
17%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.0pt;" valign="bottom" width="89"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
2<o:p></o:p></div>
</td>
<td nowrap="" style="background: red; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-10%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
15%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
9%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
15%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.0pt;" valign="bottom" width="89"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
3<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
5%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
9%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
15%<o:p></o:p></div>
</td>
<td nowrap="" style="background: red; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-10%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.0pt;" valign="bottom" width="89"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
4<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
12%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
17%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
12%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
12%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.0pt;" valign="bottom" width="89"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
5<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
22%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
37%<o:p></o:p></div>
</td>
<td nowrap="" style="background: red; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-25%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
37%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.0pt;" valign="bottom" width="89"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
6<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
37%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
22%<o:p></o:p></div>
</td>
<td nowrap="" style="background: red; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-10%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
9%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.0pt;" valign="bottom" width="89"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
7<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
17%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
12%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
5%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
12%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.0pt;" valign="bottom" width="89"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
8<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
9%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
5%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
12%<o:p></o:p></div>
</td>
<td nowrap="" style="background: red; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-25%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.0pt;" valign="bottom" width="89"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
9<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
15%<o:p></o:p></div>
</td>
<td nowrap="" style="background: red; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-10%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
22%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
5%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.0pt;" valign="bottom" width="89"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
10<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
12%<o:p></o:p></div>
</td>
<td nowrap="" style="background: red; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-25%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
37%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
22%<o:p></o:p></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">Watter fonds sou u verkies om in
te belê vir die volle tien-jaar periode?<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">Fonds A? Nee, na die eerste twee
jare van negatiewe opbrengste sou beleggers se geduld en moed in hul skoene
gesak het en sou waarskynlik die hasepad gekies het. Fonds B? Fantastiese rit
tot by jaar 9, dan sou beleggers nogal groot kapitaalverliese (in randterme)
ervaar en sou hul die belegging na tien-jaar verlaat met redelike dikmonde oor
al die kapitaalverliese wat hierdie ervaring vir hul ingehou het. Waarskynlik
sou beleggers ʼn bietjie beter oor Fonds C gevoel het, hoewel die twee negatiewe
opbrengsjare hul na alternatiewe sou laat soek het. Uit al die “slegte” keuses
sou Fonds D seker dan die “beste” antwoord wees.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">Wel, die reine waarheid is dat
dit geen duit sou saak maak watter fonds u sou kies vir hierdie tien-jaar
tydperk nie omrede al vier fondse presies dieselfde endwaardes uiteindelik sou
oplewer!<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">Voorbeeld 1:<o:p></o:p></span></b></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .75pt solid windowtext; mso-border-insidev: .75pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 425px;">
<tbody>
<tr style="height: 26.85pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 26.85pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="bottom" width="141"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="AF" style="font-size: 12.0pt; mso-ansi-language: AF;"> </span>R100
invested<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund A<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund B<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund C<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund D<o:p></o:p></div>
</td>
</tr>
<tr style="height: 26.85pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="bottom" width="141"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
average return<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
9.4%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
9.4%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
9.4%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
9.4%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 26.85pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="bottom" width="141"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
FV of R100<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
217.93<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
217.93<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
217.93<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
217.93<o:p></o:p></div>
</td>
</tr>
<tr style="height: 26.85pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="bottom" width="141"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
annualised return<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
8.1%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
8.1%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
8.1%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
8.1%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 26.85pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="bottom" width="141"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
std deviation<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
16.1%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
16.1%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
16.1%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
16.1%<o:p></o:p></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">Natuurlik sou dit saak maak indien
u die belegging <u>voor</u> die verstryking van die tien-jaar tydperk sou afkoop,
en dus watter fonds wanneer swak opbrengste ervaar het. Inderwaarheid sou die
opbrengste van die fondse na die afloop van byvoorbeeld ʼn 8-jaar tydperk
drasties vanmekaar verskil het.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;"><br /></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .75pt solid windowtext; mso-border-insidev: .75pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 425px;">
<tbody>
<tr style="height: 26.85pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 26.85pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="bottom" width="141"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
R100 invested<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund A<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund B<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="bottom" width="66"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund C<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="bottom" width="76"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund D<o:p></o:p></div>
</td>
</tr>
<tr style="height: 26.85pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="bottom" width="141"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
average return<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76"><div align="center" class="MsoNormal" style="text-align: center;">
8.4%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="top" width="66"><div align="center" class="MsoNormal" style="text-align: center;">
16.1%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="top" width="66"><div align="center" class="MsoNormal" style="text-align: center;">
4.4%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76"><div align="center" class="MsoNormal" style="text-align: center;">
8.4%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 26.85pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="bottom" width="141"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
FV of R100<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76"><div align="center" class="MsoNormal" style="text-align: center;">
169.20<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="top" width="66"><div align="center" class="MsoNormal" style="text-align: center;">
322.86<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="top" width="66"><div align="center" class="MsoNormal" style="text-align: center;">
130.39<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76"><div align="center" class="MsoNormal" style="text-align: center;">
170.13<o:p></o:p></div>
</td>
</tr>
<tr style="height: 26.85pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="bottom" width="141"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
annualised return<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76"><div align="center" class="MsoNormal" style="text-align: center;">
6.8%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="top" width="66"><div align="center" class="MsoNormal" style="text-align: center;">
15.8%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="top" width="66"><div align="center" class="MsoNormal" style="text-align: center;">
3.4%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76"><div align="center" class="MsoNormal" style="text-align: center;">
6.9%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 26.85pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 26.85pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="bottom" width="141"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
std deviation<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76"><div align="center" class="MsoNormal" style="text-align: center;">
17.9%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="top" width="66"><div align="center" class="MsoNormal" style="text-align: center;">
9.2%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.6pt;" valign="top" width="66"><div align="center" class="MsoNormal" style="text-align: center;">
13.6%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.85pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76"><div align="center" class="MsoNormal" style="text-align: center;">
17.4%<o:p></o:p></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">Die punt wat ek hierbo wil
illustreer is dat opbrengssyfers opsigself nie so objektief is as wat dit
oënskynlik voorkom nie. Wees verseker, elke fondsbestuurder ondergaan ʼn tydperk
van relatiewe onder-prestasie teenoor hul mededingers en markopbrengste. Wat
vandag die absolute “beste” is, mag dalk nie meer so wees oor vyf of tien jaar
van nou nie. Daar is dalk wel “goeie” fondsbestuurders, maar dit beteken nie
dieselfde as die “beste” fondsbestuurders nie. In eersgenoemde geval is dit eerder
ʼn geval van vertroue in die beleggingsproses en filosofie van die
beleggingsbestuurder sonder die verwagting van “altyd goeie” opbrengste. [Beleggers
kan natuurlik hierdie kwessie van onder-prestasie deur ʼn fondsbestuurder systap
deur eenvoudig in ʼn lae-koste indeksfonds te belê].<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">Vervolgens, en om terug te keer
na my 10-jaar tydperk voorbeeld, sal ek aantoon dat wanneer ʼn belegger gereeld
onttrekkings maak uit ʼn fonds (of gereeld geld belê), die spesifieke tydstip
wanneer ʼn fonds in die tien-jaar tydperk onderpresteer <u>wel</u> ʼn uitwerking
gaan hê op die uiteindelike opbrengs. So, in hierdie geval, anders as met die
eerste voorbeeld, is daar wel duidelike opbrengsverskille sodra u byvoorbeeld gereelde
onttrekkings uit die fonds maak. Dus, u <u>persoonlike</u> beleggingservaring
gaan nie dieselfde wees as die amptelik-gerapporteerde opbrengste nie.
Laasgenoemde syfers is net van toepassing op daardie beleggers wat vanaf datum
van die oorsigtydperk in die fonds belê was en geen transaksie (onttrekkings of
nuwe beleggings) in daardie tydperk gemaak het nie.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">Veronderstel ʼn belegger sou op ʼn gereelde grondslag ʼn
vaste randbedrag uit die belegging onttrek.
Eenvoudigheidshalwe, elke jaar word R5 vanuit ʼn belegging van R100 onttrek.
Na afloop van die tien-jaar tydperk sal die onderskeie fondse soos volg
presteer het:<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">Voorbeeld 2:<o:p></o:p></span></b></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .75pt solid windowtext; mso-border-insidev: .75pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 475px;">
<tbody>
<tr style="height: 40.3pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 40.3pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.15pt;" valign="bottom" width="151"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
fixed amount withdrawn<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="bottom" width="66"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
5.00 p.a.<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.2pt;" valign="bottom" width="66"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund A<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund B<span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;"><o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund C<span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;"><o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund D<span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 40.3pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.15pt;" valign="bottom" width="151"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
total income<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="bottom" width="66"></td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.2pt;" valign="bottom" width="66"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
50 <o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
50 <o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
50 <o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
50 <o:p></o:p></div>
</td>
</tr>
<tr style="height: 40.3pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.15pt;" valign="bottom" width="151"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
end capital<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="bottom" width="66"></td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.2pt;" valign="bottom" width="66"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
114.63 <o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
160.87 <o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
137.77 <o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
149.93 <o:p></o:p></div>
</td>
</tr>
<tr style="height: 40.3pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.15pt;" valign="bottom" width="151"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
annualised return<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="bottom" width="66"></td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.2pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
6.1%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
9.0%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
7.7%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
8.4%<o:p></o:p></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">In hierdie geval sou Fonds B die
beste van al vier fondse gevaar het. Onthou egter dat in wese al vier fondse,
sonder enige transaksie-vloeie, presies dieselfde opbrengste na tien jaar sou
oplewer (soos aangetoon in voorbeeld 1), maar die spesifieke voorkoms van
onttrekkings en wanneer negatiewe opbrengste in die tien-jaar periode plaasgevind
het, speel nou ʼn oorheersende rol in die ervaring van die onderskeie uitkomste.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">ʼn Verdere variasie op hierdie
tema is dat wanneer in stede van ʼn vaste bedrag, ʼn vaste persentasie
(byvoorbeeld 5% ) van die belegging gereeld onttrek word. Weereens gaan die
uiteindelike opbrengste verskil, asook die inkomstebedrae wat vanuit die
verskillende beleggings ontvang sal word.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">Voorbeeld 3:<o:p></o:p></span></b></div>
<table align="left" border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 6.75pt; margin-right: 6.75pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .75pt solid windowtext; mso-border-insidev: .75pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-anchor-horizontal: margin; mso-table-anchor-vertical: paragraph; mso-table-left: left; mso-table-lspace: 9.0pt; mso-table-overlap: never; mso-table-rspace: 9.0pt; mso-table-top: -1.65pt; mso-yfti-tbllook: 1184; width: 475px;">
<tbody>
<tr style="height: 40.3pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 40.3pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.15pt;" valign="bottom" width="151"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
fixed percentage withdrawn<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="bottom" width="66"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
5%<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.2pt;" valign="bottom" width="66"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund A<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund B<span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;"><o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund C<span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;"><o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fund D<span style="font-family: "Times New Roman",serif; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-ZA;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 40.3pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.15pt;" valign="bottom" width="151"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
total income<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="bottom" width="66"></td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.2pt;" valign="bottom" width="66"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: -1.65pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
43.81<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: -1.65pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
81.13<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: -1.65pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
52.11<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: -1.65pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
62.44<o:p></o:p></div>
</td>
</tr>
<tr style="height: 40.3pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.15pt;" valign="bottom" width="151"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
end capital<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="bottom" width="66"></td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.2pt;" valign="bottom" width="66"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: -1.65pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
134.80<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: -1.65pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
134.80<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: -1.65pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
134.80<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: -1.65pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
134.80<o:p></o:p></div>
</td>
</tr>
<tr style="height: 40.3pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 40.3pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.15pt;" valign="bottom" width="151"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
annualised return<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="bottom" width="66"></td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.2pt;" valign="bottom" width="66"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: -1.65pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
6.8%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: -1.65pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
9.7%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: -1.65pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
7.7%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.3pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: -1.65pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
8.5%<o:p></o:p></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span lang="AF" style="font-family: "Calibri",sans-serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">Dus, vanuit bogenoemde voorbeelde
behoort dit duidelik te wees dat opbrengsvergelykings tussen verskillende
fondse vol slaggate is omrede die spesifieke tydstip en spesifieke transaksies
wanneer die vergelyking gemaak word so ʼn bepalende rol kan speel in die uitkoms
daarvan. Ongelukkig is dit moontlik dat fondsveranderinge gebaseer slegs op die
jongste amptelike opbrengsprestasies juis op die verkeerdste tye gemaak kan
word. Interessantheidshalwe, navorsing, plaaslik en internasionaal, staaf juis
dat beleggers hul tydsberekeninge oorwegend verkeerd het en sodoende hulself
met hul keuses benadeel. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;"><br /></span></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<span lang="AF" style="font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF;">As al die bogenoemde u verward
laat voel, goed so! Veranderinge kan nie net lukraak volgens die jongste
statistieke gemaak word nie. Wat volgens my belangriker is as om slegs “koud”
na opbrengsprestasies te kyk, is om uit te vind of jy jouself kan vereenselwig
met die beleggingsfilosofie en prosesse van die fondsbestuurder. Dit verg
natuurlik moeite, gebeur dikwels “agter die skerms” en neem ook tyd om daardie
vertroue in te win. Maar eerder dit as die dolle, futiele gejaag na die jongste
wenners!<o:p></o:p></span></div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-17070899756412486712015-05-17T12:12:00.000+02:002015-05-17T12:12:13.045+02:00Gereelde verslagdoening van my beleggings: Lei dit tot beter prestasies?<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="line-height: 150%;"><span style="font-family: Arial, Helvetica, sans-serif;">Ons almal weet dat gereelde monitering en toesig van ons
dagtake en verantwoordelikhede ‘n voorvereiste is om sukses daarmee te behaal.
Menige besigheid het al gesink juis omdat hierdie aspek agterweё gelaat is en
nie soseer die besigheidsmodel as sulks misluk het nie. Instinktief is dit wat
ons met ons geldsake ook wil doen; enersyds omdat ons hard gewerk het daarvoor
en andersyds daar ‘n emosionele verbintenis daarmee is en ons vrees dat
beleggings kan skeefloop indien ons nie daarna omsien nie. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="line-height: 150%;"><span style="font-family: Arial, Helvetica, sans-serif;">Vervolgens sal ek redeneer dat gereelde verslagdoening
van beleggings tot kontraproduktiewe optredes en prestasies mag lei, veral as
ons nie bewus is van die werking en wispelturige aard van finansiёle markte
nie. Hiermee bedoel ek nie dat gereelde verslagdoening ‘n onding is nie, maar
dat sodanige rapportering behoorlik gekonteksualiseer moet word alvorens
beleggingsbesluite geneem kan word. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="line-height: 150%;"><span style="font-family: Arial, Helvetica, sans-serif;">Veronderstel ek kon aan u ‘n goed-gediversifiseerde
belegging met ‘n langtermyn gemiddelde opbrengs van 15% per jaar en ‘n
standaardafwyking (prysvolatiliteit) van 12% voorstel – tipies die profiel van
‘n gebalanseerde fonds met ‘n matige risikoprofiel. Statisties gesproke
impliseer dit dat ek kan verwag dat die belegging nege uit tien jare ‘n
positiewe opbrengs sal oplewer. Die meeste beleggers sal saamstem dat ‘n 90%
suksessyfer (positiewe opbrengste jaar op jaar) ‘n aanvaarbare risikoprofiel
is, gegewe die verwagte opbrengste wat ter sprake is. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="line-height: 150%;"><span style="font-family: Arial, Helvetica, sans-serif;">Maar nou kom die interessante deel – hoe sou die profiel
van die fonds lyk indien my oorsigtydperk kwartaalliks, maandeliks of selfs
weekliks (daagliks!) sou wees? Dit is hier waar baie beleggers klei trap en
inderwaarheid deur korttermyn statistieke gekul word. Die waarheid is dat oor
hierdie korter termyn periodes die belegging baie meer riskant voorkom.
Byvoorbeeld, op ‘n kwartaalbasis sou ons kon verwag dat die fonds 75% van die
tyd positiewe opbrengste sou oplewer – miskien nog aanvaarbaar – maar met
maand-op-maand ontleding verlaag die waarskynlikheid na 60% en met ‘n weeklikse
oorsig is dit bykans dieselfde as met die opskiet van ‘n muntstuk of die
waardes in ‘n bepaalde week gaan styg of daal. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="line-height: 150%;"><span style="font-family: Arial, Helvetica, sans-serif;">Skielik word die belegging wat vantevore as aantreklik
teen ‘n redelik konserwatiewe risikoprofiel aangebied is, nou ‘n hoё-risiko
belegging vir die belegger. Ongelukkig is dit ook so dat beleggers aansienlik
meer ongemak verduur met dalende beleggingswaardes as die teenoorgestelde emosie
wat stygende waardes ontlok. Derhalwe is dit nie verbasend dat beleggers in
sulke nehatiewe periodes oorhaastig mag besluit dat sulke beleggings te riskant
is nie en liefs besluit om daaruit te onttrek.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="line-height: 150%;"><span style="font-family: Arial, Helvetica, sans-serif;">Inderwaarheid het niks aan die langer termyn verwagtinge
van die belegging verander nie, maar die belegger het slegs deur die verkeerde
bril (tydsraamwerk) daarna gekyk en verkeerde gevolgtrekkings gemaak. Weereens,
gereelde verslagdoening kan nie skade doen as die belegger weet waarna om te
kyk nie, maar ongelukkig bestaan die vermoede dat daar juis baie beleggers is
wat die verkeerde besluite gegrond op die verkeerde tydsraamwerk neem. Ironies
genoeg het die beleggingsbedryf in sy strewe na deursigtigheid en gereelde
verslagdoening juis dalk swak beleggersgedrag aangemoedig.</span><span style="font-family: Arial, sans-serif; font-size: 9pt;"><o:p></o:p></span></span></div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-76883367125451077912015-01-02T06:50:00.001+02:002015-01-04T11:13:39.483+02:0025 (Volhoubare) Opmerkings oor Welvaartbestuur<span style="font-family: Arial, Helvetica, sans-serif;">Die onderstaande skrywe is losweg gebaseer op 'n artikel oorspronklik gepubliseer deur Morgan Housel van Motley Fool, beskikbaar by: <i style="line-height: 150%; text-align: justify;"><span lang="AF" style="line-height: 150%;"><a href="http://www.fool.com/investing/general/2014/12/12/122-things-everyone-should-know-about-investing-an.aspx" style="line-height: 150%; text-align: justify;">http://www.fool.com/investing/general/2014/12/12/122-things-everyone-should-know-about-investing-an.aspx</a></span></i></span><br />
<i style="line-height: 150%; text-align: justify;"><br /></i>
<i style="line-height: 150%; text-align: justify;"><br /></i>
<br />
<div class="MsoListParagraph" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">1.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Welvaart is ‘n relatiewe konsep. Die meeste van ons sal
gelukkig wees om slegs ʼn deel van Oprah se finansiële rykdom te besit, maar nie
as jy byvoorbeeld Bill Gates is nie. Netso, die meeste mense sou tevrede
daarmee wees indien hul ʼn inkomste aangebied word wat as bogemiddeld in hul
werksplek of omgewing beskou word, maar dieselfde inkomste in ʼn ander
werksomgewing, wat daar as onder-gemiddeld beskou sou word, sal waarskynlik tot
ongelukkigheid lei. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">2.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Almal van ons wil miljoenêrs wees. Maar eintlik is dit
meer korrek om te sê dat die meeste van ons wil ʼn miljoen rand spandeer, wat
natuurlik heeltemal iets anders is as om nougeset ʼn miljoen rand bymekaar te
maak.<o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">3.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Die nutswaarde van geld kan op twee maniere vertolk word,
naamlik die lewensstandaard wat daarmee gehandhaaf kan word en wat maklik is om
in geldwaarde uit te druk, en die ander is kwaliteit van lewe wat nie maklik
kwantifiseerbaar is nie.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">4.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Die doel van enige belegging behoort te wees om na
belasting, beter as inflasie te vaar, d.w.s. om die koopkrag van jou welvaart
te vermeerder. Oor die korttermyn sal konserwatiewe rente-beleggings jou
kapitaal beskerm, maar nie daarin slaag om jou welvaart, na die uitwerking van inflasie
en belasting, oor die langtermyn te vermeerder nie. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraph" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">5.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Beleggingsrisiko word dikwels gelyk gestel aan korttermyn
wisselvalligheid van pryse (volatiliteit). Inderwaarheid is werklike
beleggingsrisiko gelyk aan lae opbrengste wat dikwels veroorsaak word deur juis
korttermyn volatiliteit te vermy!<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">6.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Sedert 1871 het die Amerikaanse beurs in 40% van al die
jaarperiodes met meer as 20% gestyg of geval. Dus sterk stygings of skerp
dalings (volatiliteit) is eintlik nie vreemd nie, anders as wat verslaggewers
dikwels te kenne wil gee.<o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">7.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Iemand het die werking van aandeelmarkte vergelyk aan die
hand van ʼn persoon wat daagliks sy hond op ʼn lang leiband vir ʼn uitstappie
neem. Die roete en uiteindelike bestemming van die persoon bly altyd dieselfde, byvoorbeeld in 'n noord-oostelike rigting teen 5 km/h, maar watter spesifieke rigting die hond op die roete sal inslaan, dit wil sê links
of regs van sy eienaar, is nie voorspelbaar nie. Die meeste beleggers fokus egter
slegs op die bewegings van die hond en vergeet van die bestemming van sy
eienaar. <o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">8.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Aandeelopbrengste geskied nie in ʼn reguit lyn nie. Verder,
die oorgrote meerderheid van opbrengste geskied tydens relatiewe kortstondige
periodes van prysstygings, wat as sulks onvoorspelbaar is. Des te meer maak dit
die tydsberekening van wanneer om in en uit die mark te gaan ʼn futiele idee.
Byvoorbeeld, die aandeelprys van <i>Apple</i>
het vanaf 2000 tot 2012 meer as 6,000% gestyg, tog het die aandeelprys in 48%
van alle verhandelingsdae oor hierdie tydperk gedaal!<o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">9.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Warren Buffett het onlangs genoem dat hy in sy loopbaan
ongeveer 400 tot 500 aandele besit het, waarvan slegs 10 vir die oorgrote
meerderheid van sy ontsaglike welvaart gesorg het! Dus, moet nie verbaas wees
as hierdie soortgelyke tendens in jou eie portefeulje plaasvind nie. Trouens,
dikwels sal gevind word dat markprestasie in enige jaar hoofsaaklik deur ʼn paar
presterende aandele aangedryf word. <o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">10.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Dit is baie maklik om die rol van pure geluk in die
bereiking van finansiële sukses te ontken. J.Paul Getty het immers gesê: “rise
early, work hard, strike oil…” Bill Gates het opgemerk: “Success is a lousy
teacher, it seduces smart people into thinking they can’t lose.”<o:p></o:p></span></span></div>
<span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
</span><br />
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraph" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">11.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">ʼn Slim belegger het eenkeer opgemerk dat ʼn baie suksesvolle
belegging is een waar die meeste beleggers met jou saamstem...nie nou nie, maar
wel later.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraph" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">12.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Suiwer intelligensie-vermoëns speel ʼn veel minder rol in
suksesvolle beleggingsbestuur as wat die meeste beleggers sal wil erken.
Veronderstel twee beleggers; een is ʼn top-gekwalifiseerde kernfisikus wat in
die boonste persentiel van IK vermoëns sou val en wat ʼn hoogs gesofistikeerde
verhandelingsstrategie met aandele volg teenoor dié van ʼn nederige persoon
sonder enige noemenswaardige titels of kwalifikasies wat gereeld maandeliks in ʼn
lae-koste aandelefonds belê. Wel, die “ongelukkige” waarheid is dat die kanse
veel groter is dat laasgenoemde belegger met ʼn veel groter bedrag sou eindig as
eersgenoemde. Warren Buffett het nog altyd gesê suksesvolle beleggers is dié wat
hul beperkinge ken, dissipline toepas, en kalm bly wanneer markte onstuimig
raak. Trouens, Napoleon se definisie van ʼn militêre genie vind aanklank: “the
man who can do the average thing when all those around him are going crazy.” <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraph" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">13.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Geen voorsprong word met komplekse en ingewikkelde
beleggings verkry nie. Hou dit eenvoudig en verstaanbaar soos moontlik.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraph" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">14.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Werklike kennis (wysheid) en nederigheid is sterk met
mekaar gekorreleerd. Die beste beleggers besef hoe min hul regtig weet en tree
dienooreenkomstig op.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraph" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">15.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">ʼn Goeie belegger is hoegenaamd nie verplig om markgebeure
en nuus nougeset na te volg nie. Indien hy of sy dit wel sou doen, berus daar
geen verpligting om dit enigsins ernstig op te neem nie.<o:p></o:p></span></span></div>
<span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
</span><br />
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraph" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">16.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Te veel mense wil hul mond uitspoel oor die wanbestuur
van die ekonomie of politieke dwaashede en kan kwansuis met beter voorstelle en
oplossings voor die dag kom, tog hul sou veel beter vir hulself kon doen om
slegs te fokus op hul persoonlike finansiële bestuur en gedrag.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraph" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">17.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Fokus op daardie goed wat jy kan beheer soos die
toewysing van beleggings, jou eie opvoeding, na wie jy luister, wat jy lees, en
hoe jy reageer op gebeure. Jy kan nie die uitkomste van markte beheer nie, of hoe
die ekonomie vaar nie, rentekoersbesluite en of maatskappye beter sal vaar as
verwagtinge nie. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraph" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">18.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">“Tyd genees alle wonde” lui die spreukwoord. Maar dit
beteken ook dat beleggers markgebeure oor tyd vergeet en dus weer in dieselfde
slagysters as in die verlede sal trap. Dit verklaar hoekom byvoorbeeld
finansiële krisisse en daaropvolgende dramatiese markdalings, ten spyte van
allerhande reëls en regulasies om wangebruike te voorkom, altyd in een of ander
vorm sal herhaal, tipies een of twee dekades uitmekaar. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraph" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">19.<span style="font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Die meeste beleggers is deeglik daarvan bewus wanneer
aandeelpryse daal, maar neem nie tot dieselfde mate kennis daarvan wanneer
aandeelpryse styg nie. Daarom is dit nie vreemd dat persepsies verwring word en
heelwat kan verskil met die werklikheid nie. Byvoorbeeld, in 2009 het die
S&P500 met 27% gestyg, maar ʼn meningspeiling het getoon dat 66% van die
respondente het gereken die beurs het oor dieselfde tydperk gedaal.</span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;"><br /></span></span>
<div class="MsoListParagraph" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--></div>
<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; line-height: 107%;">20. Baie min beleggers kan akkuraat
rekenskap gee van die opbrengste op hul beleggings oor bepaalde tydperke.
Verskillende beleggings in die portefeulje word dikwels met mekaar vergelyk,
maar omrede nie al die beleggings op dieselfde tydstip begin is nie, is ʼn
direkte randwaarde-vergelyking nie moontlik nie. Die spesifieke tydperk waarin ʼn
belegging gemaak is, speel ʼn bepalende rol in die relatiewe uitkoms daarvan.</span></div>
<span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
</span><br />
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraph" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">21.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Om niks te verander aan jou beleggingsplan nie is
waarskynlik een van die kragtigste hulpmiddels tot beleggers se beskikking, natuurlik
as jou plan en strategie in die eerste plek goed deurdag was. Daardie begeerte
om gedurig veranderinge, soos markgebeure ontvou, aan te bring veroorsaak in
die meeste gevalle slegs ʼn oordrag van welvaart vanaf die belegger na die
makelaar. Onthou die wyse woorde van Blaise Pascal: “All man’s miseries derive
from not being able to sit quiet in a room alone.”<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">22.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Iemand het Warren Buffett op ʼn keer gevra hoe om ʼn beter
belegger te word. Hy het gewys na ʼn pak finansiële jaarverslae en gesê lees 500
bladsye daarvan elke dag. Almal kan dit doen, maar weinig sal. Die opbou van
kennis is dieselfde soos die werking van saamgestelde rente, aanvanklik vind
dit stadig plaas, maar hoe langer jy dit doen, hoe vinniger word insig in
situasies en geleenthede verkry. <o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">23.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Baie (te veel) word gemaak van die sienings en opinies
van markkenners. Dit is heeltemal iets anders om presies te kan verklaar hoekom
finansiële markte op ʼn bepaalde tydstip op- of afbeweeg het as wat dit is om te
voorspel hoe die toekoms daarna gaan uitsien. Netso, as ʼn persoon die
markkrisis van 2008 korrek voorspel het, beteken dit nie dat dieselfde persoon
ander krisisse korrek voorspel het of gaan voorspel nie. Of, daar is ʼn groot
verskil tussen iemand wat markkrisse voorspel, waarvan 2008 een was teenoor ʼn
persoon wat (slegs) die krisis van 2008 voorspel het.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraph" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">24.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Vertroue in voorspellings neem tipies toe met die
hoeveelheid inligting tot beskikking, maar dit verander niks aan die
akkuraatheid daarvan nie.<o:p></o:p></span></span></div>
<span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
</span><br />
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-fareast-font-family: Arial;">25.<span style="font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Kies jou rolmodelle versigtig. Die <i>Financial Times</i> het byvoorbeeld opgemerk dat in 2008 die drie mees
gerespekteerde sportpersoonlikhede waarskynlik <i>Tiger Woods</i>, <i>Lance Armstrong</i>
en <i>Oscar Pistorius</i> sou wees. Ons weet
almal wat daarna met hierdie persoonlikhede gebeur het – dieselfde gebeur in
die beleggingswêreld. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">Om bogenoemde punt verder te illustreer, lees die artikel
geskryf deur Joshua Brown<a href="file:///C:/Users/Daniel/Desktop/Welvaartbestuur.docx#_ftn1" name="_ftnref1" title=""><span class="MsoFootnoteReference"><span class="MsoFootnoteReference"><span lang="AF" style="font-size: 12pt; line-height: 107%;">[1]</span></span></span></a> oor wat met nege van die
mees suksesvolle V.S.A. sake- en beleggingspersoonlikhede wat by ʼn geleentheid
in 1923 in Chicago bymekaar gekom het:</span></div>
<div style="background: white; line-height: 18.75pt; margin-bottom: 14.25pt; margin-left: 72.0pt; margin-right: 100.4pt; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="font-family: Arial, Helvetica, sans-serif;">“Legend has
it that in 1923, a meeting of America’s most powerful men took place at the
Edgewater Beach Hotel in Chicago. Attending the meeting were the
following nine financiers and power brokers:<o:p></o:p></span></div>
<div style="background: white; line-height: 150%; margin-bottom: 14.25pt; margin-left: 72.0pt; margin-right: 100.35pt; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="font-family: Arial, Helvetica, sans-serif;">The president of America’s largest steel company, the president of
America’s largest utility company, the president of America’s largest gas
company, the president of the New York Stock Exchange, the president of the
Bank of International Settlements, the nation’s greatest wheat speculator, the
nation’s greatest bear and speculator on Wall Street, the head of the world’s
greatest monopoly and<br />
a member of President Harding’s cabinet.<o:p></o:p></span></div>
<div style="background: white; line-height: 18.75pt; margin-bottom: 14.25pt; margin-left: 72.0pt; margin-right: 100.4pt; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="font-family: Arial, Helvetica, sans-serif;">But how did
things turn out for these distinguished gentlemen? Within 25 years, all
of these great men had met a horrific end to their careers or their lives:<o:p></o:p></span></div>
<div style="background: white; line-height: 18.75pt; margin-bottom: 14.25pt; margin-left: 72.0pt; margin-right: 100.4pt; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="font-family: Arial, Helvetica, sans-serif;">The
president of the largest steel company, Charles Schwab, died a bankrupt man;
the president of the largest utility company, Samuel Insull, died penniless;
the president of the largest gas company, Howard Hobson, suffered a mental
breakdown, ending up in an insane asylum; the president of the New York Stock
Exchange, Richard Whitney, had just been released from prison; the bank
president, Leon Fraser, had taken his own life; the wheat speculator, Arthur
Cutten, died penniless; the head of the world’s greatest monopoly, Ivar Krueger
the “match king”, also had taken his life; and the member of President
Harding’s cabinet, Albert Fall, had just been given a pardon from prison so
that he could die at home. <o:p></o:p></span></div>
<div style="background: white; line-height: 18.75pt; margin-bottom: 14.25pt; margin-left: 72.0pt; margin-right: 100.4pt; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, sans-serif;">And as for the Wall Street Bear, Jesse Livermore, famous speculator in
the stock and commodities markets, his end is perhaps the most tragic of
all. A week after Thanksgiving in 1940, Jesse walked into the
Sherry-Netherland Hotel in New York, had two drinks at the bar while scribbling
something in his notebook, then proceeded to the cloak room where he sat on a
stool and shot himself in the head. He was 62 and left behind $5 million,
down from the $100 million fortune he had amassed just ten years earlier.”</span><o:p></o:p></span></div>
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<div>
<!--[if !supportFootnotes]--><span style="font-family: Arial, Helvetica, sans-serif;"><br clear="all" /></span>
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<br />
<div id="ftn1">
<div class="MsoFootnoteText">
<span style="font-family: Arial, Helvetica, sans-serif;"><a href="file:///C:/Users/Daniel/Desktop/Welvaartbestuur.docx#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Calibri",sans-serif; font-size: 10.0pt; line-height: 107%; mso-ansi-language: EN-ZA; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></a> <a href="http://www.forbes.com/sites/joshuabrown/2012/07/25/the-nine-financiers-a-parable-about-power/"><span style="font-size: 9.0pt;">http://www.forbes.com/sites/joshuabrown/2012/07/25/the-nine-financiers-a-parable-about-power/</span></a><span style="font-size: 9.0pt;"><o:p></o:p></span></span></div>
</div>
</div>
<div>
<div id="ftn1">
</div>
</div>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;"><o:p></o:p></span></div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-40753011218805587622014-11-18T20:24:00.000+02:002014-11-18T20:24:06.511+02:00Aftreebeplanning: Konsepte en inhoud<div style="text-align: justify;">
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Ek moet erken dat ek al dikwels in die verlede sekere
beleggingsterme gebruik het sonder om vir ‘n oomblik stil te staan en presies
te verduidelik wat ek daarmee bedoel. Sekere woorde raak algemene spreuktaal
sonder om die dieperliggende inhoud daarvan presies te verduidelik. Netso is
dit met aftreebeplanning en al die verskillende fasette wat daarmee saamgaan. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Byvoorbeeld, die begrip “aftrede” mag dalk iewers in die
verlede geïmpliseer het dat dit iemand is wat finaal ophou werk het, geduldig
elke maand sy pensioenbetaling ontvang, meestal by die huis sit en ontspan, en
vir die onvermydelike wag. Maar natuurlik is dit vandag baie meer as hierdie
eng beskrywing van ‘n afgetredene. Baie afgetredenes met goeie gesondheid is
inderwaarheid aktief betrokke en besig om uiting aan hul tweede loopbane te
gee; hetsy liefdadigheid of welsynsfunksies, in raadgewende hoedanighede by
besighede, besig om hul stokperdjies winsgewend aan te wend, of diegene wat
miskien dit minder breed het doen wat ook al hul kan om broodnodige aanvullende
inkomste te kan verdien.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Die punt is dat formele aftrede nie impliseer dat dit die
einde van die pad is nie, inteendeel, dit is die geleentheid om jou werklike passie
met hopelik veel minder stres as vantevore ten volle uit te leef.
Aftrede-beplanning behoort dus nie net die finansiële beplanning daaromtrent aan
te spreek nie, maar ook die voorbereiding daarvan hoe om jou vaardighede na
aftrede sinvol aan te wend. Dus, dit kan beteken dat aftrede-beplanning nie net
is om met ‘n finansiële adviseur te konsulteer nie, maar inderwaarheid om by ‘n
verskeidenheid van kundiges kers op te steek.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Die ongelukkige realiteit wat baie afgetredenes in die
gesig staar is dat hul voorsiene aftree-kapitaal nie voldoende gaan wees om hul
lewensstandaarde vol te hou nie. Dit is belangrik dat sulke persone <u>voor</u>
aftrede-ouderdom reeds besef hul somme gaan nie klop nie en dus nie aftrede blindelings
tegemoet gaan onder ‘n vals verwagting dat hoë rentekoerse (opbrengste) hul uit
die verknorsing vorentoe gaan red nie. Minstens kan diegene reeds voor aftrede
ernstig aandag aan maniere gee hoe om hul inkomste te rek, formele aftrede dalk
met ‘n paar jaar uit te stel, persoonlike uitgawes drasties te besnoei,
ensovoorts. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Sanlam onderneem jaarliks ‘n opname onder aftreefondse (<i>Sanlam Employee Benefits Benchmark Survey</i>)
en die jongste statistieke dui daarop dat minder as 30% van lede in staat sal
wees om hul lewensstandaarde tydens aftrede te kan volhou. Hierdie syfers geld
vir beide eiestaande en saambreel-aftreefondse (tipies kleiner werkgewers)
terwyl onder unie-gebaseerde fondse hierdie syfer daal tot onder 20% van die
lede. Onthou, die opname verwys na
diegene wat wel deel is van ‘n aftreefonds en natuurlik is daar dan nog ‘n
groot groep mense wat buite hierdie formele strukture val. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Is dit regtig verbasend dat die meeste beleggers wat ten
prooi val van bedrieglike beleggingsskemas, wat die spreukwoordelike
manna-uit-die-hemel beloof, juis afgetredenes is? (Ek het minder simpatie met
welvarende sakepersone wat hul hand aan sulke skemas waag, want dit gaan nie
slegs oor die najaag van hoë opbrengste nie, maar na my mening meer spesifiek oor
die “belastingvriendelike” wyse waarop hierdie beleggings dikwels hanteer
word).<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">So, hoe moet mense wat hul formele aftrede nader weet
waar hul staan omtrent hul finansiële beplanning vir aftrede? Konsulteer met ‘n
finansiële adviseur, maar hierdie tipe dienste kan duur wees en nie binne die
bereik van baie mense nie. Let wel, ek verwys na adviseurs wat professionele
fooie vir hul tyd vra om sulke ontledings te kan doen, en nie bloot verkoopsagente
wat gratis advies in ruil vir die verkoop van ‘n produk aanbied nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Aftreefondse (pensioen, voorsorg, aftree-annuiteit) kan
‘n vername rol speel om sulke inligting aan hul lede deur te gee. Byvoorbeeld,
op die jaarlikse fondsstate kan aangetoon word watter aftree-inkomste die
huidige en verwagte aftree-kapitaal sou aankoop. Hierdie inkomste kan uitgedruk
word as ‘n persentasie van die huidige verdienste, of te wel beter bekend as
die vervangingskoers of <i>replacement rate</i>.
Ideaal gesproke behoort die minimum vervangingskoers in die omgewing van 75% te
wees, d.w.s. drie-kwart van die voor-aftrede inkomste kan met aftree-inkomste ondervang
word. Die moontlike opbrengs op addisionele, diskresionêre bates (d.w.s.
kapitaal wat opgebou is uit eie spaarpogings) moet hierby ingereken word, in
soverre hierdie bates wel vir aftreevoorsiening geoormerk is.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">‘n Alternatiewe wyse om te bepaal of ‘n persoon oor
voldoende aftreekapitaal beskik is om op die volgende te let: ‘n Persoon van 65
wat vandag met redelike sekerheid finansieel selfstandig wil aftree, moet oor
aftreebates van minstens 20 keer die jaarlikse inkomste-behoefte beskik, d.w.s.
indien u voor-belaste behoefte R400,000 per jaar beloop, moet u aftreebates
teen R8 miljoen waardeer word. Natuurlik, hoe vroeër die persoon aftree, hoe
hoër behoort die verhouding te wees. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Die vraag hoekom so baie mense klaaglik misluk met hul
aftreevoorsiening kan beantwoord word deur te verwys na ‘n ingewikkelde, struktureel-gebrekkige
regulatoriese stelsel wat die owerheid tot hul krediet nou wil aanspreek, maar natuurlik
sukkel om die voorgestelde wysigings deur te voer (sekere veranderinge sou
vanaf 1 Maart 2015 van krag wees, maar is vir minstens ‘n verdere jaar
uitgestel weens onderhandelinge met vakbonde wat tot dusver skipbreuk gelei
het). <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Waarskynlik die grootste enkele rede hoekom baie
afgetredenes afhanklik gaan wees van die finansiële hulp van families en
uiteindelik die staat is dat dit te maklik is om by bedanking die volle
opgehoopte fondsvoordele in kontant te neem en nie te bewaar nie. Redes soos die
afbetaling van verbandskuld word dikwels aangevoer as die rasionaal daaragter,
maar hierdie planne faal feitlik altyd omrede mense nie die ekstra kontantvloei
in hul sakke gedissiplineerd aanwend om hul aftreekapitaal op te bou nie.
Verder, die verband word ook nie finaal gekanselleer nie en skep dus die ruimte
vir her-finansiering van toekomstige behoeftes wat vakansies, nuwe motors,
ensovoorts, insluit. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Effektiewelik is lede van aftreefondse oor die afgelope
aantal jare bemagtig om met redelike vryheid van keuse hul beleggings in
aftreefondse volgens hul eie persoonlike voorkeure op te stel. Eintlik in baie
gevalle werk hierdie vryheid van keuse teen die beste belange van lede omrede
daar kan nie geredelik verwag word dat hul ingewikkelde beleggingsbesluite
sonder oordeelkundige advies kan neem nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Confucius het immers gesê ware kennis is om <u>te weet </u>dat
jy weet of nie weet nie, maar dit is iets heeltemal anders (gevaarlik) om <u>nie
te weet</u> dat jy nie weet watter implikasies sekere besluite inhou nie! In die verband dink ek dat te veel lede enersyds
dalk te konserwatiewe beleggingsportefeuljes verkies en inderwaarheid hulself
in die voet skiet gegewe die waarskynlike langtermyn aard van
aftree-beleggings. Andersyds, in sekere gevalle het lede nie werklik toegang
tot lae-koste, passief-bestuurde oplossings nie en word geforseer om in
hoër-koste, aktief-bestuurde fondse te belê. Ongelukkig is die kool nie altyd
die sous werd met laasgenoemde opsies nie en lede sou waarskynlik beter af wees
indien eersgenoemde opsies beskikbaar was.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Vir persone wat nie lid is van ‘n werkgewer-aftreefonds
nie en dus in hul eie, individuele aftreefonds (uittree-annuiteit of <i>retirement annuity</i>) belê, asook fondslede
wat aanvullende bydraes tot aftree-voorsiening in sulke produkte maak, was daar
tot die onlangse verlede nie juis lae-koste opsies beskikbaar nie. Trouens, die
koste verbonde aan konvensionele UA produkte soos aangebied deur
lewensversekeringsmaatskappye is op ‘n stadium as van die hoogste ter wereld
bestempel. Nietemin, vandag is nuwe-generasie UA produkte beskikbaar wat op ‘n
deulopende basis minstens 50-75% goedkoper is as die konvensionele
produkte. Nie net is die
administrasiekoste drasties verlaag nie, maar ook die koste verbonde aan die
bestuur van beleggings (lae-koste beleggingsopsies). Terselfdertyd is die penalisasie-koste
by staking van premie-bydraes ook uitgeskakel.
<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">‘n Verdere rede wat aanleiding gee tot onder-voorsiening
is dat werkgewer-en werknemerbydraes geskoei word op ‘n teoretiese
belastingkonsep van aftree-befondste inkomste, maar wat nie noodwendig die volle
vergoeding wat ‘n werknemer per jaar ontvang, behels nie. Jaarlikse bonusse en
reistoelae word tipies hiervan uitgesluit. Dit beteken dat ‘n persoon onder die
indruk verkeer dat byvoorbeeld 15% van sy jaarlikse inkomste tot
aftreevoorsiening bygedra word, maar inderwaarheid is dit eerder 12.5% of
minder van die werklike jaarlikse inkomste. Onthou ook dat ‘n gedeelte van die
bydraes aangewend word om risiko-voordele (lewensdekking, ongeskiktheid) en
administrasie in stand te hou. Hierdie premies vorm dus nie deel van die
werklike bydrae tot aftreevoorsiening nie. Die onder-voorsiening van bydraes
tot aftreevoorsiening, en nie net beleggingsopbrengste nie, speel ‘n vername
rol hoekom baie afgetredenes tydens aftrede finansieel tekort gaan skiet.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Bydraes tot aftreefondse is belasting-aftrekbaar en
inderwaarheid dien dit as ‘n welkome aansporingsmaatreel om juis sulke bydraes
te maak. Byvoorbeeld, vir ‘n persoon wat die maksimum marginale belastingkoers
van 40% sou betaal beteken dit dat die belastingbesparing 40% van die bydraes sal
beloop. Verder, geen belasting is betaalbaar op rente-inkomste, kapitaalwins,
ensovoorts nie. ‘n Wen-wen situasie sonder weerga. ‘n Onbedoelde gevolg hiervan
is dat vir laer besoldiges (diegene met ‘n marginale belastingkoers van 18%)
die aansporing om sulke bydraes te maak eintlik niksseggend is nie. Trouens,
benewens risiko-voordele sou dit weinig verskil maak of sulke persone binne of
buite aftreefondse spaar. Die moedswillige gees sou wou argumenteer sulke
persone kan in elk geval nie daarvan droom om finansieel selfstandig af te tree
nie – die staat met hul oorwerkte hulpbronne sal altyd ‘n getroue bondgenoot op
hul lewenspad wees. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Waar dit waarskynlik ‘n soort van ‘n altruïstiese idee
sou wees om die laer besoldiges te verplig om nie net bloot ‘n enkelbedrag by
aftrede te ontvang nie, maar eerder ‘n verpligte maandelikse pensioen, moet ook
in gedagte gehou word dat hul lewensverwagting waarskynlik laer as vir ander inkomstegroepe
sou wees. ‘n Groot nadeel van tradisionele gewaarborgde lewensannuiteite is dat
by afsterwe geen verdere kapitaaluitbetalings moontlik is nie (daar is wel
maniere hoe om voordele by dood te verseker, maar dan ten koste van laer
pensioenbetalings). Byvoorbeeld, ‘n bedrag van R500,000 by aftrede sou ‘n gewaarborgde
inkomste van R3,000 per maand oplewer, maar gestel die persoon sou slegs na drie
jaar afsterf, kan geen verdere voordele betaalbaar wees nie (wins is vir
versekeraar). Dus, eintlik die enigste haalbare tipe aftreeproduk sou een wees
waar die residuele aftreekapitaal, m.a.w. die bedrag wat nog nie as pensioen
uitbetaal is nie, tot ‘n sekere mate vir naasbestaandes behoue bly.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Ter opsomming: Vandag is die aftrede-omgewing radikaal
anders as wat vorige generasies van afgetredenes beleef het en ‘n nuwe stel
uitdagings staar afgetredenes in die gesig. Mense word a.g.v. verbeterde
lewensstyl-gewoontes en mediese innovasies aansienlik ouer, maar die staatskas,
–ondersteuning en –mediese bystand al leër. Dus mense wat ‘n ambisie het om
finansieel selfstandig af te tree is op hulself (of naaste familie) aangewese
om byvoorbeeld broodnodige mediese dienste te kan voorsien. Die punt is dat voorsiening
hiervoor baie geld gaan kos en is dit moeilik om te voorspel hoe vinnig mediese
koste gaan styg (oor die afgelope aantal jare het mediese inflasie konstant
bokant algemene inflasie uitgestyg). Aan die positiewe kant sal
produkveranderinge en laer beleggingskoste ‘n positiewe hefboomeffek oor tyd op
netto beleggingsopbrengste uitoefen. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;"><br /></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;"></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Nogtans kan ek nie anders as om tot die slotsom te kom
nie dat vir baie mense die tradisionele siening oor aftrede sal moet verander.
Terwyl u goeie gesondheid geniet, doen die dinge waarvan u hou en as dit boonop
vir u ekstra inkomste beteken, soveel te meer. Dit wil sê, neem verantwoordelikheid
vir u eie toekoms en moet nie u hoop plaas op slimpraatjies en beloftes van hemelhoë
opbrengste op u beleggings nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-62444196210333769162014-11-10T20:39:00.003+02:002014-11-10T20:39:55.229+02:00Wanneer markopbrengste goed genoeg is...<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;"><br />
Hoe goed is u rugbykennis? Hoe goed is u motorbestuursvaardighede? Of, hoe goed
vaar u in u deugde as ouer of gade? Onder-gemiddeld, gemiddeld of bo-gemiddeld?
U weet dit is baie moeilik om hierdie
tipe vrae eerlik te beantwoord, veral hoe meer persoonlik en direk die vrae
raak. In hierdie verband is ons dikwels skuldig daaraan om ons vermoёns en
vaardighede te oorskat; enersyds, ons weet nie wat die gemiddelde standaard is
nie en kan ons dus nie ‘n akkurate peiling daarvan weergee nie. Andersyds,
omdat ons swaar sluk aan ons eie tekortkominge en liefs voorgee om oor spesiale
vaardighede en kennis te beskik wat ons bogemiddeld teenoor ander sou maak. Die
uiteinde hiervan is dat ons waarskynlik nie rasionele oordele oor ons vermoёns
in die afwesigheid van betroubare maatstawwe kan fel nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Daarteenoor het beleggingsmarkte wel ‘n standaard,
naamlik die opbrengste van markindekse soos bv. die FTSE JSE Alle Aandeel
indeks (ALSI) of die Top 40 indeks, ensovoorts. Die opbrengste van hierdie indekse
verteenwoordig die geweegde gemiddelde opbrengste van aandele in die indeks en
dien as maatstaf waaraan beleggers hul beleggingsvermoёns oor tyd kan meet.
Nogtans, selfs met ‘n maatstaf soos ‘n markindeks beskikbaar beteken dit nie
dat die meeste persone in staat is om ‘n rasionele oordeel oor hoe om hul
beleggings aan te pak, kan maak nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Breedweg gesproke het beleggers drie keuses: <i>Een</i>, stel ‘n professionele
beleggingsinstelling (aktiewe fondsbestuurders) aan om na u beleggings om te
sien. Hierdie instelling sal verklaar dat hul beter as die markindekse kan doen
(hulle weet beter as die mark) en derhalwe vra hul fooie om hierdie uitprestasies
te kan lewer. <i>Twee</i>, u kan dit self
probeer doen; waarskynlik toegerus met gesofistikeerde tegniese
ontledingsprogramme om potensiele wenners uit te wys. Hierdie opsie kan op die
oog af baie goedkoper wees, behalwe as jy ‘n prys aan jou tydsbesteding gaan
koppel en die resultate uit die aard van die saak nie katastrofies gaan wees
nie. <i>Drie</i>, aanvaar jy weet nie genoeg
of dink daar is eintlik niemand wat beter as die mark weet nie en verkies ‘n
lae-koste passiewe belegging soos ‘n indeksfonds of beursverhandelde fonds
(ETF). <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Veronderstel u kon aan ‘n gholfspel deelneem waar die
uiteindelike wenner die een is wat ‘n gholfbal die naaste aan die vlagpen
(“closest to the pin”) op ‘n 3-syfer putjie sou kon slaan. Die wenner wen nie
al die prysgeld nie, maar wel die meeste. Selfs indien u ondergemiddeld sou
vaar gaan u nog steeds iets wen, maar proposioneel natuurlik baie minder as die
top-presteerders. Verder u weet nie hoeveel deelnemers daar is nie, maar u weet
daar is wel professionele gholfspelers wat ook aan die spel gaan deelneem en o
ja, dit kos niks om deel te neem nie. Die rasionele keuse is waarskynlik om die
kans te vat al weet u het die nie die vaardighede van ‘n professionele speler
nie. Kom ons verander die spelreёls effens. U kan die gemiddelde afstand vanaf
die vlagpen van alle deelnemers kies sonder om self te waag. Wat gaan die
rasionele keuse vir die deelnemers met min vaardighede wees? Natuurlik die
gemiddelde afstand en dus in alle waarskynlikheid ‘n groter beloning as wat die
deelnemer op sy eie houtjie sou kon vermag. Hoe meer deelnemers besef dat hul
vaardighede onder-gemiddeld is hoe minder aktiewe deelnemers gaan daar wees en terselfertyd
gaan die standaard (gemiddelde afstand vanaf die pen) verbeter soos net die
beter spelers aan die spel deelneem. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Hierdie gholfspel bied ‘n belangrike analogie met
beleggingsmarkte. Oor die langtermyn bied beleggings ‘n reёle beloning aan
beleggers weens die positiewe sinergieё wat voortspruit uit die werking van die
kapitaalmarkte en allokering van kapitaal, maar aktiewe beleggers kan slegs wen
relatief tot die gemiddeld deurdat daar beleggers is wat swakker as die gemiddeld
doen. Die gemiddeld (markindeks) is immers die netto opbrengs van al die
verhandelinge van alle aktiewe beleggers. Daar is egter een belangrike verskil:
Beleggings kan nie verniet gedoen word nie, daar is beide aanvangs– en
deurlopende kostes soos transaksie, navorsing, advies en administrasie ter
sprake. Indien dieselfde sou geld vir die gholfspel sou daar baie minder
aktiewe deelnemers wees en waarskynlik 60-70% van alle potensiele deelnemers sou
eerder met die gemiddelde afstand vanaf die pen tevrede wees. Hoekom geld
dieselfde dan nie vir beleggersgedrag in die algemeen nie, synde dat ‘n
relatief klein persentasie (minder as 10%) van alle beleggings in die
kleinhandel na indeksfondse vloei? Andersins gestel, indien beleggers werklik
rasioneel (en eerlik met hulself) opgetree het moes waarskynlik tot 50% van
alle beleggings eerder na indeksfondse gevloei het. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Moontlike verklarings? Natuurlik gaan dit oor die onkunde
aangaande die logika van markgemiddeldes soos hierbo verduidelik. Waarskynlik
ook omdat beleggingsadviseurs nie juis sulke beleggings aanmoedig weens ‘n
gebrek aan insentiewe (of dalk insig) nie. Moet ook nie vergeet van die oeroue gedragsprobleme
onder beleggers soos oormaat selfvertroue of hebsug nie. Maar dan speel die
industrie in sy geheel daarin ‘n rol dat daar baie beleggers is wat glo dat hulle
oor spesiale vaardighede, kennis en tegnieke beskik om beter as die mark te kan
vaar. En dan maak goedkoper en vinnige internet verhandelingplatforms die “lewe
ook makliker”. Die geheim is dat solank daar genoeg aktiewe deelnemers aan
markverhandelinge deelneem gaan dit soos in die gholfspel hierbo makliker wees
vir die top deelnemers om winste relatief tot die verloorders te realiseer. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Oorweeg die volgende verduideliking: Gestel ‘n aandeel verhandel
tans teen R100, maar sy werklike (intrinsieke) waarde is R120. Met verloop van
tyd beweeg die aandeelprys na die intrinsieke waarde. Gestel 25% van alle
markdeelnemers beskik oor die vaardighede om die korrekte waarde van die
aandeel te bepaal terwyl die res (75%) dit verkeerd kry. Die markopbrengs
(gemiddelde) van die aandeel oor die periode is 20%. Indien daar geen
indeksbeleggers sou wees nie, beteken dit dat die nie-vaardige beleggers (75%)
swakker as die indeks sou vaar, terwyl 25% beter as die gemiddeld moes
doen. Scenario 1 in onderstaande tabel
verwys hierna. Wanneer 25% van die nie-vaardige beleggers eerder die
indeksbenadering sou volg en dus 20% verdien, beteken dit voorts dat onder
Scenario 2 die ‘wins” van die vaardige beleggers relatief tot die nie-vaardige
aktiewe beleggers krimp in vergeleke met wanneer alle markspelers aktief sou
deelneem. Scenario 3 dui op die verdere inkrimping van “wins” soos meer
deelnemers die indeksbenadering volg. Let daarop dat die totale groei
(opbrengs) van die aandeel nie krimp nie – dit bly 20% – slegs die verdeling
tussen “wenners” en “verloorders” verander soos die mark meer mededingend raak. <o:p></o:p></span></div>
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 4.9pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; width: 613px;">
<tbody>
<tr style="height: 12.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border-right: solid windowtext 1.0pt; border: none; height: 12.75pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.5pt;" valign="bottom" width="169">
<div class="MsoNormal">
<br /></div>
</td>
<td colspan="2" nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 111.6pt;" valign="bottom" width="149">
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">Scenario 1<o:p></o:p></span></b></div>
</td>
<td colspan="2" nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 112.45pt;" valign="bottom" width="150">
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">Scenario 2<o:p></o:p></span></b></div>
</td>
<td colspan="2" nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.95pt;" valign="bottom" width="145">
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">Scenario 3<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.5pt;" valign="bottom" width="169">
<div class="MsoNormal">
<br /></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="bottom" width="84">
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">Deelnemers<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.6pt;" valign="bottom" width="65">
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">Opbrengs<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.4pt;" valign="bottom" width="79">
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">Deelnemers<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.05pt;" valign="bottom" width="71">
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">Opbrengs<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.2pt;" valign="bottom" width="75">
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">Deelnemers<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.75pt;" valign="bottom" width="70">
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">Opbrengs<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.5pt;" valign="bottom" width="169">
<div class="MsoNormal">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">Vaardige
aktiewe beleggers<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="bottom" width="84">
<div align="right" class="MsoNormal" style="text-align: right;">
<i><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">25%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.6pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">35%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.4pt;" valign="bottom" width="79">
<div align="right" class="MsoNormal" style="text-align: right;">
<i><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">25%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.05pt;" valign="bottom" width="71">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">28%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.2pt;" valign="bottom" width="75">
<div align="right" class="MsoNormal" style="text-align: right;">
<i><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">25%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.75pt;" valign="bottom" width="70">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">22%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.5pt;" valign="bottom" width="169">
<div class="MsoNormal">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">Nie-vaardige
aktiewe beleggers<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="bottom" width="84">
<div align="right" class="MsoNormal" style="text-align: right;">
<i><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">75%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.6pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.4pt;" valign="bottom" width="79">
<div align="right" class="MsoNormal" style="text-align: right;">
<i><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">50%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.05pt;" valign="bottom" width="71">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">16%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.2pt;" valign="bottom" width="75">
<div align="right" class="MsoNormal" style="text-align: right;">
<i><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">25%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.75pt;" valign="bottom" width="70">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">18%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.5pt;" valign="bottom" width="169">
<div class="MsoNormal">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">Indeksbeleggers<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="bottom" width="84">
<div align="right" class="MsoNormal" style="text-align: right;">
<i><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">0%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.6pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">20%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.4pt;" valign="bottom" width="79">
<div align="right" class="MsoNormal" style="text-align: right;">
<i><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">25%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.05pt;" valign="bottom" width="71">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">20%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.2pt;" valign="bottom" width="75">
<div align="right" class="MsoNormal" style="text-align: right;">
<i><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">50%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.75pt;" valign="bottom" width="70">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">20%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.5pt;" valign="bottom" width="169">
<div class="MsoNormal">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">Totale
mark<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="bottom" width="84">
<div align="right" class="MsoNormal" style="text-align: right;">
<i><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">100%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.6pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">20%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.4pt;" valign="bottom" width="79">
<div align="right" class="MsoNormal" style="text-align: right;">
<i><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">100%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.05pt;" valign="bottom" width="71">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">20%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.2pt;" valign="bottom" width="75">
<div align="right" class="MsoNormal" style="text-align: right;">
<i><span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">100%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.75pt;" valign="bottom" width="70">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial",sans-serif; font-size: 8.0pt;">20%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;"> <span lang="AF"> <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Maar wat daarvan as beleggers hul beleggings na
professionele instellings uitkontrakteer? Beteken dit dat ‘n belegger ‘n groter
kans op sukses – om beter as die markgemiddelde te vaar – sal hê? Nee, nie
noodwendig nie. Net soos in die gholfspel wanneer daar selfs net professionele
gholfspelers sou oorbly, moet daar nog steeds “wenners” en “verloorders” wees.
Hierdie gaping gaan inderdaad kleiner word, maar 50% van die aktiewe deelnemers
moet nog steeds onder-gemiddeld wees! Daarteenoor moet met beleggings kostes
aangegaan word en dit beteken dat aansienlik meer as 50% van die professionele deelnemers
nie die gemiddelde gaan klop nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Statistieke van effektetrustprestasies dui daarop dat slegs
ongeveer een-derde van alle aandeelfondse oor byvoorbeeld die afgelope 10-jaar
beleggingsperiode die markindeks kon uitstof. Op ‘n jaar-tot-jaar basis verskil
die persentasie uitpresteerders aansienlik, maar ongelukkig is dit selde
dieselfde beleggingsfondse wat dit jaar na jaar kan vermag. Hierdie patrone sal voortduur – basies ‘n
wiskundige sekerheid – en is dit duidelik dat die vooruitsige van buitensporige
opbrengste (bokant die markgemiddelde) met behulp van professionele
beleggingsbestuurders aansienlik minder is as wat die meeste van ons dink. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Dus, indien ons as beleggers onsself as rasioneel wil
beskou, verg dit inderdaad ‘n eerlike selfondersoek. Oor watter vaardighede
beskik ek wat my bogemiddeld sou maak in ‘n uiters mededingende mark? Ditto vir
my professionele beleggingsbestuurder. Toegegee ‘n indeksbelegging is nie juis
die mees opwindendste vooruitsig nie, maar behoort vir verreweg die meeste van
beleggers ‘n kernbestanddeel van hul langtermyn beleggingsportefeulje uit te
maak. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-69662303295737077222014-10-26T07:17:00.002+02:002014-10-26T07:17:35.427+02:00"Historiese opbrengste is nie 'n aanduiding van toekomstige opbrengste nie"...of is dit?<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Die meeste beleggers is dalk vertroud met die vermaning
dat hul beleggingskeuses nie uitsluitlik geskoei moet word op die opbrengsprestasies
wat beleggingsfondse en bateklasse in die onlangse verlede behaal het nie. Die
rede hiervoor is dat beleggers nie onrealistiese verwagtinge moet koester dat
soortgelyke prestasies weer noodwendig in die nabye toekoms herhaal sal word
nie. Sulke vermanings bevorder ‘n verantwoordelike benadering tot
beleggingsbestuur en –verwagtinge.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Dit is nou te sê as beleggers sulke raad raad ter harte
neem, want instinktief bestudeer die meeste beleggers of hul adviseurs opbrengstabelle
noukeurig en besluit dikwels daarvolgens waar die beste plek is (was!) om te
belê. ‘n Ontleding van die verwantskappe tussen historiese opbrengste en die
opbrengste wat in daaropvolgende periodes behaal sou word, toon die riskantheid
van beleggingskeuses slegs geskoei op historiese opbrengste en bied as sulks
stof tot nadenke. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Byvoorbeeld, Indien die tien-jaar historiese opbrengste
van die aandelemark vanaf 1960 tot op hede met daarvolgende vyf-, sewe-, en
tien-jaar tydperke vergelyk word, word ‘n statisties-betekenisvolle <u>sterk negatiewe</u>
verwantskap (korrelasie) aangetref, dit wil sê, ‘n tydperk van hoë reële
opbrengste is tipies opgevolg deur tydperke van laer reële opbrengste en
omgekeerd. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Let wel, hierdie negatiewe verwantskap impliseer nie noodwendig
negatiewe opbrengste vir ‘n volgende tydperk indien dit voorafgegaan is deur
hoë opbrengste nie, slegs dat sodanige opbrengste waarskynlik aansienlik laer
sal wees as waaraan beleggers dalk gewoond geraak het.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguGI2nAy4TGn4ltq_BFKtnI4w7g3M5gaKqTue6PpVReIDqkpdnZ9idTpgjh-9KwYYeiQgMQHFvantYs-9cJSjith2JPyLilHR3bBytnOiv6TiaZ3ofGNEd-Zb_eI0srrFXE4BaVlf6qEzi/s1600/returns.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguGI2nAy4TGn4ltq_BFKtnI4w7g3M5gaKqTue6PpVReIDqkpdnZ9idTpgjh-9KwYYeiQgMQHFvantYs-9cJSjith2JPyLilHR3bBytnOiv6TiaZ3ofGNEd-Zb_eI0srrFXE4BaVlf6qEzi/s1600/returns.jpg" height="255" width="320" /></a></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<i><span lang="AF" style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Bron: DRW
Investment Research<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Oor die afgelope dekade het aandele op die Johannesburgse
Aandelebeurs ‘n reële opbrengs van meer as 7% per jaar (dividende uitgesluit)
behaal. Indien dividende bygetel word, sou die totale </span><span style="font-family: Arial, sans-serif; font-size: 13px; line-height: 20px;">reële </span><span style="font-family: Arial, sans-serif; font-size: 10pt; line-height: 150%;">opbrengs per jaar dubbelsyfers beloop. Hierdie tipe opbrengs word in die boonste kwartiel (Q4) van alle
historiese 10-jaar reële aandeelopbrengste aangetref. Bostaande grafiek illustreer
duidelik dat die boonste kwartiel opbrengste gemiddeld ook die laagste </span><u style="font-family: Arial, sans-serif; font-size: 10pt; line-height: 150%;">daaropvolgende</u><span style="font-family: Arial, sans-serif; font-size: 10pt; line-height: 150%;">
reële opbrengste oor vyf- en tien jaar periodes tot gevolg gehad het.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Soortgelyke tendense, alhoewel minder statisties-betekenisvol,
word waargeneem vir ander beleggingshorisonne, byvoorbeeld sewe-, vyf- en
drie-jaar periodes. Kortom, die kern boodskap bly dieselfde: ‘n Tydperk van hoë
of buitensporige reële opbrengste is nie vir altyd volhoubaar nie, nog minder
kan beleggers op sulke tipe opbrengste staatmaak in hul beleggingsbeplanning
vir byvoorbeeld die volgende dekade.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Tog, beleggers sou wou argumenteer “hierdie keer is dit
anders” en dat sulke hoё opbrengste nog steeds moontlik kan wees gegewe die
stand van die wereldekonomie op die oomblik. Die vooruitsigte van ontwikkelde
ekonomieё met tamaai skuldlaste is inderdaad baie somber en onseker, terwyl die ekonomieё van
opkomende markte gelei deur ‘n snelgroeiende China, aansienlik minder belas is
met skuld en ‘n golf van voorspoed en beleggersbelangstelling beleef.
Ongelukkig is dit eenvoudig nie hoe beleggings werk nie – wat veel belangriker is
om te weet watter prys betaal ek vandag vir toekomstige groei. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Byvoorbeeld, teen die begin van die millenium het die breё
beleggersgemeenskap feitlik geen vertroue in opkomende ekonomieё gestel nie met
gevolglike goedkoop aanslae van sulke markte. Daarteenoor was daar ‘n
onverbiddelike geloof in die VSA dollar en die toekomstige en standhoudende
groei van ontwikkelde markte met gevolglike peperduur markaanslae. Uiteindelik
was die ontwikkelde markte ‘n slagoffer van hul eie voorspoed deur hul
voortgesette groei met oordadige skuld te finansier. Vandag is die skoen aan
die ander voet en opkomende markte geniet buitengewone hoё markwaardasies – so
ook in Suid-Afrika – natuurlik in afwagting op voortgesette hoё ekonomiese
groei en voorspoed. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Natuurlik is dit nie seker wat hierdie baie optimistiese beskouing
van opkomende markte in die toekoms kan kniehalter nie – dalk die ontrafeling
van ‘n oorverhitte eiendoms- en aandelemark in China soos wat met Japan gebeur
het twee dekades vantevore – maar die feit is dat duur markaanslae met die
aanvang van enige beleggingsperiode feitlik altyd beleggers iewers langs die
pad gaan teleurstel. Teen daardie tyd besef beleggers dit was “hierdie keer”
eintlik nooit anders nie!<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial",sans-serif; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Les bes, die boodskap aan die belegger is nie om vir die
volgende dekade summier die markte te vermy nie, want dit bly waarskynlik die
beste geleentheid waar reёle opbrengste behaal kan word, maar om die visier op
sodanige reёle opbrengste aansienlik laer te stel, waarskynlik iewers tussen
3-5% instede van 10% en meer soos die afgelope dekade ondervind is. <o:p></o:p></span></div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-43892272045766656162014-10-05T07:04:00.000+02:002014-10-05T07:04:16.150+02:00Enkele riglyne vir beleggers hoe om ernstige beleggingsfoute te vermy<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Ons het almal verskillende talente en vermoёns ontvang en
aangevul met harde werk en toewyding sal sommige van ons bo ander uitstyg in
die beroepswêreld. Sal dieselfde kwaliteite lei tot sukses in die
beleggingswereld? Nee, nie noodwendig nie; die beleggingsmarkte is ‘n groot
“gelykmaker” waar daar geen respek aan titels, kwalifikasies of
intelligensievermoёns betoon word nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Die goeie nuus is dat almal van ons finansiёle sukses kan
bereik deur ‘n paar eenvoudige beleggingsreёls toe te pas; die slegte nuus
egter is dat almal van ons een of ander stadium foute sal begaan – ons is per
slot van sake feilbaar – tog, ons moet sulke situasies gebruik om ons arsenaal
van kennis rondom beleggings uit te brei. Foute met beleggings is eintlik
onvermydelik omdat die toekoms onvoorspelbaar is en ons nie volmaakte insig kan
hê hoe sekere beleggings vorentoe sal presteer nie. Trouens, die enigste manier
om te verseker dat ons nooit foute sal maak nie is om nooit te belê nie, maar
dit opsigself is natuurlik die grootste moontlike fout! <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Wat ons egter moet verhoed is om ernstige foute te begaan
– dié soort wat jou jare terugsit asof jy nog nooit gespaar het nie. Hiervoor behoort
ons oor minstens sekere basiese kennisvlakke beskik en dit nougeset navolg. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Vervolgens word twee breё kategorieё van kennis
beklemtoon; eerstens rondom beleggingsverwagtinge en –gedrag en tweedens, die
sinvolle bestuur van beleggingsrisikos. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b><i><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Beleggingsverwagtinge en -gedrag:<o:p></o:p></span></i></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 18.0pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="AF" style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><i><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Historiese opbrengste is ‘n swak aanduider van
toekomstige opbrengste.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Beleggingsbesluite word dikwels op die mees onlangse
prestasie van ‘n belegging/bateklas geneem. Min oorweging word egter geskenk
aan die onderliggende ekonomiese drywers wat sekere beleggings/bateklasse
bevoordeel het, asook dat hierdie tendense in die toekoms na alle
waarskynlikheid sal verander. Geen belegging/bateklas is jaar na jaar die beste
presteerder nie. Die langtermyn gemiddelde opbrengs van ‘n bateklas is ‘n meer
realistiese aanwyser van wat om vorentoe te verwag as om slegs die prestasies
van die afgelope paar jaar te oorweeg. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 18.0pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="AF" style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><i><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Voorspellings oor toekomstige prestasies kan jou op ‘n
dwaalspoor laat beland.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Ons hou van voorspellings, veral dié wat deur kenners
gemaak word ten einde beleggingstrategieё te formuleer en onsekerhede daarmee
te verdryf. Ongelukkig is daar geen amptelike telkaart wat die akkuraatheid van
hierdie voorspellings byhou nie. As daar was, sou ons besef het dat die
treftempo van sulke tipe voorspellings verbasend swak is. Nodeloos om te sê dat
‘n beleggingsstrategie geskoei op voorspellings na alle waarskynlikheid swak
resultate gaan oplewer.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 18.0pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="AF" style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><i><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Aandeelopbrengste geskied nie eweredig oor tyd nie.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Ons gebruik te maklik die term “gemiddeld” sonder dat
baie beleggers besef dat aandeelopbrengste allermins rondom die “gemiddeld”
beweeg. Die meerderheid van aandeelopbrengste oor enige tydperk geskied a.g.v.
kort periodes van skouspelagtige stygings – wat opsigself onvoorspelbaar is –
terwyl die meeste ander periodes gekenmerk word deur matige of geen stygings.
Verder, selfs ‘n aandeelbelegging oor die langtermyn kan teleurstellend wees
indien beleggers hierdie “goue oomblikke” misloop. Derhalwe is tydsberekening met
aandeelbeleggings meestal ‘n futiele idee. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 18.0pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="AF" style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><i><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Hoop is nie ‘n suksesvolle beleggingstrategie nie.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Hoop kan politieke verkiesings wen, maar dit sal beslis
nie sukses met beleggings waarborg nie. Moet
nooit onbekende terreine betree alvorens u nie u huiswerk deeglik gedoen het
nie. Die “advies” van u buurman of vriend mag nuttig wees, maar na alle
waarskynlikheid sal dit gebrekkig wees, veral ten opsigte van die moontlike
risikos verbonde aan die belegging. Kry professionele advies.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 18.0pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="AF" style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><i><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Verander u beleggingsplan slegs indien u omstandighede
wesentlik verander het.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Die verlies van ‘n lewensmaat, egskeiding, en die toeval
van ‘n erfenis is voorbeelde van waar dit sou sin maak dat u u beleggingsplan
moet hersien. Andersins sou dit nie loon om af te wyk van u beleggingsplan nie;
definitief nie net as gevolg van die heersende beermark omstandighede nie. Die
enigste uitsondering mag wees waar u u werklike risikoblootstelling totaal
onderskat het; natuurlik is almal van ons een of ander stadium skuldig aan ‘n
oormaat van selfvertroue terwyl dit goed gaan. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b><i><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Aspekte rondom die bestuur van beleggingsrisiko:<o:p></o:p></span></i></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 18.0pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="AF" style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><i><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Die gebruik van hoё hefboomfinansiering (hoё skuldverhouding
tot eie kapitaal) in u beleggingsstrategie noodsaak dat u <u>te alle tye</u> reg
moet wees, nie net oor die langtermyn nie.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Die markte gaan “irrasionele” (moeilik verklaarbare) tye
beleef waartydens ‘n strategie wat jare lank soos klokslag gewerk het skielik
nie meer winsgewend is nie. Dan sal u u finansierders moet kan oortuig u kan
nog steeds u verpligtinge nakom. Bly liefs weg van hierdie strategie indien u
nie hierdie risiko kan loop nie.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 18.0pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="AF" style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><i><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Moenie die “bekende” met die “veilige” verwar nie.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">‘n Belegging <u>by</u> ‘n bekende instelling beteken nie
u geld is veilig belê nie, vind uit waarin u geld bele is, m.a.w. die
onderliggende beleggingsportefeulje. Netso is ‘n belegging <u>in</u> ‘n
instansie bekend aan u – uself, ‘n familielid of vriend mag ‘n werknemer wees –
nie noodwendig veilig nie, al is u baie optimisties oor die
toekomsvooruitsigte. Diversifiseer liefs ook na ander hoё kwaliteit genoteerde
maatskappye.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 18.0pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="AF" style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><i><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Krisisse is onafwendbaar; diversifiseer na hoё kwaliteit
rente-draende beleggings. <o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Kontant en beleggings in staatseffekte mag vervelig wees,
maar speel ‘n uiters belangrike rol in u beleggingsportefeulje om verliese in
‘n beermark te beperk. Min beleggers kan markkrisisse voorsien, nog minder kan die
omvang daarvan voorspel. Aanvaar liefs dat beermarkte altyd deel sal wees van u
beleggingservaring. Wees baie bekommerd as u iewers sou lees of hoor dat
beermarkte nie weer gaan voorkom nie. Op daardie tydstip is ‘n beermark dalk
net om die draai! <o:p></o:p></span></div>
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 18.0pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="AF" style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><i><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Nie-kwantifiseerbare risiko (onsekerhede) is nie
dieselfde as kwantifiseerbare risiko nie.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Beleggings het meestal te make met onsekerhede; ons kan
selfs met die behulp van die mees moderne hulpmiddels nie akkurate
waarskynlikhede aan markuitkomste gee nie. Daarom moet ‘n belegger let op die
risikopremie verbonde aan ‘n belegging – indien sodanige premie ‘n baie
optimistiese toekoms verdiskonteer (relatiewe hoё pryse) wees baie versigtig!<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 18.0pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="AF" style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><i><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Onderskei tussen die “onmoontlike” en die “onwaarskynlike”.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Dalende huispryse is dikwels in die volksmond as
“onmoontlik” beskou. Derhalwe is pryse deur spekulante tot buitensporige
hoogtes aangevuur. Natuurlik moet huispryse slegs ‘n funksie wees van die
onderliggende ekonomiese groei en huishoudelike inkomstes. Pryse kan nie in ‘n
vakuum aanhou styg nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 18.0pt; mso-list: l0 level1 lfo1; tab-stops: list 18.0pt; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="AF" style="font-family: Symbol; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><i><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Belê in gereguleerde produkte/markte.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 150%; mso-ansi-language: AF;">Waarskynlik een van die grootste slaggate waarin
beleggers kan trap; die geskiedenis lê besaai met hartseerverhale van beleggers
wat groot gedeeltes van hul spaargeld op nie-gereguleerde beleggingsskemas
verloor het. Sulke beleggingsskemas beloof dikwels aan voornemende beleggers
fantastiese opbrengste. Ongelukkig oorheers hierdie beloftes gesonde oordeel en
kwelvrae soos finansiёle stabilitieit, onafhanklike verslagdoening, toepaslike
bestuursondervinding en administratiewe vermoёns word agterweё gelaat. Die
meeste beleggers sal daarby baat om slegs in ‘n goed-gereguleerde
beleggingsomgewing soos effektetrusts (kollektiewe beleggings) te belê.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-75236427727982535572014-09-20T20:36:00.000+02:002014-09-20T20:36:07.099+02:00Die moeilikheid met moeilike beleggingsbesluite<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Gestel u moet ‘n
keuse in elk van die volgende situasies uitoefen:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">A: ‘n Gewaarborgde wins van R75,000; of<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 36.0pt; text-align: justify; text-indent: -36.0pt;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">B: 75% kans om R100,000 wins te maak en 25% kans
om geen wins te maak nie; en<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">C: ‘n Gewaarborgde verlies van R75,000; of <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">D: 75% kans om R100,000 te verloor en 25%
kans om niks te verloor nie.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Die meeste mense
sal A en D verkies – dit wil sê ‘n gewaarborgde wins in die een geval en
minstens ‘n kans om niks te verloor in die ander geval nie. Dit is egter ‘n
tipiese voorbeeld van hoe beleggers nie konsekwente besluitneming kan toepas
nie. In die een geval word risiko vermy om R75,000 wins te verseker, maar in
die ander geval word eerder groter risiko verkies ongeag die wesenlike gevaar
dat R100,000 eerder as R75,000 verloor kan word. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Hierdie asimmetriese
gedrag van beleggers jeens risiko in hul finansiёle besluitneming is trouens
heel goed nagevors en gedokumenteer. Mense is nou maar eenmaal sku vir die
moontlikheid om geld te verloor en die emosies gekoppel aan verliese is
relatief veel groter as die emosies wat met winste van soortgelyke omvang
ontlok sou word.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Derhalwe is die
kans goed dat beleggers (veral diegene wat nie met kundige advies bedien word
nie) veel eerder te konserwatiewe beleggingsopsies of beleggings waar kapitaal ten
alle tye gewaarborg is, sal opsoek. Ongelukkig is dit nou maar eenmaal die
harde ekonomiese werklikheid dat geen entrepeneur of sakeman ooit
noemenswaardig vergoed sal word indien hul nie bereid sou wees om
besigheidsrisikos te neem nie. Ditto vir die belegger. Indien ‘n belegger nie bereid is om risikos
te neem nie en eerder veilige hawens soos rente-draende depositos op te soek,
gaan reёle opbrengste (na inagneming van inflasie en belasting) nie realiseer
nie. In hierdie verband word nie verwys na onverskillige of roekelose
beleggings nie, maar goed-gediversifiseerde en dividend-betalende tipe
beleggings. Verder, gereguleerde portefeuljes wat veral die risiko van
wanbestuur minimaliseer, word sterk aanbeveel. Rente-draende beleggings het
natuurlik ‘n plek in enige portefeulje, veral om in onmiddelike
inkomstebehoeftes te kan voorsien, maar kan nie die oorheersende bate in ‘n
groeiportefeulje wees nie.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Die probleem met die
“veiligheid eerste” benadering is dikwels dat die werklike rede of doel met die
belegging nie noukeurig deurdink is nie. Byvoorbeeld om watter rede word geld
belê? Na my mening behoort daar ‘n enkele motivering te wees, naamlik om
inflasie oor tyd te klop, andersins word die koopkrag van geld onvermydelik
deur die uitwerking van inflasie weggekalwe. Trouens, ek sou wou redeneer
indien die uitprestering van inflasie nie die vernaamste oogmerk was nie, dit
beter sou wees om liefs nou die kapitaal te geniet alvorens inflasie in elk
geval die nutswaarde van jou geld gaan laat kwyn! <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Ongelukkig meet
min beleggers hul groei in welvaart in reёle terme. Nie dat dit juis moeilik is
nie – inflasiestatistieke is geredelik beskikbaar – eerder is dit ‘n geval dat
beleggers verkies om die oёnskynlike hoёr nominale opbrengste te kwoteer as om die laer reёle of
inflasie-aangepaste opbrengskoerse te gebruik. Derhalwe word “verliese” slegs in nominale
terme beoordeel wat opsigself oёverblindery is. Weereens, soos met die bostaande
voorbeeld oor die uitoefening van verskillende keuses het sulke gedrag ‘n
psigiologiese oorsprong, of as u wil “hoe die menslike brein dink”.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Die brein het
twee tipes denkpatrone, naamlik ‘n intuïtiewe of ‘n vinnige, refleksiewe antwoord
en ‘n logiese, beredeneerde antwoord. Dit kan byvoorbeeld as volg gedemonstreer
word:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">‘n Rakket en
tennisbal kos altesame R110. Indien die rakket R100 meer kos, wat kos die bal?
Die eerste of vinnige antwoord sou wees die bal kos R10. By verdere beskouing
van die vraag blyk dit dat die “vinnige” antwoord nie korrek kan wees nie omrede
die rakket R100 <u>meer</u> kos as die bal en gesamentlik kos die items R110.
Wiskundig kan die probleem as volg opgelos word:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 36.0pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 36.0pt;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Indien x = prys van rakket en y = prys van bal<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 72.0pt; text-align: justify; text-indent: 36.0pt;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">x+y = 110<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 72.0pt; text-align: justify; text-indent: 36.0pt;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">x-y = 100<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 36.0pt;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Dus, 2x = 210<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 36.0pt;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;"> x = 105<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 36.0pt;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">en y = 5<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 36.0pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Hierdie tipe
probleem illustreer dat ons nie altyd ons instinktiewe of ooglopende antwoorde
kan vertrou nie. Dikwels is daar veel beter alternatiewe beskikbaar, maar dit
verg beredenering, inspanning en moeite om by sulke oplossings uit te kom. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Dus, om terug te
keer na die probleemstelling van vroeër: Hoe kan ‘n belegger inflasie oor tyd
uitpresteer? Drie tipes beleggings kan hieraan voldoen, te wete aandele,
eiendom en inflasie-gekoppelde effekte. Elkeen hiervan dra die moontlikheid van
kapitaalverliese, veral oor die korttermyn. Dus is dit uiters belangrik vir ‘n
belegger om nie volgens korttermyn tendense oor die wenslikheid van sodanige
beleggings te oordeel nie. Eerder moet ‘n belegger of adviseur sulke beleggings
op waarde takseer, en nie op grond van historiese prestasies of die beloftes en
voorspellings van toekomstige prestasies nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Laastens is dit
raadsaam om nie alleen oor sulke beleggings besluite te neem nie. Na my mening
is daar te veel beleggers wat dink hul kan hul beleggings op eie houtjie
suksesvol bestuur. Vandag kan beleggers redelik maklik self transaksies doen,
maar dit beteken nie hul het die kennis of tegniese onderleg verwerf om
oordeelkundige besluite te kan neem nie.
In die beleggingswereld is daar te veel slaggate, te veel beloftes of
selfs te veel bangmaak stories om maklik objektiewe besluite te kan maak. <o:p></o:p></span></div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-9461162060032631052014-09-14T11:51:00.000+02:002014-09-14T11:51:11.833+02:00Wanneer kan ek aftree?<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Miskien is
aftrede veronderstel om een van die hoogtepunte van jou lewe te wees – jy het
immers hard gewerk en dalk dikwels na ander se pype gedans ten einde jou eie en
werkgewer se mikpunte te haal en begrotings te laat klop. Nou gaan dit jou
beurt wees om werklik te doen wat jy wil doen en net wanneer jy wil.
Uiteindelik gaan jy ontslae wees van die ondraaglike elemente van die daaglikse
werksroetine – vroeg opstaan, besige verkeer, langdradige vergaderings, om moeilike
kliёnte te paai, ensovoorts.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Tog, al jou
aftreeplanne en drome kan ernstig in die wiele gery word indien jy dalk ‘n
nypende geldtekort in die gesig staar (terugslae met jou gesondheid kan ook jou
aftreeplanne verongeluk, maar vir die doeleindes van hierdie skrywe sal ons
aanvaar die geluksgodin betreffende jou gesondheid gaan aan jou kant wees). Dan
kan aftrede allesbehalwe iets wees om na uit te sien en kan dit selfs ‘n baie
traumatiese tydperk van jou lewe wees – beslis nie iets wat jy jouself sou wou
gun gedurende die laaste fases van jou lewensbestaan nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Aftrede en die
finansiёle beplanning daaromtrent word vir die meeste van ons eers ‘n
werklikheid wanneer sommige van ons jarelange kollegas begin aftree en gereelde
gesprekke hieromtrent in die kantoor plaasvind, tipies iewers in ons vroeё vyftigerjare.
Ook kan dit wees dat die werkgewer daadwerklike personeelbesnoeiings deurvoer
en dikwels is dit persone in hierdie ouderdomskategorieё wat noodgedwonge
ernstige vrae moet stel oor hul onmiddelike loopbaanvooruitsigte en
aftredebeplanning. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Die konvensionele
wyse tot aftreebeplanning is om bepaalde mikpunte te hê oor hoeveel
aftreekapitaal bymekaar gemaak moet word om ‘n bepaalde lewensstandaard na
aftrede te kan handhaaf. Byvoorbeeld, ‘n tipiese aftreekapitaal-mikpunt mag
wees om by ouderdom 65 twintig maal die jaarlikse inkomstebehoefte met aftrede
te kan bereik. Gestel jy sou graag R250,000 per jaar (in vandag se terme) met
aftrede wou ontvang, dan moet die waarde van jou aftreefonds ongeveer R5
miljoen (in vandag se terme) wees. Op hierdie vlakke <u>behoort</u> jy
waarskynlik voldoende kapitaal te hê om minstens ‘n goeie standaard oor die
volgende twintig tot vyf-en twintig jaar van jou aftrede te handhaaf.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Die fundamentele
probleem egter met bogenoemde benadering is die aannames ten opsigte van
beleggingsopbrengste wat noodgedwonge gemaak moet word om bepaalde
aftree-mikpunte na te streef. Dit is byvoorbeeld baie maklik om ‘n sekere
konstante opbrengs aanname in jou vooruitskattings te gebruik, maar
terselfdertyd dalk net so rampspoedig! <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Die geskiedenis
van finansiёle markte en opbrengste het ons bepaalde lesse geleer, naamlik dat
markte beide volatiel en in siklusse van hoё en lae opbrengskoerse beweeg. Derhalwe
is voorspellings oor toekomstige opbrengste, veral as dit geanker is in die
ondervinding van die mees onlangse verlede, baie gevaarlik en eintlik ‘n swak
fondament waarop jou planne berus.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizr8OUYFT7vsC6vz_8cmBW3b98cVB2IulpR6Q65RWIWLeRIHPXnRi7REz6YLtfRUNiaQnXL5tIVbG5jidl4FJ9ty-gbWkw5f1MUFzQwe54M3nPhzz7vA5gcQ6lgvLWXEyW5lwWux5SfhAI/s1600/assetclass.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizr8OUYFT7vsC6vz_8cmBW3b98cVB2IulpR6Q65RWIWLeRIHPXnRi7REz6YLtfRUNiaQnXL5tIVbG5jidl4FJ9ty-gbWkw5f1MUFzQwe54M3nPhzz7vA5gcQ6lgvLWXEyW5lwWux5SfhAI/s1600/assetclass.png" height="205" width="320" /></a></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Ter ondersteuning
van bostaande argument gaan ek vervolgens voorbeelde uitlig hoe aftreeplanne
van twee hipotetiese beleggers kan verskil. In elke geval word die uitkoms wesenlik
beïnvloed deur die tydvak waarin die belegger homself/haarself bevind, dit wil
sê of die belegger gelukkig genoeg was om ‘n tydperk van relatiewe hoё
opbrengskoerse te kan beleef. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><br clear="all" style="page-break-before: always;" />
</span>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Vergelyk
byvoorbeeld die verskillende uitkomste van twee beleggers – die een het in 2008
afgetree en die ander in 1998 – in die onderstaande grafiek. <u>Tien jaar voor
aftrede</u> het beide ongeveer dieselfde aftreefondswaardes gehad, tog die 2008
afgetredene kon met veel hoёr waardes aftree as die 1998 afgetredene. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixVy1eUc5Xh5_9mw1R4yh1Owf951Ss5RsD6kGtsq_gysa-Ogb0VPL8111O_Ste1P4tQmrQ6ACgFyTdnCgYRcc_RjeX0wJNgCGuN9svkhxerDhm_oVjwOgT38vJlOX7k6974ytMCwq2gMOD/s1600/luck.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixVy1eUc5Xh5_9mw1R4yh1Owf951Ss5RsD6kGtsq_gysa-Ogb0VPL8111O_Ste1P4tQmrQ6ACgFyTdnCgYRcc_RjeX0wJNgCGuN9svkhxerDhm_oVjwOgT38vJlOX7k6974ytMCwq2gMOD/s1600/luck.png" height="162" width="320" /></a></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Let daarop dat
die verskille in uitkomste niks te make het met verskillende bydraes of
beleggingsportefeuljes nie – ek veronderstel in albei gevalle presies dieselfde
aannames. Dit het bloot daarmee te make dat die 2008 afgetredene gelukkig was
om gedurende die laaste tien jaar voor aftrede ‘n tydperk van hoё (reёle)
markopbrengste te kon beleef, dit wil sê vanaf 1998 tot 2008. Daarteenoor het
die 1998 afgetredene gedurende die laaste tien jaar voor aftrede (1988-1998)
meer besadigde markopbrengste ondervind.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><br clear="all" style="page-break-before: always;" />
</span>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">‘n Meer ekstreme vergelyking
word in die grafiek hieronder uitgebeeld. Daarvolgens het die 1978 afgetredene <u>tien
jaar voor aftrede</u> met aansienlik meer aftreekapitaal as sy eweknie wat in
1968 afgetree het, gespog. Tog, in die
laaste tien jaar van elkeen se beroepsloopbaan het die situasie dramaties
verander. Nie net het die 1968 afgetredene die 1978 afgetredene ingehaal nie,
maar ook met aansienlik meer kapitaal afgetree. Weereens, natuurlik as gevolg
van markomstandighede. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_I6P4T9TJbExYDC8JyM7u0BqHSJK94uir4RI36sIa9JHCG6axgg6wS1bGVpptI-AY60FSrAhCnyZN6YKkohz_BomE5zL_LoQbXT4MQNu0bCNczvNPVnCRcR_ewoifkeFe4s7l3nxP8LCw/s1600/luck2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_I6P4T9TJbExYDC8JyM7u0BqHSJK94uir4RI36sIa9JHCG6axgg6wS1bGVpptI-AY60FSrAhCnyZN6YKkohz_BomE5zL_LoQbXT4MQNu0bCNczvNPVnCRcR_ewoifkeFe4s7l3nxP8LCw/s1600/luck2.png" height="162" width="320" /></a></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;"> <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Derhalwe is dit duidelik
dat dit baie moeilik is om selfs tien jaar voor aftrede relatiewe sekerheid te
hê oor hoe jou aftree-situasie by aftrede gaan wees. Natuurlik kan jy of jou
beplanner simplistiese en konstante opbrengsprojeksies maak, maar wees verseker
dat dit net projeksies is en die uitkoms aansienlik daarvan kan verskil. Dus, is dit hoegenaamd moontlik om enigsins
te kan beplan vir aftrede en moet ‘n mens maar net basies duime vashou en kyk
wat gebeur?<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Allermins, ‘n alternatiewe
en dalk beter manier om vir die toekoms te beplan is om aannames aan die hand
van historiese opbrengste te toets. Gelukkig het ons ‘n databasis van meer as
100 jaar historiese opbrengste van die belangrikste finansiёle markte en
bateklasse tot ons beskikking. Hiervolgens kan die swakste scenarios uitgewys
word en as jou plan nog steeds onder daardie stel omstandighede sou werk, het
jy gemoedsrus en die versekering dat jou plan onder alle markomstandighede,
soos histories ondervind, sou werk. Natuurlik is daar geen waarborg dat die
toekoms nie nog swakker resultate as die verlede kan oplewer nie, maar dit is
immers tog onmoontlik om vir alle potensiёle uitkomste – waarvan ‘n mens nie
eens bewus mag wees nie – te kan beplan. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Hoe dit ookal sy,
met hierdie werkswyse verkry ‘n mens bepaalde insigte oor watter strategieё kan
werk. Wanneer kan ek werklik aftree, gegewe hoeveel aftreekapitaal ek, sê, reeds
tien jaar voor my beplande aftrede opgebou het? Of, gegewe alle historiese
uitkomste teen watter ouderdom sou dit veilig wees om af tree? Hierdie antwoord
mag natuurlik heeltemal verskil van die beplande aftreedatum of fondsreёls,
maar dit is natuurlik die doel van die oefening – jy soek ‘n pasgemaakte
antwoord, nie ‘n breё reёl wat vir almal van toepassing is, maar slegs vir
weinige gaan werk nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Vervolgens is dit
moontlik om verskeie permutasies op die proef te stel en te toets hoe dit die
“veilige” aftree-ouderdom sou beïnvloed. Byvoorbeeld, hoeveel moet ek vir die
res van my beroepsloopbaan spaar? Watter beleggingsportefeuljes is geskik? Vir
watter termyn na aftrede moet ek beplan – hoe lank dink ek moet my
aftreekapitaal na aftrede hou? En miskien die belangrikste vraag: Wat moet my
inkomste wees na aftrede, of meer bepaald hoeveel van my inkomste voor aftrede
moet ek vervang met my aftree-inkomste (50%, 75%, ensovoorts), ook bekend as
die <i>vervangingskoers</i>.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Natuurlik kan dit
ook wees dat jy nie ‘n keuse gaan hê om byvoorbeeld langer as die beplande
aftree-ouderdom te kan werk nie. In hierdie geval is die vraag eerder watter <i>vervangingskoers</i> is veilig sodat ek die
gerusstelling het dat my aftreefonds vir ‘n lang tydperk na aftrede nog
voldoende inkomste vir my kan oplewer?<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Vir baie
voornemende afgetredenes mag die antwoorde op hierdie stel vrae dalk nie wees
waarop hul heimlik gehoop het nie. Verskeie aanleidende faktore kan ‘n rol
hierin speel: Byvoorbeeld, te min aftreekapitaal – te lae spaarkoers, te laat
begin met ‘n daadwerklike spaarpoging, onoordeelkundige aanwending en
onttrekking van pensioenfondse wanneer byvoorbeeld van een werkgewer na ‘n
ander verskuif – asook te hoё
onttrekkingskoerse (onrealistiese lewensstyl) by aftrede, gegewe die
aftreekapitaal beskikbaar.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Dié wat wel
daarin slaag om suksesvolle aftreeplanne in plek te hê – en nee, dit is nie net
diegene wat die toppunt in hul beroepsloopbane bereik het nie – het ‘n paar goed reggedoen, byvoorbeeld om vroeg
in hul loopbaan te begin spaar, deurgangs ‘n goeie spaarkoers te handhaaf (bv.
15% van bruto inkomste), nie onverskillige en bloot dom besluite met hul
aftreegelde te maak nie en, miskien die belangrikste (en moeilikste), om binne
hul finansiёle vermoёns te leef. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Andersins, sou ek
argumenteer dat vir die meeste van ons is “aftrede” in die tradisionele sin en
veral in die afwesigheid van ‘n aanvaarbare of betroubare sosiale
ondersteuningstelsel (maatskaplike pensioene, mediese bystand) eintlik ‘n
uitgediende konsep. Verder, te veel lede van pensioenfondse het verwronge idees
of ‘n valse gerusstelling dat “alles in plek is” vir hul aftrede en dat hul nie
ekstra voorsiening moet maak nie. Ek glo eerder daaraan dat ons onsself moet bemagtig
met gespesialiseerde vaardighede en kennis, sodat ons relevant kan bly in die
werksplek en kan aftree wanneer ons <u>wil</u>, en nie omdat ons werkgewer of
fondsreёls ons <u>verplig</u> nie. Definitief makliker gesê as gedaan, maar
waar daar ‘n wil is, is daar ‘n weg!<o:p></o:p></span></div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-69599003664056163382014-09-06T15:08:00.000+02:002014-09-06T15:08:27.163+02:00Beleggingsverliese: Die emosionele (en irrasionele) ervaring van beleggers<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Wiskundig uitgedruk is die terme in die vergelyking <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 36.0pt; text-align: justify; text-indent: 36.0pt;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">(1+1) = (3-1)<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">altyd gelyk aan mekaar en behoort dit as sulks geen
invloed op individue se besluitneming te hê hoe om by die resultaat uit te kom
nie, of om meer spesifiek te wees hul behoort geen voorkeur te hê ten opsigte
van die “linkerkantse term” of “regterkantse term” van die vergelyking
nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Die waarheid egter is dat die menslike gedrag bepaalde
vooroordele het en nie werklik neutraal kan staan ten opsigte van sulke
situasies nie. Sonder twyfel van teenspraak sal die meeste mense altyd die
“linkerkant” verkies. Dit voel net baie beter om iets te wen as om iets prys te
gee, hoewel beide situasies presies dieselfde netto uitkomste kon bied. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhickK0LQxycOAv-Vc9BxUcVkXTLA7WXX3xRuaA5pYmkN1zFRPUA1vTSYLHNrD-Vs-thw2-GniBnKav7Otb71JOEDfKwj0Ya23xGqacr8hapcQKqFvrbZIBGKoBqO9scpkyw-tQtHP_18Xc/s1600/apple.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhickK0LQxycOAv-Vc9BxUcVkXTLA7WXX3xRuaA5pYmkN1zFRPUA1vTSYLHNrD-Vs-thw2-GniBnKav7Otb71JOEDfKwj0Ya23xGqacr8hapcQKqFvrbZIBGKoBqO9scpkyw-tQtHP_18Xc/s1600/apple.png" height="186" width="320" /></a></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;"><br /></span></div>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;"> </span><span style="font-family: Arial, sans-serif; font-size: 10pt; line-height: 150%;">Vervolgens, dink aan beleggingsopbrengste oor tyd. Tipies
word aanbeveel dat aandeelmark-verwante beleggings vir die langtermyn, sê, tien
jaar gehou en sodanig geëvalueer behoort te word. Niks is verkeerd met hierdie
advies nie – trouens in die meeste gevalle het dit nog altyd die beste gewerk, </span><u style="font-family: Arial, sans-serif; font-size: 10pt; line-height: 150%;">maar</u><span style="font-family: Arial, sans-serif; font-size: 10pt; line-height: 150%;">
bygesê as beleggers hierdie advies nougeset gevolg het. Die basiese probleem met
hierdie “langtermyn” advies is dat dit bykans onvermydelik is dat beleggers een
of ander stadium tydens ‘n tien-jaar beleggingstydperk ‘n daling in beleggingswaardes
(soos jaar-op-jaar gemeet) gaan ondervind.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Byvoorbeeld, gegewe die tipiese risikoprofiel van aandeelbeleggings
is daar ‘n 94% waarskynlikheid dat aandeelbeleggers in minstens een van die
tien jare ‘n negatiewe opbrengs gaan ervaar. Die waarskynlikheid dat hierdie
daling 20% of meer (maar nie meer as 30% nie) gaan wees, beloop 34%, oftewel
daar is ‘n een-derde kans dat oor ‘n tien-jaar beleggingstydperk minstens een
jaar ‘n negatiewe daling van 20% of meer kan voorkom. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Waarskynlikhede
gekoppel aan negatiewe aandeelopbrengste<o:p></o:p></span></b></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 5.4pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; width: 552px;">
<tbody>
<tr style="height: 23.25pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 23.25pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.0pt;" valign="bottom" width="264">
<div class="MsoNormal">
<b><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">Negative return greater than:<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="top" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">-30%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<b><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">-20%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<b><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">-10%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<b><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">0%<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 23.25pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.0pt;" valign="bottom" width="264">
<div class="MsoNormal">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">Risk of negative return in any year<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">0%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">4%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">10%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">24%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 23.25pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.0pt;" valign="bottom" width="264">
<div class="MsoNormal">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">Risk of negative return at least once in any three-year
period<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">0%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">12%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">27%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">56%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 23.25pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.0pt;" valign="bottom" width="264">
<div class="MsoNormal">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">Risk of negative return at least once in any five-year
period<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">0%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">18%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">41%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">75%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 23.25pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.0pt;" valign="bottom" width="264">
<div class="MsoNormal">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">Risk of negative return at least once in any seven-year
period<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">0%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">25%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">52%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">85%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 23.25pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.0pt;" valign="bottom" width="264">
<div class="MsoNormal">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">Risk of negative return at least once in any ten-year
period<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">0%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">34%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">65%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.0pt;" valign="bottom" width="72">
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;">94%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<i><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Bron:
DRW Investment Research, “Investing by Probabilities”, March 2011<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Bogenoemde uitkomste is basies ‘n wiskundige
(statistiese) sekerheid. Die vraag natuurlik is hoe beleggers in sulke
situasies gaan optree en die vermoede is sterk dat soos met die “appel
voorbeeld” hierbo geïllustreer dit nie juis veel anders as emosioneel en
uiteindelik irrasioneel sal wees nie.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Veronderstel die volgende scenario wat oor ‘n tien-jaar
beleggingstydperk gaan afspeel: ‘n Belegging verdien elke jaar ‘n 15% opbrengs,
behalwe vir een jaar wat dit ‘n negatiewe opbrengs van -20% gaan oplewer (dus 9
x 15% en 1 x -20%). Vervolgens plaas ek hierdie “negatiewe opbrengsjaar” op
drie verskillende tydstippe, naamlik aan die begin, middel en aan die einde van
die tien-jaar tydperk.<o:p></o:p></span></div>
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 4.65pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .75pt solid windowtext; mso-border-insidev: .75pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; width: 346px;">
<tbody>
<tr style="height: 12.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107"><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br clear="all" style="page-break-before: always;" />
</span>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-ansi-language: AF;"> </span><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Year<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Investment A<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Investment B<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Investment C<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="background: yellow; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-highlight: yellow;">-20%</span><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">2<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">3<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">4<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">5<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="background: yellow; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-highlight: yellow;">-20%</span><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">6<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">7<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">8<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">9<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">10<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="background: yellow; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-highlight: yellow;">-20%</span><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Watter belegging – A, B of C – sou die beste (of die
slegste) vaar?<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Wiskundig kan ons aantoon dat die tydstip waarin die
negatiewe jaar voorkom geensins saak maak nie – al drie beleggings behaal presies
dieselfde opbrengs oor ‘n tien-jaar beleggingshorison.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 4.65pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .75pt solid windowtext; mso-border-insidev: .75pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; width: 300px;">
<tbody>
<tr style="height: 23.25pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 23.25pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div class="MsoNormal">
<br /></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="bottom" width="65">
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Investment A<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Investment B<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Investment C<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 23.25pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Initial
investment<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">R1,000<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">R1,000<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">R1,000<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 23.25pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Final
value<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> R2,814 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> R2,814 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> R2,814 <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 23.25pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 23.25pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Annualised
return<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="bottom" width="65">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">10.9%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">10.9%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 23.25pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">10.9%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Die einde van die storie? Miskien volgens akademici en
suiwer rasionele wesens(!), maar definitief nie vir beleggers wat op
voetsoolvlak hierdie beleggingsondervinding gaan ervaar nie. Veel eerder gaan
die volgende geld:<o:p></o:p></span></div>
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 4.65pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .75pt solid windowtext; mso-border-insidev: .75pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; width: 346px;">
<tbody>
<tr style="height: 12.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Year<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Investment A<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Investment B<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Investment C<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<b><span style="background: yellow; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-highlight: yellow;"> 1,000 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,000 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,000 <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<b><span style="background: yellow; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-highlight: yellow;"> 800 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,150 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,150 <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">2<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 920 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,323 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,323 <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">3<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,058 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,521 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,521 <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">4<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,217 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<b><span style="background: yellow; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-highlight: yellow;"> 1,749 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,749 <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">5<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,399 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<b><span style="background: yellow; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-highlight: yellow;"> 1,399 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 2,011 <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">6<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,609 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,609 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 2,313 <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">7<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,850 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 1,850 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 2,660 <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">8<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 2,128 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 2,128 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 3,059 <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">9<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 2,447 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 2,447 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<b><span style="background: yellow; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-highlight: yellow;"> 3,518 <o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 11; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">10<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 2,814 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> 2,814 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.75pt;" valign="bottom" width="80">
<div class="MsoNormal">
<b><span style="background: yellow; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-highlight: yellow;"> 2,814 <o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 4.65pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .75pt solid windowtext; mso-border-insidev: .75pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; width: 349px;">
<tbody>
<tr style="height: 12.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.0pt;" valign="bottom" width="107">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">Loss/Regret<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.75pt;" valign="bottom" width="74">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> -200 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="bottom" width="84">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> -350 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="bottom" width="84">
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;"> -704 <o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Gestel ‘n belegger sou in al drie opsies R1,000 belê en
die beleggingswaardes verander elke jaar na gelang van die jaarlikse opbrengste.
Die kans is baie goed dat die belegger na afloop van die tiende jaar van mening
sou wees dat Belegging C die swakste opsie moes wees omrede sy die “meeste”
geld hier in ‘n spesifieke jaar verloor het (R704 teenoor R350 en R200).
Verder, die persepsie sou versterk word deurdat dit die mees onlangse negatiewe
beleggingservaring in vergeleke met die ander twee opsies sou gewees het. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Trouens, elkeen van hierdie opsies sou op bepaalde
stadiums van die tien-jaar tydperk die mantel van die “swakste” belegging gedra
het, natuurlik net na afloop van die negatiewe beleggingsjaar! <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Gelukkig sou hierdie belegger na afloop van die tien-jaar
tydperk besef het dat haar persepsie inderdaad verkeerd is omrede al drie
beleggings dieselfde endwaardes het. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">In die praktyk egter is dit hoogs onwaarskynlik dat
beleggers hierdie luukse van vergelykings het om hul tot ander insigte te
bring. Verder, is daar nie noodwendig ‘n gelyke beginpunt en nie dieselfde
endpunt hoe om beleggings te beoordeel nie. Byvoorbeeld, vanjaar mag ‘n
aandeelbelegging sleg afsteek by ‘n konserwatiewe effektebelegging, maar
volgende jaar is die skoen aan die ander voet. Dus, volgende jaar mag die
belegger dalk tot ‘n ander gevolgtrekking kom as die een wat hy vanjaar gemaak
het. Immers, die beleggingswêreld is
dinamies van aard waar beleggingsverwagtinge voortdurend verander soos
“onweerswolke” saampak of uitmekaar dryf.
<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;"> <o:p></o:p></span></div>
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br clear="all" style="page-break-before: always;" />
</span>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Uit bogenoemde voorbeeld raak dit duidelik dat om
beleggingsprestasies objektief te beoordeel aansienlik moeiliker is as wat die
meeste beleggers besef. Trouens, vir beleggingsadviseurs is dit ‘n moeilike
taak om beleggers te paai om nie van hul planne afstand te doen wanneer finansiële
markte swak vaar nie. Netso kan dieselfde adviseurs as “remskoene” beskou word wanneer
markte tye van voorspoed beleef! Maar
eintlik gaan dit hieroor om markopbrengste altyd in konteks te beskou – “niks”
gaan vir ewig baie goed wees of vir ewig baie sleg wees nie, anders was daar
nie iets soos verskillende bateklasse nie. <a href="file:///C:/Users/Daniel/Downloads/Beleggingsverliese_emosie%20(1).doc#_ftn1" name="_ftnref1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="AF" style="font-size: 10pt;">[1]</span></span><!--[endif]--></span></a>
<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;">Wat beleggers werklik benodig is die ou storie van
diversifikasie en terselfdertyd hul minder te verknies oor “verlore”
geleenthede en die najaag van hoë, maar onrealistiese opbrengste. Kristalballe
(voorspellings) en mooi ingekleurde stories werk nou eenmaal nie goed nie! <o:p></o:p></span></div>
<div>
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<div id="ftn1">
<div class="MsoFootnoteText" style="line-height: 150%; text-align: justify;">
<a href="file:///C:/Users/Daniel/Downloads/Beleggingsverliese_emosie%20(1).doc#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif";"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 10pt;">[1]</span></span><!--[endif]--></span></span></a><span style="font-family: "Arial","sans-serif";"> </span><span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">“Niks” verwys
hier na gediversifiseerde, gereguleerde en likiede beleggings in bepaalde
bateklasse. Natuurlik is daar spesifieke beleggings wat permanente verliese kan
meebring – veral strategieë wat berus op hefboomfinansiering, ooroptimistiese
sienings (oorwaardasies) en ‘n swak regulatoriese omgewing wat nie die belange
van beleggers voorop stel nie</span><span lang="EN-US" style="font-family: "Arial","sans-serif"; mso-ansi-language: EN-US;"><o:p></o:p></span></div>
</div>
</div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-57585210785681795792014-09-02T21:47:00.002+02:002014-09-02T21:47:18.020+02:00Opbrengsverwagtinge en statistiese werklikhede<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<a href="https://www.blogger.com/blogger.g?blogID=2144087621078155032" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=2144087621078155032" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=2144087621078155032" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=2144087621078155032" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=2144087621078155032" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="file:///C:/Users/Daniel/AppData/Local/Temp/msohtmlclip1/01/clip_image002.gif" style="cursor: move;" v:shapes="_x0000_i1025" /></a><span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Suid-Afrikaanse
beleggers het oor die afgelope dekade fantastiese reële (na inagneming van inflasie)
opbrengste in hul portefeuljes behaal. Natuurlik was daar die angsvolle, volatiele
episodes – wie kan die dramatiese gebeure van 2008 vergeet – maar oorhoofs
beskou was dit voorwaar ‘n bloeitydperk vir Suid-Afrikaanse beleggers. Trouens,
indien hierdie dekade teenoor ander dekades in perspektief gestel word, blyk
dit een van die beste beleggingstydperke vir Suid-Afrikaanse beleggers nog te
wees. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Hieronder word
die 10-jaar rollende na-inflasie of reële opbrengste van ‘n gebalanseerde
portefeulje (60% aandele, 20% effekte en 20% kontant) aangetoon en word
gebaseer op die jaarlikse opbrengste van verskillende bateklasse sedert 1900
(!) tot op hede.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE1BWNBxk13puesXXUCdEYARbO_8CxKpMc9E8ZckFIHf8kZZIPp9fWk5KrrqXmE6kpo3e8lN2iRm1wt5waKE-ualMOvm0QanTm2GfArdZxrU6u6ZcL1_n7WnafUjHzN4-oxMb7NCwDb5al/s1600/realreturn.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE1BWNBxk13puesXXUCdEYARbO_8CxKpMc9E8ZckFIHf8kZZIPp9fWk5KrrqXmE6kpo3e8lN2iRm1wt5waKE-ualMOvm0QanTm2GfArdZxrU6u6ZcL1_n7WnafUjHzN4-oxMb7NCwDb5al/s1600/realreturn.png" height="283" width="320" /></a></div>
</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Bron: DRW
Investment Research<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Maar die prentjie
is nie volledig sonder om daarop te wys dat langtermynopbrengste allermins
konstant is nie. ‘n Duidelike sikliese patroon is sigbaar. Selfs indien ek die beleggingshorison
uitskuif na ‘n veertig jaar- termyn vir dieselfde tipe portefeulje, wat terselfdertyd
min of meer ooreenstem met die beleggingstermyn van beleggers oor hul
“ekonomiese” leeftyd is hierdie patroon waarneembaar, maar natuurlik in ‘n veel
mindere mate. Let daarop dat reële opbrengste oor hierdie 40-jaar periodes meestal
gewissel het tussen 4% en 6% per jaar, behalwe vir ‘n swak periode wat geëindig
het in die 1970s en die baie goeie periode wat nou uitspeel in die 2010s. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyjavVzHi1G7qzA9GsCjKQ4lTzzTO5-FyT5twVVMvjmtv4qvunCWYgzd6vrFQDCc1z-rX6Il1pfLcdixrtKivm75FvVxe8jofCFB2kHHPgCYG7Azi3dQWb7uoaaFIb1NDkrHJ9WaOK8qxv/s1600/realreturn2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyjavVzHi1G7qzA9GsCjKQ4lTzzTO5-FyT5twVVMvjmtv4qvunCWYgzd6vrFQDCc1z-rX6Il1pfLcdixrtKivm75FvVxe8jofCFB2kHHPgCYG7Azi3dQWb7uoaaFIb1NDkrHJ9WaOK8qxv/s1600/realreturn2.png" height="283" width="320" /></a></div>
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;"><br /></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Bron: DRW
Investment Research<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;"> <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">So, is dit veilig
om reële opbrengste tussen 4% en 6% per jaar as norm vir langtermyn beplanningsdoeleindes
te aanvaar? Die maklike, sorgvrye antwoord is ja, maar ‘n dieper insig word
vereis om ‘n gekwalifiseerde antwoord hierop te kan formuleer.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Vervolgens, eers
‘n paar basiese beginsels. Die jaarlikse opbrengste van beleggingsportefeuljes
volg min of meer ‘n nomaalverdeling wat hieronder uitgebeeld word. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhz1kdeD9i2t5XuRX9VLcLGTeS1DqwdzdQPhLb_WtGWB171Jv9CBgA6jI7JrNS1BF1insK7L6PRm2gkQFxSx45rGKINr8r7l7UZxR76LVznBtXj656gHzxFwFAr37W5mRZ1bZPnSx6kT5qg/s1600/normdist.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhz1kdeD9i2t5XuRX9VLcLGTeS1DqwdzdQPhLb_WtGWB171Jv9CBgA6jI7JrNS1BF1insK7L6PRm2gkQFxSx45rGKINr8r7l7UZxR76LVznBtXj656gHzxFwFAr37W5mRZ1bZPnSx6kT5qg/s1600/normdist.png" height="219" width="320" /></a></div>
<span style="font-family: "Arial","sans-serif";"><!--[if gte vml 1]><v:shape id="_x0000_i1027"
type="#_x0000_t75" style='width:349.5pt;height:240pt'>
<v:imagedata src="file:///C:\Users\Daniel\AppData\Local\Temp\msohtmlclip1\01\clip_image005.emz"
o:title=""/>
</v:shape><![endif]--><!--[if !vml]--><!--[endif]--></span><span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;"> <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Bron: DRW
Investment Research<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">In die geval van
ons voorbeeld-portefeulje (60% aandele, 20% effekte en 20% kontant) is die
gemiddelde jaarlikse reële opbrengs gelyk aan 6.4% per jaar met ‘n
standaardafwyking van 15.4%. Dit wil sê, in enige jaar is daar ongeveer ‘n
twee-derde waarskynlikheid dat die portefeulje ‘n reële opbrengs van tussen
-9.0% en 21.8% per jaar sou oplewer. Voorts beteken ‘n normaalverdeling dat die
oorgrote meerderheid van opbrengste min of meer rondom die gemiddeld gesentreerd
sou wees en met relatiewe lae voorkomste van groot afwykings (positief of
negatief) daarvan.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Maar nou vir die
belangrike insig: Hierdie jaarlikse opbrengste word oor die beleggingstydperk,
sê 40 jaar, saamgestel en die moontlike uitkomste (d.w.s. die bedrag geld) na
afloop van die beleggingstermyn volg egter nie soos vantevore ‘n min of meer
normaalverdeling nie, maar eerder ‘n lognormale verdeling. Dus, ons kan sê
opbrengste volg ‘n normaalverdeling, maar die moontlike bedrae kapitaal wat
saamgestel word uit die opeenvolging van wisselende jaaropbrengste volg ‘n
lognormale verdeling. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Hierdie
lognormale verdeling van moontlike uitkomste wat byvoorbeeld na veertig jaar met
die voorbeeld-portefeulje verwag kan word, word as volg uitgebeeld:<a href="file:///C:/Users/Daniel/Downloads/Opbrengsverwagtinge_statistiek%20(2).doc#_ftn1" name="_ftnref1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="AF" style="font-size: 12pt;">[1]</span></span><!--[endif]--></span></a><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilX1Y12ru5niZSVqjfP5KsnGOLNUKM2tqek30zrFxvVxXYZXkySeziPojq-roSoJyuviVvZ_0o9o_IcunPQJC19V9ATcAv0UBt48TYKoXaeLPxWxD-7Vle1xWj9gwwSigEu7MPH-P3DZfp/s1600/lognorm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilX1Y12ru5niZSVqjfP5KsnGOLNUKM2tqek30zrFxvVxXYZXkySeziPojq-roSoJyuviVvZ_0o9o_IcunPQJC19V9ATcAv0UBt48TYKoXaeLPxWxD-7Vle1xWj9gwwSigEu7MPH-P3DZfp/s1600/lognorm.png" height="269" width="320" /></a></div>
<span style="font-family: "Arial","sans-serif";"><!--[if gte vml 1]><v:shape id="_x0000_i1028"
type="#_x0000_t75" style='width:386.25pt;height:324.75pt'>
<v:imagedata src="file:///C:\Users\Daniel\AppData\Local\Temp\msohtmlclip1\01\clip_image007.emz"
o:title=""/>
</v:shape><![endif]--><!--[if !vml]--><!--[endif]--></span><span style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;"> <span lang="AF"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Bron: DRW
Investment Research<o:p></o:p></span></div>
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">In hierdie voorbeeld
is die gemiddelde verwagte waarde of uitkoms van die 40-jaar plan gelykstaande
aan ‘n reële opbrengs van 5.3% per jaar. Let wel, hoewel die gemiddelde
verwagte jaarlikse reële opbrengs van die voorbeeld- portefeulje 6.4% per jaar
is, is die gemiddelde verwagte uitkoms na afloop van die 40-jaar termyn gelykstaande
aan 5.3% reële opbrengs per jaar. Dus, oor die langtermyn beskou vind ‘n
erodering van opbrengste plaas a.g.v. die uitwerking van volatiliteit in
jaarlikse opbrengste (bv. hoe hoër die volatiliteit, hoe meer erodering van
opbrengste vind plaas).<a href="file:///C:/Users/Daniel/Downloads/Opbrengsverwagtinge_statistiek%20(2).doc#_ftn2" name="_ftnref2" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="AF" style="font-size: 12pt;">[2]</span></span><!--[endif]--></span></a> <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Nietemin, ‘n
verwagte reële opbrengs van 5.3% per jaar is nie te versmaai nie en meeste
beleggers sal baie tevrede daarmee wees. Wat egter belangrik is, is die
verspreiding en waarskynlikheid van moontlike uitkomste. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Byvoorbeeld,
kenmerkend van ‘n lognormale verdeling is die voorkoms van ‘n relatiewe klein
aantal uitkomste (“uitskieters”) wat na regs op die horisontale as van die
grafiek uitloop, d.w.s. uitkomste a.g.v. uitstekende markopbrengste. Die logiese gevolg hiervan is dat die
“gemiddelde verwagte waarde” eintlik skeefgetrek word. Anders gestel, die
gemiddelde verwagte uitkoms (opbrengs van 5.3% per jaar) is dalk te optimisties gegewe die werklike
risiko-parameters van die belegging. Dus moet daar noukeurig gelet word op die
waarskynlikhede dat die uitkomste swakker as die gemiddelde waarde sou wees. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br clear="all" style="page-break-before: always;" />
</span>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Simulasie van
moontlike uitkomste na afloop van 40-jaar beleggingstermyn<o:p></o:p></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 5.4pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .75pt solid windowtext; mso-border-insidev: .75pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; width: 420px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 252.0pt;" valign="bottom" width="336"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Arial, sans-serif;">Verwagte uitkoms<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Arial, sans-serif;">Waarskynlikheid van
uitkoms<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 252.0pt;" valign="bottom" width="336"><div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">Uitkoms
minder as opbrengs van 3.7% p.j.<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Arial, sans-serif;">25.6%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 252.0pt;" valign="bottom" width="336"><div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">Uitkoms
meer as opbrengs van 3.7% p.j. en
minder as 5.4% p.j.<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Arial, sans-serif;">26.3%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 252.0pt;" valign="bottom" width="336"><div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">Uitkoms
meer as opbrengs van 5.4% p.j. en
minder as 6.4% p.j.<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Arial, sans-serif;">16.7%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 252.0pt;" valign="bottom" width="336"><div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">Uitkoms
meer as opbrengs van 6.4% p.j. en
minder as 7.2% p.j.<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Arial, sans-serif;">10.4%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 252.0pt;" valign="bottom" width="336"><div class="MsoNormal">
<span style="font-family: Arial, sans-serif;">Uitkoms
meer as opbrengs van 7.2% per jaar<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Arial, sans-serif;">21.0%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;"> <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Volgens bostaande
tabel is daar bykans ‘n 26% waarskynlikheid dat die uitkoms (m.a.w. die bedrag geld
beskikbaar) die ekwivalent is van ‘n reële opbrengs van 3.7% per jaar en
minder. Netso is daar ‘n 26% waarskynlikheid dat die uitkoms meer as 3.7% per
jaar, maar minder 5.4% per jaar sou oplewer. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Verder moet in
gedagte gehou word dat afwykings vanaf die gemiddelde waarde redelik groot
verskille in uitkomste tot gevolg het. Byvoorbeeld, hieronder demonstreer ek
die waardes van R1,000 saamgestel oor ‘n periode van veertig jaar teen
verskillende opbrengskoerse. In alle gevalle word die endwaardes in vandag se
terme (m.a.w. toekomstige inflasie het geen uitwerking nie) aangetoon.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 213.05pt;" valign="top" width="284"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Reële
opbrengskoers<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 213.05pt;" valign="top" width="284"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Endwaarde<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 213.05pt;" valign="top" width="284"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">3.7%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 213.05pt;" valign="top" width="284"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">R4,277<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 213.05pt;" valign="top" width="284"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">5.4%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 213.05pt;" valign="top" width="284"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">R8,196<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 213.05pt;" valign="top" width="284"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">6.4%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 213.05pt;" valign="top" width="284"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">R11,958<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 213.05pt;" valign="top" width="284"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">7.2%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 213.05pt;" valign="top" width="284"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">R16,135<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br clear="all" style="page-break-before: always;" />
</span>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; mso-ansi-language: AF;">Les bes, ek wil
nie die gees van beleggers-optimisme demp deur te fokus op swakker as verwagte
uitkomste nie – daar is immers nog bykans ‘n 50% kans dat die uitkoms beter as die
gemiddelde verwagte waarde sal wees – maar dit sal beleggers loon om eerder
konserwatiewe aannames in hul beramings te maak as om bloot opbrengste en
uitkomste van die afgelope dekade as normaal of as ‘n vertrekpunt te
beskou. </span><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;"> <o:p></o:p></span></div>
<br />
<div>
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<br />
<div id="ftn1">
<div class="MsoFootnoteText">
<a href="file:///C:/Users/Daniel/Downloads/Opbrengsverwagtinge_statistiek%20(2).doc#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-ansi-language: EN-ZA; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[1]</span></span><!--[endif]--></span></a> Die
resultate is m.b.v <st1:place w:st="on">Monte Carlo</st1:place> simulasies
verkry. Dieselfde aannames soos vroeër genoem, is gebruik, d.w.s. ‘n gemiddelde
reële opbrengs van 6.4% per jaar met ‘n standaardafwyking van 15.4%<o:p></o:p></div>
<div class="MsoFootnoteText">
<br /></div>
</div>
<div id="ftn2">
<div class="MsoFootnoteText" style="text-align: justify;">
<a href="file:///C:/Users/Daniel/Downloads/Opbrengsverwagtinge_statistiek%20(2).doc#_ftnref2" name="_ftn2" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-ansi-language: EN-ZA; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">[2]</span></span><!--[endif]--></span></a> Oor
die langtermyn beskou word die graad van opbrengs-erodering as 50% van die
variansie, oftewel die kwadraat van die
standaardafwyking, van die portefeulje bereken. In die voorbeeld hierbo met ‘n
gemiddelde opbrengs van 6.4% per jaar en standaardafwyking van opbrengs gelyk
aan 15.4%, word verwag dat die uiteindelike opbrengs 1.2% per jaar laer sou
wees, oftewel ‘n verwagte finale waarde met die opbrengsekwivalent van 5.2% per
jaar. <o:p></o:p></div>
</div>
</div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-70210662865452650812014-08-21T09:24:00.001+02:002014-08-21T09:24:17.234+02:00Wiskundige geletterdheid, persepsies en besluitneming<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">In die onlangse verlede het twee artikels wat verslag
gedoen het oor die gebrekkige kennisvlakke van wiskunde onder die breë publiek
my oog gevang. Ek verwys nie hier na ingewikkelde algebra of trigonometrie soos
van toepassing in die ingenieursbedryf of fisiese wetenskappe nie, maar bloot
basiese of primêre wiskundige geletterdheid. Meer spesifiek, ‘n konseptuele
verstaan wat sekere terme soos persentasies of verhoudings impliseer sodat
ooglopende foute en wanpersepsies in alledaagse besluitneming uit die weg geruim
kan word.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Eerstens, ‘n Afrikaanse dagblad het oor navorsing berig wat
dui op die die skokkende gebrek aan kennis van wiskunde-onderwysers by
laerskole.<a href="file:///C:/Users/Danie/Desktop/AFR/Wiskundige%20geletterdheid.doc#_ftn1" name="_ftnref1" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="AF" style="font-size: 12pt; line-height: 107%;">[1]</span></span><!--[endif]--></span></a>
Hierdie gevolgtrekking spruit voort uit ‘n verteenwoordigende steekproef wat
landswyd by skole ‘n paar jaar tevore uitgevoer was. Die fokusgroep was graad 6
wiskunde-onderwysers. Byvoorbeeld, bykans 80% van die onderwysers kon nie
wiskunde-somme op graad 6 vlak baasraak nie en tot soveel as 60% van die somme
kon nie korrek beantwoord word nie. Inderwaarheid het minder as 20% van die
onderwysers kennis van wiskunde tot op ‘n graad 8 vlak ten toon gestel.. Bid
jou aan, hoe kan verwag word dat die arme kinders goed geskool kan word in
wiskunde – verseker kan ons land nie verwag om ‘n magdom van top-gehalte,
hoë-vlak ingenieurs in die nabye toekoms die wêreld in te stuur nie!<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Maar dit gaan nie bloot oor die uitset van ‘n
hoë-kwaliteit, produktiewe werksmag nie; nee, dit is baie meer as dit. Die
basiese waarde van wiskunde is tog om rasionele en logiese denke te bevorder.
Sonder ‘n gesonde begrip daarvan gaan hierdie denkpatrone nie ontwikkel nie
want niemand word noodwendig uit die staanspoor daarmee gebore nie.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Volwassenes moet immers besluite met belangrike
finansiële implikasies kan neem, soos byvoorbeeld lewensstylkeuses,
finansiering en beleggingskeuses. Let wel, nie alle tipe finansiering of
beleggingsprodukte is na my mening noodwendig ontwerp met die endgebruiker as
die primêre begunstigde in gedagte nie! <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Die afwesigheid van rasionele denke gaan verseker jou
kwesbaar laat teen die aanslag van ongebreidelde kapitalisme in sy lelikste
vorme (byvoorbeeld, dink aan ongesekureerde skuldfinansiering en alles wat
daarmee gepaardgaan; ek hoef seker niks verder hieroor te sê nie…). Maar selfs
baie eenvoudiger, onskuldige besluite kom ter sprake, byvoorbeeld die keuse van
watter hamburger om te koop (sien my storie hieroor ‘n bietjie later).<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Die tweede artikel wat my belangstelling geprikkel het is
deur ‘n Amerikaanse finansiële raadgewer, Carl Richards, op sy blog
(oorspronklike weergawe <i>New York Times</i>)
gepubliseer.<a href="file:///C:/Users/Danie/Desktop/AFR/Wiskundige%20geletterdheid.doc#_ftn2" name="_ftnref2" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="AF" style="font-size: 12pt; line-height: 107%;">[2]</span></span><!--[endif]--></span></a>
Natuurlik verwys Richards na die wiskundige ongeletterdheid van die breë Amerikaanse
publiek, hoewel ek vermoed dat hul opvoedingsisteem dalk nie dieselfde
krisisafmetings as ons eie ondervind nie. Nogtans, wiskundige ongeletterdheid
blyk ‘n universele probleem te wees, wel minstens in ons westerse samelewing, en
dalk as gevolg van ‘n gebrekkige westerse siening oor die manier van
wiskunde-onderrig.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Richards vertel dat toe hy vroeër in Las Vegas gewoon het
op ‘n keer deur ‘n spesifieke reklamebord aangetrek is wat verkondig het dat ‘n
spesifieke casino ‘n 98% uitbetaling het. Wel, met die eerste oogopslag het dit
baie aantreklik gelyk totdat hy hieroor nagedink het. Dit beteken dat vir elke
$1 wat die dobbelaar by die casino spandeer gemiddeld 98c terug verwag kan word
– nog steeds ‘n 2c verlies. Geen belegger sal hiermee tevrede kan wees nie.
Nogtans het mense in hul hordes by hierdie casino ingestroom waarskynlik met
die verwagting van heeltemal iets anders as wat die werklike betekenis daarvan
was.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 72.0pt; text-align: justify; text-indent: 36.0pt;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;"> <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;">‘n Ander staaltjie wat Richards vertel gaan oor ‘n
kitskos kettinggroep wat as teenvoeter vir die gewilde McDonalds </span><i style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;">Quarter Pounder</i><span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;"> ‘n </span><i style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;">Third Pounder</i><span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;"> hamburger geloods het. Ten spyte daarvan dat mense in
steekproewe daarop gedui het dat die </span><i style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;">Third
Pounder</i><span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;"> beter smaak en goedkoper is as die </span><i style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;">Quarter Pounder</i><span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;">, het mense nog steeds laasgenoemde verkies. In
opvolgstudies het mense gesê dat hul die </span><i style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;">Quarter
Pounder</i><span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;"> verkies omdat dit kwansuis ‘n groter porsie is as die </span><i style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;">Third Pounder</i><span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;">, vier is immers groter as
3. Maar natuurlik is dit nie waar nie, onthou ons verwys hier na breuke, en ‘n </span><sub style="font-family: Arial, sans-serif; line-height: 150%;">1/3</sub><span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;">
is altyd groter as ‘n ¼, nogtans mense kon nie hierdie belangrike onderskeid
tref nie.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 72.0pt; text-align: justify; text-indent: 36.0pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;"> </span><span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;">Vervolgens fokus ek daarop hoe misplaaste verwagtinge by
die publiek weens gebrekkige insig in finansiële terminologie en berekeninge kan
ontstaan.</span><span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;"> </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Byvoorbeeld, dink aan die maniere hoe rentekoerse op
beleggingsdepositos deur finansiële instellings aan die publiek in advertensies
opgedis word. Vir ‘n vyf-jaar termyn deposito mag op ‘n prominente wyse ‘n
rentekoers van 10% per jaar aangebied word terwyl die ooreenstemmende
rentekoers op ‘n een-jaar deposito 7% per jaar sou beloop. Wat beteken hierdie
koersverskille werklik? Is die 5-jaar koers werklik baie beter as die een-jaar
koers soos dit ooglopend voorkom (“10” en “7%”). Hiervoor word nogals redelike
insig van die werking van rentekoerse verlang om by ‘n sinvolle antwoord uit te
kan kom.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Daar moet gelet word op die tipe rentekoers -
enkelvoudig, nominaal of effektief. Byvoorbeeld in hierdie geval sou die “10%”
verwys na die enkelvoudige rente verdien op ‘n belegging oor ‘n vyf-jaar tydperk
(gewoonlik word dit gemeld in die fynskrif onderaan die advertensie). Dit
beteken indien vandag R1m belê word sal oor vyf jaar R1.5m uitbetaal word. Geen
rente word gedurende die termyn uitbetaal nie, en word slegs op die vervaldatum
uitbetaal. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Hoe kan dit vergelyk word met ‘n een-jaar depositokoers
van 7%, waarvan rente maandeliks betaalbaar is? Hierdie tipe rentekoers is
bekend as die nominale koers. Maar hierdie koers kan nie direk vergelyk word
met die vyf-jaar koers waar geen rente gedurende die termyn uitbetaal word nie.
Daarvoor moet die nominale koers omgereken word na die effektiewe koers; dit is
as die maandelikse rente gekapitaliseer sou word en slegs na afloop van die een-jaar
periode uitbetaal sou word. Die effektiewe koers van die een-jaar deposito
beloop 7.23% per jaar. Daarteenoor, vir die vyf-jaar belegging is die
ekwivalente effektiewe koers gelykstaande aan 8.45% per jaar. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Nou kan beide beleggings in dieselfde, vergelykbare terme
beoordeel word. Die potensiële belegger kan dus besluit of die
rentekoersverskille tussen die vyf-jaar opsie en een-jaar opsie (8.45% en
7.23%) genoegsaam is om die kapitaal vir ‘n langer tydperk vas te maak, al dan
nie. Minstens bied hierdie metodiek ‘n
rasionele grondslag waarop beleggingsbesluite berus kan word, en nie slegs die
grype na sensasionele advertensies en syfers nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 437px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.0pt;" valign="bottom" width="88">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="AF">Belegging<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="AF">Termyn (jare)<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.0pt;" valign="bottom" width="83">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="AF">Effektiewe<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.0pt;" valign="bottom" width="75">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="AF">Nominale<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="AF">Endwaarde<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.0pt;" valign="bottom" width="88">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="AF"> 1,000,000 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="AF">5<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.0pt;" valign="bottom" width="83">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="AF">8.45%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.0pt;" valign="bottom" width="75">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="AF">8.14%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="AF"> 1,500,000 <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.0pt;" valign="bottom" width="88">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="AF"> 1,000,000 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="AF">1<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.0pt;" valign="bottom" width="83">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="AF">7.23%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.0pt;" valign="bottom" width="75">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="AF">7.00%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="AF"> 1,072,290 <o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Breedweg gesproke is die meeste mense skuldig daaraan om
die uitkoms van lae-waarskynlikheid uitkomste te oorskat en soortgelyk
hoë-waarskynlikheid uitkomste te onderskat. Dit lei daartoe dat mense
proporsioneel meer geld sou waag op lae-uitkoms gebeure soos dobbel (casinos,
lotto) teenoor veiliger uitkomste. Net so sal mense aangetrek word deur die
potensiële uitkoms van spekulatiewe aandele teenoor ‘n gediversifiseerde
mandjie van aandeelbeleggings. Let wel, dit is nie noodwendig verkeerd om geld
te plaas in eersgenoemde opsies nie, dit is eerder ‘n geval van oordrewe
verwagtinge, en gevolglik oor-investering daarin relatief tot veiliger,
hoër-waarskynlikheid uitkomste.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Ditto vir beleggings-skemas waarin beloftes van hoë
opbrengste verkondig word. Soos motte in die aand na ‘n lig aangetrek word, sal
daar altyd mense wees wat min oorweging skenk aan die potensiële gevare van
sulke skemas, bv. wanadminstrasie, volhoubaarheid van opbrengste en pleinweg
bedrog deur die sogenaamde administrateurs van sulke skemas.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Gegewe die prominensie wat die koste van beleggings
vandag in die media geniet, is ‘n interessante vraag hoeveel mense regtig besef
hoeveel hul vir die professionele bestuur van hul beleggings betaal. Gewoonlik
druk fondsbestuurders hul fooie as ‘n persentasie van die waarde van die
belegging uit, maar nie in randwaarde nie (terloops, adviseursfooie word
meestal in randterme op beleggingsstate aangetoon). Terwyl
persentasie-berekening en omskakeling na randwaarde ‘n relatiewe eenvoudige
berekening behoort te wees, moet ‘n mens nogal wonder hoeveel beleggers dit
werklik kan doen. Ek vermoed baie beleggers weet nie regtig wat hul vir die
fondsbestuurders betaal nie, veral omdat hierdie koste (in randterme) nie op
state geopenbaar word nie. Wel, miskien is dit ‘n geval van “wat jy nie sien
nie, gaan jou nie pla nie”. Nogtans, ek
is nie so seker of die beleggingsbedryf regtig kan aanspraak maak op deursigtigheid
soos dikwels aangevoer word nie. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;"> <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">In die algemeen skenk mense groter oorweging aan die
bevrediging van onmiddelike behoeftes teenoor meer, later, oftewel - om dit
meer elegant uit te druk - toekomstige voordele word teen ‘n baie hoë verdiskonteringskoers
teenoor die voordele van vandag gemeet. Dit het daarmee te make dat ons
enersyds die kumulatiewe uitwerking van saamgestelde rente (distribusies) in
die toekoms totaal onderskat en anersyds vind ons dit moeilik om ons te
vereenselwig met ons toekomstige self en moontlike behoeftes op daardie stadium
van ons lewens. Trouens, navorsing het bevind dat mense min of meer dieselfde
emosie (of gebrek daaraan) teenoor hul toekomstige self openbaar as wat hul
teenoor vreemdelinge in finansiële transaksies wat hul toekoms sal raak, sou
toon.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">[Lees meer hieroor in ‘n artikel wat ek vantevore oor hierdie
onderwerp saamgestel het: </span><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: AF;"><a href="http://www.indexinvestor.co.za/index_files/MyFiles/NewsletterJuly2011.pdf">http://www.indexinvestor.co.za/index_files/MyFiles/NewsletterJuly2011.pdf</a></span><span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">]<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Nietemin, mense sukkel om die uitwerking van saamgestelde
rente behoorlik te rasionaliseer. Beleggingswaardes oor tyd neem ‘n
ekspononensiële (groei op groei) funksie aan en nie in ‘n lineêre formaat soos
ons geneig is om te dink nie. Indien mense
die ware toedrag van sake sou begryp, sou daar veel minder geneigdheid wees om
voortdurend byvoorbeeld spaarpogings “totdat dit beter gaan” uit te stel. In
elk geval, dit is nie die tipe berekening wat op die ingewing van die oomblik
gedoen kan word nie – ons het eenvoudig nie die verstandelike vermoëns om sulke
berekeninge oombliklik te kan doen nie. Daarvoor word gewoonlik ‘n sakrekenaar
vereis en ‘n basiese kennis van hoe om toekomstige waardes te kan bereken.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;">Ter illustrasie van bogenoemde beginsels: Indien u ‘n
stuk papier 42 keer (teoreties) kon dubbeld vou, wat sou u skat sal die afstand
wees wat die gevoude papier in beslag neem? Tien meter, twintig meter, honderd
meter? Nee, inderdaad lank genoeg om die maan te kan bereik (384,000 km)! <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="AF" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF;"> </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;">Les bes, niemand van ons kan aanspraak maak op perfekte
beoordeling van alle aspekte van ons daaglikse besluitneming nie. Ons is immers
menslik, maar ons kan definitef beter besluite met die toepassing van logiese
denke en basiese wiskundige beginsels neem. In baie gevalle sal dit loon om
eers beredeneerd oor belangrike finansiële sake na te dink as om bloot naïwelik
op mooi advertensies en beloftes te reageer.</span><span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;">
</span><span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;"> </span><span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;"> </span><span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;"> </span><span style="font-family: Arial, sans-serif; font-size: 12pt; line-height: 150%;"> </span></div>
<br />
<div>
<!--[if !supportFootnotes]--><br clear="all" />
<hr align="left" size="1" width="33%" />
<!--[endif]-->
<div id="ftn1">
<h1 style="background: white; line-height: 33.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 22.5pt; margin-right: 22.5pt; margin-top: 0cm;">
<a href="file:///C:/Users/Danie/Desktop/AFR/Wiskundige%20geletterdheid.doc#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-family: "Arial","sans-serif"; font-size: 10.0pt; font-weight: normal; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold;"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-size: 10pt; line-height: 107%;">[1]</span></span><!--[endif]--></span></span></a><span lang="EN-GB"> </span><span lang="EN-GB" style="font-family: Arial, sans-serif; font-weight: normal;"><span style="font-size: small;">Die Burger, 2014. “ Graad
6-onnies se somme ‘n groot krisis” Augustus,
8.</span><span style="font-size: x-small;"><o:p></o:p></span></span></h1>
</div>
<div id="ftn2">
<div class="MsoFootnoteText">
<a href="file:///C:/Users/Danie/Desktop/AFR/Wiskundige%20geletterdheid.doc#_ftnref2" name="_ftn2" title=""><span class="MsoFootnoteReference"><span style="font-family: "Arial","sans-serif"; mso-bidi-font-family: "Times New Roman";"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span style="font-size: 10pt; line-height: 107%;">[2]</span></span><!--[endif]--></span></span></a><span style="font-family: "Arial","sans-serif"; mso-bidi-font-family: "Times New Roman";">
Carl Richards, 2014. “The Cost of Being Bad at Math” August, 6. <o:p></o:p></span></div>
<div class="MsoFootnoteText">
<span style="font-family: "Arial","sans-serif"; mso-bidi-font-family: "Times New Roman";"><a href="http://www.behaviorgap.com/cost-bad-math/">http://www.behaviorgap.com/cost-bad-math/</a>
<o:p></o:p></span></div>
</div>
</div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0tag:blogger.com,1999:blog-2144087621078155032.post-67891355818984884302014-08-12T13:37:00.001+02:002014-08-12T13:37:13.937+02:00Vyftien Venynige Beleggingswaarhede<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">1. Die
meeste mense is bykans obsessief daaroor om 'n “goeie belegging” te vind. Terwyl
‘n “goeie belegging” inderdaad verskeie betekenisse vir verskillende mense op
verskillende tye kan hê is dit opsigself nie die antwoord vir tekortkominge
andersins in hul beleggingsplan nie. So byvoorbeeld behoort hul liefs daarop te
fokus om hul persoonlike finansiële beplanning en besteding in orde te kry.
Byvoorbeeld, maak dit sin dat ‘n persoon ‘n belegging wil maak terwyl hy of sy
uitstaande kredietkaartskuld het waarop hemelhoë rentekoerse gehef word? Dus,
instede van u tyd mors om ‘n “goeie belegging” te vind, bestee liefs u tyd
daaraan hoe om meer geld te spaar, of as u wil, meer ekonomies met u geldsake
om te gaan.<o:p></o:p></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<br /></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">2. Ek
is stewig in die kamp wat huiseienaarskap voorstaan synde dat dit sekuriteit en
veral stabiliteit in die gesinslewe bevorder. Maar suiwer vanuit 'n
beleggingsperspektief stem ek nie daarmee saam dat dit jou “beste belegging” oor
tyd gaan wees nie. Na my mening neem die meeste mense nie al die werklike
koste-aspekte, asook die uitwerking van inflasie in ag wanneer hierdie tipe
besluite geneem word nie. Synde dat ons dan maklik op 'n dwaalspoor kan beland
is ons dalk geneig om te veel wil spandeer om byvoorbeeld ons huis in ‘n
spogwoning te omskep, natuurlik met die vriendelike hulp van ons naaste bankier,
want ons glo “ons sal ons geld dubbel en dwars terugkry”. Enige een wat in die
onlangse verlede eiendom verkoop het, sal kan getuig dat die huismark nie so
sterk en lewendig is as wat eiendomsagente te kenne wil gee nie. Of, u sal
uitvind daar is taamlike prysverskil tussen aanbod en vraag in die markplek. <o:p></o:p></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;"><br /></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">3. Ten
spyte van ‘n hoogs gesofistikeerde aftreefondsbedryf waarbinne ‘n ongelooflike
poel van kundigheid en kennis beskikbaar is staar die meeste mense gebrekkige
aftreevoorsiening in die sig. Eerstens, miskien het baie lede hulself gefaal
deur swak beleggingskeuses ten tyde van hul beroepsloopbaan te maak, en miskien
ook as gevolg van suiwer onkunde. Tweedens, struktureel – administasiefooie,
risikovoordele en batebetuursfooie het mildelik aan fondsbates weggekalwe. Miskien
het diensverskaffers hul eie (of aandeelhouers) belange voorop gestel het ten
koste van ledevoordele – dink aan skelwoorde soos “botsing van belange” of “gevestigde
belange” waar fondslede nie altyd regverdig of billik behandel is nie. Hoe dit
ookal sy, baie positiewe veranderinge in die bedryf is al gemaak en gaan nog
gemaak word, maar sulke “skade” kan nie oornag goedgemaak word nie. Helaas, die
boodskap aan die huidige geslag voornemende afgetredenes behoort duidelik
uitgespel te word. U sal nie kan aftree net met die voordele van u aftreefonds
tot u beskikking nie (behalwe as u dalk die toppunt van u beroepsleer of
onderneming bereik het) en terselfdertyd verwag om dieselfde lewensstandaard as
vantevore te handhaaf nie. U sal addisioneel tot u aftredevoorsiening moet
bydra, maar dit beteken noodwendig ‘n inkorting van ‘n uitspattige lewensstyl
tydens u beroepslewe. Indien nie, sal ‘n drastiese aanpassing in u aftreejare
noodwendig moet volg, of u sal eenvoudig nie kan aftree op die beplande
ouderdom nie. <o:p></o:p></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<br /></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">4. Selfversekerd
oor u beleggingskeuses? U het immers u huiswerk gedoen en die opsies wat in die
verlede die beste gewerk het, geïdentifiseer en in u portefeulje staangemaak.
Maar besef u werklik hoe dinamies finansiële markte is en hoe een markleier of
sektor bykans ongesiens deur ‘n ander
verbygesteek kan word. Markte is voortdurend besig om te verander, dieselfde
geld vir die samestelling van markindekse. Ter illustrasie: Twaalf jaar gelede
het <i>General Motors</i> op die kruin van
die golf gery en <i>Apple</i> was inderdaad
'n verrottende appel. Ons weet wat intussen gebeur het Net so weet ons dat in die volgende dekade ‘n
nuwe markleier op die horison gaan verskyn – maar ons weet nie wie dit gaan
wees nie of hoe die markindekse daarna gaan uitsien nie. Die punt is dat
beleggings in maatskappye wat in die onlangse verlede buitengewoon goed gevaar
het waarskynlik nie dieselfde sukses in die toekoms sal behaal nie. Die bybelse
waarheid van “moenie al jou eiers in een mandjie pak nie” kan nie oorbeklemtoon
word nie.<o:p></o:p></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<br /></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">5. Ons
leef in ‘n tydvak van ‘n ongekende toename en blootstelling aan inligting waarmee beleggers daagliks gebombardeer
word. Byvoorbeeld, vyftien jaar gelede was daar kwalik een toegewyde
televisiekanaal wat oor elke sekonde van markgebeure reg oor die wereld verslag
gedoen het. Dink byvoorbeeld aan wat u vandag tot u beskikking het, en dan
verwys ek nog nie eens na die magdom internetbronne wat u kan raadpleeg om
spesifieke inligting na te vors nie. Die vraag is natuurlik of hierdie oorvloed
van inligting tot beter beleggingsbesluite lei of eerder beleggers verward laat
rondskarrel op soeke na sinvolle antwoorde en riglyne? My gevoel en
gewaarwording is eerder laasgenoemde; trouens ek is seker dat die konstante,
indien nie sensasionele, beriggewing soos dit aan die publiek opgedis word meer
skade as goed doen. Die geheim is eerder om ‘n paar stelle markaanwysers
nougeset na te volg en die res van die “markgeraas” te ignoreer. Byvoorbeeld,
die afgelope paar jaar is gereeld stories voorgehou dat die wereldekonomie weer
na 'n ressessie kan terugkeer – of dit gebeur het of nie sou nie werklik ‘n
groot verskil gemaak het nie, ten minste was aandeelmarkte veral in die
ontwikkelde markte goedkoop genoeg geprys om te verseker dat beleggers 'n
redelike opbrengs vir die volgende paar jaar op hul belegging sou verdien. <o:p></o:p></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">6. Velerlei
innovasies oor die afgelope dekade het die lewe van beleggers oneindig makliker
gemaak. Dink byvoorbeeld aan die elektroniese verhandelingsplatforms wat
beleggers deesdae tot hul beskikking het om gemaklik transaksies deur te voer.
Boonop het verhandeling veel goedkoper geraak in vergeleke met die tradisionele
wyse om ‘n transaksie deur ‘n aandelemakelaar te maak. Dit alles tot voordeel
van die belegger, of het daar dalk onbedoelde gevolge onstaan? Na my mening, ja,
omrede beleggers nou veel meer transaksies kan doen – dit is immers goedkoop –
is die kanse goed dat hul inderdaad swakker en onoordeelkundige besluite gaan
neem. Trouens, navorsing dui onteenseglik daarop dat aktiewe beleggers
gemiddeld swakker vaar as passiewe beleggers. Verder, maak dit regtig sin dat
die amateur belegger kan dink dat hul die professionele belegger met veel meer en
kragtiger hulpbronne tot hul beskikking, kan uitoorlê? <o:p></o:p></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">7. In
dieselfde trant, dink aan die velerlei innoverende, maar ingewikkelde
beleggings- en afgeleide instrumente soos CFDs en SSFs (as u nie weet waarvoor die
afkortings staan nie, goed so!) wat beleggers vandag tot hul arsenaal kan byvoeg.
Ek dink onwillekeurig aan wat John Bogle by geleentheid opgemerk het: “The
Purdey shotgun is great for big game hunting... and it is great for suicide.” Terloops, wat die aanvaarding van innovasies
behels, onthou die wysheid van Warren Buffett: “First come the innovators, then
come the imitators, then come the idiots.” <o:p></o:p></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">8. Die
media is baie lief daarvoor om sekere persoonlikhede in die beleggingswereld
aan die groot klok te hang en gereeld hul menings en voorspellings oor sake van
die dag aan te haal. Verbasend genoeg, niemand hou telkaart oor die
akkuraatheid van sulke menings en voorspellings nie – trouens, indien iemand
sou, sou ons nie kon verstaan waarom sodanige persoonlikhede hoegenaamd oor ‘n
mening gepols word nie! Die waarheid is
dat ons ongelooflik swak vaar met finansiële en ekonomiese voorspellings; netso
vaar kenners verbasend swak gegewe die vertroue en verwagtinge wat in hul
gestel word of die bohaai wat kwansuis oor hul diepe insig gemaak word. Die
punt is eenvoudig: Niemand weet wat môre, volgende week, maand of jaar gaan
gebeur nie! <o:p></o:p></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<br /></div>
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br clear="all" style="page-break-before: always;" />
</span>
<br />
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">9. Praat
is soveel makliker as doen. Byvoorbeeld, ons weet die oeroue wenresep is “koop
laag, verkoop hoog” of “wees gierig as ander bang is”. Tog, wanneer hierdie
geleenthede hulself voordoen, kan ons dikwels aan baie verskonings dink hoekom
hierdie respep nie weer gaan werk nie, of soos ons waarskynlik sal dink: “Maar
hierdie keer is dit tog anders”. <o:p></o:p></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">10. Die
verskil tussen professionele en amateur sportlui is dat professionele spelers
80% van hul geleenthede benut, terwyl amateurs 80% van hul punte verloor. Net
so, die amateur belegger moet daarop fokus om nie hul geld met onoordeelkundige
beleggingsbesluite te verloor nie. Die nakoming van ‘n paar eenvoudige
beleggingsreëls soos dat slegs beleggings in gereguleerde markte oorweeg sal
word of dat beleggingswenke van vriende en familie liefs vermy sal word – tensy
hul 'n behoorlike, gekwalifiseerde mening kan huldig – kan die gewone belegger
baie verdriet en verliese spaar. <o:p></o:p></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">11. Luister
gerus na diegene wat oor hul beleggingsfoute en teleurstellings van die verlede
praat, maar vermy die “blink stefaanse” wat voorgee dat hul altyd reg is of van
beter weet. Sulke mense het waarskynlik nog nooit iets geleer van beleggings
nie of skuil agter 'n skansbeeld, natuurlik met hul eie agenda voorop gestel om
goedgelowige beleggers in hul striknet vas te keer. <o:p></o:p></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">12. ‘n
Goeie maatskappy is nie noodwendig gelyk aan ‘n goeie belegging nie – die
uitkoms van elke beleggingsbesluit word grotendeels bepaal deur die prys
waarteen ‘n bate op ‘n sekere stadium aangekoop is. Byvoorbeeld, indien u ‘n
aandeel van ‘n maatskappy teen ‘n premie (gemeet teenoor historiese prysvlakke
asook die relatiewe prysverhoudings van soortgelyke maatskappye) sou aankoop,
moet u baie seker van u saak wees dat die toekomstige verdienste en dividende
hierdie premie sou regverdig. Ongelukkig, baie dikwels realiseer hierdie
buitensporige verwagtinge egter nie Les
bes, u sal waarskynlik tot die besef kom dat opbrengste op sulke beleggings nie
in ooreenstemming is met die persepsies rondom die kwaliteit van die maatskappy
of besigheid nie. Soortgelyk, gewilde aandele of beleggingsstrategieë op ‘n sekere
stadium (“almal koop dit nou”) gaan waarskynlik tot middelmatige of
teleustellende opbrengste in ‘n latere stadium lei. <o:p></o:p></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">13. Wanneer
u in die aandeelmarkte belê, wees voorbereid daarop dat aandeelpryse minstens
elke jaar ‘n regstelling (daling) gaan beleef, wat natuurlik in daaropvolgende
stadia gevolg gaan word deur stygings, waarskynlik verby vorige prysvlakke.
Wees ook daarop voorbereid dat aandeelmarkte minstens elke 7-10 jaar ‘n
grootskaalse daling gaan ondervind wat baie waarskynlik u vertroue in sulke
beleggings vir minstens ‘n goeie klompie maande or jare daarna ernstig gaan
knou. Gedagtes soos “nooit weer nie” gaan waarskynlik by u opkom. Glo dit, weet
dit, en maak vrede daarmee dat dit is hoe finansiële markte werk. Dan sal u
hopelik nie oorhaastige, skadelike finansiële besluite neem waneer u emosies
ten tyde van dramatiese markgebeure op loop gaan nie. <o:p></o:p></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">14. In
die volgende twintig jaar gaan ons waarskynlik drie tot vier ekonomiese
ressessies beleef. Dit is immers die harde werklikhede van ekonomiese en
sakesiklusse. Moet dus nie verbaas wees as dit wel voorkom nie. En, o ja,
ekonome gaan bes moontlik ses tot sewe ressessies oor hierdie tydperk voorspel.
Net ter inligting: Volgens <i>Google</i> is
die term “double-dip recession” in 2010 en 2011 bykans 11 miljoen keer
gebruik wat natuurlik nooit gerealiseer het nie. Soortgelyk, in 2006 en 2007 is
die woord “financial collapse” feitlik nooit gebruik nie en ons almal weet wat
kort daarna gebeur het. <o:p></o:p></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<br /></div>
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: AF; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br clear="all" style="page-break-before: always;" />
</span>
<br />
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;"> <o:p></o:p></span></div>
<br />
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -36.0pt; vertical-align: baseline;">
<span lang="AF" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: AF;">15. Suksesvolle
beleggingsbestuur oor die langtermyn is eintlik ongelooflik moeilik, maar nie
om die voorhandliggende redes nie. Vandag is 'n legio van professionele
fondsbestuur en beleggingsprodukte vir elke smaak en gier beskikbaar, die
belegger kan feitlik alles self doen en dan nog teen relatiewe lae koste. Maar
dit is nie die deurslaggewende faktor waarom 'n belegger suksesvol sal wees al
dan nie, maar eerder of die belegger sekere basiese kennisvlakke verwerf het en
baie belangrik, die sielkundige vermoëns ontwikkel het hoe om moeilike situasies
te hanteer. Byvoorbeeld, hoe kalm gaan u bly wanneer “alles” rondom u
klaarblyklik in duie stort of elke Jan Rap en sy maat oënskynlik 'n fortuin uit
die nuutste beleggingsgier maak. Miskien sou 'n tipe Rip van Winkel die beste
soort belegger vir langer termyn beleggingsperiodes uitmaak, maar dit is
eenvoudig nie hoe ons as mense aanmekaargesit is nie – ons het sosiale
interaksie met mekaar, ons wil voortdurend verken, nuwe idees op die proef stel
en optree volgens die gebeure van die dag. Tog, met die voortdurende opbou van
kennis en ondervinding leer ons hoe om ons rou emosies in toom te hou en beter
beleggers te word, maar dit beteken dat ons doelbewus ons houding en
verwagtinge jeens beleggings moet
verander. Dit is nie net u belegging wat vir u werk nie, maar u wat aan uself
moet werk om die beste resultate oor tyd te behaal.<o:p></o:p></span></div>
SA Indexinvestorhttp://www.blogger.com/profile/08908116823494392391noreply@blogger.com0Cape Town, Cape Town, South Africa-33.924741 18.424107400000025-33.924741 18.424107400000025 -33.924741 18.424107400000025