VPC | Accelerated Growth Fund

|... a higher risk fund that aims to deliver superior real returns over the medium to longer term, with a strong focus on active management|
|... a higher risk fund that aims to deliver sustained, momentum based outperformance|”

Fund Objectives Fund Facts

Investment Manager Vunani Private Clients (FSP.564)
This portfolio is a long only investment portfolio based primarily on extensive , sustainable (measured)
momentum performance. Classification: Domestic - Equity Growth
Geographic Focus South Africa
Its track record demonstrates superior real rates of return over the past ten years with consistent Benchmark JSE Top 40 (J200)
above average earnings qualification. Share inclusions require demonstrable performance Currency ZAR
qualifications for the minimum ten year period for consideration.
Investment Minimum R250,000
Constant focus is to maintain exposure to outperforming counters. Companies included have proven Inception date Jan-12
track records of increasing shareholder wealth over time and consistently beating earnings estimates. Realizations Re-invested
Auditor KPMG
It is based on the premise that superior earnings growth measured in quantitative terms are supported Authorised Representative Grant Lowton
by tangible qualitative assessments like stable management, market positioning and consistent
investor demand over the minimum ten year period under review. Key Individual Mark Weetman

Portfolio restructuring occurs when any counter shows either graduated or definitive All Share Index Fees
underperformance supported by research confirming possible fundamental changes to the companies Management fee 1.25% p.a.
future prospects.
Performance fee 20% participation

Fund Highlights
Fund Manager
Once again, the vast majority of our counters were positive for the month. The biggest winners were
AVI and APN, which returned 18.2% and 15.3% for July, respectively. The worst performers were KIO Grant Lowton was a sell-side (stock broking) equity analyst before
(-6.1%) and OCE (-1.0%). Another fantastic month. working as a private client trader. He is currently an equity portfolio
manager.

PERFORMANCE
Comparative Returns Fund Top 40
Monthly Return 5.46% 2.55% Acc. Growth Monthly Performance
YTD Return 37.15% 8.39% 40% 8.0%
Average monthly returns 5.31% 1.20% Top 40
Best month 6.36% 6.02% 35% 6.0%
Cum. Perf.
Worst month -0.84% -4.25%
% Positive Months 85.71% 71.43% Cum. perf 30%
4.0%
Sharpe (RF based on STEFI) 14.78 1.61
Beta (relative to Top40) 0.59 1.00 25%
Standard deviation 2.29% 3.18% 2.0%
20%
Historical Returns 3-month 6-month YTD 0.0%
Accelerated Growth Fund 12.92% 30.79% 37.15% 15%
JSE Top 40 (J200) TR 2.55% 2.38% 8.39%
-2.0%
10%
Investment Objectives -4.0%
5%
• The portfolio aims to beat the total return of the JSE Top 40 index (J200)
• Active stock-picking 0% -6.0%
• Aggressive long term price/capital appreciation

PORTFOLIO HOLDINGS
Top 10 Holdings
HWN 6.52% AVI 5.26%
16.8% 12.9%
96.51% Resources
LHC 5.75% PNC 5.12% 14.6% 12.7% Industrials
3.49% Consumer
IVT 5.69% ASR 4.99% Cash 43.1% TMT
MPC 5.46% CML 4.59% Equities Financials
APN 5.31% MTA 4.51%

MONTHLY RETURNS (NET OF FEES)

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2012 6.36% 5.93% 4.63% 5.39% -0.84% 5.57% 5.46% 37.15%

Vunani Private Clients is an Authorised Financial Services Provider (FSP 564)

All information provided is product related, and is not intended to address the circumstances of any Financial Service Provider's (FSP) clients. In terms of the Financial Advisory
and Intermediary Services Act, FSPs should not provide advice to investors without appropriate risk analysis and after a thorough examination of a particular client's financial
situation. Portfolios of listed shares and ETFs are generally medium to long-term investments. The value of your portfolio may go down as well as up and past performance is not
necessarily a guide to the future. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. A full risk
disclosure is available from Vunani Private Clients.