Fund Size
R14.5bn
Total assets under management
1-Year Return
12.4%
Beating target of 8.5%
3-Year Return (p.a.)
10.8%
Annualised, net of fees
5-Year Return (p.a.)
9.2%
CPI + 4% target = 8.5%
What does this mean? Your fund generated a return of 12.4% over the past year, which is well above the target of 8.5% (inflation plus 4%). This means your retirement savings are growing faster than the cost of living, improving your future purchasing power. The fund is managed by 22 specialist investment managers across different asset classes, giving you broad diversification and professional oversight.

Fund Performance Summary

Performance vs Target
Asset Allocation

Your R100 Investment

Illustrative growth over 5 years
If you had invested R100 in the fund 5 years ago, it would be worth R155.33 today. That is a cumulative return of 55.3%, compared to 50.4% for inflation over the same period. Your real purchasing power increased.

Where Is Your Money Invested?

Equities (Shares)
51.3%
Ownership stakes in companies listed on stock exchanges. Highest expected long-term growth, but with more short-term ups and downs.
Bonds (Fixed Income)
39.8%
Loans to government and companies that pay regular interest. More stable than equities, providing steady income to the fund.
Property
5.6%
Investment in commercial buildings, shopping centres, and industrial parks through listed property funds.
Cash & Money Market
3.2%
Short-term deposits and money market instruments. Safest allocation, used for liquidity and benefit payments.

Detailed Analysis

Manager Attribution Analysis
Risk Metrics Dashboard
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Trustee / IC Access Required

Manager attribution, risk metrics, peer comparison, and Reg 28 compliance data are available to authorised trustees and investment committee members.

Manager Attribution Risk Metrics Peer Comparison Reg 28 Compliance
Excess Return (1yr)
+3.9%
Fund 12.4% vs Target 8.5%
Sharpe Ratio
0.82
Risk-adjusted return efficiency
Volatility (1yr)
9.6%
Annualised standard deviation
Max Drawdown
-7.2%
Worst peak-to-trough (3yr)

Manager Attribution

Contribution to total fund return
Top 10 Managers by AUM
Manager Return vs Benchmark
Manager AUM (Rm) Return Benchmark Excess

Peer Fund Comparison

Asset Class Contribution to Return

Asset Class Detail
Asset Class Weight Return Contribution
Equity 51.3% 14.8% +7.59%
Bonds 39.8% 10.2% +4.06%
Property 5.6% 8.1% +0.45%
Cash 3.2% 7.8% +0.25%
Total Fund 100.0% 12.4% +12.35%

Regulation 28 Compliance

Pension Funds Act limits
Regulation 28 of the Pension Funds Act prescribes maximum asset class exposure limits for retirement funds. All allocations are within prescribed limits. The fund is fully compliant.

Investment Committee Commentary

Q1 2026

Market Environment

South African equities delivered strong returns during Q1 2026, supported by continued rand stability and improved sentiment following the February budget. The FTSE/JSE All Share Index returned 4.2% for the quarter. SA bonds rallied on the back of lower-than-expected inflation prints, with the ALBI returning 3.1%. Global markets remained supportive, with the S&P 500 advancing 3.8% in USD terms, though rand strength moderated translated returns.

Fund Positioning

The fund's equity overweight relative to strategic benchmark (51.3% vs 47% strategic) was the primary driver of outperformance during the quarter. Manager selection within SA equity contributed 0.8% of excess return, with Kgotso Capital and Uhuru Asset Management delivering particularly strong alpha. The bond allocation benefited from active duration management, with managers extending duration ahead of the rate-cutting cycle. Property exposure remains underweight pending resolution of structural concerns in the office sub-sector.

Outlook & Actions

The Investment Committee resolved to maintain the current equity overweight through Q2, subject to review at the June meeting. A formal review of the bond manager roster is underway, with a recommendation expected by end-April. The Committee noted the strong performance of the fund relative to peers and benchmark, and reaffirmed the CPI + 4% return target as appropriate for the fund's liability profile.

Advanced Analytics

Scenario Modelling
Fee Impact Analysis
Benchmark Sensitivity
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Investment Consulting Access Required

Scenario modelling, fee impact analysis, manager selection analytics, and full data export are available to authorised investment consultants with two-factor authentication.

Scenario Modelling Fee Impact Analysis Manager Selection Full Data Export
Information Ratio
0.68
Active return / tracking error
Total Fee Drag (p.a.)
0.87%
Weighted average TIC
Tracking Error
3.4%
Annualised active risk
Managers Outperforming
15 / 22
68% hit rate (rolling 3yr)

Manager Selection Analytics

Manager Risk-Return Profile (3-Year)

Fee Impact Analysis

10-year projected fee erosion on current AUM
Fee Summary by Manager
Manager AUM (Rm) Mgt Fee Perf Fee TIC

Scenario Modelling

What-if analysis on manager changes

Benchmark Sensitivity Analysis

Fund Return Under Alternative Benchmarks
Benchmark 1-Year 3-Year (p.a.) Excess (1yr) Implied Target
CPI + 4% (Current) 8.5% 8.9% +3.9% 8.5%
CPI + 3% 7.5% 7.9% +4.9% 7.5%
CPI + 5% 9.5% 9.9% +2.9% 9.5%
Peer Median 10.1% 9.4% +2.3% 10.1%
SWIX + 1% 11.8% 10.2% +0.6% 11.8%
60/40 Composite 11.2% 9.8% +1.2% 11.2%

Historical Mandate Review

Data Export

Export the full underlying dataset for this reporting period. All exports include fund-level, manager-level, and asset class data with full audit trail.