AUM
R64.55bn
across 3,400 mandates
Annual fee income
R580.3m
91.1 bps average
Average portfolio
R19.0m
median well below mean
Reg 28 breaches
376
of 2,527 regulated
Excess exposure
R2.7bn
above statutory limits
Market · Satrix Top 40 proxy, trailing 12 months
Index level over the trailing year, +17.2%.
All security prices are simulated with a shared market factor plus instrument-specific
beta, drift and volatility, so correlations behave realistically across the book.
Allocation & mandate performance
Asset allocation
Offshore25.3%R16.6bn
Equity23.5%R15.4bn
Cash20.9%R13.7bn
Bond19.3%R12.6bn
Property10.1%R6.6bn
ETF0.8%R546.3m
Aggregate look-through across every mandate. Offshore exposure is the
binding Reg 28 constraint for most retirement vehicles.
Alpha vs benchmark — 12 months
Return above (green) or below (red) each mandate's stated benchmark:
ALSI, SWIX, ALBI, MSCI World, STeFI and SAPY.
Mandate book
| Mandate | AUM | Share | Return 12m | Benchmark | Bmk | Alpha |
|---|---|---|---|---|---|---|
| Conservative Income | R11.2bn | 17.3% | +12.80% | ALBI | +6.39% | +6.42% |
| Absolute Return | R9.3bn | 14.4% | +17.15% | STeFI + 4% | +9.87% | +7.29% |
| Money Market | R9.0bn | 13.9% | +5.98% | STeFI | +5.87% | +0.11% |
| Property Focus | R8.9bn | 13.7% | +25.68% | SAPY | +33.07% | -7.39% |
| Aggressive Equity | R8.8bn | 13.6% | +24.61% | SWIX | +25.11% | -0.50% |
| Offshore Feeder | R8.7bn | 13.5% | +23.79% | MSCI World | +24.66% | -0.87% |
| Balanced Growth | R8.7bn | 13.5% | +20.45% | ALSI | +25.88% | -5.43% |
Concentration & regional split
Largest positions
| Ticker | Security | Class | Value | Book % | 12m |
|---|---|---|---|---|---|
| MMKT | PCB Money Market Fund | Cash | R13.7bn | 20.92% | +5.9% |
| STXWDM | Satrix MSCI World ETF | Offshore | R5.7bn | 8.66% | +26.5% |
| STX500 | Satrix S&P 500 ETF | Offshore | R5.5bn | 8.47% | +16.7% |
| ASHGEQ | Ashburton Global Equity | Offshore | R5.4bn | 8.19% | +31.0% |
| GRT | Growthpoint Properties | Property | R3.3bn | 5.11% | +33.3% |
| RDF | Redefine Properties | Property | R3.3bn | 5.01% | +32.8% |
| STXCLR | Satrix SA Bond ETF | Bond | R2.3bn | 3.46% | +0.1% |
| R2030 | RSA 8.0% 2030 Bond | Bond | R2.2bn | 3.34% | +14.3% |
| R2035 | RSA 8.875% 2035 Bond | Bond | R2.2bn | 3.31% | +0.6% |
| R2032 | RSA 8.25% 2032 Bond | Bond | R2.2bn | 3.30% | +11.5% |
| R2040 | RSA 9.0% 2040 Bond | Bond | R2.1bn | 3.23% | +8.9% |
| R186 | RSA 10.5% 2026 Bond | Bond | R1.8bn | 2.68% | +2.5% |
Single-issuer concentration is the second-order risk after Reg 28:
a large aggregate position is a house view, whether intended or not.
AUM by province
Client domicile. Gauteng and the Western Cape dominate private
wealth, consistent with the bank's branch and adviser footprint.
Regulation 28 compliance
| Portfolio | Mandate | Limit breached | Actual | Limit | Excess |
|---|---|---|---|---|---|
| PF00178 | Offshore Feeder | Offshore | 91.0% | 45.0% | R164.8m |
| PF01942 | Offshore Feeder | Offshore | 92.2% | 45.0% | R107.4m |
| PF02885 | Offshore Feeder | Offshore | 89.5% | 45.0% | R103.9m |
| PF01550 | Property Focus | Property | 54.4% | 25.0% | R98.6m |
| PF03158 | Offshore Feeder | Offshore | 91.0% | 45.0% | R94.7m |
| PF01885 | Property Focus | Property | 58.2% | 25.0% | R82.4m |
| PF00918 | Offshore Feeder | Offshore | 91.6% | 45.0% | R61.0m |
| PF03017 | Offshore Feeder | Offshore | 91.3% | 45.0% | R51.5m |
376 of 2,527 regulated portfolios
breach a statutory limit, R2.7bn above cap in aggregate.
Regulation 28 of the Pension Funds Act caps equity at 75%, offshore at 45% and property at 25%
for retirement vehicles. Breaches are usually drift, not intent — markets move the weights
after the last rebalance — but they must be corrected regardless.