Investec: Fund Fact sheet

Commodity Fund
As at 30 June 2009

Investment objective Risk profile

The Investec Commodity Fund aims to grow capital over the long term. The objective is to achieve returns well in Low Low-Mod Mod Mod-High High
excess of a composite of the FTSE/JSE Basic Materials, Oil & Gas, and Construction & Materials indices,
measured over three year periods.
Key Facts
Portfolio manager: Daniel Sacks
Strategy
Launch date: 1 February 1995
The fund invests in listed companies that are involved in mining, minerals, energy, natural resources and other Sector: Domestic EQ Resources and Basic
commodities. The fund aims to take advantage of changing commodity cycles by investing in a range of Industries
resources such as gold, platinum, iron, steel, coal, oil and pulp. The investment team uses Investec’s Size of fund: R569 million
proprietary research platform. The fund favours equities that have a history of value creation, demonstrate strong Benchmark: Weighted composite of the
and improving operating performance, are attractively valued relative to this performance and are increasingly FTSE/JSE Basic Materials, Oil & Gas, and
Construction & Materials indices
drawing investors’ attention.
Minimum investment
R10 000 lump sum or R500 monthly debit order
Fund features
• A specialist equity fund for investors who want to benefit from South Africa’s mineral and commodity wealth
• Uses the Investec proprietary research model to assist in the screening and the selection of companies
Fees A Class B Class
• Expected to outperform the broader stock market over the long term Initial fund fee 0%** 0%**
• Provides portfolio diversification Initial Adviser fee 3.00%* 0%
• More volatile than a general equity fund Annual management fee 1.50% 1.50%
*Negotiable **Effective 1 July 2009
Fees shown are excluding VAT
Performance (A Class, net of fees)
Total expense ratio (TER)*
The TERs for this fund are listed below.
Since Since A Class B Class
Cumulative returns 1 year 3 years 5 years Annualised returns 1 year 3 years 5 years
incep incep. TER 1.72% 1.53%
Investec Commodity Investec Commodity TERs shown are including VAT
-45.4% 16.5% 203.2% 1666.1% -45.4% 5.2% 24.8% 22.1%
Fund Fund
Sector -42.2% 15.9% 180.8% 1371.3% Sector -42.2% 5.0% 22.8% 20.2%

Benchmark -43.6% 2.0% 152.5% 845.5% Benchmark -43.6% 0.7% 20.4% 17.0%
Income distribution
Income distribution dates
5 Year cumulative returns March & September
Previous income distribution for
6 months to 31 March 2009
Three year risk statistics A Class: Net dividend 11.44 cpu
500%
Fund B Class: Net dividend 12.82 cpu
450%
400%
Volatility (Standard
350% 28.9%
deviation)1
300%
250% Sharpe Ratio2 -0.16
200% 203.2% 3
Information Ratio 0.65
150% 152.5%
100%
Voted the Morningstar Best Large Fund House
50% 1 for the 9th consecutive year
Standard Deviation: Measures the volatility
0% of investment return. The higher the
Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun standard deviation, the more volatile the
04 04 05 05 06 06 07 07 08 08 09 fund’s returns.
2
Sharpe Ratio: Measures the risk adjusted
return of a unit trust fund compared to the
Investec Commodity A Benchmark
risk-free rate of return (money market return).
Contact details
3 Investec Fund Managers
Information Ratio: Measures a fund’s
Source: Morningstar, NAV-NAV, Gross Income Reinvested. 36 Hans Strijdom Avenue
performance relative to the risk in the
Foreshore
benchmark.
Cape Town
8001
South Africa

Portfolio characteristics Telephone 0860 500 100

To find out more about this and other

Investec Fund Managers Funds,
Subsector allocation Top 10 holdings Visit www.investecassetmanagement.com
Domestic International Total Sasol
Anglo American Trustees
Industrials 0.5% Industrials 0% 0.5% BHP Platinum Holdings First National Bank
Impala Platinum Holdings P O Box 7713
Oil & Gas 13.3% Oil & Gas 0% 13.3% AngloGold Ashanti Johannesburg
2000
Basic Materials 63.4% Basic Materials 11.7% 75.1% Newgold Issuer
Exxaro Resources
Cash 1.6% Cash 0.2% 1.8%
Arcelormittal SA
Consumer Goods 4.1% 10.2% ETFS Physical Platinum
Additional 4.9% 7.3% Oceana Group

Collective investment schemes in securities (unit trusts) are generally medium to long term investments. The value of participatory interests (units) 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. Unit trusts are traded at ruling prices and can engage in borrowing and scrip lending.
Forward pricing is used. Quantifiable deductions are the initial fee whilst non-quantifiable deductions included in the net asset value price may comprise brokerage, MST, auditor's fees, bank charges, trustee and custodian fees.
Commissions and incentives may be paid and if so, would be included in the overall costs. A schedule of fees and charges and maximum commissions is available on request from the company/scheme. If required, the portfolio
manager may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Unit trust prices are calculated on a net asset value basis, which is the total value of all assets in the portfolio including any
income accrual and less any permissible deductions from the portfolio. Different classes of units apply to the fund and are subject to different fees and charges. Fund valuations take place at approximately 16h00 SA time each
day. Purchase and repurchase requests must be received by the Manager by 16h00 SA time each business day. Performance figures are based on lump sum investment (if applicable). This portfolio may be closed in order to
be managed in accordance with the mandate (if applicable). Please note that with effect from 1 February 2009 the annual management fee on B class units increased by 0.285% (incl VAT). The risk profile is a measure of
volatility, i.e. how the absolute return of the fund varies. Note that there are other risks in the fund, which are not reflected in this rating. *For the period 1 July 2008 to 30 June 2009 the TER shows the percentage of the average
Net Asset Value of the portfolio that was incurred as charges, levies and fees relating to the management of the portfolio. The ratio does not include transaction costs. A higher TER ratio does not necessarily imply poor return,
nor does a low TER imply a good return. The current TER can not be regarded as an indication of the future TERs.
A copy of our performance fees FAQ is available at www.investecfunds.co.za. Investec Fund Managers SA Ltd is a member of the Association for Savings & Investment SA.