Third Quarter 2024

Asset classes and economic data

Performance as at 31 March 2024 (%)

Asset Class

3 Months

1 Year

3 Years

5 Years

Notes

Index

Performance in rand

Performance as at 31 March 2024 (%)	Asset Class	3 Months	1 Year	3 Years	5 Years	Notes
(Performance in rand)
STeFI 3-month Total Return Index	South African Money Market	2,1%	8,3%	6,6%	5,8%
FTSE/JSE All Bond Index	South African Bonds	10,6%	26,2%	11,1%	9,8%
FTSE/JSE All Share Index	South African Equity	9,6%	23,9%	14,7%	13,7%
ICE BofAML US Treasury Index	US Bonds	-1,0%	0,6%	2,7%	2,3%
MSCI AC World Index (Net)	Global Equity	0,6%	20,5%	13,1%	15,1%
MSCI AC World High Dividend Yield Index (Net)	Global Equity (High Dividend Yielding)	3,5%	11,6%	12,0%	10,6%
MSCI Emerging Markets Index (Net)	Emerging Market Equity	2,6%	15,3%	5,0%	8,5%
SA CPI	South African Inflation	0,6%	3,8%	5,6%	4,9%
ZAR/USD		-5,6%	-8,5%	4,6%	2,6%

Performance in US dollar

Performance as at 31 March 2024 (%)	Asset Class	3 Months	1 Year	3 Years	5 Years	Notes
(Performance in US dollar)
FTSE/JSE All Bond Index	South African Bonds	17,2%	37,9%	6,2%	7,1%
ICE BofAML US Treasury Index	US Bonds	4,9%	9,9%	-1,9%	-0,3%
FTSE/JSE All Share Index	South African Equity	16,1%	35,5%	9,7%	10,8%
MSCI AC World Index (Net)	Global Equity	6,6%	31,8%	8,1%	12,2%
MSCI AC World High Dividend Yield Index (Net)	Global Equity (High Dividend Yielding)	9,7%	22,1%	7,1%	7,8%
MSCI Emerging Markets Index (Net)	Emerging Market Equity	8,7%	26,1%	0,4%	5,7%

Notes View notes

Returns for periods longer than 1 year are annualised

September 2024 CPI was not available at the time of publication and an estimate was used.

Sources: Morningstar and Refinitiv

Portfolio performance

Unit trusts

Performance as at 30 September 2024 (%)

ASISA Category

1 Year

3 Years

5 Years

Since Inception

Inception date

Notes

Performance in rand

Fixed income

Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
FIXED INCOME
Citadel SA Money Market H4 Fund	South African - Fixed Income - Money Market	8,7%	7,1%	6,3%	6,7%	01-Sep-2013
Benchmark: STeFI 3-month Total Return Index		8,3%	6,6%	5,8%	6,2%	01-Sep-2013
Citadel SA Income H4 Fund	South African - Fixed Income - Short Term	9,7%	7,7%	6,9%	7,4%	05-Nov-2014
Benchmark: STeFI Composite Total Return Index		8,5%	6,9%	6,1%	6,6%
Citadel SA Bond H4 Fund	South African - Fixed Income - Variable Term	23,1%	9,9%	9,2%	9,0%	08-Aug-2001
Benchmark: FTSE/JSE All Bond Index		26,14%	11,1%	9,8%	9,5%

Retail hedge funds

Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
RETAIL HEDGE FUNDS
Citadel Worldwide Multi-Strategy H4 Retail Hedge Fund B	Worldwide - Multi-Strategy Hedge Fund	8,5%			10,1%	14-Jun-2023
Benchmark: 50% SA Cash; 50% US Cash (hedged to ZAR)		8,3%			8,3%

Qualified investor hedge funds

Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
QUALIFIED INVESTOR HEDGE FUNDS
Citadel Multi-Strategy H4 QI Hedge Fund	South African - Multi-Strategy Hedge Fund	20,3%	14,1%	11,7%	9,3%	01-Nov-2016	9
Benchmark: STeFI 3-month Total Return Index + 3%		11,5%	9,8%	8,9%	9,4%

Multi-asset

Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
MULTI-ASSET
Citadel Balanced H4 Fund	South African - Multi Asset - High Equity	12,7%	11,7%	9,6%	9,2%	01-Apr-2011
Benchmark: (ASISA) South African MA High Equity Peer Group Average		18,7%	10,4%	10,2%	8,9%		2
Citadel SA Managed Volatility Equity H4 Fund	South African - Multi Asset - Flexible	18,3%	12,3%	8,0%	8,0%	02-Feb-2015	7
Benchmark: 60% FTSE/JSE Top 40; 40% STeFI Composite		16,7%	11,9%	11,1%	8,6%
Citadel Worldwide Flexible H4 Fund	Worldwide - Multi Asset - Flexible	13,7%	11,8%	10,4%	9,1%	17-Oct-2017
Benchmark: (ASISA) Wwide MA Flexible Peer Group Average		15,6%	8,8%	9,8%	8,1%		10
H4 Stable Fund	South African - Multi Asset - Low Equity	16,9%	10,7%	9,3%	8,2%	01-Jul-2015	1
Benchmark: (ASISA) South African MA Low Equity Peer Group Average		16,4%	9,3%	8,5%	7,2%		10
H4 Diversified Fund	South African - Multi Asset - High Equity	16,9%	11,8%	10,7%	8,6%	22-May-2013
Benchmark: (ASISA) South African MA High Equity Peer Group Average		18,7%	10,4%	10,2%	8,0%		10
H4 Growth Fund	Worldwide - Multi Asset - Flexible	14,8%	11,7%	10,9%	8,6%	22-May-2013
Benchmark: (ASISA) Wwide MA Flexible Peer Group Average		15,6%	8,8%	9,8%	9,2%		10

Equity

Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
EQUITY
Citadel SA Core Equity H4 Fund	South African - Equity - Large Cap	17,1%	12,9%	11,5%	8,5%	09-May-2017	8
Benchmark: FTSE/JSE Capped Top 40 Index (J300T)		21,6%	13,8%	14,0%	10,7%		3
Citadel SA Multi-Factor Equity H4 Fund	South African - Equity - General	20,6%	13,0%	12,2%	7,9%	18-Jun-2015
Benchmark: FTSE/JSE Capped All Share Index (J303T)		24,0%	14,5%	14,1%	9,4%		4
Citadel Global Equity H4 FoF	Global - Equity - General	16,8%	11,3%	12,7%	9,6%	06-Nov-2002
Benchmark: (ASISA) Global EQ General Peer Group Average		16,1%	9,0%	12,1%	9,4%		5
H4 Worldwide Equity Fund	Worldwide - Equity - General	17,3%	12,6%	13,1%	10,3%	22-May-2013
Benchmark: 35% (ASISA) SA Equity General Peer Group Average; 65% (ASISA) Global - Equity - General Peer Group Average		18,4%	10,3%	12,4%	11,2%		10

Property

Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
PROPERTY	1
Citadel SA Property H4 Fund	South African - Real Estate - General	46,2%	13,3%	4,0%	2,4%	10-Dec-2014
Benchmark: FTSE/JSE All Property Index		51,0%	15,3%	5,1%	3,2%		6

Notes View notes

H4 Stable Fund’s inception date is 31 May 2013. Strategy changed on 1 July 2015 and prior performance history was lost.
The fund’s benchmark was changed with effect 1 June 2022.
FTSE/JSE Top 40 Index (J200T) before 5 March 2018.
FTSE/JSE All Share Index before 1 June 2018.
The fund’s benchmark was changed with effect 1 April 2024.
FTSE/JSE Listed Property Index prior to 1 May 2019.
SA Protected Equity prior to name change on 1 April 2021.
Citadel SA 20/20 Equity H4 Fund prior to name change on the 1st of December 2022.
Only ‘Qualified Investors’ which meet prescribed requirements are permitted to invest in this fund. Please speak to your financial advisor if you have any questions.
The fund’s benchmark was changed with effect 1 August 2023.

International solutions (FSCA Approved) USD

USD performance as at 30 June 2024 (%)

Morningstar Category

1Year

3 Years

5 Years

Since Inception

Inception date

Notes

Performance in US Dollar

Fixed income

USD performance as at 30 June 2024 (%)	Morningstar Category	1Year	3 Years	5 Years	Since Inception	Inception date	Notes
FIXED INCOME
Peregrine USD Short Duration Fund	US - Fixed Income - Short Term	5,8%	3,0%	2,1%	2,1%	25-Jul-2019	5
Benchmark: ICE BofA 3M US Treasury Bill Index		5,5%	3,5%	2,3%	2,3%
Peregrine US Bond Fund USD Share Class	US - Fixed Income	10,3%	-2,2%	-0,7%	-0,9%	02-Sep-2019
Benchmark: ICE BofA US Treasury Index		9,9%	-1,9%	-0,3%	-0,5%

Hedge funds

USD performance as at 30 June 2024 (%)	Morningstar Category	1Year	3 Years	5 Years	Since Inception	Inception date	Notes
HEDGE FUNDS
CAM Bastion Dollar Fund	Global - Hedge Fund	14,5%	4,8%		0,6%	01-Sep-2020
Benchmark: US Cash + 1,75%		7,4%	5,5%		4,5%

Multi-asset

USD performance as at 30 June 2024 (%)	Morningstar Category	1Year	3 Years	5 Years	Since Inception	Inception date	Notes
MULTI-ASSET
Peregrine US Managed Volatility Equity Fund USD Class R	US - Multi-Asset - Flexible	20,4%	7,0%	7,4%	6,8%	27-Oct-2016	4
Benchmark: 60% S&P 500; 40% USD Overnight Cash		23,0%	8,6%	10,4%	9,8%
Peregrine Global Balanced	Global - Multi Asset - High Equity	20,9%	4,0%	6,6%	5,0%	01-Feb-2011
Benchmark: (Morningstar) EAA Fund USD Aggressive Allocation Peer Group Average		20,0%	3,4%	6,7%	4,9%		2
Peregrine Global High Equity Fund Class R USD	Global - Multi Asset - High Equity	24,9%			7,9%	14-Apr-2022
Benchmark: (Morningstar) EAA Fund USD Aggressive Allocation Peer Group Average		20,0%			5,6%
Peregrine Global Medium Equity Fund Class R USD	Global - Multi Asset - Medium Equity	20,7%			7,3%	26-Apr-2022
Benchmark: (Morningstar) EAA Fund USD Moderate Allocation Peer Group Average		17,4%			5,2%
Peregrine Global Low Equity Fund Class R USD	Global - Multi Asset - Low Equity	15,7%			4,4%	26-Apr-2022
Benchmark: (Morningstar) EAA Fund USD Cautious Allocation Peer Group Average		12,7%			3,6%

Equity

USD performance as at 30 June 2024 (%)	Morningstar Category	1Year	3 Years	5 Years	Since Inception	Inception date	Notes
EQUITY
Peregrine Global Greats Fund Class R USD	Global - Equity - Large-Cap Blend	30,3%	8,4%	11,4%	9,5%	03-Aug-2012
Benchmark: MSCI World (Net) in US$		32,4%	9,1%	13,0%	11,2%		3
Peregrine Global Multi-Strategy Equity USD	Global - Equity - Large-Cap Blend	28,8%	6,9%	9,7%	4,1%	03-Jun-2000
Benchmark: MSCI AC World Net US$		31,8%	8,1%	12,2%	5,6%		1
Peregrine Global Growth Fund USD Class R	Global - Equity - Large-Cap Growth	29,2%	8,3%		6,9%	20-Aug-2021
Benchmark: 20% ICE BofA US Treasury Index; 80% MSCI World (Net) in US$		26,7%	8,2%		7,4%
Peregrine Global Equity Feeder Fund USD Class R	Global - Equity - Large-Cap Growth	33,9%	8,2%		7,0%	10-Aug-2021
Benchmark: MSCI AC World Net US$		31,8%	8,1%		6,8%
Peregrine Global Dividend Fund USD Class R	Global - Equity - Income	22,4%	6,4%		4,3%	08-Sep-2021
Benchmark: MSCI World High Dividend Yield Index		22,6%	8,4%		6,9%

Emerging marketing equity

USD performance as at 30 June 2024 (%)	Morningstar Category	1Year	3 Years	5 Years	Since Inception	Inception date	Notes
EMERGING MARKET EQUITY
Peregrine Emerging Market Equity Fund USD R	Global - Equity - Emerging Market	25,3%	0,4%		-1,5%	02-Jun-2021
Benchmark: MSCI Emerging Market Net US$		26,1%	0,4%		-2,4%

Property

USD performance as at 30 June 2024 (%)	Morningstar Category	1Year	3 Years	5 Years	Since Inception	Inception date	Notes
PROPERTY
Peregrine Global Real Estate Fund R Class	Global - Real Estate	27,3%	-0,4%	2,1%	3,4%	25-Apr-2015
Benchmark: (Morningstar) EAA Fund Property - Indirect Global Peer Group Average		28,0%	-0,9%	1,4%	2,4%		2

Notes View notes

MSCI World (Net) in US$ before 1 April 2011.
The fund’s benchmark was changed with effect 1 August 2023.
MSCI AC World Net US$ before 1 January 2018.
Peregrine US Protected Equity Fund prior to name change on the 1st of December 2020.
Peregrine Enhanced USD Cash Fund prior to name change on the 8th of January 2024.

International solutions (FSCA Approved) ZAR

ZAR Performance as at 30 September 2024 (%)

ASISA Category

1 Year

3 Years

5 Years

Since Inception

Inception date

Notes

Performance in rand

Fixed income

ZAR Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
FIXED INCOME
Peregrine USD Short Duration Fund	US - Fixed Income - Short Term	-3,2%	7,7%	4,7%	6,4%	25-Jul-2019	6
Benchmark: ICE BofA 3M US Treasury Bill Index		-3,5%	8,3%	5,0%	6,7%	25-Jul-2019
Peregrine US Bond Fund USD Share Class	US - Fixed Income	0,9%	2,3%	1,9%	1,6%	02-Sep-2019
Benchmark: ICE BofA US Treasury Index		0,6%	2,7%	2,3%	2,0%	02-Sep-2019

Fixed income (hedged to rand)

ZAR Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
FIXED INCOME (HEDGED TO RAND)
Peregrine USD Short Duration Fund ZAR Share Class	US - Fixed Income - Short Term (Hedged to Rand)	8,5%	6,4%		6,1%	22-Jul-2020	6
Benchmark: ICE BofA 3M US Treasury Bill Index (Hedged to Rand)		8,3%	6,9%		6,2%	22-Jul-2020
Peregrine US Bond Fund ZAR Share Class	US - Fixed Income (Hedged to Rand)	6,5%	3,5%	4,2%	4,0%	02-Sep-2019
Benchmark: ICE BofA US Treasury Index (50% Hedged to Rand)		6,5%	2,1%	3,1%	2,9%	02-Sep-2019

Hedge funds

ZAR Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
HEDGE FUNDS
CAM Bastion Dollar Fund	Global - Hedge Fund	4,7%	9,7%		1,0%	01-Sep-2020
Benchmark: US Cash + 1,75%		-1,7%	10,3%		4,9%	01-Sep-2020

Hedge funds (hedged to rand)

ZAR Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
HEDGE FUNDS (HEDGED TO RAND)
CAM Bastion Rand Fund	Global - Hedge Fund (Hedged to Rand)	17,5%	12,5%		7,4%	01-Sep-2020
Benchmark: US Cash + 1,75% (Hedged to Rand)		10,3%	8,9%		8,2%	01-Sep-2020

Multi-asset

ZAR Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
MULTI-ASSET
Peregrine US Managed Volatility Equity Fund USD Class R	US - Multi-Asset - Flexible	10,2%	11,9%	10,2%	9,7%	27-Oct-2016	5
Benchmark: 60% S&P 500; 40% ICE BofA SOFR Index		12,5%	13,6%	13,3%	12,9%	27-Oct-2016
Peregrine Global Balanced	Global - Multi Asset - High Equity	10,6%	8,9%	9,3%	12,0%	01-Feb-2011
Benchmark: (Morningstar) EAA Fund USD Aggressive Allocation Peer Group Average		9,8%	8,2%	9,5%	11,8%	01-Feb-2011	2
Peregrine Global High Equity Fund Class R USD	Global - Multi Asset - High Equity	14,2%			15,5%	14-Apr-2022
Benchmark: (Morningstar) EAA Fund USD Aggressive Allocation Peer Group Average		9,8%			13,1%	14-Apr-2022
Peregrine Global Medium Equity Fund Class R USD	Global - Multi Asset - Medium Equity	10,4%			11,4%	26-Apr-2022
Benchmark: (Morningstar) EAA Fund USD Moderate Allocation Peer Group Average		7,4%			9,2%	26-Apr-2022
Peregrine Global Low Equity Fund Class R USD	Global - Multi Asset - Low Equity	5,8%			8,3%	26-Apr-2022
Benchmark: (Morningstar) EAA Fund USD Cautious Allocation Peer Group Average		3,0%			7,5%	26-Apr-2022

Multi-asset (hedged to rand)

ZAR Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
MULTI-ASSET (HEDGED TO RAND)
Peregrine US Managed Volatility Equity Fund Class R ZAR Share Class	US - Multi-Asset - Flexible (Hedged to Rand)	16,6%	13,3%		14,4%	01-Dec-2020
Benchmark: 60% S&P 500; 40% ICE BofA SOFR Index (50% Hedged to Rand)		19,5%	13,2%		13,6%	01-Dec-2020
Peregrine Global Balanced Fund ZAR Share Class	Global - Multi Asset - High Equity (Hedged to Rand)	24,0%	7,5%	10,2%	9,9%	01-Jul-2011
Benchmark: (Morningstar) EAA Fund USD Aggressive Allocation Peer Group Average (ZAR hedged)		23,0%	6,1%	9,3%	8,7%	01-Jul-2011	2

Equity

ZAR Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
EQUITY
Peregrine Global Greats Fund Class R USD	Global - Equity - Large-Cap Blend	19,1%	13,4%	14,3%	16,2%	03-Aug-2012
Benchmark: MSCI World (Net) in US$		21,1%	14,1%	16,0%	18,0%	03-Aug-2012	3
Peregrine Global Multi-Strategy Equity USD	Global - Equity - Large-Cap Blend	17,8%	11,8%	12,5%	8,1%	03-Jun-2000
Benchmark: MSCI AC World Net US$		20,5%	13,1%	15,1%	9,6%	03-Jun-2000	1
Peregrine Global Growth Fund USD Class R	Global - Equity - Large-Cap Growth	18,2%	13,4%		11,4%	20-Aug-2021
Benchmark: 20% ICE BofA US Treasury Index; 80% MSCI World (Net) in US$		15,9%	13,2%		11,9%	20-Aug-2021
Peregrine Global Equity Feeder Fund USD Class R	Global - Equity - Large-Cap Growth	22,5%	13,2%		12,3%	10-Aug-2021
Benchmark: MSCI AC World Net US$		20,5%	13,1%		12,1%	10-Aug-2021
Peregrine Global Dividend Fund USD Class R	Global - Equity - Income	11,9%	11,3%		10,8%	08-Sep-2021
Benchmark: MSCI World High Dividend Yield Index		12,1%	13,4%		13,6%	08-Sep-2021

Emerging market equity

ZAR Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
EMERGING MARKET EQUITY
Peregrine Emerging Market Equity Fund USD R	Global - Equity - Emerging Market	14,6%	5,1%		5,4%	02-Jun-2021
Benchmark: MSCI Emerging Market Net US$		15,3%	5,0%		4,4%	02-Jun-2021

Equity (hedged to rand)

ZAR Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
EQUITY (HEDGED TO RAND)
Peregrine Global Greats Fund Class R ZAR Share Class	Global - Equity - Large-Cap Blend (Hedged to Rand)	33,2%	11,1%	14,3%	14,3%	06-Sep-2017
Benchmark: MSCI World Net US$ (Hedged to Rand)		35,6%	11,6%	15,3%	14,2%	06-Sep-2017	4
Peregrine Global Multi-Strategy Equity ZAR Share Class	Global - Equity - General (Hedged to Rand)	24,6%	11,4%	13,6%	9,3%	01-Mar-2005
Peregrine Global Multi-Strategy Equity ZAR Share Class	Global - Equity - Large-Cap Blend (Hedged to Rand)	24,6%			11,1%	08-Dec-2021
MSCI ACWI (50% ZAR hedged)		27,6%			9,6%	08-Dec-2021

Property

ZAR Performance as at 30 September 2024 (%)	ASISA Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
PROPERTY
Peregrine Global Real Estate Fund R Class	Global - Real Estate	16,5%	4,2%	4,8%	7,3%	25-Apr-2015
Benchmark: (Morningstar) EAA Fund Property - Indirect Global Peer Group Average		17,0%	3,7%	4,0%	6,3%	25-Apr-2015	2

Notes View notes

MSCI World (Net) in US$ before 1 April 2011.
The fund’s benchmark was changed with effect 1 August 2023.
MSCI AC World Net US$ before 1 January 2018.
MSCI AC World Net US$ (hedged to ZAR) prior to 1 January 2018.
Peregrine US Protected Equity Fund prior to name change on the 1st of December 2020.
Peregrine Enhanced USD Cash Fund prior to name change on the 8th of January 2024.

Fund costs

Domestic unit trusts and hedge funds

Fund Costs as at 30 September 2024

ASISA Category

Annual Management fee (incl; VAT)

Financial Year Total Expense Ratio

ASISA Total Expense Ratio

Transaction Costs

Total Investment Charges

Inception

Notes

Fixed income

Fund Costs as at 30 September 2024	ASISA Category	Annual Management fee (incl; VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception	Notes
FIXED INCOME
Citadel SA Money Market H4 B1 Class Fund	South African - Fixed Income - Money Market	0,52%	0,56%	0,56%	0,00%	0,56%	01-Sep-2013
Citadel SA Income H4 B1 Class Fund	South African - Fixed Income - Short Term	0,58%	0,59%	0,59%	0,00%	0,59%	05-Nov-2014
Citadel SA Bond H4 B1 Class Fund	South African - Fixed Income - Variable Term	0,86%	0,88%	0,88%	0,04%	0,92%	08-Aug-2001

Retail hedge funds

Fund Costs as at 30 September 2024	ASISA Category	Annual Management fee (incl; VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception	Notes
RETAIL HEDGE FUNDS
Citadel Worldwide Multi-Strategy H4 Retail Hedge Fund B	Worldwide - Multi-Strategy Hedge Fund	1,44%	1,89%	1,82%	0,37%	2,19%	14-Jun-2023	3

Qualified investor hedge funds

Fund Costs as at 30 September 2024	ASISA Category	Annual Management fee (incl; VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception	Notes
QUALIFIED INVESTOR HEDGE FUNDS
Citadel Multi-Strategy H4 QI Hedge Fund	South African - Multi-Strategy Hedge Fund	1,44%	5,06%	5,18%	1,14%	6,32%	01-Nov-2016	1, 2, 3

Multi-asset

Fund Costs as at 30 September 2024	ASISA Category	Annual Management fee (incl; VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception	Notes
MULTI-ASSET
Citadel Balanced H4 B1 Class Fund	South African - Multi Asset - High Equity	1,44%	1,56%	1,56%	0,27%	1,83%	01-Apr-2011
Citadel SA Managed Volatility Equity H4 Fund	South African - Multi Asset - Flexible	1,15%	1,18%	1,18%	0,14%	1,32%	02-Feb-2015
Citadel Worldwide Flexible H4 Fund B3	Worldwide Multi Asset Flexible	1,44%	1,53%	1,54%	0,20%	1,74%	17-Oct-2017
H4 Stable Fund	South African - Multi Asset - Low Equity	0,75%	0,82%	0,82%	0,10%	0,92%	01-Jul-2015
H4 Diversified Fund	South African - Multi Asset - High Equity	0,75%	0,85%	0,84%	0,13%	0,97%	22-May-2013
H4 Growth Fund	Worldwide - Multi Asset - Flexible	0,75%	0,96%	0,94%	0,17%	1,11%	22-May-2013
H4 Managed Fund	South African - Multi Asset - Flexible	0,75%	0,87%	0,87%	0,14%	1,01%	21-Nov-2017

Equity

Fund Costs as at 30 September 2024	ASISA Category	Annual Management fee (incl; VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception	Notes
EQUITY
Citadel SA Core Equity H4 B1 Class Fund	South African - Equity - Large Cap	1,15%	1,17%	1,17%	0,16%	1,33%	09-May-2017
Citadel SA Multi-Factor Equity H4 B1 Class Fund	South African - Equity - General	0,92%	0,95%	0,95%	0,50%	1,45%	18-Jun-2015
Citadel Global Equity H4 FoF	Global - Equity - General	1,44%	1,64%	1,64%	0,07%	1,71%	06-Nov-2002
H4 Worldwide Equity Fund	Worldwide - Equity - General	0,75%	0,98%	0,95%	0,16%	1,11%	22-May-2013

Property

Fund Costs as at 30 September 2024	ASISA Category	Annual Management fee (incl; VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception	Notes
PROPERTY
Citadel SA Property H4 B1 Class Fund	South African - Real Estate - General	1,15%	1,20%	1,19%	0,08%	1,27%	10-Dec-2014

Notes View notes

FY TERs (Total Expense Ratio as at Financial Year-end) have been calculated using data from 1 April 2022 to 31 March 2023 unless stated otherwise.
ASISA TER (Total Expense Ratio) and TCs (Transaction Cost Ratio) have been calculated using data from 1 July 2021 to 30 June 2024 unless stated otherwise. The TIC (Total Investment Charges) is the sum of these figures.

Only ‘Qualified Investors’ which meet prescribed requirements are permitted to invest in this fund. Please speak to your financial advisor if you have any questions.
FY TERs (Total Expense Ratio as at Financial Year-end) have been calculated using data from 1 April 2023 to 31 March 2024.
ASISA TER (Total Expense Ratio) and TCs (Transaction Cost Ratio) have been calculated using data from 1 April 2021 to 31 March 2024.

General disclaimer available from Nikki Klerck (nikkik@citadel.co.za)

International solutions (FSCA Approved)

Fund Costs as at 30 September 2024

Morningstar Category

Annual Management fee (incl

VAT)

Financial Year Total Expense Ratio

ASISA Total Expense Ratio

Transaction Costs

Total Investment Charges

Inception date

Notes

Fixed income

Fund Costs as at 30 September 2024	Morningstar Category	Annual Management fee (incl	VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception date	Notes
FIXED INCOME
Peregrine USD Short Duration Fund	US - Fixed Income - Short Term	0,35%	0,50%	0,49%	0,04%	0,53%	25-Jul-2019	2
Peregrine USD Short Duration Fund ZAR Share Class	US - Fixed Income - Short Term (Hedged to Rand)	0,35%	0,50%	0,54%	0,04%	0,58%	22-Jul-2020	2
Peregrine US Bond Fund USD Share Class	US - Fixed Income	0,60%	1,09%	1,14%	0,09%	1,23%	02-Sep-2019
Peregrine US Bond Fund ZAR Share Class	US - Fixed Income (Hedged to Rand)	0,80%	1,30%	1,36%	0,09%	1,44%	02-Sep-2019

Hedge funds

Fund Costs as at 30 September 2024	Morningstar Category	Annual Management fee (incl	VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception date	Notes
HEDGE FUNDS
CAM Bastion Dollar Fund	Global - Hedge Fund	1,25%	1,97%	1,88%	0,19%	2,07%	01-Sep-2020	1
CAM Bastion Rand Fund	Global - Hedge Fund (Hedged to Rand)	1,25%	2,02%	1,88%	0,19%	2,07%	01-Sep-2020	1

Equity

Fund Costs as at 30 September 2024	Morningstar Category	Annual Management fee (incl	VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception date	Notes
EQUITY
Peregrine Global Greats Fund Class R USD	Global - Equity - Large-Cap Blend	1,25%	1,37%	1,37%	0,02%	1,39%	03-Aug-2012	2
Peregrine Global Greats Fund Class R ZAR Share Class	Global - Equity - Large-Cap Blend (Hedged to Rand)	1,25%	1,39%	1,43%	0,02%	1,45%	06-Sep-2017	2
Peregrine Global Multi-Strategy Equity USD	Global - Equity - Large-Cap Blend	1,25%	1,68%	1,70%	0,14%	1,84%	03-Jun-2000	1
Peregrine Global Multi-Strategy Equity ZAR Share Class	Global - Equity - Large-Cap Blend (Hedged to Rand)	1,25%	1,69%	1,70%	0,14%	1,84%	01-Dec-2022	1
Peregrine Global Growth Fund USD Class R	Global - Equity - Large-Cap Growth	1,25%	1,40%	1,38%	0,11%	1,49%	20-Aug-2021	2
Peregrine Global Equity Feeder Fund USD Class R	Global - Equity - Large-Cap Growth	1,25%	1,76%	2,13%	0,61%	2,74%	10-Aug-2021	2
Peregrine Global Dividend Fund USD Class R	Global - Equity - Income	1,25%	1,39%	1,39%	0,13%	1,52%	08-Sep-2021	2

Emerging market equity

Fund Costs as at 30 September 2024	Morningstar Category	Annual Management fee (incl	VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception date	Notes
EMERGING MARKET EQUITY
Peregrine Emerging Market Equity Fund USD R	Global - Equity - Emerging Market	1,25%	1,71%	1,70%	0,49%	2,19%	02-Jun-2021

Multi-asset

Fund Costs as at 30 September 2024	Morningstar Category	Annual Management fee (incl	VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception date	Notes
MULTI-ASSET
Peregrine US Managed Volatility Equity Fund USD Class R	US - Multi-Asset - Flexible	1,25%	1,49%	1,50%	0,05%	1,55%	27-Oct-2016
Peregrine US Managed Volatility Equity Fund Class R ZAR Share Class	US - Multi-Asset - Flexible (Hedged to Rand)	1,25%	1,50%	1,50%	0,05%	1,56%	08-Dec-2020
Peregrine Global Balanced	Global - Multi Asset - High Equity	1,25%	1,69%	1,73%	0,12%	1,85%	01-Feb-2011	1
Peregrine Global Balanced Fund ZAR Share Class	Global - Multi Asset - High Equity (Hedged to Rand)	1,25%	1,75%	1,73%	0,12%	1,85%	01-Jul-2011	1
Peregrine Global High Equity Fund Class R USD	Global - Multi Asset - High Equity	0,85%	1,17%	1,17%	0,17%	1,34%	14-Apr-2022
Peregrine Global Medium Equity Fund Class R USD	Global - Multi Asset - Medium Equity	0,80%	1,12%	1,11%	0,20%	1,31%	26-Apr-2022
Peregrine Global Low Equity Fund Class R USD	Global - Multi Asset - Low Equity	0,75%	1,09%	1,06%	0,36%	1,42%	26-Apr-2022

Property

Fund Costs as at 30 September 2024	Morningstar Category	Annual Management fee (incl	VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception date	Notes
PROPERTY
Peregrine Global Real Estate Fund R Class	Global - Real Estate	1,25%	1,47%	1,45%	0,14%	1,59%	25-Apr-2015	2

Notes View notes

FY TERs (Total Expense Ratio as at Financial Year-end) have been calculated using data from 1 January 2023 to 31 December 2023 unless stated otherwise.
ASISA TER (Total Expense Ratio) and TCs (Transaction Cost Ratio) have been calculated using data from 1 April 2021 to 31 March 2024 unless stated otherwise. The TIC (Total Investment Charges) is the sum of these figures.

FY TERs (Total Expense Ratio as at Financial Year-end) have been calculated using data from 1 April 2023 to 31 March 2024.
ASISA TER (Total Expense Ratio) and TCs (Transaction Cost Ratio) have been calculated using data from 1 July 2021 to 30 June 2024.

Asset classes and economic data

Portfolio performance

Unit trusts

International solutions (FSCA Approved) USD

International solutions (FSCA Approved) ZAR

Fund costs

Domestic unit trusts and hedge funds

International solutions (FSCA Approved)

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