Third quarter 2025

Asset classes and economic data

Fund

Asset Class

3 Months

1 Year

3 Years

5 Years

Notes

Performance in rand

Fund	Asset Class	3 Months	1 Year	3 Years	5 Years	Notes
(Performance in rand)
STeFI 3-month Total Return Index	South African Money Market	1,8%	7,6%	7,7%	6,1%
FTSE/JSE All Bond Index	South African Bonds	6,9%	14,5%	15,7%	12,1%
FTSE/JSE All Share Index	South African Equity	12,9%	28,9%	23,4%	19,1%
ICE BofAML US Treasury Index	US Bonds	-1,4%	2,0%	2,1%	-0,8%
MSCI AC World Index (Net)	Global Equity	4,5%	17,4%	21,5%	14,3%
MSCI AC World High Dividend Yield Index (Net)	Global Equity (High Dividend Yielding)	1,9%	8,9%	14,0%	11,0%
MSCI Emerging Markets Index (Net)	Emerging Market Equity	7,4%	17,5%	16,6%	7,7%
SA CPI	South African Inflation	0,8%	3,2%	4,1%	5,0%	1
ZAR/USD		-2,9%	0,1%	-1,4%	0,7%

Performance in US dollar

Fund	Asset Class	3 Months	1 Year	3 Years	5 Years	Notes
(Performance in US dollar)
FTSE/JSE All Bond Index	South African Bonds	10,2%	14,4%	17,3%	11,3%
ICE BofAML US Treasury Index	US Bonds	1,6%	1,9%	3,5%	-1,5%
FTSE/JSE All Share Index	South African Equity	16,3%	28,8%	25,1%	18,3%
MSCI AC World Index (Net)	Global Equity	7,6%	17,3%	23,1%	13,5%
MSCI AC World High Dividend Yield Index (Net)	Global Equity (High Dividend Yielding)	5,0%	8,7%	15,6%	10,3%
MSCI Emerging Markets Index (Net)	Emerging Market Equity	10,6%	17,3%	18,2%	7,0%

Notes View notes

Returns for periods longer than 1 year are annualised

September 2025 CPI was not available at the time of publication and an estimate was used.

Sources: Morningstar and Refinitiv

Portfolio performance

Unit trusts

Fund

Morningstar Category

1 Year

3 Years

5 Years

Since Inception

Inception date

Notes

(Performance in rand)

Fixed income

Fund	Morningstar 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	7,8%	8,1%	6,6%	6,8%	01-Sep-2013
Benchmark: STeFI 3-month Total Return Index		7,6%	7,7%	6,1%	6,3%
Citadel SA Income H4 Fund	South African - Fixed Income - Short Term	9,0%	9,0%	7,3%	7,6%	05-Nov-2014
Benchmark: STeFI Composite Total Return Index		7,8%	8,0%	6,4%	6,7%
Citadel SA Bond H4 Fund	South African - Fixed Income - Variable Term	13,6%	14,2%	10,9%	9,2%	08-Aug-2001
Benchmark: FTSE/JSE All Bond Index		14,5%	15,7%	12,1%	9,7%

Retail hedge funds

Fund	Morningstar 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	9,3%			9,0%	14-Jun-2023	10
Benchmark: 50% SA Cash; 50% US Cash (hedged to ZAR)		7,4%			7,9%

Qualified investor hedge funds

Fund	Morningstar 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	13,2%	14,8%	13,5%	9,7%	01-Nov-2016	8
Benchmark: STeFI 3-month Total Return Index + 3%		10,8%	10,9%	9,3%	9,6%

Multi-asset

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

Equity

Fund	Morningstar Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
EQUITY
Citadel SA Core Equity H4 Fund	South African - Equity - SA General	34,3%	22,0%	18,0%	11,3%	09-May-2017	7
Benchmark: FTSE/JSE Capped Top 40 Index (J300T)		31,2%	23,3%	19,4%	12,9%		3
Citadel SA Multi-Factor Equity H4 Fund	South African - Equity - SA General	24,1%	19,9%	17,5%	9,3%	18-Jun-2015
Benchmark: FTSE/JSE Capped All Share Index (J303T)		28,1%	22,7%	19,6%	11,1%		4
Citadel Global Equity H4 FoF	Global - Equity - General	13,6%	18,0%	11,8%	9,7%	06-Nov-2002
Benchmark: (ASISA) Global EQ General Peer Group Average		14,9%	18,0%	11,1%	9,7%		5
H4 Worldwide Equity Fund	Worldwide - Equity - General	18,6%	19,9%	14,8%	10,9%	22-May-2013
Benchmark: 35% (ASISA) SA – Equity – General Peer Group Average, 65% (ASISA) Global - Equity - General Peer Group Average		16,7%	18,2%	13,2%	11,7%		9

Notes View notes

Returns for periods longer than 1 year are annualised

1. H4 Stable Fund’s inception date is 31 May 2013. Strategy changed on 1 July 2015 and prior performance history was lost.
2. The fund’s benchmark was changed with effect 1 June 2022.
3. FTSE/JSE Top 40 Index (J200T) before 5 March 2018.
4. FTSE/JSE All Share Index before 1 June 2018.
5. The fund’s benchmark was changed with effect 1 April 2024.
6. SA Protected Equity prior to name change on 1 April 2021.
7. Citadel SA 20/20 Equity H4 Fund prior to name change on the 1st of December 2022.
8. 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.
9. The fund’s benchmark was changed with effect 1 August 2023.
10. The performance since inception is calculated from 30 June 2023.

International solutions (FSCA Approved) USD

Fund

Morningstar Category

1 Year

3 Years

5 Years

Since Inception

Inception date

Notes

(Performance in US Dollar)

Fixed income

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

Hedge funds

Fund	Morningstar Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
HEDGE FUNDS
CAM Bastion Dollar Fund	Global - Hedge Fund	7,2%	8,0%	1,8%	1,9%	01-Sep-2020
Benchmark: US Cash + 1,75%		6,4%	6,8%	4,9%	4,9%

Multi-asset

Fund	Morningstar 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	7,8%	13,3%	9,4%	6,9%	27-Oct-2016	4
Benchmark: 60% S&P 500; 40% USD Overnight Cash		12,2%	16,5%	11,0%	10,1%
Peregrine Global Balanced	Global - Multi Asset - High Equity	10,9%	14,6%	7,5%	5,4%	01-Feb-2011
Benchmark: (Morningstar) EAA Fund USD Aggressive Allocation Peer Group Average		10,3%	13,7%	7,8%	5,2%		2
Peregrine Global High Equity Fund Class R USD	Global - Multi Asset - High Equity	13,6%	17,2%		9,5%	14-Apr-2022
Benchmark: (Morningstar) EAA Fund USD Aggressive Allocation Peer Group Average		10,3%	13,7%		7,0%
Peregrine Global Medium Equity Fund Class R USD	Global - Multi Asset - Medium Equity	10,8%	13,8%		8,3%	26-Apr-2022
Benchmark: (Morningstar) EAA Fund USD Moderate Allocation Peer Group Average		8,1%	11,0%		6,1%
Peregrine Global Low Equity Fund Class R USD	Global - Multi Asset - Low Equity	7,6%	9,5%		5,3%	26-Apr-2022
Benchmark: (Morningstar) EAA Fund USD Cautious Allocation Peer Group Average		5,8%	7,6%		4,2%

Equity

Fund	Morningstar 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	14,7%	21,7%	12,5%	9,9%	03-Aug-2012
Benchmark: MSCI World (Net) in US$		17,2%	23,7%	14,4%	11,6%		3
Peregrine Global Multi-Strategy Equity USD	Global - Equity - Large-Cap Blend	13,1%	19,4%	11,2%	4,5%	03-Jun-2000
Benchmark: MSCI AC World Net US$		17,3%	23,1%	13,5%	6,0%		1
Peregrine Global Growth Fund USD Class R	Global - Equity - Large-Cap Growth	11,8%	20,8%		8,1%	20-Aug-2021
Benchmark: 20% ICE BofA US Treasury Index; 80% MSCI World (Net) in US$		14,7%	19,9%		9,1%
Peregrine Global Equity Feeder Fund USD Class R	Global - Equity - Large-Cap Growth	18,3%	22,1%		9,6%	10-Aug-2021
Benchmark: MSCI AC World Net US$		17,3%	23,1%		9,2%
Peregrine Global Dividend Fund USD Class R	Global - Equity - Income	9,5%	13,6%		5,6%	08-Sep-2021
Benchmark: MSCI World High Dividend Yield Index		7,6%	15,5%		7,0%

Emerging market equity

Fund	Morningstar 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	13,6%	17,4%		1,8%	02-Jun-2021
Benchmark: MSCI Emerging Market Net US$		17,3%	18,2%		1,8%

Property

Fund	Morningstar Category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
PROPERTY
Peregrine Global Real Estate Fund R Class	Global - Real Estate	-4,8%	5,5%	3,1%	2,6%	25-Apr-2015
Benchmark: (Morningstar) EAA Fund Property - Indirect Global Peer Group Average		-1,7%	8,6%	3,9%	2,0%		2

Notes View notes

Returns for periods longer than 1 year are annualised

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

Fund

Morningstar category

1 Year

3 Years

5 Years

Since Inception

Inception date

Notes

(Performance in rand)

Fixed income

Fund	Morningstar category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
FIXED INCOME
Peregrine USD Short Duration Fund	US - Fixed Income - Short Term	4,6%	3,3%	3,4%	6,1%	25-Jul-2019	6
Benchmark: ICE BofA 3M US Treasury Bill Index		4,5%	3,3%	3,7%	6,3%
Peregrine US Bond Fund USD Share Class	US - Fixed Income	2,4%	2,8%	-0,8%	1,8%	02-Sep-2019
Benchmark: ICE BofA US Treasury Index		2,0%	2,1%	-0,8%	2,0%

Fixed income (Hedged to rand)

Fund	Morningstar 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)	7,3%	7,6%	6,3%	6,3%	22-Jul-2020	6
Benchmark: ICE BofA 3M US Treasury Bill Index (Hedged to rand)		7,2%	7,6%	6,5%	6,4%
Peregrine US Bond Fund ZAR Share Class	US - Fixed Income (Hedged to rand)	3,8%	5,8%	1,2%	4,0%	02-Sep-2019
Benchmark: ICE BofA US Treasury Index (50% Hedged to rand)		3,3%	4,2%	0,6%	3,0%

Hedge funds

Fund	Morningstar category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
HEDGE FUNDS
CAM Bastion Dollar Fund	Global - Hedge Fund	7,4%	6,5%	2,5%	2,2%	01-Sep-2020
Benchmark: US Cash + 1,75%		6,5%	5,3%	5,6%	5,2%

Hedge funds (hedged to rand)

Fund	Morningstar 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)	10,1%	11,4%	7,9%	7,9%	01-Sep-2020
Benchmark: US Cash + 1,75% (Hedged to rand)		9,2%	9,7%	8,5%	8,4%	01-Sep-2020

Multi-asset

Fund	Morningstar 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	7,9%	11,8%	10,1%	9,5%	27-Oct-2016	5
Benchmark: 60% S&P 500; 40% ICE BofA SOFR Index		12,3%	14,9%	11,7%	12,8%
Peregrine Global Balanced	Global - Multi Asset - High Equity	11,1%	13,1%	8,2%	11,9%	01-Feb-2011
Benchmark: (Morningstar) EAA Fund USD Aggressive Allocation Peer Group Average		10,5%	12,1%	8,5%	11,7%		2
Peregrine Global High Equity Fund Class R USD	Global - Multi Asset - High Equity	13,7%	15,7%		15,0%	14-Apr-2022
Benchmark: (Morningstar) EAA Fund USD Aggressive Allocation Peer Group Average		10,5%	12,1%		12,3%
Peregrine Global Medium Equity Fund Class R USD	Global - Multi Asset - Medium Equity	11,0%	12,3%		11,3%	26-Apr-2022
Benchmark: (Morningstar) EAA Fund USD Moderate Allocation Peer Group Average		8,2%	9,5%		8,9%
Peregrine Global Low Equity Fund Class R USD	Global - Multi Asset - Low Equity	7,7%	8,0%		8,2%	26-Apr-2022
Benchmark: (Morningstar) EAA Fund USD Cautious Allocation Peer Group Average		5,9%	6,1%		7,0%

Multi-asset (Hedged to rand)

Fund	Morningstar 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)	9,6%	15,3%		13,4%	01-Dec-2020
Benchmark: 60% S&P 500; 40% ICE BofA SOFR Index (50% Hedged to rand)		14,2%	17,7%		13,7%
Peregrine Global Balanced Fund ZAR Share Class	Global - Multi Asset - High Equity (Hedged to Rand)	13,6%	17,8%	11,1%	10,2%	01-Jul-2011
Benchmark: (Morningstar) EAA Fund USD Aggressive Allocation Peer Group Average (ZAR hedged)		12,9%	16,3%	10,8%	9,0%		2

Equity

Fund	Morningstar 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	14,9%	20,1%	13,3%	16,1%	03-Aug-2012
Benchmark: MSCI World (Net) in US$		17,4%	22,0%	15,2%	17,9%		3
Peregrine Global Multi-Strategy Equity USD	Global - Equity - Large-Cap Blend	13,2%	17,8%	12,0%	8,3%	03-Jun-2000
Benchmark: MSCI AC World Net US$		17,4%	21,5%	14,3%	9,9%		1
Peregrine Global Growth Fund USD Class R	Global - Equity - Large-Cap Growth	12,0%	19,2%		11,5%	20-Aug-2021
Benchmark: 20% ICE BofA US Treasury Index; 80% MSCI World (Net) in US$		14,8%	18,2%		12,6%
Peregrine Global Equity Feeder Fund USD Class R	Global - Equity - Large-Cap Growth	18,4%	20,4%		13,8%	10-Aug-2021
Benchmark: MSCI AC World Net US$		17,4%	21,5%		13,4%
Peregrine Global Dividend Fund USD Class R	Global - Equity - Income	9,6%	12,1%		10,5%	08-Sep-2021
Benchmark: MSCI World High Dividend Yield Index		7,7%	13,9%		12,1%

Emerging market equity

Fund	Morningstar 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	13,7%	15,8%		7,3%	02-Jun-2021
Benchmark: MSCI Emerging Market Net US$		17,5%	16,6%		7,3%

Equity (Hedged to rand)

Fund	Morningstar 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)	17,1%	24,4%	15,6%	14,7%	06-Sep-2017
Benchmark: MSCI World Net US$ (Hedged to Rand)		19,9%	26,4%	17,3%	14,9%		4
Peregrine Global Multi-Strategy Equity ZAR Share Class	Global - Equity - Large-Cap Blend (Hedged to rand)	14,8%	20,9%		12,1%	08-Dec-2021
MSCI ACWI (50% ZAR hedged)		18,7%	23,8%		12,0%

Property

Fund	Morningstar category	1 Year	3 Years	5 Years	Since Inception	Inception date	Notes
PROPERTY
Peregrine Global Real Estate Fund R Class	Global - Real Estate	-4,7%	4,1%	3,8%	6,1%	25-Apr-2015
Benchmark: (Morningstar) EAA Fund Property - Indirect Global Peer Group Average		-1,6%	7,1%	4,6%	5,5%		2

Notes View notes

Returns for periods longer than 1 year are annualised

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

ASISA Category

Annual Management fee (incl,VAT)

Financial Year Total Expense Ratio

ASISA Total Expense Ratio

Transaction Costs

Total Investment Charges

Inception date

Notes

Fixed assets

Fund	ASISA 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
Citadel SA Money Market H4 B1 Class Fund	South African - Fixed Income - Money Market	0,52%	0,57%	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	0,75%	0,87%	0,87%	0,03%	0,90%	08-Aug-2001

Retail hedge funds

Fund	ASISA Category	Annual Management fee (incl,VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception date	Notes
RETAIL HEDGE FUNDS
Citadel Worldwide Multi-Strategy H4 Retail Hedge Fund B	Worldwide - Multi-Strategy Hedge Fund	1,44%	2,43%	2,31%	0,21%	2,52%	14-Jun-2023

Qualified investor hedge funds

Fund	ASISA Category	Annual Management fee (incl,VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception date	Notes
QUALIFIED INVESTOR HEDGE FUNDS
Citadel Multi-Strategy H4 QI Hedge Fund	South African - Multi-Strategy Hedge Fund	1,44%	5,51%	5,72%	0,96%	6,68%	01-Nov-2016	1, 2

Milti-asset

Fund	ASISA 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
Citadel Balanced H4 B1 Class Fund	South African - Multi Asset - High Equity	1,44%	1,52%	1,53%	0,21%	1,74%	01-Apr-2011
Citadel SA Managed Volatility Equity H4 Fund	South African - Multi Asset - Flexible	1,15%	1,18%	1,18%	0,16%	1,34%	02-Feb-2015
Citadel Worldwide Flexible H4 Fund B3	Worldwide Multi Asset Flexible	1,44%	1,43%	1,50%	0,20%	1,70%	17-Oct-2017
H4 Growth Fund	Worldwide - Multi Asset - Flexible	0,75%	0,86%	0,83%	0,14%	0,97%	22-May-2013
H4 Diversified Fund	South African - Multi Asset - High Equity	0,75%	0,79%	0,82%	0,12%	0,94%	22-May-2013
H4 Moderate Fund	South African - Multi Asset - Medium Equity	0,75%	n/a	0,61%	0,07%	0,68%	16-Jul-2024
H4 Stable Fund	South African - Multi Asset - Low Equity	0,75%	0,80%	0,81%	0,09%	0,90%	01-Jul-2015

Equity

Fund	ASISA Category	Annual Management fee (incl,VAT)	Financial Year Total Expense Ratio	ASISA Total Expense Ratio	Transaction Costs	Total Investment Charges	Inception date	Notes
EQUITY
Citadel SA Core Equity H4 B1 Class Fund	South African - Equity - SA General	1,15%	1,17%	1,17%	0,14%	1,31%	09-May-2017
Citadel SA Multi-Factor Equity H4 B1 Class Fund	South African - Equity - SA General	0,92%	0,95%	0,95%	0,34%	1,29%	18-Jun-2015
Citadel Global Equity H4 FoF	Global - Equity - General	1,44%	1,59%	1,61%	0,05%	1,66%	06-Nov-2002
H4 Worldwide Equity Fund	Worldwide - Equity - General	0,75%	0,85%	0,91%	0,14%	1,05%	22-May-2013

Notes View notes

FY TERs (Total Expense Ratio as at Financial Year-end) have been calculated using data from 1 April 2024 to 31 March 2025 unless stated otherwise.

ASISA TER (Total Expense Ratio) and TCs (Transaction Cost Ratio) have been calculated using data from 1 July 2022 to 30 June 2025 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.
ASISA TER (Total Expense Ratio) and TCs (Transaction Cost Ratio) have been calculated using data from 1 April 2022 to 31 March 2025.

International solutions (FSCA Approved)

Fund

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	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	0,25%	0,49%	0,49%	0,04%	0,53%	25-Jul-2019
Peregrine USD Short Duration Fund ZAR Share Class	US - Fixed Income - Short Term (Hedged to rand)	0,25%	0,60%	0,54%	0,04%	0,58%	22-Jul-2020
Peregrine US Bond Fund USD Share Class	US - Fixed Income	0,60%	1,03%	1,06%	0,10%	1,16%	02-Sep-2019
Peregrine US Bond Fund ZAR Share Class	US - Fixed Income (Hedged to rand)	0,80%	1,24%	1,28%	0,10%	1,38%	02-Sep-2019

Hedge funds

Fund	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%	1,76%	1,80%	0,12%	1,92%	01-Sep-2020
CAM Bastion Rand Fund	Global - Hedge Fund (Hedged to rand)	1,25%	1,81%	1,85%	0,12%	1,97%	01-Sep-2020

Equity

Fund	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%	1,38%	1,37%	0,03%	1,41%	03-Aug-2012
Peregrine Global Greats Fund Class R ZAR Share Class	Global - Equity - Large-Cap Blend (Hedged to rand)	1,25%	1,47%	1,42%	0,03%	1,46%	06-Sep-2017
Peregrine Global Multi-Strategy Equity USD	Global - Equity - Large-Cap Blend	1,25%	1,71%	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%	1,72%	1,70%	0,14%	1,84%	01-Dec-2022	1
Peregrine Global Growth Fund USD Class R	Global - Equity - Large-Cap Growth	1,25%	1,41%	1,40%	0,04%	1,45%	20-Aug-2021
Peregrine Global Equity Feeder Fund USD Class R	Global - Equity - Large-Cap Growth	1,25%	2,10%	2,13%	0,32%	2,45%	10-Aug-2021
Peregrine Global Dividend Fund USD Class R	Global - Equity - Income	1,25%	1,40%	1,39%	0,11%	1,50%	08-Sep-2021

Emerging market equity

Fund	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%	0,50%	2,20%	02-Jun-2021

Multi-asset

Fund	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%	1,51%	1,50%	0,06%	1,56%	27-Oct-2016
Peregrine US Managed Volatility Equity Fund Class R ZAR Share Class	US - Multi-Asset - Flexible (Hedged to rand)	1,25%	1,53%	1,53%	0,06%	1,59%	08-Dec-2020
Peregrine Global Balanced	Global - Multi Asset - High Equity	1,25%	1,78%	1,71%	0,11%	1,82%	01-Feb-2011	1
Peregrine Global Balanced Fund ZAR Share Class	Global - Multi Asset - High Equity (Hedged to rand)	1,25%	1,83%	1,71%	0,11%	1,82%	01-Jul-2011	1
Peregrine Global High Equity Fund Class R USD	Global - Multi Asset - High Equity	0,85%	1,21%	1,19%	0,09%	1,28%	14-Apr-2022
Peregrine Global Medium Equity Fund Class R USD	Global - Multi Asset - Medium Equity	0,80%	1,17%	1,14%	0,15%	1,29%	26-Apr-2022
Peregrine Global Low Equity Fund Class R USD	Global - Multi Asset - Low Equity	0,75%	1,14%	1,10%	0,23%	1,33%	26-Apr-2022

Property

Fund	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%	1,45%	1,46%	0,22%	1,68%	25-Apr-2015

Notes View notes

FY TERs (Total Expense Ratio as at Financial Year-end) have been calculated using data from 1 January 2024 to 31 December 2024 unless stated otherwise.

FY TERs (Total Expense Ratio as at Financial Year-end) have been calculated using data from 1 April 2024 to 31 March 2025.

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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