Old Mutual Balanced Fund

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					                                                                                                                              FUND DESCRIPTION
Old Mutual Balanced Fund                                                                                                      The fund aims to offer investors long term capital growth. It invests across
                                                                                                                              equities, bonds and cash with a bias towards equities (shares) offering long
                                                                                                                              term value rather than those with more cyclical returns. Up to 25% of the
                                                                                                                              portfolio may be invested offshore. This balanced portfolio offers exposure to
                                                                                                                              all sectors of the market but with a lower risk profile than pure equity funds.
ALL DATA TO 31/12/2010                                                                                                        This fund meets the prudential guidelines acknowledged by the Association
                                                                                                                              for Savings & Investment SA. The offshore allocation of this fund has increased
                                                                                                                              to 25% in line with Treasury guidelines.
                                              3-Year Rand Performance
                      150                                                                            50%
                                                                                                                              FUND MANAGER(S): Anil Thakersee (Macro Strategy Investments)
                                     Fund (Class R)
                      140            Performance Target                                              40%                      REVIEW OF Q4 2010
                                     Benchmark                                                                                Global equity markets continued their surge into the year-end, with the MSCI
                      130                                                                            30%                      All Country Index gaining 5.5% in rand terms in December, bringing the gain
INDEXED PERFORMANCE




                                                                                                                              for 2010 to a respectable 11%. South Africa was no exception, with the
                                                                                                                              FTSE/JSE All Share Index gaining 6.2% in December and 19% for the year.




                                                                                                              FUND % CHANGE
                      120                                                                            20%
                                                                                                                              The fact that the rand was one of the strongest currencies in the world, gaining
                                                                                                                              almost 12%, meant the JSE was one of the best performing markets in the
                      110                                                                            10%                      world, beating developed, emerging and all of the BRIC markets.

                      100                                                                            0%                       The big theme last year was “cash is trash” and investors were forced to
                                                                                                                              search for returns and yield in other asset classes. This was particularly true
                                                                                                                              in South Africa where interest rates were cut 1.5 percentage points to their
                      90                                                                             -10%
                                                                                                                              lowest levels in 35 years. The lower rates were good news for listed property,
                                                                                                                              which was the best performing asset class, up nearly 30% for the year, and
                      80                                                                             -20%                     local bonds, which gained 15%. Unfortunately, these capital gains pushed the
                                                                                                                              yield on these asset classes down by 1%, meaning lower future returns. We
                      70                                                                             -30%                     retain our view that real returns in the next decade will be lower than the one
                       Dec-07                    Dec-08                  Dec-09                Dec-10                         past. Despite this, we look forward to 2011 as there is always investment
                                                                                                                              opportunity for those who seek it.

                                                                                                                              Old Mutual Balanced Fund delivered a 12.7% return in 2010, which is a real
PERFORMANCE                                                                                                                   return of over 9% (considering that inflation was only 3.5%). Relative to the
                                                                                                                              average return of its competitors in the variable equity category (+10.9%),
                                                 % PERFORMANCE                    % PERFORMANCE (p.a.)
                                                                                                                              this was a good result. Active buying of shares during the second quarter’s
                                               1-Mth 3-Mth 6-Mth           1-Yr     3-Yr   5-Yr    7-Yr 10-Yr                 correction meant the fund benefited from the rally in the second half (H2) of
NON-LIFE                                        Due to the Association                                                        the year. In fact, the fund’s H2 return was greater than its return for the full
Fund (Class R)                                  for    Savings      &      12.7      4.5   11.1   15.9     14.2               year, highlighting once again how volatile performance can be. This reinforces
Fund (Class A)                                  Investment (ASISA)         11.4      4.3      -      -        -               the importance of sticking to your longer term plan. In the next year investors
Benchmark                                                                   3.5      6.7    6.7    6.0      6.3               can expect the fund to increase its diversification offshore.
                                                code on advertising,
LIFE                                            no unit trust fund is
Tax-exempt Investor                                                        12.7      4.5   11.1   15.9     14.2               RISK FACTOR
                                                allowed to report on
Corporate Investor                                                         12.2      4.0   10.6   15.5     13.7               This is a moderate risk fund with a risk rating of 3 (based on Old Mutual's
                                                performance for less
Private Investor                                                           12.2      3.9   10.6   15.4     13.6               rating scale of 1 - 5). The fund is exposed to share price movements, which
                                                than one year.                                                                are affected by the performance of individual companies, general market
Retirement Fund                                                            12.7      4.5   11.1   15.9     14.0
                                                                                                                              conditions as well as political and economic changes. The fund is also exposed
The above portfolio performance is calculated on a NAV-NAV basis and does not take                                            to interest rate fluctuations. A balanced portfolio can help lessen the volatility
any initial fees into account. Income is reinvested on the ex-dividend date. Actual                                           of each investment category, as share and bond prices often move in opposite
investment performance will differ based on the initial fees applicable, the actual                                           directions. Risk is further reduced through diversification. Poor performance
investment date and the date of reinvestment of income. Lump sum basis. Performances                                          of one asset may be offset by stronger performance of other assets.
are in ZAR and as at 31 December 2010. Sources: Morningstar and OMIGSA (estimated
inflation figure for month of December 2010).                                                                                 FUND CATEGORY: Domestic - Asset Allocation - Prudential Variable Equity

                                                                                                                              BENCHMARK: CPI
EFFECTIVE EXPOSURE
                                                                                                                              PERFORMANCE TARGET: CPI + 6% p.a. (gross of fees)
                                                                         SA property (6.4%)
                            International equities (16.0%)
                                                                                                                              LAUNCH DATE: 01/03/1994
                                Commodities (0.6%)
                                                                                                                              DISTRIBUTIONS
                                                                                                                              31/12/2010:                   Distribution 7.39c per unit
                                                                                                                              30/06/2010:                   Distribution 3.87c per unit
                                 SA cash (16.2%)

                                                                                                                              MINIMUM INVESTMENTS
                                                                                                                              Monthly: R500 • Lump sum: R10 000 • Ad hoc: R500
                                                                                     SA equities (51.5%)
                                     SA bonds (7.4%)
                                                                                                                              FUND CODE: SNA
                                 International cash (1.9%)

                                                                                                                              CHARGES
Size of fund: R2.4bn (total market value of assets + net income)                                                              There is no initial administration charge for investment transactions of R500
                                                                                                                              and above. Commission will be between 0% and 3.42%. Investment transactions
CURRENT PRINCIPAL HOLDINGS                                                                                                    below the R500 fund minimum incur a 2.28% administration charge.
                                                                                                                                                                                   Class A        Class R#
                                                                                                                              Total expense ratio (TER): (September 2010)            2.62%            1.34%
       HOLDING                                                     SECTOR                         % OF FUND                      Annual service fee (min./max.) included in TER: 0.86% / 2.85% p.a.
       Sasol Ltd                                                   Oil & Gas                                      4.1                     Class A performance fee as at 31 December 2010: 1.56%
       MTN Group Limited                                           Telecommunications                             4.0                     Fee hurdle:                             CPI + 2%
       Anglo American Plc                                          Basic Resources                                3.6                     Sharing rate*:                               15%
       BHP Billiton Plc                                            Basic Resources                                3.2                     Fee at hurdle/target:        0.86% / 1.54% p.a.
       Standard Bank Group Ltd                                     Banks                                          3.0            Additional charges are deducted from the portfolio and may be included
       British American Tobacco                                    Personal Goods                                 2.6            in the TER.
                                                                                                                              # Class R is closed to new business.
       FirstRand Ltd                                               Banks                                          2.2
       SABMiller Plc                                               Food & Beverages                               2.0         * Manager shares in any performance above the fee hurdle. The performance
       RSA 2.75% 31/01/2022                                        7+ Years Bonds                                 1.9           fee is based on rolling one-year periods (details on website). It is accrued
       Growthpoint Properties Ltd                                  Financials                                     1.6           daily and paid to the management company on a monthly basis.

Unit trusts are generally medium to long term investments. Past performance is no indication of future growth. It is important that you are prepared for some shorter term fluctuations as your investment moves in line with the
markets. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Unit trusts can engage in borrowing and scrip lending. A schedule of fees and charges and
maximum commissions is available from the company/intermediary. You can easily sell your investment at the ruling price of the day (calculated at 15h00 on a forward pricing basis and 17h00 at month-end for Old Mutual
RAFI® 40 Tracker Fund and Old Mutual Top 40 Fund). The Old Mutual Money Market Fund unit price aims to be static but investment capital is not guaranteed. The total return is primarily made up of interest (declared daily at
13h00), but may also include any gain/loss on any particular instrument and this may result in a capital loss in extreme cases. Specialist equity funds may hold a greater risk as exposure limits to a single security may be
higher. A feeder fund portfolio is a portfolio that, apart from assets in liquid form, consists solely of units in a single portfolio of a collective investment scheme. A fund of funds unit trust invests only in other collective investment
schemes, which may levy their own charges. Certain funds may be capped in order to be managed in accordance with their mandates. Different classes of units apply to these portfolios and are subject to different fees and
charges. Old Mutual is a member of the Association for Savings & Investment SA.

Funds are also available via Investment Frontiers, MAX Investments and Galaxy.
Helpline 0860 234 234 Fax +27 21 509 7100 Internet www.oldmutualunittrusts.co.za
                                                                                                                                         FONDSBESKRYWING
Old Mutual Balanced Fund                                                                                                                 Die fonds se doelwit is om aan beleggers kapitaalgroei oor die lang termyn te
                                                                                                                                         gee. Dit belê in aandele, effekte en kontant, met 'n sydigheid vir aandele wat
                                                                                                                                         langtermynwaarde bied, eerder as dié met meer sikliese opbrengste. Tot 25%
                                                                                                                                         van die portefeulje kan in die buiteland belê word. Hierdie gebalanseerde
                                                                                                                                         portefeulje bied blootstelling aan alle sektore van die mark, maar met 'n laer
ALLE DATA TOT 31/12/2010                                                                                                                 risikoprofiel as dié van suiwer aandelefondse. Hierdie fonds voldoen aan die
                                                                                                                                         omsigtige riglyne wat deur die Vereniging vir Spaar en Belegging SA erken
                                                                                                                                         word. Die buitelandse toewysing van hierdie fonds het toegeneem tot 25%, in
                                                                                                                                         ooreenstemming met Tesourie-riglyne.
                                                         3-jaar Randprestasie
                             150                                                                          50%
                                                                                                                                         FONDSBESTUURDER(S): Anil Thakersee (Macro Strategy Investments)
                                             Fonds (Klas R)
                             140                                                                          40%                            OORSIG VAN VIERDE KWARTAAL 2010
                                             Prestasieteiken
                                                                                                                                         Wêreldaandelemarkte het hul styging teen die jaareinde voortgesit. Die MSCI
INDEKSGEKOPPELDE PRESTASIE




                                             Maatstaf                                                                                    Indeks van Alle Lande het in randterme 5.5% bygevoeg in Desember, wat die
                             130                                                                          30%




                                                                                                                   FONDS %-VERANDERING
                                                                                                                                         wins vir 2010 op ’n heel goeie 11% te staan bring. Suid-Afrika was geen
                                                                                                                                         uitsondering nie, met die FTSE/JSE Alle Aandele-indeks se wins van 6.2% in
                             120                                                                          20%                            Desember en 19% vir die jaar. Die feit dat die rand een van die sterkste
                                                                                                                                         geldeenhede wêreldwyd was en met amper 12% verstewig het, het beteken
                                                                                                                                         dat die JSE een van die toppresterende markte in die wêreld was en ontwikkelde,
                             110                                                                          10%                            ontluikende en al die BRIC-markte oortref het.

                             100                                                                          0%                             Die groot tema verlede jaar was “kontant is ’n leë hand” en beleggers moes
                                                                                                                                         noodgedwonge opbrengste in ander bateklasse soek. Dit was veral waar in
                                                                                                                                         Suid-Afrika, waar rentekoerse met 1.5 persentasiepunte verlaag is tot hul
                             90                                                                           -10%                           laagste vlakke in 35 jaar. Die laer koerse was goeie nuus vir genoteerde eiendom,
                                                                                                                                         wat die toppresterende bateklas was met ’n styging van bykans 30% vir die
                                                                                                                                         jaar, en plaaslike effekte, wat 15% bygevoeg het. Ongelukkig het hierdie
                             80                                                                           -20%
                                                                                                                                         kapitaalwins die opbrengs op hierdie bateklasse met 1% laat daal, wat laer
                                                                                                                                         toekomstige opbrengste beteken. Ons handhaaf ons siening dat reële opbrengste
                             70                                                                           -30%                           in die volgende dekade laer sal wees as die afgelope dekade. Desondanks sien
                              Des-07                    Des-08                    Des-09             Des-10
                                                                                                                                         ons uit na 2011, aangesien daar altyd beleggingsgeleenthede is vir dié wat
                                                                                                                                         daarna soek.

                                                                                                                                         Die Old Mutual Balanced Fund het in 2010 ’n opbrengs van 12.7% gelewer. Dit
PRESTASIE                                                                                                                                is ’n reële opbrengs van meer as 9% (met inagneming van inflasie van slegs
                                                                                                                                         3.5%). In vergelyking met die gemiddelde opbrengs van sy mededingers in die
                                                          PRESTASIE (%)                    PRESTASIE P.J. (%)                            veranderlike aandele-kategorie (+10.9%), was dit ’n goeie resultaat. Aktiewe
                                                                                                                                         aankope van aandele tydens die regstelling in die tweede kwartaal het beteken
                                                     1-md 3-mde 6-mde                1-j    3-j    5-j    7-j     10-j                   dat die fonds baat gevind het by die herstel in die tweede helfte (H2) van die
NIE-LEWENS                                              As gevolg van die
                                                                                                                                         jaar. Trouens, die fonds se opbrengs vir H2 was groter as sy opbrengs vir die
Fonds (Klas R)                                          Vereniging vir Spaar en     12.7   4.5    11.1   15.9   14.2                     volle jaar, wat weer eens beklemtoon hoe onbestendig prestasie kan wees. Dit
Fonds (Klas A)                                                                      11.4   4.3       -      -      -
                                                                                                                                         onderstreep hoe belangrik dit is dat beleggers by hul langtermynplan hou. In
                                                        Belegging (ASISA) se
                                                                                                                                         die volgende jaar kan beleggers verwag dat die fonds sy diversifikasie in die
Maatstaf                                                reklamekode word             3.5   6.7     6.7    6.0    6.3
                                                                                                                                         buiteland sal verhoog.
LEWENS                                                  geen effektetrustfonds
Belastingvrye Belegger                                  toegelaat    om    oor      12.7   4.5    11.1   15.9   14.2                     RISIKOFAKTOR
                                                        prestasie van minder
Korporatiewe Belegger                                                               12.2   4.0    10.6   15.5   13.7                     Die fonds het 'n matige risikoprofiel met 'n risikogradering van 3 (gebaseer op
                                                        as een jaar verslag te
Privaat Belegger                                                                    12.2   3.9    10.6   15.4   13.6                     Old Mutual se takseringskaal van 1 - 5). Die fonds is blootgestel aan
                                                        doen nie.                                                                        aandeelprysbewegings, wat beïnvloed word deur die prestasie van individuele
Aftreefonds                                                                         12.7   4.5    11.1   15.9   14.0
                                                                                                                                         maatskappye, algemene marktoestande asook politieke en ekonomiese
Bogenoemde portefeuljeprestasie word op 'n NBW-NBW grondslag bereken en neem                                                             veranderings. Die fonds is ook aan rentekoersskommelinge blootgestel. 'n
nie aanvangsfooie in ag nie. Inkomste word op die ex dividend-datum herbelê. Werklike                                                    Gebalanseerde portefeulje kan help om die onbestendigheid van elke
beleggingsprestasie sal verskil, gebaseer op die aanvangsfooie wat van toepassing is,                                                    beleggingskategorie te verminder, aangesien aandeel- en effektepryse dikwels
die werklike beleggingsdatum en die datum van herbelegging van inkomste.                                                                 in teenoorgestelde rigtings beweeg. Risiko word verder verlaag deur diversifikasie.
Enkelbedraggrondslag. Prestasie in ZAR en soos op 31 Desember 2010. Bronne:                                                              Swak prestasie van een bate kan geneutraliseer word deur sterker prestasie
Morningstar en OMIGSA (geraamde inflasiesyfer vir Desember 2010).                                                                        van ander bates.

                                                                                                                                         FONDSKATEGORIE:
                                                                                                                                         Binnelands - Batetoewysing - Voorsorg Veranderlike Aandele
EFFEKTIEWE BLOOTSTELLING
                                                                                                                                         MAATSTAF: VPI
                                                                                    SA eiendom (6.4%)
                                   Internasionale aandele (16.0%)                                                                        PRESTASIETEIKEN: VPI + 6% p.j. (voor aftrekking van fooie)

                                       Kommoditeite (0.6%)                                                                               BEKENDSTELLINGSDATUM: 01/03/1994

                                                                                                                                         UITKERINGS
                                       SA kontant (16.2%)
                                                                                                                                         31/12/2010:            Uitkering 7.39c per onderaandeel
                                                                                                                                         30/06/2010:            Uitkering 3.87c per onderaandeel

                                                                                                                                         MINIMUM BELEGGINGS
                                                                                             SA aandele (51.5%)                          Maandeliks: R500 • Enkelbedrag: R10 000 • Ad hoc: R500
                                            SA effekte (7.4%)

                                     Internasionale kontant (1.9%)                                                                       FONDSKODE: SNA

                                                                                                                                         KOSTE
Fondsgrootte: R2.4mjd (totale markwaarde van bates + netto inkomste)                                                                     Daar is geen aanvanklike administrasiekoste vir beleggingstransaksies van R500
                                                                                                                                         en hoër nie. Kommissie sal tussen 0% en 3.42% wees. ’n Aanvanklike
HUIDIGE HOOFBESIT                                                                                                                        administrasiekoste van 2.28% sal betaalbaar wees op beleggingstransaksies
                                                                                                                                         onder die fondsminimum van R500.
                                                                                                                                                                                                Klas A         Klas R#
          BESIT                                                           SEKTOR                    % VAN FONDS                          Totale onkosteverhouding (TOV): (September 2010) 2.62%                  1.34%
          Sasol Ltd                                                       Olie & Gas                                        4.1              Jaarlikse diensfooi (min./maks.) by TOV ingesluit: 0.86% / 2.85% p.j.
          MTN Group Limited                                               Telekommunikasie                                  4.0                        Klas A-prestasiefooi soos op 31 Desember 2010: 1.56%
          Anglo American Plc                                              Grondstowwe                                       3.6                        Fooidrempel:                          VPI + 2%
          BHP Billiton Plc                                                Grondstowwe                                       3.2                        Deelkoers*:                                15%
          Standard Bank Group Ltd                                         Banke                                             3.0                        Fooi by drempel/teiken:      0.86% / 1.54% p.j.
                                                                                                                                             Addisionele koste word van die fonds se portefeulje afgetrek en kan by die
          British American Tobacco                                        Persoonlike Goedere                               2.6
                                                                                                                                             TOV ingesluit wees.
          FirstRand Ltd                                                   Banke                                             2.2          # Klas R is vir nuwe besigheid gesluit.
          SABMiller Plc                                                   Voedsel & Drank                                   2.0          * Bestuurder deel in enige prestasie bo die fooidrempel. Die prestasiefooi is op
          RSA 2.75% 31/01/2022                                            7+ Jaar Effekte                                   1.9            deurlopende eenjaar-tydperke gegrond (besonderhede op webtuiste). Dit
          Growthpoint Properties Ltd                                      Algemeen Finansieel                               1.6            loop daagliks op en word maandeliks aan die bestuursmaatskappy betaal.

Effektetrusts is gewoonlik medium- tot langtermynbeleggings. Vorige prestasie is nie ’n aanduiding van toekomstige groei nie. Dit is belangrik dat u voorbereid moet wees op skommelinge oor die korter termyn, terwyl u belegging
in ooreenstemming met die markte beweeg. Wisselkoersbewegings of -skommelinge kan meebring dat die waarde van onderliggende internasionale beleggings styg of daal. Effektetrusts kan by leen en die uitleen van skrip
betrokke wees. ’n Lys van fooie en koste en maksimum kommissie is by die maatskappy/tussenganger verkrygbaar. U kan u belegging maklik verkoop teen die heersende prys van die dag (om 15:00 op ’n vooruitprysingsgrondslag
bereken en 17:00 teen die maandeinde vir Old Mutual RAFI® 40 Tracker Fund en Old Mutual Top 40 Fund). Die Old Mutual Money Market Fund se onderaandeelprys poog om staties te wees, maar beleggingskapitaal word nie
gewaarborg nie. Die totale opbrengs bestaan hoofsaaklik uit rente (wat daagliks om 13:00 verklaar word), maar kan ook enige wins/verlies op ’n bepaalde instrument insluit, en dit kan in uiterste gevalle ’n kapitaalverlies
meebring. Spesialisaandelefondse kan ’n groter risiko inhou, aangesien blootstellingsperke ten opsigte van ’n enkele sekuriteit hoër kan wees. ’n Voederfondsportefeulje is ’n portefeulje wat, afgesien van bates in likiede vorm,
uitsluitlik uit onderaandele van ’n enkele portefeulje van ’n kollektiewe beleggingskema bestaan. ’n Fonds van fondse-effektetrust belê slegs in ander kollektiewe beleggingskemas, wat hul eie koste kan vra. Sekere fondse kan
tydelik gesluit word om ooreenkomstig hul mandaat bestuur te word. Hierdie portefeuljes bevat verskillende onderaandeelklasse, wat aan verskillende fooie en koste onderhewig is. Old Mutual is ’n lid van die Vereniging vir
Spaar en Belegging SA.
Fondse is ook beskikbaar via Investment Frontiers, MAX Investments en Galaxy.
Hulplyn 0860 234 234 Faks +27 21 509 7100 Internet www.oldmutualunittrusts.co.za

				
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