RAND WATER PROVIDENT FUND ANNUAL REPORT 2022-2023

Investment performance:

INDICES as at 30 June 2023 Index JSE All Share Index (ALSI) JSE Capped Swix All Share index

12 Month June

19.60% 13.50% 34.20% 14.10% 3.00% 10.00% 8.20% 6.80% 37.10% 6.30%

JSE Industrials JSE Financials JSE Resources

SA Property

All Bond Index (ALBI)

Money Market (SteFI) Composite

Global Equities Inflation (CPI)

Asset allocation analysis and risk budgeting are used to calculate the weightings for the different sources of return. Asset allocation analysis is conducted to determine the optimal mix of asset classes best suited to deliver the expected return. Risk budgeting is used to ensure that we are rewarded for every unit of risk that we pick up. Specialist asset managers are selected by our Multi-Managers within each asset class following a thorough due diligence and selection process, and are given appropriate asset class benchmarks to beat. The portfolios will display short-term volatility but have a higher probability of delivering target or outperformance over the long-term.

Returns History

25.00%

20.00%

19.20%

17.40%

15.00%

15.08%

% of Returns

12.20%

10.00%

8.49%

7.88%

7.17%

5.00%

3.71%

3.80%

1.85%

0.40%

0.00%

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Average returns over 10 years is 9%.

Rand Water Provident Fund Annual Report | 2022-2023 13