RAND WATER PROVIDENT FUND ANNUAL REPORT 2022-2023

Moderate Portfolio Rand Water Provident Fund Inflation Plus 3-5%

SA Equity SA Long/Short Equity SA Fixed Income SA Enhanced Income SA Property International Equity International Property International Fixed Income Alternative Investment

1%

3%

2%

5%

7%

30%

12%

16%

24%

Aggressive Portfolio Rand Water Provident Fund Inflation Plus 5-7%

SA Equity SA Long/Short Equity SA Fixed Income SA Enhanced Income SA Property International Equity International Property International Fixed Income Alternative investment

3%

4%

31%

41%

3% 1%

7% 2% 8%

The Fund utilises pooled multi-manager investment vehicles. The investment choices, voting and engagement with individual counters or stocks are therefore delegated to the underlying asset managers who manage the assets in accordance with their investment mandate. The Trustees consider that the robust responsible and sustainable investing approach adopted by the Fund, despite this limitation, is able to achieve the key goal of incorporating ESG factors into investment decisions to enable better management of risk and generate sustainable, long-term investment returns.

14 Rand Water Provident Fund Annual Report | 2022-2023