PRESCIENT INCOME PROVIDER FUND (A2)

MINIMUM DISCLOSURE DOCUMENT

INVESTMENT AND RETURN OBJECTIVE
The Fund aims to return CPI + 3% per annum through a full interest rate cycle while providing stability by aiming
never to lose capital over any rolling 3 month period.
31 AUGUST 2024
INVESTMENT PROCESS
This Fund invests in local and offshore money market, bonds, property, preference shares, inflation-linked bonds and ABOUT THE FUND
derivatives to meet the investment objectives. Fund performance can be generated from taking interest rate views or
duration, yield enhancement via credit instruments, asset allocation between income producing asset classes,
offshore exposure and also via the use of derivatives.
Fund Manager:
WHO SHOULD INVEST Prescient Cash and Income Team
Investors seeking stable real returns and aiming to maximise income via exposure to primarily the South African
Money and Bond markets. This Fund is suitable to investors with a short- to medium-term investment horizon and is Fund Classification:
Regulation 28 compliant. South African - Multi Asset - Income
RISK INDICATOR DEFINITION
These portfolios typically have no or low equity exposure, resulting in higher interest yields and stable capital values Benchmark:
with the probability of capital losses over the shorter term (3 months) highly unlikely. These portfolios typically target STeFi Call 110%
returns in the region of 1% – 3% above inflation before tax over the long term.
JSE Code:
PIPFB5
ISIN:
ZAE000087540
RISK INDICATOR Fund Size:
CONSERVATIVE
R39.3 bn
ANNUALISED PERFORMANCE (%) CUMULATIVE PERFORMANCE No of Units:
13,044,035,798
15% Fund Fund
500%
Benchmark Benchmark Unit Price (cpu):
145.75
12% 400%
Inception Date:
31 December 2005
9% 300%
1 Minimum Investment:
R10 000 lump-sum
200% 1
6% R1 000 per month
Initial Fee:
100%
3% 0.00%
Annual Management Fee:
0%
0% Dec-05 Aug-10 Apr-15 Dec-19 Aug-24 0.50% (excl VAT)
YTD 1 year 3 years 5 years 10 years Since
incep. Fee Class:
A2
ANNUALISED PERFORMANCE (%) RISK AND FUND STATS
(All performance figures are net of TIC)
Fund Benchmark Current Fund Fee Breakdown:
1 year 11.41 9.08 Yield (gross) 10.40%
1 Management Fee 0.50%
3 years 8.82 7.12 Average Duration 1.43yrs
1 Performance Fees 0.00%
5 years 7.67 6.25 Since inception (p.a.) 1 Other Fees* 0.11%
Fund Benchmark
10 years 8.39 6.70 Alpha 1.93% 1 Total Expense Ratio (TER) 0.61%
Since incep. 9.11 7.18 Sharpe Ratio 1.30 1.18 1 Transaction Costs (TC) 0.00%
Highest rolling 1 year 14.29 12.59 Standard Deviation 2.00% 0.57% 1 Total Investment Charge (TIC) 0.61%
Lowest rolling 1 year 4.04 3.86 % Positive Months 93.75% 100.00% *Other fees includes underlying fee (where
1 applicable): Audit Fees, Custody Fees, Trustee
Fees and VAT

Income Distribution:
31 August 2024 - 0.91 cpu
FUND COMPOSITION 31 July 2024 - 0.96 cpu
23.9%
25 30 June 2024 - 0.87 cpu
20 31 May 2024 - 0.96 cpu
15.0% 15.0% 30 April 2024 - 2.16 cpu
15
9.4% 31 March 2024 - 0.87 cpu
10 7.6%
6.1% 6.5% 29 February 2024 - 0.89 cpu
5.2% 4.9%
5 1.9% 2.2% 31 January 2024 - 0.98 cpu
1.3% 0.7%
0.3%
0 31 December 2023 - 0.88 cpu
Real Estate

Cash & Money Market

Fixed Rate Bonds 7+ yrs
Inflation Linked bonds

Credit Linked Notes 0 - 1 yr

Credit Linked Notes 3 - 10

Fixed Rate Bonds 1 - 3 yrs

Fixed Rate Bonds 3 - 7 yrs

Credit Linked Notes 1 - 3

Floating Rate Bonds 1 - 3

Floating Rate Bonds 3 - 7

Floating Rate Bonds 7+ yrs

Preference shares

Offshore (hedged to ZAR)

30 November 2023 - 0.92 cpu

31 October 2023 - 0.97 cpu
30 September 2023 - 1.00 cpu
yrs

yrs

yrs
yrs

31 August 2023 - 0.92 cpu

PRESCIENT INCOME PROVIDER FUND (A2)

FUND MONTHLY RETURNS

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2006 0.22% 1.81% 0.42% 0.33% 1.81% 0.09% 0.36% 1.54% 1.17% 0.79% 1.35% 0.56% 10.95%
2007 1.38% 0.89% 0.90% 1.09% 1.00% -0.04% 1.49% 0.62% 0.83% 0.51% 1.42% 0.58% 11.20%
2008 1.94% 1.52% 1.66% -1.16% 0.57% 1.73% 0.45% 1.02% 1.65% 2.09% 1.23% 0.69% 14.19%
2009 1.30% 0.60% 0.85% -0.30% 0.69% 0.52% 1.68% 0.77% 0.77% 1.59% 0.06% 0.16% 9.02%
2010 0.65% 0.59% 0.32% 0.46% 0.62% 0.41% 0.51% 0.76% 0.09% 0.66% 0.70% -0.72% 5.16%
2011 2.17% 0.22% 0.26% 0.62% 1.13% 0.55% 0.45% 1.55% 2.20% 0.36% 0.67% 0.11% 10.75%
2012 0.37% 0.16% 0.74% 0.72% 1.75% -0.02% 0.71% 0.95% 0.67% 1.17% 0.85% -0.17% 8.16%
2013 1.04% 0.51% 0.96% -0.09% 2.30% 0.30% 0.56% -0.11% 1.49% 1.39% 0.08% 0.85% 9.65%
2014 -0.11% 0.99% 1.00% 1.04% 1.29% 0.99% 0.62% 1.26% 1.58% 0.36% 0.38% 1.46% 11.39%
2015 0.81% 1.02% 0.91% 0.60% 0.39% 0.81% 1.10% 0.84% 1.00% 0.74% 0.73% 0.22% 9.56%
2016 0.67% 0.25% 0.90% 0.69% 1.04% 0.95% 0.73% 0.77% 0.80% 0.47% 0.75% 0.63% 8.98%
2017 0.90% 0.65% 0.78% 0.52% 0.88% 0.58% 0.83% 0.59% 1.03% 0.48% 0.18% 0.94% 8.69%
2018 0.38% 0.55% 0.51% 0.79% 0.89% 0.74% 0.41% 1.33% 0.40% 0.79% 0.42% 1.13% 8.66%
2019 0.51% 0.68% 0.76% 0.96% 0.66% 0.64% 0.70% 0.61% 0.80% 0.79% 0.40% 0.60% 8.42%
2020 0.55% 0.16% -2.84% 1.95% 1.19% 0.82% 0.19% 0.52% 0.25% 0.30% 0.98% 1.19% 5.29%
2021 0.40% 0.00% 0.39% 0.93% 0.49% 0.28% 0.56% 0.79% 0.66% 0.60% 0.60% 1.14% 7.07%
2022 0.37% 0.12% 0.54% 0.25% 0.43% -0.19% 0.86% 0.60% -0.08% 0.96% 1.40% 0.70% 6.13%
2023 1.42% 0.04% 1.01% 0.23% -0.71% 1.79% 1.18% 0.71% 0.11% 1.00% 1.66% 1.11% 9.92%
2024 0.81% 0.28% 0.06% 0.86% 0.87% 1.68% 1.52% 0.93% 7.20%

FUND COMMENTARY

In August, interest rate repricing continued locally driven by a more favourable global backdrop for risk. As a result, the local nominal bond index ended the
month up by more than 2% on a total return basis.
In a dovish address at the Fed's Jackson Hole conference, Chair Jerome Powell indicated that a policy-rate cut is likely at the September Federal Open
Market Committee (FOMC) meeting. As anticipated, Powell expressed increased confidence in the inflation outlook while highlighting downside risks in the
labour market, noting that any further deterioration would be "unwelcome." The expectation for August is a stronger employment report compared to July.
However, even though unemployment increased in August, this was solely due to the expansion of the labour force (i.e. more people who were previously
not in the labour force are now entering and seeking jobs), and not because of increased layoffs. Powell emphasized that a disinflationary process, while
maintaining labour market strength, is only possible with anchored inflation expectations which reflect the public's confidence that the central bank will
achieve 2% inflation over time. The market has adjusted to anticipate further interest rate cuts in both the United States (US) and South Africa (SA). Both
anticipated to start at the September meetings.

Given the movement in the SA yield curve, we continue to favour floating rate exposure in the 3-year segment while concentrating our fixed rate exposure in
the 10-year segment, where we see the greatest value relative to the associated risk.
The Fund forward yield remains attractive at 10.40%. The Fund has an interest rate duration of 1.43 years and a total Fund duration (including ILBs) of 1.77
years.
The Fund performed strongly, outperforming its benchmark for the month. We saw solid contributions from most of the asset classes in the Fund, with the
Fixed Rate Bond exposure being particularly notable. The current risk in the portfolio aligns with the Fund's risk objective, and we see the Fund well
positioned to achieve its return objectives.
PRESCIENT INCOME PROVIDER FUND (A2)
GLOSSARY
Annualised performance: Annualised performance shows longer term performance rescaled to a 1 year period. Annualised performance is the
average return per year over the period. Actual annual figures are available to the investor on request.

Highest & Lowest performance: The highest and lowest performance for any 1 year over the period since inception have been shown.

NAV: The net asset value represents the assets of a Fund less its liabilities.

Current Yield: Annual income (interest or dividends) divided by the current price of the security.

CPU: Cents Per Unit to the Glossary

Alpha: Denotes the outperformance of the fund over the benchmark.

Sharpe Ratio: The Sharpe ratio is used to indicate the excess return the portfolio delivers over the risk free rate per unit of risk adopted by the fund.

Standard Deviation: The deviation of the return stream relative to its own average.

% Positive Month: The percentage of months since inception where the Fund has delivered positive return.

Average Duration: The weighted average duration of all the underlying interest bearing instruments in the Fund.

Forward Yield: The Forward Yield is the expected combined income of the instruments in the portfolio over the next year expressed as a percentage
of the current value of those instruments.

Fund Specific Risks

Default Risk: The risk that the issuers of fixed income instruments may not be able to meet interest payments nor repay the money they have
borrowed. The issuers credit quality is vital. The worse the credit quality, the greater the risk of default and therefore investment loss.

Derivatives risk: The use of derivatives could increase overall risk by magnifying the effect of both gains and losses in a Fund. As such, large changes
in value and potentially large financial losses could result.

Foreign Investment risk: Foreign securities investments may be subject to risks pertaining to overseas jurisdictions and markets, including (but not
limited to) local liquidity, macroeconomic, political, tax, settlement risks and currency fluctuations.

Interest rate risk: The value of fixed income investments (e.g. bonds) tends to be inversely related to interest and inflation rates. Hence their value
decreases when interest rates and/or inflation rises.

% Property risk: Investments in real estate securities can carry the same risks as investing directly in real estate itself. Real estate prices move in
response to a variety of factors, including local, regional and national economic and political conditions, interest rates and tax considerations.

Currency exchange risk: Changes in the relative values of individual currencies may adversely affect the value of investments and any related
income.

Derivative counterparty risk: A counterparty to a derivative transaction may experience a breakdown in meeting its obligations thereby leading to
financial loss.

Liquidity risk: If there are insufficient buyers or sellers of particular investments, the result may lead to delays in trading and being able to make
settlements, and/or large fluctuations in value. This may lead to larger financial losses than expected.

Information Disclosure
The portfolio has adhered to its policy objective and there were no material changes to the composition of the portfolio during the quarter.
 PRESCIENT INCOME PROVIDER FUND (A2)

DISCLAIMER

Collective Investment Schemes in Securities (CIS) should be considered as medium to long-term investments. The value may go up as well as down and past performance is not
necessarily a guide to future performance. CIS's are traded at the ruling price and can engage in scrip lending and borrowing. The collective investment scheme may borrow up to 10%
of the market value of the portfolio to bridge insufficient liquidity. A schedule of fees, charges and maximum commissions is available on request from the Manager. There is no
guarantee in respect of capital or returns in a portfolio. A CIS may be closed to new investors in order for it to be managed more efficiently in accordance with its mandate. CIS prices
are calculated on a net asset basis, which is the total value of all the assets in the portfolio including any income accruals and less any permissible deductions (brokerage, STT, VAT,
auditor's fees, bank charges, trustee and custodian fees and the annual management fee) from the portfolio divided by the number of participatory interests (units) in issue. Forward
pricing is used. The Fund's Total Expense Ratio (TER) reflects the percentage of the average Net Asset Value (NAV) of the portfolio that was incurred as charges, levies and fees
related to the management of the portfolio. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an
indication of future TERs. During the phase in period TERs do not include information gathered over a full year. Transaction Costs (TC) is the percentage of the value of the Fund
incurred as costs relating to the buying and selling of the Fund's underlying assets. Transaction cost is a necessary cost in administering the Fund and impacts Fund returns. It should
not be considered in isolation as returns may be impacted by many other factors over time including market returns, the type of Fund, investment decisions of the investment manager
and the TER.

Where a current yield has been included for Funds that derive its income primarily from interest bearing income, the yield is a weighted average yield of all underlying interest bearing
instruments as at the last day of the month. This yield is subject to change as market rates and underlying investments change.

The Manager retains full legal responsibility for any third-party-named portfolio. Where foreign securities are included in a portfolio there may be potential constraints on liquidity and
the repatriation of funds, macroeconomic risks, political risks, foreign exchange risks, tax risks, settlement risks; and potential limitations on the availability of market information. The
investor acknowledges the inherent risk associated with the selected investments and that there are no guarantees. Please note that all documents, notifications of deposit, investment,
redemption and switch applications must be received by Prescient by or before 11:00 (SA) for money market funds and the Prescient Optimised Income Fund and by or before 13:00
for all other funds, to be transacted at the net asset value price for that day. Where all required documentation is not received before the stated cut-off time, Prescient shall not be
obliged to transact at the net asset value price as agreed to. Funds are priced at either 3pm or 5pm depending on the nature of the Fund. Prices are published daily and are available
on the Prescient website.

Performance has been calculated using net NAV to NAV numbers, including actual initial and all ongoing fees, with income reinvested on the reinvestment date. The performance for
each period shown reflects the return for investors who have been fully invested for that period. Individual investor performance may differ as a result of initial fees, the actual
investment date, the date of reinvestments and dividend withholding tax. Full performance calculations are available from the manager on request.

This portfolio operates as a white label fund under the Prescient Unit Trust Scheme, which is governed by the Collective Investment Schemes Control Act.

For any additional information such as fund prices, brochures and application forms please go to [Link]

CONTACT DETAILS
Management Company:

Prescient Management Company (RF) (Pty) Ltd., Registration number: 2002/022560/07 Physical address: Prescient House, Westlake Business Park, Otto Close, Westlake,

7945 Postal address: PO Box 31142, Tokai, 7966 Telephone number: 0800 111 899 E-mail: info@[Link] Website: [Link]

1 Trustee:

Nedbank Investor Services, Physical address: 2nd Floor, 16 Constantia Boulevard, Constantia Kloof, Roodepoort, 1709 Telephone number: +27 11 534 6557 Website:

[Link]

The Management Company and Trustee are registered and approved under the Collective Investment Schemes Control Act (No.45 of 2002). Prescient is a member of the

Association for Savings and Investments SA.

Investment Manager:

Prescient Investment Management (Pty) Ltd, Registration number: 1998/023640/07 is an authorised Financial Services Provider (FSP 612) under the Financial Advisory and

Intermediary Services Act (No.37 of 2002), to act in the capacity as investment manager. This information is not advice, as defined in the Financial Advisory and Intermediary

Services Act (N0.37 of 2002). Please be advised that there may be representatives acting under supervision. Physical address: Block B, Silverwood, Silverwood Lane, Steenberg Office

Park, Tokai, 7945 Postal address: PO Box 31142, Tokai 7966 Telephone number: +27 21 700 3600 Website:[Link]

This document is for information purposes only and does not constitute or form part of any offer to issue or sell or any solicitation of any offer to subscribe for or purchase any

particular investments. Opinions expressed in this document may be changed without notice at any time after publication. We therefore disclaim any liability for any loss,

liability, damage (whether direct or consequential) or expense of any nature whatsoever which may be suffered as a result of or which may be attributable directly or indirectly

to the use of or reliance upon the information. Issue date 11 September 2024