8
PSG Equity Fund
Benchmark: FTSE/JSE All Share Index
Distribution per
unit (cents)
Class
A
Class
B
Class
C
Class
D
Class
E
Class
F
February 2014
3.31 0.00 0.00 6.35 0.00 10.05
August 2013
1.86 0.00 0.00 4.40
–
–
INCOME STATEMENT
for the year ended 28 February 2014
2014
2013
R’000
R’000
INCOME
26 418
22 328
Dividends
24 969
21 958
Interest
962
245
Other income
–
125
Income adjustments due to creation and liquidation
of participatory interests
487
–
EXPENSES
15 394
10 394
Service charges
12 759
9 032
Audit fees
65
75
Performance fees
1 806
206
Bank charges and trustee fees
182
86
Scrip charges and booking fees
582
77
Income adjustments due to creation and liquidation
of participatory interests
–
918
Net income
11 024
11 934
STATEMENT OF CHANGES
IN EQUITY
Accumulated loss
Balance at beginning of year
(4)
(94)
Net income for year
11 024
11 934
Income available for distribution
11 020
11 840
Income distribution
(11 809)
(11 844)
Accumulated loss at end of year
(789)
(4)
Capital value of participatory interests
Balance at beginning of year
830 964
751 288
Creation of participatory interests
454 171
174 498
Liquidation of participatory interests
(146 186)
(248 578)
Realised profit
206 687
85 242
Movement in unrealised profit or loss
106 940
67 596
Income adjustments
(487)
918
1 452 089
830 964
BALANCE SHEET
as at 28 February 2014
2014
2013
R’000
R’000
ASSETS
Non-current assets
1 448 774
828 784
Investments at market value
1 448 774
828 784
Current assets
37 789
31 481
Cash
29 316
3 691
Accrued interest
68
20
Accrued dividends
1 049
721
Accounts receivable
7 356
27 049
Total assets
1 486 563
860 265
EQUITY AND LIABILITIES
Capital and reserves
1 451 300
830 960
Capital value of portfolio
(divided into 164,498,238 participatory interests,
2013: 126,139,755 participatory interests)
1 452 089
830 964
Accumulated loss
(789)
(4)
Current liabilities
35 263
29 305
Accounts payable
26 079
23 439
Service charge accrual
1 364
877
Audit fee accrual
65
75
Performance fee accrual
230
127
Participatory interest holders
for distribution
7 525
4 914
Total equity and liabilities
1 486 563
860 265
ASSET ALLOCATION
Domestic equity
Domestic cash
Foreign equity
76%
23%
1%
To Feb 2014
To Feb 2013
1 Year Performance (%)
Class
A
Class
A
Benchmark
22.8
19.3
PSG Equity Fund
34.9
23.1
