9
Distribution per unit (cents)
Class
A
Class
E
February 2014
0.00 0.00
August 2013
0.00
–
1 Year Performance (%)
To Feb 2014
To Feb 2013
Benchmark
11.8
11.4
PSG Flexible Fund
28.5
15.1
PSG Flexible Fund
Benchmark: CPI + 6%
INCOME STATEMENT
for the year ended 28 February 2014
2014
2013
R’000
R’000
INCOME
100 157
73 256
Dividends
55 253
41 995
Interest
44 904
29 897
Other income
–
183
Income adjustments due to creation and liquidation
of participatory interests
–
1 181
EXPENSES
110 843
58 453
Service charges
37 285
26 419
Audit fees
65
75
Bank charges and trustee fees
736
392
Scrip charges and booking fees
18
91
Performance fees
71 292
31 476
Income adjustments due to creation and liquidation
of participatory interests
1 447
–
Net (loss)/income
(10 686)
14 803
STATEMENT OF CHANGES
IN EQUITY
Accumulated loss
Balance at beginning of year
(4 861)
51
Net (loss)/income for year
(10 686)
14 803
(Accumulated loss)/ income available for distribution
(15 547)
14 854
Income distribution
–
(19 715)
Accumulated loss at end of year
(15 547)
(4 861)
Capital value of participatory interests
Balance at beginning of year
2 609 827
1 979 796
Creation of participatory interests
864 135
558 802
Liquidation of participatory interests
(100 738)
(252 129)
Realised profit
427 478
87 931
Movement in unrealised profit or loss
394 374
236 608
Income adjustments
1 447
(1 181)
4 196 523
2 609 827
BALANCE SHEET
as at 28 February 2014
2014
2013
R’000
R’000
ASSETS
Non-current assets
4 080 110
2 556 037
Investments at market value
4 080 110
2 556 037
Current assets
123 451
54 552
Cash
66 227
46 815
Accrued interest
20 941
7 322
Accrued dividends
923
415
Accounts receivable
35 360
–
Total assets
4 203 561
2 610 589
EQUITY AND LIABILITIES
Capital and reserves
4 180 976
2 604 966
Capital value of portfolio
(divided into 1,047,909,136 participatory interests,
2013: 838,813,973 participatory interests)
4 196 523
2 609 827
Accumulated loss
(15 547)
(4 861)
Current liabilities
22 585
5 623
Accounts payable
14 735
3 014
Service charge accrual
3 545
2 289
Audit fee accrual
65
75
Performance fee accrual
4 240
245
Participatory interest holders
for distribution
–
–
Total equity and liabilities
4 203 561
2 610 589
ASSET ALLOCATION
Domestic equity
Domestic cash
Foreign equity
46%
30%
24%
