Nedgroup Investments Balanced Fund

This portfolio was previously called the Truffle MET Balanced Fund

The reason for the renaming is that the portfolio has been included in Nedgroup Investments’ Best of breed™ offering, following a rigorous and independent screening process. This is a wonderful endorsement of our capabilities. The mandate, our investment approach and all other aspects of how we manage the portfolio remain the same.

Ideal investment timeframe

3-5 years

Investment minimums

Lump sum: R10 000
Monthly: R500

Investor need

Achieve maximum long-term capital growth
Suitable for investors saving for retirement in retirement annuities, preservation funds, pension funds and provident funds (Regulation 28-compliant)

How the portfolio aims to achieve this

Maximise long-term returns while preserving capital by investing actively across all asset classes

Risk exposure

Returns can be more volatile over the short term relative to the broader market, but will be less volatile than the equity market

Asset allocation

A combination of assets in liquid form, money market instruments, interest-bearing instruments, bonds, debentures, corporate debt, equity securities, property securities, preference shares, convertible equities, derivatives and non-equity securities
Underlying investments can from time to time also include:
- Listed and unlisted financial instruments
- Unlisted forward currency swaps, interest and exchange rate swaps
- Participatory interests

Income distribution

Bi-annual

ASISA category

South African Multi Asset − High Equity
(governed by the Collective Investment Schemes Control Act of 2002 (CICSCA))

Latest factsheet

Download

Want to invest?

Find out more about how to invest

How to invest in our funds

Interested in
investing?

Invest

Meet our experienced
professionals

Meet the team

The value of experience

Why invest
with us?

Learn more

© 2021 Truffle Asset Management. Truffle Asset Management (Pty) Ltd, registration number 2008/009740/07, is authorised as a Category I,II and IIA FSP (FSP no: 36584)
Disclosure · CIS Disclosure
Design by iCanvas

Northam Platinum Limited Q2 2021

Resolution	Item Number	Proposal category/Resolution	Details of the Resolution	Vote	Outcome
Special	1	Share option scheme	Approval of the Share Acquisition Scheme	For	Pass
Special	2	Share option scheme	Revocation of the Share Acquisitions scheme Resolution if the share acquisitions scheme is terminated	For	Pass
Special	3	Share buy backs	Approval of the acquisition of Northam Shares pursuant to the revised accumulated dividends settlement, the repurchase, the Zambezi Preference Share redemption and the acquisition of Zambezi Retention shares	For	Pass
Special	4	Share buy backs	Approval of the ESOP Repurchase	For	Pass
Special	5	Share option scheme	Approval of the Northam Scheme	For	Pass
Special	6	Share option scheme	Revocation of the Northam Scheme Resolution if the Northam Scheme is terminated	For	Pass
Special	7	Loan/financial assistance	Approval of financial assistance in terms of sections 44 and 45 of the Companies Act	For	Pass
Special	8	Issuance of shares	Approval of the issue of Northam Shares pursuant to the BEE SPV Subscriptions	For	Pass
Special	9	Share buy backs	Approval of the BEE Trust Repurchases	For	Pass
Special	10	Share buy backs	Approval of the Relevant Zambezi Shareholder Repurchases	For	Pass
Ordinary	1	Other	Approval of the Northam SIP Amendments	For	Pass
Ordinary	2	Other	Approval of the HDP SPV subscription	For	Pass
Ordinary	3	Other	Approval of the Northam Zambezi Ordinary Share Subscription	For	Pass
Ordinary	4	Issuance of shares	Approval of the HDP SPV share issue and the BEE SPV Share issues	For	Pass

Quilter Plc Q2 2021

Resolution	Item Number	Proposal category/Resolution	Details of the Resolution	Vote	Rationale behind vote (against & abstain)	Outcome
Special	1	Issuance of shares	Approval of the sale of the company of Quilter International to Utmost and to authorise the Directors to implement the transaction	For		Pass

Absa Group Limited Q2 2021

Resolution	Item Number	Proposal category/Resolution	Details of the Resolution	Vote	Rationale behind vote (against & abstain)	Outcome
Ordinary	1.1	Appointment of auditors	Re-appointment of Company's external auditor: Ernst & Young Inc	For		Pass
Ordinary	2.1	Appointment of auditors	Appointment of the company's joint external auditor: KPMG Inc	For		Pass
Ordinary	3.1	Election of directors	Alex Darko as an independent non-executive director	For		Pass
Ordinary	3.2	Election of directors	Daisy Naidoo as an independent non-executive director	Against	Daisy Naidoo is over-extended.	Pass
Ordinary	3.3	Election of directors	Francis Okomo-Okello as an independent non-executive director	For		Pass
Ordinary	3.4	Election of directors	Sipho M Pityana as an independent non-executive director	For		Pass
Ordinary	3.5	Election of directors	Tasneem Abdool-Samad as an independent non-executive director	For		Pass
Ordinary	4.1	Election of directors	Fulvio Tonelli, as a non-executive director	For		Pass
Ordinary	4.2	Election of directors	Rene van Wyk, as a non-executive director	For		Pass
Ordinary	4.3	Election of directors	Nonhlanhla Mjoli-Mncube, as an independent non-executive director	For		Pass
Ordinary	5.1	Other	Re-appointment of Alex Darko in the Audit and Compliance Committee	For		Pass
Ordinary	5.2	Other	Re-appointment of Daisy Naidoo to the Audit and Compliance Committee	Against	Daisy Naidoo is over-extended.	Pass
Ordinary	5.3	Other	Re-appointment of Tasneem Abdool-Samad in the Audit and Compliance Committee	For		Pass
Ordinary	5.4	Other	Re-appointment of Swithin Munyantwal in the Audit and Compliance Committee	For		Pass
Ordinary	6	Shares under director control	Placement of authorised but unissued ordinary share capital of the company under the control of the directors	For		Pass
Ordinary	7	Remuneration policy	Endorsement of the company's remuneration policy	For		Pass
Ordinary	8	Remuneration policy	Endorsement of the company's remuneration implementation report	For		Pass
Special	1	Directors remuneration	Approval of the proposed remuneration of the non-executive directors for their services as directors	For		Pass
Special	2	Share buy backs	Granting general authority to the directors to approve the repurchase of the company's ordinary shares	For		Pass
Special	3	Loan/financial assistance	Granting general authority to the Company to approve financial assistance in terms of section 45 of the Companies Act No. 71 of 2008	For		Pass

MTN Group Limited Q2 2021

Resolution	Item Number	Proposal category/Resolution	Details of the Resolution	Vote	Rationale behind vote (against & abstain)	Outcome
Ordinary	1.1	Election of directors	Election of S Mabaso-Koyana as a director	For		Pass
Ordinary	1.2	Election of directors	Election of N Molope as a director	For		Pass
Ordinary	1.3	Election of directors	Election of N Gosa as a director	For		Pass
Ordinary	1.4	Election of directors	Re-election of S Kheradpir as a director	For		Pass
Ordinary	1.5	Election of directors	Re-election of PB Hanratty as a director	For		Pass
Ordinary	1.6	Election of directors	Re-election of SB Miller as a director	For		Pass
Ordinary	1.7	Election of directors	Re-election of NL Sowazi as a director	For		Pass
Ordinary	1.8	Election of directors	Election of T Molefe as a director	For		Pass
Ordinary	2.1	Other	To elect S Mabaso-Koyana as a member of the audit committee	For		Pass
Ordinary	2.2	Other	To elect N Molope as a member of the audit committee	For		Pass
Ordinary	2.3	Other	To elect N Gosa as a member of the audit committee	For		Pass
Ordinary	2.4	Other	To elect BS Tshabalala as a member of the audit committee	Against	Lack of attendance	Pass
Ordinary	2.5	Other	To elect V Rague as a member of the Audit Committee	For		Pass
Ordinary	3.1	Other	To elect N Molope as a member of the Social and Ethics Committee	For		Pass
Ordinary	3.2	Other	To elect L Sanusi as a member of the Social and Ethics Committee	For		Pass
Ordinary	3.3	Other	To elect SB Miller as a member of as a member of the Social and Ethics Committee	For		Pass
Ordinary	3.4	Other	To elect NL Sowazi as a member of the Social and Ethics	For		Pass
Ordinary	3.5	Other	To elect K Mokhele as a member of the Social and Ethics Committee	For		Pass
Ordinary	4	Appointment of auditors	Re-appointment of Pricewaterhouse Coopers as an auditor	For		Pass
Ordinary	5	Appointment of auditors	Appointment of Ernst and Young Inc as an auditor of the company	For		Pass
Ordinary	6	Issuance of shares	General authority for directors to allot and issue ordinary shares	For		Pass
Ordinary	7	Issuance of shares	General authority for directors to allot and issue ordinary shares for cash	For		Pass
Ordinary	8	Remuneration policy	Non-binding advisory vote - endorsement of the Company's remuneration policy	Against	Targets are not disclosed	Pass
Ordinary	9	Remuneration policy	Non-binding advisory vote - endorsement of the Company's remuneration implementation report	Against	Targets are not disclosed	Pass
Ordinary	10	Other	Authorisation to sign documents to give effect to resolutions	For		Pass
Special	1.1	Directors remuneration	Approval of the remuneration payable to the MTN Group Board Local Chairman	For		Pass
Special	1.2	Directors remuneration	Approval of the remuneration payable to the MTN Group Board International Chairman	Against	Too excessive	Pass
Special	1.3	Directors remuneration	Approval of the remuneration payable to the MTN Group Board Local Member	For		Pass
Special	1.4	Directors remuneration	Approval of the remuneration payable to the MTN Group Board International Member	For		Pass
Special	1.5	Directors remuneration	Approval of the remuneration payable to the MTN Group Board Local Lead Independent Director	Against	Excessive amount of money for remuneration	Pass
Special	1.6	Directors remuneration	Approval of the remuneration payable to the MTN Group Board International Lead Independent Director	Against	Excessive amount of money for remuneration	Pass
Special	1.7	Directors remuneration	Approval of the remuneration payable to Remuneration and Human Resources Committee Local Chairman	For		Pass
Special	1.8	Directors remuneration	Approval of the remuneration payable to Remuneration and Human Resources Committee International Chairman	For		Pass
Special	1.9	Directors remuneration	Approval of the remuneration payable to Remuneration and Human Resources Committee Local member	For		Pass
Special	1.10	Directors remuneration	Approval of the remuneration payable to Remuneration and Human Resources Committee International Member	For		Pass
Special	1.11	Directors remuneration	Approval of the remuneration payable to Social and Ethics Committee Local Chairman	For		Pass
Special	1.12	Directors remuneration	Approval of the remuneration payable to Social and Ethics Committee International Chairman	For		Pass
Special	1.13	Directors remuneration	Approval of the remuneration payable to Social and Ethics Committee Local Member	For		Pass
Special	1.14	Directors remuneration	Approval of the remuneration payable to Social and Ethics Committee International Member	For		Pass
Special	1.15	Directors remuneration	Approval of the remuneration payable to Audit Committee Local Chairman	For		Pass
Special	1.16	Directors remuneration	Approval of the remuneration payable to Audit Committee International Chairman	For		Pass
Special	1.17	Directors remuneration	Approval of the remuneration payable to Audit Committee Local Member	For		Pass
Special	1.18	Directors remuneration	Approval of the remuneration payable to Audit Committee international member	For		Pass
Special	1.19	Directors remuneration	Approval of the remuneration payable to Risk Management and compliance committee local chairman	For		Pass
Special	1.20	Directors remuneration	Approval of the remuneration payable to Risk Management and compliance committee International Chairman	For		Pass
Special	1.21	Directors remuneration	Approval of the remuneration payable to Risk Management and compliance committee Local member	For		Pass
Special	1.22	Directors remuneration	Approval of the remuneration payable to Risk Management and compliance committee International member	For		Pass
Special	1.23	Directors remuneration	To approve remuneration payable to local member for special assignments (per day)	For		Pass
Special	1.24	Directors remuneration	To approve remuneration payable to international member for special assignments (per day)	For		Pass
Special	1.25	Directors remuneration	To approve remuneration payable for ad-hoc work performed by non-executive directors for special projects (hourly rate)	For		Pass
Special	1.26	Directors remuneration	To approve remuneration payable to MTN Group Share Trust Local Chairman	For		Pass
Special	1.27	Directors remuneration	To approve remuneration payable to MTN Group Share Trust International Chairman	For		Pass
Special	1.28	Directors remuneration	To approve remuneration payable to MTN Group Share Trust Local member	For		Pass
Special	1.29	Directors remuneration	To approve remuneration payable to MTN Group Share Trust International Member	For		Pass
Special	1.30	Directors remuneration	To approve remuneration payable to Sourcing Committee Local Chairman	For		Pass
Special	1.31	Directors remuneration	To approve remuneration payable to Sourcing Committee International Chairman	For		Pass
Special	1.32	Directors remuneration	To approve remuneration payable to Sourcing Committee Local Member	For		Pass
Special	1.33	Directors remuneration	To approve remuneration payable to Sourcing Committee International Chairman	For		Pass
Special	1.34	Directors remuneration	To approve remuneration payable to Directors Affairs and Corporate Governance Committee Local Chairman	For		Pass
Special	1.35	Directors remuneration	To approve remuneration payable to Directors Affairs and Corporate Governance Committee International Chairman	For		Pass
Special	1.36	Directors remuneration	To approve remuneration payable to Directors Affairs and Corporate Governance Committee Local Member	For		Pass
Special	1.37	Directors remuneration	To approve remuneration payable to Directors Affairs and Corporate Governance Committee International Member	For		Pass
Special	2	Share buy backs	To approve the repurchase of the Company's shares	For		Pass
Special	3	Loan/financial assistance	To approve the granting of financial assistance to subsidiaries and other related and inter-related entities	For		Pass
Special	4	Loan/financial assistance	Financial assistance to directors and/or prescribed officers and employee share scheme beneficiaries	For		Pass
Special	5	Loan/financial assistance	To approve the granting of financial assistance to MTN Zakhele Futhi (RF) Limited	For		Pass

Capitec Bank Holdings Limited Q2 2021

Resolution	Item Number	Proposal category/Resolution	Details of the Resolution	Vote	Rationale behind vote (against & abstain)	Outcome
Ordinary	1	Election of directors	Re-election of Mr DP Meintjies as an independent non-executive director	For		Pass
Ordinary	2	Election of directors	Re-election of Mr PJ Mouton as a non-executive director	For		Pass
Ordinary	3	Election of directors	Re-election of Mr JP Verster as an independent non-executive director	For		Pass
Ordinary	4	Other	Confirmation of the appointment of Ms CH Fernandez as an independent non-executive director	For		Pass
Ordinary	5	Other	Confirmation of the appointment of Prof SA du Plessis as an independent non-executive director	For		Pass
Ordinary	6	Other	Confirmation of the appointment of Mr V Mahlangu as an independent non-executive director	For		Pass
Ordinary	7	Appointment of auditors	Re-appointment of Pricewaterhouse Coopers Inc as an auditor	For		Pass
Ordinary	8	Appointment of auditors	Re-appointment of Deloitte & Touche as an auditor	For		Pass
Ordinary	9	Issuance of shares	Approval to issue (i) the relevant Loss Absorbent Capital Securities and (ii) Ordinary Shares upon the occurrence of a Trigger Event in respect of the relevant Loss Absorbent Capital Securities	For		Pass
Ordinary	10	Issuance of shares	General authority to issue Ordinary Shares for cash	For		Pass
Ordinary	11	Remuneration policy	Non-binding endorsement of the remuneration policy	Against	Inability to link awards to performance as the performance outcomes have not been adequately disclosed. We would also like to see KPI linked to predetermined ESG outcomes in future.	Pass
Ordinary	12	Remuneration policy	Non-binding endorsement of the implementation report on the remuneration policy	For		Reject
Ordinary	13	Other	Authority to amend the definition of employee in the Capitec Bank Holdings Share Trust Deed	For		Pass
Special	1	Directors remuneration	Approval of the non-executive Directors’ remuneration for the financial year ending on 28 February 2022	For		Pass
Special	2	Share buy backs	General approval for the Company and any subsidiary company to purchase Ordinary Shares	For		Pass
Special	3	Loan/financial assistance	Authority for the Board to authorise the Company to provide financial assistance to related and inter-related companies and corporations	For		Pass
Special	4	Loan/financial assistance	Authority for the Board to authorise the Company to provide financial assistance for the acquisition of Ordinary Shares in respect of the Restricted Share Plan for senior managers	For		Pass

Exxaro Resources Limited Q2 2021

Resolution	Item Number	Proposal category/Resolution	Details of the Resolution	Vote	Rationale behind vote (against & abstain)	Outcome
Ordinary	1.1	Election of directors	Election of Ms L Mbatha as a non-executive director	For		Pass
Ordinary	1.2	Election of directors	Election of Mr LI Mophatlane as an independent non-executive director	For		Pass
Ordinary	1.3	Election of directors	Election of Ms CJ Nxumalo as an independent non-executive director	For		Pass
Ordinary	1.4	Election of directors	Election of Ms MLB Msimang as a non-executive director	For		Pass
Ordinary	1.5	Election of directors	Election of Dr N Tsengwa as an executive director and approval of her designation	For		Pass
Ordinary	1.6	Election of directors	Election of Mr MG Qhena as an independent non-executive director	For		Pass
Ordinary	2.1	Other	Election of Mr MJ Moffett as a member of the group Audit committee	For		Pass
Ordinary	2.2	Other	Election of Mr LI Mophatlane as a member of the group Audit committee	For		Pass
Ordinary	2.3	Other	Election of Mr EJ Myburgh as a member of the group Audit committee	For		Pass
Ordinary	2.4	Other	Election of Mr V Nkonyeni as a member of the group Audit committee	For		Pass
Ordinary	2.5	Other	Election of Ms CJ Nxumalo as a member of the group Audit committee	For		Pass
Ordinary	3.1	Other	Election of Dr GJ Fraser-Moleketi as a member pf the group Social, ethics and responsibility committee	For		Pass
Ordinary	3.2	Other	Election of Ms L Mbatha as a member of the group Social, ethics and responsibility committee	For		Pass
Ordinary	3.3	Other	Election of Mr LI Mophatlane as a member of the group Social, ethics and responsibility	For		Pass
Ordinary	3.4	Other	Election of Mr PCCH Snyders as a member of the group Social, ethics and responsibility committee	For		Pass
Ordinary	4	Appointment of auditors	Re-appointment of Pricewaterhouse Coopers Inc as the independent external auditor	For		Pass
Ordinary	5	Appointment of auditors	Appointment of KPMG Consortium as an independent external auditor	For		Pass
Ordinary	6	Other	Authorisation of directors and/or group company secretary to implement the resolutions set out in the notice convening the annual general meeting	For		Pass
Ordinary	7	Other	Approval of the amendment of the Deferred Bonus Plan Rules to include Malus Provisions	For		Pass
Ordinary	8	Other	Approval of the amendment of the Long-term Incentive Plan Rules to include Malus provisions	For		Pass
Special	1	Directors remuneration	Approval of the non-executive directors' fees for the period 1 June 2021 to the next annual general meeting	Against	Fixed remuneration – we prefer a component of variable remuneration for meeting attendance	Pass
Special	2	Loan/financial assistance	Authorisation financial assistance for the subscription of securities	Against	Not enough detail provided as to what the financial assistance is for	Pass
Special	3	Share buy backs	General authority to repurchase shares	For		Pass
Special	4	Loan/financial assistance	Authorisation of financial assistance to related and inter-related companies	Against	Not enough detail given on who the related companies are and why.	Pass
Ordinary	1	Remuneration policy	Non-binding advisory vote to approve the remuneration policy	Against	Not enough detail given around peer group benchmarks, mix between LTI and STI – should be weighted more to LTI’s	Pass
Ordinary	2	Remuneration policy	Non-binding advisory vote to endorse the implementation of the remuneration policy	Against	Not enough detail given around peer group benchmarks, mix between LTI and STI – should be weighted more to LTI’s	Pass

Standard Bank Group Limited Q2 2021

Resolution	Item Number	Proposal category/Resolution	Details of the Resolution	Vote	Rationale behind vote (against & abstain)	Outcome
Ordinary	1.1	Election of directors	Election of Paul Cook	For		Pass
Ordinary	1.2	Election of directors	Election of Thulani Gcabashe	For		Pass
Ordinary	1.3	Election of directors	Election of Xueping Guan	For		Pass
Ordinary	1.4	Election of directors	Election of Kgomotso Moroka	For		Pass
Ordinary	1.5	Election of directors	Election of Atedo Peterside	For		Pass
Ordinary	1.6	Election of directors	Election of Myles Ruck	Against	Mr Ruck is not deemed to be independent due to tenure given that he has been on the Board for almost 20 years	Pass
Ordinary	1.7	Election of directors	Election of Lubin Wang	For		Pass
Ordinary	2.1	Appointment of auditors	Re-appointment of KPMG Inc	For		Pass
Ordinary	2.2	Appointment of auditors	Re-appointment of Pricewaterhouse Coopers Inc	Against	Neither the audit firm (SBK’s auditor for the last 58y’s), nor the audit partner in charge are independent. Mr Bennett will be in charge for the 6th year in a row.	Pass
Ordinary	3	Shares under director control	Place unissued ordinary shares under control of directors	For		Pass
Ordinary	4	Shares under director control	Place unissued preference shares under control of directors	For		Pass
Ordinary	5.1	Remuneration policy	Support of the group's remuneration policy	Against	Disappointed in the lack of disclosure, for instance only one financial performance condition has been disclosed for STI’s and LTI’s - whilst none where disclosed for non-financial STI conditions.	Pass
Ordinary	5.2	Remuneration policy	Endorsement of the group's remuneration implementation report	Against	Given the financial performance of the company (granted it was in the midst of dealing with the Covid pandemic), we are surprised that both the CEO and CFO received 130% of STI rewards. Worthwhile to note that no financial or non-financial conditions were disclosed on STI’s. We also note the considerable percentage salary increases for both CEO and CFO, this is on a already high base when compared to peers.	Pass
Ordinary	6	Share buy backs	General authority to acquire the company's ordinary shares	For		Pass
Ordinary	7	Share buy backs	General authority to acquire the company's preference shares	For		Pass
Ordinary	8	Loan/financial assistance	Loans or other financial assistance to related or inter-related companies	For		Pass

Grindrod Limited Q2 2021

Resolution	Item Number	Proposal category/Resolution	Details of the Resolution	Vote	Rationale behind vote (against & abstain)	Outcome
Ordinary	1	Accept Financial Statements and Statutory Reports	Grindrod's audited Annual Financial Statements for the year ended 31 December 2020 forming part of the 2020 Integrated Annual Report are unchanged from the Provisional Reviewed Results published on SENS on 4 March 2021.	Non-voting
Ordinary	2.1.1	Election of directors	Re-election of MJ Hankinson	For		Pass
Ordinary	2.1.2	Election of directors	Re-election of NL Sowazi	For		Pass
Ordinary	2.1.3	Election of directors	Re-election of PJ Uys	For		Pass
Ordinary	2.2.1	Election of directors	Re-election of FB Ally	For		Pass
Ordinary	2.3	Other	Election of member and appointment of chairman of the Audit committee: GG Gelink	For		Pass
Ordinary	2.4.1	Other	Election of members of the Audit committee: WO Van Wyk	For		Pass
Ordinary	2.4.2	Other	Election of members of the Audit committee: ZP Zatu	For		Pass
Ordinary	2.5.1	Appointment of auditors	Re-appointment of Deloitte & Touche as independent auditors	For		Pass
Ordinary	2.5.2	Appointment of auditors	Re-appointment of M Holme as a designated audit partner	For		Pass
Ordinary	2.6	Issuance of shares	General authority to directors to allot and issue ordinary shares for cash	Against	The stock is trading a large discount to its NAV and break-up value. Issuing shares would be dilutive to shareholders.	Pass
Ordinary	2.7	Issuance of shares	General authority to issue ordinary shares for cash	Against	The stock is trading a large discount to its NAV and break-up value. Issuing shares would be dilutive to shareholders.	Pass
Special	3.1	Directors remuneration	Approval of non-executive directors’ fees	For		Pass
Special	3.2	Loan/financial assistance	General authority to provide financial assistance in terms of section 44 of the Act	For		Pass
Special	3.3	Loan/financial assistance	General authority to provide financial assistance in terms of section 45 of the Act	For		Pass
Special	3.4	Share buy backs	Repurchase of Grindrod’s ordinary shares	For		Pass
Ordinary	4.1	Remuneration policy	Confirmation of the Group remuneration policy	For		Pass
Ordinary	4.2	Remuneration policy	Confirmation of the Group implementation report	For		Pass

Sibanye-Stillwater Q2 2021

Resolution	Item Number	Proposal category/Resolution	Details of the Resolution	Vote	Rationale behind vote (against & abstain)	Outcome
Ordinary	1	Appointment of auditors	Re-appointment of Auditors and Designated Individual Partner	For		Pass
Ordinary	2	Election of directors	Election of SV Zilwa	For		Pass
Ordinary	3	Election of directors	Re-election of RP Menell	For		Pass
Ordinary	4	Election of directors	Re-election of KA Rayner	For		Pass
Ordinary	5	Election of directors	Re-election of JS Vilakazi	For		Pass
Ordinary	6	Other	Election of a member and Chair of the Audit Committee: KA Rayner	For		Pass
Ordinary	7	Other	Election of a member of the Audit Committee: TJ Cumming	For		Pass
Ordinary	8	Other	Election of a member of the Audit Committee: SN Danson	For		Pass
Ordinary	9	Other	Election of a member of the Audit Committee: RP Menell	Against	RP Menell is not independent and does not have unique expertise. He is not needed on the Audit Committee	Pass
Ordinary	10	Other	Election of a member of the Audit Committee: NG Nika	For		Pass
Ordinary	11	Other	Election of a member of the Audit Committee: SC Van der Merwe	Against	SC van der Merwe is not independent and does not have unique expertise. He is not needed on the Audit Committee	Pass
Ordinary	12	Other	Election of a member of the Audit Committee: SV Zilwa	For		Pass
Ordinary	13	Issuance of shares	Approval for the issuance of shares.	For		Pass
Ordinary	14	Issuance of shares	Issuing equity securities for cash	For		Pass
Ordinary	15	Remuneration policy	Non-binding advisory vote on remuneration policy	Against	Performance targets are not disclosed. Only the EBITDA metric is used on financial performance conditions.	Pass
Ordinary	16	Remuneration policy	Non-binding advisory vote on remuneration implementation report	Against	Performance targets are not disclosed. Only the EBITDA metric is used on financial performance conditions.	Pass
Special	1	Directors remuneration	Approval for the remuneration of non-executive directors	For		Pass
Special	2	Other	Approval for fees for investment committee members	For		Pass
Special	3	Other	Approval for a per diem allowance	For		Pass
Special	4	Loan/financial assistance	Approval for the company to grant financial assistance in terms of sections 44 and 45 of the Act	For		Pass
Special	5	Share buy backs	Approval for the acquisition of the Company's shares	For		Pass

Old Mutual Limited Q2 2021

Resolution	Item Number	Proposal category/Resolution	Details of the Resolution	Vote	Rationale behind vote (against & abstain)	Outcome
Ordinary	1	Accept Financial Statements and Statutory Reports	To receive and adopt the consolidated audited annual financial statements for the Company and its subsidiaries for the year ended 31 December 2020	For		Pass
Ordinary	2.1	Election of directors	To re-elect Trevor Manuel as a director of the Company	For		Pass
Ordinary	2.2	Election of directors	To re-elect Itumeleng Kgaboesele as a director of the Company	For		Pass
Ordinary	2.3	Election of directors	To re-elect Marshall Rapiya as a director of the Company	For		Pass
Ordinary	2.4	Election of directors	To elect Brian Armstrong as a director of the Company	For		Pass
Ordinary	2.5	Election of directors	To elect Olufunke Ighodaro as a director of the Company	For		Pass
Ordinary	2.6	Election of directors	To elect Jaco Langner as a director of the Company	For		Pass
Ordinary	2.7	Election of directors	To elect Nomkhita Nqweni as a director of the Company	For		Pass
Ordinary	3.1	Other	To elect Olufunke Ighodaro as a member of the Audit committee	For		Pass
Ordinary	3.2	Other	To elect Itumeleng Kgaboesele as a member of the Audit committee	For		Pass
Ordinary	3.3	Other	To elect Jaco Langner as a member of the Audit committee	For		Pass
Ordinary	3.4	Other	To elect John Lister as a member of the Audit committee	For		Pass
Ordinary	3.5	Other	To elect Nosipho Molope as a member of the Audit committee	For		Pass
Ordinary	3.6	Other	To elect Nomkhita Nqweni as a member of the Audit committee	For		Pass
Ordinary	4.1	Appointment of auditors	To re-appoint Deloitte & Touche as joint independent auditors until the conclusion of the next AGM of the company	For		Pass
Ordinary	4.2	Appointment of auditors	To re-appoint KPMG Inc. as joint independent auditors until the conclusion of the next AGM of the Company	Against	Lack of independence as audited group companies for over 10 years	Pass
Ordinary	5.1	Remuneration policy	Non-binding advisory vote on the Company’s remuneration policy	Against	Lack of disclosure on KPIs for Short term incentives	Pass
Ordinary	5.2	Remuneration policy	Non-binding advisory vote on the Company’s remuneration implementation report	For		Pass
Ordinary	6	Other	To authorise any director or the Group Company Secretary to implement the ordinary resolutions above as well as the special resolutions to follow	For		Pass
Special	1	Directors remuneration	To approve the remuneration payable to non-executive directors	Against	High vs all competitors	Pass
Special	2	Share buy backs	To grant general authority to acquire the Company’s own ordinary shares	For		Pass
Special	3	Loan/financial assistance	To approve the provisions of financial assistance to subsidiaries and other related and inter-related entities and to directors, prescribed officers and other persons participating in share or other employee incentive schemes	For		Pass

Astoria Investments Q2 2021

Resolution	Item Number	Proposal category/Resolution	Details of the Resolution	Vote	Rationale behind vote (against & abstain)	Outcome
Ordinary	1	Accept Financial Statements and Statutory Reports	To receive and adopt the audited annual financial statements for the period ended 31 December 2020 together with the directors' report and independent auditor's report thereon	For		Pass
Ordinary	2.1	Election of directors	Re-election of Ms Catherine Mcllraith as an independent non-executive director	For		Pass
Ordinary	2.2	Election of directors	Re-election of Mr Jan van Niekerk as a non-executive director	For		Pass
Ordinary	3	Appointment of auditors	Appointment of Ernst and Young Mauritius and Ernst and Young Inc (South Africa) as auditors	For		Pass
Ordinary	4	Auditor remuneration	Approval of the remuneration of the Auditors	For		Pass
Ordinary	5	Directors remuneration	Approval of the remuneration of Non-executive Directors	For		Pass
Ordinary	6	Issuance of shares	Authorisation of the Board to issue shares	Against	They ask authority to issue up to 50% new shares. This is weak considering the weak share price.	Pass
Ordinary	7	Issuance of shares	General authority to issue shares for cash	Against	They ask authority to issue up to 50% new shares. This is weak considering the weak share price.	Pass
Ordinary	8	Remuneration policy	Endorsement of the remuneration policy by way of a non-binding advisory vote	For		Pass
Ordinary	9	Remuneration policy	Endorsement of the remuneration implementation report by way of a non-binding advisory vote	For		Pass
Ordinary	10	Other	Authorisation of any director or the Company Secretary to sign documentation	For		Pass
Special	11	Other	Waiver of pre-emptive rights	Against	They ask authority to issue up to 50% new shares. This is weak considering the weak share price.	Pass

Liberty Holdings Limited Q2 2021

Resolution	Item Number	Proposal category/Resolution	Details of the Resolution	Vote	Rationale behind vote (against & abstain)	Outcome
Ordinary	1	Accept Financial Statements and Statutory Reports	Adoption of financial statements	For		Pass
Ordinary	2.1	Election of directors	Election of Mr S Ridley	For		Pass
Ordinary	2.2	Election of directors	Election of Ms T Skweyiya	For		Pass
Ordinary	2.3	Election of directors	Election of Mr H Walker	For		Pass
Ordinary	2.4	Election of directors	Election of Ms L Hartnady	For		Pass
Ordinary	2.5	Election of directors	Election of Mr P Mhlanga	For		Pass
Ordinary	3	Appointment of auditors	Re-appointment of independent external auditors	For		Pass
Ordinary	4	Shares under director control	Place unissued ordinary shares under the control of the directors	For		Pass
Ordinary	5	Shares under director control	Place unissued preference shares under the control of the directors	For		Pass
Ordinary	6	Issuance of shares	General authority to issue shares for cash	Against	Share price too low.	Pass
Ordinary	7.1	Other	Election of the group audit and actuarial committee member: Mr Y Suleman	For		Pass
Ordinary	7.2	Other	Election of the group audit and actuarial committee member: Ms N Khan	For		Pass
Ordinary	7.3	Other	Election of the group audit and actuarial committee member: Mr S Ridley	For		Pass
Ordinary	7.4	Other	Election of the group audit and actuarial committee member: Ms C Roskruge Cele	For		Pass
Ordinary	7.5	Other	Election of the group audit and actuarial committee member: Mr J Sutcliffe	For		Pass
Ordinary	7.6	Other	Election of the group audit and actuarial committee member: Mr H Walker	For		Pass
Ordinary	8	Remuneration policy	Liberty Remuneration policy	Against	Bands for ROEV should be higher	Pass
Ordinary	9	Other	Liberty Implementation report	For		Pass
Special	1	Loan/financial assistance	Financial assistance to related or inter-related company	For		Pass
Special	2.1	Directors remuneration	Fees of non-executive directors: Chairman of the Board	For		Pass
Special	2.2	Directors remuneration	Fees of non-executive directors: Lead Independent Director	For		Pass
Special	2.3	Directors remuneration	Fees of non-executive directors: Board member	For		Pass
Special	2.4	Directors remuneration	Fees of non-executive directors: International Board member	For		Pass
Special	2.5	Directors remuneration	Fees of non-executive directors: International Board member, member of committees and subsidiary board and chairman of a committee	For		Pass
Special	2.6	Directors remuneration	Fees of non-executive directors: Chairman of the group audit and actuarial committee	For		Pass
Special	2.7	Directors remuneration	Fees of non-executive directors: Member of the group audit and actuarial committee	For		Pass
Special	2.8	Directors remuneration	Fees of non-executive directors: Chairman of the group actuarial committee	For		Pass
Special	2.9	Directors remuneration	Fees of non-executive directors: Member of the group actuarial committee	For		Pass
Special	2.10	Directors remuneration	Fees of non-executive directors: Chairman of the group risk committee	For		Pass
Special	2.11	Directors remuneration	Fees of non-executive directors: Member of the group risk committee	For		Pass
Special	2.12	Directors remuneration	Fees of non-executive directors: Chairman of the group remuneration committee	For		Pass
Special	2.13	Directors remuneration	Fees of non-executive directors: Member of the group risk committee	For		Pass
Special	2.14	Directors remuneration	Fees of non-executive directors: Chairman of the group, social, ethics and transformation committee	For		Pass
Special	2.15	Directors remuneration	Fees of non-executive directors: Member of the group social, ethics and transformation committee	For		Pass
Special	2.16	Directors remuneration	Fees of non-executive directors: Member of the group directors' affairs committee	For		Pass
Special	2.17	Directors remuneration	Fees of non-executive directors: Chairman of the group IT committee	For		Pass
Special	2.18	Directors remuneration	Fees of non-executive directors: Member of the group IT committee	For		Pass
Special	2.19	Directors remuneration	Fees of non-executive directors: Chairman of the STANLIB Limited Board	For		Pass
Special	2.20	Directors remuneration	Fees of non-executive directors: Member of the STANLIB Limited Board	For		Pass
Special	2.21	Directors remuneration	Fees of non-executive directors: Fee per ad hoc board meeting	For		Pass
Special	2.22	Directors remuneration	Fees of non-executive directors: Fee ad hoc board committee meeting	For		Pass
Special	3	Share buy backs	General authority for an acquisition of shares issued by the company	For		Pass

AECI Q2 2021

Resolution	Item Number	Proposal category/Resolution	Details of the Resolution	Vote	Rationale behind vote (against & abstain)	Outcome
Ordinary	1	Appointment of auditors	Re-appointment of Independent Auditor	For		Pass
Ordinary	2.1	Election of directors	Re-election of Non-executive Directors: Ms FFT de Buck	For		Pass
Ordinary	2.2	Election of directors	Re-election of Non-executive Director: Mr G Gomwe	For		Pass
Ordinary	2.3	Election of directors	Re-election of Non-executive Directors: Ms PG Sibiya	For		Pass
Ordinary	3	Election of directors	Appointment of Ms AM Roets as a Non-executive Director	For		Pass
Ordinary	4	Election of directors	Re-election of Mr MA Dytor as an Executive Director	For		Pass
Ordinary	5.1	Other	Election of Audit Committee Member: Ms FFT De Buck	For		Pass
Ordinary	5.2	Other	Election of Audit Committee Member: Mr G Gomwe	For		Pass
Ordinary	5.3	Other	Election of Audit Committee Member: Ms AM Roets	For		Pass
Ordinary	5.4	Other	Election Audit and Committee Member: Ms PG Sibiya	For		Pass
Ordinary	6.1	Remuneration policy	Remuneration policy	Against	Due to lack of sufficient detail around the base pay benchmark for executives. STI metrics based on TP or HEPS – should be more specific.	Pass
Ordinary	6.2	Remuneration policy	Implementation of Remuneration policy	Against	Due to lack of sufficient detail around the base pay benchmark for executives. STI metrics based on TP or HEPS – should be more specific.	Pass
Special	1.1	Directors remuneration	Directors' fees and remuneration: Board Chairman	For		Pass
Special	1.2	Directors remuneration	Directors' fees and remuneration: Board - Non-executive Directors	For		Pass
Special	1.3	Directors remuneration	Directors' fees and remuneration: Audit Committee Chairman	For		Pass
Special	1.4	Directors remuneration	Directors' fees and remuneration: Audit Committee Members	For		Pass
Special	1.5	Directors remuneration	Directors' fees and remuneration: Other Board Committees Chairman	For		Pass
Special	1.6	Directors remuneration	Directors' fees and remuneration: Other Board Committee Members	For		Pass
Special	1.7	Directors remuneration	Directors' fees and remuneration: Meeting Attendance Fee	For		Pass
Special	2	Share buy backs	General authority to repurchase shares	For		Pass
Special	3	Loan/financial assistance	Financial assistance to related or inter-related company	For		Pass

Capital and Counties Properties PLC Q2 2021

Resolution	Item Number	Proposal category/Resolution	Details of the Resolution	Vote	Outcome
Ordinary	1	Accept Financial Statements and Statutory Reports	To receive accounts and the reports of the directors and the Auditor for the year ended 31 December 2020	For	Pass
Ordinary	2	Election of directors	Re-appointment of Henry Staunton as a Director (Chairman)	For	Pass
Ordinary	3	Election of directors	Re-appointment Ian Hawasworth as a Director (Executive)	For	Pass
Ordinary	4	Election of directors	Re-appointment of Situl Jobanputra as a Director (Executive)	For	Pass
Ordinary	5	Election of directors	Re-appointment of Michelle McGrath as a Director (Executive)	For	Pass
Ordinary	6	Election of directors	Re-appointment of Charlotte Boyle (Non-executive)	For

Nedgroup Investments Balanced Fund

This portfolio was previously called the Truffle MET Balanced Fund

Ideal investment timeframe

Investment minimums

Investor need

How the portfolio aims to achieve this

Risk exposure

Asset allocation

Income distribution

ASISA category

Latest factsheet

Want to invest?

How to invest in our funds

Interested in
investing?

Meet our experienced
professionals

The value of experience

Why invest
with us?

Our funds

Quick links

Contact

Nedgroup Investments Balanced Fund

This portfolio was previously called the Truffle MET Balanced Fund

Ideal investment timeframe

Investment minimums

Investor need

How the portfolio aims to achieve this

Risk exposure

Asset allocation

Income distribution

ASISA category

Latest factsheet

Want to invest?

How to invest in our funds

Interested in investing?

Meet our experienced professionals

The value of experience

Why invest with us?

Our funds

Quick links

Contact

Interested in
investing?

Meet our experienced
professionals

Why invest
with us?