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Investec GSF Global Bond Fund A Inc Investec Global Strategy Fund Limited (Luxembourg) Investec GSF Global Bond Fund A Inc News Regional Portfolio Structure(Semi-Annual Comparison) Price   Ranking Sector: Global-Fixed Interest-Bond Size: (USD) 154 000 000   Sector Rank: 5 out of 8 (lump sum over 3 years to 31 Jan 2012)   Overall Rank: 104 out of 161 (lump sum over 3 years to 31 Jan 2012)   R20000 invested on 31 Jan 2009 was worth R19 897 at 31 Jan 2012 ((0.17)% annual compound return)   R5000 per month since 31 Jan 2009 was worth R201 383 at 31 Jan 2012 (7.18% annual return compounded monthly)   Please note that offshore fund performance figures are calculated from NAV prices (ie, equivalent to sell-to-sell) and therefore not directly comparable to domestic fund performance figures on this site.   Management Tim O Dell, Degree in Economics Tim is a fixed income portfolio manager. He also leads the fixed income team's macro-economic analysis process and is responsible for currency overlay in the fixed income funds. Prior to joining Investec, Tim worked in the top-rated economic department of Phillips and Drew. In his 15 years with the firm both before and after its acquisition by UBS, he launched the firm's flagship Global Strategy product and developed the firm's leading-edge research in the areas of international economics and investment strategy. He also worked specifically on international economic analysis and currency forecasting. Tim graduated from Cambridge in 1981 with a degree in Economics.   Mr Russell Silberston In 1982 Russell joined Samuel Montagu and Co where he was involved in Eurobond settlements, before working on the Floating Rate Note trading desk. In 1986 Russell joined Clive Discount Company as a FRN trader and in 1989 he commenced trading Interest Rate Futures and Options. Additionally, Russell was responsible for the European Currency Unit Treasury Bill market-making program. Russell ran the off balance-sheet proprietary trading desk from 1994 until 1997, during which time he was appointed to the Executive Committee of Clive Securities Group, and in 1998 to the Operations Forum of Investec Bank (UK) Limited. Russell joined Investec Asset Management during 1998 as a fund manager with specific responsibility for short-end cash products.   John Stopford, MA (Hons), CFA John is the South African and international fixed income strategist and portfolio manager on a number of institutional and retail funds. He is also head of fixed income in the UK responsible for the global and South African bond processes. John joined Guinness Flight Hambro in 1993 as a member of the bond team and developed its North American institutional business. In 1995 he took responsibility for the company's investments in emerging bond and currency markets, including the South African market. Following the merger between Investec Asset Management and Guinness Flight in 1998, John relocated to Cape Town. Prior to joining Investec Asset Management, John worked in London and Tokyo as a specialist global bond and currency portfolio manager for Mitsui Trust Asset Management. He holds a Master of Arts (Honours) degree in Chemistry from Pembroke College, Oxford University. He received the Chartered Financial Analyst charter in 1995.   Focus and Objective The fund aims both to provide income and to protect and maximise the real asset value of its investments in terms of their international purchasing power by means of the management and diversification of currency exposure and investment in fixed interest bearing securities of varying maturities.   Technical Overview Benchmark: Citigroup WGBI TR USD Allows debit orders? No Is this fund a roll-up fund? Investors have a choice of both Annual trailer fee: Subject to certain conditions been met. Management fee (p.a.): 1.00% Base currency: USD Min lump sum: ú2 000, $3 000 or Eur 2 500 Broker comm payable? Yes Minimum lump sum: $3 000 Can divs be reinvested? Yes Original price: USD 20.00 Custodian fee: 0.125% Performance fee? No Domicile: Luxembourg Pricing system: Forward Duration 4.02 Promotional fee: 0.15% Exit fee? No Registrar fee: 0.05% Formation date: 20 Dec 1985 Risk rating: Low-Medium   Top holdings on 30 Jun 2004 Share (Sector) Value (USD) % of fund VODAFONE (Telecom) 247 694 4.57% SHELL (Energy) 237 396 4.38% NOVARTIS (Healthcare) 208 128 3.84% GLAXOSMITHKUK (Healthcare) 190 784 3.52% ROCHE (Healthcare) 179 944 3.32% REEDELSEVIER (Media) 176 692 3.26% VIVENDI (Media) 163 142 3.01% TELEFONICA (Telecom) 159 890 2.95% UBS (Financial Services) 159 890 2.95% UNILEVER UK (Food & Beverage) 156 096 2.88% TOTALS 1 879 656 34.68%

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