MINIMUM DISCLOSURE DOCUMENT & GENERAL INVESTOR REPORT

HIGH STREET HIGH EQUITY PRESCIENT FUND – CLASS A1

AS OF 31 DECEMBER 2023 - ISSUED 15 JANUARY 2024

FUND OBJECTIVE
ANNUALISED RETURNS (NET OF FEES)
The Fund aims to deliver medium to long-term capital growth over time. The Fund
is differentiated in the ASISA South African – Multi-Asset – High Equity category by
HIGH STREET BENCHMARK
focusing primarily on investments with international or Rand-hedge revenue
streams. Elevated returns are targeted by utilising its full offshore and equity
allowances. The Fund complies with Regulation 28 of the Pension Funds Act. Since inception (CAGR) 13.68% 9. 3 5 %

INVESTOR SUITABILITY 5 years 13.52% 9.1 8 %

The Fund is suitable for retail and institutional investors seeking maximum offshore 3 years 1 0. 8 5 % 1 0. 4 4 %
exposure, within the bounds of Regulation 28. Therefore, it is appropriate for
retirement savings and Tax-Free Savings Accounts. While volatility is expected to be
less than an equity-only fund, investors must be willing to endure periods of 1 year 4 8 .9 3 % 1 2 .1 5 %
short-term downturns. An investment horizon of 5+ years is recommended.
Highest rolling 1-year return 4 8 .9 3 % 3 0. 5 6 %

Lowest rolling 1-year return -2 3.61% -10.4 4%

REG. 28
COMPLIANT
40%+ + 50%+ = 90%+ TOP 10 HOLDINGS

High Street Wealth Warriors Fund Master Drilling Group

Suitable for Direct Local Total CrowdStrike Microsoft
retirement offshore Rand-hedge Rand-hedge
savings allowance investment exposure Dream Industrial Real Estate Nvidia

LEG Immobilien Sirius Real Estate

LOW HIGH
MAS Real Estate Trencor

MODERATE RISK PROFILE

ASSET ALLOCATION ILLUSTRATIVE PERFORMANCE (NET OF FEES)*

200
52% OFFSHORE EQUITY

22% LOCAL EQUITY

175

6% OFFSHORE PROPERTY
150
15% LOCAL PROPERTY

125
1% OFFSHORE CASH

1% LOCAL CASH
100

0% OFFSHORE WARRANTS

0% LOCAL WARRANTS 2019 2020 2021 2022 2023

0% OFFSHORE COMMODITIES High Street Benchmark

Benchmark: Category peer average (South Africa - Multi Asset - High Equity)
3% LOCAL COMMODITIES Source: High Street Asset Management, 31/12/2023

FUND DETAILS

Fund Manager Auditor Bloomberg Ticker TER (VAT Incl.)

High Street Asset Ernst & Young Inc. HISHEA1 SJ 1.50%
Management (Pty)
Ltd (FSP No: 45210) Regulator Inception Date Minimum Investment
Financial Sector Conduct 19 December 2018 Lump Sum: R10,000
Administrator Authority (FSCA) Monthly: R500
Prescient Fund Services Fund Size
(Pty) Ltd Fund Classification R267m Redemption Frequency
South African – Multi Asset – High Equity Daily
Management Company Number of Units Issued
Prescient Management Company Base Currency 76m Annual Income Distribution
(RF) (Pty) Ltd ZAR 31 March (if selected)
Unit Price
Depository ISIN (ZAR Cents) Recommended Time Horizon
Nedbank Investor Services ZAE000264552 187.66 5+ years

* The investment performance is for illustrative purposes only. The investment performance is calculated by taking the actual initial fees and all ongoing fees into account for the amount shown and income
is reinvested on the reinvestment date.
MINIMUM DISCLOSURE DOCUMENT & GENERAL INVESTOR REPORT

HIGH STREET HIGH EQUITY PRESCIENT FUND – CLASS A1

AS OF 31 DECEMBER 2023 - ISSUED 15 JANUARY 2024

FEES (VAT INCL.)

RISK METRICS
Annual Base Fee (management & administration) *
1.38%
HIGH STREET BENCHMARK
Performance Fee
None Annualised Std. Deviation 15.69% 1 0. 0 8 %

Other Fees
Sharpe Ratio 0. 3 2 0.0 7
0.12%

Total Expense Ratio (TER) Downside Sortino Ratio 0. 6 5 0.1 3

1.50%
Maximum Drawdown -25.47% -14.21%
Transaction Costs (TC)
0.18%
Time to Recover (months) 18 5
Total Investment Charge (TIC)
1.68%
Po s i t i v e M o n t h s 69% 62%

Tr a c k i n g E r r o r 11.83% -
* The investment in the High Street Wealth Warriors Fund is not subject to
management fees.
Information Ratio 0. 3 7 -

FUND COMMENTARY

The Fund ended the year strongly, posting a 3.9% return in December, outperforming the category peer average return of 2.0%. This brought the Fund’s
2023 return to 48.9%, significantly outpacing the peer average of 12.2% and leading to its top-ranking position of funds within the ASISA South African
Multi-Asset High Equity category. This performance was aided by the Rand depreciating by 7.2% against the US dollar in the year.

Entering 2023, analysts held a pessimistic view of global markets. In the US, stocks had just suffered their worst year since 2008 (S&P 500: -18.1% in USD)
while bonds had their worst year in history by a wide margin (10-year Treasury: -17.8% in USD). Many were expecting a US recession in 2023, following
the historic interest rate hikes in 2022. This, alongside a myriad of other concerns including an inflationary spiral, falling earnings, the war in Ukraine, and
the ongoing tightening of monetary policy shaped a decidedly negative market outlook.

Nonetheless, 2023 witnessed robust returns in global stock markets. The US emerged as the standout performer, fuelled by unexpected upside surprises
in GDP growth and near-record-high corporate profits during the third quarter. As a result, recession fears were gradually replaced by growing confidence
that US policymakers would achieve an economic soft landing. The subsequent table outlines the returns of the major equity indexes in ZAR for compara-
bility:

INDEX 2 0 2 3 Z A R To t a l R e t u r n

M S C I Wo r l d 33.4%

S&P500 35.3%

S T OX X E u r o p e 6 0 0 2 9.1 %

FSTE 100 21.8%

Hang Seng -4.2%

JSE All-Share 9. 4 %

Source: Bloomberg

The local market lagged most major indices, as struggles with a power, logistics, and growth crisis curbed investor enthusiasm. Throughout the year,
domestic risk levels remained elevated, leading foreign investors to accelerate their net selling of equities on the JSE. Despite this, the Fund’s local holdings
performed well, outperforming the JSE All-Share Index. This success can be attributed to robust company-specific fundamentals and was further boosted
by the depreciation of the Rand. Notably, top-performing holdings included Reinet Investments, Bidcorp, and Mondi, yielding returns of 44.6%, 32.4%,
and 30.1%, respectively.

Given the JSE’s relative underperformance, the Fund benefited from its mandate to always maximise direct offshore exposure as well as its bias towards
US listings. A key theme of 2023 was Artificial Intelligence, with companies linked to AI soaring as investors backed the potential of the technology. Conse-
quently, the top performers in the Fund’;s offshore component included Nvidia (+239% USD), Meta (+194% USD), and US cybersecurity company
CrowdStrike (+142% USD). These companies provide products and services that are either integral in powering AI applications or are significantly
enhanced by the advancement of AI capabilities.
MINIMUM DISCLOSURE DOCUMENT & GENERAL INVESTOR REPORT

HIGH STREET HIGH EQUITY PRESCIENT FUND – CLASS A1

AS OF 31 DECEMBER 2023 - ISSUED 15 JANUARY 2024

The property sector also saw a rebound in 2023, with the Developed Property Index returning 17.6% in ZAR, while locally the SA Listed Property Index
returned 10.1%. Our property holdings, comprising five names, performed exceptionally well, achieving an average return of 32.1% on a weighted basis.
Notably, the Fund’s largest holding, Sirius Real Estate, was the top performer, returning 50.6%. Our property exposure remains concentrated among our
highest conviction ideas, all of which have zero exposure to the South African operating environment, despite the majority of these holdings being listed
on the JSE.

Heading into 2024, the economic outlook is characterised by uncertainty. Positively, global inflation has moderated from its peak of around to 10% in 2022
to a current rate of less than 5%. Although geopolitics and energy prices pose upside risk to inflation, we are inclined believe that there is more gravity
weighing it down than buoyancy pushing it up. In the US, equity markets are now priced for a soft landing, however, strategist opinions are divided as to
whether the country will fall into a recession this year. The global spotlight will also be on elections, with more than 60 scheduled to occur, encompassing
over 4 billion people, including those in the US and South Africa. Domestically, South Africa’s economic trajectory will be shaped by these global econom-
ic trends, as well as its local infrastructural challenges, effective implementation of government reforms, and upcoming elections.

At High Street, while we monitor these macro economic events, we believe that company specific fundamentals and adhering to specific mandates is
what drives performance over the long run. Ultimately, the Fund continues to deliver on its mandate of maximising offshore exposure, through utilising
its full offshore allowance and investing exclusively in Rand-hedge names locally. In December, the Fund attained its 5-year track record, with a 5-year
annualised return of 13.5% as of 31 December, placing second within category and significantly outperforming the category peer average return of 9.2%
per year. Importantly, this is despite the average annual Rand depreciation versus the US dollar over the 5-years being less than the 30-year average. We
are very proud of this performance and believe that the Fund remains ideally suited as a geographic diversifier for an investor’s local portfolio.

Ross Beckley, CFA Chris Brownlee

Fund Manager Research Analyst
MINIMUM DISCLOSURE DOCUMENT & GENERAL INVESTOR REPORT

HIGH STREET HIGH EQUITY PRESCIENT FUND – CLASS A1

AS OF 31 DECEMBER 2023 - ISSUED 15 JANUARY 2024

DISCLAIMER
MANAGEMENT COMPANY
The Fund has adhered to its policy objective. Collective Investment Schemes in Securities PRESCIENT MANAGEMENT COMPANY (RF) (PTY) LTD
(CIS) should be considered as medium to long-term investments. The value may go up as well
REGISTRATION NUMBER 2002/022560/07
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 Prescient House, Westlake Business
investment scheme may borrow up to 10% of the market value of the portfolio to bridge PHYSICAL ADDRESS
Park, Otto Close, Westlake, 7945
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. TELEPHONE NUMBER +27 800 111 899
A CIS may be closed to new investors in order for it to be managed more efficiently in EMAIL ADDRESS [email protected]
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 WEBSITE www.prescient.co.za
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 The Management Company and Trustee are registered and approved under the Collective Investment
interests (units) in issue. Forward pricing is used. The Fund's Total Expense Ratio (TER) reflects Schemes Control Act (No.45 of 2002). Prescient is a member of the Association for Savings and Investments
the percentage of the average Net Asset Value (NAV) of the portfolio that was incurred as SA.
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 TRUSTEE / DEPOSITARY
cannot be regarded as an indication of future TER's. During the phase-in period TER’s do not
Nedbank Investor Services
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 2nd Floor, 16 Constantia Boulevard,
assets. Transaction costs are a necessary cost in administering the Fund and impacts Fund PHYSICAL ADDRESS
Constantia Kloof, Roodepoort, 1709
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 TELEPHONE NUMBER +27 11 534 6557
investment manager and the TER. WEBSITE www.nedbank.co.za

The Manager retains full legal responsibility for any third-party-named portfolio. Where foreign INVESTMENT MANAGER
securities are included in a portfolio there may be potential constraints on liquidity and the HIGH STREET ASSET MANAGEMENT (PTY) LTD
repatriation of funds, macroeconomic risks, political risks, foreign exchange risks, tax risks,
settlement risks; and potential limitations on the availability of market information. The REGISTRATION NUMBER 2013/124971/07
investor acknowledges the inherent risk associated with the selected investments and that The Offices of Hyde Park (Block B),
there are no guarantees. Please note that all documents, notifications of deposit, investment, PHYSICAL ADDRESS
1 Strouthos Place, Hyde Park, 2196
redemption and switch applications must be received by Prescient by or before 13:00 (SA), to
be transacted at the net asset value price for that day. Where all required documentation is POSTAL ADDRESS PO Box 523041, Saxonwold, 2132
not received before the stated cut off time Prescient shall not be obliged to transact at the net TELEPHONE NUMBER +27 (0)11 325 4006
asset value price as agreed to.
EMAIL ADDRESS [email protected]
Funds are priced at either 3pm or 5pm depending on the nature of the Fund. Prices are WEBSITE www.hsam.co.za
published daily and are available on the Prescient website. Performance has been calculated
High Street Asset Management (Pty) Ltd, registration number 2013/124971/07, a Financial Services Provider
using net NAV to NAV numbers with income reinvested. The performance for each period (FSP 45210) under the Financial Advisory and Intermediary Services Act (No.37 of 2002), is authorized to act
shown reflects the return for investors who have been fully invested for that period. Individual in the capacity as investment manager. This information is not advice, as defined in the Financial Advisory and
investor performance may differ as a result of initial fees, the actual investment date, the date Intermediary Services Act (No.37 of 2002). Please be advised that there may be representatives acting under
supervision.
of reinvestments and dividend withholding tax. Full performance calculations are available
from the manager on request.
GLOSSARY SUMMARY
For any additional information such as fund prices, brochures and application forms please go
to www.prescient.co.za Annualised performance: Annualised performance show longer term performance
rescaled to a 1 year period. Annualised performance is the average return per year over
FUND SPECIFIC RISKS the period. Actual annual figures are available to the investor on request.

Default risk: The risk that the issuers of fixed income instruments (e.g. bonds) may not be Highest & Lowest return: The highest and lowest returns for any 1 year over the period
able to meet interest payments nor repay the money they have borrowed. The issuers credit since inception have been shown.
quality is vital. The worse the credit quality, the greater the risk of default and therefore
investment loss. NAV: The net asset value represents the assets of a Fund less its liabilities.

Developing Market (excluding SA) risk: Some of the countries invested in may have less WHY IS THIS FUND IN CATEGORY 4?
developed legal, political, economic and/or other systems. These markets carry a higher risk
of financial loss than those in countries generally regarded as being more developed. The Fund is rated as 4 due to exposure to shares and stocks, and the nature of its
investments which include the risks previously listed. The price of shares and the income
Foreign Investment risk: Foreign securities investments may be subject to risks pertaining to from them may fall as well as rise and investors may not get back the amount they have
overseas jurisdictions and markets, including (but not limited to) local liquidity, macroeconom- invested. As the investments of the Fund are in various currencies and the Fund is
ic, political, tax, settlement risks and currency fluctuations. denominated in South African Rands your shares may be subject to currency risk.

Interest rate risk: The value of fixed income investments (e.g. bonds) tends to be inversely WHAT DO THESE NUMBERS MEAN?
related to interest and inflation rates. Hence their value decreases when interest rates and/or
inflation rises. They rate how a fund might behave and how much risk there is to your capital. Generally,
the chance to make large gains means a risk of suffering large losses.
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, A Category 1 fund is not a risk-free investment - the risk of losing your money is small, but
including local, regional and national economic and political conditions, interest rates and tax the chance of making gains is also limited.
considerations.
With a Category 7 fund, the risk of losing your money is high but there is also a chance
Currency exchange risk: Changes in the relative values of individual currencies may adversely of making higher gains. The seven-category scale is complex (for example, 2 is not twice
affect the value of investments and any related income. as risky as 1).

Geographic / Sector risk: For investments primarily concentrated in specific countries, For a more detailed explanation of risks, please refer to the ''Risk Factors'' section of the
geographical regions and/or industry sectors, their resulting value may decrease whilst prospectus.
portfolios more broadly invested might grow.
GENERAL
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 This document is for information purposes only and does not constitute or form part of
value. This may lead to larger financial losses than expected. 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
Equity investment risk: Value of equities (e.g. shares) and equity-related investments may notice at any time after publication. We therefore disclaim any liability for any loss, liability,
vary according to company profits and future prospects as well as more general market damage (whether direct or consequential) or expense of any nature whatsoever which
factors. In the event of a company default (e.g. bankruptcy), the owners of their equity rank may be suffered as a result of or which may be attributable directly or indirectly to the use
last in terms of any financial payment from that company. of or reliance upon the information.