Quarterly Commentary

This is a multi-managed fund of funds with active manager selection. The managers in the fund are skilled stock pickers and asset allocators, and we expect them to take high conviction positions over time. By its nature, PPS Global Balanced generally has meaningful exposure to growth assets, and during the quarter these asset classes outshone their more defensive counterparts. PPS Global Balanced comfortably outperformed both its 60/40 benchmark as well as its ASISA category average this quarter, driven by its global equity and global real estate exposure. The fund does not yet have a five-year track record; however, is ahead of its ASISA category average and its 60/40 benchmark over one, two, three years and since inception.

Performance over one year has been particularly solid, driven by global equities and global listed property which have performed strongly. Compared to its benchmark, PPS Global Balanced remains overweight international equities and international property, and underweight international bonds. There were no manager changes during the quarter.