Table 1

Item

Categories of assets

Limits being the maximum percentage of aggregate fair value of total assets of the fund

Per issuer/ entity as applicable

For all  issuers/ entities

1.

CASH

100%

1.1

Notes and coins; any balance or deposit in an account held with a South African bank;

A money market instrument issued by a South African bank including an Islamic liquidity management financial instrument;

Any positive net balance in a margin account with an exchange; and

Any positive net balance in a settlement account with an exchange, operated for the buying and selling of assets.

25%

100%

1.2

Any balance or deposit held with a foreign bank;

A money market instrument issued by a foreign bank including an Islamic liquidity management financial instrument;

5%

2.

DEBT INSTRUMENTS INCLUDING ISLAMIC DEBT INSTRUMENTS

100% for debt instruments issued by or guaranteed by the Republic, otherwise 75%

2.1

Inside the Republic and foreign assets

(a)

Debt instruments issued by, and loans to, the government of the Republic, and any debt or loan guaranteed by the Republic

100%

(b)

Debt instruments issued or guaranteed by the government of a foreign country

10%

(c)

Debt instruments issued or guaranteed by a South African bank against its balance sheet:—

75%

(i)

listed on an exchange with an issuer market capitalisation of R20 billion or more, or an amount or conditions as prescribed

25%

(ii)

listed on an exchange with an issuer market capitalisation of between R2 billion and R20 billion, or an amount or conditions as prescribed

15%

(iii)

listed on an exchange with an issuer market capitalisation of less than R2 billion, or an amount or conditions as prescribed

10%

(iv)

Not listed on an exchange

5%

25%

(d)

Debt instruments issued or guaranteed by an entity that has equity listed on an exchange, or debt instruments issued or guaranteed by a public entity under the Public Finance Management Act, 1999 (Act No. 1 of 1999) as prescribed—

10%

50%

(i)

Listed on an exchange

10%

50%

(ii)

Not listed on an exchange

5%

25%

(e)

Other debt instruments—

5%

25%

(i)

Listed on an exchange

5%

25%

(ii)

Not listed on an exchange

5%

15%

3.

EQUITIES

75%

3.1

Inside the Republic and foreign assets

(a)

Preference and ordinary shares in companies, excluding shares in property companies, listed on an exchange—

75%

(i)

Issuer market capitalisation of R20 billion or more, or an amount or conditions as prescribed

15%

(ii)

Issuer market capitalisation of between R2 billion and R20 billion or an amount or conditions as prescribed

10%

(iii)

Issuer market capitalisation of less than R2 billion or an amount or conditions as prescribed

5%

(b)

Preference and ordinary shares in companies, excluding shares in property companies, not listed on an exchange

2.5%

10%

4.

IMMOVABLE PROPERTY

25%

4.1

Inside the Republic and foreign assets

(a)

Preference shares, ordinary shares and linked units comprising shares linked to debentures in property companies, or units in a Collective Investment Scheme in Property, listed on an exchange—

25%

(i)

Issuer market capitalisation of R10 billion or more, or an amount or conditions as prescribed

15%

(ii)

Issuer market capitalisation of between R5 billion and R10 billion, or an amount or conditions as prescribed

10%

(iii)

Issuer market capitalisation of less than R5 billion, or an amount or conditions as prescribed

5%

(b)

Immovable property, preference and ordinary shares in property companies, and linked units comprising shares linked to debentures in property companies, not listed on an exchange

5%

15%

5.

COMMODITIES

10%

5.1

Inside the Republic and foreign assets

(a)

Kruger Rands and other commodities listed on an exchange, including exchange traded commodities:—

10%

(i)

Gold

10%

(ii)

Each other commodity

5%

6.

INVESTMENTS IN THE BUSINESS OF A PARTICIPATING EMPLOYER INSIDE THE REPUBLIC IN TERMS OF—

(a)

Section 19(4) of the Pensions Funds Act

5%

(b)

To the extent it has been allowed by an exemption in terms of section 19(4A) of the Pension Funds Act

10%

7.

HOUSING LOANS GRANTED TO MEMBERS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 19(5) OF THE PENSION FUNDS ACT

65%

8.

HEDGE FUNDS

10%

8.1

Inside the Republic and foreign assets

(a)

Hedge funds

10%

(i)

Funds of hedge funds

5% per fund of hedge funds

(ii)

Hedge funds

2,5% per hedge fund

9.

PRIVATE EQUITY FUNDS

15%

9.1

Inside the Republic and foreign assets

(a)

Private equity

15%

(i)

Funds of private equity funds

10% per fund of private equity funds

(ii)

Private equity funds

5% per private equity fund

10.

OTHER ASSETS NOT REFERRED TO IN THIS TABLE

2,5%

11

(a)

Overall limit for infrastructure across all classes (excluding debt instruments issued by, and loans to, the government of the Republic and any debt or loan guaranteed by the Republic)

45%

(b)

Overall limit for all instruments per entity/issuer (local and or foreign) (excluding debt instruments issued by, and loans to, the government of the Republic and any debt or loan guaranteed by the Republic)

25%