Jan 2020
NFMW-greetings
This is the first edition for 2020 and we wish you all the best for the year ahead. We trust that this will be another successful year for the fund.
The NFMW's membership base now exceeds 52 000 and we remain ahead of our peers with our long-term investment performance track record. The NFMW Aggressive Growth portfolio outperformed most competitors in December. The portfolio has regained the top spot over one year and is now well ahead of its nearest competitor and the Alexander Forbes Global Large Manager Wealth benchmark over that period. The portfolio is just 0.2% behind the top-performing funds over three years and remains top-ranked over the more important five,seven and ten-year periods with close to 1% p.a. alpha relative to peers.
The moderate and conservative portfolios also had an excellent December with the Stable Growth in particular. Both portfolios are once again delivering benchmark-beating returns and remain very competitive within their peer groups, despite the large differences in asset allocation (and offshore exposure). The Stable Growth has held up remarkably well without offshore exposure thanks to excellent returns from the bond and cash managers as well as the TAA-portfolio.
Enjoy reading this edition of the mailer and remember, we are always here to help if you need any information or assistance with any fund-related matter.
Kind regards
Sean Samons
Principal Executive Officer
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<h2>NFMW LATEST INVESTMENT PORTFOLIO RETURNS</h2>
<p>
During December 2019, all the NFMW-portfolio returns were positive, which translates into excellent
year-to-date performance figures. The table shows the most recent return declaration;
</p>
<br /><div class="table">
<table class="table"><thead><tr><th></th>
<th>3 months</th>
<th>1 year</th>
<th>3 years Ann</th>
<th>5 years Ann</th>
<th>10 years Ann</th>
</tr></thead><tbody><tr><td>Shari'ah Portfolio</td>
<td>3,85%</td>
<td>10.12%</td>
<td>6.45%</td>
<td>5.13%</td>
<td>5.13%</td>
</tr><tr><td>Capital Protector</td>
<td>1.77%</td>
<td>7.99%</td>
<td>8.16%</td>
<td>7.85%</td>
<td>6.57%</td>
</tr><tr><td>Stable Growth</td>
<td>2.93%</td>
<td>8.54%</td>
<td>6.73%</td>
<td>7.21%</td>
<td>n/a</td>
</tr><tr><td>Capital Growth</td>
<td>3.92%</td>
<td>11.97%</td>
<td>7.25%</td>
<td>7.89%</td>
<td>9.67%</td>
</tr><tr><td>Aggressive Growth</td>
<td>4.07%</td>
<td>12.68%</td>
<td>6.90%</td>
<td>7.48%</td>
<td>10.46%</td>
</tr><tr><td>CPI (inflation)</td>
<td>0.53%</td>
<td>4.20%</td>
<td>4.46%</td>
<td>5.08%</td>
<td>5.13%</td>
</tr></tbody></table></div>
</div>
</div>
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<h2>NFMW returns compared to other Local Government funds</h2>
<p>
The table shows the performances of comparable portfolios of other municipal funds to give you
a better sense of the actual investment returns achieved. All returns shown are on a like-for-like
basis to the end of December 2019. We are proud to note that the NFMW portfolios have mostly
outperformed against our main competitors over the longer term, across all portfolios.
</p>
<p>Local Government Retirement Fund Returns to end December 2019</p>
<div class="table">
<table class="table"><thead><tr><th>Aggressive/Growth Portfolios</th>
<th>3 months</th>
<th>6 months</th>
<th>1 year</th>
<th>3 years</th>
<th>5 years</th>
<th>7 years</th>
<th>10 years</th>
</tr></thead><tbody><tr><td>NFMW Aggressive Growth</td>
<td>4.2%</td>
<td>4.5%</td>
<td>13.1%</td>
<td>7.3%</td>
<td>8.0%</td>
<td>10.7%</td>
<td>11.3%</td>
</tr><tr><td>Fund 1</td>
<td>2.7%</td>
<td>3.3%</td>
<td>11.6%</td>
<td>7.4%</td>
<td>6.9%</td>
<td>9.8%</td>
<td>10.5%</td>
</tr><tr><td>Fund 2</td>
<td>2.3%</td>
<td>3.2%</td>
<td>10.5%</td>
<td>7.2%</td>
<td>7.5%</td>
<td>10.1%</td>
<td></td>
</tr><tr><td>Fund 3</td>
<td>2.8%</td>
<td>4.6%</td>
<td>11.9%</td>
<td>7.5%</td>
<td>6.9%</td>
<td>9.2%</td>
<td>10.4%</td>
</tr><tr><td>Fund 4</td>
<td>3.5%</td>
<td>4.0%</td>
<td>12.1%</td>
<td>7.5%</td>
<td>6.7%</td>
<td>9.1%</td>
<td></td>
</tr><tr><td>Alexander Forbes Global Large Manager Watch (Net)</td>
<td>2.4%</td>
<td>3.0%</td>
<td>10.3%</td>
<td>5.9%</td>
<td>5.5%</td>
<td>8.4%</td>
<td>9.9%</td>
</tr></tbody></table></div>
<br /><div class="table">
<table class="table"><thead><tr><th>Moderate Portfolios</th>
<th>3 months</th>
<th>6 months</th>
<th>1 year</th>
<th>3 years</th>
<th>5 years</th>
<th>7 years</th>
<th>10 years</th>
</tr></thead><tbody><tr><td>NFMW Capital Growth Portfolio</td>
<td>4.0%</td>
<td>4.2%</td>
<td>12.4%</td>
<td>7.6%</td>
<td>8.3%</td>
<td>10.4%</td>
<td>10.5%</td>
</tr><tr><td>Fund 1</td>
<td>1.9%</td>
<td>3.2%</td>
<td>10.3%</td>
<td>7.1%</td>
<td>7.0%</td>
<td>9.0%</td>
<td>10.5%</td>
</tr><tr><td>Fund 2</td>
<td>1.6%</td>
<td>4.2%</td>
<td>11.4%</td>
<td>9.2%</td>
<td></td>
<td></td>
<td></td>
</tr><tr><td>Fund 3</td>
<td>2.1%</td>
<td>3.2%</td>
<td>6.2%</td>
<td>6.4%</td>
<td>6.4%</td>
<td>7.9%</td>
<td></td>
</tr><tr><td>Fund 4</td>
<td>2.8%</td>
<td>3.9%</td>
<td>10.9%</td>
<td>7.9%</td>
<td>7.1%</td>
<td></td>
<td></td>
</tr></tbody></table></div>
<br /><div class="table">
<table class="table"><thead><tr><th>Conservative/low risk portfolios</th>
<th>3 months</th>
<th>6 months</th>
<th>1 year</th>
<th>3 years</th>
<th>5 years</th>
<th>7 years</th>
<th>10 years</th>
</tr></thead><tbody><tr><td>NFMW Stable Growth Portfolio</td>
<td>3.0%</td>
<td>2.6%</td>
<td>9.0%</td>
<td>7.1%</td>
<td>7.7%</td>
<td>8.0%</td>
<td>8.7%</td>
</tr><tr><td>Fund 1</td>
<td>2.2%</td>
<td>3.2%</td>
<td>9.2%</td>
<td>7.2%</td>
<td>7.0%</td>
<td>8.0%</td>
<td>8.7%</td>
</tr><tr><td>Fund 2</td>
<td>0.6%</td>
<td>1.1%</td>
<td>2.0%</td>
<td>4.2%</td>
<td></td>
<td></td>
<td></td>
</tr><tr><td>Fund 3</td>
<td>2.1%</td>
<td>3.2%</td>
<td>6.2%</td>
<td>6.4%</td>
<td>6.4%</td>
<td>7.9%</td>
<td></td>
</tr><tr><td>Fund 4</td>
<td>2.4%</td>
<td>3.9%</td>
<td>10.4%</td>
<td>9.1%</td>
<td>7.9%</td>
<td></td>
<td></td>
</tr></tbody></table></div>
</div>
</div>
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<a href="/investments" target="_blank" class="primary-cta">
Click here for the Latest fund factsheets
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<h3 class="panel-title">NFMW LATEST INVESTMENT POLICY STATEMENT (IPS)</h3>
</div>
<div class="panel-body">
<p class="text-center">
The IPS is reviewed by the Board of Trustees at the end of the financial year or sooner in the
case of material changes to the structure of the fund.
</p>
<div class="text-center">
<a href="/assets/files/investment-factsheets/IPS%20-%20September%202019%20applicable%201%20January%202020.pdf" target="_blank" class="primary-cta">
Click here for the Latest IPS
</a>
</div>
</div>
</div>
</div>
</div>
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<div class="panel-heading">
<h3 class="panel-title">NFMW-MEMBERS CAN NOW REGISTER FOR ONLINE ACCESS!</h3>
</div>
<div class="panel-body">
<p class="text-center">The Sanlam online platform allows you to access your benefit information, update
personal and beneficiary details, request benefit statements and much more. Register now on <a href="https://cp.sanlam.co.za/" target="_blank">https://cp.sanlam.co.za/</a> or download the free Sanlam
My Retirement App.</p>
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