NOTES ON ELIGIBILITY

The Raging Bull Awards recognise the stars of the unit trust industry in terms of top outright (or straight) performance, best risk-adjusted performance and best performance by unit trust management companies.

The awards cover domestic funds (South African-domiciled) and offshore funds (non-South Africandomiciled funds approved by the Financial Services Board, or FSB). Awards for asset-specific sectors are based mainly on straight performance calculated by ProfileData. For multiasset sectors, where risk-management is a major factor, awards are based on the PlexCrown Fund Ratings. The following criteria determine whether a fund is eligible for an award: Funds must have been available directly to retail investors for at least one year for risk-adjusted performance, and three years for straight performance, to be eligible for awards and certificates. For awards for straight performance by domestic funds (including South African-domiciled foreign funds), sectors are included if they have at least five actively managed funds with a history of three years or more. For awards for straight performance by offshore funds, sectors are included if they have at least five actively managed funds with a history of three years or more. adjusted awards are presented in the major domestic and offshore multi-asset sectors and the larger Assocation for Savings & Investment South Africa (Asisa) sectors. Domestic and foreign (South African-domiciled) sectors are included if they have at least five actively managed funds with a history of five years or more. Passive funds are excluded, because their performance reflects market movements rather than fund manager expertise. Awards are not made to money market funds because of the limitations on them in terms of duration and the types of instruments allowable. Awards are not made to Fundisa funds, because the nature of these funds does not make them comparable to other funds in their sector. Awards are not made to funds in the Asisa “unclassified” subcategory, because their mandates and investment objectives are not necessarily comparable. Funds that have changed subcategories during the past year (even if they have been allowed by Asisa to retain their performance history) are not eligible for sectorspecific awards. To be eligible for an award or certificate, an offshore fund must have been registered with the FSB for at least three years. Funds that do not qualify for awards are also excluded from the calculation of the Offshore Management Company of the Year.