Pivot Points

Quarterly ForecastViv Govender

Table of Contents

Sector Pick

2012

2013

GDP

Inflation and Rand

Interest Rates

Conclusion

Contents

03

2012

- Strong Market Performance- We did better ( refer to fund fact sheet)- Even in strong market, those that pick correctly

do better

04

2013

-Issues ‘solved’ – Euro Crisis, China Slowdown, US Unemplyment

-Maybe not

05

GDP- 3.2% for 2013, up from 2.5% for 2012- Been lowering forecast however- Dependant on no ‘Black Swan’ events- Consumer sector also in doubt

06

Inflation and Rand

-Averaging 5.5% for year-Very dependant on Rand-Average Rand Value R9.15/$ for year-Current account pressures

07

Interest Rates

-Expect no change for year-If there is a change it will be a cut-Earliest we can expect a rate hike is mid 2014

08

Sector Pick

09

Conclusion- Broad Overview- Still have to pick individual stocks and

instruments- Must remain flexible. Just because we don’t

predict an event does not mean we shouldn’t react to it

Thank you

For more information:For more information:viv@vunaniprivateclients.co.za /

011 – 384 2925 or 011 – 384 2925 or

084 585 0254084 585 0254

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