Botswana Domestic Balanced Composite
Year PORTFOLIO COMPOSITION Gross Return(%) Net Return(%) CPI(%)
Fixed Income Cash Equities
2011 11.00% 6.99% 82.01% 12.10% 8.90% 8.5%
2012 16.44% 11.13% 72.43% 13.03% 10.37% 7.5%
2013 18.70% 5.00% 72.80% 21.78% 17.52% 5.9%
2014 17.70% 10.30% 72.00% 9.91% 6.38% 4.4%
Botswana Domestic Equities Composite
Year PORTFOLIO COMPOSITION Gross Return(%) Net Return(%) CPI(%)
Cash Equities
2011 10.80% 89.20% 8.54% 6.34% 8.5%
2012 11.04% 88.96% 13.10% 11.29% 7.5%
2013 6.61% 93.39% 17.24% 12.93% 5.9%
2014 12.12% 87.88% 13.89% 10.40% 4.4%

Gross of Fees Returns

Gross-of-fees returns are presented before management, audit, administrative, custodial fees and any other professional services fees, but after all trading expenses and non –reclaimable withholding taxes. There are no other additional fees deducted in addition to trading expenses.

Net of fees returns

Net-of-fees returns are presented before administrative fees but after management fees (which are both asset based and performance based.), all trading expenses and non- reclaimable withholding taxes. There are no additional fees deducted in addition to investment management and trading expenses.