PortfolioMetrix Active Income Prescient AMETF ZAR · JSE:PMXINC
PortfolioMetrix Active Income Prescient AMETF ZAR — PortfolioMetrix — Q3 2025 Earnings Presentation
56 slides from PortfolioMetrix Active Income Prescient AMETF ZAR's earnings presentation, October 2025
Slide 1: Quarterly Investment Insights: All that glitters
Quarterly Investment Insights All that glitters October 2025
Slide 2: Gold is shining
Gold is shining Source: Morningstar, PortfolioMetrix analysis as at September 2025. Returns are cumulative in GBP terms. Past performance is not a reliable indicator of future results. This chart is for illustrative purposes only and does not constitute investment advice
Slide 3: A normal expectation?
A normal expectation? Source: Morningstar, PortfolioMetrix analysis as at September 2025. Returns are cumulative in GBP terms. Past performance is not a reliable indicator of future results. This chart is for illustrative purposes only and does not constitute investment advice
Slide 4: Inflation and interest rates
Inflation and interest rates Interest rates Vi 1) tt 4 ) Debt Burden OF MAJOR NATIONS 30 Years of
Slide 5: Gold has performed strongly in recent periods
Kintsugi, The Japanese Art of Mending Broken Ceramics with ... ▪ Gold has performed strongly in recent periods. ▪ The portfolios already include some exposure to gold ▪ Do you want a growth asset? ▪ Other assets have and may continue do better ▪ Gold is not a growth, productive asset ▪ Do you want p
Slide 6: What is gold? Why do people own it?
What is gold? Why do people Should you hold it What does good own it? strategically? look like?
Slide 7: What is Gold?
What is Gold? The eye of the beholder
Slide 8: What is gold? Embedded in human psyche
What is gold? Embedded in human psyche Source: Vaulted, X as at October 2025.
Slide 9: Source: Vaulted, as at October 2025
Source: Vaulted, as at October 2025.
Slide 10: What is gold? The chameleon
What is gold? The chameleon Money • Medium of exchange • Measure of value • Unit of account • Store of value It doesn’t Investment It is not It doesn’t Gold It isn’t pay productive • Supply and demand pay interest • Durable cheap to dividends • Investor sentiment • Rare buy or hold • Divisible Sourc
Slide 11: What is gold? Supply and Demand
What is gold? Supply and Demand Mine production Recycled gold 5.4% Jewellery 40.3% 8.5% 26% Investment 23.7% Central banks 21.% 40.3% OTC and other 8.5% 21.0% Electronics 5.4% Other Industrial 0.9% 74% Dentistry 0.2% 23.7% Source: World Gold Council, 2024
Slide 12: What is gold? Limited supply for new gold
What is gold? Limited Supply for new gold Source: Visualist Capitalist, World Gold Council.
Slide 13: Investment considerations for owning gold
Investment considerations for owning gold An example to prove every point
Slide 14: Long-term: Safe as house, just not when they shrink
Long-term Safe as house, just not when they shrink Infographic: the purchasing power of gold over the years Value(s) by Mark Carney: Chapter 3 Money, Gold and the Age of Consent: Key Takeaways / Analysis / Citations - Professor Nerdster Source: Instagram and Reddit/Silverbugs
Slide 15: Why do people buy gold?
Why do people buy gold? Long-term inflation protection Source: SSRN, The Golden Dilemma, Financial Analysts Journal and Topdown Charts
Slide 16: Long-term: Is there a case
Long-term Is there a case Source: Stocks for the long run, Jeremy Siegel
Slide 17: Gold Price: Supply and Demand
Gold Price Supply Demand Real Investment Real Interest Rates
Slide 18: Is it reliable? Inflation
Is it reliable? Inflation % Change in inflation % Change in gold price Source: Bloomberg as at September 2025
Slide 19: Is it reliable? Market Stress
Is it reliable? Market Stress 40 30 20 10 0 -10 -20 -30 -40 -50 -60 Black Monday Gulf War Asian Crisis Tech Burst Financial Crisis Euro Crisis I Euro Crisis II 2018 Q4 Selloff COVID-19 Inflation Surge Tariffs (2025) (1987) (1990) (1997–98) (2000–02) (2007–09) (2010) (2011) Crash (2020) (2022) S&P 50
Slide 20: What drives gold?
What drives gold? Monthly Returns: Gold vs Equity [50:50] 20.00 10.00 0.00 Equity -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 -10.00 -20.00 Gold Monthly Returns: Government Bonds vs Equity [55:45] 20.00 10.00 0.00 Equity -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 -10.00 -20.00
Slide 21: Long-term: The price you indirectly pay
% Drawdown -70.0 -60.0 -50.0 -40.0 -30.0 -20.0 -10.0 0.0 01/02/1968 30/04/1969 31/07/1970 31/10/1971 Long-term 31/01/1973 30/04/1974 31/07/1975 31/10/1976 31/01/1978 The price you indirectly pay 30/04/1979 31/07/1980 31/10/1981 31/01/1983 30/04/1984 31/07/1985 31/10/1986 31/01/1988 30/04/1989 31/07/
Slide 22: Should Gold be in a strategic asset allocation?
Should Gold be in a strategic asset allocation? No monopoly diversification benefits Macro Hedge Trend Equity Market Convertible Merger World Stock Investment Gold Palladium Silver Platinum Hedge Fund Fund Following Neutral Arbitrage Arbitrage Market Gold 0.41 0.75 0.61 0.07 0.07 0.16 -0.03 0.06 0.1
Slide 23: Investment Consideration: Return
Investment Consideration Global Stocks Gold Return Global Gov. Bonds Standard Deviation Sources: The Golden Rule of Investing, SSRN, November 2023 and Morningstar Direct as at September 2025. Returns in USD. The table shows the historical optimized portfolios for Stocks, Bonds, and Gold for the past
Slide 24: Investment Consideration: Return
Investment Consideration Global Stocks Gold Return Global Gov. Bonds Standard Deviation Sources: The Golden Rule of Investing, SSRN, November 2023 and Morningstar Direct as at September 2025. Returns in USD. The table shows the historical optimized portfolios for Stocks, Bonds, and Gold for the past
Slide 25: Diversification, but at what price?
Diversification, but at what price? Rolling volatility 30.0 30.0 25.0 25.0 20.0 20.0 15.0 15.0 10.0 10.0 5.0 5.0 0.0 0.0 LBMA Gold Price Global Corporate Bonds TR Hdg GBP Global Government Bonds TR Hdg GBP Global High Yield TR Hdg GBP FTSE AllSh MSCI Europe Ex UK MSCI Japan MSCI EM MSCI Pacific Ex J
Slide 26: How do you get exposure?
How do you get exposure? PMX
Slide 27: Gold Mining Companies vs LBMA Gold Price
500.0 400.0 300.0 200.0 100.0 0.0 -100.0 Gold Mining Companies LBMA Gold Price Gold Financial Product Source: Morningstar as at September 2025. Cumulative returns. Data are for illustration only and should not be relied upon for investment decisions. Past relationships and performance are not reliab
Slide 28: Gold Mining Companies vs LBMA Gold Price
600.0 500.0 400.0 300.0 200.0 100.0 0.0 -100.0 30/09/2015 31/07/2016 31/05/2017 31/03/2018 31/01/2019 30/11/2019 30/09/2020 31/07/2021 31/05/2022 31/03/2023 31/01/2024 30/11/2024 30/09/2025 Gold Mining Companies LBMA Gold Price Gold Financial Product Source: Morningstar as at September 2025. Cumulat
Slide 29: Returns and Value? Gold and economic uncertainty
Returns and Value? REAL GOLD PRICE AND GLOBAL ECONOMIC UNCERTAINTY JAN 1997 - JAN 2025 600 Global Economic Uncertainty Global Economic Policy Uncertainty (EPU) Index 2005 2010 2015 2020 2025 Source: MacroTrends, Gold Prices -100 Year Historical Chart; ‘Measuring Economic Policy Uncertainty’ by Scott
Slide 30: Returns and Value? Gold and US inflation
Returns and Value? REAL GOLD PRICE AND US INFLATION JAN 1970 - JAN 2025 Inflation CPI One Year Inflation Rate 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 Source: MacroTrends, Gold Prices - 100 Year Historical Chart Note: Price of gold tive to U.S. consumer prices (CP!) with CPI set to 1 in Feb
Slide 31: The exposure you likely already have
The exposure you likely already have Newmont Corp Agnico Eagle Mines Ltd Barrick Mining Corp Wheaton Precious Metals Corp Franco-Nevada Corp Gold Fields Ltd Anglogold Ashanti PLC Kinross Gold Corp Zijin Mining Group Co Ltd Class H Northern Star Resources Ltd Valterra Platinum Ltd Pan American Silver
Slide 32: What does good look like
What does good look like Kintsugi, The Japanese Art of Mending Broken Ceramics with ... ▪ Kintsugi does not apply. Gold cannot repair a broken strategy ▪ Appropriately size gold knowing that is can’t easily be valued and often changes forms ▪ Buyer beware of different approaches. Nothing is free. Di
Slide 33: Great US$ Returns in Uncertain Times
Great US$ Returns in Uncertain Times Markets look through the bad news Source: Morningstar, PortfolioMetrix
Slide 34: Global Portfolio Series
Global Portfolio Series Trailing Returns Relative to Peers ▪ Coherent solution set: strong risk- return consistency ▪ Ahead of peer group averages ▪ Consistent outcome versus peers Source: Morningstar, PortfolioMetrix| As of 2025/09/30
Slide 35: Coherent, Calibrated, Efficient
Coherent, Calibrated, Efficient Precision-engineered portfolios, designed for your global investing needs Source: Morningstar, PortfolioMetrix
Slide 36: Global Portfolio Series
Global Portfolio Series Consistent, peer-beating returns in an uncertain world Source: Morningstar, PortfolioMetrix| As of 2025/09/30 Peer Groups include EAA Fund USD Cautious/Moderate/Aggressive/Global Flex-Cap Equity
Slide 37: Global Portfolio Series
Global Portfolio Series Consistent, peer-beating returns in an uncertain world Source: Morningstar, PortfolioMetrix| As of 2025/09/30 Peer Groups include EAA Fund USD Cautious/Moderate/Aggressive/Global Flex-Cap Equity
Slide 38: Global Portfolio Series
Global Portfolio Series Consistent second-quartile performance ▪ Coherent solution set: strong risk- return consistency ▪ Ahead of peer group averages ▪ Consistent outcome versus selected peers Source: Morningstar, PortfolioMetrix| As of 2025/09/30
Slide 39: Global Portfolio Series
Global Portfolio Series Consistent second-quartile performance ▪ Coherent solution set: strong risk- return consistency ▪ Ahead of peer group averages ▪ Consistent outcome versus selected peers Source: Morningstar, PortfolioMetrix| As of 2025/09/30
Slide 40: Global Portfolio Series
Global Portfolio Series Consistent second-quartile performance ▪ Coherent solution set: strong risk- return consistency ▪ Ahead of peer group averages ▪ Consistent outcome versus selected peers Source: Morningstar, PortfolioMetrix| As of 2025/09/30
Slide 41: Changing Perspective: Investing in SA rands
Changing Perspective: Investing in SA rands Strong Local Performance YTD Source: Morningstar, PortfolioMetrix
Slide 42: Reg. 28 Portfolios
Reg. 28 Portfolios Capturing available returns ▪ Coherent solution set: strong risk- return consistency ▪ Ahead of peer group averages Source: Morningstar, PortfolioMetrix| As of 2025/09/30
Slide 43: Compounding Consistency
Compounding Consistency Long-term risk-return outcomes remain industry leading Source: Morningstar, PortfolioMetrix
Slide 44: Compounding Consistency
Compounding Consistency Long-term risk-return outcomes remain industry leading Source: Morningstar, PortfolioMetrix
Slide 45: Compounding Consistency
Compounding Consistency 10-year performance track records achieved for select building block funds. ▪ Compounding consistent peer- beating returns at multiple levels Source: Morningstar, PortfolioMetrix| As of 2025/07/14 Peer Group is the relevant category for the building block fund (CIS)
Slide 46: Compounding Consistency
Compounding Consistency 10-year performance track records achieved for select building block funds. ▪ Compounding consistent peer- beating returns at multiple levels Source: Morningstar, PortfolioMetrix| As of 2025/07/14 Peer Group is the relevant category for the building block fund (CIS)
Slide 47: Compounding Consistency
Compounding Consistency 10-year performance track records achieved for select building block funds. ▪ Compounding consistent peer- beating returns at multiple levels Source: Morningstar, PortfolioMetrix| As of 2025/07/14 Peer Group is the relevant category for the building block fund (CIS)
Slide 48: Single-Assets: SA Performance
51 SA Performance 3 6 1 3 5 7 10 YTD Months Months Year Years Years Years Years South African - Multi Asset - Income PortfolioMetrix BCI Income Fund A 3 4 4 3 3 3 3 2 South African - Multi Asset - Income PortfolioMetrix BCI Dynamic Income A 1 1 1 1 1 -- -- -- South African - Interest Bearing - Varia
Slide 49: Multi-Assets: SA Performance
52 SA Performance 3 6 1 3 5 7 10 YTD Months Months Year Years Years Years Years South African - Multi Asset - Low Equity PortfolioMetrix BCI Cautious Fund of Funds A 2 1 1 2 1 -- -- -- South African - Multi Asset - Medium Equity PortfolioMetrix BCI Moderate Fund of Funds A 2 1 1 2 1 -- -- -- South A
Slide 50: A Decade of Dynamic Returns
A Decade of Dynamic Returns Annualised Performance Consistent and reliable PMX Team Track Record Peer Group Average SA Cash reward for investors 16.0% The team has successfully navigated the challenges and rewards of the SA fixed income market for a decade. 12.8% The reliability and consistency in 1
Slide 51: Investment Management Process
Investment Management Process Value Creation A I A uity eneral A I A I A I A igh uity A I A ed uity A I A I A ow uity A I A Income eg ro les A I A ategory Averages eg assive uivalent ro les imple Asset Allocation A I and A I omposites Source: Morningstar, PortfolioMetrix Note: PMX Profile Performanc
Slide 52: PMx: Pioneering Precision Investment Management
PMx PORTFOLIOMETRIX Pioneering Precision Investment Management
Slide 53: Global Disclaimer
Global Disclaimer This document is only for professional financial advisers, their clients and their prospective clients. The information given here is for information purposes only and is not intended to constitute financial, legal, tax, investment or other professional advice. It should not be rel
Slide 54: Morningstar Disclaimer
Morningstar Disclaimer: ©2025 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content pro
Slide 55: BCIS Disclaimer
BCIS Disclaimer: B q I ( F) ( y) (“B I”) L h xG L . BCI is a registered Manager of the Boutique Collective Investments Scheme, approved in terms of the Collective Investments Schemes Control Act, No 45 of 2002 and is a full member of ASISA. Collective Investment Schemes in securities are generally m
Slide 56: Fuelling the success of top financial advisers
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