Top 20 Fund
Investment objective	Aims to outperform the FTSE/JSE Top 40 Index and invests only in the top 50 domestic shares as measured by market cap
Fund mandate	Typically holds no more than 20 large and/or mid cap stocks at any point in time resulting in a valuation-driven, concentrated portfolio Emphasis is on active stock selection and the portfolio will be constructed on a clean slate basis
Asset allocation	Aggressive Max equity exp: 100% (75% min)
Regulation 28	Does not comply
Benchmark	FTSE/JSE Top 40 Index
Return objective	Outperform the index tracker funds
Risk of monetary loss	Slight in periods greater than 5 years High in periods less than 1 year
Recommended term	5 years and longer
Target market	Investors looking for an alternative to a stockbroker-managed direct share portfolio Investors who are in their wealth build-up phase and require little income yield in the short term Investors who are able to withstand short-term market fluctuations in pursuit of maximum total returns over the long term The fund is not appropriate for investors who are concerned by short-term capital losses or who want to generate consistent income The fund is actively managed and is therefore not appropriate for investors who seek an equity investment that tracks the returns of the market
Fee structure (excl. VAT)	Initial fee: Coronation: 0.29% Annual management fee: Minimum - standard: 1.00% Minimum - discounted: 0.50% Maximum: 3.50% Sharing rate: 20% The ongoing fee structure will be changed with effect from 1 November 2009 20% of the fund's outperformance when the fund delivers a positive return in excess of the benchmark, over a rolling 12 month period If the fund produces a return in line with the benchmark, a standard minimum fee will be levied If the fund produces a return below the benchmark over a rolling 12-month period, the discounted minimum fee applies
Income distribution	Bi-annually (March, September)
Investment minimum	R5 000 lump sum and/or R500 monthly debit order
Fund category	Domestic Equity Large Cap
Launch date	1 October 2000
Portfolio manager	Neville Chester