36ONE FR QI Hedge Fund
Minimum Disclosure Document
August 2024

(Class 2)

Investment Manager:

36ONE Asset Management (Pty) Ltd

Fund Name:

36ONE FR QI Hedge FundASISA Classification:

Qualified Investor Hedge Fund South African - Long/Short Equity - Long Bias
01 April 2006

Inception Date:

INVESTMENT PERFORMANCE:CISCA Inception Date: 01 November 2016
Portfolio Size:

R 6,157 bn

NAV Price:

R 1,301

Number of Units:

15 836 747.96

ISIN:

ZAE000284451

RETURN ANALYSIS

36ONE

Cash

ALSI

1 month

1.87%

0.59%

1.38%

3 months

5.55%

1.79%

9.65%

1 year

14.51%

7.54%

16.08%

3 year p.a.

12.56%

6.00%

12.03%

5 year p.a.

13.32%

5.27%

12.82%

7 year p.a.

12.31%

5.55%

9.63%

10 year p.a.

11.34%

5.71%

8.70%

Since inception p.a.

15.50%

6.24%

11.41%RISK ANALYSIS

36ONE

Cash

ALSI

Standard Deviation p.a.**

8.06%

0.55%

16.11%

Loss Deviation*

1.18%

n/a

7.09%

Gain Deviation*

3.48%

0.46%

10.45%

Sharpe Ratio*

1.41

-

0.37

Sortino Ratio*

5.11

n/a

0.81

-12.59%n/a-40.44%

Best Month

6.88%

0.95%

13.98%

Worst Month-11.57%0.27%-13.24%Highest 12 Month Rolling Period

58.63%

11.61%

53.98%

Lowest 12 Month Rolling Period
Gain Periods-10.84%3.31%-37.59%

162

221

134

59
1.00

-0.11

87
0.55

2.57%

n/a

6.02%

INVESTMENT OBJECTIVES:·

Generate absolute returns over the long term regardless of market
direction,
Grow investors’ capital in real terms over the long term,
Reduce volatility of returns by managing the risks associated withinvesting in equities.

··

Largest Drawdown

Cumulative Performance Since Inception

Growth

1 500
1 400
1 300
1 200
1 100
1 000
900
800
700
600
500
400
300
200
100
0

Loss Periods
Correlation
Value at Risk - 95%*Statistics based on 36 month rolling period.
**Statistics based since inception date.
Fund

ALSI

BenchmarkThe annualised total return is the average return earned by an investment each year over a given
time period, since date of the launch of the fund. The highest and lowest 1 year returns represent
the highest and lowest actual returns achieved during any single calendar year since the original
launch date of the portfolio.
Cumulative Source: Apex Fund and Corporate Services SA as at August 2024
Index Source: Bloomberg as at August 2024
The performance figures given show the yield on a Net Asset Value (“NAV”) basis. The yieldfigure is not a forecast. Performance is not guaranteed and investors should not accept it asrepresenting expected future performance. Individual investor performance may differ as aresult of initial fees, time of entry/actual investment date, date of reinvestment, and dividends
withholding tax. Performance is calculated for a lump sum investment on a Net Asset Valuebasis. The performance figures are reported net of fees with income reinvested.

Hurdle/Benchmark:Standard Bank Call Rate

Subscriptions:

Monthly

Redemptions:

1 calendar monthService Fee:

1.18% (excl. VAT)

Performance Fee:

20% of gains using the high watermark

Minimum Investment:

R1,000,000.00

CIS Manager:

FundRock Management Company(RF) (Pty) Ltd

Administrators:

Apex Fund and Corporate Services SA

Total Expense Ratio (TER%):

4.93%

Transaction Cost Ratio (TC%):

1.12%

Total Investment Charges (TIC%):

6.05%

Relative Frequency Distribution of Returns

Monthly Periods (%)

40

30

Source of this Data is Man

Performance Fee(PF) Included in TER: 3.57%

20

Income Distribution:100<-10% -10--8% -8--6% -6--4% -4--2% -2-0%

0-2%

2-4%

4-6%

6-8%

8-10%

Declaration:

Last day of December

Payment:

December 2023 : 3732.88 cpu

Auditors:

Deloitte>10%Return Range (%)

Frequency Distribution Source: Apex Fund and Corporate Services SA as at August 2024
The benchmark is for comparison purposes with the fund’s performance. The fund does notfollow the benchmark.

Publish Date: 09 September 2024

Page 1 of 4

36ONE FR QI Hedge Fund
Minimum Disclosure Document
August 2024

(Class 2)

NET MONTHLY PERFORMANCE SINCE INCEPTION:
Jan

Feb

Mar

2006

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

YTD

1.27

0.02

1.44

2.40

3.35

2.39

4.58

6.25

3.81

28.44

2007

5.86

1.79

3.79

6.24

5.28

-0.07

0.44

1.76

1.40

5.43

-2.76

2.08

35.57

2008

-11.57

4.74

1.12

4.32

2.24

-2.28

-5.73

-0.38

-3.25

1.26

-1.97

1.30

-10.80

2009

-0.11

-1.04

1.47

2.65

4.65

2.20

5.18

1.29

2.89

5.39

-0.80

5.16

32.72

2010

1.27

1.61

0.54

1.68

-1.90

-0.43

3.03

0.16

2.55

2.45

1.64

1.40

14.83

2011

1.92

1.98

0.04

2.69

1.34

0.70

0.47

0.36

1.26

4.36

1.58

1.03

19.17

2012

3.24

3.15

2.04

2.57

-0.52

0.10

2.39

3.40

0.42

2.37

2.21

1.27

25.03
26.73

2013

3.84

0.46

2.65

-0.13

6.88

-1.52

2.97

1.00

2.09

3.37

0.30

2.26

2014

-0.88

2.83

-0.74

0.58

2.91

1.70

-0.05

1.98

0.38

1.04

0.22

2.77

13.40

2015

0.67

3.82

3.04

1.02

-0.31

0.22

2.96

-0.48

0.60

4.74

2.65

0.33

20.87

2016

-0.51

-3.38

2.07

-1.01

5.67

-3.23

-0.64

3.08

-1.61

-3.70

-0.50

-0.21

-4.31

2017

2.29

-1.38

1.38

1.22

0.33

-1.18

3.74

0.98

1.06

5.16

-0.99

-1.81

11.11

2018

2.76

5.16

0.54

-2.36

-0.43

3.81

-0.35

1.93

-2.00

-3.00

-4.14

1.51

3.02

2019

1.89

3.80

2.52

1.76

-3.03

0.82

2.50

2.46

1.80

0.61

-0.49

1.69

17.42

2020

1.71

-0.64

-0.13

2.70

-0.49

1.24

2.70

0.94

-2.51

-0.96

2.83

2.66

10.34
25.02

2021

1.86

4.18

3.24

1.17

1.82

-0.69

0.69

1.54

2.83

1.43

1.18

3.39

2022

0.64

1.39

-0.89

2.58

0.08

-0.14

0.85

1.50

-0.34

1.43

0.89

-0.24

7.98

2023

2.22

-0.36

-1.17

2.24

-1.23

1.70

-0.45

2.72

-0.58

-0.74

2.20

-0.14

6.48

2024

2.04

1.13

1.76

1.33

1.22

1.84

1.74

1.87

13.68

RISK PROFILE: MEDIUM
The risk category shown is not guaranteed and may change over time. The lowest category does not mean the investment is risk free. There may be otherspecial areas of risk relating to the investment including liquidity risk, credit risk, market risk, and settlement risk. The manager does not provide financial
advice. Our risk indicator does not imply that the portfolio is suitable for all types of investors. Please consult your financial adviser.

PORTFOLIO VALUATION & TRANSACTION CUT-OFF
Portfolios are valued monthly. The cut off time for processing investment subscription is 10:00am on the last business day of the month prior to enable
processing for investment on the first business day of the next month.

TOTAL EXPENSE RATIO
A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate
indication of future TER’s. Transaction Costs are a necessary cost in administering the financial product and impacts financial product returns. It should not
be considered in isolation as returns may be impacted by many other factors over time including market returns, the type of financial product, theinvestment decisions of the investment manager and the TER.The TER and transaction cost calculations are based on a 1 year rolling period. Fee
calculations are based upon their most recent published figures, being the date of this report.

PORTFOLIO ALLOCATION REPORTCURRENT GROSS ASSET ALLOCATION

Local Bond

6.21%

Local Cash

6.60%

43.79%

Local Equity

Local Property

5.51%

9.90%

Offshore Bond

Offshore Cash

6.18%

21.81%

Offshore Equity
0%

10%

20%

Publish Date: 09 September 2024

30%

40%

50%

Page 2 of 4

36ONE FR QI Hedge Fund
Minimum Disclosure Document
August 2024

(Class 2)

QUARTERLY PORTFOLIO & MARKET COMMENTARY BY THE INVESTMENT MANAGER
South African markets had a stellar second quarter, following a weak Q1. All asset classes posted positive returns as the market responded to local election
developments and welcomed a centrist outcome. The FTSE/JSE All Share index ended an eventful quarter 8.2% higher. The top gainers in the quarter were broad but
mostly comprised of retailers and financials. The ZAR strengthened by almost 4%, making it one of the best performing emerging market currencies in the quarter.
Global equities continued their positive run in Q2, led by the US. Market sentiment throughout the quarter was dominated by interest rate cut expectations, withequities also boosted by impressive corporate earnings. The global economy and markets have performed well, despite stickier-than-expected inflation causing
higher-for-longer rates. The quarter was off to a weak start as March US CPI came in above expectations. This trend reversed by the end of the quarter and inflation is
now on a more consistent downward trend with both April and May CPI coming in below expectations.
The Federal Reserve (Fed) held rates steady during the quarter and released their latest interest rate projection (commonly referred to as the dot plot) in June. One
rate cut is now forecast for 2024 in November, lowered from three rate cuts in their prior projection. This seems to be a conservative forecast as macroeconomic data
released in June showed signs of a cooling US economy. US Q1 GDP was revised downwards from 1.6% to 1.3% and May consumer sentiment was weaker. This softer
macroeconomic data and downward trend in inflation have increased expectations that the Fed will start to cut rates at their September meeting, earlier than forecast.
The market is now pricing in two rate cuts in 2024. The rate outlook remains dependant on the inflation trend, but US rate cuts are highly likely to begin in the second
half of the year. The European Central Bank (ECB) has already started to cut rates and the Bank of England is likely to begin a cutting cycle in August. The South
African Reserve Bank is likely to also lower rates in the second half of the year, which would support local markets.
Outside of the US, global markets were mixed during the quarter. UK equities continued their recovery as the economy emerged from recession with Q1 GDP growth of
0.6%. European equities had a strong start and reached new all-time highs as the ECB started to cut rates in June and the region’s GDP growth showed a recovery(0.3% expansion in Q1 following a 0.1% contraction in Q4). The market gave back some of these gains in June as political uncertainty weighed in France. The election
has now been concluded with no party winning an outright majority, raising question son policy continuity going forward. China’s Q1 GDP growth also exceeded
expectations at 5.3% y-o-y however, weaker property sales and retail sales data for April show that the recovery is not linear.
Now that the 2024 South African General Election is behind us, a meaningful overhang has been removed from markets. We have entered a new stage of our young
democracy with the African National Congress (ANC) receiving less than 50% of the national vote for the first time. A Government of National Unity (GNU) has beenannounced, introducing power sharing for the first time at a national level. Political parties will now have to work together, despite different ideologies and policies. The
GNU has had some early challenges, as we saw in the delayed announcement of the cabinet. It is still too early to determine the success of this election outcome andchanges in leadership. We are, however, encouraged by continuity in key areas, particularly the Department of National Treasury. Stability in the fiscus along with the
Presidency (which together oversee Operation Vulindlela), should support momentum in the reform agenda.
The key areas which require national attention remain Eskom and Transnet, as both entities now fall under the Presidency. Eskom has already showed significant
progress under its new leadership, and we think that Transnet can achieve the same in the next two to three years. The market’s positive response to the election
outcome has seen many shares reaching 52-week highs. Despite this strong rally, we still see value in the local market.
The hedge fund had an impressive performance in June. The long book gained, and the short book was flat. The largest contributors for the long book were Shoprite,
FirstRand and Grindrod. The short book’s largest contributors were positions in resources and paper.
Please note: The above commentary is based on reasonable assumptions and is not guaranteed to occur.

MANDATORY DISCLOSURES
Collective Investment Schemes are generally medium to long-term investments. The value of participatory interests (units) may go down as well as up. Past
performance is not necessarily a guide to future performance. Collective investments are traded at ruling prices and can engage in scrip lending andborrowing. A schedule of fees, charges, minimum fees, and maximum commissions is available on request from the manager, as well as a detailed
description of how the fees are calculated and applied. The manager does not provide any guarantee in respect to the capital or the return of the portfolio.
Portfolios may be closed to new investors in order to manage it more efficiently in accordance with its mandate. Prices are published daily on our website.
Additional information, including key investor information documents, minimum disclosure documents, as well as other information relating to the portfolio,
including the basis on which the manager undertakes to repurchase participatory interests offered to it, and the basis on which selling and repurchase prices
will be calculated, is available, free of charge, on request from the manager. The value of an investment is dependent on numerous factors which may
include, but not limited to, share price fluctuations, interest and exchange rates and other economic factors. Where funds are invested in off-shore assets,
performance is further affected by uncertainties such as potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks,
foreign exchange risks, tax risks, settlement risks and potential limitations on the availability of market information.
The Manager ensures fair treatment of investors by not offering preferential fee or liquidity terms to any investor within the same strategy. FundRockManagement Company (RF) (Pty) Ltd ("the Manager") is registered and approved in terms of the Collective Investment Schemes Control Act 45 of 2002.
36ONE Asset Management (Pty) Ltd (FSP No 19107) is authorised under the FAIS Act to provide discretionary investment management services to hedge
funds. The Manager is registered and approved by the Financial Sector Conduct Authority under CISCA. FirstRand Ltd is the appointed trustee. The
Manager retains full responsibility for the portfolio.

MANAGEMENT COMPANY

INVESTMENT MANAGER

TRUSTEE

FundRock Management Company (RF) (Pty) Ltd

36ONE Asset Management (Pty) Ltd

Registration No: 2013/096377/07

An Authorised Financial Services Provider,
FSP No. 19107
Registration No: 2004/035570/07

FirstRand Ltd, Johannesburg(acting through its RMB Custody andTrustee Services Division)

Pier Place, Heerengracht Street, Foreshore,
Cape Town, South Africa
T: +27 21 202 8282
Email: information@apexfs.group

T: +27 10 501 0250

Website: www.fundrock.com

Email: support@36one.co.za

Publish Date: 09 September 2024

T: +27 87 736 1732

140 West Street, Sandton 2196

Page 3 of 4

36ONE FR QI Hedge Fund
Minimum Disclosure Document
August 2024

(Class 2)

FUND RISK
Leverage Risk: The Fund borrows additional funds, trades on margin or performs short sale trades to amplify investment decisions. This means that thevolatility of a hedge fund portfolio can be many times that of the underlying investments due to leverage on a fund.
Derivative Risk: A Derivative positions are financial instruments that derive their value from an underlying asset. Derivatives are exposed to implicit
leverage which could result in magnified gains and/or losses on the portfolio.
Counterparty Credit Risk: Counterparty risk is a type of credit risk and is the risk of default by the counterparty associated with trading derivative
contracts. An example of counterparty credit risk is margin or collateral held with a prime broker.
Volatility Risk: Volatility refers to uncertainty and risk related to size of change of an instrument or portfolio. It is a statistical measure of the dispersion of
returns for a given security or market index. Volatility is proportional to the directional exposure of a portfolio and is measured by Value at risk (VaR)
which is a statistical technique used to measure and quantify the level of volatility.
Concentration and Sector Risk: A large proportion of total assets invested in specific assets, sectors or regions. Concentrated positions or concentrated
sectors in a portfolio will material impact the returns of the portfolio more so than diversified portfolios.
Correlation Risk: A measure that determines how assets move in relation to each other. Correlation risk arises when the correlation between asset-classeschange. Correlation risk also arises when the correlation within an asset-class changes. Examples of correlation within asset classes include equity pairs
trading, fixed income curve trading and commodities pairs trading.
Equity Risk: Applies to investment in shares or derivatives based on shares. The market price of shares varies depending on supply and demand of theshares. Equity risk is the risk of loss due to the drop in the market price of shares. Equity risk can either be systematic risk which is risk to the entire market
based on political and economic indicators or unsystematic risk which is company specific and includes risk relating to company profits, future prospects
and general consensus on the company or sector.

GLOSSARYNet Asset Value (NAV): means net asset value, which is the total market value of all assets in a portfolio including any income accruals and less anddeductible expenses such as audit fees, brokerage and service fees.
Annualised Return: is the weighted average compound growth rate over the performance period measured.
Highest & Lowest Return: The highest and lowest rolling twelve-month performance of the portfolio since inception.
Total Expense Ratio (TER): reflects the percentage of the average Net Asset Value (NAV) of the portfolio that was incurred as charges, levies and fees
related to the management of the portfolio. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current
TER cannot be regarded as an indication of future TER's.
Transaction Costs (TC): is the percentage of the value of the Fund incurred as costs relating to the buying and selling of the Fund's underlying assets.
Transaction costs are a necessary cost in administering the Fund and impacts Fund returns.
Total Investment Charge (TIC): should not be considered in isolation as returns may be impacted by many other factors over time including market
returns, the type of Fund, investment decisions of the investment manager.
Total Investment Charges (TIC%): = TER (%) + TC (%): The Total Investment Charges (TIC), the TER + the TC, is the percentage of the net asset value ofthe class of the Financial Product incurred as costs relating to the investment of the Financial Product. It should be noted that a TIC is the sum of two
calculated ratios (TER+TC).
Sharpe Ratio: The ratio of excess return over the risk-free rate divided by the total volatility of the portfolio.
Sortino Ratio: The ratio of excess return over the risk-free rate divided by the downside deviation of the portfolio.
Standard Deviation/Volatility: The deviation of the return of the portfolio relative to its average.
Derivative/Financial Instrument: A contract that derives its value (positive or negative) from another asset.
Drawdown: The greatest peak to trough loss until a new peak is reached.
Correlation: A number between -1 and 1 indicating the similarity of the dispersion of returns between the portfolio and another asset or index with 1 being
highly correlated, -1 highly negatively correlated and 0 uncorrelated.
Value at Risk (VaR): Value at risk is the minimum loss percentage that can be expected over a specified time period at a predetermined confidence level.
Frequency Distribution: How often returns occur within a specified band.

Publish Date: 09 September 2024

Page 4 of 4