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Dear client,

Although we generally believe that the majority of clients' investments should be in Moriah Global, the current STD (Standard deviation) of 8.4% is very high, especially for retirees and those clients who draw income from Moriah Global. As a result of this we have decided to distribute 20% of the Moriah Global fund, in terms of our DFA (Discretionary Financial Advisor) mandate, into Stable, with the two underlying funds, namely Global Sigma with a downward STD of only 3.8% and an excellent CAR of 13.8% and Enko Africa with even a lower STD of 0.65%, almost like that of an income fund, but with even a better CAR of 16.83%, and that in USD!

Depending on clients' risk profiles in terms of their circumstances, some should distribute even more into Stable Offshore and younger clients should convert part of their Moriah Global investment to our Equities Offshore FoF, which has grown 41.73% for 2020 but which can also easily fall by 10% in a year and where we try not to “time the market” as the quality of underlying stocks such as the Tesla company of Elon Musk, will most likely recover and eventually out-perform the more conservative growth funds over the long term.

Friendly greeting,
Andre Delport
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