Fairtree Capital Viceroy response

30 January 2018
Fairtree Capital responds to Viceroy report :
https://viceroyresearch.files.wordpress.com/2018/01/capitec-30-jan-
2017.pdf
Fairtree Capital’s business model
Fairtree Capital has an experienced and diverse investment team of more
than 40 leading investment professionals operating across more than 10
independent investment strategy teams. Fairtree Capital has been
managing investments for more than a decade, with over R40 billion in
assets under management.
A founding principle of Fairtree Capital has been to ensure independent
thinking across our various investment teams with all senior portfolio
managers being personally invested in their specific investment business
and funds. Therefore investment decision making and accountability is
the sole responsibility of the appointed investment manager(s) and their
teams.
We sincerely believe that this structure delivers better returns and
accountability to our clients as each team is executing their best
investment decisions within each product’s stated return and risk profile.
It also allows greater investment flexibility as well as quicker investment
execution.
Jean Pierre Verster’s role as portfolio manager
Jean Pierre Verster is an equity portfolio manager at Fairtree Capital and
manages the Protea range of hedge funds namely Fairtree Protea Equity
Long Short SSN Retail Hedge Fund, Fairtree Protea Global Equity Long
Short SSN Retail Hedge Fund and Fairtree Protea Worldwide Flexible
Equity SSN QI Hedge Fund.
Jean Pierre’s investment process and investment decision making is
independent of the other investment teams within the larger Fairtree
Capital group. Jean Pierre is based in Johannesburg whilst the other equity
portfolio management teams are located in the Western Cape.
By virtue of his position as non-executive director of Capitec Bank
Holdings Ltd (“Capitec”), Jean Pierre has always been precluded from all
investment research, investment decisions and any other related
activities in respect of Capitec across Fairtree Capital.
In terms of the mandates governing the Protea hedge funds that are
managed by Jean Pierre, any publicly traded Capitec Instruments (both
equity and debt) are specifically prohibited to be traded in these funds
under his management.
Capitec and PSG Group Ltd (“PSG”) holdings in Fairtree Equity Prescient
Fund, Fairtree Flexible Balanced Prescient Fund and Fairtree Balanced
Prescient Fund
As expressed in their fund positions, the portfolio managers of the
Fairtree Equity Prescient Fund, Fairtree Flexible Balanced Prescient Fund
and Fairtree Balanced Prescient Fund have constructive views on Capitec
and PSG.

ENDS
Issued by Kim Barty on behalf of Fairtree Capital (kimbarty@icloud.com
or 083 630 6861)
For further information please contact Kobus Nel , CEO : Fairtree Capital
on 083 457 0221.