Average of the ASISA South African Multi-Asset Flexible category
Total Expense Ratio
1.32%
Transaction Cost
0.36%
Total Investment Charge
1.57%
Calculation Period
1 Jul 2023 to 30 Jun 2024
Foreign Exposure
Up to 45%
ABOUT
Investment Objective
The portfolio seeks to provide investors with long term capital growth by investing in local and global equity and non-equity securities. It aims to achieve a return in the range of the South African Multi-Asset Flexible category average. This will be done by investing in a spread of equity securities, non-equity securities, money market, property and listed and unlisted financial instruments, both locally and abroad. The portfolio maintains a high risk profile and shall have the maximum flexibility to vary assets between various markets and asset classes to reflect the changing economic and market conditions.
Characteristics
This is a multi-asset flexible equity portfolio which means that the portfolio may have a maximum equity exposure of up to 100% at all times, and may invest in a spectrum of investments in the equity, bond, money, or property markets. This portfolio may, at the discretion of the portfolio manager, invest up to 45% of the assets outside of South Africa.
Risk Reward Profile
Typically, the lower the risk, the lower the potential return and the higher the risk, the higher the potential return. There is no guarantee that returns will be higher when investing in a portfolio with a higher risk profile. The risk profile for this portfolio is rated as high, as it may invest up to 100% in equity securities, both locally and abroad.
ASSET ALLOCATION
UNDERLYING HOLDINGS
SA Direct Equity
42.76%
Perspective Executive Equity Prescient Fund
15.29%
Fairtree Equity Prescient Fund
13.50%
Granate BCI Flexible Fund
13.36%
Direct Equity (Hedged)
5.50%
Nedgroup Inv Global Emerging Markets Equity Feeder Fund
3.04%
M1 Capital Prescient Global Equity Fund
2.40%
SA Cash
1.90%
STANLIB Enhanced Multi Style Equity Fund
1.71%
Direct Property
0.46%
Global Cash
0.07%
ClucasGray Equity Prescient Fund
0.01%
ANNUALISED PERFORMANCE
Highest 1 year rolling return
46.95%
Lowest 1 year rolling return
-17.84%
TOP 10 EQUITY EXPOSURES
1. ABSA
6.13%
2. Old Mutual
4.05%
3. British American Tobacco
3.12%
4. African Rainbow Minerals
2.76%
5. Kaap Agri
2.72%
6. Nampak Ltd
2.48%
7. Capitec
2.46%
8. AECI Limited
2.41%
9. Mr Price
2.36%
10. Reunert
2.20%
Top 10 equity exposures are one month lagged.
PORTFOLIO MANAGEMENT
Management Company
The portfolios are hosted and administered by Ci Collective Investments (RF) (Pty) Ltd ("Ci"). Ci is owned by a number of like-minded boutique multi-managers and managed by a team of experts, each with significant experience in the collective investments industry. Ci is approved by the FSCA as a manager in terms of the Collective Investment Schemes Control Act.
ADDITIONAL INFORMATION
Launch Date
03 December 2018
Opening Nav Price
100.00 cents per unit
Fund Size
R 430.6 million
Initial Fee
Class B: 0%, Class A: 0%
Initial Advisory Fee Maximum
Maximum 3.45% (Incl. VAT)
Annual Service Fee
Class B: 0.75%, Class A: 0.805% (Incl. VAT)
Annual Advisory Fee Maximum
Maximum 1.15% (Incl. VAT)
Total Expense Ratio
1.32%
Transaction Cost
0.36%
Total Investment Charge
1.57%
Calculation Period
1 Jul 2023 to 30 Jun 2024
Income Declaration Dates
30 June & 31 December
Last 12 Month Distributions
28/06/2024: (B) 2.85, 29/12/2023: (B) 1.29
Income Reinvestment / Payout Dates
2nd working day in July & January
Transaction cut-off time
14:00
Valuation Time
17:00
Frequency of pricing
Our daily NAV prices are published on our website and in the national newspaper
Equity markets are volatile and the price of equities fluctuate based on a number of factors such as changes in the economic climate, general movements in interest rates and the political and social environment which will also affect the value of the securities held in the unit trust, thereby affecting the overall value of the unit trust.
Currency Risk / Foreign Exchange Risk
This risk is associated with investments that are denominated in foreign currencies. When the foreign currencies fluctuate against the South African Rand, the investments face currency gains or losses.
Concentration Risk
Unit Trusts pool the assets of many investors and use the proceeds to buy a portfolio of securities. There are regulations in place which limit the amount that a unit trust may invest in securities, thereby spreading the risk across securities, asset classes and companies.
Liquidity Risk
This relates to the ability of the unit trust to trade out of a security held in the portfolio at or near to its fair value. This may impact on liquidity and in the case of foreign securities, the repatriation of funds.
Credit Risk
Credit risk arises where an issuer of a non-equity security or a swap is unable to make interest payments or to repay capital. The Fund may be exposed to credit risk on the counterparties in relation to instruments such as cash, bonds and swaps that are not traded on a recognised exchange. The possibility of the insolvency, bankruptcy or default of a counterparty with which the Fund trades such instruments, could result in losses to the Fund.
Total Return Swaps Risk
This portfolio may invest in total return swaps. Total return swaps are unlisted instruments issued by a bank to provide the return of a specific index. Therefore, the equity exposure in this portfolio is derived through the total return swap and not by physically holding the equities in the portfolio. The value of the instrument is directly linked to the performance of the basket of assets per the index and will fluctuate in line with the daily market movements.
Inflation Risk
The risk of potential loss in the purchasing power of your investment due to a general increase of consumer prices.
Tax Risk
This risk relates to any change to tax laws or to the interpretation of existing tax laws which has an impact on the manner in which unit trusts are taxed.
Compliance Risk
This refers to the risk of not complying with the legislation, regulations, prescribed investment limits and internal policies and procedures by the manager or the portfolio manager.
Political Risk
The risk that investment returns could suffer as a result of a country’s political changes or instability in the country. Instability could come from changes in the country’s government, policy makers or military.
DISCLOSURES
Minimum Disclosure Document
This page serves as an electronic Minimum Disclosure Document (MDD) which contains key information about this portfolio. It is updated on a monthly basis.
Sources
Performance sourced from Morningstar and Portfolio Analytics Consulting (Pty) Ltd, for a lump sum using NAV-NAV prices with income distributions reinvested. CPI for all urban areas sourced from FactSet. Asset Allocation and Top 10 holdings data compiled by Global Investment Reporting SA ("GIRSA”). Asset allocation and Top 10 holdings data are lagged by one month.
FAIS Conflict of Interest Disclosure
Please note that in most cases where the Financial Services Provider (FSP) is a related party to the portfolio manager, the FSP/distributor may earn additional fees other than those charged by the portfolio manager.
Characteristics
This is a multi-asset flexible equity portfolio which means that the portfolio may have a maximum equity exposure of up to 100% at all times, and may invest in a spectrum of investments in the equity, bond, money, or property markets. This portfolio may, at the discretion of the portfolio manager, invest up to 45% of the assets outside of South Africa.
Risk Reward Profile
Typically, the lower the risk, the lower the potential return and the higher the risk, the higher the potential return. There is no guarantee that returns will be higher when investing in a portfolio with a higher risk profile. The risk profile for this portfolio is rated as high, as it may invest up to 100% in equity securities, both locally and abroad.
THE FINE PRINT
This document is not intended to address the personal circumstances of any Financial Services Provider’s (FSP’s) client nor is it a risk analysis or examination of any client’s financial needs. Collective Investment Schemes in Securities (“CIS”) are generally medium to long terms investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to future performance. CIS are traded at ruling prices and can engage in borrowing and scrip lending. Different classes of units apply to this portfolio and are subject to different fees and charges. A schedule of fees and charges is available on request from Ci. Ci does not provide any guarantee either with respect to the capital or the return of the portfolio. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. International Investments may include additional risks such as potential constraints on liquidity and repatriation of funds, macroeconomic risk, political risk, foreign exchange risk, tax risk, settlement risk as well as potential limitations on the availability of market information. The portfolio may be closed from time to time in order to manage it more efficiently in accordance with its mandate. The Celerity portfolios are portfolios established and administered by Ci, and Celerity Investments has been appointed to manage and market the portfolios. Celerity is an indirect shareholder of Ci. As an indirect shareholder, Celerity may earn dividends from time to time and participation in any dividends may be linked to the revenue generated by Ci from the Celerity portfolios, and from any other Ci portfolios. Ci retains full legal responsibility for this conamed portfolio. Additional information on the portfolio may be obtained, free of charge, directly from Ci. Ci is a Non-Voting (Ordinary) Member of the Association for Savings & Investment SA (ASISA). Total Expense Ratio (TER): The above TER % has been annualised and indicates the percentage of the value of the portfolio which was incurred as expenses relating to the administration of the portfolio over the rolling 3 year period or since fund inception, on an annualised basis. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER’s cannot be regarded as an indication of future TER’s. Transaction Cost (TC): The above TC % has been annualised and indicates the percentage of the value of the portfolio which was incurred as costs relating to the buying and selling of the assets underlying the portfolio. Transaction Costs are a necessary cost in administering the portfolio and impacts portfolio 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 portfolio, investment decisions of the investment manager and the TER. Total Investment Charge is the TER plus TC which indicates the percentage of the value of the portfolio which was incurred as costs relating to the investment of the portfolio. The TER and Transaction Costs cannot be determined accurately because of the short life span of the Financial Product. Calculations are based on actual data where possible and best estimates where actual data is not available. A FX fee of up to 0.05% (incl. VAT) on any FX transactions may be payable to Celerity in addition to the annual fees referred to above. An execution fee of up to 0.04% (incl. VAT) on any swap transactions may be payable to Celerity in addition to the annual fees referred to above. Performance quoted is for lump sum investment with income distributions, prior to deduction of applicable taxes, included. NAV to NAV figures have been used. The annualised return is the return of the performance period re-scaled to a period of one year. Performance is calculated for the portfolio and individual investor performance may differ as a result of initial fees, actual investment date, date of reinvestment and dividend withholding tax.
FSP: Celerity Investments (Pty) Ltd is an authorised financial services provider, FSP number 47650 Tel: (011) 433 0160 Web: www. celerityinvestments.co.za
Company/scheme: Ci Collective Investments (RF) (Pty) Limited is registered under the Collective Investment Schemes Control Act, PO Box 412249, Craighall, 2024; Tel: 0861 000 881, website: www.cicollective.co.za
Trustee: FirstRand Bank Limited Tel: (011) 371 2111
