CPI for all urban areas + 5-7% p.a. over a rolling 7 year period
Total Expense Ratio
1.42%
Transaction Cost
0.20%
Total Investment Charge
1.62%
Calculation Period
1 Jul 2021 to 30 Jun 2024
Foreign Exposure
Up to 45%
Equity Exposure
Up to 75%
ABOUT
Investment Objective
The objective of this multi asset portfolio is to provide investors with long-term capital growth. The composition of the portfolio shall reflect the investment structure of a retirement fund with a high risk profile and will comply with Regulation 28 of the Pension Funds Act. The portfolio may from time to time invest in listed and unlisted financial instruments, in order to achieve the portfolio's investment objective.
Characteristics
This is a multi-asset high equity portfolio which means that it may invest in a spectrum of equity, bond, property and money market and tends to have an increased probability of short term volatility and aims to maximise long term capital growth. The portfolio may have a maximum equity exposure of up to 75% and complies with the regulation governing retirement funds. 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 only invest up to 75% in equity securities, both locally and abroad.
ASSET ALLOCATION
UNDERLYING HOLDINGS
Blended Global Equity Fund
19.51%
Ci SA Managed Fund
17.83%
ABAX Balanced Prescient Fund
15.20%
SA Bonds
11.20%
Nedgroup Inv Core Diversified Fund
10.08%
Direct Equity (Hedged)
7.25%
iShares MSCI World ETF
6.42%
Fairtree Equity Prescient Fund
5.05%
Coronation Top 20 Fund
4.92%
Ninety One Managed Fund
4.74%
Global Cash
0.53%
ANNUALISED PERFORMANCE
Highest 1 year rolling return
28.68%
Lowest 1 year rolling return
-8.33%
TOP 10 EQUITY EXPOSURES
1. Prosus
2.90%
2. Naspers
2.90%
3. Standard Bank
2.11%
4. FirstRand
2.05%
5. CF Richemont
1.62%
6. Microsoft
1.30%
7. Bid Corporation
1.20%
8. British American Tobacco
1.15%
9. Anglo American
1.14%
10. BHP Group
1.10%
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
01 October 2015
Opening Nav Price
100.00 cents per unit
Fund Size
R 540.1 million
Initial Fee
Class A: 0%, Class B: 0%
Initial Advisory Fee Maximum
Maximum 3.45% (Incl. VAT)
Annual Service Fee
Class A: 0.690%, Class B: 0.633% (Incl. VAT)
Annual Advisory Fee Maximum
Maximum 1.15% (Incl. VAT
Total Expense Ratio
1.42%
Transaction Cost
0.20%
Total Investment Charge
1.62%
Calculation Period
1 Jul 2021 to 30 Jun 2024
Income Declaration Dates
30 June & 31 December
Last 12 Month Distributions
28/06/2024: (A) 1.41, 29/12/2023: (A) 1.51
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
The annual fee includes a fee of 0.230% (Class A & B) payable to AssetMix, a fee of 0.230% (Class A) or 0.173% (Class B) payable to Ci Collective Investments, and a fee of 0.230% (Class A & B) payable to Analytics Consulting. All fees stated are inclusive of VAT.
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. It is the FSP’s responsibility to disclose such additional fees to the investor. AssetMix aggregates foreign investments within the Blended Global Equity Fund and the portfolio may therefore be invested in the Blended Global offshore portfolio from time to time. SIP may earn a maximum annual investment advisory fee of up to 0.20% on all such investments.
Characteristics
This is a multi-asset high equity portfolio which means that it may invest in a spectrum of equity, bond, property and money market and tends to have an increased probability of short term volatility and aims to maximise long term capital growth. The portfolio may have a maximum equity exposure of up to 75% and complies with the regulation governing retirement funds. 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 only invest up to 75% 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 AssetMix portfolios are portfolios established and administered by Ci, and AssetMix has been appointed to manage and market the portfolios. AssetMix is an indirect shareholder of Ci. As an indirect shareholder, AssetMix may earn dividends from time to time and participation in any dividends may be linked to the revenue generated by Ci from the AssetMix portfolios, and from any other Ci portfolios. Ci retains full legal responsibility for this co-named 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).
The one-year Total Expense Ratios are 1.37% for class A, 1.32% for class B calculated over a 12-month period to 30 Jun 2024, Ci's last financial year end.
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. A FX fee of up to 0.05% (incl. VAT) on any FX transactions may be payable to AssetMix.
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: AssetMix Solutions (Pty) Ltd is an authorised financial services provider, FSP number 45719, Tel: (086) 111 3187 Fax: (086) 511 8831
Company/scheme: Ci Collective Investments (RF) (Pty) Ltd 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
