The Fund will have an equity exposure between 0% and 60% at all times
ABOUT
Investment Objective
The Fund’s objective is to provide moderate capital growth over the medium to long term, while minimising the possibility of capital loss over the medium to long term. The Fund will exhibit moderate levels of return volatility. The Fund aims to achieve returns in excess of inflation over 5 years and longer. This Fund complies with Regulation 28 of the Pension Funds Act. The Fund may invest in derivatives for the exclusive purpose of hedging exchange rate risk to which assets are directly exposed.
Characteristics
This is a multi-asset moderate equity portfolio which means that the portfolio may have a maximum equity exposure of between 0% and 60% at all times. This portfolio may, at the discretion of the portfolio manager, invest up to 45% in securities that are listed recognised exchanges. A fund of funds is a portfolio that invests in portfolios of collective investment schemes, which levy their own charges, which could result in a higher fee structure for the fund of funds.
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 moderate, as it may only invest up to 60% in equity securities, both locally and abroad.
ASSET ALLOCATION
UNDERLYING HOLDINGS
Analytics International Flexible Fund
45.65%
Analytics Ci Managed Equity Fund
32.33%
Ci Diversified Income Fund
17.97%
Ninety One Diversified Income Fund
2.63%
SA Cash
1.15%
STANLIB Corporate Money Market Fund
0.27%
ANNUALISED PERFORMANCE
Highest 1 year rolling return
40.93%
Lowest 1 year rolling return
-16.89%
TOP 10 EQUITY EXPOSURES
1. Standard Bank
2.60%
2. Naspers Ltd
2.47%
3. Capitec
2.18%
4. Sanlam Ltd
1.59%
5. FirstRand
1.42%
6. Harmony Gold
1.38%
7. Prosus NV
1.25%
8. Clicks
1.03%
9. Microsoft
1.02%
10. Nepi Rockcastle
0.78%
Top 10 equity exposures are one month lagged.
PORTFOLIO MANAGEMENT
Portfolio Managers
Portfolio Analytics (Pty) Ltd ("Analytics"), an authorised FSP (no. 631), is the lead manager for this Fund. Analytics uses specialist quantitative and qualitative skills and processes to create and manage their multi-manager funds. The objective is to offer investors a well-researched collection of specialist managers, combined in a scientific way to ensure that the risk and return characteristics of the funds are preserved at all times.
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 July 2001
Opening Nav Price
100.00 cents per unit
Fund Size
R 458.2 million
Initial Fee
0.00%
Initial Advisory Fee Maximum
Maximum 3.00% (excl. Vat)
Annual Service Fee
Class A: 1.10%, Class A1: 0.55% (excl. VAT)
Annual Advisory Fee Maximum
Maximum 1.00% (excl. Vat)
Total Expense Ratio
Class A: 2.08%, Class A1: 1.46%
Transaction Cost
Class A: 0.04%, Class A1: 0.04%
Total Investment Charge
Class A: 2.12%, Class A1: 1.50%
Calculation Period
1 Oct 2021 to 30 Sep 2024
Income Declaration Dates
30 June & 31 December
Last 12 Month Distributions
28/06/2024: (A) 2.83, 29/12/2023: (A) 2.83
Income Reinvestment / Payout Dates
2nd working day in July & January
Transaction cut-off time
14:00
Valuation Time
17:00
Frequency of pricing
Our NAV prices are published on our website and in the national newspaper daily.
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 Analytics funds obtain their equity exposure by investing in the Analytics Ci Managed Equity Fund. Analytics earns an annual service fee of 0.60% (excl. Vat) from this investment. The Analytics funds may obtain some of their offshore exposure by investing in the Analytics International Flexible Fund. Portfolio Analytics International and SIP may earn an annual investment advisory fee of up to 0.52% on all such investments.
Characteristics
This is a multi-asset moderate equity portfolio which means that the portfolio may have a maximum equity exposure of between 0% and 60% at all times. This portfolio may, at the discretion of the portfolio manager, invest up to 45% in securities that are listed recognised exchanges. A fund of funds is a portfolio that invests in portfolios of collective investment schemes, which levy their own charges, which could result in a higher fee structure for the fund of funds.
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 moderate, as it may only invest up to 60% 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. A fund of funds is a portfolio that invests in portfolios of collective investment schemes, which levy their own charges, which could result in a higher fee structure for the fund of funds. The Analytics portfolios are portfolios established and administered by Ci, and Analytics has been appointed to manage and market the portfolios. Analytics is an indirect shareholder of Ci. As a shareholder, Analytics may earn dividends from time to time and participation in any dividends may be linked to the revenue generated by Ci from the Analytics 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 1.93% for class A, 1.35% for class A1 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 Analytics 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.
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
Financial Services Provider: Portfolio Analytics (Pty) Ltd is an authorised financial services provider is authorised under the Financial Advisory and Intermediary Services Act, 2002 (act 37 of 2002) as an authorised financial services provider, FSP no. 631.
Portfolio Analytics Tel: (011) 463 9600 Fax: (011) 463 8279. Website: www.analytics.co.za
