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Southern Charter BCI Worldwide Flexible Fund

as at: 
31 August 2017

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Investment Objectives

The Southern Charter BCI Worldwide Flexible Fund of Funds primary objective is to generate moderate to high long term total returns. The fund aims to provide investors with capital growth of 5 % above inflation over a 2 year rolling period, by investing in a combination of asset classes including local and international equities, fixed interest, property and cash. The manager shall have maximum flexibility in terms of asset allocation and shall not be precluded from continually varying the underlying exposure to both local and offshore assets such as equities, non-equity securities, bonds, preference shares, property, fixed interest and money market portfolios and assets in liquid form. This fund is NOT Regulation 28 compliant and therefore will reflect our best unconstrained asset allocation strategy. It is ideal for investors with discretionary funds and who are willing to have a high exposure to offshore assets.


The Fund is actively managed and reflects our best unconstrained asset allocation strategy.

Performance (net of all fees)

FundReturn1 Year3 Years
SC Worldwide Flexible FoF'sCumulative0.5%19.6%
CPI + 5%Cumulative9.8%34.7%
SC Worldwide Flexible FoF'sAnnualised0.5%6.2%
CPI + 5%Annualised9.8%10.4%

Fund Commentary

Financial markets slipped into a risk-off mode in August, as an upbeat second quarter earnings season globally was overwhelmed by a number of negative geopolitical events. US dollar weakness and falling global bond yields stood out as two of the more significant market drivers for bond investors, as the North Korean missile testing drove investors to safe-haven assets, causing the US 10-year yield to drift lower from 2.30% to 2.13%. South-African bond yields fell to a lesser extent, the benchmark 10-year yield was down 4 bps to end the month at 8.57%, thanks to an improved inflation outlook (CPI fell to 4.6% y/y from 5.1% y/y), but also muted by political uncertainty. The All Bond Index did however manage to render a decent return for the month, gaining 1.0%, and outperforming cash (0.6%) and property (0.8%).

The FTSE/JSE All Share Index reached a new record high of 56,656 on 25 August, returning 2.7% for the month, underpinned by strong returns from resources stocks amid rising commodity prices. Year-to-date, the All Share Index leads the pack, returning 13.6%, followed by SA Listed Property (6.9%), the All Bond Index (6.7%) and Cash (5.0%). Global Equity has performed well year-to-date, the MSCI World returning 8.3% in ZAR, amidst an appreciating rand (5.6% vs US dollar).

On the political front, President Zuma survived yet another vote of no-confidence, this time by a narrower than expected 198-177 margin. The ANC elective conference in December appears a close race, with more noise expected in the months leading up to the event.

Asset Allocation - Values displayed in percentage (%)

Global Fixed Income10.0%0.7%
Global Equity15.0%65.4%
Global Property0.0%0.0%
Global Cash0.0%0.0%
SA Cash0.0%5.3%
SA Bonds13.5%11.3%
SA Property9.0%6.7%
SA Equity52.5%10.6%

Asset Class Performance - Values displayed in percentage (%)

1 YearMonthly
Global Bonds-11.9%-0.6%
Global Equity3.2%-1.3%
Global Property-13.8%-1.7%
SA Cash7.6%0.6%
SA Bonds10.2%1.0%
SA Property9.4%0.8%
SA Equity10.2%2.7%
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Time horizon

Minimum 3 years investment

Risk Profile

  • Low
  • Low-Mod
  • Mod
  • Mod-High
  • High
Morningstar Rating: 
3.00 Star

Portfolio Managers

(021) 700 1000


1st Floor, Silverberg Terrace
Steenberg Office Park
Steenberg Road
Tokai, 7925

FSP No. 740