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Southern Charter BCI Worldwide Flexible Fund

as at: 
30 September 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'sCumulative7.8%23.1%
CPI + 5%Cumulative10.0%34.4%
SC Worldwide Flexible FoF'sAnnualised7.8%7.2%
CPI + 5%Annualised10.0%10.3%

Fund Commentary

The South African Reserve Bank’s Monetary Policy Committee met in September and decided to keep the repurchase rate (6.75%) unchanged, when it was a widely held view that the MPC would cut rates to support a weakening South African economy. Deteriorating consumer- and business confidence, idiosyncratic political uncertainty and policy paralysis, with risks of fiscal slippage weighing on concerns of further ratings downgrades. The rand was the second worst performing EM currency against the US dollar in 3Q17. Year-to-date, SA equities recorded outflows of $5.6bn, significantly lagging inflows into EM equities of $63.0bn.

The JSE All Share Index ended the third quarter up 8.9%, bringing the total return to 12.6% year-to-date. With U.S Fed rates anticipated to move higher sooner after the September FOMC meeting, U.S equities and the dollar became more attractive, prompting a move away from emerging market equities in particular. The All Bond Index ended the quarter up 3.7% and year-to-date 7.9%, as the yield curve flattened ever so slightly in response to the decision by the SARB. Foreign investors keep accumulating local bonds in search for yield but with the MTBPS in October, risks to fiscal consolidation remain high.

The fund returned 3.5% in September and 7.2% the 3rd quarter. The fund’s exposure to the Coronation Global Emerging Markets and NGI Resources funds were the key drivers of outperformance during the past quarter, returning an impressive 18.6% and 16.8% respectively.

Asset Allocation - Values displayed in percentage (%)

Global Fixed Income10.0%0.8%
Global Equity15.0%59.8%
Global Property0.0%0.3%
Global Cash0.0%2.8%
SA Cash0.0%8.2%
SA Bonds13.5%8.6%
SA Property9.0%7.0%
SA Equity52.5%12.5%

Asset Class Performance - Values displayed in percentage (%)

1 YearMonthly
Global Bonds-3.7%2.7%
Global Equity16.7%6.3%
Global Property-3.0%3.7%
SA Cash7.6%0.6%
SA Bonds8.2%1.1%
SA Property9.5%1.2%
SA Equity10.2%-0.9%
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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