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Southern Charter BCI Worldwide Flexible Fund

as at: 
31 March 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.

Strategy

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

Performance (net of all fees)

FundReturn1 Year3 Years
SC Flexible FoF'sCumulative-3.4%21.5%
CPI + 5%Cumulative11.6%36.9%
SC Flexible FoF'sAnnualised-3.4%6.7%
CPI + 5%Annualised11.6%11.0%

Fund Commentary

The JSE All Share Index returned a total return of 3.8% at quarter end. As a result of the cabinet reshuffle, with Finance Minister Gordhan removed, yields rose sharply across the whole of the yield curve during the last week of March and the JSE All Bond Index ended the quarter with a significantly lower total return of 2.5%, but still slightly higher than the cash return of 1.9%. SA Listed Property had a total return of 1.4% for the first quarter. Global Equities performed well the first quarter, returning 4.5%, as global growth and manufacturing data remain positive.

The rand was the worst performing Emerging Market currency after the cabinet reshuffle and debt downgrade by S&P and Fitch on South Africa's long-term foreign denominated debt from BBB- to BB+, which is a sub-investment grade rating, aka junk. Emerging Market debt is in favour as foreign investors search for yield, which has caused the blowout in the rand and yields to be muted, as yield hungry investors look past the potential solvency issues of South Africa.

Our asset allocation strategy remains focused on building long-term capital growth through investing in a variety of assets, including offshore opportunities. This diversification is key to reducing risk as our portfolios are never positioned for one event only, but to protect and grow your money across a diverse range of macroeconomic and political events that could play out over time.

Asset Allocation - Values displayed in percentage (%)

BenchmarkFund
Int Fixed Income10.0%1.0%
Int Equity15.0%45.2%
Int Property0.0%3.3%
Int Cash0.0%0.0%
Cash0.0%4.8%
Bonds13.5%10.8%
Property9.0%6.8%
Local Equity52.5%28.1%

Asset Class Performance - Values displayed in percentage (%)

1 YearMonthly
Global Bonds-13.0%2.4%
MSCI World5.2%3.7%
Global Property-9.2%0.7%
Cash7.6%0.6%
ALBI11.0%0.4%
Property1.5%0.1%
ALSI2.5%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

CEO & Investment Strategist

Mark Thompson

Chief Investment Officer

Ursula Maritz

(021) 700 1000

 

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

FSP No. 740