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Southern Charter BCI Worldwide Flexible Fund

as at: 
31 January 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-3.6%22.4%
CPI + 5%Cumulative12.1%37.0%
SC Flexible FoF'sAnnualised-3.6%7.0%
CPI + 5%Annualised12.1%11.1%

Fund Commentary

The fund had a positive month even though the rand appreciated by 1.6% against the US dollar, returning 1.56% and beating the average fund in the Worldwide Multi-Asset Flexible category which returned 1.24%. The outperformance mainly attributable to the fund's overweight position in resources through the Nedgroup Mining and Resources fund, which returned 9.75%.

The reflation trade is well underway with the global industrial cycle turning upwards, filtering down to the corporate profit level, leading to an expected rise in earnings, which is positive for equities. As deflation fears were left behind in 2015, the early signs in the improvement of this corporate profit growth cycle is expected to continue throughout 2017 and extend into next year as well.

The All Share Index (ALSI) bounced back in January returning 4.31%, outperforming SA Listed Property (SAPY) and the All Bond Index (ALBI) which returned 1.63% and 1.36% respectively.

The funds offshore to local ratio remains at 60:40 as greater growth opportunities are available outside the borders of South-Africa and the long-term view is that of a weakening rand.

Asset Allocation - Values displayed in percentage (%)

Asset Class Performance - Values displayed in percentage (%)

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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