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Southern Charter BCI Worldwide Flexible Fund

as at: 
30 November 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 YearsSince Inception
SC Worldwide Flexible FoF'sCumulative13.4%25.2%45.0%
CPI + 5%Cumulative10.1%35.1%52.6%
SC Worldwide Flexible FoF'sAnnualised13.4%7.8%9.3%
CPI + 5%Annualised10.1%10.6%10.7%

Fund Commentary

Credit ratings agencies, S&P and Moody's, reviewed South Africa's credit rating once more in November. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of a country, thus having a big impact on the country's borrowing costs. S&P pushed South Africa's local currency credit rating down one notch from investment grade to junk, whilst Moody's have put a negative outlook on their rating, one notch above junk. The immediate impact is that South Africa will be removed from the Barclays Government Bond Index, triggering an estimated R50bn of bond sales. South Africa remains part of the Citibank World Government Bond Index by virtue of the Moody's investment grade rating. Moody's has postponed its decision until February 2018, after the budget speech.

The rand appreciated 3.3% against the US dollar, recovering from oversold levels at an intra-month high of R14.57 and ending the month at R13.66, which weighed on rand-hedges and enhanced buying of SA Inc. shares largely led by financial stocks. Global Equities gained for the 13th consecutive month as corporate earnings affirmed synchronised global growth but emerging markets lagged as geopolitics and commodity price declines led to pockets of weakness in key markets. Year-to-date at end November, the All Share Index has returned +21.4%, SA Listed Property +12.4%, Cash +6.9% and the All Bond Index +4.3%.

Asset Allocation - Values displayed in percentage (%)

Global Equity15.0%64.4%
Global Property0.0%0.4%
Global Fixed Income10.0%4.3%
SA Cash0.0%7.8%
SA Bonds13.5%3.9%
SA Property9.0%6.6%
SA Equity52.5%12.6%

Asset Class Performance - Values displayed in percentage (%)

1 YearMonthly
Global Equity20.9%-1.4%
Global Property7.9%-0.5%
Global Bonds4.8%-2.2%
SA Cash7.6%0.6%
SA Bonds6.0%-1.0%
SA Property17.2%1.9%
SA Equity22.5%1.5%
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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