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Southern Charter BCI Worldwide Flexible Fund

as at: 
31 May 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'sCumulative-5.4%20.5%
CPI + 5%Cumulative10.6%35.3%
SC Worldwide Flexible FoF'sAnnualised-5.4%6.4%
CPI + 5%Annualised10.6%10.6%

Fund Commentary

South Africa has entered a technical recession as the economy has recorded two consecutive quarters of contracting GDP growth, -0.7% for 1Q 2017 and -0.3% in 4Q 2016. SA equity returns were dented by foreign outflows, a robust rand, and weakness in commodity prices. Concerns over the Chinese economy, a withdrawal of speculative demand, and strong supply growth have all weighed on commodity prices. Conversely, foreign investor appetite for certain emerging market debt, including relatively attractive SA government bond yields, supported continued strong inflows into the local bond market, totalling approximately R45 bn to the end of May 2017.

The strongest investment performance in May came from bonds, with the All Bond Index returning 1.0%, while cash delivered 0.6%. The All Share Index returned -0.4% for the month, mainly due to resources (-3.5%) and financial (-1.4%) stocks. Listed Property churned out a meagre 0.1% return and Global Equities performed well (MSCI World +0.6% in rands) amidst a strengthening rand of 2.2% vs the US dollar.

The latest SA inflation data also improved more than expected, as CPI fell to 5.3% y/y from 6.6% y/y. At the same time, the SARB kept interest rates unchanged at its Monetary Policy Meeting in May, which came as no surprise, justified by further possible credit rating downgrades and a deteriorating growth outlook.

Asset Allocation - Values displayed in percentage (%)

Int Fixed Income10.0%8.8%
Int Equity15.0%49.9%
Int Property0.0%3.2%
Int Cash0.0%0.0%
Local Equity52.5%23.8%

Asset Class Performance - Values displayed in percentage (%)

1 YearMonthly
Global Bonds-16.7%0.3%
MSCI World-1.8%0.7%
Global Property-15.4%1.0%
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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