Investec Absolute Income Fund
MANAGEMENT Fund Manager's Comment
Malcolm Charles, B Com (Acc), (Bus Admin) (Commercial Law)
Malcolm is a portfolio manager in the South Africa Rates team, with responsibility for a range of fixed income portfolios, including the Flexible Bond and Dynamic Bond strategies and the Absolute Income, Opportunity Income and Diversified Income strategies. Prior to joining Investec Asset Management in 2001, he worked for African Harvest Fund Managers and Old Mutual Asset Managers, as both a fixed interest trader and portfolio manager. Malcolm graduated from Rhodes University with a Bachelor of Commerce degree in Accounting, Business Administration and Commercial Law.
Peter Kent, B comm (Hons), MSc, CA (SA), CFA
Peter is a portfolio manager in the South Africa Rates team, where his focus is on relative value strategies and derivative positions in our portfolios. Prior to joining Investec Asset Management, he spent eight years as an interest rate derivative trader at Goldman Sachs in London, with responsibility for managing European swap flow and prop books. Peter holds a BCom (honours) from the University of Cape Town and an MSc in Finance from the London Business School. He is also a Chartered Accountant (SA) and a CFA Charterholder.
FUND OBJECTIVES AND FOCUS

The Investec Absolute Income Fund targets inflation-beating returns measured over two year periods, while actively managing downside risk. The fund may invest in the full range of South African fixed income assets. These include government, corporate and inflation linked bonds as well as listed property and cash. The fund aims to achieve its performance by identifying investment opportunities across the interest rate spectrum. Significant portions of the portfolio are protected from negative returns using financial instruments such as bond index futures and options (purchased only). The aim is to preserve capital in the event of a downward move in the market. Fund Features - Strong focus on capital preservation and absolute returns. - Low probability of negative returns over six month periods. - Adds value regardless of the direction of interest rates. - Compelling alternative to money market and smoothed bonus funds. - A conservative investment solution for investors seeking capital preservation over the short-term. - Compliant with Regulation 28 of the Pension Funds Act, therefore suitable for retirement funds.


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WEBGRAPH
RANKING
SectorSouth African-Multi Asset-Income
SizeR956,337,348
Sector Rank: 44 out of 49
(lump sum over 3 years to 31 July 2017)
Overall Rank: 530 out of 818
(lump sum over 3 years to 31 July 2017)
R1000 invested on 30 September 2013 was worth R 1159 at 30 September 2016
( 5.05% annual compound return)
R100 per month since 30 September 2013 was worth R 3951 at 30 September 2016
( 5.97% annual return compounded monthly)
TECHNICAL OVERVIEW
Formation Date:01 JUL 2003 Holdings:81
Original Price:0 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
DERIVATIVB (Derivatives)0-44,729,537 -4.68 %
U-INVHINC (Income)23,821,95827,631,089 2.89 %
BONDS (Bond)093,863,599 9.81 %
CASH (Cash on call)0250,316,094 26.17 %
MONEYMARK (Money Market)058,862,027 6.15 %
TOTAL R385,943,27240.34%

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