Investec Stefi Plus Fund
MANAGEMENT Fund Manager's Comment
Lisa MacLeod, BSc (Hons) (Finance), CFA
Lisa is responsible for managing cash assets at Investec Asset Management. Her portfolio management duties include running the Investec Money Market Unit trust and Investec Money Fund. Lisa began her career at the company in 1997 as a money market dealer, and later as a bond dealer. Prior to Investec Asset Management, Lisa spent two years working in London gaining exposure to the fixed income area at SBC Warburg and later joined Deustche Morgan Grenfell. She obtained a Bachelor of Business Science Honours degree in Finance from the University of Cape Town in 1995 and in 2000 was awarded the Chartered Financial Analyst charter.
Vivienne Taberer, B Com, LLB, SFA,
Vivienne is an investment specialist in the Global Emerging Market Debt team and a portfolio manager. She is responsible for Latin American bond and currency markets. Prior to joining the firm in 2002, Vivienne worked at Standard Bank in London for seven years, initially specialising in South African fixed income before moving into sales and trading across the whole spectrum of emerging market debt. Prior to this, Vivienne worked at Mizuho International in London and First National Bank trading South African bonds, bond options, FRAs and swaps. Vivienne graduated from the University of the Witwatersrand with a Bachelor of Commerce degree and a Bachelor of Laws degree and she has completed the London School of Business Investment Management Programme.
FUND OBJECTIVES AND FOCUS

Investment objective The Investec Stefi Plus Fund aims to earn a higher level of income than money market unit trust funds, while maintaining a high degree of liquidity and capital preservation. The fund targets returns in excess of the STeFI Composite Index, measured over one year periods. Strategy The fund invests in South African fixed-income assets. These include bankers' acceptances, debentures, negotiable certificates of deposit, treasury bills, call accounts and bonds. The fund invests predominantly in money market instruments to preserve capital. If there is a good opportunity to achieve returns in excess of cash, the fund will invest in high quality investment grade bonds. The fund's bond exposure may have a maximum average duration of three years. Fund features o Enhancing cash returns with a strong focus on capital preservation o Suitable for those investors seeking a return in excess of money market funds o A highly liquid investment o Lower volatility than traditional income and bond funds, but higher volatility than money market funds o Compliant with Regulation 28 of the Pension Funds Act, therefore suitable for retirement funds


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WEBGRAPH
RANKING
SectorSouth African-Interest Bearing-Short Term
SizeR3,848,044,975
Sector Rank: 20 out of 27
(lump sum over 3 years to 31 July 2017)
Overall Rank: 282 out of 818
(lump sum over 3 years to 31 July 2017)
R1000 invested on 31 July 2014 was worth R 1227 at 31 July 2017
( 7.04% annual compound return)
R100 per month since 31 July 2014 was worth R 4052 at 31 July 2017
( 7.55% annual return compounded monthly)
TECHNICAL OVERVIEW
Formation Date:03 JUL 2000 Holdings:53
Original Price:101 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
BONDS (Bond)0201,641,145 5.24 %
CASH (Cash on call)041,790,793 1.09 %
MONEYMARK (Money Market)01,898,525,570 49.34 %
TOTAL R2,141,957,50855.67%

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