Investec High Income Fund
MANAGEMENT Fund Manager's Comment
Simon Howie, B.Arch, MBA, CFA
Simon is the head of the South Africa and African Credit team at Investec Asset Management. He joined in 2005 when he was tasked with building its credit business and capabilities. Investec Asset Management now holds a leading position in managing institutional credit portfolios, with a particular focus on high yield and unlisted credit. Simon was previously with Investec Bank where he was responsible for debt origination (incorporating corporate bonds, an asset-backed commercial paper conduit and securitisation) and was involved in the Southern African debt capital markets from its infancy in the late 1990 s. Simon is currently an executive committee member of the South African Securitisation Forum and is deputy chair of BondCom, the fixed income committee within ASISA. He holds a Bachelor of Architecture degree from the University of Natal and a Master in Business Administration degree from Nijenrode University in the Netherlands, and is a CFA Charterholder.
Bashier Omar
FUND OBJECTIVES AND FOCUS

Investment objective The Investec High Income Fund aims to maximise income and grow capital. The fund targets returns in excess of the benchmark, measured over one year periods. Strategy The fund invests in high-yielding South African fixed-income assets, including government and corporate bonds, fixed deposits and money market instruments. The fund is actively managed and the maximum average duration of assets is two years. Fund features o A specialist fixed-income fund, which can form part of a larger portfolio o The focus is on reducing volatility of returns and preserving capital through active management o Lower volatility than a traditional bond fund o Ideal vehicle for investors requiring income


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WEBGRAPH
RANKING
SectorSouth African-Interest Bearing-Short Term
SizeR8,876,822,860
Sector Rank: 15 out of 27
(lump sum over 3 years to 31 July 2017)
Overall Rank: 258 out of 818
(lump sum over 3 years to 31 July 2017)
R1000 invested on 31 July 2014 was worth R 1232 at 31 July 2017
( 7.19% annual compound return)
R100 per month since 31 July 2014 was worth R 4081 at 31 July 2017
( 8.01% annual return compounded monthly)
TECHNICAL OVERVIEW
Formation Date:01 FEB 1994 Holdings:109
Original Price:101 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
FUTURES M (Derivatives)03,652,393 0.04 %
U-INVMM (Money Market)0194,186,459 2.19 %
BONDS (Bond)04,903,642,338 55.24 %
CASH (Cash on call)01,028,230,023 11.58 %
MONEYMARK (Money Market)0862,688,603 9.72 %
TOTAL R6,992,399,81678.77%

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