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STAN40/STANSX - STANLIB Top 40 Fund/STANLIB ETF Collective Investment Scheme -

Release Date: 03/04/2012 13:24
Code(s): JSE STANSXSTAN40
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STAN40/STANSX - STANLIB Top 40 Fund/STANLIB ETF Collective Investment Scheme - Abridged annual report for the year ending 31 December 2011 STANLIB TOP 40 FUND ("STANLIB40")(being a portfolio under the STANLIB ETF CIS registered in the Republic of South Africa in terms of the Collective Investment Schemes Control Act "CISCA") Share Code:STAN40 Abbreviated Name: STANLIB40 ISIN:ZAE000148425 ("STAN40") STANLIB SWIX 40 FUND ("STANLIBSX")(being a portfolio under the STANLIB ETF CIS registered in the Republic of South Africa in terms of CISCA) Share Code: STANSX Abbreviated Name: STANLIBSX ISIN: ZAE000148607 ("STANLIBSX") STANLIB COLLECTIVE INVESTMENTS LIMITED Reg. No. 1969/003468/06 STANLIB ETF Collective Investment Scheme - Abridged Annual Report for the year ending 31 December 2011 Reg. No. 1969/003468/06 17 Melrose Boulevard Melrose Arch 2196 PO Box 202 Melrose Arch 2076 T 0860 123 003 (SA Only) T +27 (0)11 448 6000 E contact@stanlib.com W stanlib.com Liberty is a member of the Association for Savings and Investment of South Africa. The Manager is a member of the Liberty group of companies. Chairman`s Report 2011 review and market outlook 2011 was a tough year all-round, as a myriad of nasty surprises hit economies and markets. This culminated in a severe sell-off of risk assets such as commodities, emerging market currencies and equities in August and September. Fears of the US economy slipping back into recession became particularly acute as Europe lurched from pillar to post. These issues were aggravated by the fact that inflation was on the rise, particularly in emerging markets like China, India, Brazil and many others, partly because of currency declines and partly because of much higher global food prices. South Africa was not spared and our All Share Index declined by 28% in dollar terms from its peak at the end of April to its trough in early October. Fortunately consumer spending remained the one bright spot in the economy, partly because our prime rate remained at 37 year lows. Nevertheless, we suffered from the 18% fall in the rand and rising inflation, as petrol prices rose almost continuously back towards record highs. Fortunately towards the end of 2011, it became apparent that the US economy was not going to slip back into recession and in fact was recovering steadily from its mid-year slowdown. Also, China came through with a sterling growth rate of 8.9% in the last quarter of 2011. Industry Overview Thanks to a strong recovery in the 4th quarter of 8.4%, the JSE All Share Index managed to post a positive total return of 2.6% for 2011. Dividends played a big role, rising by 30% during the year. Owing to the 18% fall in the rand, the MSCI All Countries World Index returned 12.9% in rand terms, allowing offshore markets to beat our local market for the first time in a while. However, offshore bonds were the star, rising by 28.7%. Listed property outperformed equities yet again, returning 8.9% during 2011, closely followed by bonds with 8.8%. Total unit trust assets rose by R77bn during 2011 to end the year above the one trillion rand mark for the first time ever (R1,004bn). STANLIB STANLIB saw assets under management up at R140bn for 2011, with a market share of 13.9% (1st). In March 2011 the STANLIB Multi-Manager Bond Feeder Fund merged into the STANLIB Multi-Manager Income Feeder Fund which was then renamed the STANLIB Multi-Manager Absolute Income Fund. Other name changes were made to the STANLIB Multi-Manager Balanced Fund (previously SMM High Equity FoF) and the STANLIB Multi-Manager Real Return Fund (SMM Real Return Feeder Fund). Four of STANLIB`s funds were named winners of six categories at this year`s Raging Bull Awards: the STANLIB Income Fund, STANLIB Global Bond Feeder Fund, STANLIB Property Income Fund, and the STANLIB Global Bond Fund. At the recent Morningstar South Africa Fund Awards, the STANLIB Industrial Fund, STANLIB Global Property Feeder Fund, STANLIB Property Income Fund, and STANLIB Global Bond Feeder Fund were winners in their various categories. STANLIB Collective Investments remains focused on offering investment performance and service excellence. I would like to take this opportunity to thank the board, management team and investment managers for their support in 2011. Martin Rabe Chairman: STANLIB Collective Investments Limited Trustee Letter 31 January 2012 Abridged Report of the Trustee ABSA Bank Limited We, Absa Bank Limited, in our capacity as trustee of the STANLIB Collective Investment Limited (the "Scheme") have prepared a report in terms of Section 70(1)(f) of the Collective Investment Schemes Control Act, 45 of 2002, as amended ("the Act"), for the period 01 January 2011 up to and including 31 December 2011 ("the Report"). The Report is available from us and/or STANLIB Collective Investment Limited ("the Manager"). This letter is an abridged version of the Report. Having fulfilled our duties as required by the Act, we confirm that the Manager of the Scheme has in general administered the Scheme: i. within the limitations on the investment and borrowing powers of the Manager imposed by the Act, and ii. in accordance with the provisions of the Act and the trust deeds. We do however wish to bring to your attention the following instances of where the Manage r has not administered the Scheme in accordance with the said limitations and provisions: a. Some errors and timing differences resulted in contraventions of some of the limitations referred to in (i) and some of the provisions referred to in (ii) above. These contraventions were in our view not material and where appropriate the portfolios were compensated by the Manager for any loss (if any) that may have been suffered by the portfolios as a result of these contraventions. We confirm that according to the records available to us, no losses were suffered in the portfolios and no investor was prejudiced as a result thereof. Should any investor require a copy of the Report, kindly contact the Manager. Bennie van der Westhuizen Chantell Kruger Principal Manager ABSA Capital Custody & Trustee ABSA Capital Custody & Trustees STANLIB ETF Collective Investment Scheme STANLIB SWIX 40 ETF Sector Allocation: Basic Materials 25% Financials 22% Telecommunications 13% Consumer Services 11% Consumer Goods 15% Oil & Gas 8% Industrials 5% Health Care 1% Income distribution 17,47 cents Upfront Manager Charge: 0% Total Expense Ratio: 0.25% Annual Performance: 1.25% STANLIB Top40 ETF Sector Allocation: Basic Materials 38% Financials 17% Consumer Goods 19% Telecommunications 8% Consumer Services 8% Oil & Gas 7% Industrials 3% Health Care 1% Income distribution 71,2 cents Upfront Manager Charge: 0% Total Expense Ratio: 0.21% Annual Performance: -0.21% Abridged Financial Statements R `000 STANLIB SWIX 40 ETF Income statement 2011 2010 Distributable income for the year 65 266 6 437 Undistributed income at beginning of year 36 - Amount available for distribution 65 302 6 437 Income distribution 65 149 6 401 Undistributed income at end of year 153 36 Balance sheet Assets Investments at market value 2 185 612 2 352 774 Current assets 12 396 5 685 Total assets 2 198 008 2 358 460 Liabilities Current Liabilities 12 223 7 447 Total Liabilities 12 223 7 447 Net assets attributable to unit holders at end of year 2 185 786 2 351 013 R `000 STANLIB Top40 ETF Income statement 2011 2010 Distributable income for the year 15 833 711 Undistributed income at beginning of year 1 - Amount available for distribution 15 834 711 Income distribution 15 831 710 Undistributed income at end of year 3 1 Balance sheet Assets Investments at market value 609 750 268 955 Current assets 2 855 780 Total assets 612 605 269 735 Liabilities Current Liabilities 2 787 835 Total Liabilities 2 787 835 Net assets attributable to unit holders at end of year 609 818 268 900 Statutory Disclaimer Collective Investment Schemes in Securities are generally medium to long term investments. An investment in the participations of a collective investment scheme in securities is not the same as a deposit with a banking institution. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. Collective Investment Schemes in Securities are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Limited ("the Manager"). Commission and incentives may be paid and if so, would be included in the overall costs. Exchange Traded Funds (ETFs) are Collective Investment Schemes in Securities that trade on stock exchanges. Trading in ETFs will incur the normal costs associated with listed securities, including brokerage, settlement costs, Securities Transfer Tax (STT), other statutory costs and administrative costs. The price at which ETFs trade on an Exchange may differ from the Net Asset Value price published at the close of the trading day, because of intra-day price movements in the value of the constituent basket of securities. Forward pricing is used. Liberty Group Ltd is a full member of the Association of Savings and Investment of South Africa. The Manager is a member of the Liberty Group of companies. Annual Service Charge Please refer to the latest fact sheet(s) for more details. The annual service charge is normally deducted from income received by the portfolios. Trustees Absa Bank Ltd., 15 Alice Lane, Sandton, 2196. Tel +27 11 895 6000. Cooling off rights Due to the nature of this product, cooling off rights are not offered on this product. Query Support & Middle Office Compliance & Complaints Postal address: PO Box 202, Melrose Arch, 2076 Phone: 0860 123 003 Compliance no. L926N4 3 April 2012 Date: 03/04/2012 13:24:06 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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