|Investec Absolute Balanced Fund|
|MANAGEMENT|| Fund Manager's Comment|
|Clyde Rossouw, BSc, CFA, |
|Clyde is head of Quality at Investec Asset Management. He is portfolio manager with a focus on multi-asset absolute return and low volatility real return equity investing. His portfolio manager duties include our flagship Opportunity strategy that he has run since 2003 and our two equity-oriented Global Opportunity Equity and Global Franchise strategies. Clyde joined the firm in 1999, initially as an asset allocation and sector allocation strategist. Prior to Investec Asset Management, Clyde was awarded a study bursary by Sanlam where he worked for eight years, including five years in asset management. His experience in investments there included fixed income analysis and portfolio management. Clyde graduated from the University of Cape Town with a Bachelor of Science (Statistics and Actuarial Science) degree. He was awarded the Certificates in Actuarial Techniques in 1995, and Finance and Investments in 1997 by the Institute of Actuaries in London. Clyde is a CFA Charterholder.
|Sumesh Chetty, BSc (Hons), FIA|
|He is co-portfolio manager of the Investec Absolute Balanced Fund and the Investec Cautious Managed Fund.
He joined the firm in 2007 from Metropolitan Asset Managers where he managed the Metropolitan Absolute Return Fund from 2005. Sumesh began his career at Swiss Re Life - Health, where he spent over three years as an actuarial specialist. Sumesh graduated from the University of Cape Town with a Bachelor of Business Science (Honours) degree in Actuarial Science and a Post Graduate Diploma in Actuarial Science. He is also a Fellow of the Institute of Actuaries in the United Kingdom.
|FUND OBJECTIVES AND FOCUS|
The Investec Absolute Balanced Fund targets inflation-beating returns measured over three year periods, while actively managing downside risk.
The fund invests in a mix of South African equity and fixed income assets. In respect of the equity portion of the fund, the focus is on the analysis of individual stocks and identifying shares that are attractively priced given their inherent value. The fund may invest in fixed income assets such as cash, bonds, inflation linked bonds and listed property. Significant portions of the portfolio are protected from negative returns using financial instruments such as equity and bond index futures. The aim is to preserve capital from a downward move in the market.
- Strong focus on capital preservation and absolute returns.
- Low probability of negative returns over 12-month periods.
- Preserves wealth in real terms, regardless of whether markets are rising or falling.
|Sector||South African-Multi Asset-Income|
|Sector Rank: 59 out of 64 |
(lump sum over 3 years to 31 July 2019)
|Overall Rank: 424 out of 1038 |
(lump sum over 3 years to 31 July 2019)
|R1000 invested on 31 July 2016 was worth R 1164 at 31 July 2019|
( 5.19% annual compound return)
|R100 per month since 31 July 2016 was worth R 3864 at 31 July 2019|
( 4.55% annual return compounded monthly)
|Formation Date:||01 JUL 2003
|Top Holdings on 31 July 2019|
|Share (Sector)||No.||Value||% of Fund|
|BHP (Mining)||406,693||146,718,567|| 10.42 %|
|RICHEMONT (Personal Goods)||1,140,468||136,331,545|| 9.68 %|
|BIDCORP (Food - Drug Retailers)||82,492||25,324,219|| 1.80 %|
|FUTURES M (Derivatives)||0||108,096,015|| 7.68 %|
|FIRSTRAND (Banks)||1,065,369||73,031,045|| 5.19 %|
|U-INVCOMM (Money Market)||69,524,404||69,524,404|| 4.94 %|
|IBL64 (Bond)||2,000,000||2,030,291|| 0.14 %|
|MEDICLINIC (Health Care Equipment - Services)||132,736||7,227,475|| 0.51 %|
|CASH (Cash on call)||0||35,039,779|| 2.49 %|
|NASPERS-N (Software - Computer Services)||76,359||261,111,128|| 18.54 %|
|MTN GROUP (Mobile Telecommunications)||330,978||35,331,902|| 2.51 %|
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.