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. Fund Features - 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.


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WEBGRAPH
RANKING
SectorSouth African-Multi Asset-Income
SizeR1,442,283,852
Sector Rank: out of 0
(lump sum over years to 31 DEC 2018)
Overall Rank: out of 0
(lump sum over years to 31 DEC 2018)
R1000 invested on was worth R at
(% annual compound return)
R100 per month since was worth R at
(% annual return compounded monthly)
TECHNICAL OVERVIEW
Formation Date:01 JUL 2003 Holdings:38
Original Price:0 Pricing:Forward
Top Holdings on 31 DEC 2018
Share (Sector)No.Value% of Fund
BHP (Mining)411,531125,010,772 8.67 %
RICHEMONT (Personal Goods)1,153,255108,002,331 7.49 %
BIDCORP (Food - Drug Retailers)83,92922,241,185 1.54 %
FUTURES M (Derivatives)091,971,247 6.38 %
FIRSTRAND (Banks)1,079,69970,785,066 4.91 %
U-INVCOMM (Money Market)239,670,477239,670,477 16.62 %
ABKS1 (Bond)2,956,4402,663,537 0.18 %
MEDICLINIC (Health Care Equipment - Services)132,7367,981,416 0.55 %
CASH (Cash on call)021,477,560 1.49 %
NASPERS-N (Software - Computer Services)77,255223,442,319 15.49 %
MTN GROUP (Mobile Telecommunications)236,70921,067,101 1.46 %
TOTAL R934,313,01164.78%

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