Rezco Value Trend Fund
MANAGEMENT Fund Manager's Comment
Rob Spanjaard, BCom, CTA
Rob has a long-term fascination with investment markets. As a student at UCT, Rob won the national Financial Mail reader stock picking competition. He graduated with a B.Com and CTA before passing the Chartered Accountants Board Exam. Rob then worked as a portfolio manager for Momentum Asset Management. In his last year, the unit trust he managed was rated number one in its sector. Rob left Momentum in 1991 to lead a private equity deal. In 2006, after growing the turnover and profits by 25% per annum for 15 years, and listing the company as Sovereign Foods, Rob decided to return to asset management and sold the business to institutional investors. At that stage, Sovereign Foods was the most profitable company in its industry. Rob then joined Wally Gray at Rezco with the objective of establishing a consistently high performing unit trust company. The first fund, the Rezco Value Trend Fund, was registered in 2004 and has won numerous best fund awards over that time.
Simon Sylvester, BBus Science (Hons), CFA, CIPM
Simon joined Rezco in 2015, with previous experience at Deutsche Bank in London, Cogito Capital and Discovery Invest. Simon qualified from UKZN with a B.Bus Sci (Finance Honours), and holds the CFA and CIPM designations. Simon has a keen interest in stock picking, especially focusing on business strategy and how industries evolve through changing environments.
FUND OBJECTIVES AND FOCUS

The fund is a multiple award winning fund and has achieved exceptional returns complemented with substantially lower volatility. The fund can invest in a variety of asset classes such as shares, bonds, listed property and cash. Equity exposure is currently limited to 75% and foreign exposure is currently limited to 25%. The fund aims to have an long-term average equity exposure of 65%. Meticulous, concentrated share selection enables the Rezco Value Trend Fund to be less correlated to the overall market and enables the fund to generate superior performance for investors. Our stock selection strategy focuses on international and domestic companies with strong earnings growth records, sustainable revenue streams and relatively low borrowings. By identifying companies which combine these features, Rezco is able to undertake in-depth research required to select new shares for the portfolio which can achieve a secure balance between risk and growth.


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WEBGRAPH
RANKING
SectorSouth African-Multi Asset-High Equity
SizeR5,154,133,788
Sector Rank: 115 out of 134
(lump sum over 3 years to 28 February 2019)
Overall Rank: 774 out of 991
(lump sum over 3 years to 31 July 2017)
R1000 invested on 29 February 2016 was worth R 1082 at 28 February 2019
( 2.65% annual compound return)
R100 per month since 29 February 2016 was worth R 3828 at 28 February 2019
( 3.95% annual return compounded monthly)
TECHNICAL OVERVIEW
Formation Date:30 SEP 2004 Holdings:20
Original Price:1000 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
SAPPI (Forestry - Paper)3,322,533271,284,819 5.26 %
PNR FOODS (Food Producers)84,4797,132,562 0.14 %
BIDCORP (Food - Drug Retailers)571,180151,362,700 2.94 %
DISCOVERY (Life Insurance)1,831,317292,626,143 5.68 %
REZGLF (Equities)869,4651,149,633,033 22.31 %
WBHO (Construction - Materials)585,25277,387,872 1.50 %
CASH (Cash on call)01,597,382,755 30.99 %
U-NEWPALL (Exchange Traded Funds)324,80057,850,128 1.12 %
TOTAL R3,604,660,01269.94%

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