THE CORION REPORT. MONTHLY CIS INSIGHTS february 2019 PIONEERING. PARTNERING. PERFORMING. interactive PDF

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1 THE COION EPOT MONTHLY CIS INSIGHTS february 2019 interactive PDF PIONEEING. PATNEING. PEFOMING.

2 FEB FEBUAY 2019 The Environment Asset Classes* Equity Industries The Equity market continued to rebound, gaining 4% in February. 8.0% Consumer Goods 16% gained 8.0% while were down 1%. US$/and 6.0% Basic Materials 9.1% The and weakened 1% as Eskom s woes weighed heavily on the economy. were marginally down 0.4%, while lost 7% for the month. Amongst the best performing shares were resource companies such as BHP Group (10.7%), Anglo American (10.2%) and AngloGold Ashanti (8.0%). 1% 4% Consumer Services Health Care 2% 0.1% -1% For the second consecutive month, retailers are amongst the worst -1% -3% performing shares, led by Woolworths (-8.8%) and Truworths (-8.8%). -7% Telecommunication -2% Interesting Facts Best Top 40 Worst Top 40 Twenty years ago, multi asset funds was just 9.4% of the total money ichemont 17.8% Woolworths -8.8% invested in South African Collective Investment Schemes. Today, their share is over 50%. Kumba Iron Ore s share price was 25 in 201 Four years later, it paid a dividend of 30. Capitec einet BHP GOUP 10% 10.7% 10.7% Truworths Clicks EDEFINE -8.8% -8.2% -8.0% A2X, one of the new stock exchanges, is starting to challenge the JSE s British American Tobacco 9.9% Sappi -7.4% monopoly. It now has 18 companies listed, including Naspers. Anglo American 8.9% Firstrand -7.3% Of the original Fortune 500 firms from 1955, only 11% remain. ANGLOGOLD ASHANTI 8.0% Sanlam -6.4% *FTSE/JSE SA Listed (), FTSE/JSE Indl 25 (), FTSE/JSE All Share (), FTSE/JSE 10 (), Beassa ALBI () and FTSE/JSE Financial 15 (). 2

3 THIS MONTH S VIDEO: THE ISE OF MULTI ASSET FUNDS CLICK HEE TO watch THE 20 YEA JOUNEY Morningstar, ASISA Categories of South African Only Collective Investment Schemes. 3

4 video ASSET ETUNS General Equity HIGH EQUITY LOW EQUITY inflows outflows ASSET ETUNS 1 MONTH 3 MONTHS YTD 1 YEA 3 YEAS BEST 8.0% 20% 11 % 37% 21% US Dollar 6.0% 10.8% 6.3% US Dollar 19.1% 13% 1% 8.0% 1% 2% 10.6% 4% 9% 6% -0.9% 7.3% 1% 0% -3% 5% -1% 9% 4% -2% WOST -7% US Dollar 4% US Dollar -3% -10.7% US Dollar -8% Datasource: Morningstar. eturns longer than one year annualised. 4

5 video ASSET ETUNS General Equity HIGH EQUITY LOW EQUITY inflows outflows ASISA SA EQUITY GENEAL One Month as at 28 February 2019 One Year as at 28 February 2019 Investec Value SIM Top Choice Equity Personal Trust Equity Sasfin BCI Equity Element Islamic Equity SCI % 6.1% 7% 2% 1% Investec Value Element Islamic Equity SCI Kagiso Islamic Equity Cadiz Equity Truffle SCI General Equity % 9.5% 5% 4% 0% WOST PEFOMING SIZE ETUN WOST PEFOMING SIZE ETUN Bridge Equity Income Growth Satrix Quality Index First Avenue SCI Focused Quality Equity First Avenue SCI Equity Nedgroup Inv Private Wealth Equity % -0.8% -0.5% -0.3% 0.1% First Avenue SCI Focused Quality Equity First Avenue SCI Equity Harvard House BCI Equity Bridge Equity Income Growth Old Mutual Managed Alpha Equity % -17% -13% -17% -10.9% LAGEST FUNDS SIZE ETUN LAGEST FUNDS SIZE ETUN Allan Gray Equity Coronation Top 20 Prudential Core Value Old Mutual Investors Nedgroup Inv ainmaker % 5% 0% 2% 3% Allan Gray Equity Coronation Top 20 Prudential Core Value Old Mutual Investors Nedgroup Inv ainmaker % -8% -9% -7% -10.1% INDUSTY ETUN INDUSTY ETUN ASISA SA Equity General Category Ave - FTSE/JSE All Share Index - JSE All Bond Index 6% 4% ASISA SA Equity General Category Ave - FTSE/JSE All Share Index - JSE All Bond Index -5% -0.9% 2% No meaningful investment decisions should be made using the eport. Funds without an updated price at the time of compiling, have been omitted. Datasource: Morningstar, pre month end sign off; Minimum fund size: 100 milion. 5

6 ASISA SA HIGH EQUITY One Month as at 28 February 2019 One Year as at 28 February 2019 Imalivest SCI Balanced Investec Managed Investec Opportunity Warwick BCI Balanced Instit BCI Managed FoF % 8% 7% 5% 3% H4 Diversified Nedgroup Inv Balanced ezco Managed Plus ezco Value Trend Counterpoint SCI Balanced Plus % 8.2% 7.7% 7.2% 7.0% WOST PEFOMING SIZE ETUN WOST PEFOMING SIZE ETUN Bridge Managed Growth PSG Balanced Bridge Balanced Plexus Wealth BCI Balanced Momentum Target Growth FoF % 0.4% 0.5% 0.7% 0% Bridge Managed Growth SA Asset Management BCI Managed Centaur BCI Balanced PSG Balanced Bridge Balanced % -2% -9% -7% -6% LAGEST FUNDS SIZE ETUN LAGEST FUNDS SIZE ETUN Allan Gray Balanced Coronation Balanced Plus Investec Opportunity Foord Balanced Discovery Balanced % 0% 7% 0% 8% Allan Gray Balanced Coronation Balanced Plus Investec Opportunity Foord Balanced Discovery Balanced % 3% 6.2% 0% 5% INDUSTY ETUN INDUSTY ETUN ASISA SA Multi Asset High Eq Category Ave - FTSE/JSE All Share Index - JSE All Bond Index 8% 4% ASISA SA Multi Asset High Eq Category Ave - FTSE/JSE All Share Index - JSE All Bond Index 1% -0.9% 2% No meaningful investment decisions should be made using the eport. Funds without an updated price at the time of compiling, have been omitted. Datasource: Morningstar, pre month end sign off; Minimum fund size: 100 milion. 6

7 ASISA SA LOW EQUITY One Month as at 28 February 2019 One Year as at 28 February 2019 Counterpoint SCI Cautious Nedgroup Inv Stable Sanlam Select Wealth Protector Oasis Crescent Balanced Stable FoF Kruger Ci Prudential FoF % 6% 6% 3% 3% Sanlam Select Wealth Protector Kagiso Stable ezco Stable H4 Stable Counterpoint SCI Cautious % 10% 10.1% 9.7% 9.6% WOST PEFOMING SIZE ETUN WOST PEFOMING SIZE ETUN Bridge Stable Growth Skyblue BCI Kimberlite Cautious FoF JM Busha BCI eal eturn Sanlam Stable Growth ABSA Absolute % -0.1% 0.1% 0.2% 0.3% Bridge Stable Growth Momentum SA Defensive Growth Fund Skyblue BCI Kimberlite Cautious FoF Seed Stable Prescient Momentum Enhanced Cautious Growth FoF % -0.1% 6% 6% LAGEST FUNDS SIZE ETUN LAGEST FUNDS SIZE ETUN Allan Gray Stable Coronation Balanced Defensive Prudential Inflation Plus Nedgroup Inv Stable SIM Inflation Plus % 1% 6% 6% 5% Allan Gray Stable Coronation Balanced Defensive Prudential Inflation Plus Nedgroup Inv Stable SIM Inflation Plus % 6.6% 8% 7.4% 6.7% INDUSTY ETUN INDUSTY ETUN ASISA SA Multi Asset Low Eq Category Ave - FTSE/JSE All Share Index - JSE All Bond Index 7% 4% ASISA SA Multi Asset Low Eq Category Ave - FTSE/JSE All Share Index - JSE All Bond Index 0% -0.9% 2% No meaningful investment decisions should be made using the eport. Funds without an updated price at the time of compiling, have been omitted. Datasource: Morningstar, pre month end sign off; Minimum fund size: 100 milion. 7

8 video ASSET ETUNS General Equity HIGH EQUITY LOW EQUITY inflows outflows INFLOWS ONE MONTH AS AT 31 January 2019 ONE YEA AS AT 31 January Old Mutual Investors Fairtree Equity Prescient SA EQUITY Coronation Top 20 Prudential Core Value STANLIB MM SA Equity SA EQUITY Momentum Capped SWIX Index Prudential Core Value PSG Equity Oasis General Equity Momentum eal Growth Core Equity SA HIGH EQUITY Allan Gray Balanced Discovery Balanced Prudential Balanced SIM Balanced SA HIGH EQUITY Allan Gray Balanced Nedgroup Inv Core Diversified Prudential Balanced PSG Balanced PPS Managed Investec Managed SA LOW EQUITY Kruger Ci Prudential Allan Gray Stable Satrix Low Equity Balanced Index Momentum SA Defensive Growth SA LOW EQUITY Allan Gray Stable Nedgroup Inv Core Guarded Sanlam Select Defensive Balanced PPS Institutional Multi Asset Low Eq Discovery Cautious Balanced Abax Absolute eturn Prescient Datasource: Morningstar on selected ASISA Categories, pre month end sign off. *Flow data is one month delayed. All flows reported in millions in ands. 8

9 OUTFLOWS ONE MONTH AS AT 31 January 2019 ONE YEA AS AT 31 January SIS Equity Foord Equity SA EQUITY Allan Gray Equity Fairtree Equity Prescient Old Mutual Multi Managed Equity SA EQUITY SIS Equity Nedgroup Inv ainmaker Truffle SCI General Equity Prescient Core Equity STANLIB SA Equity SA HIGH EQUITY Coronation Balanced Plus Foord Balanced Capricorn SCI Balanced PPS Institutional Multi Asset Flexible Old Mutual Balanced SA HIGH EQUITY Foord Balanced Investec Opportunity Coronation Balanced Plus ezco Value Trend STANLIB Balanced SA LOW EQUITY Coronation Balanced Defensive Nedgroup Inv Stable Prudential Inflation Plus STANLIB Balanced Cautious SA LOW EQUITY Nedgroup Inv Stable Prudential Inflation Plus Coronation Balanced Defensive ABSA Absolute ABSA Absolute STANLIB Balanced Cautious Datasource: Morningstar on selected ASISA Categories, pre month end sign off. *Flow data is one month delayed. All flows reported in millions in ands. 9

10 COION INSIGHTS about corion esponsible for client savings since 2001 Successful and long term track record Focused on risk management Alternative and traditional solutions Boutique investment firm Passionate about investments FUND INCEPTION 6 MONTHS 1 YEA 3 YEAS SI* Absolute NCIS FoHF Outperform Cash Gravitas NCIS IF Outperform 50% & 50% Cash Prosperitas NCIS IF Outperform COION PIME STABLE ASISA Low Equity NOV % 2% JUN 2015 JUN 2013 MA % 0.1% 11% -1% 0.9% -0.2% 6.3% 6.6% 10.6% 0% 11% -0.9% 3% 0% 6.6% 6.8% 8.0% 7.2% 9% 7.4% 7.1% 5% 9.6% 7.4% 8.2% 9% 17% 8.2% 6.2% 2% PIONEEING. PATNEING. PEFOMING. COION PIME GOWTH ASISA High Equity MA % -9% 0.0% 1% 9% 5% 0% 7% CONTACT US Since Inception Performance Garreth Montano gmontano@corion.co.za David Bacher dbacher@corion.co.za *Since Inception return. eturns are annualised for periods longer than one year. 10

11 OTHE IMPOTANT INFOMATION Capital Capital (Pty) Ltd ( Capital) is an authorised financial services provider in terms of section 8 of the Financial Advisory and Intermediary act, 2002, FSP number 4452 The eport has been designed to provide a high level overview of the CIS Industry over a short term. In isolation, no meaningful investment decisions should be made using the eport. While every effort has been made by Capital to ensure that the information contained in this report is accurate and up to date, no representations or warranties are made or given as to the accuracy and suitability of the information contained therein for any particular purpose. Capital shall under no circumstances whatsoever be liable or responsible for any damages or loss, whether direct or indirect, or whether in contract or in delict, which may be incurred or suffered arising out of the use of this report, or the use of any information contained therein. has a conflict of interest policy which outlines the manner in which conflicts of interest are managed. A copy of the document is available on request. One can also obtain additional information on s products on the website ( and all price related queries or information is readily available on request. Capital Details egistration No: 2007/002166/07 Tel: Address: The District, Block B, 6th Floor, clientservices@corion.co.za 41 Sir Lowry oad, Woodstock, 7925 Website: General Performance numbers and graphs are sourced from Morningstar (Pty) Ltd using NAV to NAV figures. However the returns shown are only signed off after the 5th business day post month end. Consequently distributions for some funds might not be reflected in the return data and some fund returns are subject to change. The investment performance is for illustrative purposes only. The investment performance is calculated after taking the actual initial fees and all ongoing fees into account. The reinvestment of income is calculated on the actual amount distributed per participatory interest by using the ex-dividend date NAV price of the applicable class of the portfolio, irrespective of the actual reinvestment date. Collective Investment Schemes are generally medium to long term investments. The value of participatory interests may go down as well as up. Investors should take cognisance of the fact that there are risks involved in buying or selling any financial product, that the past performance of a financial product is not necessarily indicative of the future performance and that the value of financial products can increase as well as decrease over time, depending on the value of the underlying securities and market conditions. Portfolios which contains offshore exposure can result in additional material and other risks, potential constraints on liquidity and the patriation of funds. NCIS etail Hedge Funds Capital has entered into a co-named agreement with Novare CIS (F) (Pty) Limited (Novare CIS) regarding the administration of s etail Hedge Funds. Novare CIS is an authorised Management Company registered according to the Collective Investment Schemes Control Act (CISCA) 45 of 200 Novare CIS retails full legal responsibility for the co-named NCIS etail Hedge funds. isk management of the portfolio is done by Novare CIS. Novare CIS has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. The NCIS etail Hedge Funds are audited by Price Waterhouse Coopers, administrated by Maitland Hedge Fund Services (Pty) Limited while Firstand Bank Limited are the appointed Trustees. The level of counter party exposure is restricted to funds that are administered by Novare CIS and the respective prime brokers of the underlying portfolio. A portion of the capital is held with respective prime brokers (detail available on request). The Portfolio is allowed to make use of leverage, provided by prime brokers. The Exposure Value-at-isk is limited to 20% per month at 99% confidence level. The liquidity risk management policy and Novare s CIS schedule of fees and charges are available on request. Novare CIS Details egistration No: 2013/191159/07 Tel: P.O. Box: 4742, Tyger Valley, 7736, South Africa clientservice@novare.com Directors: ene Miles, Leon de Wit, Derrick oper Website: Geoffrey Carter and Johan Basson. Prime CIS Portfolios Capital has entered into a co-named agreement with Prime Collective Investment Schemes Management Company (F) (Pty) Limited (Prime) regarding the administration of the Prime CIS s. Prime is an authorised Management Company registered according to the Collective Investment Schemes Control Act (CISCA) 45 of 2002, supervised by the Financial Sector Conduct Authority (FSCA). Prime retains full legal responsibility for the co-named Prime CIS s. Capital is FSCA approved and appointed investment manager of the Prime CIS s. For application forms, minimum disclosure documents and fee schedules, refer to our website The Prime CIS s are administrated by Global Independent Administrators (Pty) Ltd while Societe Generale Security Services are the appointed Trustees. Prime Details eg. No. 2005/017098/07 Tel number: ; PostNet Suite 208, Private Bag X9, save@primeinvestments.co.za Benmore, 2010 Website: primeinvestments.co.za 11