Delta Cautious Plus Wrap Fund

Transcription

1 31 August 2018 To make a lasting difference Fund Information Inception Date 01 July 2010 Fund Size Benchmark R million SA Multi Asset Low Equity Risk Profile Low Risk X X X X X Fee Structure (incl VAT) Fund Objective Manager Fees Initial 0.00%; Annual 0.46% Underlying Portfolio Fees Initial 0.00 %; Annual 1.00% TER 1.46% This is a low risk fund that aims to deliver relatively stable income and capital returns over the short to medium term (1-3 years). The portfolio will consist primarily of income orientated assets with a below average exposure to equities (max 40%). The objective is to outperform the average of the SA Multi Asset Low Equity Category at an acceptable level of risk. The portfolio complies with Regulation 28 of the Pension Funds Act, Asset Manager Allocation Asset Manager Exposure SIM Inflation Plus 20.00% Coronation Balanced Defensive 17.50% Prudential Inflation Plus 17.50% Allan Gray Stable 12.50% Matrix Defensive Balanced 12.50% Investec Cautious Managed 10.00% Satrix Low Equity 10.00% Portfolio Manager Dries du Toit, MSc, CFI * 46 years Investment Experience * 7 years Actuarial/Pensions * 25 years Investment Management * 14 years Investment Consultancy * Ex CIO and Chief Strategist: Sanlam * Radio, TV and Investment Seminars * Investment and Retirement Planning Dries du Toit Consulting (Pty) Ltd dries@ddtc.co.za Physical Address: The Edge, 8th Floor, 3 Howick Close, Tyger Falls, Bellville, 7530 Postal Address: P.O. Box 889, Sanlamhof, 7532 Asset Allocation Performance Cumulative Returns - Since Inception DISCLAIMER: The information contained in this document has been recorded and arrived at by Graviton Financial Partners (Pty) Ltd (FSP) Licence No in good faith and from sources believed to be reliable, but no representation or warranty, expressed or implied, is made as to the accuracy, completeness or correctness. Performance figures are calculated using net returns (after-fee) of underlying managers but are quoted gross of wrap fund fee. Performance figures for periods greater than 12 months are annualised. All data shown is at the month end. Changes in currency rates of exchange may cause the value of your investment to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the income from them may go down as well as up and are not guaranteed. You may not get back the amount you invest. Dries du Toit is currently appointed by means of a mandatory agreement on the Graviton Financial Partners (Pty) Ltd (FSP) Licence No

2 31 August 2018 To make a lasting difference Portfolio Manager Comment A generalised global sell-off in 2018 has been followed by a localised US recovery leading to the S&P 500 reaching an all-time record, while the emerging world continues to suffer. Also, the divergence between a record-setting US and the negative returns from China, Europe and many emerging market countries has investors on edge. As the global expansion ages and changing dynamics for global trade continue to create an uncertain investment environment, China and the US appear to have agreed to talk about talking. This is roughly the same as the agreement reached between the US and the EU. Furthermore, the US government imposed sanctions and tariffs on Turkey for what it sees as their role in the detention of an American pastor, escalating a diplomatic crisis between the NATO partners and prompting investors to sell Turkish assets. The MSCI World index delivered some 1.24% in dollars and 13.24% in rands. The MSCI EM index underperformed its developed market counterpart delivering some -2.68% in dollars and 8.85% in rands. Also, the US 10-year yield rose above 3% after news that the US government would increase its borrowing from the bond market in the coming quarter. As such, the JPM Global Aggregate index delivered a muted 0.10% in dollars and 12.00% in rands. Emerging Market bonds underperformed their developed market counterparts, and the JP EM Bond index delivered some -3.13% in dollars and 5% in rands amidst the continued emerging market contagion. The global property market marginally rerated and delivered some 1.28% in dollars and 13.28% in rands. Related to South Africa, President Trump claimed that there has been large scale killings of farmers. One immediate consequence was a slide in the value of the rand, depreciating some 10.60% for the month. President Ramaphosa made it clear that there is no land grab. Nor is it an assault on the private ownership of property. The SA Reserve Bank highlighted that it won t intervene to prop up the currency unless the orderly functioning of markets is threatened. Also, a red flag to monitor locally is the risk of a downgrade from Moody s at some stage as SA continues to experience low growth, alongside fiscal and SOE funding issues. The local equity market underperformed its developed and emerging market counterparts in dollars, but delivered some 2.34% in rands. South Africa continues to be used by investors as a proxy for emerging markets as a whole. As such, the ALBI delivered some -1.87% in rands. The listed property market rallied some 2.15% in rands, with Nepi Rockcastle contributing 1.86% to the local property market s total return in August. Over the same period, SA cash delivered 0.59%. Portfolio Managers Dries du Toit, MSc, CFI MSc in Mathematical Statistics and a Certificate in Finance and Investments from the Institute of Actuaries in London. Rafiq Taylor, BCom (Hons) BCom (Hons) Financial Analysis and Portfolio Management ; BCom (Politcs, Philosophy & Economics) About the Portfolio Manager Dries is the CEO of Dries du Toit Consulting and specialises in Investment Management and Retirement Planning. Dries retired after 31 years from Sanlam Investments, having served as the Chief Investment Officer (CIO) and Chief Investment Strategist during his last 5 years. Dries du Toit Consulting (Pty) Ltd dries@ddtc.co.za About the Portfolio Manager Rafiq is a Portfolio Manager for the Graviton Collective Investment Schemes portfolio as well as SMMI's Implemented Consulting business. He joined Sanlam Multi Manager International (SMMI) in 2006 after starting his career at Glacier Financial Solutions. Graviton Financial Partners is backed by the resources of the Sanlam Group. Rafiq Taylor, in his capacity as a SMMI portfolio manager, is the Chairman of the Delta Investment Committee signing off all portfolio decisions. Dries du Toit is currently under a mandatory agreement on the Graviton Financial Partners (Pty) Ltd (FSP) Licence No DISCLAIMER: The information contained in this document has been recorded and arrived at by Graviton Financial Partners (Pty) Ltd (FSP) Licence No in good faith and from sources believed to be reliable, but no representation or warranty, expressed or implied, is made as to the accuracy, completeness or correctness. Performance figures are calculated using net returns (after-fee) of underlying managers but are quoted gross of wrap fund fee. Performance figures for periods greater than 12 months are annualised. All data shown is at the month end. Changes in currency rates of exchange may cause the value of your investment to fluctuate. Past performance is not necessarily a guide to the future returns. The value of investments and the income from them may go down as well as up and are not guaranteed. You may not get back the amount you invest. The wrap fund is made up of registered Collective Investment Schemes. The Minimum Disclosure Document of the underlying funds can be obtained from the respective Managers. Dries du Toit is currently under supervision on the Graviton Financial Partners (Pty) Ltd (FSP) Licence No

3 2018_AUG SA MULTI ASSET LOW EQUITY FOF 1 YEAR PERFORMANCE RANKING TABLE: 31 AUG 2018 Prime Balanced Income FoF B1 Discovery Cons Dynamic Asset Opt FoF A Wealth Associates BCI Cautious FoF A Assetbase CPI +2% Prescient FoF A1 Oasis Crescent Balanced Stable FoF D Quantum BCI Capital Plus FoF 27four Stable Prescient FoF A1 Platinum BCI Income Provider FoF PBi BCI Conservative FoF A1 AF Investments Stable FoF Analytics Ci Cautious FoF A Instit BCI Stable FoF A PFPS Ci Cautious FoF A Montrose BCI Cautious FoF Oasis Balanced Stable FoF D FNB Stable FoF B1 STANLIB MM Low Equity FoF B1 Sanlam Multi Mgd Cautious FoF A1 PSG Wealth Preserver FoF D GraySwan SCI Cautious FoF A Lynx Prime Cautious FoF A1 Nedgroup Inv XS Select Guarded FoF B2 Hollard Prime Strategic Defensive FoF B Sanlam Multi Mgd Conservative FoF A1 Megafin SCI Stable FoF B1 API BCI Stable FoF Celtis BCI Conservative FoF A Point3 BCI Conservative FoF A Moore Stephens Ci Stable FoF A Roxburgh Ci Conservative FoF A AssetMix Ci Conservative FoF A BCI Stable FoF 3B1 PWS BCI Cautious FoF A SA Multi Asset Low Equity (Benchmark) Select Manager BCI Cautious FoF A Noble PP STANLIB Strategic Income FoF A Skyblue BCI Kimberlite Cautious FoF GCI SCI Stable FoF Sanlam Multi Mgd Defensive FoF A2 Octagon SCI Cautious FoF A1 Amity BCI Conserver FoF Sage SCI Protection Solution FoF A 4D BCI Cautious FoF A Kruger Ci Prudential FoF A Brenthurst BCI Cautious FoF A AS Forum BCI Cautious FoF Old Mutual Multi-Managers Caut FoF A Signature BCI Stable FoF A Wealthworks BCI Cautious FoF A Ampersand SCI CPI Plus 2 FoF A APS Ci Cautious FoF A ABSA Multi Managed Preserver FoF A Prime Stable FoF A1 STANLIB Low Eq Balanced Passive FoF A SIM Mgd Conservative FoF A1 Naviga BCI Secure Growth FoF A Dinamika BCI Conservative FoF A IP Diversified Inc FoF A1 Southern Charter BCI Defensive FoF A Dotport BCI Cautious FoF A FG IP Venus Cautious FoF A SIM Mgd Cautious FoF A1 Prime Stable FoF A SBRO BCI Defensive FoF A Momentum Target Cautious Growth FoF A Quattro Ci Cautious FoF A Stewart BCI Abs Return Blend FoF A FedGroup Conservative FoF A CPI - Inflation Momentum Enhanced Cautious Growth FoF A GFA BCI Stable FoF Bovest BCI Conservative FoF A Stringfellow BCI Stable FoF Sharenet BCI Conservative FoF A AVERAGE (#140) CPI

4 SA MULTI ASSET LOW EQUITY FOF 3 YEAR PERFORMANCE RANKING TABLE: 31 AUG 2018 Prime Balanced Income FoF B1 Hollard Prime Strategic Defensive FoF B Sanlam Multi Mgd Conservative FoF A1 PFPS Ci Cautious FoF A PSG Wealth Preserver FoF D 27four Stable Prescient FoF A1 Analytics Ci Cautious FoF A FG IP Venus Cautious FoF A STANLIB MM Low Equity FoF B1 BCI Stable FoF 3B1 Montrose BCI Cautious FoF Sanlam Multi Mgd Cautious FoF A1 Nedgroup Inv XS Select Guarded FoF B2 Platinum BCI Income Provider FoF ABSA Multi Managed Preserver FoF A API BCI Stable FoF SIM Mgd Conservative FoF A1 Old Mutual Multi-Managers Caut FoF A Lynx Prime Cautious FoF A1 Celtis BCI Conservative FoF A Select Manager BCI Cautious FoF A SIM Mgd Cautious FoF A1 AF Investments Stable FoF Skyblue BCI Kimberlite Cautious FoF Quantum BCI Capital Plus FoF Megafin SCI Stable FoF B1 SA Multi Asset Low Equity (Benchmark) APS Ci Cautious FoF A Stewart BCI Abs Return Blend FoF A Kruger Ci Prudential FoF A Prime Stable FoF A1 Sage SCI Protection Solution FoF A Ampersand SCI CPI Plus 2 FoF A Naviga BCI Secure Growth FoF A Moore Stephens Ci Stable FoF A SBRO BCI Defensive FoF A Oasis Crescent Balanced Stable FoF D Noble PP STANLIB Strategic Income FoF A Sanlam Multi Mgd Defensive FoF A2 Prime Stable FoF A GFA BCI Stable FoF 4D BCI Cautious FoF A Amity BCI Conserver FoF Quattro Ci Cautious FoF A AS Forum BCI Cautious FoF GCI SCI Stable FoF Dotport BCI Cautious FoF A IP Diversified Inc FoF A1 Stringfellow BCI Stable FoF Momentum Enhanced Cautious Growth FoF A Bovest BCI Conservative FoF A Oasis Balanced Stable FoF D Southern Charter BCI Defensive FoF A CPI - Inflation Dinamika BCI Conservative FoF A Sharenet BCI Conservative FoF A CPI AVERAGE (#95)

5 SA MULTI ASSET LOW EQUITY FOF 5 YEAR PERFORMANCE RANKING TABLE: 31 AUG 2018 Prime Balanced Income FoF B1 27four Stable Prescient FoF A1 PSG Wealth Preserver FoF D FG IP Venus Cautious FoF A SIM Mgd Cautious FoF A1 SIM Mgd Conservative FoF A1 Sanlam Multi Mgd Cautious FoF A1 STANLIB MM Low Equity FoF B1 Sanlam Multi Mgd Conservative FoF A1 BCI Stable FoF 3B1 Sage SCI Protection Solution FoF A Select Manager BCI Cautious FoF A APS Ci Cautious FoF A Platinum BCI Income Provider FoF Lynx Prime Cautious FoF A1 Kruger Ci Prudential FoF A Analytics Ci Cautious FoF A AF Investments Stable FoF Celtis BCI Conservative FoF A Quantum BCI Capital Plus FoF Montrose BCI Cautious FoF SA Multi Asset Low Equity (Benchmark) Ampersand SCI CPI Plus 2 FoF A SBRO BCI Defensive FoF A ABSA Multi Managed Preserver FoF A Noble PP STANLIB Strategic Income FoF A Sanlam Multi Mgd Defensive FoF A2 Stringfellow BCI Stable FoF Amity BCI Conserver FoF GFA BCI Stable FoF Old Mutual Multi-Managers Caut FoF A 4D BCI Cautious FoF A Stewart BCI Abs Return Blend FoF A Southern Charter BCI Defensive FoF A Oasis Balanced Stable FoF D AS Forum BCI Cautious FoF Naviga BCI Secure Growth FoF A Skyblue BCI Kimberlite Cautious FoF IP Diversified Inc FoF A1 Dinamika BCI Conservative FoF A Momentum Enhanced Cautious Growth FoF A Oasis Crescent Balanced Stable FoF D Sharenet BCI Conservative FoF A GCI SCI Stable FoF Dotport BCI Cautious FoF A CPI - Inflation CPI AVERAGE (#81)

6 SA MULTI ASSET LOW EQUITY FOF 7 YEAR PERFORMANCE RANKING TABLE: 31 AUG four Stable Prescient FoF A1 PSG Wealth Preserver FoF D Stringfellow BCI Stable FoF Celtis BCI Conservative FoF A Montrose BCI Cautious FoF Kruger Ci Prudential FoF A SIM Mgd Cautious FoF A1 Quantum BCI Capital Plus FoF STANLIB MM Low Equity FoF B1 FG IP Venus Cautious FoF A SBRO BCI Defensive FoF A Lynx Prime Cautious FoF A1 Southern Charter BCI Defensive FoF A AS Forum BCI Cautious FoF Oasis Balanced Stable FoF D Platinum BCI Income Provider FoF APS Ci Cautious FoF A GFA BCI Stable FoF SIM Mgd Conservative FoF A1 SA Multi Asset Low Equity (Benchmark) Amity BCI Conserver FoF Select Manager BCI Cautious FoF A Analytics Ci Cautious FoF A Ampersand SCI CPI Plus 2 FoF A Sanlam Multi Mgd Defensive FoF A2 Sanlam Multi Mgd Cautious FoF A1 Skyblue BCI Kimberlite Cautious FoF Noble PP STANLIB Strategic Income FoF A Sage SCI Protection Solution FoF A ABSA Multi Managed Preserver FoF A Dinamika BCI Conservative FoF A Naviga BCI Secure Growth FoF A Sanlam Multi Mgd Conservative FoF A1 Oasis Crescent Balanced Stable FoF D Dotport BCI Cautious FoF A Sharenet BCI Conservative FoF A Stewart BCI Abs Return Blend FoF A Momentum Enhanced Cautious Growth FoF A Old Mutual Multi-Managers Caut FoF A IP Diversified Inc FoF A1 CPI - Inflation CPI AVERAGE (#64)

7 2018_AUG DELTA CAUTIOUS PLUS WRAP FUND VS BENCHMARK: 31 AUG 2018 BENCHMARK: AVERAGE OF SA MULTI ASSET LOW EQUITY FUNDS Allan Gray Stable Y E A R R E T U R N Sanlam Select Defensive Balanced Fund DELTA CAUTIOUS PLUS Satrix Low Equity Balanced Index SIM Inflation Plus Investec Cautious Managed Coronation Balanced Defensive Prudential Inflation Plus Average Return Average Risk CURRENT VOLATILITY (STANDARD DEVIATION)

8 DELTA CAUTIOUS PLUS WRAP FUND SINCE INCEPTION: 30 JUN AUG Prudential Inflation Plus (1) Coronation Balanced Defensive (2) SIM Inflation Plus (3) Allan Gray Stable (4) Investec Cautious Managed Fund (5) SA MA Low Equity (6) Money Market (7) CPI (8)