12 months ending April 2022:
The Analytics Ci Cautious FOF’s objective is to provide stable capital growth with an appropriate level of income, while minimising the possibility of capital loss over the short term through active management. The fund aims to preserve capital while exhibiting low levels of return volatility. The fund aims to achieve returns of CPI + 3% over 3 years and longer. This fund complies with Regulation 28 of the Pension Funds Act, and resides in the SA Multi-Asset Low Equity category.
The portfolio construction of the Analytics Ci Cautious Funds of Funds follows a specialist building block approach, i.e. investing in specialist asset classes and selecting an optimal combination of underlying funds per building bock. The fund is constructed using a local equity building block (consisting of passive, multi-factor, and active components), a local fixed income building block, a passive local property building block, as well as a local cash building block. The Global component of the fund is comprised of passive and active equity building blocks, a global fixed income building block, a passive global property building block, and a global cash building block.
The Analytics Ci Cautious FoF returned -0.40% over the last three months, underperforming the SA MA Low Equity Peergroup Average as well as the CPI + 3% benchmark. For the last 12 months the fund has slightly underperformed both the CPI benchmark and the peergroup.
The underperformance over the last three months was driven primarily by the Global Allocation, through the Analytics International Flexible Fund, which declined due to global markets continuing their sell-off. The local equity components of the fund, particularly through the Multi-Factor component, through Ci Engineered Equity (which is comprised of Quality, Value, and Momentum factors), and the Alpha Component (managed by Fairtree) had a particularly strong quarter and bolstered the fund’s performance.
The local fixed income components, managed by and Ci Diversified Income, as well as the local property component, managed by Ci Property also posted positive returns and aided the fund’s performance.
No changes were made to the fund in the last three months.
The Analytics Ci Moderate FOF’s objective is to provide moderate capital growth over the medium to long term. The fund will exhibit moderate levels of return volatility. The fund aims to achieve returns of CPI + 5% over 5 years and longer. This fund complies with Regulation 28 of the Pension Funds Act, and resides in the SA Multi-Asset Medium Equity category.
The portfolio construction of the Analytics Ci Moderate Funds of Funds follows a specialist building block approach, i.e. investing in specialist asset classes and selecting an optimal combination of underlying funds per building bock. The fund is constructed using a local equity building block (consisting of passive, multi-factor, and active components), a local fixed income building block, a passive local property building block, as well as a local cash building block. The Global component of the fund is comprised of passive and active equity building blocks, a global fixed income building block, a passive global property building block, and a global cash building block.
The Analytics Ci Moderate FoF returned 0.13% over the last three months, outperforming the SA MA Medium Equity Peergroup Average and underperforming the CPI + 5% benchmark. For the last 12 months the fund has outperformed the peergroup average and slightly underperformed the CPI benchmark.
The outperformance over the last three months was driven primarily by the local equity components of the fund, particularly through the Multi-Factor component, through Ci Engineered Equity (which is comprised of Quality, Value, and Momentum factors), and the Alpha Component (managed by Fairtree) had a particularly strong quarter and bolstered the fund’s performance.
The local fixed income components, managed by and Ci Diversified Income, as well as the local property component, managed by Ci Property also posted positive returns and aided the fund’s performance.
No changes were made to the fund in the last three months.
The Analytics Ci Balanced FOF’s objective is to provide high capital growth over the long term. The fund will exhibit high levels of return volatility over the short term. The fund aims to achieve returns of CPI + 5% over 5 years and longer. This fund complies with Regulation 28 of the Pension Funds Act, and resides in the SA Multi-Asset High Equity category.
The portfolio construction of the Analytics Ci Balanced Funds of Funds follows a specialist building block approach, i.e. investing in specialist asset classes and selecting an optimal combination of underlying funds per building bock. The fund is constructed using a local equity building block (consisting of passive, multi-factor, and active components), a local fixed income building block, a passive local property building block, as well as a local cash building block. The Global component of the fund is comprised of passive and active equity building blocks, a global fixed income building block, a passive global property building block, and a global cash building block.
The Analytics Ci Balanced FoF returned 0.13% over the last three months, outperforming the SA MA High Equity Peergroup Average and underperforming the CPI + 5% benchmark. For the last 12 months the fund has slightly underperformed its CPI + 5% benchmark the peergroup average.
The outperformance over the last three months was driven primarily by the local equity components of the fund, particularly through the Multi-Factor component, through Ci Engineered Equity (which is comprised of Quality, Value, and Momentum factors), and the Alpha Component (managed by Fairtree) had a particularly strong quarter and bolstered the fund’s performance.
The local fixed income components, managed by and Ci Diversified Income, as well as the local property component, managed by Ci Property also posted positive returns and aided the fund’s performance.
No changes were made to the fund in the last three months.
The Analytics Ci Managed Equity Fund’s objective is to provide investors with long term capital growth. The fund may invest in listed and unlisted financial instruments to achieve its objective. The fund’s benchmark is the FTSE/JSE All Share Index; it does not comply with Regulation 28 of the Pension Funds Act and resides in the SA General Equity category.
The portfolio construction of the Analytics Ci Managed Equity Fund follows a specialist building block approach, i.e. investing in specialist asset classes and selecting an optimal combination of underlying funds per building bock. The fund is constructed using a local equity building block (consisting of passive, multi-factor, and active components) as well as a local cash building block.
The Analytics Ci Managed Equity Fund returned 0.77% over the last three months, significantly outperforming the SA Equity General Peergroup Average as well as the FTSE/JSE All Share benchmark. For the last 12 months the fund has underperformed the peergroup and the FTSE/JSE All Share benchmark.
The outperformance over the last three months was driven primarily by the local equity components of the fund, particularly through the Multi-Factor component, through Ci Engineered Equity (which is comprised of Quality, Value, and Momentum factors), and the Alpha Component (managed by Fairtree) had a particularly strong quarter and bolstered the fund’s performance.
No changes were made to the fund in the last three months.
The Analytics Ci Worldwide Flexible FOF’s objective is to provide high long term capital growth by investing in local and global portfolios utilising active asset allocation strategies across geographical markets. The fund aims to achieve returns of CPI + 5% over 5 years and longer. This fund does not comply with Regulation 28 of the Pension Funds Act, and resides in the WorldwideMulti-Asset Flexible category.
The portfolio construction of the Analytics Ci Worldwide Flexible Funds of Funds follows a specialist building block approach, i.e. investing in specialist asset classes and selecting an optimal combination of underlying funds per building bock. The fund is constructed using a local equity building block (consisting of passive, multi-factor, and active components), a local fixed income building block, as well as a local cash building block. The Global component of the fund is comprised of passive and active equity building blocks, a global fixed income building block, a passive global property building block, and a global cash building block.
The Analytics Ci Worldwide Flexible FoF returned -1.69% over the last three months, outperforming the Wwide MA Flexible Peergroup Average and underperforming the CPI + 5% benchmark. For the last 12 months the fund has outperformed the peergroup but has underperformed the CPI benchmark.
The outperformance over the last three months was driven primarily by the local equity components of the fund, particularly through the Multi-Factor component, through Ci Engineered Equity (which is comprised of Quality, Value, and Momentum factors), and the Alpha Component (managed by Fairtree) had a particularly strong quarter and bolstered the fund’s performance.
The Global Allocation, through the Analytics International Flexible Fund, detracted from the Fund’s performance due to global markets continuing their sell-off.
No changes were made to the fund in the last three months.
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The Analytics International Flexible Fund’s objective is to provide long term capital growth by diversifying investments across various asset classes providing the opportunity for real capital growth. The fund will not have any specific geographical or sectoral focus and will invest in a range of global asset classes. The fund’s benchmark is a combination of 60% MSCI AC World Index and 40% Citigroup World Government Bond Index and resides in the Global Multi-Asset Flexible category.
The portfolio construction of the Analytics International Flexible Fund follows a specialist building block approach, i.e. investing in specialist asset classes and selecting an optimal combination of underlying funds per building bock. The fund is constructed using passive and active global equity building blocks, a global fixed income building block, a passive global property building block, and a global cash building block.
The Analytics International Fund returned -5.07% over the last three months, slightly underperforming the -5.05% return of the peergroup average. For the last 12 months the fund has underperformed the EAA Fund USD Flexible Allocation peergroup.
The underperformance over the last three months was driven primarily by the Global Equity Allocation as global stock markets continued their sell-off during April. Active global equity managers Ninety One Global Franchise and Ninety One Global Environment both lagged the benchmark as well as their peers over the quarter, weighing down on the overall Fund’s performance.
The fixed income component, through Rubrics Global Credit, had a negative quarter due to the increase in global bond yields over the quarter, thereby causing a decline in the capital value.
No changes were made to the fund in the last three months.
Data provided by MORNINGSTAR.
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The information and opinions contained in this document are recorded and expressed in good faith and in reliance on sources believed to be credible. No representation, warranty, undertaking or guarantee of whatever nature is given on the accuracy and/or completeness of such information or the correctness of such opinions. Portfolio Analytics (“Analytics”) will have no liability of whatever nature and however arising in respect of any claim, damages, loss or expenses suffered directly or indirectly by an investor acting on the information contained in this document. The information in this document is for factual information and marketing purposes only and does not constitute any form of advice, guidance or recommendation. Furthermore, due to the fact that Analytics does not act as your financial advisor, we have not conducted a financial needs analysis and will rely on the needs analysis conducted by your financial advisor. We recommend that you take particular care to consider whether any information contained in this document is appropriate given your objectives, financial situation and particular needs in view of the fact that there may be limitations on the appropriateness of the advice provided. No guarantee of investment performance or capital protection should be inferred from any of the information contained in this document.
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The information and opinions contained in this document are recorded and expressed in good faith and in reliance on sources believed to be credible. No representation, warranty, undertaking or guarantee of whatever nature is given on the accuracy and/or completeness of such information or the correctness of such opinions. Analytics will have no liability of whatever nature and however, rising in respect of any claim, damages, loss, or expenses suffered directly or indirectly by the investor acting on the information contained in this document. Furthermore, due to the fact that Analytics does not act as your financial advisor, we have not conducted a financial needs analysis and will rely on the needs analysis conducted by your financial advisor. We recommend that you take particular care to consider whether ran information contained in this document is appropriate given your objectives, financial situation and particular needs in view of the fact that there may be limitations on the appropriateness of the advice provided. No guarantee of investment performance or capital protection should be inferred from any of the information contained in this document. PortfolioAnalytics(Pty)Ltd and Portfolio Analytics Consulting are authorised financial services providers. Analytics(Pty)Ltd is an Authorised Financial Services Provider. FSP No.631.
