12 months ending July 2021:
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 3.40% over the last three months, outperforming the MA Low Equity Peergroup Average as well as the CPI + 3% benchmark. For the last 12 months the fund has slightly underperformed the peergroup but has outperformed the CPI benchmark.
The strong performance over the last three months was driven primarily by the positive returns of the Stanlib Bond Fund as well as the Analytics International Flexible Fund, which benefitted from the weakening of the rand over the last quarter. The Ci Diversified Income Fund also posted positive returns for the quarter, thereby aiding the overall return of the fund. Local Equity exposure, through the Analytics Ci Managed Equity Fund, added to performance as local markets rallied over the quarter.
Local Property, through the Ci Property component, slightly detracted from performance over the last three months.
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 2.96% over the last three months, outperforming the MA Medium Equity Peergroup Average as well as the CPI + 5% benchmark. For the last 12 months the fund has slightly underperformed the peergroup but outperformed the CPI benchmark.
The outperformance over the last three months was driven primarily by the local and global equity components, through the Analytics Ci Managed Equity Fund as well as the Analytics International Flexible Fund. Offshore exposure benefitted the fund’s performance as the rand weakened over the last three months, coupled with the strong performance from the underlying global equity managers of theAnalytics International Flexible Fund.
Returns of the Stanlib Bond Fund as well as the Ci Diversified Income Fund added to theFund’s performance over the last three months, whilst the Ci Property fund slightly detracted from 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 2.80% over the last three months, outperforming the MA High Equity Peergroup Average as well as the CPI + 5% benchmark. For the last 12 months the fund has slightly underperformed the peergroup, but has outperformed its CPI + 5% benchmark.
The outperformance over the last three months was driven primarily by the local and global equity components, through the Analytics Ci Managed Equity Fund as well as the Analytics International Flexible Fund. Offshore exposure benefitted the fund’s performance as the rand weakened over the last three months, coupled with the strong performance from the underlying global equity managers of the Analytics International Flexible Fund.
Returns of the Stanlib Bond Fund as well as the Ci Diversified Income Fund added to the Fund’s performance over the last three months, whilst the Ci Property fund slightly detracted from 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 2.21% over the last three months, outperforming the SA Equity General Peergroup Average and slightly underperforming the FTSE/JSE All Share benchmark. For the last 12 months the fund has outperformed the peergroup and slightly underperformed the FTSE/JSEAll Share benchmark.
The outperformance over the last three months was driven primarily through the Alpha and Multi-Factor components of the Fund (through Ci Alpha and Fairtree, as well as Ci Engineered Equity Core) which both posted peer-beating returns for the quarter.
The Analytics Bespoke Equity Component, managed by Analytics Securities Consulting, generated a positive contribution to performance for the quarter, whereas the passive equity component, managed through Ci Equity, slightly detracted from 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 3.68% over the last three months, significantly outperforming the Wwide MA Flexible Peergroup Average as well as the CPI + 5% benchmark. For the last 12 months the fund has underperformed the peergroup and CPI benchmark.
The outperformance over the last three months was driven primarily by the returns from the global equity component, through the International Flexible Fund, which benefitted from the weakening of the rand over the last three months as well as the strong performance from the underlying global equity managers.
The local equity component, through the Analytics Ci Managed Equity Fund, also posted a positive contribution to performance for the last quarter.
No Changes were made to the fund in the last three months.
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 3.94% over the last three months, significantly outperforming the 2.74% return of the 60% MSCI ACWI, 40% WGBI benchmark. For the last 12 months the fund has underperformed the 60% MSCI ACWI, 40% WGBI benchmark.
The strong performance in the last quarter was driven primarily by the positive returns of the active global equity managers, i.e Ninety One Global Franchise, Ninety OneGlobal Environment and Fundsmith Equity, all of which generated returns in the top quartile over the last three months. The passive global equity tracker also generated positive returns for the quarter and bolstered the fund’s performance.
Global Fixed Income Manager Rubrics posted a positive return for the last quarter.
No Changes were made to the fund in the last three months.
Disclaimer:
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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Collective investment schemes(“CIS”) are generally medium to long-term investments. The value of participatory interests or the investment may go down as well as up and past performance is not necessarily a guide to future performance. No guarantees should be inferred either with respect to the capital or the return of a portfolio. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. International Investments may include additional risks such as potential constraints on liquidity and repatriation of funds, macroeconomic risk, political risk, foreign exchange risk, tax risk, settlement risk as well as potential limitations on the availability of market information. CIS are traded at ruling prices and can engage in borrowing and scrip lending. The portfolios may be closed from time to time in order to manage them more efficiently in accordance with their mandate.
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Website: www.analyticsconsulting.co.za.
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.
