NAV on 2019/03/20
|NAV on 2019/03/19
|52 week high on 2018/09/04
|52 week low on 2018/03/28
|Total Expense Ratio on 2018/12/31
|Total Expense Ratio (performance fee) on 2018/12/31
H4 Collective Investments (RF) Pty Ltd.
CPI + 4% p.a.
Citadel Worldwide Flexible Comment - Sep 18
The third quarter of 2018 saw an escalation in global trade tension and a rise in emerging market turmoil, which weighed on most financial markets. Economic growth and earnings data in the US remained robust; and the US Federal Reserve implemented its third interest rate hike for the year. Global equities (MSCI All Country World Index), to which the fund had sizeable exposure, posted 4.3% in US dollars over the quarter; which translated into 7.7% in rand terms as the local currency weakened 3.1% against the US dollar. The fund also has meaningful exposure to global property (MSCI World REITs Index in US dollars) which rose 0.2%.
Local markets struggled on the back of weak economic data; and news that South Africa had entered a technical recession. Ongoing political uncertainty, coupled with South Africa being in the general emerging market crossfire, dampened investor sentiment. The fund's largest asset allocation is to local equity. The broader equity market (FTSE/JSE All Share Index) was down 2.2%, and the FTSE/JSE Capped All Share Index ('CAPI') was down 1.1%. SA listed property (FTSE/JSE Listed Property Index ('SAPY')), which also now comprises a meaningful portion of the fund, fell 1%. Exposure to SA preference shares, albeit small in the fund, also contributed positively, being one of the best performing asset classes locally year-to-date. The manager's view is that the fund is currently well diversified across asset classes, with a particular bias towards equities, both locally and offshore.
The fund continues to adhere to its policy.
The Citadel Worldwide Flexible H4 Fund a worldwide multi-asset flexible portfolio which aims to deliver a high long term total return. The manager shall have the maximum flexibility to vary assets between the various markets, asset classes and countries to reflect the changing economic and market conditions.
The portfolio's investment universe will comprise of listed equity securities and may also include interest-bearing securities, property shares, property-related securities, preference shares, money market instruments, non-equity securities and assets in liquid form.