635.81

NAV on 2017/06/21	637.9
52 week high on 2017/04/04	669.61
52 week low on 2016/06/27	582.32
Total Expense Ratio on 2017/03/31	0.64
Total Expense Ratio (performance fee) on 2017/03/31	0.64

	NAV	Incl Dividends
1 month change	-2.8%	-2.8%
3 month change	-3.68%	-3.68%
6 month change	2.45%	2.87%
1 year change	7.9%	9.75%
5 year change	15.33%	16.94%
10 year change	10.45%	12.98%

Basic Materials	166.39	10.17%
Consumer Goods	58.86	3.60%
Consumer Services	140.35	8.58%
Financials	287.09	17.55%
Fixed Interest	235.49	14.39%
Foreign	324.60	19.84%
Gilts	79.34	4.85%
Health Care	34.66	2.12%
Industrials	128.59	7.86%
Liquid Assets	48.12	2.94%
Other Sec	65.33	3.99%
Telecommunications	67.29	4.11%

U-RMBMM	173.25	10.59%
WOOLIES	101.10	6.18%
MTN GROUP	67.29	4.11%
RMIH	66.78	4.08%
MERAFE	66.52	4.07%

Management company: Boutique Collective Investments (RF) (Pty) Ltd.
Formation date: 2004/12/01
ISIN code: ZAE000060075
Short name: U-CENFLEX
Risk: Unknown
Sector: South African--Multi Asset--Flexible
Benchmark: Composite of 15% RESI J258T, 65% FINDI J250T, 20% Repo

Contact details

Email
clientservices@bcis.co.za

Website
http://www.bcis.co.za

Telephone
021-007-1500

Roger Williams

Centaur Asset Management

Centaur MET Flexible comment - Sep 13

2013/11/25 00:00:00

There was much to fret about over the last quarter: Will the West attack Syria? Will Gold Miners' strike? Will the US Fed tighten monetary policy? But none of these risks eventuated and the JSE rose 11% bolstered by an 18% rise in the JSE Resources Index. The global economy is not too hot (causing inflation and monetary tightening), nor too cold (where earnings are under pressure) and consequently equities are performing well. In the absence of tighter monetary policy or an economic shock, the stock market should hold up.
In investment circles there is often the debate between value and growth but the correct debate should be around a business's capability and business model. Winning investments mustn't be overpriced, but must also have the correct business model which allows them to grow at the expense of their peers.
I try to maintain vigilance in selecting the best portfolio in terms of risk and reward over the medium term. Your fund remains the top performing Flexible Fund over 5 years.

The portfolio may invest in global and local equity securities, government bonds, corporate bonds and inflation linked bonds, debentures, property securities, property related securities, preference shares, non-equity securities, interest bearing securities, money market instruments and assets in liquid form.

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