NAV on 2019/01/18
|NAV on 2019/01/17
|52 week high on 2018/12/31
|52 week low on 2018/04/03
|Total Expense Ratio on 2018/09/30
|Total Expense Ratio (performance fee) on 2018/09/30
Sanlam Collective Investments
South African--Multi Asset--Income
Stefi + 2% p.a
No email address listed.
No website listed.
Brandon has 17 years investment experience. He started his finance career at NBS Bank where he established and developed the market research and planning function. Brandon then moved to BoE Bank Treasury, where he initially focused on forex exchange trading and interest rate and currency arbitrage. Thereafter, he managed the market risk of BoE Treasury, BoE Stock Brokers and BoE Hedge Funds while completing his CFA. He was Global Treasurer of Seaboard Overseas Limited, a NYSE-listed multi-national commodity-trading company before joining Metropolitan Asset Managers. At Metropolitan, he headed up the Hybrid & Structured Investments unit which specialised in Liability Driven Investments, sovereign, corporate and inflation-linked bond structuring, interest rate and equity-derivative structuring. Brandon was the chairman of the Alternative Strategies Investment Committee and managed an enhanced income fund focusing on alternative asset application and multi-strategy fund management. In early 2012, Brandon, Deon van Zyl and a group of investors founded Saffron Wealth. Brandon is the lead manager on the Saffron Opportunity Income Fund which won the 2014 Raging Bull Award for the Best South African multi-asset income fund on a risk-adjusted basis.
Saffron MET Opportunity Income comment - Sep 13
The fund returned 1.55% for the third quarter of 2013 (previous two quarters 2.55% and 2.24% respectively), taking the rolling one year return to 7.75% (8.51% at the previous quarterly report) and outperforming the STEFI cash index by 2.57% over a rolling one year period (previous quarters 3.24% and 2.99%). On the global front, the possible tapering off of Quantitative Easing by the US Federal Reserve was the main driver of rate and equity price volatility over the quarter. Its failure to materialise was met by wide market surprise and served to force the interest rate bears on to the backfoot, albeit temporarily. Expectations of QE tapering drove US 10Y yield higher which in turn eroded confidence in emerging market currencies and rates. Whilst South Africans sovereign debt moved a meagre 4BP over the quarter, the true trading range was a significant 80BP within a market characterised by poor liquidity. Similarly, the Rand depreciated a misleading 15c over the quarter, masking the 80c true range for the period. Foreign owners continue to play a significant role in our domestic bond market and despite prevailing negative sentiment and significant selling of our government bonds, remain net purchasers for the year. In commodity markets, energy prices moved higher on the back of an expected improvement in global growth and Middle East geo-political uncertainty. The price per barrel of Brent crude increased by 6.2% over the quarter with the currency effect of the Rand taking it to 7.7%. In precious metals, Silver was the clear outperformer, rising 10.34%, followed by palladium (+9.87), copper (+8.31%), gold (+7.64%) and platinum (+5.77%). The price increase in those metals extracted domestically served at least to support the rand to some extent against a backdrop of lacklustre trade and fiscal balances. With a disappointing domestic growth backdrop, negative sentiment in the manufacturing and mining sectors, lagging job creation, favourable inflation base effects and input prices, makes the likelihood of policy rate increases unlikely in the near term, despite inflation having moved above the target band. Barring the metals component, food, livestock and textile components of the CRB Commodity Index were negative for the quarter. The inflation outlook however, remains significantly currency dependent. Over the last quarter the fund tactically reduced duration into recovering rate markets after accumulating longer maturity assets into previous weakness. The fund remains focussed on the short end of the yield curve, maintaining our preference for a strategic duration of below 6 months. We see specific opportunity in short-dated credit and the opportunities created by an overall increase in market volatility. We continue to seek value opportunities that on a risk-adjusted basis will achieve our objective of Cash (STEFI) +2%.
The portfolio will invest across the full spectrum of income generating assets including interest bearing securities (including, but not limited to bonds, convertible bonds, debentures, corporate debt, cash deposits and money market instruments) as well as inflation-linked bonds, corporate bonds, listed property, and preference shares. The portfolio will be actively managed with exposure to various asset classes to reflect changing economic and market circumstances, in order to maximise returns to investors. For efficient portfolio management purposes, the Manager may invest in financial instruments (listed and unlisted derivatives) allowed by the Act in order to achieve its investment objective.
The portfolio will also invest in participatory interests and other forms of participation in portfolios of collective investment schemes, registered in South Africa and other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the Manager and Trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa and which is consistent with the portfolio's primary objective.
This portfolio will be managed in accordance with the regulations governing pension funds.
The Manager is permitted to invest on behalf of the portfolio in offshore investments as permitted by legislation.