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-0.32  /  -0.17%

188.23

NAV on 2019/11/14
NAV on 2019/11/13 188.55
52 week high on 2019/04/24 189.82
52 week low on 2018/11/23 173.06
Total Expense Ratio on 2019/06/30 1.85
Total Expense Ratio (performance fee) on 0
NAV Incl Dividends
1 month change 2.35% 2.35%
3 month change 2.68% 4.54%
6 month change 2.51% 4.35%
1 year change 6.3% 10.05%
5 year change 2.76% 5.44%
10 year change 7.18% 9.36%
Price data is updated once a day.
  • Sectoral allocations
Bonds 42.14 9.85%
Fixed Interest 94.94 22.20%
General Equity 45.71 10.69%
Liquid Assets 0.42 0.10%
Real Estate 22.46 5.25%
Spec Equity 150.87 35.27%
Specialist Securities 71.19 16.64%
  • Top five holdings
U-CORBOND 42.14 9.85%
U-CORRESO 41.22 9.64%
U-SYIXSP5 39.84 9.32%
U-INVGLFA 38.99 9.12%
U-SLFLEXI 35.49 8.3%
  • Performance against peers
  • Fund data  
Management company:
Boutique Collective Investments (RF) (Pty) Ltd.
Formation date:
2007/10/25
ISIN code:
ZAE000103859
Short name:
U-SOCHBAL
Risk:
Unknown
Sector:
South African--Multi Asset--Medium Equity
Benchmark:
42.5% FTSE JSE Swix J403T, 12.5% ALBI index, 10.0% FTSE JSE Listed Property J253T, 20.0% SteFI, 7.5% JPM INT Bond Index, 7.5% MSCI World index
Contact details

Email
clientservices@bcis.co.za

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

Telephone
021-007-1500

  • Fund management  
Ursula Maritz
Started as an economist at OMAM. Fund management experience across institutional and retail mandates. After 15 years at OMAM joined Foord Asset Management as a fixed income fund manager. Global multi-management experience with Mercer (New Zealand) as an asset consultant. Joined SMMI in 2005 with responsibility for SA asset allocation process, fund manager research and fund management of wrap funds and unit trusts with 18 years investment experience.
Mark Thompson


  • Fund manager's comment

Southern Charter BCI Balanced FoF comment - Sep 19

2019/10/30 00:00:00
The third quarter of 2019 proved a tough one, especially for Emerging Markets and South Africa. The rand depreciated by 7% vs the US dollar during the quarter and ultimately, widening twin deficits (negative fiscal and current accounts), dwindling growth and declining return on capital will continue to depress the rand and risk assets in South Africa. With this in mind, exposure to SA Property across all funds were lowered from neutral to underweight, and allocated to global equity, specifically US Equity where better growth opportunities exist as well as to increase offshore exposure to hedge a weakening rand. While SA Property share prices have fallen significantly and apparent valuations have improved, concerns about the risks to the sector due to fundamental headwinds and structural adjustments to increased scrutiny on governance prevail, with sector fundamentals not being fully reflected in the earnings and forecasts and hence share prices. A lower weight to the asset class better reflect our concerns about the risks to earnings of property companies.
SA Equity (SWIX) lost 4.6% during 3Q2019 while SA Property (SAPY) was down 4.4%, SA Bonds (ALBI) and SA Cash (SteFI) returned 0.7% and 1.8% respectively, while Global Equity (MSCI World) was up 8.2%, all of which bode well for the fund’s performance as the fund is underweight SA Equity and SA Property and overweight SA Bonds, SA Cash and Global Equity.
Looking forward to the final quarter of 2019: Markets have entered a “show me” phase. Better economic data and meaningful progress on the trade negotiations will be necessary for stocks to move sustainably higher. The global economy has reached a critical juncture and global growth has been slowing since early 2018, reaching what many would regard as “stall speed”. But global financial conditions have eased significantly over the past four months, thanks in part to the dovish pivot by most central banks and looser financial conditions usually bode well for global growth.
  • Fund focus and objective  
The Fund is actively managed with a value bias. By focusing on macro themes, the Fund looks to exploit valuation discrepancies in asset classes. The allocation to equities will be max 60%, depending on economic conditions with a neutral weighting of 50%. The allocation to assets other than equities, aims to reduce the risk of capital loss in the portfolio.
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