NAV on 2019/01/17
|NAV on 2019/01/16
|52 week high on 2018/01/23
|52 week low on 2018/11/29
|Total Expense Ratio on 2018/09/30
|Total Expense Ratio (performance fee) on 2018/09/30
Prescient Management Company Ltd. (PIM)
China CPI + 3%
Prescient China Balanced Feeder - Sept 18
The Fund's Net Asset Value (NAV) was down -2.18 in September and -2.10% year to date (compared to the market, which lost -6.09% year to date) in ZAR. Since inception, performance sits at 16.49% per annum in ZAR. Throughout 2017, our asset allocation model delivered decent alpha while stock selection detracted. In Q1 2018, the tides had turned with asset allocation struggling as a result of choppy sentiment, whilst stock selection made a strong recovery. However, since Q2 2018, asset allocation started to deliver alpha again during the period of weak equity performance. Both models have contributed healthily towards alpha over the longer term, which we expect to occur looking ahead.
Contributors to performance
Value factor outperformed slightly.
Detractors from performance
Our Behavior and Quality factor underperformed marginally. ZAR strengthened against USD, which also detracted from performance.
The Prescient China Balanced Feeder Fund is a feeder fund portfolio. The investment objective of the portfolio is to achieve long term capital growth by investing, apart from assets in liquid form, only in participatory interests of the section 65 approved, Prescient China Balanced Fund ('underlying fund') operating under the Prescient Global Funds PLC Scheme domiciled in Ireland. The underlying fund invests in a diversified spectrum of Chinese equity, bond and money market instruments directly, including Chinese A-shares via Prescient's Qualified Foreign Institutional Investor license (QFII).
The underlying fund will predominantly invest in mainland Chinese equities, bonds, cash and money market instruments. The underlying fund may also invest in global equities, bonds and other interest bearing securities such as certificates of deposit, money market instruments, global currencies and through Regulated Funds which, in the underlying fund's Investment Manager's view, have good risk adjusted pricing characteristics. The underlying fund is permitted to invest in listed and unlisted financial instruments in line with the conditions as determined by legislation from time to time.
The Feeder Fund as permitted in Par 12(f) of Chapter IV of Board Notice 80 of 2012 will be allowed to enter into financial transactions for the exclusive purpose of hedging exchange risks subject to the conditions and limitations as stipulated in Chapter V of Board Notice 80 of 2012.
Nothing in the supplemental deed shall preclude the underlying funds Investment Manager from varying the ratios of asset allocation and securities, to maximize absolute return and investment potential in changing economic environments or market conditions or to meet the requirements, if applicable, of any exchange formally recognized in terms of legislation and from retaining cash or placing cash on deposit in terms of the Deed and any Supplemental Deeds thereto; provided that the manager shall ensure that the aggregate value of the assets comprising the portfolio shall consist of securities of the aggregate value required from time to time by the Act.
The Trustee shall ensure that the investment policy set out in this supplemental deed, the Deed and in all Supplemental Deeds thereto is carried out.
For the purpose of this portfolio, the manager in consultation with the Investment Manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.