25.59 /
0.6%
4240.82
NAV on 2019/01/18
| NAV on 2019/01/17 |
4215.23 |
| 52 week high on 2018/09/05 |
4835.85 |
| 52 week low on 2019/01/04 |
4185.61 |
| Total Expense Ratio on 2018/09/30 |
1.19 |
| Total Expense Ratio (performance fee) on 2018/09/30 |
0 |
| Basic Materials |
18.33 |
3.27% |
| Consumer Goods |
16.96 |
3.03% |
| Consumer Services |
27.68 |
4.94% |
| Financials |
118.68 |
21.18% |
| Fixed Interest |
0.20 |
0.03% |
| General Equity |
57.35 |
10.24% |
| Health Care |
19.73 |
3.52% |
| Liquid Assets |
-2.08 |
-0.37% |
| Other Sec |
26.80 |
4.78% |
| Telecommunications |
11.75 |
2.10% |
| Offshore |
264.92 |
47.28% |
|
O-REGLBL |
207.50 |
37.03% |
|
U-RECOREE |
57.35 |
10.24% |
|
HCI
|
30.08 |
5.37% |
|
STANBANK
|
28.97 |
5.17% |
|
RAC PREFS
|
26.80 |
4.78% |
Management company:
RECM Collective Investments (Pty) Ltd. |
Formation date:
2003/04/03 |
ISIN code:
ZAE000141727 |
Short name:
U-RECOREM |
Risk:
Unknown |
Sector:
Worldwide--Multi Asset--Flexible |
Benchmark:
CPI plus 8% |
Piet Viljoen
With 25 years industry experience, Piet has become very cynical about the industry & what it stands for. He started out as a lecturer at the University of Pretoria, and then joined the Reserve Bank as an economic analyst. He became a portfolio manager at Allan Gray Investment Counsel in 1991 and in 1995 he moved to Investec Asset Management. Piet founded RE·CM in 2003 and is our Executive Chairman. Piet believes that fund managers should be true professionals, and as stewards of their clients' capital, always act in their best interests. RE·CM's adherence to this philosophy truly sets it apart from its peers in the indutry.
Daniel Malan
Daniel has 23 years of investment industry and business management experience across multiple asset classes and geographies.
Paul Whitburn
Wilhelm Hertzog
After qualifying as a Chartered Accountant in the Financial Services division of PriceWaterhouseCoopers, where he served as an IFRS and financial instruments specialist, Wilhelm obtained his CFA charter and joined PSG Capital in 2005. At PSG, he worked as a proprietary investment analyst and corporate advisor on numerous deep value investment opportunities and a number of corporate transactions. Wilhelm joined RE·CM in February 2007. Standing up to peer pressure and standing apart from the crowd has always come naturally to Wilhelm: despite growing up in the Cape's Winelands and being the son of a wine connoisseur, he has been a teetotaler all his life.
RECM Global Flexible comment - Sep 14
2014/12/24 00:00:00
Sun International has been a top holding in the Fund for some time. The investment case is based primarily on margins going back to more normal levels through a recovery in the hotel cycle and trimming of excess fat in the business by new management. The business possesses barriers to entry in the form of casino licenses in a highly regulated industry and although Sun City is likely to continue to be a drag on returns on capital, there have been a few positive developments within the group recently. These include Sun International selling a 40% stake in GrandWest and Worcester casinos to Tsogo in a deal worth almost R2,2bn reducing the probability of a competing casino in the area, changes to the border between Mpumalanga and Gauteng allowing Sun International to move its licence from the Morula Sun to Menlyn Park, Pretoria (a very lucrative largely untapped casino market), and the sale of most of its African hotel operations to Minor International (MINT) at a reasonable price, with a resulting improvement in the quality of earnings going forwards. Despite the share rising on the back of this news, the stock still represents good value at these levels.
The RE:CM Global Flexible Fund is a rand denominated worldwide balanced fund that may invest in equities, bonds, property, cash and offshore assets. Funds are shifted between various asset classes to take advantage of areas of value. The primary objective of the portfolio is to generate returns greater than inflation over the long term with lower than average risk for investors.
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