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11.38  /  0.26%


NAV on 2019/11/20
NAV on 2019/11/19 4362.64
52 week high on 2019/05/07 4500.7
52 week low on 2019/01/04 4185.61
Total Expense Ratio on 2019/09/30 1.36
Total Expense Ratio (performance fee) on 2019/09/30 0
NAV Incl Dividends
1 month change 0.48% 0.48%
3 month change 1.85% 2.02%
6 month change 0.26% 1.05%
1 year change 1.55% 2.73%
5 year change -0.18% 1.08%
10 year change 5.69% 6.55%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 15.77 2.93%
Consumer Services 17.23 3.20%
Financials 53.06 9.87%
Fixed Interest 0.08 0.01%
General Equity 53.38 9.93%
Gilts 10.01 1.86%
Health Care 10.96 2.04%
Liquid Assets 4.53 0.84%
Other Sec 22.96 4.27%
Telecommunications 10.02 1.86%
Offshore 339.73 63.18%
  • Top five holdings
O-REGLBL 238.36 44.33%
U-RECOREE 53.38 9.93%
 HCI 23.66 4.4%
 RAC PREFS 22.96 4.27%
TESCOCORP 14.18 2.64%
  • Performance against peers
  • Fund data  
Management company:
RECM Collective Investments (Pty) Ltd.
Formation date:
ISIN code:
Short name:
Worldwide--Multi Asset--Flexible
SA CPI + 6% per annum
Contact details




  • Fund management  
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.

  • Fund manager's comment

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.
  • Fund focus and objective  
The RECM 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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