•  Sage Sanlam Collective Investments Moderate Solution FoF (A2)

-14.52  /  -0.86%


NAV on 2020/10/28
NAV on 2020/10/27 1696.17
52 week high on 2020/01/20 1784.77
52 week low on 2020/03/23 1387.77
Total Expense Ratio on 2020/06/30 1.73
Total Expense Ratio (performance fee) on 2020/06/30 0
Incl Dividends
1 month change 0.23% 1.16%
3 month change 0.26% 1.19%
6 month change 7.45% 8.8%
1 year change -1.84% 1.47%
5 year change 0.15% 2.7%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Bond Funds 29.89 7.57%
General Equity 58.58 14.84%
Liquid Assets 1.54 0.39%
Managed 265.12 67.17%
Spec Equity 39.57 10.02%
Offshore 0.01 0.00%
  • Top five holdings
U-DEFPPSF 59.98 15.2%
U-INVCAUM 59.25 15.01%
U-MANAPPS 58.99 14.94%
U-FAIRTRE 58.58 14.84%
U-PPSBINX 46.98 11.9%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Medium Equity
CPI for all urban areas plus 5% over 36 month rolling period
No email address listed.

No website listed.


  • Fund management  
Rafiq Taylor
Sage Wealth Management Proprietary Limited

  • Fund manager's comment

Sage SCI Moderate Solution FoF - Dec 19

2020/02/28 00:00:00
The FoF is a combination of underlying managers with diverse skill-sets from various ASISA categories to build an optimal medium equity portfolio. The combination of managers strikes a balance between the CPI+5% target of the FoF, and its objective not to lose money over 12 months.
There were no manager changes over the quarter. The overall equity allocation of the FoF was largely been unchanged over the past six months with a look-through allocation close to the maximum 60% allowed by the category. Managers here continue to overweight SA equities (at 38.7%) over foreign equities (at 18.1%), and prefer SA cash (at 21.9%) to SA bonds (at 12.5%). The FoF has a 4.5% allocation to SA property, and a smaller allocation to foreign cash, bonds and property.
Over the past year, the FoF performed in line with its CPI+5% p.a. benchmark and benefited from the manager changes that were implemented earlier in the year. Over the three-year investment horizon of the FoF, however, the underwhelming performance of SA equities (up just 3.5% p.a.) has contributed to the underperformance of the FoF relative to its CPI+5% benchmark.
Recent changes to the portfolio have reduced its dependence somewhat on SA equity market performance to achieve its objective, although this remains an important component. In 2019 South African economic growth surprised on the downside, and this put a damper on the performance of SA equities (outside the resource sector) when compared to other equity markets. Our view is that the SA economy remains vulnerable to further weakness.
Despite this, the FoF typically will hold a substantial allocation to equities to deliver on its return objective, and consequently will benefit should SA equities positively rerate. At the same time, the FoF remains sensibly diversified (including a substantial allocation to foreign equities) while aims to protect capital should market conditions deteriorate.
  • Fund focus and objective  
The objective of Sage Sanlam Collective Investments Moderate Solution Fund of Funds is to secure steady growth of capital, and to offer a return of at least CPI plus 5% over a rolling three year period. The portfolio will aim never to have a negative return over any one year period.
The investment manager, Sage Wealth Management (Pty) Ltd follows the multi manager style of investing and will invest the portfolio in the participatory interests of various collective investment schemes managed by different specialist investment managers. The target of CPI plus 5% will be achieved through the construction of a portfolio with a strategic asset allocation appropriate for a CPI plus 5% return objective.
The objective will be achieved by investing in assets in liquid form, and participatory interests or any other form of participation in collective investment scheme portfolios or other similar collective investment schemes the Act may allow from time to time and managed by specialist investment managers. In line with the multi manager investment philosophy, the portfolio will be constructed to achieve diversification across different asset classes as well as different investment managers and investment processes. The philosophy therefore categorically excludes the possibility of the portfolio only investing in underlying collective investment schemes of just one manager. Key value propositions are the selection of multiple specialist investment managers as well as the combination of these managers into optimal portfolio structures in order to achieve the investment objective.
The strategic asset allocation will be achieved by combining participatory interests of collective investment scheme portfolios managed by specialist investment managers who use different and uncorrelated investment strategies.
The portfolio will be investing in participatory interests of portfolios which provide exposure to a flexible combination of equity, bonds, money market instruments, non-equity and property, as well as to various absolute return investment strategies.
The asset allocation will be actively managed by the multi-manager to reflect its view of the changing economic and market conditions. The portfolio will have an equity exposure of between 0% - 65%, depending on the investment manager's investment strategy for a CPI plus 5% return objective at the time. This portfolio is part of a range of risk profiled, multi managed fund of funds portfolios and the SMMI house view tactical asset allocation given specific market conditions will be applied uniformly to the range of portfolios. Therefore, should the house view be bullish on equities, the tactical allocation to equities will increase across the range of portfolios in line with their respective maximum equity exposure limitations, whilst equities exposure will decrease uniformly across all three portfolios should the house view be bearish on equities. Given the application of the SMMI house view exposure approach it is highly unlikely that these portfolios will ever have similar effective equity exposures.
The portfolio will obtain offshore exposure through investment in participatory interests of collective investment schemes approved in terms of the Act. This portfolio will comply with regulations governing pension funds.

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