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  •  Southern Charter BCI Worldwide Flexible Fund of Funds (A)

-0.26  /  -0.18%


NAV on 2019/11/14
NAV on 2019/11/13 147.52
52 week high on 2019/11/01 147.65
52 week low on 2019/01/07 127.87
Total Expense Ratio on 2019/06/30 2.09
Total Expense Ratio (performance fee) on 0
NAV Incl Dividends
1 month change 3.25% 3.25%
3 month change 2.91% 3.79%
6 month change 6.78% 7.7%
1 year change 9.58% 11.1%
5 year change 4.92% 5.8%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Bonds 3.88 6.68%
Fixed Interest 2.41 4.14%
General Equity 3.56 6.11%
Liquid Assets 0.30 0.52%
Real Estate 3.81 6.55%
Spec Equity 29.80 51.25%
Specialist Securities 14.39 24.75%
  • Top five holdings
U-NEDGEFF 7.61 13.09%
U-INVGLFA 7.52 12.93%
U-GLEMMRK 5.07 8.73%
U-SYIXSP5 4.88 8.39%
U-CORBOND 3.88 6.68%
  • Performance against peers
  • Fund data  
Management company:
Boutique Collective Investments (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
Worldwide--Multi Asset--Flexible
CPI plus 5% p.a.
Contact details




  • 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 Char BCI WW Flexible 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 and reflects our best unconstrained asset allocation strategy.
The Southern Charter BCI Worldwide Flexible Fund of Funds primary objective is to generate moderate to high long term total returns. The fund aims to provide investors with capital growth of 5 % above inflation over a 2 year rolling period, by investing in a combination of asset classes including local and international equities, fixed interest, property and cash. The manager shall have maximum flexibility in terms of asset allocation and shall not be precluded from continually varying the underlying exposure to both local and offshore assets such as equities, non-equity securities, bonds, preference shares, property, fixed interest and money market portfolios and assets in liquid form. This fund is NOT Regulation 28 compliant and therefore will reflect our best unconstrained asset allocation strategy. It is ideal for investors with discretionary funds and who are willing to have a high exposure to offshore assets.

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