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  •  Trésor Sanlam Collective Investments Flexible Fund (B1)

0.47  /  0.04%


NAV on 2019/05/21
NAV on 2019/05/20 1225.23
52 week high on 2018/09/06 1293.62
52 week low on 2019/01/07 1122.32
Total Expense Ratio on 2018/12/31 2.5
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change -2.68% -2.68%
3 month change 0.98% 0.98%
6 month change 6.96% 6.96%
1 year change 5.54% 5.54%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 2.60 3.03%
Consumer Goods 0.90 1.05%
Consumer Services 0.68 0.80%
Financials 2.64 3.08%
General Equity 9.51 11.10%
Industrials 0.66 0.77%
Liquid Assets 2.53 2.95%
Managed 9.26 10.81%
Other Sec 15.57 18.17%
Real Estate 6.30 7.35%
Spec Equity 18.91 22.06%
Specialist Securities 14.61 17.05%
Technology 1.33 1.56%
Offshore 0.20 0.23%
  • Top five holdings
SATRIXWDM 14.61 17.05%
U-OMGLOB 9.63 11.23%
U-TRESEQU 9.51 11.1%
U-COROPT 9.28 10.83%
U-CENFLEX 9.26 10.81%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
Worldwide--Multi Asset--Flexible
Category average for the ASISA category - Worldwide Multi Asset Flexible
Contact details

No email address listed.

No website listed.


  • Fund management  
Koos le Roux

  • Fund manager's comment

Trésor SCI Flexible Fund - Sep 18

2019/01/08 00:00:00
It was an emotional rollercoaster ride of ups and downs in the third quarter for investors, especially when looking at returns in Rand terms. At its weakest, the Rand traded at R15.41 to the US Dollar on close prices, and at its strongest at R13.11 in a massive band that is more than 17.5% wide. The JSE All Share Index experienced a similar ride, after having a relatively flat July it produced a decent 2.3% return for August, but September saw all of this (and then some) erased with a loss of 4.2%, leaving the South African Benchmark Equity Index down 3.8% year to date at the end of the Quarter. Even though some of the volatility can be attributed to local political issues, the bulk of it was contagion from issues in Turkey and negative implications for Emerging markets resulting from Trump’s trade wars, with global investors purely trading South African assets as a proxy given their favourable relative trade volumes and liquidity.
There have been quite a few changes in the Trèsor Funds of late, resulting from a change in the management of the funds, with the specific mandate to improve ASISA sector relative returns whilst bringing costs in the funds down. The fee reduction will take some time to reflect, as when referring to the TIC there are technicalities relating to calculation methodologies impacting the fee adversely through the seeding period, which carries through for the first three years. In reality, the all-in cost any current Investors is exposed to is quite a bit lower (as much as 1% lower in the Equity fund), with plans to reduce it significantly further over the months to come.
The forces likely to drive the markets in the medium term have not changed, being the effects of trade talks between the US and China on the Global side, and President Ramaphosa trying to balance the needs of the many with the cost of wiping out government inefficiencies and corruption, which will not happen overnight. We appreciate that the South African investment market has been difficult to navigate for years. The age-old philosophy of holding risk assets to provide returns has not paid off, leaving investors frustrated as one would have been better off in the likes of cash. It might feel like South Africa was unique in this context when comparing to global indices such as the MSCI All Country World Index, but the fact is that apart from the U.S., most other investment markets around the world have had the same experience.
This is hidden in the fact that the US has become such a big component of the global market that the numbers are somewhat distorted when viewed in unison.
From our perspective, this is the perfectly wrong time to change stance and reduce risk assets. Missing out on positive returns is every bit as hurtful as taking part in losses over the long run, and from a value perspective the situation has created plenty of opportunities.
  • Fund focus and objective  
The portfolio will invest in a combination of equities, bond, money market instruments, listed property as well as international equities and fixed interest investments. The portfolio will be broadly diversified across asset classes. The asset allocation will be actively managed by the investment manager to reflect changing economic and market conditions.
The investment manager will also be allowed to invest in listed and unlisted financial instruments (derivatives) as allowed by the Act from time to time in order to achieve its investment objective.
The portfolio will be managed by Tresor Wealth (Ply) Ltd. This portfolio will, at no time, duplicate any Sanlam multi asset portfolio.
The Manager shall be permitted to invest on behalf of the portfolio in offshore investments as legislation permits.
Apart from the above, the portfolio may also invest in participatory interests of portfolios of collective investment schemes registered in the Republic of South Africa or of participatory interests in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the Manager and the Trustee of a sufficient standard to provide for investor protection which is at least equivalent to that in South Africa.
For the purpose of this portfolio, the 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.
The Trustee shall ensure that the investment policy set out in the preceding clauses are adhered to; provided that nothing contained in this clause shall preclude the Manager from varying the proportions of securities in terms of changing economic factors or market conditions or from retaining cash in the portfolio and/or placing cash on deposit.
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