•  Trésor Sanlam Collective Investments Income Fund (B1)

-0.76  /  -0.07%


NAV on 2020/10/29
NAV on 2020/10/28 1041.36
52 week high on 2019/12/30 1068.77
52 week low on 2020/04/06 983.8
Total Expense Ratio on 2020/06/30 1.15
Total Expense Ratio (performance fee) on 2020/06/30 0
Incl Dividends
1 month change -1.09% 0.53%
3 month change -0.06% 1.58%
6 month change 3.18% 6.02%
1 year change -1.63% 4.88%
5 year change 0.16% 6.93%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Fixed Interest 75.97 53.59%
Liquid Assets 13.62 9.60%
Money Market 5.02 3.54%
SA Bonds 38.41 27.09%
Specialist Securities 8.76 6.18%
  • Top five holdings
U-MIPENIN 26.36 18.59%
U-BCIINCP 19.88 14.02%
U-PSCINC 15.93 11.24%
U-SASFLXI 13.81 9.74%
MM-21MONTH 5.02 3.54%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Income
Category average for the ASISA category - South African Multi Asset Income
No email address listed.

No website listed.


  • Fund management  
Koos le Roux
Simon Morrison
Simon is the Head of Quantitative Research and a Portfolio Manager. He joined MitonOptimal in South Africa at the beginning of 2008, has a commerce degree in Financial Management from the University of Free State and holds the Chartered Financial Analyst® (CFA®) designation.Simon has been employed in the financial industry since 2004 in various capacities and is responsible for Technical and Quantitative fund analysis at MitonOptimal.
Norbert Engel

  • Fund manager's comment

Trésor SCI Income Fund - Dec 19

2020/02/28 00:00:00
2019 was a rollercoaster ride for most investors, understandably causing anxiety and fatigue for many. After posting a gain of just about 12% in the first half of the year, The JSE AllShare(Total Return) Index then lost in excess of 4.5% over the third quarter, only to regain about as much in the last quarter. The anxiety thus from the ups and downs, and fatigue given the market has not made much progress over the past 5 years.
Importantly, it did produce a return of 12.05% for the year, which is better than Bonds (ALBI + 10.32%), Cash(Stefi +7.29%) and substantially more than Property(JSAPY +1.93%). One can also not ignore though that this was from a low base, as 2018 saw the market lose 8.53% of it’s value.
There were some returns to be had Offshore, but the intense volatility there comes from the Rand Exchange rate which dominates returns. Once again the Rand, if measured to the US Dollar, traded in a massive band where it started the year at R14.40/$ and ended at R14.00/$, whilst trading as weak as R15.47/$ at times, and as strong as R13.25/$ at others, a spread of roughly 17%.
Stories influencing markets, from a Global perspective, mostly surrounded the constant seesaw in negotiations to implement Brexit, and effectively see the United Kingdom leave the European Union. From the U.S, constant media (formal and social) surrounded trade talks with China, and sanctions being implemented and reversed again. This caused sizeable moves in markets, especially in Emerging economies. Towards the end of the year, the focus moved towards allegations against the President, which eventually led to his impeachment. At the stage of writing this, an outcome has not been reached as to his fate yet.
Locally, focus was on weak economic data and further ratings agency downgrades on the back of failing parastatal entities, all begging the question of whether Ramaphosa has been doing anything effective in trying to revive the economy. The data certainly does not suggest it, and no one prominent has been held accountable for any of the corruption that he was voted in on promises to resolve.
Even at this background, it is always darkest before dawn, and our portfolios remain to be neutral to slightly overweight on growth assets, with the rational that we need to participate in the next bull run in order to stand a chance of meeting return targets. We still await a catalyst to entice global capital to return, but he timing of this remain uncertain. You can currently buy quality companies at decent prices, so trying to time the market is not worth the risk of missing out.
  • Fund focus and objective  
The portfolio will invest across the full spectrum of assets in the equity, bond, money market and property markets with the primary objective of maximizing income. Fixed income assets may include government bonds, inflation-linked bonds, corporate bonds, listed property, preference shares and money market instruments. The exposure to equities will not exceed 10% and exposure to property will not exceed 25%.
This portfolio will be managed in accordance with regulations governing pension funds.
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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