| Range: Investec Unit Trust Scheme |
| Fund objective |
| The Investec Managed Fund aims to provide investors with stable growth of capital over the long term. The objective is to achieve returns well in excess of the fund’s peer group average, measured over three to five year periods. The fund invests in a mix of South African equities, bonds and money market instruments, as well as international equity and fixed interest investments. Regulation 28 currently limits equity exposure to 75% of the fund (90% with listed property) and international exposure to 25% (for retirement funds exempted from the 15% limit). The allocation of assets is actively managed with a strong bias towards equities. Fund features • A balanced fund for investors who don’t want to actively manage their own asset allocation • Flexible investment style and stock selection process |
| Portfolio manager: Gail Daniel |
| Portfolio manager biography: Gail is a portfolio manager at Investec Asset Management with responsibility for the Investec Managed Fund. Gail joined the firm in 1991, where she worked on the Dealing Desk and contributed her analytical skills to the investment team. One year later, Gail joined the investment team and moved wholly into investments where she took responsibility for a selection of institutional portfolios and later, the Investec Managed Fund. She managed the Investec Worldwide Fund from its inception in 1995 until October 2000, when she was promoted to Head of Equities in South Africa. Gail served in this role until 2007, at which stage she focused on portfolio management and the development of the Investec Equity Fund and the Investec Equity Hedge Fund, which she managed successfully until October 2009. Gail graduated from the University of the Witwatersrand in 1990 with a Bachelor of Arts degree in Mathematics, Economics and Psychology, and gained her Honours in Economics from the University of South Africa in 1991. Gail also holds a MBA degree from the University of Cape Town Graduate School of Business. |
| Fund Rating |  |
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Key facts
| Fund Size | R6026.9m |
|---|---|
| Fund launch date | 09/02/1994 |
| Share class launch date | 02/04/2000 |
| Domicile | South Africa |
| Peer group sector | ASISA SA Multi Asset High Equity |
| Performance comparison index | Peer Group Average |
Share class charges
| Maximum initial charge | 0.00% |
|---|---|
| Annual management fee | 0.95% |
| Estimated total expense ratio | 2.38% |
| TER date | 31/03/2013 |
| Performance fee participation rate |
20% |
| Performance fee hurdle rate |
Out-performance of peer median |
Dealing information
| Pricing | 16.00 SA Time (forward pricing) |
|---|---|
| Types of shares | Inc, N/A |
| Share class dealing currency | ZAR |
| Lump sum | RR10,000 |
| Per month | RR500 |
Share class codes
| ISIN | ZAE000024170 |
|---|
Collective investment schemes in securities (CISs) are generally medium to long term investments. The value of participatory interests (units) may go down as well as up and past performance is not necessarily a guide to the future.
Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. CISs are traded at ruling prices and can engage in borrowing, up to 10% of portfolio net asset value to bridge insufficient liquidity, and scrip lending. Forward pricing is used. A schedule of charges, fees and adviser fees is available on request from the manager. Additional adviser fees may be paid and if so, are subject to the relevant FAIS disclosure requirements. For money market funds the price of each participatory interest is aimed at a constant value. While a constant price is maintained the investment capital is not guaranteed. The total return to the investor is primarily made up of interest received but, may also include any gain or loss made on any particular instrument. In most cases this will merely have the effect of increasing or decreasing the daily yield, but in extreme case, e.g. defaults by underlying issuers, it can have the effect of reducing the capital value of the portfolio. Excessive withdrawals from the portfolio may place the portfolio under liquidity pressures. In such circumstances a process of ring-fencing of withdrawal instructions and managed pay-outs over time may be followed. A fund of funds is a portfolio that invests in portfolios of CISs, which levy their own charges, which could result in a higher fee structure for these portfolios. Feeder Fund is a portfolio that, apart from assets in liquid form, consists solely of participatory interests in a single portfolio of a CIS. CIS prices are calculated on a net asset value basis, which is the total value of all assets in the portfolio including any income accrual and less any permissible deductions from the portfolio. Different classes of units apply to the fund and are subject to different fees and charges. Fund valuations take place at approximately 16h00 SA time each day. Purchase and repurchase requests must be received by the Manager by 16h00 SA time each business day. Performance figures are based on lump sum investment. This portfolio may be closed in order to be managed in accordance with the mandate. The risk profile is a measure of volatility, i.e. how the absolute return of the fund varies. Note that there are other risks in the fund, which are not reflected in this rating, and that this rating can change over time.
Where portfolios invest in the participatory interests of foreign collective investment schemes, including Investec's foreign funds, these may levy additional charges which are included in the relevant Total Expense Ratio (TER). A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The ratio does not include transaction costs. The current TER cannot be regarded as an indication of future TERs. A #169 of our performance fees FAQ is available at www.investecassetmanagement.com. Investec Fund Managers SA (RF) (Pty) Ltd is a member of the Association for Savings and Investment SA (ASISA). All information provided is product related, and is not intended to address the circumstances of any Financial Service Provider's (FSP) clients. In terms of the Financial Advisory and Intermediary Services Act, FSPs should not provide advice to investors without appropriate risk analysis and after a thorough examination of a particular client's financial situation.
Investec Asset Management is an authorised financial services provider.
Fund ratings may be provided by independent rating agencies based on a range of investment criteria. For a full description of the ratings, please see www.investecassetmanagement.com/ratings. Where Morningstar Star RatingsTM or Morningstar OBSR Analyst RatingsTM are shown these are effective as at the date shown in the share class summary above. A rating is not a recommendation to buy, sell or hold a fund.
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Morningstar. All Rights Reserved. The information, data and opinions expressed and contained herein are proprietary to Morningstar and/or its content providers and are not intended to represent investment advice or recommendation to buy or sell any security; are not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this Rating, Rating Report or Information contained therein.
