|Range: Investec Unit Trust Scheme|
|The Investec High Income Fund aims to maximise income and grow capital. The fund targets returns in excess of the benchmark, measured over rolling one year periods. The fund invests in high-yielding South African fixed-income assets, including government and corporate bonds, fixed deposits and money market instruments. The fund is actively managed and the maximum average duration of assets is two years. Fund features • A specialist fixed-income fund, which can form part of a larger portfolio • The focus is on reducing volatility of returns and preserving capital through active management • Lower volatility than a traditional bond fund • Ideal vehicle for investors requiring income|
|Portfolio manager: Vivienne Taberer, Simon Howie|
|Portfolio manager biography:
Vivienne is an investment specialist in the Global Emerging Market Debt team and a portfolio manager. She is responsible for Latin American bond and currency markets. Prior to joining the firm in 2002, Vivienne worked at Standard Bank in London for seven years, initially specialising in South African fixed income before moving into sales and trading across the whole spectrum of emerging market debt. Prior to this, Vivienne worked at Mizuho International in London and First National Bank trading South African bonds, bond options, FRAs and swaps. Vivienne graduated from the University of the Witwatersrand with a Bachelor of Commerce degree and a Bachelor of Laws degree and she has completed the London School of Business Investment Management Programme.
Simon is the head of the South Africa and African Credit team at Investec Asset Management. He joined in 2005 when he was tasked with building its credit business and capabilities. Investec Asset Management now holds a leading position in managing institutional credit portfolios, with a particular focus on high yield and unlisted credit. Simon was previously with Investec Bank where he was responsible for debt origination (incorporating corporate bonds, an asset-backed commercial paper conduit and securitisation) and was involved in the Southern African debt capital markets from its infancy in the late 1990’s. Simon is currently an executive committee member of the South African Securitisation Forum and is deputy chair of BondCom, the fixed income committee within ASISA. He holds a Bachelor of Architecture degree from the University of Natal and a Master in Business Administration degree from Nijenrode University in the Netherlands, and is a CFA Charterholder.
|Fund launch date||09/02/1994|
|Share class launch date||02/04/2000|
|Peer group sector||ASISA SA Interest Bearing Short Term|
|Performance comparison index||STeFI Composite (ALBI 1-3 pre 01/07/2011)|
Share class charges
|Maximum initial charge||0.00%|
|Annual management fee||1.00%|
|Estimated total expense ratio||1.14%|
|Pricing||16.00 SA Time (forward pricing)|
|Types of shares||Inc, N/A|
|Share class dealing currency||ZAR|
Share class codes
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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