| Range: Investec Unit Trust Scheme |
| Fund objective |
| The Investec Value Fund aims to provide investors with capital growth over the long term. The objective is to achieve returns well in excess of the benchmark, measured over three year periods. The fund invests in value shares, which are equities trading at a discount to their fair value. The fund manager seeks value by selecting shares whose ratings are low relative to their historic performance, their earnings potential, their net asset value, or the ratings of other shares in the same sector. The fund also favours equities with attractive dividend yields and strong cash flows that are undervalued by the market. Fund features • A fund with a proven track record and investment style that delivers top performance over the long term • Outperformance of the broader stock market over the medium and long term, due to superior value-based stock selection • A specialist equity fund for investors who want exposure to value shares • Provides portfolio diversification from other investment styles, helping to reduce market downside |
| Portfolio manager: John Biccard |
| Portfolio manager biography: John is a portfolio manager at Investec Asset Management with responsibility for our Value Equity Strategy. John joined the firm in 2000 as the sector head of Industrials, a position he held until early 2003. Prior to Investec Asset Management, John worked at HSBC Asset Management as a director of Institutional Asset Management for two years and prior to that at Simpson McKie Stockbrokers (now HSBC Securities) as the head of financial and industrial research. He was also a director of the company. From 1990 to 1996, John was an analyst in the retail, construction, furniture, motor, media and general industrial sectors, and was ranked in the Financial Mail rankings between 1991 and 1996 in most of these sectors, achieving the top ranking in retail in 1994. John graduated from the University of the Witwatersrand with a Bachelor of Commerce in Economics and obtained his Honours through the University of South Africa. John is a CFA Charterholder. |
| Fund Rating |  |
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Key facts
| Fund Size | R5094.1m |
|---|---|
| Fund launch date | 02/05/1997 |
| Share class launch date | 02/04/2000 |
| Domicile | South Africa |
| Peer group sector | ASISA SA Equity General |
| Performance comparison index | FTSE/JSE All Share Index (ALSI) |
Share class charges
| Maximum initial charge | 0.00% |
|---|---|
| Annual management fee | 0.85% |
| Estimated total expense ratio | 1.15% |
| TER date | 31/03/2013 |
| Performance fee participation rate |
20% |
| Performance fee hurdle rate |
FTSE/JSE All Share Index (ALSI) |
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 | ZAE000024154 |
|---|---|
| Bloomberg | INVVALA SJ |
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.
Morningstar OBSR Analyst ratingTM: Copyright © 2012
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.
