|Range: Investec Global Strategy Fund|
|The Fund aims to provide long-term capital growth primarily through investment in equities of listed companies from around the world, which are expected to enhance underlying profitability and Shareholder value through operational or structural improvements to their businesses. The Fund will be managed actively, with a long-term investment horizon. At least two-thirds of the investments of this Fund shall be made in the equities of companies anywhere in the world that are experiencing a significant change in ownership or business conditions, for example, through privatisation, demutualisation, deregulation or divestment from larger entities. The country and stock selection process will be research driven, taking into account both macro-economic developments and stock and country specific factors. Country, stock and sector selection are likely to be the most important drivers of the Fund’s performance over time.|
|Portfolio manager: Mark Breedon|
|Portfolio manager biography:
Mark is co-head of 4Factor Equity at Investec Asset Management as well as being a financials sector specialist. He is also lead portfolio manager for the Global Strategic Equity strategy. Mark has managed global equity portfolios for the last 14 years. He joined Investec Asset Management from Alliance Capital Management where he managed portfolios including the $500 million Worldwide Privatisation Fund, NYSE listed Southern Africa Fund, Spain Fund and Austria Fund. Prior to this Mark managed developed market equity accounts for Brinson Partners (formerly First Chicago), following an initial three year spell in research at Vickers da Costa. Mark graduated with an honours degree in Economics.
|Fund launch date||06/04/1994|
|Share class launch date||29/06/2007|
|Peer group sector||Equity Global|
|Performance comparison index||MSCI AC World NR (MSCI World NR pre 1/1/2011)|
Share class charges
|Maximum initial charge||5.00%|
|Annual management fee||1.50%|
|Estimated total expense ratio||1.94%|
|Pricing||16:00 New York Time (forward pricing)|
|Types of shares||Acc, Gross|
|Share class dealing currency||USD|
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.
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.