| 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 FTSE/JSE All Share Index, 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: Portfolio Manager, Value Equities John is a portfolio manager at Investec Asset Management with responsibility for the value equity capability, and the Investec Value Fund unit trust. John joined Investec Asset Management in May 2000 as the sector head of Industrials, a position he held until early 2003. Prior to Investec Asset Management, John worked at Simpson McKie Stockbrokers (now HSBC Securities). From 1990 to 1996 he 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. From 1996 John was Head of Financial and Industrial Research at Simpson McKie and was a director of the company. In 1998 he joined HSBC Asset Management as a Director of Institutional Asset Management and managed the Sage Fund from December 1998. John obtained a Bachelor of Commerce in Economics from the University of the Witwatersrand and his Honours through the University of South Africa. He is also a Chartered Financial Analyst charter holder. |
| Fund Rating |  |
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Key facts
| Fund Size | R7727.8m |
|---|---|
| Fund launch date | 02/05/1997 |
| Share class launch date | 01/06/2006 |
| Domicile | South Africa |
| Peer group sector | ASISA Domestic Equity Value |
| 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 | 1.34% |
| TER date | 31/03/2012 |
| 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 | R10000 |
| Per month | R500 |
Share class codes
| ISIN | ZAE000024154 |
|---|
Collective investment schemes in securities (unit trusts) 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. Unit trusts are traded at ruling prices and can engage in borrowing and scrip lending. Forward pricing is used.
Quantifiable deductions are the initial fee whilst non-quantifiable deductions included in the net asset value price may comprise brokerage, MST, auditor's fees, bank charges, trustee and custodian fees. Commissions and incentives may be paid and if so, would be included in the overall costs. A schedule of fees and charges and maximum commissions is available on request from the company/scheme. If required, the portfolio manager may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Unit trust 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 (if applicable). This portfolio may be closed in order to be managed in accordance with the mandate (if applicable). 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. *For the period 1 July 2008 to 30 June 2009 the TER shows the percentage of the average Net Asset Value of the portfolio that was incurred as charges, levies and fees relating to the management of the portfolio. The ratio does not include transaction costs. A higher TER ratio does not necessarily imply poor return, nor does a low TER imply a good return. The current TER can not be regarded as an indication of the future TERs.
A #169 of our performance fees FAQ is available at www.investecassetmanagement.com. Investec Fund Managers SA Ltd is a member of the Association for Savings & Investment SA.
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.
