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This site is for retail investors. We recommend that you seek independent financial advice to ensure our Funds are suitable for your investment needs. Please remember capital is at risk and past performance is not a guide to the future.

By entering you agree to our Terms & Conditions

If you are currently invested in an Investec unit trust fund, please click here for an update on Steinhoff.

Investec Asset Management has been a shareholder of Steinhoff International across many of our strategies for a number of years. At all times, our investment views were driven by rigorous fundamental analysis based on existing information available at the time, as well as regular interaction with management.

The announcement in early December that Steinhoff would postpone the release of their full-year results, their admission that there were accounting irregularities and the resignation of CEO Markus Jooste, took the market by surprise. While questions had been raised in recent months, the severity of the announcement precipitated a collapse in the share price.

At this stage, we do not know any more about the suspected accounting irregularities than what is contained in the most recent SENS announcement. We continue to engage with management to provide concrete information so that we can respond appropriately and in the best long-term interest of our clients.

We do believe a realistic downside scenario still indicates value. We will be regularly updating this page as and when new information comes to light.

Investec Asset Management’s exposure to Steinhoff is set out in the table below.

 

Exposure

  05.12.2017 06.12.2017 08.12.2017
Fund Name Steinhoff International Corporate Bonds Credit Linked Notes Total Total Total
Investec High Income A 0.00% 2.07% 0.70% 2.77% 2.74% 2.56%
Investec Absolute Balanced A 2.78% 0.00% 0.00% 2.78% 1.08% 0.37%
Investec Diversified Income A 0.00% 1.04% 1.49% 2.53% 2.52% 2.35%
Investec Gilt A 0.00% 0.90% 0.23% 1.13% 1.13% 1.03%
Investec Cautious Managed A 0.61% 0.01% 0.00% 0.62% 0.25% 0.07%
Investec Opportunity A 1.03% 0.03% 0.00% 1.05% 0.41% 0.15%
Investec Equity A 3.01% 0.00% 0.00% 3.01% 1.20% 0.42%
Investec SA Equity E 3.75% 0.00% 0.00% 3.75% 1.51% 0.52%
Investec Value A 0.69% 0.00% 0.00% 0.69% 0.85% 0.67%
Investec SA Value Z 5.23% 0.00% 0.00% 5.23% 2.53% 1.26%
Investec Emerging Companies A 0.00% 0.00% 0.00% 0.00% 0.00% 0.43%
Investec Worldwide Flexible G 3.78% 0.00% 0.00% 3.78% 1.50% 0.51%


Source: Investec Asset Management and Morningstar.


Performance

  Performance YTD (05/12/2017) Performance YTD (06/12/2017)
Fund Name Fund Performance Peer Group Average Fund Performance Peer Group Average
Investec High Income A 8.54 8.09 8.56 8.11
Investec Absolute Balanced A 3.23 7.17 2.60 7.05
Investec Diversified Income A 7.51 7.17 7.49 7.05
Investec Gilt A 6.34 5.34 6.04 5.21
Investec Cautious Managed A 8.41 8.84 8.10 8.35
Investec Opportunity A 10.11 11.20 9.47 9.96
Investec Equity A 14.28 12.46 11.26 10.14
Investec SA Equity E 12.53 12.46 8.88 10.14
Investec Value A -7.49 12.46 -10.01 10.14
Investec SA Value Z -1.32 12.46 -6.35 10.14
Investec Emerging Companies A -12.12 -4.02 -13.75 -5.98
Investec Worldwide Flexible G 9.44 12.63 6.33 11.58


Source: Investec Asset Management and Morningstar, performance NAV to NAV based.

  12 months to 30/11/2017 Since Inception to 30/11/2017
Fund Name Fund Performance Peer Group Average Fund Performance Highest rolling 12 months Lowest rollling 12 months
Investec High Income A 9.16 8.69 8.69 16.1 4.3
Investec Absolute Balanced A 3.26 7.72 7.06 11.3 2.9
Investec Diversified Income A 7.93 7.72 8.17 12.8 4.1
Investec Gilt A 5.95 5.02 9.76 26.7 -5.5
Investec Cautious Managed A 8.47 9.64 8.87 23.8 -6.8
Investec Opportunity A 10.39 12.72 14.87 43.8 -15.7
Investec Equity A 17.42 15.29 16.91 65.8 -34.8
Investec SA Equity E 16.18 15.29 8.46 16.2 -3.4
Investec Value A -1.29 15.29 18.79 87.4 -28.2
Investec SA Value Z 5.83 15.29 7.59 82.4 -27.9
Investec Emerging Companies A -11.32 -1.98 12.77 70.6 -42.2
Investec Worldwide Flexible G 12.78 13.46 5.89 18.4 -6.6


Source: Investec Asset Management and Morningstar, performance NAV to NAV based.

 

Important Information

All information and opinions provided are of a general nature and are not intended to address the circumstances of any particular individual or entity. We are not acting and do not purport to act in any way as an advisor or in a fiduciary capacity. No one should act upon such information or opinion without appropriate professional advice after a thorough examination of a particular situation. Past performance of investments is not necessarily a guide to future performance. This is not a recommendation to buy, sell or hold any particular security.

Collective investment schemes (CIS) 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. A schedule of charges, fees and advisor fees is available on request from the Manager, Investec Fund Managers SA (RF) (Pty) Ltd (IFMSA) which is registered under the Collective Investment Schemes Control Act. Additional advisor fees may be paid and if so, are subject to the relevant FAIS disclosure requirements. CISs are generally medium to long term investments and the manager gives no guarantee with respect to the capital or the return of the Fund. Performance shown is that of the fund and individual investor performance differs as a result of initial fees, actual investment date, date of any subsequent reinvestment and any dividend withholding tax. Performance figures above are based on lump sum investments, using NAV to NAV figures, net of fees with gross income reinvested ,in ZAR .The value of participatory interests (units) may go down as well as up. This is the copyright of Investec and its contents may not be re-used without Investec’s prior permission. Investec Asset Management is an authorised Financial Services Provider.