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Tailored for investment professionals this site provides information on our products, strategies and services. Please remember capital is at risk and past performance is not a guide to the future.

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Value Fund

The Investec Value Fund aims to create wealth for our clients over the long term through active management and a value investing approach that is bottom-up driven and valuation biased.

John Biccard

John Biccard

Portfolio Manager

Why choose this fund?


The Fund follows a deep value, bottom-up stock-picking approach

Not benchmark cognisant, favouring undervalued equities with attractive dividend yields and strong cash flows

Makes highly concentrated investments in a limited number of specific stock ideas

Fund facts

Sector: ASISA SA Equity General
Launch Date: 2 May 1997
Minimum investment: Lump sum: R10, 000
Total Expense ratio (A CLASS): 2.35%
Performance fee in TER: 1.17%
Transaction cost (A CLASS): 0.31%
Risk Profile:
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Annualised performance

A proven track record and deep value investment style that has delivered performance over the long term.

*Inception date: 02.04.00, A class. Source: Morningstar as at 30.09.17. Returns are calculated on a NAV-to-NAV basis, net of A class fees, with gross income reinvested. Market indices are gross of fees. Benchmark: 87.5% FTSE/JSE All Share Index (ALSI) + 12.5% MSCI AC World NR (ACWI). Highest and lowest 12-month rolling performance since inception* is 87.4% and -28.2% respectively.

Important information

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 which is registered under the CIS 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 may differ as a result of initial fees, actual investment date, date of any subsequent reinvestment and any dividend withholding tax and past performance is not necessarily a guide to the future. Performance figures above are based on lump sum investments, using NAV to NAV figures net of fees with gross income reinvested, in South African Rands. Different classes of units apply to the Fund and the information presented is for the most expensive class. Fund valuations and transaction cut-off time are 16h00 SA time each business day. This portfolio may be closed in order to be managed in accordance with the mandate. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. A higher Total Expense Ratio (TER) does not necessarily imply a poor return, nor does a low TER imply a good return. Where portfolios invest in the participatory interests of foreign collective investment schemes, these may levy additional charges which are included in the relevant TER. The ratio does not include transaction costs. The current TER cannot be regarded as an indication of the future TERs. Fund prices are published each business day in selected media. Additional information on the Fund may be obtained, free of charge, atwww.investecassetmanagement.com. The Manager, PO Box 1655, Cape Town, 8000, Tel: 0860 500 100.Investec Asset Management (Pty) Ltd (Investec) is a member of the Association for Savings and Investment SA (ASISA). The scheme trustee is FirstRand Bank Limited, PO Box 7713, Johannesburg, 2000,Tel: (011) 282 1808. 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 (Pty) Limited is an authorised financial services provider.