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We believe that the benchmark choice and resulting returns form the most important elements of an equity strategy - by investing in a passive vehicle the returns to investment strategies are known. By applying a full replication strategy there is no risk of deviation from the chosen benchmark.
Illustrative Annualised Investment Performance
Minimum Disclosure Document (Fund Fact Sheet)
Performance Fees FAQ
Source of graph : Morningstar
This graph illustrates how an investment of R100 would have grown had you invested for the time period displayed. Like everything in life, all investments can change and come with some degree of risk. That’s why we need this disclaimer, to tell you that past performances are not necessarily a guide to future performances, and that the value of investments/units/unit trusts may go down as well as up.
The performance shown in the table above is a graphical representation of your selection (of the benchmark's past performance of the fund you selected) – including your investment objective, risk profile and fund choice – and is based on the past performance of the fund in relation to your investment. This performance is indicative and not guaranteed. The graph is for illustrative purposes only and investment performance is calculated by taking into account initial fees and all ongoing fees that you have to pay and the income reinvested on the reinvestment date.
The Manager has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. The actual fund performance can be viewed on the Minimum Disclosure Document. Annualised return is the weighted average compound growth rate over the period measured.
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Chief Executive Officer – Satrix
With a CFA and multiple degrees in Maths and Applied Maths, Helena clearly knows numbers. She started in a small start-up investment team, cut her teeth as a statistical research officer at Sanlam Life and also worked on the creation of Sanlam’s linked-product company, now known as Glacier. Since rejoining Sanlam Investment Management in 2000, Helena has built up a smart-thinking team that manages the largest equity portfolio of exchange traded funds (ETFs) in South Africa. They also have more than R30 billion in assets under management. That's quite a number.
Retail Class (%)
Advice fee | Any advice fee is negotiable between the client and their financial advisor. An annual
advice fee negotiated is paid via a repurchase of units from the investor.
The portfolio manager may borrow up to 10% of the market value of the portfolio to bridge
insufficient liquidity. This fund is also available via certain LISPS (Linked Investment Service
Providers), which levy their own fees.
Total Expense Ratio (TER) | The Total Expense Ratio (TER) is the charges incurred by the portfolio, for the payment of services rendered in the administration of the CIS. The TER is expressed as a percentage of the daily NAV of the CIS and calculated over a period of 1 year. The TER is calculated from 01 October 2015 to 30 September 2016. A higher TER does not imply a poor return nor does a low TER imply a good return.
The Transaction Cost (TC) is the cost incurred by the portfolio in the buying and selling of underlying assets. This is expressed as a percentage of the daily NAV of the CIS and calculated over a period of 1 year.
Traditionally, investment advice come with a fee of up to 1.14%. But our smart online system is working to make investing cheaper and more profitable for you and hence no initial or annual advice fees will be charged. The management fee you do pay is based on the fund selected and calculated on your total contributions, and then applied to the overall value of your portfolio.
YOUR INVESTMENT WILL NOT CHARGE THE FOLLOWING FEES
SO YOU’RE ONLY CHARGED THE RELEVANT FUND-MANAGEMENT FEE
Satrix, pioneers in the passive management space are now fully owned by Sanlam. It was the first to market with a passive solution and recently launched SA’s first smart beta multi-asset fund. The Satrix range is Sanlam’s answer to the growing demand for low-cost investments with a predictable index-linked outcome.
Annualised Total Returns
Annualised return is the weighted average compound growth rate over the period measured.
The year 2016 was definitely full of surprises starting with the Bank of Japan
stunning the market with a surprise move to negative interest rates, muted Chinese
GDP growth and the Brexit vote that wiped out about $2 trillion of global stocks
overnight and knocked the British pound to 31-year lows. This was followed by
Trump winning the presidency in a historic election upset in the US, which led to the
dollar reaching a 14-year high in November and also the long-awaited Fed interest
rate hike in December, with probably more to come in 2017.
The standout event over the last quarter must be the spectacular sell-off in US long
bonds following the election of Donald Trump as president. The yield of the 30-year
bond increased from 2.3% in October to 3.2% in mid-December as markets priced in
the likelihood of fiscal stimulus with the Republicans firmly in control. The Fed
continued on a path of vigilance against inflation as leading indicators point to
growth and the first signs of wage inflation become visible. Both these events are a
harbinger for a process that is likely to lead to higher global bond yields in future.
The 2016 performance of global equity markets was reasonable at best. The US
dollar return of the MSCI Developed Markets Index was 8.2% and that for the MSCI
Emerging Markets (EM) Index was 11.6%. The MSCI World Value Index
outperformed its Growth counterpart by 7.8% over the last six months, a level that
only occurred for 6% of the time over the last 20 years. Despite the 2016 rally, the
MSCI Value shares are still close to historic lows in terms of earnings, valuations
and price levels relative to Growth shares. The underperformance of Value stocks
has closely tracked bond yields and inflation expectations, both of which are in a
It is our view that global growth will be driven by an acceleration in the US with
stable growth in the Eurozone. The Chinese economy will probably grow at a slightly
lower rate as fiscal stimulus and the leveraging of the property sector slow down.
We also expect stable growth in emerging markets in general and South Africa
recovering from a low base as commodity prices stabilise.
The MSCI SA Index (+18.4%) outperformed the MSCI EM Index (+11.6%) in dollar
terms in 2016, as the rand (+12.6%) recovered to end 2016 as the third-best
performing EM currency, helped by the political landscape stabilising somewhat, SA
avoiding the foreign currency ratings downgrade and an improvement in commodity
prices and EM sentiment.
However, in local currency terms, the FTSE/JSE All Share Index (ALSI) (+2.6%)
underperformed SA bonds (+15.5%) and cash (+7.4%) in 2016. From a sector
perspective 2016 was a year for value cyclicals with General Mining (+61.6%),
Platinum (+50.5%) and Banks (+33.6%) among the best performing sectors. The
eventual appointment of Finance Minister Pravin Gordhan, who helped SA avoid the
ratings downgrade in 2016, and an improvement in EM risk sentiment helped the
rand to achieve its best year since 2009, appreciating by 12.6% in 2016.
Unsurprisingly, SA equities performed poorly, given the drag from rand-hedge
sectors, especially those with a significant sterling component, which came under
pressure as a result of the impact of Brexit - with the pound sterling being very weak
on a relative basis.
The FTSE/JSE Shareholder Weighted All Share Index (SWIX) delivered a 4% total
return in rand terms, which hides the massive outperformance of value shares vs
growth shares over the year, breaking a 10-year trend of value underperforming.
Resources stocks led the way and were up 29%, outperforming the financial and
industrial stocks, which posted a small decline.
Strong dividend yield and deep value attributes helped steer this index home to a
strong display in 2016 with the Dividend Plus Index realising a return of close to
25% over the last 12 months. Accompanied exposure from shares with strong
foreign sensitivity exposure enhanced the performance of this factor in the last
quarter of 2016. Simultaneous underexposure to price momentum and large cap
shares (Naspers NPN in particular) was a helpful enhancer.
As mentioned, the largest relative performance value-add came from the
underweight position to Naspers (NPN); Barloworld (BAW) and Telkom (TKG)
overweight positions also made handsome contributions. The overweight positions
in Sibanye Gold (SGL) and Life Healthcare (LHC) and underweight position in Anglo
American plc (AGL) weighed on the relative performance experience only slightly.
The FTSE/JSE made no changes to the Dividend Plus Index at the December
rebalance as it was not reviewed.
As long as the extraordinarily uncertain market environment persists, this factor is
likely to provide investors with the necessary defensive character inside their