The information on the Adviser and Institutional areas of this site have been tailored for investment professionals. Appropriate product, fund and service information
for private investors can be accessed on the
area of our site. Terms & conditions
This is a specialist index tracking fund tracking the performance of the FTSE/JSE SA Listed Property Index. It is best suited to investors with a long-term investment horizon (more than 5 years). For more information contact your financial adviser or broker.
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.
View, print and complete the form of your choice.
Email or fax the completed form to UTinstructions@sanlaminvestmentssupport.com or 0860 724 467
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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.
Sanlam Collective Investments (RF) (Pty) Ltd and Satrix Managers (RF) (Pty) Ltd, a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. Past performance is not necessarily a guide to future performance, and that the value of investments / units / unit trusts may go down as well as up.
A schedule of fees and charges and maximum commissions is available from the Manager on request. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio.
Annualised return is the weighted average compound growth rate over the period measured.
The FTSE/JSE SA Listed Property Index (SAPY) generated a total return of 1.26%
in the fourth quarter of 2016 and a very good relative performance of 10.2% for the
calendar year of 2016, which made it the second-best performing domestic asset
For the calendar year of 2016 it outperformed SA equities (2.6%) and SA cash
(7.5%) but underperformed SA bonds (15.5%). As a matter of interest, over the last
three to 10 years the SAPY has actually proven to be the best performing of these
four asset classes, and by a comfortable margin.
The best performing shares in the SAPY during 2016 included the likes of SA
Corporate, Rebosis, Delta, Growthpoint and Redefine, which rebounded off very
depressed levels or high dividend yields post the Nenegate sell-off in December
2015. These are shares with predominantly SA and hence rand exposures.
By contrast, some of the worst performing shares included rand hedge stocks or
stocks with UK and EU exposure, including Resilient, MAS plc, Nepi and
Rockcastle. This was on account of Brexit combined with the rand strengthening
sharply off its worst levels towards the end of 2015 - e.g. it was 25% stronger
against the British pound year-on-year.
Your portfolio performed in line with the index.
During the fourth quarter of 2016 various corporate actions led to changes in the
SAPY, of which the most important ones were the Rebosis rights issue and the
shares in issue change in Accelerate Properties. During the December 2016
quarterly rebalance Tradehold was replaced by Echo Polska Properties.
We also traded for various shares-in-issue changes, which brought the total oneway
turnover of the SAPY to about 1.8%.
The SAPY is currently on a 7% clean forward yield, with two-year expected growth
in dividends of about 7% p.a. This yield is now at a 180 basis points (bps) premium
to the long-bond yield. Also, with SA cash rates rising 0.75% this year, listed
property yields are exactly in line with SA cash (repo is 7%).
The spread versus bonds has narrowed, however, from as high as 260 bps in the
first quarter of 2016 on account of our local bonds rallying and the SAPY derating
slightly, from a low of about 6.6%. The implied average yield of just SA-specific
counters is higher, at close to 8%.
Given that 36% of the SAPY earnings are derived from offshore sources, the
SAPY’s behaviour relative to the SA 10-year bond is unpredictable. We note that a
100 bps increase (decrease) in the SAPY’s yield equates to a 13.2% (17.5%) capital
Our estimate of long-run SAPY performance versus other asset classes also
cements a view that listed property undoubtedly does warrant some level of
exposure in a balanced portfolio, even if the historic level of outperformance is
unlikely to be repeated given the current entry yield of 7% being lower than the
double-digit entry yields of many years ago.