OVERVIEW

APS Ci Cautious Fund
April 2024

INFORMATION
DISCLOSURE

Calculation Period
1 Jan 2021 to 31 Dec 2023
Benchmark
CPI for all urban areas + 3% p.a. over a rolling 3 year period
ASISA Classification
South African – Multi Asset – Low Equity
Total Investment Charge
1.94%
Foreign Exposure
Up to 45%
Risk Profile
Low
Transaction Cost
0.04%
Fund Size
R 319.4 million
Total Expense Ratio
1.90%
Equity Exposure
The portfolio will have an Equity exposure between 0% and 40% at all times

About

Investment Objective
The objective of this portfolio is to provide investors with long-term capital growth from a portfolio that maintains a low risk profile. Investors will also be able to earn a reasonable amount of income. The composition of the portfolio shall reflect the investment structure of a retirement fund with a cautious risk profile and will comply with Regulation 28 of the Pension Funds Act. The portfolio may invest in listed and unlisted financial instruments, in order to achieve the portfolio's investment objective.
Characteristics
This is a multi-asset low equity portfolio which means that it may invest in a spectrum of equity, bond, property and money market and aims to achieve total returns in excess of inflation (CPI) + 3% over rolling 3 years and is ideal for cautious investors seeking capital growth at low levels of volatility. The portfolio may have a maximum equity exposure of up to 40% and complies with the regulation governing retirement funds. This portfolio may, at the discretion of the portfolio manager, invest up to 45% of the assets outside of South Africa.
Risk Reward Profile
Typically, the lower the risk, the lower the potential return and the higher the risk, the higher the potential return. There is no guarantee that returns will be higher when investing in a portfolio with a higher risk profile. The risk profile for this portfolio is rated as low, as it may only invest up to 40% in equity securities, both locally and abroad.

ASSET
ALLOCATION

SA Cash & Bonds
49.49%
Global Equity
21.67%
Global Bonds
12.58%
SA Equity
8.09%
Global Cash
4.12%
SA Equity (Index swaps)
3.05%
SA Property
0.61%
Global Property
0.22%
SA Property (Index Swaps)
0.17%

UNDERLYING
HOLDINGS

SA Cash & Ci Diversified Income Fund
34.99%
APS Global Flexible Fund
18.64%
APS Ci Global Flexible Feeder Fund
18.58%
Ninety One Diversified Income Fund
15.23%
Ci Alpha Fund
3.52%
SA Equity (Index swap instrument)
3.23%
SA Direct Equity
2.04%
Ci Engineered Equity Core Fund
1.81%
Ci Equity Fund
1.00%
STANLIB Corporate Money Market Fund
0.95%
Global Cash
0.01%

ANNUALISED
PERFORMANCE

Highest 1 year rolling return
17.06%
Lowest 1 year rolling return
-4.15%
* Benchmark: CPI for all urban areas + 3% p.a. over a rolling 3 year period
* ASISA: South African – Multi Asset – Low Equity

TOP 10 EQUITY
EXPOSURES

1. Naspers
1.16%
2. NVIDIA
0.98%
3. Microsoft
0.91%
4. Alphabet
0.88%
5. Gold Fields
0.76%
6. Standard Bank
0.70%
7. Novo Nordisk
0.62%
8. Apple
0.60%
9. Sanlam
0.55%
10. Visa
0.55%
Top 10 equity exposures are one month lagged.

PORTFOLIO
MANAGEMENT

Portfolio Managers
APS Asset Management (“APS”) is an association of independent financial advisors who specialise in wealth and portfolio management. Each associate is approved as an authorised financial services provider by the Financial Sector Conduct Authority and has been specifically invited to become an associate by the APS board on the basis of the associates' years of experience in the industry, expertise and reputation in the financial services industry. APS is an authorised financial services provider (FSP No. 1722).
Management Company
The portfolios are hosted and administered by Ci Collective Investments (RF) (Pty) Ltd (“Ci”). Ci is owned by a number of like-minded boutique multi-managers and managed by a team of experts, each with significant experience in the collective investments industry. Ci is approved by the FSCA as a manager in terms of the Collective Investment Schemes Control Act.

ADDITIONAL
INFORMATION

Launch Date
1 November 2006
Opening Nav Price
1347.82 cents per unit (Class A1)
Fund Size
R 319.4 million
Initial Fee
Class A1: 0%
Initial Advisory Fee Maximum
Max 3.45% (Incl. VAT)
Annual Service Fee
Class A1: 1.73% (Incl. VAT)
Annual Advisory Fee Maximum
Max 1.15% (Incl. VAT)
Total Expense Ratio
1.90%
Transaction Cost
0.04%
Total Investment Charge
1.94%
Calculation Period
1 Jan 2021 to 31 Dec 2023
Income Declaration Dates
31 March, 30 June, 30 September & 31 December
Last 12 Month Distributions
28/03/2024: (A1) 16.36, 29/12/2023: (A1) 12.19 29/09/2023: (A1) 15.38, 30/06/2023: (A1) 12.09
Income Reinvestment / Payout Dates
2nd working day in April, July, October and January
Transaction cut-off time
14:00
Valuation Time
17:00
Frequency of pricing
Our daily NAV prices are published on our website
ASISA Classification
South African – Multi Asset – Low Equity
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