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Last Update 4 年前
Manager Comments
The local JSE fell -2.0% during February on the back of an increase in global volatility. The Resources index struggled, while the more domestically focused Financials continued to perform well. Local Property again fell sharply, with the Resilient Group taking further strain.
Global investors bid up the price of Local Bonds, and the ALBI returned a healthy 3.9%. Global markets came under pressure going into February, with stronger than expected US employment numbers sparking an increase in volatility.
The MSCI ACWI index closed the month - 4.2% lower, while the MSCI Emerging Markets Index also fell -4.6%. The Nedgroup Inv Property fund was the biggest positive contributor to the portfolio's performance.
Investment Objective and Strategy
Deliver a return equal to or greater than CPI + 6% p.a. over rolling five year periods, while keeping the volatility of the portfolio as low as possible. Over any rolling three year period, the portfolio should always deliver a positive return.
The Portfolio is a Multi-Manager Fund and will ideally comprise at least two underlying funds and a maximum of six underlying funds. Fund selection will be biased towards funds that have high Sortino Ratio, low downside expectations and have been managed through significant negative equity market conditions.
The portfolio will invest in funds that allow the manager to make as many of the asset allocation decisions as possible. Manager selection will balance growth and value management styles. This portfolio is Regulation 28 compliant.
