Page 246 - Profiles's Unit Trusts & Collective Investments - September 2024

Novare Mayibentsha Moderate Qualified Fund of Hedge Funds - B4

Novare Mayibentsha Moderate Qualified Fund of Hedge Funds - B4
Novare Mayibentsha Moderate Qualified Fund of Hedge Funds - B4
INVESTMENT MANAGER STRATEGY ALLOCATION
Novare Investments (Pty) Limited Cash 0.07%
Equity long/short 35.52%
INVESTMENT OBJECTIVE
Equity market neutral 28.56%
The portfolio is a qualified investor fund of hedge funds. The
long-term return objective of the portfolio is to achieve CPI Fixed income arbitrage 27.57%
+3.5% over a rolling three-year period. This objective is also Multi-strategy 7.86%
considered the portfolio’s benchmark and hurdle rate. Unit Trusts 0.42%
INVESTMENT POLICY PERFORMANCE
A collective investment scheme (“CIS”) can be described as an
investment vehicle that allows investors to pool their money
into a portfolio, sharing in the risk and return of the portfolio in
proportion to their participatory interest in the portfolio. The
portfolio has a moderate risk/return profile. It is suitable for
investors with a medium to long-term investment horizon that
seek moderate capital growth with reasonable levels of income,
whilst being mindful of capital preservation. The portfolio will
typically invest in South African domiciled hedge funds across
various strategies and asset classes, including equity long/short,
equity market neutral and fixed income hedge funds. Volatility
in monthly returns will be lower than the All Bond Index. The
investment manager follows a multi-manager, multi-strategy
approach with the aim of diversifying the assets of the portfolio
amongst strategies and investment styles. The investment
manager aims to capitalise on investment opportunities across
asset classes, investment strategies and sectors. The portfolio RISK STATISTICS
aims to preserve capital by not producing a negative return over Alpha
a 36-month period while maintaining a low correlation with 0.98%
the JSE All Share Index and the All Bond Index. The use of Beta -0.13
leverage in the portfolio will be limited by means of a Value at Sharpe ratio 0.73
Risk (VaR) limit of 30% of the Net Asset Value (NAV), Standard deviation (%) 4.15%
FUNDS DETAILS as at 30 Jun 2024 Maximum drawdown -8.64%
measured at 99% confidence level of a month period.
Sortino ratio
1.07
All fees and charges include Vat
Information ratio
0.22
HEDGE Establishment of CIS portfolio 01/02/2016 Tracking error eVestment as at 30/06/2024
4.47%
Inception Date
01/04/2003
Fee class inception date
01/02/2016
Source of risk statistics
Portfolio Class
(04/2004 - 06/2024)
B4
Risk statistics period
Fund Size
NAV cents per unit R 674 088 788.26
16 643.19
Number of participatory interest 78 429.52
Benchmark CPI + 3.5% net of fees
Risk classification Moderate
Minimum lump sum R 1 000 000
Minimum monthly investment R 100 000
Annual management fee 0.69% (excl. VAT)
Performance fee 0.00%*
Income declaration Bi-annual (June,
December)
Transaction cut-off time 14:00 every business day
Portfolio Valuation 17h00 last business day
of the month
Accounting period dates 01 July - 31 December
01 January - 30 June
PERFORMANCE FIGURES
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2024 1.33% 0.58% 0.25% 0.93% 1.47% 1.80% 6.52%
2013 1.88% -0.11% -0.53% 0.51% -1.63% 1.65% 1.98% 1.06% 0.51% -0.56% 2.80% 1.25% 9.07%
2022 0.02% -0.19% 0.14% 1.93% 1.48% -0.43% 1.82% 0.11% -0.51% 0.93% 1.73% 0.63% 7.60%
2021 2.12% 1.65% 0.79% 1.25% 0.85% 0.73% -0.21% 0.41% 0.76% 0.04% -0.35% 2.25% 10.74%
2020 1.35% -0.72% -3.52% 4.83% 1.16% 2.02% 1.90% 0.91% -0.19% 0.52% 2.57% 1.59% 12.91%
2019 1.22% 1.01% 1.17% 1.02% -0.05% 0.68% -0.15% 0.11% -0.47% 0.87% 0.81% 0.93% 7.35%
Highest calendar annual performance since launch 19.47% (in 2009)
Lowest calendar annual performance since launch -6.41% (in 2008)
*The portfolio charges a performance fee of 13.16% of the amount by which it outperforms the hurdle rate (CPI + 3.5% net of fees).
244 Profile’s Unit Trusts & Collective Investments — HEDGE FUNDS