Page 58 - Profiles's Unit Trusts & Collective Investments - September 2024

CHAPTER 3
Chart 3.3
Fund Name Date NAV TER Div Yield
South African - Equity - General Funds
10X S&P SA Dividend Aristocrats ETF 29-Aug 2396.63 0.58 7.37
10X S&P SA Top 50 ETF 29-Aug 3348.59 0.27 5.08
10X Scientific Beta Multi Factor ETF 29-Aug 5333.61 0.61 3.65
10X Top 60 SA Equity Index Fund A 29-Aug 12381.22 0.42 3.66
10X Top 60 SA Equity Index Fund B 29-Aug 12384.6 0.32 3.74
10X Top 60 SA Equity Index Fund C 29-Aug 12394.47 0.01 4.01
10X Top 60 SA Equity Index Fund P 29-Aug 12421.37 0.07 3.95
10X Top 60 SA Equity Index Fund T 29-Aug 12382.63 0.42 3.66
10X Wealth Top 20 Capped ETF 29-Aug 1047.99 0.31 3.58
1NVEST Index Fund R 29-Aug 1157.87 0.47 3.37
27four Shariah Active Equity Fund A1 29-Aug 310.76 1.84 1.44
36ONE BCI Equity Fund A 29-Aug 1063.73 1.94 1.19
36ONE BCI SA Equity Fund C 29-Aug 233.58 1.37 3.02
36ONE BCI SA Equity Fund C1 29-Aug 234.38 1.4 3.02
3B BCI Blended Equity Fund A 29-Aug 167.54 1.07 2.3
3B BCI Equity Fund A 29-Aug 267.12 2.2 2.35
Absa Prime Equity Fund A 29-Aug 994.27 1.18 2.81
Absa Select Equity Fund A 29-Aug 679.48 1.83 2.3
Accorn BCI Equity Fund A 29-Aug 112.58 3.27 1.02
Accorn BCI Equity Fund B 29-Aug 112.83 1.95 2.31
Aeon Active Equity Prescient Fund A1 29-Aug 135.4 0.89 2.88
AF Investments Equity Fund of Funds A 29-Aug 950.71 1.68 2.25
African Alliance Equity Prescient Fund A1 29-Aug 13225.6 0.99 1.91
All Weather BCI Best Ideas Equity Fund A 29-Aug 121.82 1.58 0.14
All Weather BCI Equity Fund B2 29-Aug 1317.65 1.01 2.84
Allan Gray Equity Fund A 29-Aug 59499.65 1.84 1.6
Allan Gray Equity Fund C 29-Aug 59585.31 1.66 1.69
Allan Gray SA Equity Fund A 29-Aug 48161.68 0.83 4.44
Illustration of part of a typical “price page” as published in the press or on the web. Note that, by convention, prices of unit trusts are
quoted in cents to two decimal places. A price of 226.81 in the newspaper is R2.26 and 81/100 of a cent. The number of units held is
typically also shown on the investor’s statement to several decimal places.

managers, however, have moved away from this system. Some have no initial fee at all but will
collect the advice fee (usually up to a maximum of 3.45%) and pay this to the broker/advisor if
approved by the client.
Initial charges levied by LISPs (platforms) usually exclude broker commission – the LISP will
collect an initial fee on behalf of the broker if an initial fee is negotiated with the investor. In some
cases, LISPs reward financial advisors via trailer fees (ie, annual, ongoing commission based on the
value of the investment rather than commission on purchase value). The LISP investor therefore
often trades upfront costs for higher ongoing costs.
The FSCA has indicated since 2011 that it is in favour of shifting the industry away from
composite commissions. The FSCA’s Retail Distribution Review (RDR) proposes a system where
financial advisors are remunerated on an activity basis: brokers would charge for what they do
(preparation of a financial plan, provision of product advice, paperwork and administration). The
RDR structure may still accommodate percentage-based deductions from client’s investments but
would require services to be itemised.
The RDR is an over-arching policy initiative, including some proposals which have already
been implemented by way of changes to existing legislation, regulation or guidelines, and others
that will reflect in future in various parts of the regulatory framework, including the Conduct of
Financial Institutions (COFI) Bill. Hence, the RDR will not become a piece of legislation in its own
right (see chapter 5).
Debit Orders and Reinvestment
Brokers’ fees do not only apply to initial lump sums. As a rule, brokers will also receive
commission on monthly debit orders. Some managers also pay commission on reinvestment of
income (ie, on purchase of units for the client with distributions) where the client has selected this
option. This is usually at the same rate (percentage) applied to lump sums.

56 Profile’s Unit Trusts & Collective Investments — Understanding Unit Trusts