Page 247 - Profile's Unit Trusts & Collective Investments - March 2025

Novare Mayibentsha Market Neutral Qualified Fund of Hedge Funds - B1

Novare Mayibentsha Market Neutral Qualified Fund of Hedge Funds - B1
Novare Mayibentsha Market Neutral Qualified Fund of Hedge Funds - B1
INVESTMENT MANAGER STRATEGY ALLOCATION
Novare Investments (Pty) Limited Cash 0.16%
Equity long/short 19.34%
INVESTMENT OBJECTIVE
Equity market neutral 23.16%
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 57.29%
2.5% over a rolling three-year period. Multi-strategy 0.00%
Unit Trusts 0.06%
INVESTMENT POLICY
The portfolio will typically consist of a blend of South African PERFORMANCE
domiciled hedge funds with a focus on strategies with limited
market exposure, predominantly equity market neutral, fixed
interest arbitrage and low equity long/short strategies. 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 will seek to capitalise on investment opportunities
across asset classes, investment strategies and sectors. The
portfolio aims to preserve capital by not producing a negative
return over a 36-month period, while also maintaining a low
correlation with the JSE All Share Index and the All-Bond
Index. Investments of the portfolio must be allocated to a
minimum of ten underlying funds and an allocation to an
underlying fund may not exceed 12% of the NAV of the total
portfolio. The investment manager may make foreign
investments. As additional mandate stipulations, the portfolio
provides compounded returns, aims to avoid large drawdowns RISK STATISTICS
and aims to maintain the volatility of monthly returns lower Alpha 0.98%
than the South African All Bond Index. The portfolio does not
use leverage but the underlying portfolios may apply leverage. Beta -0.07
Sharpe ratio 0.80
DETAILS as at 31 Dec 2024 Standard deviation (%)
All fees and charges include Vat 2.49%
Establishment of CIS portfolio 01/02/2016 Maximum drawdown -4.42% HEDGE
Inception Date 01/12/2008 Sortino ratio 1.22
Fee class inception date 01/02/2016 Information ratio 0.34
Portfolio Class B1 Tracking error 2.89%
Fund Size R 446 649 333.00
NAV cents per unit 16 480.00 Source of risk statistics eVestment as at 31/12/2024 FUNDS
Number of participatory interest 2 652 255.00 Risk statistics period (12/2008 - 12/2024)
Benchmark CPI + 2.5% net of fees
Risk classification Moderate
Minimum lump sum R 1 000 000.00
Minimum monthly investment R 100 000.00
Annual management fee 0.53% (excl. VAT)
Performance fee 0.19%*
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 1.05% 0.70% -0.03% 0.53% 1.74% 1.52% 0.77% 1.39% 1.59% 0.28% 1.21% 0.77% 12.11%
2023 1.92% 0.39% 0.35% 0.25% -0.91% 1.45% 1.39% 1.01% 0.86% 0.26% 1.59% 1.29% 10.25%
2022 0.41% 0.59% 0.28% 1.02% 1.20% -0.23% 1.60% 1.16% -0.07% 0.50% 1.48% 0.57% 8.81%
2021 1.72% 1.03% 0.63% 0.75% 0.59% 0.62% -0.14% 0.69% 0.49% 0.26% -0.29% 1.74% 8.36%
2020 1.57% -0.22% -4.21% 4.64% 1.23% 1.12% 1.02% 0.89% 0.31% 0.62% 1.62% 0.40% 9.13%
Highest calendar annual performance since launch 12.78% (in 2009)
Lowest calendar annual performance since launch 5.57% (in 2016)
*The portfolio charges a performance fee of 13.16% of the amount by which it outperforms the hurdle rate (CPI + 2.5% net of fees).

Profile’s Unit Trusts & Collective Investments — HEDGE FUNDS 245