Page 248 - Profile's Unit Trusts & Collective Investments - March 2025

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 0.19%
Equity long/short 46.93%
INVESTMENT OBJECTIVE
Equity market neutral 23.39%
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 21.61%
+3.5% over a rolling three-year period. This objective is also Multi-strategy 7.76%
considered the portfolio’s benchmark and hurdle rate. Multi-Asset Income 0.12%
INVESTMENT POLICY PERFORMANCE
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 aims to preserve capital by
not producing a negative return over a 36-month period while
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 eight underlying funds and an
allocation to an underlying fund may not exceed 20% of the
NAV of the total portfolio. The investment manager may make
foreign investments. The portfolio does not use leverage, but RISK STATISTICS
the underlying portfolios may apply leverage. Alpha 1.21%
DETAILS as at 31 Dec 2024 Beta -0.14
All fees and charges include Vat 01/02/2016 Sharpe ratio 0.75
Establishment of CIS portfolio
Standard deviation (%)
FUNDS Inception Date 01/04/2003 Maximum drawdown -8.64%
4.12%
Fee class inception date
01/02/2016
Sortino ratio
1.12
Portfolio Class
B4
Information ratio
0.27
Fund Size
R 709 590 645.00
HEDGE NAV cents per unit CPI + 3.5% net of fees Tracking error eVestment as at 31/12/2024
4.45%
17 343.00
Number of participatory interest
80 906.00
Source of risk statistics
Benchmark
(04/2004 - 12/2024)
Risk statistics period
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 0.18%*
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% 1.57% 1.64% 2.13% 0.02% 1.18% 0.81% 14.57%
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 2005)
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).
246 Profile’s Unit Trusts & Collective Investments — HEDGE FUNDS