Page 192 - Profile's Unit Trusts & Collective Investments - September 2025

Fact sheet tips

Fact sheet tips

Technical overview

Formation date
This date refers to the date when the fund was launched. Where funds have merged, the formation
date of the fund continuing is used.

Holdings (excluding liquid assets)
This refers to the number of counters (shares, debentures, etc) in the portfolio as at
30 June 2025. The figure gives a rough indication of the risk diversification of the fund.
Original price
This is the price, in cents, at which the units were listed on the first day of trading.

TERs (total expense ratios)
The TER shows the total expenses incurred by the manager in running the fund, including the
annual management fee and other expenses charged directly to the portfolio. The TER is expressed
on an annualised basis (a TER of 1.7% of a R1bn fund equals costs of R17m per annum). The TER
includes annual management fees, performance fees and other portfolio charges, but not transaction
costs (which are reflected in the separate TC ratio, usually available on the fund manager page).
TER (A) 06/25: This is the total expense ratio, effective June 2025 for the A unit class
of the fund.
TER Perf% (A): This shows the portion of the TER that was attributable to performance charges.
A TER of 1.7% with a TER Perf% of 0.8% equals costs of R17m for the year of which R8m were
performance fees.
Annual fees
Annual management fees and annual broker commission (where applicable) are shown separately
by unit class.

Historical performance table
The historical performance table provides compound rates of return for both lump sum and level
monthly (debit order) investments over various periods from six months to 10 years depending on
fund history. (Note that this table and the distributions table are different for money market funds –
see below.)
NAV-to-NAV prices are used for all performance figures in the fact sheets (ie, no deductions
are made for initial charges, commissions or any other upfront fees). NAV prices are net of fund
management fees, but other annual fees that may apply (such as LISP fees or trailer commissions)
are not taken into account. This means that the performance figures will slightly overstate the rate
of return that would have been achieved by an investor paying initial charges, broker commission
or LISP fees (ie, the investor would have had a lower rate of return). Automatic reinvestment of
dividends and interest is assumed in all cases (see below).
For lump sum investments the rate of return is an annual compound rate for periods of more than
a year. For six months (generally only used for new funds with limited history) the absolute return
is shown (ie, not annualised). The growth in R1 000 over each period is also shown – this is an
absolute figure.
For level monthly investments the rate of return is the monthly compound equivalent, calculated
on the actual month-end figures for each fund. In other words, the figure shows the equivalent annual
interest rate (paid monthly in arrears) that you would have to earn in a deposit or savings account to
achieve the same total return. The cash value of an investment of R100 per month over each period
is also given.

190 Profile’s Unit Trusts & Collective Investments September 2025