Page 194 - Profile's Unit Trusts & Collective Investments - September 2025

Fact sheet tips

Value
The value of shares held within the specified sector as at the end of June 2025 and
six months earlier.

Percent of fund
The percentage of the fund’s total assets that the counter represents.
Difference
The difference column reflects the difference between percent of fund at 30 June 2025 and
31 December 2024. This allows you to see how the weightings within the main sectors have shifted.
Note that a change in weighting can be due to a fall in that sector, and does not necessarily mean
that the fund has been offloading shares in that sector.
For the total, the difference reflects the growth (or shrinkage) in the gross asset value of the fund.

Dividend
The short hand dividend is used in the structure table to denote cash which is accumulating for
distribution to unitholders at quarter end. This figure usually consists of dividends and interest.
Dividends accrue monthly, quarterly or bi-annually depending on the dividend policy of the fund.
All figures are gross (ie, excluding any DWT which may need to be applied when distributions are
made or reinvested for unitholders).
Liquid assets/money market
Cash, which normally includes short term money market instruments, shows the liquidity of
the portfolio (ie, the amount of cash on hand which has not been invested in shares, gilts, or
other counters).
Liquidity levels are an important factor in portfolio management. When the equity market is
booming, funds with high liquidity levels will tend to underperform the FTSE/JSE All Share index.
Conversely, funds with very low liquidity levels tend to be hit hardest when the share market falls.

Top 10 holdings

Units
The actual number of shares held at the end of June 2025. This figure multiplied by the market
price of the share at the end of June 2025 gives the value in the next column.
Percent of fund
The percentage of the fund’s total assets that the counter represents.

Difference
For each share, the difference is the units held at June 2025 minus the units held at
December 2024. One can see at a glance where a fund has been accumulating a particular share,
and where it has been selling.
Totals
The value column total obviously shows the percentage of the fund’s total assets represented by
the top 10 holdings. For the full asset value of the fund (and the change in this value from one period
to the next), see the portfolio structure table.

Distributions table
For all funds, we show the most recent actual dividend payouts in cents per unit. If there is no
dividend table, the fund had never paid a dividend as at 30 June 2025.
The yield is simply the total payout for the preceding 12 months divided by the NAV at the end of
the period expressed as a percentage. To keep interpretation simple and figures consistent, this
yield percentage is never annualised or adjusted. Where a fund in its first year of operation has only

192 Profile’s Unit Trusts & Collective Investments September 2025