Page 267 - Profile's Unit Trusts & Collective Investments - September 2025

Hedge Funds Novare Mayibentsha Market Neutral Qualified Fund of Hedge Funds - B1

Novare Mayibentsha Market Neutral Qualified Fund of Hedge Funds - B1

INVESTMENT MANAGEMENT STRATEGY ALLOCATION
Novare Investments (Pty) Limited Cash 0.31%
INVESTMENT OBJECTIVE Equity long/short 23.90%
The long-term return objective of the portfolio is to achieve Equity market neutral 23.50%
CPI + 2.5% over a rolling three-year period. This objective Fixed income arbitrage 41.12%
also corresponds to the portfolio’s benchmark and hurdle Multi-strategy 11.09%
rate. The investment objective will be achieved through
diversified asset management with an emphasis on Multi-Asset Income 0.09%
investment in hedge funds, absolute return funds and long-
only funds. PERFORMANCE
INVESTMENT POLICY HEDGE FUNDS
The portfolio will typically consist of a blend of South African
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 RISK STATISTICS
may make foreign investments. As additional mandate
stipulations, the portfolio provides compounded returns, Alpha 0.98%
aims to avoid large drawdowns and aims to maintain the Beta -0.06
volatility of monthly returns lower than the South African Sharpe ratio 0.78
All Bond Index. The portfolio does not use leverage but the Standard deviation (%) 2.47%
underlying portfolios may apply leverage. Maximum drawdown -4.42%
DETAILS as at 30 June 2025 Sortino ratio 1.19
Information ratio
0.34
All fees and charges include VAT Tracking error 2.86%
Establishment of CIS portfolio 01/02/2016
Inception Date 01/12/2008 Source of risk statistics eVestment as at 30 June 2025
Fee class inception date 01/02/2016 Risk statistics period (12/2008 - 06/2025)
Portfolio Class B1
Fund Size R 443 997 827.00
NAV cents per unit 17 293.00
Number of participatory interest 2 567 575.00
Benchmark CPI + 2.5% net of fees
Risk classification Moderate
Minimum lump sum R 1 000 000.00
Minimum monthly investment R100 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
2025 0.13% -0.11% 0.34% 0.78% 1.56% 1.07% - - - - - - 3.82%
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).

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