Page 268 - Profile's Unit Trusts & Collective Investments - September 2025

Novare Mayibentsha Moderate Qualified Fund of Hedge Funds - B4 Hedge Funds

Novare Mayibentsha Moderate Qualified Fund of Hedge Funds - B4

INVESTMENT MANAGER STRATEGY ALLOCATION
Novare Investments (Pty) Limited Cash 0.25%
INVESTMENT OBJECTIVE Equity long/short 47.11%
The long-term return objective of the portfolio is to achieve Equity market neutral 23.47%
CPI + 3.5% over a rolling three-year period. This objective is Fixed income arbitrage 22.08%
also considered the portfolio’s benchmark and hurdle rate.
Multi-strategy
6.97%
HEDGE FUNDS return funds and long-only funds. PERFORMANCE
This will be achieved through diversified asset management
0.13%
Multi-Asset Income
with an emphasis on investment in hedge funds, absolute
INVESTMENT POLICY
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. RISK STATISTICS
The investment manager may make foreign investments.
The portfolio does not use leverage, but the underlying Alpha 1.12%
portfolios may apply leverage. Beta -0.13
DETAILS as at 30 June 2025 Sharpe ratio 0.72
All fees and charges include VAT Standard deviation (%) 4.11%
Establishment of CIS portfolio 01/02/2016 Maximum drawdown -8.64%
Inception Date 01/04/2003 Sortino ratio 1.07
Fee class inception date 01/02/2016 Information ratio 0.25
Portfolio Class B4 Tracking error 4.42%
Fund Size R 712 364 930.00 Source of risk statistics eVestment as at 30 June 2025
NAV cents per unit 17 715.00 Risk statistics period (04/2004 - 06/2025)
Number of participatory interest 81 217.00
Benchmark CPI + 3.5% net of fees
Risk classification Moderate
Minimum lump sum R 1 000 000
Minimum monthly investment R100 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
2025 -0.51% -0.52% -0.27% 0.93% 1.86% 1.05% - - - - - - 2.54%
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)
266 Profile’s Unit Trusts & Collective Investments September 2025