Page 176 - Profile's Unit Trusts & Collective Investments - March 2026

Chapter 9 Fund manager interviews

Policy rates remain primarily driven by inflation, which has benefited from a favourable terms-
of-trade environment. Specifically, the sustained strength in PGM prices has fortified the current
account and stabilised the Rand, reducing imported inflationary pressures.
Unless we encounter significant external supply shocks, the SARB has room to continue lowering
the policy rate toward a more neutral level over the next 12 to 24 months.
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Visio BCI Actinio Fund
Sector: South African–Multi Asset–Flexible Unit Trust
Awards
Portfolio manager: Patrice Moyal 2026
Benchmark: CPI + 3% p.a For performance to 31 December 2025
WINNER
Returns to investors 1 year 3 years
Visio BCI Actinio Fund 30.52% 20.96%
Sector Average 18.80% 14.40%
Inflation (CPI) 3.60% 3.91%
ProfileData performance stats to 31 December 2025: CAGR with dividends reinvested

Describe your investment universe
SA equity, SA fixed income, SA property, SA cash, Global equity, Global fixed income, Global
property, Global cash and Commodities.

Comment on your investment year (January - December 2025) from a fund manager’s point
of view
South African equities had another stellar year with the Capped ALSI returning 42.6%. We were
able to reposition the funds in Q2 2025 enabling us to recover from the early underperformance.
Resources were the biggest gainers during the year with an index return of 138.2% which came
from Gold and PGM counters. Telecoms were the only other sector to beat the market performance
with a return of 67.1%, followed by technology at 33.1%. SA Inc performed poorly compared to the
market with property returning 23.2%, financials 20.5% and consumer goods 5.8%. Consumer
discretionary and general industrials recorded negative returns of -9% and -14%, respectively.
Gold and PGM prices again had a stellar 2025, with gold increasing by 64% compared to
platinum’s 127% rally. Metals have continued their surge amid a weaking dollar and elevated global
uncertainty. The factors that drove metals prices higher over the past year remain intact, we therefore
see continuing support for prices. In the first week of January, President Trump (US) intervened in
Venezuela and arrested President Maduro. He also threatened to take over Greenland and now the
current conflict in Iran seeing a push for regime change.
The poor performance of SA Inc in 2025 resulted in shares being attractively priced with the
potential to outperform should earnings growth recover, driven by higher GDP in SA. The country
continued to make reasonable reform progress in 2025 which we believe provides a platform for
stronger GDP growth over 2026 and beyond. We are hopeful that the reform momentum continues
to accelerate in 2026.
The Visio BCI Actinio Fund had a stellar year in 2025 when it gained +30.5% versus the peer
group average of 18.80% and its CPI + 3% target’s +6.5% return.
The key drivers of performance for the fund were both local and offshore equity and property.
In terms of risk management, what methods or strategies are you able to use to protect your
clients’ investments?
Q4 of 2025 reinforced the importance of diversification and discipline as market leadership
broadened and macro risks re-emerged. Despite our cautious outlook around the US and mega
cap stocks, we continue to view AI as an epoch-defining technological revolution. Although, we are
broadening our exposure to emerging markets and non-tech US companies we continue to invest

174 Profile’s Unit Trusts & Collective Investments March 2026