INFORMATION
DISCLOSURE

Calculation Period

1 Jan 2021 to 31 Dec 2023

Benchmark

Average of the (ASISA) Global - Multi Asset - Flexible sector

ASISA Classification

Global – Multi Asset – Flexible

Total Investment Charge

0.89%

Foreign Exposure

80% to 100% will be invested outside SA at all times

Risk Profile

High

Transaction Cost

0.11%

Fund Size

R 460.1 million

Total Expense Ratio

0.78%

Equity Exposure

100%

About
‍

Investment Objective

The objective of this portfolio is to provide investors with long-term capital growth. The portfolio maintains a high volatility profile and will target a high global equity exposure over the long-term. The portfolio may invest in listed and unlisted financial instruments in order to achieve the investment objective.

Characteristics

This is a global multi-asset flexible portfolio which means that it may invest in a flexible combination of investments in international equity, bond, money, or property markets. The portfolio has complete or stipulated limited flexibility in its asset allocation both between and within asset classes, countries and regions. The portfolio may be aggressively managed with assets being shifted between the various markets and asset classes to reflect changing economic and market conditions to maximise total returns over the long term. This portfolio may, at the discretion of the portfolio manager, invest between 80% and 100% of the assets outside of South Africa, and may have an equity exposure of up to 100%.

Risk Reward Profile

Typically, the lower the risk, the lower the potential return and the higher the risk, the higher the potential return. There is no guarantee that returns will be higher when investing in a portfolio with a higher risk profile. The risk profile for this portfolio is rated as high, as it may invest up to 100% in equity securities, both locally and abroad.

TOP 10
EXPOSURES

1. Microsoft

6.37%

2. Apple

4.73%

3. Scottish Mortgage Trust

3.76%

4. Novo Nordisk

3.03%

5. NVIDIA Corporation

2.48%

6. Alphabet

2.46%

7. JPMorgan Chase & Co.

2.01%

8. LVMH Moet Hennessy

1.84%

9. Mastercard

1.74%

10. LAM Research

1.73%

Top 10 exposures are one month lagged.

PORTFOLIO
MANAGEMENT

Management Company

The portfolios are hosted and administered by Ci Collective Investments (RF) (Pty) Ltd (“Ci”). Ci is owned by a number of like-minded boutique multi-managers and managed by a team of experts, each with significant experience in the collective investments industry. Ci is approved by the FSCA as a manager in terms of the Collective Investment Schemes Control Act.

ADDITIONAL
INFORMATION

Launch Date

1 October 2020

Opening Nav Price

100.00 cents per unit

Fund Size

R 460.1 million

Initial Fee

Class A: 0%, Class A1: 0%

Initial Advisory Fee Maximum

Maximum 3.45% (Incl. VAT)

Annual Service Fee

Class A: 0.633%, Class A1: 0.575% (Incl. VAT)

Annual Advisory Fee Maximum

Maximum 1.15% (Incl. VAT)

Total Expense Ratio

0.78%

Transaction Cost

0.11%

Total Investment Charge

0.89%

Calculation Period

1 Jan 2021 to 31 Dec 2023

Income Declaration Dates

30 June & 31 December

Last 12 Month Distributions

29/12/2023: (A) 0.81, 30/06/2023: (A) 0.81

Income Reinvestment / Payout Dates

2nd working day in July & January

Transaction cut-off time

14:00

Valuation Time

17:00

Frequency of pricing

Our daily NAV prices are published on our website and in the national newspaper

ASISA Classification

Global – Multi Asset – Flexible

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RISK
DEFINITIONS

Market Risk
Equity markets are volatile and the price of equities fluctuate based on a number of factors such as changes in the economic climate, general movements in interest rates and the political and social environment which will also affect the value of the securities held in the unit trust, thereby affecting the overall value of the unit trust.
Currency Risk / Foreign Exchange Risk
This risk is associated with investments that are denominated in foreign currencies. When the foreign currencies fluctuate against the South African Rand, the investments face currency gains or losses.
Concentration Risk
Unit Trusts pool the assets of many investors and use the proceeds to buy a portfolio of securities. There are regulations in place which limit the amount that a unit trust may invest in securities, thereby spreading the risk across securities, asset classes and companies.
Liquidity Risk
This relates to the ability of the unit trust to trade out of a security held in the portfolio at or near to its fair value. This may impact on liquidity and in the case of foreign securities, the repatriation of funds.
Credit Risk
Credit risk arises where an issuer of a non-equity security or a swap is unable to make interest payments or to repay capital. The Fund may be exposed to credit risk on the counterparties in relation to instruments such as cash, bonds and swaps that are not traded on a recognised exchange. The possibility of the insolvency, bankruptcy or default of a counterparty with which the Fund trades such instruments, could result in losses to the Fund.
Total Return Swaps Risk
This portfolio may invest in total return swaps. Total return swaps are unlisted instruments issued by a bank to provide the return of a specific index. Therefore, the equity exposure in this portfolio is derived through the total return swap and not by physically holding the equities in the portfolio. The value of the instrument is directly linked to the performance of the basket of assets per the index and will fluctuate in line with the daily market movements.
Inflation Risk
The risk of potential loss in the purchasing power of your investment due to a general increase of consumer prices.
Tax Risk
This risk relates to any change to tax laws or to the interpretation of existing tax laws which has an impact on the manner in which unit trusts are taxed.
Compliance Risk
This refers to the risk of not complying with the legislation, regulations, prescribed investment limits and internal policies and procedures by the manager or the portfolio manager.
Political Risk
The risk that investment returns could suffer as a result of a country’s political changes or instability in the country. Instability could come from changes in the country’s government, policy makers or military.

THE FINE PRINT
‍

This document is not intended to address the personal circumstances of any Financial Services Provider's (FSP's) client nor is it a risk analysis or examination of any client's financial needs. Collective Investment Schemes in Securities (“CIS”) are generally medium to long terms investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to future performance. CIS are traded at ruling prices and can engage in borrowing and scrip lending. Different classes of units apply to this portfolio and are subject to different fees and charges. A schedule of fees and charges is available on request from Ci. Ci does not provide any guarantee either with respect to the capital or the return of the portfolio. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. International Investments may include additional risks such as potential constraints on liquidity and repatriation of funds, macroeconomic risk, political risk, foreign exchange risk, tax risk, settlement risk as well as potential limitations on the availability of market information. The portfolio may be closed from time to time in order to manage it more efficiently in accordance with its mandate. The Fisher Dugmore portfolios are portfolios established and administered by Ci, and Fisher Dugmore Securities has been appointed to manage and market the portfolios. Fisher Dugmore is an indirect shareholder of Ci. As an indirect shareholder, Fisher Dugmore may earn dividends from time to time and participation in any dividends may be linked to the revenue generated by Ci from the Fisher Dugmore portfolios, and from any other Ci portfolios. Ci retains full legal responsibility for this co-named portfolio. Additional information on the portfolio may be obtained, free of charge, directly from Ci. Ci is a Non-Voting (Ordinary) Member of the Association for Savings & Investment SA (ASISA). Total Expense Ratio (TER): The above TER % has been annualised and indicates the percentage of the value of the portfolio which was incurred as expenses relating to the administration of the portfolio over the rolling 3 year period or since fund inception, on an annualised basis. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER's cannot be regarded as an indication of future TER's. Transaction Cost (TC): The above TC % has been annualised and indicates the percentage of the value of the portfolio which was incurred as costs relating to the buying and selling of the assets underlying the portfolio. Transaction Costs are a necessary cost in administering the portfolio and impacts portfolio returns. It should not be considered in isolation as returns may be impacted by many other factors over time including market returns, the type of portfolio, investment decisions of the investment manager and the TER. *: The one year transaction costs are lower than since inception due to initial set up costs of the fund. Total Investment Charge (TIC) is the TER plus TC which indicates the percentage of the value of the portfolio which was incurred as costs relating to the investment of the portfolio. A FX fee of up to 0.05% (incl. VAT) on any FX transactions may be payable to Fisher Dugmore in addition to the annual fees referred to above. An execution fee of up to 0.04% (incl. VAT) on any swap transactions may be payable to Fisher Dugmore in addition to the annual fees referred to above. Performance quoted is for lump sum investment with income distributions, prior to deduction of applicable taxes, included. NAV to NAV figures have been used. The annualised return is the return of the performance period re-scaled to a period of one year. Performance is calculated for the portfolio and individual investor performance may differ as a result of initial fees, actual investment date, date of reinvestment and dividend withholding tax. FSP: Fisher Dugmore Securities (Pty) Ltd is an authorised financial services provider, FSP number 47484 Tel: (012) 345 6690 Web: www.fisherdugmore.co.za Company/scheme: Ci Collective Investments (RF) (Pty) Limited is registered under the Collective Investment Schemes Control Act, PO Box 412249, Craighall, 2024; Tel: 0861 000 881, website: www.cicollective.co.za Trustee: FirstRand Bank Limited Tel: (011) 371 2111

Published Date: 16 April 2024

OVERVIEW
‍

INFORMATION
DISCLOSURE

About
‍

ASSET
ALLOCATION

UNDERLYING
HOLDINGS

ANNUALISED
PERFORMANCE

TOP 10
EXPOSURES

PORTFOLIO
MANAGEMENT

ADDITIONAL
INFORMATION

OVERVIEW‍

INFORMATIONDISCLOSURE

About‍

ASSETALLOCATION

UNDERLYINGHOLDINGS

ANNUALISEDPERFORMANCE

TOP 10EXPOSURES

PORTFOLIOMANAGEMENT

ADDITIONALINFORMATION

RISKDEFINITIONS

DISCLOSURES‍

THE FINE PRINT‍

OVERVIEW
‍

INFORMATION
DISCLOSURE

About
‍

ASSET
ALLOCATION

UNDERLYING
HOLDINGS

ANNUALISED
PERFORMANCE

TOP 10
EXPOSURES

PORTFOLIO
MANAGEMENT

ADDITIONAL
INFORMATION

RISK
DEFINITIONS

DISCLOSURES
‍

THE FINE PRINT
‍