STANLIB Multi-Manager
Fund Know-How
Fund Know-How keeps you updated with the insights and rationale behind changes to STANLIB
Multi-Manager Funds.
The investment world is never static. Your investment is subjected to a huge range of changes every
day, changes that can impact your investment. STANLIB Multi-Manager is committed to constantly
monitoring changes and taking decisive, reasoned actions to ensure your investment remains
focused on your needs.
STANLIB Multi-Manager African Bank exposure
As per the SARB directive, senior debt of African Bank (ABIL) was written down by 10%, whilst the sub-ordinated debt was written down
to zero on 11 August 2014. Fortunately our funds only had around 0.8% exposure to ABIL debt, which has been placed in a “side pocket”
portfolio or retention fund, for the future benefit of existing investors. These investors were credited with units in the retention fund.
Whilst the ABIL debt remains suspended, pending resolution with the curator, the units of the retention fund cannot be traded. Units of
the main Fund however, remain tradable. It is our belief that the retention fund units have a value which investors will ultimately be able to
extract following a successful resolution of the curatorship process. We will keep you informed of developments in this regard.
STANLIB Multi-Manager Real Return Fund
The Fund was reclassified from the ASISA Multi-Asset Flexible sector into the more peer relevant ASISA Multi-Asset Medium Equity sector
on 1 August 2014. The past performance history of the Fund was retained.
In line with the reclassification, we are in the process of formulating a more aggressive portfolio construction framework and are reviewing
the Fund accordingly.
STANLIB Multi-Manager Global Equity Feeder Fund
Hosking & Co has been included in the Fund at the expense of Marathon who has been one of the biggest laggards this year. The first
month with Hosking starts on 1 October 2014.
STANLIB Multi-Manager Property Fund
The passive component of the Fund is to be changed from the SA Listed Property Index (SAPY) to JSE Capped Property Index (PCAP), a
similar index but with more exposure to locally listed offshore property companies.
SA Listed Property (J253)
Capped Property (J254)
Description
The SA Listed Property Index comprises the top 20
liquid companies, by full market cap, in the Real Estate
Investment and Services Sector (8630) and Real Estate
Investment Trusts Sector (8670), with a primary listing
on the JSE
The Capped Property Index comprises the top 20
liquid companies, by full market cap, in the Real Estate
Investment and Services Sector (8630) and Real Estate
Investment Trusts Sector (8670), capped at 10% at each
quarterly review
Alpha code
SAPY
PCAP
Index category
Specialist Property
Specialist Property
Fixed number of companies
20
20
Free float screening
Minimum of 15%
Minimum of 15%
Other screening
Companies that have a primary listing on the JSE and are
listed in the Real Estate Investment and Services (8630)
and Real Estate Investment Trusts (8670) sectors
Companies that are listed in the Real Estate Investment
and Services (8630) and Real Estate Investment Trusts
(8670) sectors on the JSE
SA Listed Property (J253)
Capped Property (J254)
Weighting methodology
Free float market cap weighted
Free float market cap weighted
Capping Methodology
N/A
Yes, 15%
Source: https://www.jse.co.za/services/market-data/indices/ftse-jse-africa-index-series/specialist-property
In addition to the change in index, we are introducing Grindrod Asset Management into the Fund. We are excited about this change. We
rate the team at Grindrod highly and feel that their philosophy, process and portfolio are aligned to what we were looking for in our overall
Fund. These changes are currently in the process of being implemented and will reflect on the October factsheets.
Thobile Finca
STANLIB Multi-Manager
Investment Specialist: Retail
T + 27 (0)11 448 6007 M + 27 (0)73 315 4831
E [email protected]
As neither STANLIB Multi-Manager Limited nor its representatives did a full needs analysis in respect of a particular investor, the investor understands that there may be limitations on the appropriateness of any information in this document with regard to the investor’s unique objectives, financial situation and particular needs. The information and content of this document are intended to be for information purposes only and STANLIB does not guarantee the suitability or potential value of any information contained herein. STANLIB Multi-Manager Limited does not expressly or by implication propose that the products or services offered in this
document are appropriate to the particular investment objectives or needs of any existing or prospective client. Potential investors are advised to seek independent advice from an authorized financial adviser in this regard.
STANLIB Multi-Manager Limited is an authorised Financial Services Provider in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 (Licence No. 26/10/763).