INFORMATION
DISCLOSURE

Calculation Period

Inception to 31 Dec 2023

Benchmark

110% of the Stefi Composite Index over a rolling 12-month period.

ASISA Classification

South African – Multi Asset – Income

Total Investment Charge

0.55%

Foreign Exposure

Up to 45%

Risk Profile

Low

Transaction Cost

0.02%

Fund Size

R 496.0 million

Total Expense Ratio

0.53%

Equity Exposure

Up to 10%

About
‍

Investment Objective

The objective of this multi asset income portfolio is to generate yield and aim to outperform inflation over time. The composition of the portfolio shall reflect the investment structure of a retirement fund with a low risk profile and will comply with Regulation 28 of the Pension Funds Act. The Fund may from time to time invest in listed and unlisted derivatives, to achieve the portfolio's investment objective.

Characteristics

This is a multi-asset income portfolio which means that it may invest in a spectrum of equity, bond, money market, or real estate markets with the primary objective of maximising income. This portfolio can have a maximum effective equity exposure (including international equity) of 10% and a maximum effective property exposure (including international property) of 25% of the market value of the portfolio. This portfolio may, at the discretion of the portfolio manager, invest up to 45% of the assets outside of South Africa.

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 low, as it may only invest up to 10% in equity securities, both locally and abroad.

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 December 2022

Opening Nav Price

100.00 cents per unit

Fund Size

R 496.0 million

Initial Fee

Class B: 0%, Class I: 0%

Initial Advisory Fee Maximum

0 - 3.45% (Incl. VAT)

Annual Service Fee

Class B: 0.518% (Incl. VAT), Class I: 0.403% (Incl. VAT)

Annual Advisory Fee Maximum

Maximum 1.15% (Incl. VAT)

Total Expense Ratio

0.53%

Transaction Cost

0.02%

Total Investment Charge

0.55%

Calculation Period

Inception to 31 Dec 2023

Income Declaration Dates

31 March, 30 June, 30 September and 31 December

Last 12 Month Distributions

29/12/2023: (B) 1.80, 29/09/2023: (B) 1.68 30/06/2023: (B) 2.13, 31/03/2023: (B) 1.63

Income Reinvestment / Payout Dates

2nd working day in April, July, October and 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

South African – Multi Asset – Income

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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 Roxburgh portfolios are portfolios established and administered by Ci, and Roxburgh has been appointed to manage and market the portfolios. Roxburgh is an indirect shareholder of Ci. As an indirect shareholder, Roxburgh may earn dividends from time to time and participation in any dividends may be linked to the revenue generated by Ci from the Roxburgh 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. Total Investment Charge 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. TER and Transaction Costs cannot be determined accurately because of the short life span of the Financial Product. Calculations are based on actual data where possible and best estimates where actual data is not available. A FX fee of up to 0.05% (incl. VAT) on any FX transactions may be payable to Roxburgh 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: Roxburgh Asset Management (Pty) Ltd, FSP number 45552, Tel: (011) 442 2100 Fax: (011) 442 5661 Company/scheme: Ci Collective Investments (RF) (Pty) Limited, PO Box 412249, Craighall, 2024; Tel: 0861 000 881, website: www.cicollective.co.za Trustee: FirstRand Bank Limited Tel: (011) 371 2111.

Published Date: 18 March 2024

OVERVIEW
‍

INFORMATION
DISCLOSURE

About
‍

ASSET
ALLOCATION

UNDERLYING
HOLDINGS

ANNUALISED
PERFORMANCE

PORTFOLIO
MANAGEMENT

ADDITIONAL
INFORMATION

OVERVIEW‍

INFORMATIONDISCLOSURE

About‍

ASSETALLOCATION

UNDERLYINGHOLDINGS

ANNUALISEDPERFORMANCE

PORTFOLIOMANAGEMENT

ADDITIONALINFORMATION

RISKDEFINITIONS

DISCLOSURES‍

THE FINE PRINT‍

OVERVIEW
‍

INFORMATION
DISCLOSURE

About
‍

ASSET
ALLOCATION

UNDERLYING
HOLDINGS

ANNUALISED
PERFORMANCE

PORTFOLIO
MANAGEMENT

ADDITIONAL
INFORMATION

RISK
DEFINITIONS

DISCLOSURES
‍

THE FINE PRINT
‍