30 November 2021

Accatax Cautious


by sanlam

Fund Details

Investor Profile

Fund Category
Risk Profile
Investment period
Launch Date
Fund Size
SA Multi Asset Low Equity
CPI+3% over a 3-year rolling period
3 years
01 August 2011
R 95 million

Cumulative performance – 2 years *

The wrap fund aims to provide investors with stable income and a high level of capital stability. The probability of capital loss over the medium to long term is low. The fund will consist primarily of income orientated assets with a below average exposure to equities (maximum of 40%). Investors in this fund should have a minimum investment horizon of 3 years. The fund is compliant with Regulation 28 of the Pension Funds Act, 1956.

Asset Allocation

Investor Profile

The fund is suitable for investors seeking:

– Stable income and a high level of capital stability
– Low probability of capital loss over the medium to long term
– A minimum investment horizon of 3 years

Cumulative performance since launch *

Performance (%)FundFund
Avg SA Multi Asset
Low Equity
1 Month1.250.791.16
3 Months2.421.772.18
6 Months5.804.275.33
1 Year13.278.5512.52
2 Years (annualized)9.157.358.32
3 Years (annualized)9.417.098.36
5 Years (annualized)8.097.416.93
Since Launch8.857.998.03
Risk Statistics (2 years)Fund
Returns (annualised)9.15%
Standard deviation (annualised)7.90%
% Positive months79.17%
Maximum drawdown-8.90%
Sharpe ratio0.56
Manager Selection (%)
Amplify SCI Flexible Equity15.00Old Mutual Global Equity7.50
Coronation Strategic Income7.00Prescient Income Provider17.00
Fairtree Equity Prescient17.00Satrix Bond Index5.00
Nedgroup Global Equity Feeder3.00Satrix Low Equity Balanced7.00
Ninety One Opportunity10.00SIM Inflation Plus11.50
Monthly Fund Performance* (%)JanFebMarAprMayJunJulAugSepOctNovDecYTD
Fund 20211.511.270.851.360.440.811.251.20-0.231.391.2511.67
Fund 20201.02-1.58-7.446.451.141.791.190.95-0.58-0.952.861.445.86
Fund 20191.292.391.171.66-1.511.46-
Fees (% incl. VAT) 
Annual wrap fee0.29
Underlying Manager TER's0.69

* The investor is liable for CGT on any transactions in the units of the underlying unit trusts within the wrap funds. Compulsory investments are not subject to CGT. Performance is calculated using net returns (after fees) of the underlying unit trusts, and quoted excluding wrap fund fees. Performance quoted is pre-tax. Fund performance numbers shown are for a notional portfolio and do not reflect the actual performance of the client invested in the wrap fund due to timing differences of investments or disinvestments of the client. Benchmark returns for CPI are based on actual published returns and an estimated one month return for the month of the report date. ASISA Benchmark returns are the ASISA returns available as at the time of reporting.

Manager Comment

Global markets drifted higher at the start of November but once again COVID-19 concerns later in the month caused a reversal of risk appetite and resulted in most equity markets closing lower for the month, surprisingly excluding South Africa.

The latest variant (Omicron) discovered late in the month weighed on global equity markets, which ended the month in negative territory. However, due the rand falling sharply, SA investors experienced positive returns in global equities. The MSCI World Index closed 2.3% lower monthon- month (m/m) in USD and 3% in ZAR. US stocks finished the month in the red, with US bank stocks among the worst performers as the S&P 500 (US$) closed the month 0.70% down. European equities closed the month on an even weaker note following a resurgence in COVID-19 cases; the Euro Stoxx 50(€) was down 4.30%.

Emerging equity markets continued to lag developed market peers, as the MSCI Emerging Market Index returned -4.14% m/m in USD and 1.06% in ZAR. Chinese equities struggled once again, although Russia was comfortably the worst performing major, on news that a build-up of Russian troops on the Ukraine border may reignite geopolitical tensions.

The South African equity market was one of the few global exchanges to end the month in the “green”. The FTSE/JSE All Share Index closed at 4.47% higher m/m, with gold miners the star performers.

All major sectors finished the month stronger for November. Resources led the pack once again at 6.77% m/m, on the back of strong gains from mining shares. Industrials and Financials closed the month at 6.44% and 4.59% higher respectively. Bonds recovered slightly after a few months of negative returns, as the All Bond Index (ALBI) closed 0.66% higher m/m. SA listed property also got back to winning ways, closing the month 2.16% up, while cash (STeFI) delivered a moderate return of 0.32%. South African growth managers (5.56% m/m) outperformed value managers (1.91% m/m) for the second consecutive month.

The ZAR continued to lose ground against most major currencies, with concerns over the present Omicron variant in South Africa contributing to its downfall. The ZAR lost as much as 5.14%, 2.47%, 1.72% and 0.42% against the USD, euro, sterling, and Japanese yen respectively.

Portfolio Manager

Niël Hougaard, CFA
BCom Management Sciences
BCom (Hons) Financial Analysis
CFA Charter holder

About the Portfolio Manager

Niël has over 10 years of experience in the financial industry across the UK and SA. Having graduated in 2007 from Stellenbosch University with an honours degree in Financial Analysis, he took up a role with PwC UK (London) in 2008 as a member of their Anti-Money Laundering team. In 2009 he returned to South Africa where he joined up with State Street Southern Africa, serving as a Portfolio Administrator.

Having always had the ambition of entering the asset management industry he eventually teamed up with Autus Fund Managers, a small Cape Town based boutique fund manager, in 2010. He gained a wealth of experience in managing various direct equity and multi-asset portfolios. He is a CFA charter holder having obtained the designation in 2014.

Manager Information
Sanlam Multi Manager International (SMMI) (Pty) Ltd

Physical address
55 Willie van Schoor Avenue, Bellville, 7530
Postal Address: Private Bag X8, Tygervalley, 7536
Website: www.sanlaminvestments.com

Contact Details
Tel: +27 (21) 950-2500
Fax: +27 (21) 950-2126
Email: siretail@sanlaminvestments.com

Investment Committee

The investment committee forms an integral part of the investment management process. The investment committee members are involved in the process of multi management by participating in the Investment Committee Framework (the “Framework”). This Framework provides intermediaries with a platform to share their research and views with qualified investment professionals who will, based on certain constraints, construct a portfolio taking the intermediary’s research into account

The information contained in this document has been recorded and arrived at by Glacier Financial Solutions (Pty) Ltd (FSP) Licence No. 770 in good faith and from sources believed to be reliable, but no representation or warranty, expressed or implied, is made as to the accuracy, completeness or correctness. Past performance is not necessarily a guide to future performance. Changes in currency rates of exchange may cause the value of your investments to fluctuate. The value of investments and income from them may therefore go down as well as up, and are not guaranteed. The information is provided for information purposes only and should not be construed as the rendering of investment advice to clients. Glacier Financial Solutions (Pty) Ltd and its’ shareholders, subsidiaries, agents, officers and employees accordingly accept no liability whatsoever for any direct, indirect or consequential loss arising from the use or reliance, in any manner, on the information provided in this document. Total expense ratios (TERs) are calculated quarterly and are accurate at the latest available date quoted on this document, intermediary and LISP fees are client-dependent and therefore not reflected. The wrap fund is made up of registered Collective Investment Schemes. The Minimum Disclosure Document of the underlying funds can be obtained from the respective Managers.

44 Beacon Road, Florida, Roodepoort, 2057. Tel: +27 (11) 674-4202. Fax: +27 (11) 674-4114. Email: Estelle@accatax.co.za
Accatax Services
Glacier Financial Solutions (Pty) Ltd, A member of the Sanlam Group, Reg. No. 1999/025360/07, Licenced Financial Services Provider