Page 187 - Profile's Unit Trusts and Collective Investments 2021 issue 2

Fact Sheet Tips

PERCENT OF FUND
The percentage of the fund’s total assets that the counter represents.

DIFFERENCE
The Difference column reflects the difference between Percent of Fund at 30 June 2021 and
31 December 2020. This allows you to see how the weightings within the main sectors have shifted.
Note that a change in weighting can be due to a fall in that sector, and does not necessarily mean that
the fund has been offloading shares in that sector.
For the Total, the difference reflects the growth (or shrinkage) in the gross asset value of the fund.

DIVIDEND
The short-hand “Dividend” is used in the Structure table to denote cash which is accumulating for
distribution to unitholders at quarter end. This figure usually consists of dividends and interest.
Dividends accrue monthly, quarterly or bi-annually depending on the dividend policy of the fund. All
figures are gross (ie, excluding any DWT which may need to be applied when distributions are made or
reinvested for unitholders).

LIQUID ASSETS/MONEY MARKET
Cash, which normally includes short-term money market instruments, shows the liquidity of the
portfolio (ie, the amount of cash on hand which has not been invested in shares, gilts, or other counters).
Liquidity levels are an important factor in portfolio management. When the equity market is
booming, funds with high liquidity levels will tend to underperform the FTSE/JSE All Share index.
Conversely, funds with very low liquidity levels tend to be hit hardest when the share market falls.
Top Ten Holdings

UNITS
The actual number of shares held at the end of June 2021. This figure multiplied by the market price
of the share at the end of June 2021 gives the value in the next column.

PERCENT OF FUND
The percentage of the fund’s total assets that the counter represents.
DIFFERENCE
For each share, the difference is the units held at June 2021 minus the units held at December 2020. One
can see at a glance where a fund has been accumulating a particular share, and where it has been selling.

TOTALS
The Value column total obviously shows the percentage of the fund’s total assets represented by the
top ten holdings. For the full asset value of the fund (and the change in this value from one period to the
next), see the Portfolio Structure Table.

Distributions Table
For all funds, we show the most recent actual dividend payouts in cents per unit. If there is no
dividend table, the fund had never paid a dividend as at 30 June 2021.
The yield is simply the total payout for the preceding 12 months divided by the NAV at the end of
the period expressed as a percentage. To keep interpretation simple and figures consistent, this yield
percentage is never annualised or adjusted. Where a fund in its first year of operation has only declared
one dividend (although its future policy is to pay two distributions a year) the yield will therefore be
understated compared to the fund’s peers.
Note that the yield fluctuates daily due to changes in the price (NAV) of units – more up-to-date
figures are available daily or weekly in many newspapers and online. The yield is not a guarantee of
future income flow from the fund, it is purely an historical figure. At best it provides a rough indication
of the yield that might be expected from a fund if conditions over the past year were to persist.

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Profile’s Unit Trusts & Collective Investments — DOMESTIC