Page 248 - Profile's Unit Trusts and Collective Investments 2021 issue 2

Novare Mayibentsha Focused Qualified Fund of Hedge Funds - B3

Novare Mayibentsha Focused Qualified Fund of Hedge Funds - B3
Novare Mayibentsha Focused Qualified Fund of Hedge Funds - B3
INVESTMENT MANAGER STRATEGY ALLOCATION
Novare Investments (Pty) Limited Cash 0.48%
Equity long/short 36.24%
Equity market neutral 17.44%
INVESTMENT OBJECTIVE
The portfolio is a qualified investor hedge fund of funds. The
long-term return objective of the portfolio is to achieve CPI Fixed income arbitrage 29.54%
+ 4.5%, over a rolling three-year period. Multi-strategy 16.16%
Unit Trusts 0.14%
INVESTMENT POLICY
A collective investment scheme(“CIS”) can be described as
PERFORMANCE
an investment vehicle that allows investors to pool their
money in to a portfolio, sharing in the risk and return of the
portfolio in proportion to their participatory interest in the
portfolio. The portfolio has a moderate to aggressive
risk/return profile. It is suitable for investors with a medium
to long-term investment horizon that seek moderate capital
growth with reasonable levels of income, whilst being mindful
of capital preservation. The portfolio will typically consist of a
blend of South African domiciled hedge funds with a focus on
actively traded strategies (predominantly equity long/short)
while maintaining low volatility in monthly returns. The
investment manager follows a multi-manager, multi-strategy
approach, with the aim of diversifying the assets of the
portfolio amongst strategies and investment styles. The
investment manager will aim to capitalise on investment op-
portunities across asset classes, investment strategies and
sectors. The portfolio aim stop reserve capital by not
producing a negative return over a 36-month period while
maintaining a low correlation to the JSE All Share Index and
the All Bond Index. The use of leverage in the portfolio will
be limited by means of a Value at Risk (VaR) limit of 30% of
the Net Asset Value (NAV), measured at 99% confidence RISK STATISTICS
FUNDS DETAILS as at 31 July 2021 Alpha -0.72%
level of a month period.
Beta
-0.01
All fees and charges include Vat
Sharpe ratio
0.50
HEDGE Establishment of CIS portfolio 01/02/2016 Standard deviation (%) -5.93%
4.71%
Inception Date
01/12/2008
Maximum drawdown
Fee class inception date
01/02/2016
Sortino ratio
0.74
Portfolio Class
B3
-0.15
Fund Size
NAV cents per unit R 525 791 392.26 Information ratio 4.93%
Tracking error
12 798.18
Number of participatory interest 12 781.70 Source of risk statistics eVestment as at 31/12/2020
Benchmark CPI + 4.5% net of fees Risk statistics period (01/2009 - 12/2020)
Risk classification Aggressive
Minimum lump sum R 1 000 000
Minimum monthly investment R 100 000
Annual management fee 0.56% (excl. VAT)
Performance fee 0.00%*
Income declaration Bi-annual (June,
December)
Transaction cut-off time 14:00 every business day
Portfolio Valuation 17h00 last business day
of the month
Accounting period dates 01 July - 31 December
01 January - 30 June
PERFORMANCE FIGURES
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2021 2.36% 1.98% 0.66% 1.51% 1.12% 0.77% 8.70%
2020 1.19% -1.76% -4.25% 6.18% 0.75% 2.42% 1.94% 0.70% -0.56% 0.53% 3.57% 2.44% 13.56%
2019 1.66% 0.90% 0.89% 0.96% 0.14% 0.61% -0.23% -0.41% -0.61% 0.76% 0.70% 1.08% 6.60%
2018 0.77% 0.27% -0.97% 1.77% -1.21% 0.59% 0.66% 1.66% -0.03% -0.87% -0.10% 0.91% 3.45%
2017 2.22% -0.72% 0.90% 1.35% -0.35% -1.02% 0.72% 0.34% -0.36% 0.96% -1.72% -0.45% 1.81%
2016 -2.93% -1.75% 1.72% 0.47% 1.63% -0.94% -0.22% 1.53% -0.65% -1.88% 0.13% 0.08% -2.88%
Highest calendar annual performance since launch 16.19% (in 2009)
Lowest calendar annual performance since launch -2.88% (in 2016)
*The portfolio charges a performance fee of 13.16% of the amount by which it outperforms the hurdle rate (CPI + 4.5% net of fees).
246 Profile’s Unit Trusts & Collective Investments — HEDGE FUNDS