Page 249 - Profile's Unit Trusts and Collective Investments 2021 issue 2

Novare Mayibentsha Market Neutral Qualified Fund of Hedge Funds - B1

Novare Mayibentsha Market Neutral Qualified Fund of Hedge Funds - B1
Novare Mayibentsha Market Neutral Qualified Fund of Hedge Funds - B1
INVESTMENT MANAGER STRATEGY ALLOCATION
Novare Investments (Pty) Limited Cash 0.60%
Equity long/short 5.63%
Equity market neutral 30.32%
INVESTMENT OBJECTIVE
The portfolio is a qualified investor fund of hedge funds. The
long-term return objective of the portfolio is to achieve CPI Fixed income arbitrage 62.84%
+ 2.5% over a rolling three-year period. Multi-strategy 0.00%
Unit Trusts 0.61%
INVESTMENT POLICY
A collective investmentscheme (“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 low to medium 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 witha focus on
strategies with limited market exposure, predominantly
equity market neutral, fixed interest arbitrage and low equity
long/short strategies. 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 seek to
capitalise on investment opportunities across asset classes,
investment strategies and sectors. The portfolio aims to
preserve capital by not producing a negative return over a
36-month period, while also maintaining a low correlation
with 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), RISK STATISTICS
measured at 99% confidence level of a month period. Alpha 2.43%
DETAILS as at 31 July 2021 Beta 0.10 HEDGE
All fees and charges include Vat Sharpe ratio 0.84
Establishment of CIS portfolio 01/02/2016 Standard deviation (%) 4.26%
Inception Date 01/12/2008 Maximum drawdown -4.18%
Fee class inception date 01/02/2016 Sortino ratio FUNDS
Portfolio Class B1 1.31
Fund Size R 427 499 600.97 Information ratio 0.52
NAV cents per unit 13 126.47 Tracking error 3.66%
Number of participatory interest 3 256 773.83 Source of risk statistics eVestment as at 31/12/20
Benchmark CPI + 2.5% net of fees Risk statistics period (01/2009 - 12/2020)
Risk classification Moderate
Minimum lump sum R 1 000 000.00
Minimum monthly investment R 100 000.00
Annual management fee 0.53% (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 1.72% 1.03% 0.63% 0.75% 0.59% 0.62% 5.44%
2020 1.57% -0.22% -4.21% 4.64% 1.23% 1.12% 1.02% 0.89% 0.31% 0.62% 1.62% 0.40% 9.13%
2019 1.01% 0.86% 1.17% 0.83% 0.18% 0.68% 0.17% 0.53% -0.06% 0.93% 0.72% 0.86% 8.16%
2018 1.12% 1.62% 0.57% 0.64% 0.01% -0.06% 1.32% 0.07% 0.86% 0.31% 1.07% 0.52% 8.34%
2017 1.28% 0.36% 0.41% 1.20% 0.54% -0.09% 1.21% 0.22% 0.32% 0.82% 0.02% -0.47% 5.94%
2016 -0.05% 0.02% 1.35% 0.37% 1.73% -0.31% 0.14% 1.39% -0.10% 0.04% 0.37% 0.50% 5.57%
Highest calendar annual performance since launch 12.78% (in 2009)
Lowest calendar annual performance since launch 5.57% (in 2016)
*The portfolio charges a performance fee of 13.16% of the amount by which it outperforms the hurdle rate (CPI + 2.5% net of fees).

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Profile’s Unit Trusts & Collective Investments — HEDGE FUNDS