Actual Highest and lowest annual figures for rolling 10 years

Portfolio Objective and Strategy Portfolio Information

Fees (Incl Vat)

Performance as at 29 February 2020 on a rolling monthly basis

Annualised Performance Graphs since launch

90

110

130

150

170

190

210

230

250

SPW Balanced Fund

(ASISA) South African MA High Equity

Portfolio Holdings

Asset Allocation (%) as at 29 February 2020

Interest Bearing Allocation (%) as at 29 February 2020

Top Equity Holdings (%)

Portfolio Manager’s Comments

The fund delivered a return of 1.82% for the 12 months to the end

of February, 100 basis points ahead of the benchmark for the

period. When compared to competing high-equity multi-asset unit

trusts, the fund was positioned on the 36th percentile of the peer

group over the past 12 months. Over three years the fund just falls

in the top quartile in this category.

The equity exposure in the fund was marginally increased to 63.9%

as we increased the local equity exposure. We added to local

banks as we regarded them as being cheap, and sold Mondi to

reduce cyclicality in the portfolio.

Since we hold the view that we are in an advanced stage of a

global equity bull market, the equity position is underweight relative

to the maximum allowable equity exposure of 75%.

We maintained the property holdings in the fund. The fixed interest

exposure remains conservatively positioned.

Equity Allocation (%) as at 29 February 2020

Naspers 5.94%

BHP Group 3.90%

British American Tobacco 2.63%

Remgro 2.42%

Anglo 2.42%

Investec 2.42%

Standard Bank 2.38%

Richemont 2.37%

Prosus 2.20%

Mondi 2.11%

Regulation 28

•

•

•

•

0.67

1.95

4.85

7.63

0 2 4 6 8 10 12 14 16

0.6%

1.3%

2.4%

3.9%

6.9%

9.9%

30.9%

44.2%

0% 10% 20% 30% 40% 50%

International cash

SA Preference Shares

SA Equity-Property

SA Unit Trusts

SA Cash/Money Market

SA Interest Bearing

SA International Unit Trusts

SA Equity

0.0%

1.3%

1.5%

1.8%

4.5%

5.0%

8.1%

9.8%

17.1%

0.0% 5.0% 10.0% 15.0% 20.0%

Industrials

Preference Shares

Oil & Gas

Health Care

Consumer Services

Consumer Goods

Technology

Basic Materials

Financials

Glossary Terms

Mandatory Disclosure Fund Manager

Contact & Other Information