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Standard Bank International Funds Limited
January 2016
1
Standard Bank International Funds Limited
Standard Bank International Funds Limited (the “Fund”) is a registered Fund of Funds incorporated in Jersey that offers a range of international investment strategies. The Multi Manager Global Equity and Multi Manager Global Balanced classes of the Fund have been approved in South Africa by the Financial Services Board, however the classes are not approved for distribution outside of South Africa.
The Fund benefits from a highly qualified Asset Management team with over 25 investment professionals based in multiple global locations and assets under management in excess of US$4billion.
A clear investment philosophy guides all investment decisions, specifically the belief that superior long-term investment returns are best achieved by investing in long-term structural growth opportunities identified by fundamental research. The heart of the investment process is the identification and continuous challenging of the highest quality opportunities to suit prevailing market conditions. A unique and durable competitive advantage, as well as considering the relative and absolute valuation is key. This should lead to sustainable growth and long-term wealth creation for patient investors.
Asset allocation is the prime driver of investment performance and for this reason the investment strategy group constantly endeavor to get this aspect right. The focus on relative valuation and the long-term prospects for the various asset classes allows for a flexible and dynamic allocation policy. Risk management is also a fundamental aspect of this process, with ongoing assessments of the risks taken and whether clients can be rewarded for taking them.
The Investment Team
A dedicated team of highly experienced investment professionals are focused on evaluation, selection and blending of funds from the global universe. The team has over 50 years of combined experience in managing fund of funds assets and has extensive global knowledge and understanding of the best investment expertise available.
The team is based in multiple jurisdictions, to ensure close contact is maintained with a chosen manager and abreast of ever change in industry and regulatory dynamics.
The team also benefits from the extensive expertise of the internal asset allocation committees and the global reach of the Standard Bank Group.
Multi Manager Approach
The Fund provides investors with a diversified exposure to global markets via an actively managed portfolio of the world’s leading fund managers. The underlying managers are chosen for their expertise and investment track record in a specific area and then carefully blended with other specialist funds with the objective of providing long term returns and smoothing market volatility.
The appropriate number of underlying funds will vary from strategy to strategy, however the goal is diversification. Based on the premise that no single investment manager or style performs well in all market conditions, the aim is to tilt the portfolio towards the better performing areas of the market at the appropriate time.
Each class/strategy is monitored continuously, with daily exposure reports giving a ‘look through’ to the underlying exposures, allowing us to understand the precise investment risks we are taking.
Fund Selection
Investing in third party funds, an investment model known as ‘open architecture’ or ‘best of breed’, opens up an initial universe of in excess of 50,000 funds. It is crucial to have access to the whole market as the best blend of managers will be derived from a wide range of fund providers. However, where the Fund differs from most open architecture models is that while being agnostic to some degree on the style adopted by a manager, the Fund always seeks to identify managers with similar investment beliefs to the guiding philosophy. This will generally lead to a bias to stock-picking strategies, with longer time horizons, high active share and high quality characteristics, which can create significant deviations from the benchmark indices.
The team, dedicated to third party fund selection, has built a robust and successful research process culminating in the selection of funds covering key asset classes, investment themes and sectors. Leveraging off long-standing relationships with well over 100 leading fund providers, the extensive market knowledge is combined with detailed proprietary qualitative research and quantitative tools to select managers best placed to deliver long-term performance.
2
Global equity markets rebounded strongly in the fourth quarter, with both classes of the Global Equity Fund posting robust positive returns fractionally ahead of the benchmark indices for the period. Nevertheless, 2015 was a difficult year for equity market investors, with strong first and fourth quarter returns negated by the growth scare and consequent sell-off in the summer months. These market swings produced higher than normal volatility and most markets have struggled to make progress in local currency terms, with neither the ‘bulls’ nor the ‘bears’ winning. Overall, this seems to be a reasonable result, given the benign economic, corporate sales and profit growth backdrop.
The two currency classes had mixed fortunes in both absolute terms and relative to benchmark. The Sterling share class benefited from foreign currency exposure and the impressive outperformance of the regional UK managers. The excess return from the UK managers was in part driven by underweight exposure to energy and resources stocks, but also due to successful stockpicking from small and mid-cap strategies.
Dollar strength was a headwind for the US dollar class and foreign market exposure led to a small drawdown for the year. Additionally, the US equity market continues to prove a difficult area for active managers to add value and was the biggest detractor, with most of our managers significantly underperforming the S&P 500. This may be due in part to the increasing divergence in market performance between the narrow group of winners and the many losers, with the ‘nifty nine’ (Amazon, eBay, Facebook, Google, Microsoft, Netflix, Priceline, Salesforce and Starbucks) driving the bulk of the market returns. These stocks are trading at significant premiums to their peers, which may be difficult to justify on fundamental grounds.
The regional European, Japanese, Asian and Emerging Markets allocations all performed well in relative terms with the Hermes Asia ex-Japan Fund notably outperforming by over 10% in a difficult year for Asian investors. The Healthcare, Technology, and Infrastructure funds also added value, with the Polar Healthcare Opportunities Fund the star performer. The China Consumer Fund underperformed the global equity index by 0.3% in a very difficult year for Chinese equities, while the global energy strategy continues to struggle in the wake of ongoing oil price weakness.
Fund Manager Commentary
Multi Manager Global Equity Fund
The portfolio positioning has remained largely unchanged through the quarter in light of ongoing market volatility. It is difficult to predict when investor sentiment will change, however historically the inflection point in the US interest rate cycle has been an attractive entry point for long term equity investors. We continue to focus on what we believe are the two key drivers of long term returns; earnings growth and valuation.
From this perspective, the lack of earnings growth in large-cap US equities is a concern, with markets trading at lofty valuation multiples and profit margins already at record highs, there is a risk of a correction in markets if earnings continue to disappoint. We also note that the US bull market has been underpinned by share buybacks to a far higher degree than other regional indices and historic averages; we are concerned this trend could slow as interest rates rise and domestic US growth stabilises.
We believe there is greater earnings growth potential in Japan and Europe, where the positive effects of quantitative easing and lower starting multiples could lead to a degree of outperformance versus US equities. The portfolio retains an overweight exposure to Japanese and European regional strategies.
We also believe there is scope for outperformance from small cap strategies, particularly in the US where these have underperformed for some time despite a reasonably strong fundamental backdrop. We are currently researching several small cap managers with a view to potentially adding to our exposure. The portfolio is also positioned to benefit from a counter-rally in value stocks, where a small shift in market sentiment could lead to a sharp recovery in some of the out of favour sectors and regions.
Activity in the period
All data as at 31st December 2015
Fund Positioning
US Dollar Share Class Geographic AllocationsSterling Share Class Geographic Allocations
50%
30%
20%
10%
0%
40%
North America
Europe UK Japan Asia Ex-Japan
Emerging Markets
Cash
60%
50%
40%
30%
20%
10%
0%
Fund Exposure
Benchmark
North America
Europe UK Japan Asia Ex-Japan
Emerging Markets
Cash
Fund Exposure
Benchmark
3
Geographic Weighting
North America 47.8%Europe 17.4%UK 6.9%Japan 9.8%Asia Ex-Japan 6.5%Emerging Markets 10.6%Cash 1.0%
Performance Q4 1 Year
** 3 Years
** 5 Years
** 10 Years
Global Equity Fund 5.31% -2.80% 6.89% 4.42% 3.00%
Benchmark* 5.06% -2.17% 7.75% 6.10% 4.49%
* FTSE All World TR Net
31st August 2008 Benchmark changed from Lipper Global Equity Indices to FTSE All World TR Net
** Performance Figures are annualised and net of fees
Monthly Performance
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2015 -1.40% 5.60% -0.59% 3.05% 0.49% -2.37% -0.50% -6.39% -5.30% 7.87% -0.35% -2.03% -2.80%
2014 -2.19% 4.65% -1.96% -1.13% 2.20% 2.24% -1.10% 0.77% -3.13% -0.70% 1.58% -1.13% -0.17%
2013 5.06% 0.00% 2.30% 1.74% 1.51% -2.68% 4.28% -1.66% 5.76% 2.82% 2.10% 2.33% 25.85%
2012 6.11% 5.76% 0.91% -1.01% -7.61% -0.25% 4.07% 1.66% 3.38% -1.01% 1.37% 2.13% 15.80%
Fund Facts
Portfolio Manager: David Jardine
Price date: 31/12/2015
Price: $11.10
Fund size: $73.34m
Dealing: Daily
Cut off time: 2:30pm (Jersey Time) previous business day
Min invest: US$2,500
Min top up: US$1,000
Dividend policy: Roll Up
Largest month gain:* 10.17%
Largest month loss:* -23.73%
*Since Launch
Manager’s fee: 1.50% per annum
Custodian’s fee: up to 0.035% per annum
Standard Bank Total Expense Ratio 1.62%
Upfront fee: up to 5.5%
Fund Investment Objectives and Style
The Multi Manager Global Equity Fund is designed to provide long-term capital appreciation through investment solely in equity-orientated funds. The manager will look to maintain a fully invested strategy and maintain a bias towards investments denominated in US Dollars broadly in line with the reference benchmark index. A minimum exposure of 40% to larger capitalised shares means that the manager can position the fund significantly away from that of the peer group or benchmark in order to optimise performance. It is therefore suited to investors who are willing to accept the higher level of volatility associated with a fund of this flexibility.
Standard Bank International Funds Limited
Multi Manager Global Equity Fund (USD)
Lower risk reduced potential
Higher risk increased potential reward
Risk Profile
Top Holdings
United Kingdom
JO Hambro UK Dynamic Fund 2.03%
Aberforth UK Smaller Companies Fund 1.99%
United States
Legg Mason Royce Smaller Companies Fund 4.25%
Legg Mason ClearBridge US Aggressive Growth Fund 4.05%
Europe
Threadneedle European Select Fund 4.04%
FP Crux European Special Situations Fund 3.90%
Japan
Baillie Gifford Japanese Smaller Companies Fund 3.30%
MAN GLG Japan Core Alpha Fund 3.28%
Asia
Hermes Emerging Asia Equity Fund 5.19%
Emerging Markets
Somerset Emerging Markets Dividend Growth Fund 3.64%
Somerset Emerging Markets Smaller Companies Fund 3.27%
Number Of Funds Held 29
TM
4
Geographic Weighting
North America 30.7%Europe 10.2%UK 40.2%Japan 6.9%Asia Ex-Japan 3.7%Emerging Markets 7.2%Cash 1.1%
Standard Bank International Funds Limited
Multi Manager Global Equity Fund (GBP)
Fund Facts
Portfolio Manager: David Jardine
Price date: 31/12/2015
Price: £15.70
Fund size: £78.79m
Dealing: Daily
Cut off time: 2:30pm (Jersey Time) previous business day
Min invest: £1,500
Min top up: £750
Dividend policy: Roll Up
Largest month gain:* 8.32%
Largest month loss:* -16.41%
*Since Launch
Manager’s fee: 1.50% per annum
Custodian’s fee: up to 0.035% per annum
Standard Bank Total Expense Ratio 1.58%
Upfront fee: up to 5.5%
Fund Investment Objectives and Style
The Multi Manager Global Equity Fund is designed to provide long-term capital appreciation through investment solely in equity-orientated funds. The manager will look to maintain a fully invested strategy and maintain a bias towards investments denominated in Sterling broadly in line with the reference benchmark index. A minimum exposure of 40% to larger capitalised shares means that the manager can position the fund significantly away from that of the peer group or benchmark in order to optimise performance. It is therefore suited to investors who are willing to accept the higher level of volatility associated with a fund of this flexibility.
Lower risk reduced potential
Higher risk increased potential reward
Risk Profile
Performance Q4 1 Year
** 3 Years
** 5 Years
** 10 Years
Global Equity Fund 6.44% 5.37% 11.19% 6.89% 5.55%
Benchmark* 6.27% 1.75% 9.19% 6.49% 5.43%
* FTSE All World TR Net / FTSE UK TR Net (60% / 40%)
31st August 2008 Benchmark changed from Lipper Global Equity Indices to FTSE All World TR Net / FTSE UK TR Net (60% / 40%)
** Performance Fidures are annualised and net of fees
Top Holdings
United Kingdom
Old Mutual UK Select Smaller Companies Fund 4.50%
Aberforth UK Smaller Companies Fund 4.49%
United States
JP Morgan America Equity Fund 3.30%
Legg Mason Royce Smaller Companies Fund 3.28%
Europe
FP Crux European Special Situations Fund 2.56%
Threadneedle European Select Fund 2.50%
Japan
JO Hambro Japan Fund 2.30%
Baillie Gifford Japanese Smaller Companies Fund 2.27%
Asia
Hermes Emerging Asia Equity Fund 2.37%
Emerging Markets
Somerset Emerging Markets Dividend Growth Fund 1.92%
Somerset Emerging Markets Smaller Companies Fund 1.67%
Number Of Funds Held 31
Monthly Performance
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2015 1.88% 3.23% 2.36% 0.87% 2.47% -4.46% 0.57% -4.21% -3.34% 4.75% 1.62% 0.00% 5.37%
2014 -0.76% 3.41% -1.82% -2.54% 1.83% -0.35% 0.07% 2.22% -1.49% 0.00% 2.96% -0.47% 2.90%
2013 6.65% 4.35% 2.12% -0.15% 3.70% -2.68% 5.20% -2.11% 1.26% 3.74% 0.35% 1.97% 26.80%
2012 4.47% 5.13% 0.45% -1.89% -4.40% 0.38% 3.35% 1.30% 1.83% 0.36% 1.43% 0.62% 13.41%
TM
5
Fund Positioning
Sterling Share Class Investment Themes US Dollar Share Class Investment Themes
2015 was a perplexing year in financial markets, with the strong first and fourth quarter returns negated by the growth scare and consequent sell-off in the summer months. These market swings produced higher than normal volatility and most markets have struggled to make progress in local currency terms, with neither the ‘bulls’ nor the ‘bears’ winning. Overall, this seems to be a reasonable result, given the benign economic, corporate sales and profit growth backdrop.
Currency moves were a major driver of returns for the Global Balanced Fund, and account for much of the divergence in fortunes of the Sterling and US dollar classes of the Fund. The maximum overweight exposure to global equities was a positive attribution for the sterling class, where the FTSE All World TR Net index gained 3.5% in sterling terms, whereas in the US dollar class, this exposure was a negative contributor, with the same FTSE All World TR Net Index dropping 2.2% when adjusted to US dollars.
The US equity market continues to prove a difficult area for active managers to add value and was the biggest detractor in the US dollar Class, with most of our managers significantly underperforming the S&P 500. This may be due in part to the increasing divergence in market performance between the narrow group of winners and the many losers, with the ‘nifty nine’ (Amazon, eBay, Facebook, Google, Microsoft, Netflix, Priceline, Salesforce and Starbucks) driving the bulk of the market returns. These stocks are trading at significant premiums to their peers, which may be difficult to justify on fundamental grounds.
Our UK equity managers fared far better, with the majority outperforming nicely. Our thematic allocations also contributed positively, with the Healthcare, Technology, Infrastructure, Japan and REITs funds outperforming. The China Consumer Fund underperformed the global equity index by 0.3% in a very difficult year for Chinese equities, while the global energy strategy continues to struggle in the wake of ongoing oil price weakness.
The Fund has retained the maximum overweight exposure to equities throughout the year and although there are, as always, many potential hazards that could upset the path for global growth, as yet there is no real evidence of an economic or corporate earnings recession. Our central view is that developed market growth will be sufficiently resilient to support a modest corporate earnings expansion in 2016 and in this scenario equities offer the most attractive risk / reward opportunity relative to other asset classes.
We continue to find little value in fixed income. In a rising interest rate environment and with a very low starting yield, the risks are asymmetric to the downside and we continue to focus on short dated strategies with little interest rate risk and have increased our exposure to short dated Government Bond ETFs.
Equity markets are more complicated, although we continue to focus on what we believe are the two key drivers of long term returns; earnings growth and valuation. Our main concern is the lack of earnings growth in large-cap equities, particularly in the US where markets are currently trading on premium valuation multiples.
We believe there is better earnings growth potential from global small cap strategies, which have underperformed for some time despite a reasonably strong fundamental backdrop. We are currently researching several global small cap managers with a view to potentially adding to our exposure. The portfolio is also positioned to benefit from a potential counter-rally in value stocks, where a small shift in market sentiment could lead to a sharp recovery in some of the out of favour sectors and regions.
Fund Manager Commentary
Multi Manager Global Balanced Fund
Activity in the period
All data as at 31st December 2015
30%
25%
20%
15%
10%
5%
0%
Investment Grade Bonds
UK Equity
Global Equity Growth
Global Equity Income
Global Equity
Property
Global Equity
Technology
Global Equity
Healthcare
Global Equity Energy
Cash Japan Equity
Global Equity
Chinese Consumer
Global Equity Infra-
structure
Global Equity Infra-
structure
30%
25%
20%
15%
10%
5%
0%
Investment Grade Bonds
US Equity
Global Equity Growth
Global Equity Income
Global Equity
Property
Global Equity
Healthcare
Global Equity Energy
Cash Japan Equity
Global Equity
Chinese Consumer
Global Equity
Technology
6
Standard Bank International Funds Limited
Multi Manager Global Balanced Fund (USD)
Top Holdings
Fixed Income
Smith & Williamson Short Dated Corporate Bond Fund 13.64%
iShares 0-3yrs US Treasury Bond UCITS ETF 6.71%
North American Equity
Legg Mason ClearBridge US Aggressive Growth Fund 3.58%
Vulcan Value Equity Fund 3.41%
Global Equity
Fidelity Global Focus Fund 4.46%
Veritas Global Focus Fund 4.14%
Thematic Equity
JO Hambro Japan Fund 3.09%
Fidelity China Consumer Fund 3.07%
Other
USD Cash 6.45%
Number Of Funds Held 25
Fund Facts
Portfolio Manager: David Jardine
Price date: 31/12/2015
Price: $11.30
Fund size: $11.01m
Dealing: Weekly - Friday
Cut off time: 2:30pm (Jersey Time) previous business day
Min invest: US$2,500
Min top up: US$1,000
Dividend policy: Roll Up
Largest month gain:* 5.66%
Largest month loss:* -4.36%
*Since 14/8/2012
*Month end price and data for information and valuation purposes only
Manager’s fee: 1.50% per annum
Custodian’s fee: up to 0.035% per annum
Standard Bank Total Expense Ratio 1.80%
Upfront fee: up to 5.5%
Lower risk reduced potential
Higher risk increased potential reward
Fund Investment Objectives and Style
The Multi Manager Global Balanced Fund aims to provide long-term capital growth through investing in a diverse range of asset classes including international, regional and thematic equity funds together with fixed income funds, exchange traded funds and cash. The diverse nature of the asset classes has historically resulted in a moderate level of volatility, although given the potential exposure ranges to equity as an asset class, the Fund is suitable only for investors with a longer term investment horizon, and who are prepared to tolerate the risk of shorter term loss. The manager will at all times maintain a bias towards investments denominated in US Dollars broadly in line with the reference benchmark index.
Risk Profile
Flexible Asset Allocation30% - 70% Equities
30% - 70% Bonds and Cash
Asset Allocation
Equity 68.2%Fixed Income 25.4%Cash 6.4%
Performance Q4 1 Year
** 3 Years
** 5 Years
** 10 Years
Global Balanced Fund 3.20% -4.16% 3.44% n/a n/a
Benchmark* 2.37% 0.09% 5.87% 5.57% 4.85%
* FTSE All World TR Net 30.00%
FTSE USA TR Net 20.00%
Bloomberg/EFFAS Bond Indices US Govt. 1-10yr 50.00%
** Performance figures are annualised and net of fees
Monthly Performance
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2015 -1.27% 3.52% -0.75% 1.84% 0.16% -2.13% -0.17% -4.36% -3.95% 5.66% -0.52% -1.82% -4.16%
2014 -1.47% 3.50% -0.85% -0.34% 1.80% 1.51% -0.58% 0.83% -2.64% -0.25% 1.28% -0.92% 1.73%
2013 3.13% -0.38% 1.14% 1.70% 0.93% -2.85% 2.84% -1.38% 3.73% 2.34% 0.79% 0.96% 13.52%
2012 0.40% 1.69% -0.88% 0.79% 0.10% n/a
7
Standard Bank International Funds Limited
Multi Manager Global Balanced Fund (GBP)
Top Holdings
Fixed Income
Smith & Williamson Short Dated Corporate Bond Fund 12.24%
iShares UK Gilt 0 - 5 Year ETF 8.98%
United Kingdom Equity
Standard Life UK Unconstrained Fund 4.01%
Aberforth UK Smaller Companies Fund 3.72%
Global Equity
Fidelity Global Focus Fund 4.30%
Veritas Global Focus Fund 4.08%
Thematic Equity
Fidelity China Consumer Fund 3.05%
Polar Healthcare Opportunities Fund 3.05%
Other
GBP Cash 5.12%
Number Of Funds Held 24
Fund Facts
Portfolio Manager: David Jardine
Price date: 31/12/2015
Price: £11.69
Fund size: £8.68m
Dealing: Weekly - Friday
Cut off time: 2:30pm (Jersey Time) previous business day
Min invest: £1,500
Min top up: £750
Dividend policy: Roll Up
Largest month gain:* 3.69%
Largest month loss:* -3.67%
*Since 14/8/2012
*Month end price and data for information and valuation purposes only
Manager’s fee: 1.50% per annum
Custodian’s fee: up to 0.035% per annum
Standard Bank Total Expense Ratio 1.73%
Upfront fee: up to 5.5%
Fund Investment Objectives and Style
The Multi Manager Global Balanced Fund aims to provide long-term capital growth through investing in a diverse range of asset classes including international, regional and thematic equity funds together with fixed income funds, exchange traded funds and cash. The diverse nature of the asset classes has historically resulted in a moderate level of volatility, although given the potential exposure ranges to equity as an asset class, the Fund is suitable only for investors with a longer term investment horizon, and who are prepared to tolerate the risk of shorter term loss. The manager will at all times maintain a bias towards investments denominated in Sterling broadly in line with the reference benchmark index.
Lower risk reduced potential
Higher risk increased potential reward
Risk Profile
Flexible Asset Allocation30% - 70% Equities
30% - 70% Bonds and Cash
Asset Allocation
Equity 67.7%Fixed Income 27.4%Cash 4.9%
Monthly Performance
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2015 2.10% 1.54% 1.60% 0.25% 1.41% -3.67% 0.42% -2.87% -2.34% 3.38% 0.77% -0.26% 2.10%
2014 -0.45% 2.62% -1.06% -1.25% 1.53% -0.53% 0.09% 1.60% -1.32% 0.09% 2.31% -0.61% 2.97%
2013 3.69% 2.88% 0.75% 0.19% 1.94% -3.18% 3.38% -2.36% 0.46% 3.15% -0.72% 0.45% 10.87%
2012 -0.20% 0.30% -0.20% 0.80% -0.40% n/a
Performance Q4 1 Year
** 3 Years
** 5 Years
** 10 Years
Global Balanced Fund 3.91% 2.10% 5.24% n/a n/a
Benchmark* 2.92% 1.33% 5.51% 4.99% 5.51%
* FTSE All World TR Net 30.00%
FTSE UK TR Net 20.00%
Bloomberg/EFFAS Bond Indices US Govt. 1-10yr 50.00%
** Performance figures are annualised and net of fees
8
Important Information
Investment in the shares of open-ended investment companies is generally a medium to long-term investment. The value of shares may go down as well as up and investors may get back less cash than originally invested. The figures refer to the past and past performance is not a reliable indicator of future results. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. The shares of Standard Bank International Funds Limited are traded at ruling prices (i.e. the last recorded sales price) and are priced daily using the forward pricing method. Details of fees and charges and maximum commissions will be made available to you by your advisor and are fully disclosed in the fund prospectus.
Standard Bank International Funds Limited is a fund of funds collective investment scheme, which only invests in other collective investment schemes, which levy their own charges. Commission and incentives may be paid and if so, are included in the overall costs. Figures quoted are from STANLIB Fund Managers Jersey Limited for the current month for a lump sum investment using NAV prices, which exclude initial fees. Standard Bank International Funds Limited is an accumulation fund and does not distribute income. Performance is quoted in the respective funds currency. Please refer to the prospectus of this scheme for more details, a copy of which is available on request from the Manager, the registered office of which is Standard Bank House, 47-49 La Motte Street, St Helier, Jersey JE2 4SZ, Channel Islands.
Other than the fund-specific data contained in this document, the information provided has been compiled from a number of freely available market sources that are believed to be reliable. We make no warranty, express or implied, as to the accuracy, correctness or completeness of the general market information contained herein.
Standard Bank International Investments Limited, Standard Bank Jersey Limited, Standard Bank International Funds Limited, STANLIB Fund Managers Jersey Limited and Capita Trust Company (Jersey) Limited are regulated by the Jersey Financial Services Commission. Standard Bank International Investments Limited is a wholly owned subsidiary of Standard Bank Offshore Group Limited a company incorporated in Jersey. Standard Bank Offshore Group Limited is a wholly owned subsidiary of Standard Bank Group Limited. STANLIB Fund Managers Jersey Limited is wholly owned by STANLIB Asset Management Limited which is a wholly owned subsidiary of STANLIB Limited, a subsidiary of Liberty Holdings Limited which in turn is a subsidiary of Standard Bank Group Limited. Standard Bank Group Limited has its registered office at 9th Floor, Standard Bank Centre, 5 Simmonds Street, Johannesburg 2001, Republic of South Africa.
The fund Promoter is Standard Bank Jersey Limited. The shield and Standard Bank logo is a registered trademark of the Standard Bank Group Limited, of which Standard Bank Jersey Limited, Standard Bank International Investments Limited and Liberty Holdings Limited are part.
This does not constitute an invitation to buy or the solicitation of an offer to sell securities or to accept deposits or to provide any other products or services in any jurisdiction, to any person to whom it is unlawful to make such an offer or solicitation, nor should it be construed to constitute any investment advice. Legislation or regulations in jurisdictions relevant to you may prohibit you from entering into certain transactions with us and we strongly recommend that you contact your financial or legal adviser in this regard. It is your responsibility for informing yourself about and complying with such restrictions.
This document is provided to you for your information only and is not an invitation or inducement to invest in the fund to which it relates. This fund is not generally targeted at the investing public and will only be suitable for a small number of pre-approved retail investors. If you are in any doubt as to whether this fund is suitable for you, please consult an appropriately qualified financial advisor.
Source: FTSE International Limited (“FTSE”) © FTSE [year]. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.
Annualised figures are figures expressed in yearly terms, even though the variable does not directly apply to a year. Cumulative figures are figures expressed fully by the accumulation of successive additions.
Important notice for EU and UK investors
This document has not been approved for circulation to the general public in the European Union and does not constitute a financial promotion for the purposes of section 21 of the UK Financial Services and Markets Act (2000) FSMA. UK residents should be aware that the protections provided to investors by the UK regulatory system established under FSMA do not apply to any investment services or products provided by Standard Bank Group Limited or any of its subsidiaries. In particular investors will not be entitled to compensation from the Financial Services Compensation Scheme, nor will they be entitled the benefits provide by the Financial Ombudsman Service or other protections to customers under FSMA. Furthermore, UK residents should be aware that the funds to which this document relaters are not UCITS funds and are not recognised under sections 270 or 272 of FSMA.
Disclaimer and confidentiality note:
Standard Bank Offshore Services (RSA), operates under the license of The Standard Bank of South Africa Limited (“SBSA”), an authorised Financial Services Provider (“FSP”) number 11287. We are authorised to provide financial services for the following products: Long-Term Insurance A, B1, B2 and C; Short-Term Insurance: Personal Lines and Commercial Lines; Retail Pension Benefits; Securities and Instruments: shares, money market, debentures and securitised debt, warrants, bonds, and derivative instruments; Collective Investment Schemes; Foreign currency denominated investments; and Long and Short term deposits. The compliance officer’s details: (011) 636 1781 “[email protected]” SBSA holds professional indemnity insurance cover.
Standard Bank International Funds Limited is a fund of funds collective investment scheme. The Multi Manager Global Equity and Multi Manager Global Balanced Sub Funds have been approved by the Financial Services Board.
SBSA is authorised by Standard Bank International Investment Limited to sell its products in South Africa.
South African and African Residents
All transactions to the account must be in line with current Exchange Control Regulation to the country in which you are resident or working. Funds are not to be marketed in any African country other than South Africa.
Telephone calls may be recorded.
2016/006
2016-01/116290
Standard Bank Offshore Services
Gauteng Erik Olwagen tel: +27 11 721 7815 [email protected]
Eastern Cape & KZN Peter McCulloch tel: +27 31 374 1862 [email protected]
Western & Southern Cape Fiona du Toit tel: +27 21 401 2141 [email protected]
Standard Bank International Investments Limited
Standard Bank House 47—49 La Motte Street St Helier Jersey JE2 4SZ
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