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Excelsior Income Portfolio - Liberty

As at 31 December 2021 Please refer to Disclosures for important information relating to the content of this document. Liberty Group Limited (reg no 1957/002788/06) is a registered Long-term Insurer and an Authorised Financial Services Provider (FAIS no. 2409). Page 1 of 3 Excelsior Income Portfolio General information Portfolio manager(s) Victor Mphaphuli Asset manager(s) STANLIB Asset Management Benchmark STeFI Composite Index Portfolio size R 7,131 million as at 31/12/2021 Launch date 10 June 2002 Regulation 28 Compliant Guarantee available No Cost ratios Annualised (including VAT) as at 30 June 2021 Based on period from 01 July 2018 Total Expense Ratio (TER) Transaction Costs (TC) Total Investment Charges (TIC) Please refer to Cost ratios section of Disclosures for important information relating to the above.

Please refer to Disclosures for important information relating to the content of this document. Liberty Group Limited (reg no 1957/002788/06) is a registered Long-term Insurer and an Authorised Financial Services Provider (FAIS no. 2409). Page 1 of 3 Excelsior Income Portfolio General information Portfolio objective

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Transcription of Excelsior Income Portfolio - Liberty

1 As at 31 December 2021 Please refer to Disclosures for important information relating to the content of this document. Liberty Group Limited (reg no 1957/002788/06) is a registered Long-term Insurer and an Authorised Financial Services Provider (FAIS no. 2409). Page 1 of 3 Excelsior Income Portfolio General information Portfolio manager(s) Victor Mphaphuli Asset manager(s) STANLIB Asset Management Benchmark STeFI Composite Index Portfolio size R 7,131 million as at 31/12/2021 Launch date 10 June 2002 Regulation 28 Compliant Guarantee available No Cost ratios Annualised (including VAT) as at 30 June 2021 Based on period from 01 July 2018 Total Expense Ratio (TER) Transaction Costs (TC) Total Investment Charges (TIC) Please refer to Cost ratios section of Disclosures for important information relating to the above.

2 Portfolio objective The Portfolio aims to secure high Income at a reduced risk. The Portfolio invests in a wide range of securities such as government, public corporation and local authority stocks as well as other interest bearing financial instruments. Investor profile This Portfolio is suited to the investor who: is looking for preservation of capital wants low variability in returns is looking for a more actively managed Portfolio than a cash/ money market investment has a short term investment horizon not exceeding 2 years Risk profile Conservative Moderately Conservative Moderate Moderately Aggressive Aggressive Performance Cumulative performance (%) over 5 Years Returns % YTD 3m 1y 3y 5y 10y Portfolio (RA) Portfolio (Taxed-I) Benchmark Inflation Statistics Over 10 years Month Year Best % Worst % % Positive Volatility, calculated over a three-year period.

3 Holdings Asset allocation (%) as at 31/12/2021 Top holdings (%) as at 31/12/2021 Government of South Africa FirstRand Ltd Absa Bank Ltd Nedbank Ltd Standard Bank Group Ltd Investec Bank Ltd Land And Agricultural Development Bank Of South Africa Development Bank of Southern Africa SOC Ltd Transnet SOC Ltd As at 31 December 2021 Please refer to Disclosures for important information relating to the content of this Group Limited (reg no 1957/002788/06) is a registered Long-term Insurer and an Authorised Financial Services Provider (FAIS no. 2409).Page 2 of 3 Excelsior Income Portfolio Portfolio manager(s) Victor Mphaphuli BCom (Hons)(Economics), GEDP STANLIB Asset Management Head of Fixed Interest Victor is a key member of STANLIB s multi-award-winning Fixed Interest team, which is one of the largest in South Africa.

4 Victor is one of the top fixed Income fund managers in the country and has won ABSIP Awards for fund management as well as Raging Bull Awards. He initially joined the team as a bond dealer and later assumed added responsibility for Portfolio management. He was promoted to head of Bond and Income Funds in 2008, assuming full responsibility for the daily management of these funds. In 2016 Victor was promoted to co-head of Fixed Interest which he jointly managed with Henk Viljoen. Victor began his financial services career as a trainee foreign currency dealer with Standard Bank s treasury division in 1996. After gaining experience as a bond market dealer with Nedbank Investment Bank, he joined STANLIB s forerunner Liberty Asset Management in 2001. Commentary as at 31 December 2021 Market review The last quarter of 2021 saw global markets close out with double-digit gains as monetary policy and a flood of fiscal stimulus helped propel an economic recovery from the pandemic.

5 Developed market equities performed well, commodities were mixed and fixed Income markets, together with emerging market equities, struggled. The South African economy experienced setbacks that are largely attributed to the civil unrest in July, and the lockdown measures which were in place during the thirdwave of the pandemic (Delta). Coupled with the emergence of the new Omicron variant of Covid-19 in late November, which was even more transmissible. The other major macro driver of markets in the fourth quarter was continued increasing inflationary pressure globally. The US inflation rate breached the 6% level over the last year to its highest point in decades. In South Africa the annual inflation rate accelerated to in November, hitting its highest level since March 2017.

6 The increase was supported by higher transport costs and fuel price hikes. Capped Share Weighted Index (SWIX) gained for the quarter, boosted by a brilliant performance from Industrials, Resource and Financials. The largest contributors to the equities overall gains for the year were Anglo American (+ ) and BHP Group (+ ) along with Sasol (+ ). Among the telecommunication shares MTN was the best performer. Prosus/Naspers detracted by 18% due to the increased regulatory action by the Chinese government to control anti-competitive behaviour. All-Property Index (ALPI) gained a further in Q4, bringing its annual return to an impressive SA bonds (ALBI) gained during the quarter, while the cash (STeFI) delivered The MSCI World index rallied , the biggest tech stocks that were top contributors to the S&P 500 s gain were led by Apple and Microsoft.

7 The Rand remained buoyant and ended the quarter at to the US Dollar. Over the year, the currency has continued to lose ground, ending at lower during the review None available at this time. Detailed commentary will be available in the January fund fact sheet. Looking ahead Comments will be available in the January fund fact sheet. Source: STANLIB and STANLIB Multi-Manager The commentary gives the views of the Portfolio manager at the time of writing. Any forecasts or commentary included in this document are not guaranteed to occur. As at 31 December 2021 Please refer to Disclosures for important information relating to the content of this document. Liberty Group Limited (reg no 1957/002788/06) is a registered Long-term Insurer and an Authorised Financial Services Provider (FAIS no.)

8 2409). Page 3 of 3 Excelsior Income Portfolio Disclosures General information and Holdings All size and holdings data is updated quarterly. Cost ratios The Total Expense Ratio (TER) depicts the percentage of the value of the Financial Product that was incurred as expenses relating to the administration of the Financial Product. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER s. The Transaction Costs (TC) depicts the percentage of the value of the Financial Product that was incurred as costs relating to the buying and selling of the assets underlying the Financial Product. The TC are a necessary cost in administering the Financial Product and impacts Financial Product returns.

9 The TC should not be viewed in isolation as returns may be impacted by many other factors over time including market returns, the type of Financial Product, the investment decisions of the investment manager and the TER. The Total Investment Charges (TIC), which is the sum of the TER and TC, depicts the percentage of the value of the Financial Product that was incurred as costs relating to the investment of the Financial Product. The TER, TC and TIC values represent the weighted average of all tax classes (where more than one tax class exists). Please be advised that for portfolios that invest 100% into an underlying collective investment scheme Portfolio (CIS) the TER, TC and TIC shown represent that of the underlying CIS. Please note that the implicit fees are disclosed on the website under each fact sheet range.

10 Performance Cumulative Performance and Returns All returns shown are in ZAR. The single premium investment returns shown are gross of Liberty product charges but net of implicit portfolios fees and shareholder participation (where applicable). Individual investor performance may differ as a result of initial fees, the actual investment date and/or the date of reinvestment. Past performance is not indicative of future performance. The performance of the Portfolio benchmark over time provides the basis against which the Portfolio manager will be measured. This may be changed from time to time. Benchmark performance is gross of all fees. Statistics Best % - the highest 1 month and 1 year RA return that the Portfolio has delivered over the last 10 years or since inception.


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