The Dynasty Ci Global Accumulator Feeder Fund is a Feeder Fund. The investment objective of the portfolio is to provide long term capital growth. The Global Accumulator Fund, the target portfolio, will diversify investments across various asset classes whilst investing a minimum of 80% of the Net Asset Value of the Fund directly in global equity securities and/or indirectly through investment in Underlying Funds. The Fund may invest in derivatives for the exclusive purpose of hedging exchange rate risk to which assets are directly exposed.
Characteristics
The fund invests in a global equity general portfolio. The target fund will invest a minimum of 80% of its assets directly in global equity securities and/or indirectly through investment in underlying funds, and is suitable for investors who are prepared to accept a high level of volatility in seeking long term growth. Investors in this fund should be willing to accept a higher calculated risk. A feeder fund is a portfolio that invests in a single portfolio of a collective investment scheme, which levies its own charges, which could result in a higher fee structure for the feeder fund.
Risk Reward Profile
Typically, the lower the risk, the lower the potential return and the higher the risk, the higher the potential return. There is no guarantee that returns will be higher when investing in a portfolio with a higher risk profile. The risk profile for this portfolio is rated as high, as it may invest up to 100% in equity securities, both locally and abroad.
ASSET ALLOCATION
UNDERLYING HOLDINGS
Ci Global ICAV - Global Accumulator Fund
98.24%
SA Cash
1.76%
Global Cash
0.01%
ANNUALISED PERFORMANCE
Highest 1 year rolling return
32.00%
Lowest 1 year rolling return
-15.76%
TOP 10 EQUITY EXPOSURES
1. Smithson Investment Trust
8.38%
2. Microsoft
3.92%
3. Meta Platforms
2.96%
4. Visa
2.25%
5. Philip Morris International Inc
2.09%
6. NVIDIA Corporation
2.08%
7. Apple
1.65%
8. L'Oréal
1.44%
9. Stryker Corporation
1.34%
10. Alphabet Inc
1.12%
Top 10 equity exposures are one month lagged.
PORTFOLIO MANAGEMENT
Portfolio Managers
Dynasty Asset Management is an investment management operation, specialising in portfolio construction and multi-managed portfolios. The Dynasty Investment Committee is comprised of a number of investment specialists each having an excess of 25 years’ experience in the financial services industry. To enhance the investment process, Dynasty has appointed Analytics Consulting to consult to the Investment Committee on an advisory basis. Analytics Consulting is one of the leading investment consulting operations in South Africa.
Management Company
The portfolios are hosted and administered by Ci Collective Investments (RF) (Pty) Ltd ("Ci"). Ci is owned by a number of like-minded boutique multi-managers and managed by a team of experts, each with significant experience in the collective investments industry. Ci is approved by the FSCA as a manager in terms of the Collective Investment Schemes Control Act.
ADDITIONAL INFORMATION
Launch Date
01 September 2020
Opening Nav Price
100.00 cents per unit
Fund Size
R 320.9 million
Initial Fee
Class A: 0%, Class B: 0%
Initial Advisory Fee Maximum
Maximum 3.45% (incl VAT)
Annual Service Fee
Class A: 0.230%, Class B: 0.173% (Incl. VAT)
Annual Advisory Fee Maximum
Maximum 1.15% (incl VAT)
Total Expense Ratio
1.34%
Transaction Cost
0.01%
Total Investment Charge
1.35%
Calculation Period
1 Apr 2022 to 31 Mar 2025
Income Declaration Dates
30 June & 31 December
Last 12 Month Distributions
30/06/2025: (A) 0.00, 31/12/2024: (A) 0.00
Income Reinvestment / Payout Dates
2nd working day in July & January
Transaction cut-off time
14:00
Valuation Time
17:00
Frequency of pricing
Our daily NAV prices are published on our website and in the national newspaper
Equity markets are volatile and the price of equities fluctuate based on a number of factors such as changes in the economic climate, general movements in interest rates and the political and social environment which will also affect the value of the securities held in the unit trust, thereby affecting the overall value of the unit trust.
Currency Risk / Foreign Exchange Risk
This risk is associated with investments that are denominated in foreign currencies. When the foreign currencies fluctuate against the South African Rand, the investments face currency gains or losses.
Concentration Risk
Unit Trusts pool the assets of many investors and use the proceeds to buy a portfolio of securities. There are regulations in place which limit the amount that a unit trust may invest in securities, thereby spreading the risk across securities, asset classes and companies.
Liquidity Risk
This relates to the ability of the unit trust to trade out of a security held in the portfolio at or near to its fair value. This may impact on liquidity and in the case of foreign securities, the repatriation of funds.
Credit Risk
Credit risk arises where an issuer of a non-equity security or a swap is unable to make interest payments or to repay capital. The Fund may be exposed to credit risk on the counterparties in relation to instruments such as cash, bonds and swaps that are not traded on a recognised exchange. The possibility of the insolvency, bankruptcy or default of a counterparty with which the Fund trades such instruments, could result in losses to the Fund.
Total Return Swaps Risk
This portfolio may invest in total return swaps. Total return swaps are unlisted instruments issued by a bank to provide the return of a specific index. Therefore, the equity exposure in this portfolio is derived through the total return swap and not by physically holding the equities in the portfolio. The value of the instrument is directly linked to the performance of the basket of assets per the index and will fluctuate in line with the daily market movements.
Inflation Risk
The risk of potential loss in the purchasing power of your investment due to a general increase of consumer prices.
Tax Risk
This risk relates to any change to tax laws or to the interpretation of existing tax laws which has an impact on the manner in which unit trusts are taxed.
Compliance Risk
This refers to the risk of not complying with the legislation, regulations, prescribed investment limits and internal policies and procedures by the manager or the portfolio manager.
Political Risk
The risk that investment returns could suffer as a result of a country’s political changes or instability in the country. Instability could come from changes in the country’s government, policy makers or military.
DISCLOSURES
Minimum Disclosure Document
This page serves as an electronic Minimum Disclosure Document (MDD) which contains key information about this portfolio. It is updated on a monthly basis.
Sources
Performance sourced from Morningstar and Portfolio Analytics Consulting (Pty) Ltd, for a lump sum using NAV-NAV prices with income distributions reinvested. CPI for all urban areas sourced from FactSet. Asset Allocation and Top 10 holdings data compiled by Global Investment Reporting SA ("GIRSA”). Asset allocation and Top 10 holdings data are lagged by one month.
FAIS Conflict of Interest Disclosure
The annual fees for the A class include a fee up to 0.230% payable to Ci Collective Investments. The annual fees for the B class include a fee up to 0.173% payable to Ci Collective Investments. All fees stated are inclusive of VAT. Please note that in most cases where the Financial Services Provider (FSP) is a related party to the portfolio manager, the FSP/distributor may earn additional fees other than those charged by the portfolio manager. It is the FSP’s responsibility to disclose such additional fees to the investor. The Fund invests in Dynasty Investment Management International's Global Accumulator Fund. Dynasty Investment Management International and SIP may earn an annual investment advisory fee of up to 0.40% on this investment. Dynasty does not charge any annual management fee in South Africa against the value of any investments that are placed in the Dynasty Investment Management International offshore portfolio.
Characteristics
The fund invests in a global equity general portfolio. The target fund will invest a minimum of 80% of its assets directly in global equity securities and/or indirectly through investment in underlying funds, and is suitable for investors who are prepared to accept a high level of volatility in seeking long term growth. Investors in this fund should be willing to accept a higher calculated risk. A feeder fund is a portfolio that invests in a single portfolio of a collective investment scheme, which levies its own charges, which could result in a higher fee structure for the feeder fund.
Risk Reward Profile
Typically, the lower the risk, the lower the potential return and the higher the risk, the higher the potential return. There is no guarantee that returns will be higher when investing in a portfolio with a higher risk profile. The risk profile for this portfolio is rated as high, as it may invest up to 100% in equity securities, both locally and abroad.
THE FINE PRINT
This document is not intended to address the personal circumstances of any Financial Services Provider’s (FSP’s) client nor is it a risk analysis or examination of any client’s financial needs. Collective Investment Schemes in Securities (“CIS”) are generally medium to long terms investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to future performance. CIS are traded at ruling prices and can engage in borrowing and scrip lending. Different classes of units apply to this portfolio and are subject to different fees and charges. A schedule of fees and charges is available on request from Ci. Ci does not provide any guarantee either with respect to the capital or the return of the portfolio. Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. International Investments may include additional risks such as potential constraints on liquidity and repatriation of funds, macroeconomic risk, political risk, foreign exchange risk, tax risk, settlement risk as well as potential limitations on the availability of market information. The portfolio may be closed from time to time in order to manage it more efficiently in accordance with its mandate. The Dynasty portfolios are portfolios established and administered by Ci, and Dynasty Asset Management (Pty) Limited has been appointed to manage and market the portfolios. Dynasty is an indirect shareholder of Ci. As an indirect shareholder, Dynasty may earn dividends from time to time and participation in any dividends may be linked to the revenue generated by Ci from the Dynasty portfolios, and from any other Ci portfolios. Ci retains full legal responsibility for this co-named portfolio. Additional information on the portfolio may be obtained, free of charge, directly from Ci. Ci is a Non-Voting (Ordinary) Member of the Association for Savings & Investment SA (ASISA).
The one-year Total Expense Ratios are 1.36% for class A, 1.28% for class B calculated over a 12-month period to 30 Jun 2024, Ci's last financial year end
Total Expense Ratio (TER): The above TER % has been annualised and indicates the percentage of the value of the portfolio which was incurred as expenses relating to the administration of the portfolio over the rolling 3 year period or since fund inception, on an annualised basis. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER’s cannot be regarded as an indication of future TER’s. Transaction Cost (TC): The above TC % has been annualised and indicates the percentage of the value of the portfolio which was incurred as costs relating to the buying and selling of the assets underlying the portfolio. Transaction Costs are a necessary cost in administering the portfolio and impacts portfolio returns. It should not be considered in isolation as returns may be impacted by many other factors over time including market returns, the type of portfolio, investment decisions of the investment manager and the TER. Total Investment Charge is the TER plus TC which indicates the percentage of the value of the portfolio which was incurred as costs relating to the investment of the portfolio. A FX fee of up to 0.05% (incl. VAT) on any FX transactions may be payable to Dynasty in addition to the annual fees referred to above. Performance quoted is for lump sum investment with income distributions, prior to deduction of applicable taxes, included. NAV to NAV figures have been used. The annualised return is the return of the performance period re-scaled to a period of one year. Performance is calculated for the portfolio and individual investor performance may differ as a result of initial fees, actual investment date, date of reinvestment and dividend withholding tax.
FSP: Dynasty Asset Management (Pty) Limited is authorised under the Financial Advisory and Intermediary Services Act, 2002 (act 37 of 2002), (FSP no. 20722). Tel: (011) 214 1900 Fax: (011) 684 1516; E-mail: barry@dynasty.co.za; Web: www.dynasty.co.za
Company/scheme: Ci Collective Investments (RF) (Pty) Limited is registered under the Collective Investment Schemes Control Act, PO Box 412249, Craighall, 2024. Tel: 0861 000 881; Web: www.cicollective.co.za
Trustee: FirstRand Bank Limited. Tel: (011) 371 2111.
