South African--Interest Bearing--Variable Term
Focus and Objective
The fund invests in the constituents of the S&P South Africa Sovereign Bond 1+ Year Index and aims to replicate the Index by holding the same weightings of these constituents. The S&P South Africa Sovereign Bond 1+ Year Index seeks to track the performance of local currency denominated sovereign debt publicly issued by the government of South Africa in its domestic market, with maturities of one year or more. The fund is rebalanced monthly and therefore has minimal trading costs. The fund may also hold a small portion in cash instruments and listed derivatives to effect efficient portfolio management.

Rademeyer Vermaak, M Eng.(Electronic), CFA
Rademeyer started his career in 2004 at Liquid Capital Markets in London, UK, where as a quantitative analyst he was responsible for the pricing and risk management of listed derivatives. He progressed to the Quantitative Investment team at Liquid Capital Markets, where he was involved in the research and trading of quantitative investment models. Rademeyer subsequently set up Radian Consulting as a quantitative investment and derivatives risk management consultancy where he consulted on derivatives risk management at Barclays Capital, RBS Sempra Commodities, Lloyds Bank Corporate Markets and Dresdner Kleinwort Investment Bank. More recently, he was a founding partner, Head of Quantitative Research and fund manager of the Mansard CTA quantitative fund at Mansard Capital in London. Upon his return from the UK in 2012, Rademeyer joined Fairtree Capital as quantitative fund manager and risk manager.

Ryan Basdeo, BCom, (Taxation), MBA (Wits), Registered Security Trader
After beginning his career as a financial accountant in the employee benefits industry, Ryan joined STANLIB Asset Management in their Institutional Pricing team in 2008. He got experience in the Offshore Trades Processing team from 2010, before moving on to Alternative Investments as market maker for the ETFs and executing trades for the index-tracking funds, as well as assistance with portfolio management. He was appointed a Portfolio Manager in 2017. Ryan has a BCom in Taxation degree, is a JSE Registered Securities Trader, as well as a Registered Bond Trader and has been awarded a MBA from Wits Business School.
Comparative Performance
Technical Overview
Formation Date: 5 Jun 2019
Benchmark: S&P South Africa Sovereign Bond 1+ Year Index
Holdings: n/a
Unit Holders: n/a
Original Price: n/a
Pricing System: Forward
Minimum Lump Sum: n/a
Minimum Monthly: n/a
Risk Rating: Medium High
Dividend Yield
Vertical lines represent dividends.
Dividend History (last 3 years)
17 Oct 2023 238.06c
18 Jul 2023 262.27c
18 Apr 2023 244.48c
17 Jan 2023 197.01c
18 Oct 2022 300.65c
19 Jul 2022 296.28c
19 Jan 2021 222.88c
14 Jul 2020 214.42c
14 Apr 2020 133.45c
14 Jan 2020 179.26c

TER (30 Jun 2023): 0.29%
Perf Fee TER (30 Jun 2023): 0%
Annual: 0.288%
Performance: n/a
Top Holdings on 30 Sep 2023
Share No Units Value (Rm) % of Fund
U-SBKIMM 3 083 895 3.11 2.27%
Totals   3.11 2.27%

Asset Allocation
Sectoral Breakdown
Performance to 30 Nov 2023
R1 000 Lumpsum (NAV-NAV Incl. Dividends)
Period Return Value(R) Inflation(R)
3 Months 1.12% 1 011.20 1 024.40
6 Months 5.43% 1 054.30 1 034.60
1 Year -1.04% 989.60 1 064.50
3 Years 3.23% 1 100.10 1 219.90
R100 per Month (NAV-NAV Incl. Dividends)
Period Return Value(R) Inflation(R)
3 Months 4.80% 309.70 405.98
6 Months 4.73% 616.78 716.73
1 Year -14.89% 1 107.49 1 245.44
3 Years -0.72% 3 560.33 3 995.64
* Values for periods greater than one year are annualised
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