This document summarizes performance data for various South African equity funds against benchmarks like the ALSI and SWIX. It provides annual performance figures for several active equity managers from 1995 to 2014, showing the percentage of managers outperforming the benchmarks each year. It also provides asset and return information for Satrix's smart beta funds focusing on factors like momentum, dividends, and equal weighting from 2003 to 2013. Overall it analyzes the performance of active and passive equity strategies in South Africa.
Growing Money: Choosing Investments and Various StrategiesRavi Shikha
What we discuss :
How to allocate money in these 4 Assets Class : Domestic Equity, Global Equity, Gold and Debt
Mutual Fund Scheme Selection using Risk Reward Ratios, Rolling Returns etc.
Optimization of Portfolio based on HRP (Hierarchical Risk Parity) Model
Monitoring and Rebalancing of Portfolio
Growing Money: Choosing Investments and Various StrategiesRavi Shikha
What we discuss :
How to allocate money in these 4 Assets Class : Domestic Equity, Global Equity, Gold and Debt
Mutual Fund Scheme Selection using Risk Reward Ratios, Rolling Returns etc.
Optimization of Portfolio based on HRP (Hierarchical Risk Parity) Model
Monitoring and Rebalancing of Portfolio
The attached model describes the risk management and liquidity benefits for a very long term strategic investing conglomerate of including a minimal allocation of a private equity fund allocation. In a world where deals are not always available and competition for good opportunities is fierce, risk of not being able to invest is significant.
We recommend that such conglomerates should allocate a private equity fund-like allocation to non-core mid-size investments. Not represented in the paper is that such investments may also lead to strategic investments or a tap into new markets.
The attached study was prepared for a leading Turkish conglomerate to diversify into private equity like investments.
ASX Share Research What Drives Australian Share Out Performance? LVXResearch.comlvxresearch
What Drives Company Stock Price Out Performance? What Fundamental Stock Investment Strategies Have Been Working Consistently? What Ranked Metrics Have Historically Signalled Stock Prices Will Outperform?
Our Paid Monthly Research Service on the Australian (ASX) and Hong Kong Markets (HSE) Answers all these Questions in a Digestible way for all levels of Investors: www.lvxresearch.com
Sign up for our free market update on the drivers that have historically signalled a change in stock market direction.
Subscribe to our Monthly research at www.lvxresearch.com
The Diversity Imperative: 14th Annual Australian Chief Executive StudyPwC's Strategy&
This report provides insight into the 2013 Australian Chief Executive Study findings, compares the results to the global market and identifies trends. Our analysis looks at trends relating to performance and tenure; reasons for CEO turnover; and the number of insider appointments versus outsider appointments.
The attached model describes the risk management and liquidity benefits for a very long term strategic investing conglomerate of including a minimal allocation of a private equity fund allocation. In a world where deals are not always available and competition for good opportunities is fierce, risk of not being able to invest is significant.
We recommend that such conglomerates should allocate a private equity fund-like allocation to non-core mid-size investments. Not represented in the paper is that such investments may also lead to strategic investments or a tap into new markets.
The attached study was prepared for a leading Turkish conglomerate to diversify into private equity like investments.
ASX Share Research What Drives Australian Share Out Performance? LVXResearch.comlvxresearch
What Drives Company Stock Price Out Performance? What Fundamental Stock Investment Strategies Have Been Working Consistently? What Ranked Metrics Have Historically Signalled Stock Prices Will Outperform?
Our Paid Monthly Research Service on the Australian (ASX) and Hong Kong Markets (HSE) Answers all these Questions in a Digestible way for all levels of Investors: www.lvxresearch.com
Sign up for our free market update on the drivers that have historically signalled a change in stock market direction.
Subscribe to our Monthly research at www.lvxresearch.com
The Diversity Imperative: 14th Annual Australian Chief Executive StudyPwC's Strategy&
This report provides insight into the 2013 Australian Chief Executive Study findings, compares the results to the global market and identifies trends. Our analysis looks at trends relating to performance and tenure; reasons for CEO turnover; and the number of insider appointments versus outsider appointments.
Investing Concept Of Risk And Return PowerPoint Presentation Slides SlideTeam
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
Market Risk And Return PowerPoint Presentation Slides SlideTeam
Presenting this set of slides with name - Market Risk And Return Powerpoint Presentation Slides. Our topic specific Market Risk And Return Powerpoint Presentation Slides presentation deck contains twenty eight slides to formulate the topic with a sound understanding. This PPT deck is what you can bank upon. With diverse and professional slides at your side, worry the least for a powerpack presentation. A range of editable and ready to use slides with all sorts of relevant charts and graphs, overviews, topics subtopics templates, and analysis templates makes it all the more worth. This deck displays creative and professional looking slides of all sorts. Whether you are a member of an assigned team or a designated official on the look out for impacting slides, it caters to every professional field.
Finance Risk And Return PowerPoint Presentation SlidesSlideTeam
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Risk And Return Relationship PowerPoint Presentation SlidesSlideTeam
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This document explains our strategy to perform a UCITS 5 fund with an active VIX Future management. An example of our strategy is the track record of New Millennium Volactive fund
Portfolio Risk And Return Analysis PowerPoint Presentation Slides SlideTeam
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Risk Return Trade Off PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Risk Return Trade Off Powerpoint Presentation Slides. This deck consists of total of twenty nine slides. It has PPT slides highlighting important topics of Risk Return Trade Off Powerpoint Presentation Slides. This deck comprises of amazing visuals with thoroughly researched content. Each template is well crafted and designed by our PowerPoint experts. Our designers have included all the necessary PowerPoint layouts in this deck. From icons to graphs, this PPT deck has it all. The best part is that these templates are easily customizable. Just click the DOWNLOAD button shown below. Edit the colour, text, font size, add or delete the content as per the requirement. Download this deck now and engage your audience with this ready made presentation.
Julia Butler - The Fiduciary Group - Best Practices for Meeting Fiduciary Dut...Downey Brand LLP
In her presentation at the 2015 Savannah Fiduciary Seminar, Julia Butler of the Fiduciary Group describes how plan sponsors, trustees, and investment committees can best meet their fiduciary duties to manage the plan’s investments. She outlines what should be in an effective Investment Policy Statement, and lays out the fiduciary processes to select, monitor, and replace the plan’s investment options. She also explains how a Section 3(38) fiduciary investment advisor can significantly reduce or eliminate a plan sponsor’s fiduciary liability for plan investments.
Synchronised vs desynchronised global growth by Mark LovettStanlb2018
Mark, the newly appointed Head of Investments, discusses the major factors impacting global bond and equities markets around the world and what this means for portfolio asset allocation.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
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3. 3
the global etp inflow ytd september 2014
$190BN
global etp cumulative flow
Source: BlackRock | ETP Landscape
4. 4
global etp assets september 2014
$2.6TN
global etp assets and products
Source: BlackRock | ETP Landscape
5. south african active equity managers
how are they doing against the ALSI (SWIX)?
85% 11 out of 13
1995
63% 10 out of 16
1996
82% 14 out of 17
1997
33% 7 out of 21
1998
4% 1 out of 28
1999
23% 7 out of 31
2000
30% 19 out of 63 (40%)
2007
11% 6 out of 55 (33%)
2006
6% 3 out of 47 (13%)
2005
95% 42 out of 44 (75%)
2004
90% 38 out of 42
2003
90% 36 out of 40
2002
19% 7 out of 37
2001
51% 37 out of 73 (37%)
2008
19% 15 out of 78 (31%)
2009
38% 31 out of 82 (24%)
2010
58% 50 out of 86 (38%)
2011
19% 18 out of 97 (12%)
2012
40% 42 out of 104 (49%)
2013
?% ? out of ? (?)
2014
Data source: Morningstar
17%
of general equity managers are outperforming the SWIX over a 10 year basis;
21% are outperforming the ALSI June 2014
12. 12
international products
Tracker Product
Unit Trust
AUM
World Equity
R3.8bn
North American Equity
R4.6bn
UK Equity
R370m
Europe (excl. UK) Equity
R690m
Emerging Markets Equity
R400m
Pan Africa (excl. SA Equity)
R155m
April 2014
15. “Passive Investment Management, which is significantly cheaper and not demonstrably inferior to active management over the long term, is under-utilised in South Africa”
Strengthening Retirement Savings
National Treasury - 2012
17. our philosophy
Understanding the source and nature of all risks one is exposed to provides a clearer line of sight into the extent and character of the salvageable premium on offer. The marriage between this and sound risk management practice and discipline is pivotal in reaching one’s investment objectives.
18. 18
what is driving total return?
70's
80's
90's
2000
2010 +
market
beta
β
pure
alphaα
α
β
β
β
smart
beta
β+
β+
β+
95% of total mutual fund performance is explained by market beta + smart beta
Li & Qu; Financial Product Differentiation over the State Space in the Mutual Fund Industry (2010)
total
return
α
α
22. what is a factor?
A factor is a unique, systematic risk or theme that is common to a subset of securities on a capital market for which it is well evidenced and reasoned that a compensating return premium is available.
26. 26
price behaviour
the propensity for securities to exhibit persistence in their price behaviour
What underpins the satrix momentum factor?
earnings revisions / surprises
analysts / the sell side do have a significant impact on the local equity capital market
philosophy | why does this factor premiums exist?
academic theory is conclusive, it exists: Jegadeesh and Titman (1993), Fama and French (2008)
market systematically underestimates earnings due to the macro factor risk and then sharply rerates when confirmed by analysts and macro risks abate (Novy Marks) … / process
28. 28
stock is cheap on value screen
value investor buys
explaining momentum
momentum signal positive
momentum investor buys
momentum signal negative momentum investor sells
stock is expensive value investor sells
30. 30
return to momentum investor
explaining momentum
31. 31
style correlations (rank) | momentum factor
-0.30
-0.25
-0.20
-0.15
-0.10
-0.05
0.00
0.05
0.10
0.15
Jan 00
Jul 00
Jan 01
Jul 01
Jan 02
Jul 02
Jan 03
Jul 03
Jan 04
Jul 04
Jan 05
Jul 05
Jan 06
Jul 06
Jan 07
Jul 07
Jan 08
Jul 08
Jan 09
Jul 09
Jan 10
Jul 10
Jan 11
Jul 11
Jan 12
Jul 12
Jan 13
Jul 13
Book to Price
Log Market Cap
Volatility
Dividends to Price Ratio
Source: S&P
40. 40
high yield investment strategy
top 30 stocks with the highest forward dividend yield
rebalance semi-annually
large cap + mid cap - property
what underpins the dividend + factor?
41. 41
the dna of the fund remains true to label
fundamental view
style exposure view
0
2
4
6
8
10
12
14
Nov 2008
Nov 2009
Nov 2010
Nov 2011
Nov 2012
Rolling One Year Index Dividend Yield
RESI
INDI
FINI
PREF
SAPY
DIVI
DTOP
SIMDIF
4.8%
5.0%
4.9%
4.6%
4.7%
4.6%
ALSI
3.1%
3.2%
3.2%
2.9%
2.8%
2.9%
SIMDIF
4.8%
5.0%
5.0%
4.5%
4.8%
4.9%
ALSI
3.0%
3.1%
2.9%
2.7%
3.1%
3.1%
historic dy
forward dy
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
Jan-13
May-13
Sep-13
Jan-14
Active factor exposure relative to ALSI
Size
Momentum
Trading Activity
Market Variability
Foreign Exposure
Yield
Growth
Value
Financial Leverage
Market Sensitivity
Primary Foreign
Listing
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
Jan-13
May-13
Sep-13
Jan-14
Active factor exposure relative to SWIX
Size
Momentum
Trading Activity
Market Variability
Foreign Exposure
Yield
Growth
Value
Financial Leverage
Market Sensitivity
Primary Foreign
Listing
3/12 6/12 9/12 2/12 3/12 5/12
3/12 6/12 9/12 12/12 3/12 5/12
46. 46
DISCLOSURE OF SIMULATED DATA USED IN PERFORMANCE CHARTS AND TABLES
The performance information presented in certain charts or tables represent back tested performance based on a combination of simulated index data and actual data for the Satrix unit trusts. However, for comparison purposes and/or portfolio construction where various unit trusts were included in charts or tables, the actual unit trust returns were used.
Clients should note that simulated data is not an indication of future performance, and may differ to the actual performance.
48. 48
55%
8%
6%
5%
6%
15%
5%
Domestic Cash
Domestic Property
Domestic ILB
International Bonds
International Equity
Domestic Bonds
Domestic Equity
Divi +
Equally Weighted
Momentum
Equal
Weighted
FUND DESIGN: STRATEGIC ASSET ALLOCATION
49. 49
Smart Beta Rationale: Equity Building Block
STRATEGY
INDEX EXPLAINED
BIAS
DIVIDEND PLUS
•30 high dividend yielding companies within the universe of Top 40 and Mid Cap Index
•Expected to pay the best normal dividends over the forthcoming year
•Fund will have a low correlation with other indices on the JSE
Value
EQUALLY WEIGHTED
TOP 40
•Top 40 Equally Weighted Index represents the 40 largest, most liquid shares listed on JSE
•Equal weighting methodology offers a more balanced exposure to all companies
Size
MOMENTUM
•Momentum is a composite of price and earnings momentum as measured by analyst revisions.
•Fund is negatively correlated to value investing
•Momentum Fund designed to be:
•Risk Controlled;
•Consistent and True to Label
•Robust blend of price and earnings momentum styles
Momentum
50. 50
Returns to 31 December 2013 | Source: MoneyMate and SIM | Back-tested
,pro forma
-60.00%
-40.00%
-20.00%
0.00%
20.00%
40.00%
60.00%
80.00%
Jun-03
Dec-03
Jun-04
Dec-04
Jun-05
Dec-05
Jun-06
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
ALSI Balanced Equity Carve-Out
Rolling
1 Year
Balanced Equity
Carve-Out
ALSI Active
Feb 09 -29.03% -37.59% 8.56%
Oct 08 -25.82% -30.87% 5.04%
Nov 08 -23.07% -27.68% 4.61%
Relative Protection – Rolling 1 year
Equity Building Block vs ALSI
51. 51
Returns to 31 December 2013 | Source: MoneyMate and SIM | Back-tested ,pro forma
returns
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
ALSI Balanced Equity Carve-Out
CONSISTENT
Outperformance over
ALL rolling 5 year
periods
Consistent Outperformance – Rolling 5 year
Equity Building Block vs ALSI
52. Domestic
Cash
Domestic
Ilbs
International
Bonds
DIVI PLUS
Intern.
Equity
Domestic
Property
Dom.
Bonds
Now add other asset classes
53. 53
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
2005/09/01
2006/01/01
2006/05/01
2006/09/01
2007/01/01
2007/05/01
2007/09/01
2008/01/01
2008/05/01
2008/09/01
2009/01/01
2009/05/01
2009/09/01
2010/01/01
2010/05/01
2010/09/01
2011/01/01
2011/05/01
2011/09/01
2012/01/01
2012/05/01
2012/09/01
2013/01/01
2013/05/01
2013/09/01
2014/01/01
Satrix Balanced Index Fund SA - Multi Asset - High Equity
Returns to 31 December 2013 | Source: MoneyMate and SIM | Back-tested
,pro forma ret.
Average
Outperformance
of 3.1%
annualised
Rolling 3 years
CONSISTENT
Outperformance over
ALL rolling 3 year
periods
Satrix Balanced vs Average Balanced
Manager
54. 54
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
2007/09/01
2007/12/01
2008/03/01
2008/06/01
2008/09/01
2008/12/01
2009/03/01
2009/06/01
2009/09/01
2009/12/01
2010/03/01
2010/06/01
2010/09/01
2010/12/01
2011/03/01
2011/06/01
2011/09/01
2011/12/01
2012/03/01
2012/06/01
2012/09/01
2012/12/01
2013/03/01
2013/06/01
2013/09/01
2013/12/01
Satrix Balanced Index Fund SA - Multi Asset - High Equity
Returns to 31 December 2013 | Source: MoneyMate and SIM | Back-tested
,pro forma ret.
Average
Outperformance of
2.8% annualised
Rolling 5 years
CONSISTENT
Outperformance over ALL
rolling 5 year periods
Satrix Balanced vs Average Balanced Manager
55. 55
Name
2013
QR
2012
QR
2011
QR
2010
QR
2009
QR
2008
QR
Satrix Balanced Index Fund
17.56%
3
24.27%
1
9.82%
1
16.15%
1
19.31%
1
-8.65%
2
Prudential Balanced Fund
24.03%
1
20.72%
1
6.64%
2
13.45%
2
18.64%
2
-10.35%
3
Cadiz Managed Flexible Fund
15.46%
3
18.96%
1
5.65%
3
17.64%
1
22.43%
1
-11.53%
3
Momentum Balanced Fund
19.09%
2
18.93%
1
6.36%
2
9.89%
4
21.61%
1
-12.21%
3
Old Mutual Balanced Fund
20.03%
2
18.12%
2
6.83%
2
12.69%
2
18.39%
2
-14.44%
4
SA - Multi Asset High Equity
18.01%
/133
15.95%
/117
5.83%
/104
11.68%
/84
15.80%
/77
-8.46%
/72
Returns to 31 December 2013 | Source: MoneyMate and SIM | Back-tested ,pro forma ret.
CONSISTENT
Outperformance of Category and BM cognisant managers
Satrix Balanced vs Benchmark Cognisant Managers
56. 56
Returns highlighted in red, the fund has underperformed Satrix Balanced
Returns to 31 December 2013 | Source: MoneyMate and SIM | Back-tested ,pro forma ret.
Calendar Year
Allan Gray Balanced
Coronation Balanced Plus
Foord
Balanced
Satrix Balanced
2003
23.29%
17.68%
13.98%
17.48%
2004
23.38%
32.01%
22.59%
26.72%
2005
36.47%
35.02%
43.75%
32.78%
2006
30.26%
30.48%
32.39%
30.87%
2007
13.24%
13.09%
10.56%
13.04%
2008
-1.82%
-8.19%
-7.23%
-8.65%
2009
13.89%
23.00%
17.05%
19.31%
2010
10.41%
15.43%
15.54%
16.15%
2011
11.83%
6.77%
9.41%
9.82%
2012
13.32%
20.07%
21.91%
24.27%
2013
23.72%
25.60%
22.01%
17.56%
Cyclicality of Returns – Calendar Year Performance
Balanced Manager Selection
57. 57
Calendar Year
Allan Gray Balanced
Coronation Balanced Plus
Foord Balanced
2003
5.81%
0.21%
-3.50%
2004
-3.35%
5.29%
-4.13%
2005
3.69%
2.24%
10.97%
2006
-0.61%
-0.39%
1.53%
2007
0.19%
0.04%
-2.49%
2008
6.83%
0.47%
1.43%
2009
-5.43%
3.69%
-2.26%
2010
-5.74%
-0.72%
-0.61%
2011
2.01%
-3.06%
-0.41%
2012
-10.94%
-4.20%
-2.36%
2013
6.16%
8.04%
4.45%
Cyclicality around investment processes causes Returns to 31 December 2013 | Source: MoneyMate and SIM | Back-tested ,pro forma ret.
Cyclicality around investment processes causes underperformance
Cyclicality of Returns – Calendar Year Performance relative to Satrix Balanced
Balanced Manager Selection
58. 58
TER Date to 31 December 2013 | Source: ASISA
Fund
TER
Current
Proposed
Allan Gray Balanced
1.71%
33.3%
25.0%
Coronation Balanced Plus
1.65%
33.3%
25.0%
Foord Balanced
1.73%
33.4%
25.0%
Satrix Balanced
0.30%
0.0%
25.0%
Estimated Portfolio TER
1.70%
1.34%
Satrix Balanced: Active/Passive Blend
59. 59
TER Date to 31 December 2013
Source: ASISA
relative to peer group
outperformance
underperformance
Balanced Composite A (Passive + Active)
Balanced Composite B (Top 3)
Multi-Asset High Equity Average
Active Return (Composite A)
Active Return (Composite B)
2003
18.09%
18.34%
17.53%
0.56%
0.81%
2004
26.17%
25.95%
28.09%
-1.92%
-2.14%
2005
36.98%
38.38%
26.76%
10.22%
11.62%
2006
31.03%
31.08%
24.39%
6.64%
6.69%
2007
12.52%
12.35%
12.48%
0.04%
-0.13%
2008
-6.46%
-5.68%
-8.58%
2.12%
2.90%
2009
18.32%
17.94%
15.77%
2.55%
2.17%
2010
14.40%
13.78%
11.44%
2.96%
2.34%
2011
9.46%
9.35%
5.71%
3.75%
3.64%
2012
19.84%
18.34%
16.01%
3.83%
2.33%
2013
22.22%
23.79%
17.72%
4.50%
6.07%
Calendar Year Analysis for Composites
60. Diversification
Lower fees
Consistency
No performance compromise
Satrix Balanced: The real value …
…/ Low Equity
62. 62
msci world | tracking approach
•index methodology
•The MSCI World index is a market-cap weighted index that aims to measure the equity performance of developed markets throughout the world. With 1 612 constituents, the index covers approximately 85% of the free float- adjusted market capitalization in each country (23 countries).
•The index is reviewed quarterly—in February, May, August and November— with the objective of reflecting change in the underlying equity.
•optimisation strategy using barra risk model
•+/- 800 stocks and etf’s
•Understanding index construction rules.
•Monitoring & managing Corporate Actions and their effect on the portfolio.
•Trading and Broker network – use Barclays, CITI, Merrill's etc.
•Cash flows – cash flows are managed using a representative combination of I- Shares to reduce trading costs.
•Fund may hold up to 10% of total fund market value in I-Shares
•ex-ante active risk: 17 bps
63. 63
SATRIX MSCI WORLD EQUITY FEEDER FUND
•Management Style
•The fund uses optimisation, sampling and derivative instruments to track the MSCI World Index.
•As at August 2014, holds 862 constituents vs. 1615 in the MSCI World Index.
•Tracking Error
•Average annualised tracking error of 0.68% since inception measured over 3-year periods.
•Maximum annualised tracking error of 1.28% attained in July 2007.
•Annualised 3-year tracking error as at September 2014: 0.41%
64. LOW TRACKING ERROR IN VOLATILE MARKET CONDITIONS
Source: Morningstar, SI; updated to 30 September 2014.
0%
5%
10%
15%
20%
25%
30%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
Jul 07
Sep 07
Nov 07
Jan 08
Mar 08
May 08
Jul 08
Sep 08
Nov 08
Jan 09
Mar 09
May 09
Jul 09
Sep 09
Nov 09
Jan 10
Mar 10
May 10
Jul 10
Sep 10
Nov 10
Jan 11
Mar 11
May 11
Jul 11
Sep 11
Nov 11
Jan 12
Mar 12
May 12
Jul 12
Sep 12
Nov 12
Jan 13
Mar 13
May 13
Jul 13
Sep 13
Nov 13
Jan 14
Mar 14
May 14
Jul 14
Sep 14
Volatility of MSCI World Index
3 Year Tracking Error (annualised)
Sanlam World Equity Tracker
MSCI World Index (USD)
65. 65
annualised performance
portfolio
benchmark
excess
3 months
-2.1%
-2.2%
0.1%
ytd
4.1%
3.9%
0.2%
1 year
12.4%
12.2%
0.2%
3 years
17.8%
17.9%
-0.1%
5 years
10.7%
10.9%
-0.1%
msci portfolio performance (usd) | sep 2014
Performance figures are provided by Sanlam International Investments.
All fund figures are gross of investment management fees and reported in USD.
1y attribution
•aggregate residual effect +24bps
•allocation -7bps, selection +54bps, market timing -2bps, currency -11bps
•return adjustment -10bps
•trading effect -1bps
66. 66
PERFORMANCE CONSISTENTLY ABOVE THE AVE GLOBAL GENERAL EQUITY MANAGER IN SA
Source: Morningstar, SI; updated September 2014.
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
Jun 07
Aug 07
Oct 07
Dec 07
Feb 08
Apr 08
Jun 08
Aug 08
Oct 08
Dec 08
Feb 09
Apr 09
Jun 09
Aug 09
Oct 09
Dec 09
Feb 10
Apr 10
Jun 10
Aug 10
Oct 10
Dec 10
Feb 11
Apr 11
Jun 11
Aug 11
Oct 11
Dec 11
Feb 12
Apr 12
Jun 12
Aug 12
Oct 12
Dec 12
Feb 13
Apr 13
Jun 13
Aug 13
Oct 13
Dec 13
Feb 14
Apr 14
Jun 14
Aug 14
5-Year Rolling Return
25th Percentile
50th Percentile
75th Percentile
90th Percentile
Satrix MSCI World Equity Index Feeder Fund
68. 68
how will we define benchmarks in future?
how is my risk budget defined?
how do I want to spend my risk budget?
what is the risk character of my active versus passive blend?
am I happy with my intended and unintended risk / style factor exposures?
portfolio construction | philosophy
Active Process
organisation and people
philosophy and process
is the manager skilful?
Is the ‘alpha’ signature ‘significant’ and ‘predictable’ given varying environments?
pricing, turnover and transaction costs
‘Passive’ Process
coverage
investability and liquidity
pricing, turnover and transaction cost
index construction rules
69. 69
process | lets apply the logic | momentum & div+
“my risk budget is defined in the relative space and tracking error is important. I would like to consider different combinations of the two factors and understand how my tracking error is spent.”
3.89
2.35
1.46
1.05
0.41
-0.16
0
0
0.5
1.43
1.97
3.04
5.29
7.17
-1
0
1
2
3
4
5
6
7
8
100 /
0
75 /
25
65 /
35
60 /
40
50 /
50
25 /
75
0 /
100
tracking error (ex- ante)
momentum weight / div+ weight variations
active risk (tracking error) contribution
ex ante
Div+
Mom
…then add other portfolio construction process pillars
1) + targeted active risk level (+ vanilla passive)
2) + factor / risk diagnostic
3) + active manager skill
4) + fundamental and qualitative value
70. 70
The SATRIX Advantage
Most experienced team in the market
Only player objective on ETF | UT | Segregated
Portfolio Construction and Risk Management
Growing business in established investment core
Market understanding and relationship
World class systems, dealing & compliance
Representation on FTSE/JSE advisory committee
Driven by passion
Leverage off top fundamental team