Mar 2017 2017 - RI Hedge Funds: Abridged Annual Report For the year ending 31 March 2017 PDF
Preview Mar 2017 2017 - RI Hedge Funds: Abridged Annual Report For the year ending 31 March 2017
ABRIDGED ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2017 CONTENTS PAGE RETAIL CLASS UNITS 3 OUR RETAIL HEDGE FUNDS 5 FINANCIAL INFORMATION 12 TRUSTEES REPORT 13 RETAIL CLASS UNITS Prescient RI Hedge Fund Scheme Annual Management Fee (excl vat) Bateleur Long Short Prescient RI Hedge Fund 2.00% Blue Quadrant Capital Growth Prescient RI Hedge Fund 1.30% Laurium Long Short Prescient RI Hedge Fund 1.00% Laurium Market Neutral Prescient RI Hedge Fund 1.00% Numus Long Short Prescient RI Hedge Fund 2.00% Southchester Smart Escalator Prescient RI Hedge Fund 1.00% 3 ABRIDGED ANNUAL REPORT RETAIL CLASS UNITS (continued) Distributions Prescient RI Hedge Fund Scheme Annual Distributions Fund Declaration date Cents per unit Bateleur Long Short Prescient RI Hedge Fund 1 April 2017 5.730 Blue Quadrant Capital Growth Prescient RI Hedge Fund 1 April 2017 - Laurium Long Short Prescient RI Hedge Fund 1 April 2017 262 Laurium Market Neutral Prescient RI Hedge Fund 1 April 2017 366 Numus Long Short Prescient RI Hedge Fund 1 April 2017 104 Southchester Smart Escalator Prescient RI Hedge Fund 1 April 2017 - 4 ABRIDGED ANNUAL REPORT OUR RETAIL HEDGE FUNDS Prescient RI Hedge Fund Scheme Bateleur Long Short Prescient RI Hedge Fund Blue Quadrant Capital Growth Prescient RI Hedge Fund Laurium Long Short Prescient RI Hedge Fund Laurium Market Neutral Prescient RI Hedge Fund Numus Long Short Prescient RI Hedge Fund Southchester Smart Escalator Prescient RI Hedge Fund 5 ABRIDGED ANNUAL REPORT Bateleur Long Short Prescient RI Hedge Fund Fund Information Fund manager: Kevin Williams, Charl Gous Fund classification: Retail Hedge Fund Benchmark: CPI +4% Fund size: R261m Inception date: 01 January 2005 Transition date: 01 October 2016 Risk profile Moderate Objective The Fund is a long/short equity hedge fund and aims to produce returns in excess of inflation over the medium to longer-term, whilst placing a high premium on protecting capital. Asset Allocation* Financials 7.17% Resources 12.49% Industrials 33.50% Property 4.94% Information technology 1.85% International equities 7.30% Other CIS 11.50% Cash 21.25% Performance Fund Benchmark 1 Year 1.50% 10.30% 3 Years (p.a.) 9.30% 9.70% 5 Years (p.a.) 12.90% 9.80% Since inception (p.a.) 17.90% 10.10% *The asset allocation does not include derivatives settled daily to the margin account and comprise the fair value of derivatives and not the exposure (notional value). 6 ABRIDGED ANNUAL REPORT Blue Quadrant Capital Growth Prescient RI Hedge Fund Fund Information Fund manager: Leandro Gastaldi Fund classification: Retail Hedge Fund – Multi-Strategy Benchmark: CPI +8% Fund size: R143m Inception date: 01 May 2011 Transition date: 01 July 2016 Risk profile: Aggressive Objective The objective of the Fund is to deliver returns in excess of consumer price inflation over a rolling five-year period, but with an emphasis on ensuring a level of capital preservation over the shorter term. The Fund aims to generate sustainable real returns over the long term. Asset Allocation* Resources 3.26% Industrials 1.49% Derivatives 0.14% Other CIS 75.40% Cash 19.71% Performance Fund Benchmark 1 year 21.50% 14.80% 3 Years (p.a.) 16.60% 14.20% Since inception (p.a.) 18.27% 14.10% *The asset allocation does not include derivatives settled daily to the margin account and comprise the fair value of derivatives and not the exposure (notional value). 7 ABRIDGED ANNUAL REPORT Laurium Long Short Prescient RI Hedge Fund Fund Information Fund manager: Gavin Vorwerg, Murray Winckler Fund classification: Retail Investor Hedge Fund Benchmark: SteFi Fund size: R857m Inception date: 01 August 2008 Transition date: 01 August 2016 Risk profile: Moderate Objective To deliver a return of at least 7% p.a. greater than the SA Consumer Price Index on a rolling 3-year basis, with low volatility relative to the JSE ALSI and a low risk of capital loss. Asset Allocation* Other CIS 47.59% Cash 52.41% Performance Fund Benchmark 1 year 2.70% 7.59% Since inception (p.a.) 12.40% 6.83% *The asset allocation does not include derivatives settled daily to the margin account and comprise the fair value of derivatives and not the exposure (notional value). 8 ABRIDGED ANNUAL REPORT Laurium Market Neutral Prescient RI Hedge Fund Fund Information Fund manager: Gavin Vorwerg, Murray Winckler Fund classification: Retail Investor Hedge Fund Benchmark: STeFI Fund size: R161m Inception date: 01 January 2009 Transition date: 01 August 2016 Risk profile: Conservative Objective The Fund's investment objective is to generate an absolute monthly return with a target net annual return of 5% in excess of the Short Term Fixed Interest Rate (STeFI). Additionally, the Fund strives to minimise risk through disciplined hedging practices and to maintain high levels of liquidity, low concentration risk and low correlation to the equity market. Asset Allocation* Other CIS 12.45% Cash 87.55% Performance Fund Benchmark 1 Year 2.60% 7.59% Since inception (p.a.) 10.30% 6.56% *T he asset allocation does not include derivatives settled daily to the margin account and comprise the fair value of derivatives and not the exposure (notional value). 9 ABRIDGED ANNUAL REPORT Numus Long Short Prescient RI Hedge Fund Fund Information Fund manager: Isaac Benatar Fund classification: Retail Hedge Fund – Long/Short Equity Benchmark: STeFI Composite Index Fund size: R135m Inception date: 01 May 2015 Transition date: 01 November 2016 Risk profile: Moderate Objective Generate absolute returns over the long term irrespective of market direction. Manage the risks associated with investing in equities. Asset Allocation* Financials 0.74% Resources 0.36% Industrials 4.48% Cash 94.42% Performance Fund Benchmark 1 Year 9.30% 7.00% Since inception (p.a.) 18.10% 7.10% *Th e asset allocation does not include derivatives settled daily to the margin account and comprise the fair value of derivatives and not the exposure (notional value). 10 ABRIDGED ANNUAL REPORT
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