|
|
|
|
|
|
| ||||
Tim Allsop and Walter Aylett Fund managers
How to beat the taxman fair and squar... Medical aid industry in reasonable shap... UNIT TRUSTS:UNIT TRUSTS: Syfrets Advanta... Need I declare a few shares in my dad's ... Consider joint ownership before you join... Billions flow into unit trust-linked pro... Shape your strategy to ensure a smooth r... How to beat the taxman fair and squar... Wrapping up that package is an ar... |
UNIT TRUSTS: Syfrets Advantage EquityThis general equity fund has 7 364 unitholders and assets of R462-million under management. It is managed by Tim Allsop and Walter Aylett.TECHNICAL INFORMATION OBJECTIVE: To provide superior returns relative to the JSE all-share and consumer price indices. TARGET MARKET: Mature investors who require a value-orientated philosophy and who want an investment that outperforms the all-share index. CHARGES: Compulsory: 0,9%. Initial: 5% (on a sliding scale). Annual service fee: 1% (excluding VAT). MINIMUM INVESTMENT: Lump sum: R1 000; monthly R50. PAST PERFORMANCE (per Micropal) THREE YEAR: Fund: 12,1% Inflation: 7,9% All-share index: 14,3% Standard deviation (risk): 3,5. FIVE YEAR: Fund: 13,8% Inflation: 8,7% All-share index: 15,1% Standard deviation (risk): 3,9 Performance is calculated on a buy-to-sell basis with income re-invested. PAST TWO INCOME DISTRIBUTIONS: September 1996: 1,30 cents a unit. December 1996: 2 cents a unit TOP 10 HOLDINGS: CG Smith, De Beers, Grinaker Holdings, Remgro, RMB Holdings, Richemont, Safren, Santam, Sasol, Tongaat. TOLL-FREE NUMBER: 0800 228 282 ABOUT THE FUND MANAGER
AGE: 38 (Allsop); 36 (Aylett) QUALIFICATIONS: Both managers are chartered accountants. EXPERIENCE: Allsop - 8 years with a stockbroking firm; 1,5 years with Syfrets. Aylett - 5 years financial consulting; 3,5 years with Syfrets Managed Assets. INVESTMENT ATTITUDE: The primary focus is to invest in tradable, high market capitalisation stocks which are undervalued as well as companies which are expected to show superior growth. Significant investment exposures are achieved via aggressive buying. Where market volatility presents opportunities or share prices are out of line there is disciplined buying and selling. COMMENT: The fund has been significantly restructured to match a revised mandate since we took over its management in June last year. It is aggressively managed and we'll continue to sell shares that no longer meet our valuation requirements. Short-term gains from market volatility are exploited, and derivatives and gilts are used appropriately.
VIEW ON PAST PERFORMANCE: Over the three- and five-year periods, performance is disappointing. Exposure to large holdings in gold, cyclical shares and certain blue chips was largely responsible. The restructuring paid off: the fund's ranking moving from 20th to 8th position for the six-month period. THE FUTURE: The fund is fully invested and is well positioned to enjoy good capital growth. We except the markets to remain difficult for the year. The political scene looks uncertain as politicians start gearing up for the 1999 elections. Successful stock selection will be key. A value-oriented investment philosophy is followed and this sets the sight on medium- to long-term performance. Investors need to be patient and are cautioned against expecting immediate results.
INDEPENDENT ASSESSMENTOn past performance, investors would steer clear of the fund (previously the Syfrets Trustee fund). But the new managers are slowly turning the ship. The investment philosophy is sound and Syfrets Managed Assets has recently been rejuvenated. But, as the managers advise, investors can only expect results in the medium to long term. Leigh Roberts 1/97
|
