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NEDBANK ENTREPRENEUR FUNDThis fund has 474 unitholders and assets of R20-million. Launched in November 1997, it is managed by Fairfax Gray of HSBC Simpson McKie for Nedbank Unit Trusts
OBJECTIVE: This is a specialist equity fund that focuses on investment in small- to medium-sized companies. The aim is to give clients exposure to this dynamic sector of the market for maximum growth. The portfolio manager is permitted to consider larger companies where the management style is sufficiently entrepreneurial to fit the profile of the portfolio. Fund managers are remunerated relative to their performance against the average performance of the smaller companies sector. This incentive does not increase costs to the unitholder.
TARGET MARKET: Investors who require high growth and can sustain high-risk exposure.
CHARGES (incl VAT): Compulsory: 0.65%. Initial: 5.46%. Annual management fee: 1.14%.
MINIMUM INVESTMENT: Lump sum: R2 000; monthly: R300.
PAST PERFORMANCE (per Micropal): SINCE LAUNCH Fund: 5.6% Inflation: 0.8% JSE all-share index: 3.9% Sector average: 2.7% Performance is calculated on a buy-to-sell basis with income reinvested.
PAST TWO INCOME DISTRIBUTIONS: The first income distribution is due at the end of March and then again in September.
TOP 10 HOLDINGS: NBS Boland; Theta Group; African Harvest; New Africa Investments; M-Cell; MGX; Persbel; Laser; Servgro; Brainware.
TOLL-FREE: 0800 118 995
ABOUT THE FUND MANAGER
AGE: 49
QUALIFICATIONS: ACIS
EXPERIENCE: Has 21 years' investment experience. Has managed the fund since inception.
INVESTMENT ATTITUDE: This is a specialist fund that focuses on investment in small-to-medium companies. We also consider larger companies whose management style is sufficiently entrepreneurial to fit the profile of the portfolio. As the fund was launched only in November 1997, we were able to avoid the greater part of the market correction. While it is our intention to maintain 75% exposure to equities, circumstances have dictated that we retain a high degree of liquidity. This fund, being independently managed, will not have any influences from outside teams. This allows the portfolio managers to focus exclusively on their mandates.
VIEW ON PAST PERFORMANCE: Since inception the fund has performed well considering the market volatility experienced. It will continue to be managed on an active basis.
THE FUTURE: We see a sluggish market recovery at best. Our investment philosophy remains to accumulate well-managed niched companies operating in well-defined market segments.
INDEPENDENT ASSESSMENT
This is a brand new smaller companies fund, launched in November 1997, that still has to make its mark. It is also Nedbank's first venture into the unit trust market. The fresh approach from Nedbank Unit Trusts of making use of independent fund managers, the highly rated HSBC Simpson McKie in this case, still has to be tested in SA. Nedbank Unit Trusts believes this approach will encourage fund managers to follow a dedicated investment mandate.
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