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FEDSURE GROWTH FUNDThis fund has 15 600 unitholders and assets under management of R195-million. Launched in October 1990, it is managed by Imtias Ahmed for Fedsure Unit Trusts OBJECTIVE: To be ranked in the upper third of general equity funds. The fund has a medium- to long-term strategy of achieving consistently good performance by investing in a broad spectrum of JSE sectors. The stocks selected by the fund manager are judged on a value criteria, and derivatives are used for risk management and hedging only.
TARGET MARKET: Medium- to long-term investors who wish to enjoy the attractive growth potential of the JSE, but who would prefer a diversified range of shares to minimise their risk exposure.
CHARGES (incl VAT): Compulsory: 0.75%. Initial: 5.46% (on a sliding scale). Annual service fee: 1.14%.
MINIMUM INVESTMENT: Lump sum: R200; monthly: R50.
PAST PERFORMANCE (per Micropal): FIVE YEARS Fund: 142.5% Inflation: 48.8% JSE all-share index: 92.9% Sector average: 125.4% Volatility: 4.22 THREE YEARS Fund: 55.2% Inflation: 23.5% JSE all-share index: 31% Sector average: 51.3% Volatility: 4.22 Performance is calculated on a buy-to-sell basis with income reinvested.
PAST TWO INCOME DISTRIBUTIONS: June 1997: 4.10c (51% interest; 49% dividends). December 1997: 2.32c (44% interest; 56% dividends).
TOP 10 HOLDINGS: Fedsure; Nail-N; Usko; SAB; Anglo American; Richemont; De Beers; Imperial; Absa; Amrel.
TOLL-FREE: 0800 111 144
ABOUT THE FUND MANAGER
AGE: 32
QUALIFICATIONS: BCom; CA (SA)
EXPERIENCE: Has been with Fedsure Asset Management for six years. Has managed the fund for the past three years.
INVESTMENT ATTITUDE: The fund is actively managed. The thrust of the investment process is fundamental research and uses a bottom-up approach. We seek to add value by identifying, evaluating and selecting new opportunties. Growth-sector companies demonstrating market dominance, strong management, high potential and financial strength are preferred. The total number of investments is limited and the risk profile is minimised through diversification. VIEW ON PAST PERFORMANCE: Over the one-, three- and five-year periods the fund has performed exceptionally well and has been in the upper quartile consistently.
THE FUTURE: We believe the fund is positioned to capitalise on any market opportunities. The equity market is showing new signs of strength and the fund is focused to benefit from a recovery.
INDEPENDENT ASSESSMENT
This fund has given a fair performance, outperforming the relevant JSE indices. It is exposed to mining, financial and industrial shares with relatively high levels of liquidity which could dampen performance in a bull run. Low levels of foreign exposure are offset by exposure to rand-hedge stocks. It is expected that the fund will continue its fair performance, more or less matching the indices.
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