Download bastion worldwide flexible fund of funds bastion

BASTION WORLDWIDE FLEXIBLE
FUND OF FUNDS
Facts Sheets at 30 June 2011
Fund Objective
To maximize long term capital growth.
ASISA Classification: Worldwide Asset Allocation Flexible
Unique mandate: The fund manager can invest between 0% and 100% in
any asset class, and any geographic location.
Target Market
 Investors who seek long term growth, and can tolerate short term volatility.
 Those investing for five years and longer.
Benchmark
Alexander Forbes Money Market Index (“SteFI”) plus 6% pa.
Risk rating of this fund
Moderate / High
 Those who want to invest in Bastion's best view.
This fund in itself does not necessarily comply with the Pensions Fund Act.
Allan Gray
Orbis Equity
8%
Underlying Unit Trusts
SIM Global
Best Ideas A
13%
Asset Allocation
Coronation
Emerging
Markets 7%
Coronation
Global
Managed 13%
Grindrod
Global
Property
Income R 14%
SATRIX DIV
15%
Nedgroup
Global Equity
Feeder 8%
Metropolitan
Money
Market 1%
16%
5%
15%
8%
8%
6%
Monthly Performance
0%
11%
13%
11%
12%
12%
14%
10%
Foreign
equities 51%
10%
Investment Perform.
(annualised)
12%
Cash 4%
Investec WW
Eqt Feeder B
9%
Kagiso Equity
Alpha 12%
Equities 25%
Bastion
-5%
Bench.
-10%
Sector
-15%
-20%
-25%
2%
-30%
1%
1%
4%
0%
Past year
Past 2 years
Since listing
Rank
16 out of 19
11 out of 19
5 out of 11
Quartile
4
3
2
Aug-07
Oct-07
Dec-07
Feb-08
Apr-08
Jun-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
18%
Foreign
FI 5%
Foreign
property
15%
Bastion
Sector
Fund Manager (Koos le Roux) Comments
2011 to date seen high volatilty and low returns. The volatility is a result of the major uncertainties plagueing the world: the
interruption of the economic process caused by the Japanese earthquake and tsunami, the risk of default by Greece et al, and
the very unsettled situation in the Middle East. We see the crisis as of a temporary nature, and in fact creating good buying
opportunities.
Low interest rates and high liquidity in the US are excellent fuel for stock markets. We therefore expect gradual rising but
volatile stock markets - the bull climbing its wall of worry. Equities remain the most attractive asset class.
This scenario supports the investment case for this Bastion fund with its high equity content. International equities in particular
offer excellent value.
Bastion Wealth Management (Pty) Ltd is a category 2 licensed financial services provider
Cell: +27 83 455 5318 (Koos); Email: [email protected]; Web: www.bastionwealth.co.za
BASTION WORLDWIDE FLEXIBLE
FUND OF FUNDS
Facts Sheets at 30 June 2011
Total Expense Ratio (“TER”)
VAT inclusive
Maximum (Metropolitan) initial fee*
0.29% (VAT inclusive)
Annual management fee
1.14%
Maximum upfront intermediary fee*
3.42% (VAT inclusive)
Underlying funds (net of rebates)
1.56%
* Only for direct business with Metropolitan, otherwise the linked
Other costs
0.00%
investment service provider’s fees apply.
Performance fee
0.01%
Maximum annual fee
Total TER
2.71%
(management + performance fee)
Explanatory note:
Annual management fee
- The TER is the total actual expenses (charges, fees, and levies) related to the
management of this fund and the underlying funds expressed as a percentage of the
average Net Asset Value of the fund. It has been calculated using actual data from 1
April 2010 to 31 March 2011
Performance fee (sharing rate)
- A high TER does not necessarily imply a poor return, neither does a low TER imply a
good return. The above-mentioned TER can not be regarded as indicative of future
TER’s.
- The performance figures on page 1 are net of the TER.
FAIS Conflict of Interest Disclosure
1.14% (VAT inclusive)
10% of benchmark
(or hurdle) outperformance
Example: Performance fee is 0% if actual performance = the benchmark or
hurdle rate. Thereafter Bastion receives 10% of outperformance of the
benchmark or hurdle rate up to 1.14% max.
High watermark principle applies: Any shortfall to the hurdle rate and high
watermark is carried forward for set-off against future positive
outperformances.
The performance fee (if any) is accrued daily and paid monthly.
The above-mentioned Annual Management Fee may be earned as follows:
Maximum (pre-VAT)
0.35%
0.65%
Metropolitan (CIS manager) fee
Bastion (Investment Manager)
(capped at 1.14% p.a. VAT inclusive)
2.28% (VAT inclusive)
The Annual Management Fee is in addition to the fee of the FSP (Broker or
Financial Advisor). It is the FSP's responsibility to disclose his fees to the
investor.
Performance Fees accrue 100% to Bastion as the Investment Manager.
Starting date
Fund size
Original buying price
Minimum lump sum investment
Minimum monthly investment
R36 million
100.00 cents
R5 000
R 500
Dates of income declaration
31 Dec. & 30 June
Dates of income payment
7th Jan. & 7th July
Income payment
Valuation time
A Note on the Fund of Funds-product
01 October 2007
Transaction time
2010: Nil
08:30 ( T + 1)
15:00
The FOF-product carries an additional layer of costs because it invests in other unit
trusts. In return it offers significant benefits:
A high quality product with potentially attractive return in as much as a
professional portfolio manager is able to invest in what he / she considers to be
the most appropriate funds of the top investment management houses in the
country.
A dilution of risk by diversifying across a number of unit trusts with different
managers, different investment styles, and different strategies.
Flexibility: the fund manager is able to readily switch from poor performers to
more attractive funds.
A cost-effective product: Metropolitan can aggregate asset bases, and thus
negotiate lower underlying portfolio fees and rebates.
Capital Gains Tax benefits for discretionary investors.
Deposits can be made at any ABSA Bank
Account number:
Branch number:
Bank:
Please fax deposit slip to:
4069 567 253
31 21 09
ABSA
(021) 940 4856
Bastion Wealth Management (Pty) Ltd
26 Nassau Crescent, Stellenberg, Durbanville 7550
Telephone: +27 21 919 3120; Fax: 086 510 9227
Cell: +27 83 455 5318 (Koos)
Email: [email protected]; Web: www.bastionwealth.co.za
Bastion is a category 2 licensed financial services provider
Custodian: Standard Executors & Trustees: Tel (021) 401-2286. Metropolitan Collective Investments Limited Parc du Cap Mispel Road Bellville, PO Box 925 Bellville 7535 Tel (021)
940-5981 Fax (021) 940-5885 Call Centre, Tel: 0860 100 279 Registration No 1991/03741/06.
Collective Investments are generally medium to long term investments. The value of participating interests may go down as well as up and past performance is not necessarily a
guide to the future. Collective Investments are traded at ruling prices and can engage in scrip lending. Forward pricing is used. A schedule of fees and charges and maximum
commissions is available on request from company/scheme. Commission and incentives may be paid and if so, are included in the overall cost. This fund may be closed to new
investors. A fund of funds collective investments may invest in other collective investments, which levy their own charges, which could result in a higher fee structure for these
portfolios. Graphs and performance figures are sourced from MoneyMate for lump sum investments including income distribution, at NAV to NAV basis and does not take any initial
fees into account. Income is reinvested on the ex-dividend date. Actual investment performance will differ based on the initial fees applicable, the actual investment date and the
date of reinvestment of income. Collective Investment prices are calculated on a net asset value basis and auditor’s fees, bank charges and trustee fees are levied against the
portfolio. The portfolio manager may borrow up to 10% of portfolio NAV to bridge insufficient liquidity. The performance fee FAQ document is kept as a public document at
Metropolitan Head office. Metropolitan Collective Investments Ltd is a full member of the ASISA (the Association for Savings and Investments South Africa.)