THE CORION REPORTampersand SCI CPI Plus 2 FoF ashburton Targeted return allan Gray Stable Coronation...
Transcript of THE CORION REPORTampersand SCI CPI Plus 2 FoF ashburton Targeted return allan Gray Stable Coronation...
PIONEERING. PARTNERING. PERFORMING.
THE
CORIONREPORTMONTHLY CIS INSIGHTSMarCH 2020
interactive
vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAl CORIONMAR 2020
| 2
Asset ClAsses*
Best top 40
equity industries
Worst top 40
US$/raNd
GLObaL bONdS
GLObaL EqUITIES
bONdS
EqUITIES
PrOPErTY
PrOSUS
aNGLOGOLd
SHOPrITE
SPar
CLICkS
NaSPErS
CONSUMEr GOOdS
baSIC MaTErIaLS
CONSUMEr SErvICES
HEaLTH CarE
TELECOMMUNICaTION
FINaNCIaLS
SaSOL
rEdEFINE
NEdbaNk
abSa
IMPaLa PLaTINUM
NOrTHaM PLaTINUM
17.1%
15.5%
12.9%
10.8%
9.4%
7.3%
-80.1%
-56.4%
-53.2%
-43.3%
-38.2%
-37.6%
In the midst of extreme uncertainty and with unpopular and difficult decisions needing to be made, Cyril ramaphosa has appeared stoic.
The average bear market has been -32% (source Goldman Sachs). The current bear market low was -36%. Page three compares the current crash to more recent experiences.
Most global markets experienced record declines. The FTSE JSE all Share Index and the dow Jones Industrial average had their respective biggest quarterly losses since 1998 and 1987.
the FACts
Following February’s decline of 9.0%, the FTSE JSE all Share Index depreciated by another 12.1% in March. The aLbI declined by 9.7% its worst month since its base date (July 2000).
Interest rate sensitive indices such as the FTSE JSE Financial 15 and the FTSE JSE Sa Listed Property Index fell by an astounding 30.7% and 36.6% respectively.
Sasol is one of South africa’s largest taxpayers. Their share price declined by over 80% following the steep drop in the price of oil.
WEAK
WORSE
HORRIFIC
GOOD
VIDEO
BAD
the enVironMent
MARCH 2020
*FTSE/JSE SA Listed Property (Property), FTSE/JSE All Share (Equities), Beassa ALBI (Bonds), MSCI World (Global Equities) and FTSE WGBI (Global Bonds) were used as indicies for each asset class.
13.5%
12.8%
-1.4%
-9.7%
-12.1%
-36.6%
-4.5%
-12.4%
-13.2%
-13.5%
-20.9%
-29.4%
vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONMAR 2020
| 3
ENduRING A BEAR MARKET
vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONvIdEO
| 4
US dOLL ar
INdUSTr IaLS
bONdS
EqUIT IES
rESOUrCES
F INaNCIaLS
PrOPErT Y
US dOLL ar
INdUSTr IaLS
bONdS
EqUIT IES
rESOUrCES
F INaNCIaLS
PrOPErT Y
US dOLL ar
bONdS
INdUSTr IaLS
EqUIT IES
rESOUrCES
F INaNCIaLS
PrOPErT Y
US dOLL ar
rESOUrCES
bONdS
INdUSTr IaLS
EqUIT IES
F INaNCIaLS
PrOPErT Y
WO
rS
T
1 Month 3 Months ytd 1 yeAr 3 yeArs
bES
T
Datasource: Morningstar. Returns longer than one year annualised.
13.5%
-1.9%
-9.7%
-11.4%
-12.1%
-30.7%
-36.6%
27.7%
-6 .3%
-8 .7%
-21.4%
-24 .5%
-40 .1%
-48 .2%
10 .0%
8 .5%
5 .3%
0 .0%
-2 .1%
-9 .7%
-23 .0%
27.7%
-6 .3%
-8 .7%
-21.4%
-24 .5%
-40 .1%
-48 .2%
23 .8%
-3 .0%
-4 .4%
-18 .4%
-18 .5%
-39 .2%
-47.9%
US dOLL ar
INdUSTr IaLS
bONdS
rESOUrCES
EqUIT IES
F INaNCIaLS
PrOPErT Y
ASSET RETuRNS
vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONASSETS
| 5No meaningful investment decisions should be made using the Report. Funds without an updated price at the time of compiling, have been omitted. Datasource: Morningstar, pre month end sign off; Minimum fund size: R100 million.
one Month As At 31 MArCh 2020 one yeAr As At 31 MArCh 2020
PSG EquityNedgroup Inv GrowthSteyn Capital Equity PrescientSatrix dividend Plus Indexallan Gray Sa Equity
allan Gray EquityCoronation Top 20Prudential Sa Equity FundFairtree Equity Prescient FdOld Mutual Investors
aSISa Sa Equity General Category aveEquities - FTSE/JSE all Share Indexbonds - JSE all bond Index
rrrrr
rrrrr
2 857 634 250 233
2 109
27 224 15 321 14 558
9 984 7 777
-37.6%-34.8%-34.0%-32.3%-32.0%
-24.3%-16.3%-30.7%-23.8%-30.2%
-21.9%-18.4%-3.0%
1.2.3.4.5.
1.2.3.4.5.
bEST PErFOrMING SIZE rETUrN
36ONE bCI EquityMethodical Equity PrescientOasis Crescent EquityStonehage Fleming SCI EquityElement Islamic Equity SCI
rrrrr
1 143 128
4 974 221 125
0.2%-2.1%-4.6%-6.1%-7.4%
1.2.3.4.5.
WOrST PErFOrMING SIZE rETUrN
L arGEST FUNdS SIZE rETUrN
INdUSTrY rETUrN
Nedgroup Inv GrowthFairtree Select Equity PrescientSteyn Capital Equity PrescientFoundation bCI Equity FundFairtree Smart beta Prescient
allan Gray EquityCoronation Top 20Prudential Sa Equity FundFairtree Equity Prescient FdOld Mutual Investors
aSISa Sa Equity General Category aveEquities - FTSE/JSE all Share Indexbonds - JSE all bond Index
rrrrr
rrrrr
634 129 250 133 224
27 224 15 321 14 558
9 984 7 777
-24.3%-23.8%-23.4%-23.3%-23.2%
-18.0%-12.4%-19.4%-22.7%-21.7%
-15.4%-12.1%-9.7%
1.2.3.4.5.
1.2.3.4.5.
bEST PErFOrMING SIZE rETUrN
Oasis Crescent EquityStonehage Fleming SCI EquityElement Islamic Equity SCISanlam Select Focused Equitybluealpha bCI Equity
rrrrr
4 974 221 125 187 354
-2.0%-3.4%-6.0%-6.4%-6.5%
1.2.3.4.5.
WOrST PErFOrMING SIZE rETUrN
L arGEST FUNdS SIZE rETUrN
INdUSTrY rETUrN
ASISA SA EquITy GENERAl
vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONSA EquITy
| 6
bridge Managed GrowthPSG balancedImalivest SCI balancedbridge balancedPlexus Wealth bCI balanced
allan Gray balancedCoronation balanced PlusNinety One OpportunityFoord balanceddiscovery balanced
aSISa Sa Multi asset High Eq Category aveEquities - FTSE/JSE all Share Indexbonds - JSE all bond Index
rrrrr
rrrrr
1 174 6 898
102 123 189
121 271 71 292 45 095 23 331 21 577
-29.9%-28.1%-23.1%-20.8%-20.6%
-14.2%-12.0%0.9%-5.1%-11.5%
-11.1%-18.4%-3.0%
1.2.3.4.5.
1.2.3.4.5.
bEST PErFOrMING SIZE rETUrN
rezco Managed Plusrezco value TrendNinety One ManagedInnovation bCI balanced Fund of FundsStar Prime balanced Fund
rrrrr
662 5 128
16 481 112
289
10.9%9.5%6.9%4.9%3.8%
1.2.3.4.5.
WOrST PErFOrMING SIZE rETUrN
L arGEST FUNdS SIZE rETUrN
INdUSTrY rETUrN
bridge Managed GrowthPSG balancedCapita bCI balancedamity bCI Managed SelectbCI best blend balanced
allan Gray balancedCoronation balanced PlusNinety One OpportunityFoord balanceddiscovery balanced
aSISa Sa Multi asset High Eq Category aveEquities - FTSE/JSE all Share Indexbonds - JSE all bond Index
rrrrr
rrrrr
1 174 6 898
139 117 274
121 271 71 292 45 095 23 331 21 577
-19.3%-18.5%-18.0%-17.9%-17.9%
-12.0%-11.0%-1.0%-5.7%-12.5%
-10.6%-12.1%-9.7%
1.2.3.4.5.
1.2.3.4.5.
bEST PErFOrMING SIZE rETUrN
rezco value Trendrezco Managed PlusInnovation bCI balanced Fund of FundsNinety One OpportunityOasis Crescent balanced High Equity FoF
rrrrr
5 128 662 112
45 095 152
0.9%0.8%-1.0%-1.0%-1.1%
1.2.3.4.5.
WOrST PErFOrMING SIZE rETUrN
L arGEST FUNdS SIZE rETUrN
INdUSTrY rETUrN
ASISA SA HIGH EquITy
No meaningful investment decisions should be made using the Report. Funds without an updated price at the time of compiling, have been omitted. Datasource: Morningstar, pre month end sign off; Minimum fund size: R100 million.
one Month As At 31 MArCh 2020 one yeAr As At 31 MArCh 2020
vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONHIGH
| 7
bridge Stable GrowthPlexus Wealth bCI ConservativePSG Stableampersand SCI CPI Plus 2 FoFashburton Targeted return
allan Gray StableCoronation balanced defensivePrudential Inflation PlusNedgroup Inv StableInvestec Cautious Managed
aSISa Sa Multi asset Low Eq Category aveEquities - FTSE/JSE all Share Indexbonds - JSE all bond Index
rrrrr
rrrrr
691 104
2 925 1 092
201
42 698 26 781 22 305 17 148 12 148
-22.8%-16.9%-15.6%-14.1%-13.9%
-7.4%-5.8%
-13.7%2.8%3.5%
-3.9%-18.4%-3.0%
1.2.3.4.5.
1.2.3.4.5.
bEST PErFOrMING SIZE rETUrN
rezco StableabSa Inflation beateramplify SCI Wealth ProtectorPlatinum bCI Income Provider FoFIP diversified Inc FoF
rrrrr
152 1 252
710 349 191
13.6%7.1%4.8%4.7%4.1%
1.2.3.4.5.
WOrST PErFOrMING SIZE rETUrN
L arGEST FUNdS SIZE rETUrN
INdUSTrY rETUrN
bridge Stable GrowthPlexus Wealth bCI ConservativeCapita bCI Cautiousampersand SCI CPI Plus 2 FoFPrudential Inflation Plus
allan Gray StableCoronation balanced defensivePrudential Inflation PlusNedgroup Inv StableInvestec Cautious Managed
aSISa Sa Multi asset Low Eq Category aveEquities - FTSE/JSE all Share Indexbonds - JSE all bond Index
rrrrr
rrrrr
691 104 221
1 092 22 305
42 698 26 781 22 305 17 148
12 148
-15.3%-13.0%-13.0%-12.5%-12.4%
-8.6%-8.0%-12.4%-3.6%-2.1%
-7.0%-12.1%-9.7%
1.2.3.4.5.
1.2.3.4.5.
bEST PErFOrMING SIZE rETUrN
rezco StableIP diversified Inc FoFOasis Crescent balanced Stable FoFabSa Inflation beaterNoble PP STaNLIb Strategic Income FoF
rrrrr
152 191 606
1 252 482
2.3%-0.3%-0.4%-1.2%-1.6%
1.2.3.4.5.
WOrST PErFOrMING SIZE rETUrN
L arGEST FUNdS SIZE rETUrN
INdUSTrY rETUrN
ASISA SA lOw EquITy
No meaningful investment decisions should be made using the Report. Funds without an updated price at the time of compiling, have been omitted. Datasource: Morningstar, pre month end sign off; Minimum fund size: R100 million.
one Month As At 31 MArCh 2020 one yeAr As At 31 MArCh 2020
vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONlOw
| 8
discovery Global value Equity FFabSa Global value FFCounterpoint SCI Global Equity FFCoronation Global Opp Equity FFGlacier Global Stock FF
allan Gray - Orbis Global Equity FFOld Mutual Global EquityNinety One Global Franchise FFNedgroup Inv Global Equity FFPSG Wealth Global Creator FF
aSISa Global Eq General Category aveEquities - MSCI Worldbonds - FTSE WGbI
rrrrr
rrrrr
407 585 118
6 521 405
17 748 15 419 14 128 13 409 7 502
-25.2%-12.9%-7.8%-5.7%-3.1%
4.5%4.2%21.5%17.3%14.2%
7.8%11.6%31.5%
1.2.3.4.5.
1.2.3.4.5.
bEST PErFOrMING SIZE rETUrN
Instit bCI Global Equity FundStonehage Fleming SCI Glb bst Ids Eq FFNinety One Global Franchise FFanchor bCI Global Equity FFSTaNLIb Global Equity FF
rrrrr
172 250
14 128 103
3 983
24.8%22.0%21.5%20.9%20.2%
1.2.3.4.5.
WOrST PErFOrMING SIZE rETUrN
L arGEST FUNdS SIZE rETUrN
INdUSTrY rETUrN
discovery Global value Equity FFabSa Global value FFCounterpoint SCI Global Equity FFCoronation Global Opp Equity FFGlacier Global Stock FF
allan Gray - Orbis Global Equity FFOld Mutual Global EquityNinety One Global Franchise FFNedgroup Inv Global Equity FFPSG Wealth Global Creator FF
aSISa Global Eq General Category aveEquities - MSCI Worldbonds - FTSE WGbI
rrrrr
rrrrr
407 585 118
6 521 405
17 748 15 419 14 128 13 409
7 502
-25.2%-13.6%-11.1%-10.9%-10.9%
-5.0%-1.5%5.7%-0.1%-3.6%
-2.8%-1.4%12.8%
1.2.3.4.5.
1.2.3.4.5.
bEST PErFOrMING SIZE rETUrN
Instit bCI Global Equity Fundanchor bCI Global Technology FundbCI Fundsmith Equity Feeder FundMarriott First World Equity FFNinety One Global Franchise FF
rrrrr
172 191
1 694 370
14 128
8.5%6.6%6.2%5.8%5.7%
1.2.3.4.5.
WOrST PErFOrMING SIZE rETUrN
L arGEST FUNdS SIZE rETUrN
INdUSTrY rETUrN
ASISA GlOBAl EquITy
No meaningful investment decisions should be made using the Report. Funds without an updated price at the time of compiling, have been omitted. Datasource: Morningstar, pre month end sign off; Minimum fund size: R100 million.
one Month As At 31 MArCh 2020 one yeAr As At 31 MArCh 2020
vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONGlOBAl
| 9
INFlOwS
abax balanced Prescient
kagiso balanced
10X High Equity Index Fund
Investec Managed
H4 diversified
STaNLIb MM Sa Equity
Investec Sa Equity
Laurium Equity Prescient
bluealpha bCI Equity
allan Gray Sa Equity
abSa Inflation beater
amplify SCI defensive balanced
SIM Inflation Plus
amplify SCI Wealth Protector
discovery Cautious balanced
Investec Global Franchise FF
Nedgroup Inv Global Equity FF
bCI Fundsmith Equity Feeder Fund
PSG Wealth Global Creator FF
Satrix MSCI World Equity Index FF
sA
eq
uit
y
sA
eq
uit
y
sA
hiG
h e
qu
ity
sA
hiG
h e
qu
ity
sA
lo
W e
qu
ity
sA
lo
W e
qu
ity
Glo
BA
l eq
uit
y
Glo
BA
l eq
uit
y
one Month As At 28 FeBruAry 2020* one yeAr As At 28 FeBruAry 2020*
Nedgroup Inv Core diversified
10X High Equity Index Fund
Satrix balanced Index
kagiso balanced
discovery balanced
Old Mutual Equity Fund
Fairtree Equity Prescient Fd
Momentum MoM Macro Growth
Prudential Sa Equity Fund
Laurium Equity Prescient
abax absolute Prescient
Investec Cautious Managed
discovery Cautious balanced
abSa Inflation beater
abaX Sa absolute Prescient
Investec Global Franchise FF
Satrix MSCI World Equity Index FF
bCI Fundsmith Equity Feeder Fund
PSG Wealth Global Creator FF
Old Mutual MSCI EM ESG Idx FF
100 200 300 400
Datasource: Morningstar on selected ASISA Categories, pre month end sign off. *Flow data is one month delayed. All flows reported in millions of Rand.
1000 2000 3000 4000
vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONINFlOwS
| 10
sA
eq
uit
y
sA
eq
uit
y
sA
hiG
h e
qu
ity
sA
hiG
h e
qu
ity
sA
lo
W e
qu
ity
sA
lo
W e
qu
ity
Glo
BA
l eq
uit
y
Glo
BA
l eq
uit
y
OuTFlOwS
Datasource: Morningstar on selected ASISA Categories, pre month end sign off. *Flow data is one month delayed. All flows reported in millions of Rand.
one Month As At 28 FeBruAry 2020* one yeAr As At 28 FeBruAry 2020*
allan Gray balanced
Foord balanced
PSG balanced
Coronation balanced Plus
SIM balanced
allan Gray Equity
Coronation Top 20
Foord Equity
Satrix Capped Swix all Share Index Fund
abax Equity Prescient
Prudential Inflation Plus
allan Gray Stable
PSG Stable
Coronation balanced defensive
Old Mutual real Income
Old Mutual Global Equity
allan Gray - Orbis Global Equity FF
Coronation Global Opp Equity [Zar] FF
Investec Global Strategic Equity FF
bCI best blend Global Equity
allan Gray balanced
Foord balanced
Coronation balanced Plus
PSG balanced
Investec Opportunity
allan Gray Equity
SIS Equity
Foord Equity
Momentum value Equity Fund
SIM General Equity
Prudential Inflation Plus
Coronation balanced defensive
allan Gray Stable
Nedgroup Inv Stable
abSa absolute
Old Mutual Global Equity
Nedgroup Inv Global Equity FF
Momentum International Equity FF
bCI best blend Global Equity
allan Gray - Orbis Global Equity FF
-1200 -800 -600 -200-1000 -400 -12000 -8000 -4000
vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONOuTFlOwS
| 11
SINCE INCEPTION PERFORMANCE
7.8%7.2%
4.4%
0.2%0.9%
8.7%
7.4%
3.1% 3.0%
11.0%
3.5%3.4%
*Since Inception return. Returns are annualised for periods longer than one year.
FUND INCEPTION 1 MONTH 6 MONTHS 1 YEAR 3 YEARS SI*
CORIOn ABSOlutE nCIS RFOHFOutperform Cash
-7.9%
0.5%
-15.2%
-5.8%
-3.1%
-12.1%
-5.7%
-7.0%
-10.8%
-10.6%
-0.5%
0.6%
-8.3%
3.1%
-17.4%
-7.8%
-8.8%
-18.1%
-5.5%
-6.5%
-14.2%
-11.4%
3.0%
3.4%
-6.1%
6.5%
-14.4%
-7.6%
-3.5%
-20.5%
-3.1%
-4.1%
-14.7%
-10.6%
7.3%
7.1%
1.0%
6.6%
-1.9%
1.9%
1.4%
-3.2%
3.2%
2.4%
-2.9%
-0.8%
8.7%
7.4%
3.1%
3.0%
11.0%
3.5%
4.4%
3.4%
0.2%
0.9%
7.8%
7.2%
CORIOn GRAVItAS nCIS RIFOutperform 50% Equities & 50% Cash
CORIOn PROSPERItAS nCIS RIFOutperform Equities
nOV 2001
Jun 2015
Jun 2013
CORIOn PRImE GROWtHASISA High Equity
mAR 2015
CORIOn PRImE InCOmEStefi Composite
DEC 2018
CORIOn PRImE StABlEASISA Low Equity
mAR 2015
CORION INSIGHTS
HE
DG
EC
IS
CONTACT uS
GArreth MontAno011 447 9991
dAVid BACher021 831 5401
ABout Corion
• Responsible for client savings since 2001
• Successful and long term track record
• Focused on risk management
• Alternative and traditional solutions
• Boutique investment firm
• Passionate about investments
pioneerinG. pArtnerinG. perForMinG.
vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONCORION
CORIOn PRImE CIS PORtFOlIOS Corion Capital (Pty) Ltd (Corion Capital) is an authorised financial services provider in terms of section 8 of the Financial Advisory and Intermediary act, 2002, FSP number 44523. For application forms, minimum disclosure documents, conflict of interest policies and other product information and fee schedules, refer to our website www.corion.co.za.
Corion Capital has entered into a co-named agreement with Prime Collective Investment Schemes Management Company (RF) (Pty) Limited (Prime) regarding the administration of the Corion Prime CIS’s. Prime is an authorised Management Company registered according to the Collective Investment Schemes Control Act (CISCA) 45 of 2002, supervised by the Financial Sector Conduct Authority (FSCA). Prime retains full legal responsibility for the co-named Corion Prime CIS’s. Corion Capital is FSCA approved and appointed investment manager of the Corion Prime CIS’s.
Corion Capital Details Registration No: 2007/002166/07 Tel: 0027 21 831 5400Address: The District, Block B, 6th Floor, Email: [email protected] Sir Lowry Road, Woodstock, 7925 Website: www.corion.co.za
The Corion Prime CIS’s are administrated by Global Independent Administrators (Pty) Ltd while FirstRand Bank Limited (acting through its RMB Trustee Services Division) are the Trustees.
prime Details Reg. No. 2005/017098/07 Tel number: 010 594 2100;PostNet Suite 208, Private Bag X9, Email: [email protected], 2010 Website: www.primeinvestments.co.za
GEnERAlThe returns shown are only signed off after the 5th business day post month end. Consequently distributions for some funds might not be reflected in the return data and some fund returns are subject to change. The investment performance is for illustrative purposes only. The investment performance is calculated after taking the actual initial fees and all ongoing fees into account. The reinvestment of income is calculated on the actual amount distributed per participatory interest by using the ex-dividend date NAV price of the applicable class of the portfolio, irrespective of the actual reinvestment date.
Investors should take cognisance of the fact that there are risks involved in buying or selling any financial product, that the past performance of a financial product is not necessarily indicative of the future performance and that the value of financial products can increase as well as decrease over time, depending on the value of the underlying securities and market conditions. Portfolios which contains offshore exposure can result in additional material and other risks, potential constraints on liquidity and the patriation of funds.
(a) collective investment schemes are traded at ruling prices and can engage in borrowing and scrip lending;(b) a schedule of fees and charges and maximum commissions is available on request from the manager; and(c) The manager does not provide any guarantee either with respect to the capital or the return of a portfolio.
| 12
OTHER IMPORTANT INFORMATION
unDERStAnDInGWhile every effort has been made by Corion Capital to ensure that the information contained in this report is accurate and up to date, no representations or warranties are made or given as to the accuracy and suitability of the information contained therein for any particular purpose. Corion Capital shall under no circumstances whatsoever be liable or responsible for any damages or loss, whether direct or indirect, or whether in contract or in delict, which may be incurred or suffered arising out of the use of this report.
ColleCtiVe inVestMent sCheMes (Cis’s)
• CIS’s are generally medium to long-term investments. • The value of participatory interests may go down or up. • CIS’s have different classes of units and fees and charges. • A Fund may borrow up to 10% of the funds NAV. • If applicable, commissions will be included in overall costs. • A schedule of fees and charges are always available on request.
perForMAnCe CAlCulAtions
• Performance numbers are sourced from Morningstar. • Performance is calculated after fees using NAV to NAV.• Income distributions are included in the calculations. • The applicable taxes are not included in the calculation.• Individual returns will differ based on investment dates.• Past performance is not a guide to future performance.
the Corion report
• Designed to provide a high level overview of the Industry. • Focused on the short term and main ASISA Classifications.• Given the focus, no meaningful conclusions should be made.• Minimum fund size to be included is R100 million.• Given strict timelines, all CIS return are pre month end sign off.• Funds without an updated price at the time of compiling, have been omitted.
vIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAlMAR 2020 CORIONvIdEO ASSETS SA EquITy HIGH INFlOwS OuTFlOwSlOw GlOBAl CORIONMAR 2020 CORION