Defensive Income

South African - Interest Bearing - Short Term

Higher level of income than a traditional money market fund

GENERAL INVESTOR REPORT

FUND DESCRIPTION:

A low risk fund that aims to provide a higher level of income than a traditional money market fund.

INVESTOR PROFILE:

The fund is suitable for investors who are: Risk averse requiring a regular stream of income from their capital base. Seeking to outperform cash over time and wanting to be hedged against interest rate volatility through the cycle. Seeking an alternative to bank deposits and/or a short-term parking place for their capital. Seeking a fund with a capital preservation focus whilst not requiring long-term capital growth.

BENCHMARK:

Alexander Forbes STeFI 3-month Index

FUND MANAGER:

Nishan Maharaj, Mauro Longano and Sinovuyo Ndaleni

LAUNCH DATE: 03 April 2000
FUND SIZE: R 2.12 billion
NAV (28 March 2024): 1,125.66
NUMBER OF A - UNITS: 31931454.91
TIME HORIZON: 1 month +
RISK RATING:

The fund has achieved its aim of delivering a higher return than bank deposits and traditional money market funds by exceeding cash returns since launch in 2000.

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PERFORMANCE FOR VARIOUS PERIODS AFTER FEES
FUND BENCHMARK OUTPERFORMANCE
Since Launch (unannualised) 603.1% 455.4% 147.7%
Since Launch (annualised) 8.5% 7.4% 1.1%
Latest 20 years (annualised) 7.4% 6.7% 0.6%
Latest 15 years (annualised) 7.0% 6.1% 1.0%
Latest 10 years (annualised) 7.0% 6.1% 0.9%
Latest 5 years (annualised) 6.4% 5.6% 0.8%
Latest 3 years (annualised) 6.5% 5.7% 0.8%
Latest 1 year 8.8% 8.1% 0.8%
Year to date 1.5% 1.3% 0.1%
MONTHLY PERFORMANCE RETURNS AFTER FEES
2024 2023 2022 2021 2020
JAN 0.8% 0.7% 0.4% 0.3% 0.7%
FEB 0.7% 0.6% 0.4% 0.3% 0.5%
MAR - 0.6% 0.4% 0.4% 0.6%
APR - 0.6% 0.4% 0.3% 0.6%
MAY - 0.7% 0.4% 0.4% 0.5%
JUN - 0.8% 0.4% 0.4% 0.5%
JUL - 0.8% 0.4% 0.3% 0.4%
AUG - 0.8% 0.5% 0.4% 0.4%
SEP - 0.7% 0.5% 0.4% 0.3%
OCT - 0.7% 0.6% 0.4% 0.4%
NOV - 0.7% 0.5% 0.4% 0.3%
DEC - 0.7% 0.6% 0.3% 0.3%
YTD 1.5% 8.6% 5.6% 4.3% 5.7%
INCOME DISTRIBUTIONS
DECLARATION DATE PAYMENT DATE AMOUNT DIVIDEND INTEREST
29 Dec 2023 02 Jan 2024 23.76 0.00 23.76
29 Sep 2023 02 Oct 2023 23.61 0.00 23.61
30 Jun 2023 03 Jul 2023 22.33 0.00 22.33
31 Mar 2023 03 Apr 2023 20.69 0.00 20.69
RISK STATISTICS SINCE LAUNCH
FUND BENCHMARK
Annualised Deviation 1.4% 0.7%
Maximum Drawdown (0.3)% 0.0%
Maximum Gain 219.0% 0.0%
Positive Months 98.6% 0.0%
Sharpe Ratio 0.5% 0.0%
BEST AND WORST PERFORMANCE PERIODS
Best Performing 12 months 18.6% May 2000 - Apr 2001
Worst Performing 12 months 5.8% Feb 2013 - Jan 2014
FEES (EXCL.VAT)
INITIAL FEE Coronation: 0.00%
ANNUAL MANAGEMENT FEE

0.45%

An annual fee of 0.45% (excl. VAT) is payable. Other costs that are incurred in the fund include trading, custody and audit charges. All performance information is disclosed after deducting all fees and other portfolio costs.

TOTAL EXPENSE RATIO (TER) 0.53% per annum
TRANSACTION COSTS 0.00
ADVICE COSTS (EXCLUDING VAT)

Coronation does not provide financial advice and therefore does not charge advice fees. However, investments are often placed on your behalf by a financial adviser, in which case fees are negotiated directly between you and your adviser, within the following ranges: Initial 0.00% - 0.75%, Ongoing 0.00% - 0.50%. Sharing of annual management fees: A portion of Coronation’s annual management fee may be paid to administration platforms as a subsidy for administrative and advice costs incurred when investing through these channels. Where commission and incentives are paid, these are included in the overall costs.