ABRIDGED ANNUAL REPORT - africaci.comafricaci.com/wp-content/uploads/2019/06/ACI-Annual-Report.pdf · ABRIDGED ANNUAL REPORT Fund manager Excelsia Capital (Pty) Ltd Fund classiﬁcation:

ABRIDGED ANNUAL REPORT

For the year ended 31 MARCH 2019

The abridged annual report has been prepared under the supervision of K Ntuli CA(SA) Director

THE SMART MOVE

CONTENT TABLE

Retail Class Units

Our Unit Trusts

Financial Information

Trustee Report

3.

4.

15.

16.

ACI COLLECTIVE INVESTMENT SCHEMEABRIDGED ANNUAL REPORT

RETAIL CLASS UNITS

3.ACI COLLECTIVE INVESTMENT SCHEMEABRIDGED ANNUAL REPORT

ACI Money Market Fund: 0.22%

Benguela Equity ACI Fund: 0.85%

Excelsia Equity ACI Fund: 1.09%

MSM Property ACI Fund: 1.00%

Prowess All Bond ACI Tracker Fund: 0.68%

Prowess All Share ACI Tracker Fund: 0.78%

Prowess Balanced ACI Fund: 0.97%

Prowess Bond ACI Fund: 0.88%

Prowess Money Market ACI Fund: 0.43%

ANNUAL MANAGEMENT FEE

ACI COLLECTIVE INVESTMENT SCHEME

(EXCL. VAT)Benguela Equity ACI Fund: 1 April 2019 3.03

Excelsia Equity ACI Fund: 1 April 2019 2.37

MSM Property ACI Fund: 1 April 2019 4.56

FUND

ANNUAL DISTRIBUTIONS

(EXCL. VAT)CENTS PER UNITDECLARATION

DATE

OUR UNIT TRUSTS

• ACI Money Market Fund• Benguela Equity ACI Fund• Excelsia Equity ACI Fund• MSM Property ACI Fund• Prowess All Bond ACI Tracker Fund• Prowess All Share ACI Tracker Fund• Prowess Balanced ACI Fund• Prowess Bond ACI Fund• Prowess Money Market ACI Fund

ACI Collective Investment Scheme

4. ACI COLLECTIVE INVESTMENT SCHEMEABRIDGED ANNUAL REPORT

ACI Money Market Fund


Fund manager Prescient Investment Management (Pty) Ltd

Fund classification: South African - Interest bearing - Money Market

Benchmark: STeFI Index

Fund size: R92 m

Inception date: 1 June 2016

Risk Profile Low

FUND INFORMATION

ACI COLLECTIVE INVESTMENT SCHEME

OBJECTIVE

Bonds 36.07%

Cash - net receivables

and payables 63.93%

SECTOR ALLOCATION

FUND BENCHMARK

1 Year 7.95% 7.26%

Since inception (p.a.) 8.00% 7.43%

PERFORMANCE

The investment objective is to obtain high levels of interest income over time

whilst maintaining capital preservation and liquidity.

Benguela Equity ACI Fund


Fund manager Benguela Global Fund Managers (Pty) Ltd

Fund classification: South African – Equity – General

Benchmark: FTSE / JSE Capped Shareholders Weighted All Share Index

Fund size: R121 m

Inception date: 1 August 2017

Risk Profile High

FUND INFORMATION

OBJECTIVE

Financials 26.71%

Resources 21.31%

Industrials 50.05%

Property 3.06%

Information technology 1.07%

Cash – net receivables and payables -2.20%

SECTOR ALLOCATION

FUND BENCHMARK

1 Year -5.92% -2.55%

Since inception (p.a.) -0.71% 0.56%

PERFORMANCE

The portfolio seeks to deliver long-term capital growth that is superior to the

returns of the FTSE/JSE Capped SWIX while maintaining lower volatility.

Excelsia Equity ACI Fund


Fund manager Excelsia Capital (Pty) Ltd

Fund classification: South African – Equity – General

Benchmark: FTSE / JSE Capped Shareholders Weighted All Share Index

Fund size: R137 m

Inception date: 13 March 2017

Risk Profile High

FUND INFORMATION

OBJECTIVE

Financials 28.09%

Resources 25.68%

Industrials 38.59%

Property 0.64%



SECTOR ALLOCATION

FUND BENCHMARK

1 Year -3.83% -2.56%


PERFORMANCE

The Excelsia Equity ACI fund will aim to provide medium to long-term capital

growth over time. The fund will endeavour to deliver solid performance and

average or lower volatility over time. In order to achieve this objective the fund will

invest in selected shares across all industry groups as well as across the range of

large, mid and smaller cap shares.

MSM Property ACI Fund


Fund manager MSM Property Fund (Pty) Ltd

Fund classification: South African – Real Estate – General

Benchmark: FTSE/JSE SA Listed Property Index

Fund size: R39 m

Inception date: 1 June 2017

Risk Profile High

FUND INFORMATION

OBJECTIVE

Property 105.38%


SECTOR ALLOCATION

FUND BENCHMARK

1 Year -7.90% -5.68%


PERFORMANCE

The fund invests in listed property equities listed on the JSE. Returns are likely to

be volatile, especially over short- and medium-term periods.

Prowess All Bond ACI Tracker Fund


Fund manager Prowess Investment Managers (Pty) Ltd

Fund classification: South African – Interest Bearing – Variable Term

Benchmark: JSE ALL Bond Index (ALBI)

Fund size: R1 m

Inception date: 1 November 2018

Risk Profile Low – Moderate

FUND INFORMATION

OBJECTIVE

Bonds 99.19%

Cash – net receivables and payables 0.81%

SECTOR ALLOCATION

The fund will seek to follow an investment policy which will secure for investors

medium capital growth over time. In order to achieve this objective the fund will

track the movements and performance of the FTSE / JSE All Bond Index over time.

The fund will endeavour to track the performance of the index by replicating its

constituents, in their correct weightings as closely as possible.

FUND BENCHMARK

Since inception (p.a.) *-% *-%

PERFORMANCE

* Not available due to the short life span of the fund

Prowess All Share ACI Tracker Fund



Fund classification: South Africa – Equity – General

Benchmark: FTSE/JSE All Share index

Fund size: R1 m


Risk Profile Moderate – High

FUND INFORMATION

OBJECTIVE

Financials 18.70%

Resources 27.14%

Industrials 44.58%

Property 4.95%



SECTOR ALLOCATION


medium to long-term capital growth over time. In order to achieve this objective

the fund will track the movements and performance of the FTSE / JSE All Share

Index over time. The fund will endeavour to track the performance of the index by

replicating its constituents, in their correct weightings as closely as possible.

FUND BENCHMARK


PERFORMANCE


Prowess Balanced ACI Fund



Fund classification: South African – Multi Asset – High Equity

Benchmark: FTSE/JSE All Share index

STeFI Composite Index

JSE All Bond Index (ALBI)

Fund size: R1 m


Risk Profile Moderate – High

FUND INFORMATION

OBJECTIVE

Financials 11.80%

Resources 17.04%

Industrials 28.05%

Property 3.12%


Bonds 28.70%


SECTOR ALLOCATION

The fund will aim to deliver medium to long-term capital growth

over time for investors through investing in a broad range of asset

classes in a balanced manner. The fund will invest in a diversified

range of equities, preference shares, bonds, debentures, money

market, fixed income, currencies, instruments based on the value

of any precious metal and property markets. Asset allocation will

be managed actively and the fund will seek to capture value

opportunities by switching between asset classes and also focus

on equity selection opportunities.

FUND BENCHMARK


PERFORMANCE


Prowess Bond ACI Fund



Fund classification: South African – Interest Bearing – Variable Term

Benchmark: JSE ALL Bond Index (ALBI)

Fund size: R1 m


Risk Profile Low – Moderate

FUND INFORMATION

OBJECTIVE

Bonds 97.90%


SECTOR ALLOCATION


medium to long-term capital growth over time. In order to achieve this objective,

the fund will invest in a diversified range of fixed interest securities, including but

not limited to, government, semi-government, corporate bonds, fixed deposits,

money market and other interest bearing securities that offer value on a relative

basis.

FUND BENCHMARK


PERFORMANCE


Prowess Money Market ACI Fund



Fund classification: South African – Interest Bearing – Money Market

Benchmark: STeFi Composite Index

Fund size: R180 m

Inception date: 23 April 2018

Risk Profile Low

FUND INFORMATION

OBJECTIVE

Bonds 11.66%


SECTOR ALLOCATION

The Prowess Money Market ACI fund will aim to obtain high levels of interest

income over time whilst maintaining capital preservation and liquidity. In order

to achieve this objective, the fund will invest in high quality and diversified

money market instruments, including a transaction for the swap of interest rates

as defined from time to time, that will generate competitive yields whilst

maintaining high liquidity and capital protection.

FUND BENCHMARK


PERFORMANCE


OUR FINANCIAL INFORMATION


Assets

Securities at market value 89 919 123 683 137 375 41 501 1 030 1 025

Other assets 2 412 4 804 4 556 823 56 12

Total 92 331 128 487 141 931 42 324 1 086 1 037

Total unitholder funds 91 564 121 035 136 750 39 382 1 038 1 036

Total liabilities 767 7 452 5 181 2 942 48 1

Total 92 331 128 487 141 931 42 324 1 086 1 037

Net income/(deficit) 9 499 (6 600) (6 914) (3 288) 50 21

Distributions 9 499 4 648 4 712 2 912 27 -

Undistributed income/(deficit) at year end - (11 248) (11 626) (6 200) 23 21

ACI COLLECTIVE INVESTMENT SCHEME | Statement of Financial Position

ACI Money Market Fund

Benguela Equity ACI Fund

Excelsia Equity ACI Fund

MSM Property ACI Fund

Prowess All Bond ACI Tracker Fund

Prowess All Share ACI Tracker Fund

OUR FINANCIAL INFORMATION (cont.)


Assets

Securities at market value 932 1 010 169 682

Other assets 94 70 11 617

Total 1 026 1 080 181 299

Total unitholder funds 1 025 1 032 180 168

Total liabilities 1 48 1 131

Total 1 026 1 080 181 299

Net income/(de�cit) 20 50 10 897

Distributions - 28 10 897

Undistributed income/(de�cit) at year end 20 22 -

ACI COLLECTIVE INVESTMENT SCHEME | Statement of Financial Position

Prowess Balanced ACI Fund

Prowess Bond ACI Fund

Prowess Money MarketACI Fund

TRUSTEES REPORT

Report in terms of Section 70(1) (f) of the Collective Investment Schemes Control Act 2002 (Act No. 45 of 2002), for the period 01 April 2018 to 31 March 2019 - Africa Collective Investments (RF) (PTY) Limited (‘The Man-ager’) in respect of the Africa Collective Investment Scheme.

As trustee of the abovementioned Collective Investment Scheme, we advise that we have controls in place to give us reasonable assurance that the following are being complied with by you, the Manager:

i. The limitations imposed on the investment and borrowing powers of the Manager by the Act; and ii. The provision of the Act and the Trust Deed

There were no material instances of compliance contraventions and therefore no consequent losses incurred by the Portfolios in the year.

Yours truly,


Senior Manager Manager CIS Trustee Renee Theron Shonese Hassim

THE SMARTMOVE

+27 11 880 4710

[email protected]

www.africaci.com

Firestation Rosebank, Fifth Floor, 16 Baker Street, Rosebank, 2196

Po Box 522417, Saxonwold, 2132

www.africaci.com

DISCLAIMER:Africa Collective Investment (RF) (Pty) Ltd (“ACI”) is registered and approved under the Collective Investment Schemes Control Act (No.45 of 2002). ACI is a member of the Association for Savings and Investments SA. Collective Investment Schemes in Securities (CIS) should be considered as medium to long-term investments.

A CIS may be closed to new investors in order for it to be managed more efficiently in accordance with its mandate. The value may go up as well as down and past performance is not necessarily a guide to future performance. CISs are traded at the ruling price and can engage in scrip lending and borrowing. Performance has been calculated using net NAV to NAV numbers with income reinvested. There is no guarantee in respect of capital or returns in a portfolio.

A schedule of fees, charges and maximum commissions is available on request from the Manager.

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