destiny moderate portfolio - gib...for its global portfolio. the benchmark for the local equity...
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Monthly investment report
Destiny Moderate Portfolio
May 2020
Investment strategy Investment portfolio mandate
The investment strategy is to maximise the allocation of investment receipts towards retirement funding investments, and to objectively select and manage asset manager allocations on its members' behalf so as to maximise investment returns at an appropriate level of risk.
This investment portfolio is aimed at income and capital growth. The equity content will be greater than the bond and cash components. The portfolio, however, would tend to be less volatile than the market as a whole. The portfolio is managed in compliance with Prudential Investment Guidelines as well as being comprehensively managed to comply with the limits of Annexure A to regulation 28 of the Pension Funds Act.
Benchmark allocation
Asset Class Allocation BenchmarkLocal equities 51.50% FTSE/JSE Shareholder Weighted Capped IndexLocal bonds 11.00% JSE ASSA All Bond IndexLocal cash 12.50% Short-term Fixed Interest Composite IndexLocal property 5.00% FTSE/JSE SA Listed Property IndexGlobal 20.00% Global composite benchmark
Investment returns
One Month
Three Months
OneYear
Three Years
Five Years
Since Inception
Portfolio 0.28% -2.05% -0.89% 1.91% 3.85% 13.27%Benchmark 0.56% -1.25% -3.25% 1.78% 3.43% 12.09%CPI + 5.0% p.a 8.49% 9.13% 9.79% 10.18%
Cumulative investment returns for three yearsPortfolio Benchmark CPI + 5.0% p.a
Portfolio Benchmark
Asset allocation
*The fee was reduced from 1 October 2019. It is made up of the underlying investment managers' fees and Momentum Outcome-based Solutions portfolio management fee. It excludes GIB's fee as well as performance-based fees, which are currently limited to those charged by Coronation, Laurium, Independent Securities, Fairtree and Allan Gray for its global portfolio.
The benchmark for the local equity component was changed from the FTSE/JSE Shareholder Weighted Index to the FTSE/JSE Shareholder Weighted Capped Index going back to 1 May 2013.
Comments
Investment portfolio information and risk analysisInception DateInvestment Horizon
Risk Profile
May 2003Long term
(Calculation based on three-year period) Portfolio Benchmark Volatility 13.4% 11.8%Maximum drawdown -17.8% -16.4%Active risk 2.6%Information ratio 0.0Beta 1.1
Fee (including VAT)* 0.41%
Largest 10 local equity holdings
% of portfolio % of equityNaspers Ltd 6.5% 10.3%Prosus 2.7% 4.2%British American Tobacco Plc 2.5% 4.0%Impala Platinum Holdings Ltd 2.4% 3.8%Anglo American Plc 2.3% 3.6%FirstRand Ltd 1.6% 2.5%AngloGold Ashanti Ltd 1.4% 2.2%Quilter Plc 1.2% 1.9%Northam Platinum Limited 1.2% 1.8%Standard Bank Group Ltd 1.1% 1.8%Total 22.9% 36.1%
One Month One Year WeightingLocal equity managers -0.10% -7.80%Fairtree 0.84% 5.05% 12.9%Coronation 1.11% -2.97% 12.7%Laurium -0.93% 6.2%Independent Securities -3.10% 5.9%Momentum Capped SWIX Equity -0.40% -14.59% 12.4%FTSE/JSE Shareholder Weighted Capped Index -0.41% -14.19%Local property managers -0.75% -46.52%Momentum SA Listed Property Tracker -0.75% -46.17% 4.7%FTSE/JSE SA Listed Property Index -0.76% -45.92%Local bond managers 7.29% 5.52%ALUWANI 7.18% 5.59% 5.6%Prescient 7.41% 5.46% 5.6%JSE ASSA All Bond Index 7.06% 6.45%Local cash managers 0.66% 8.33%ALUWANI 0.57% 8.34% 2.5%Momentum Enhanced Yield 0.71% 8.40% 9.1%Liquidity 2.1%Short-term Fixed Interest Composite Index 0.50% 7.02%Global equity managers -2.29% 19.27%Allan Gray Life -2.59% 18.12% 12.8%60% MSCI All Countries World Index (lagged) and 40% Citigroup World Government Bond Index (lagged)
-1.42% 28.85%
Blackrock (developed markets) -0.34% 27.86% 3.9%MSCI Developed Markets (BGI Lagged) 0.08% 27.37%Blackrock (emerging markets) -3.34% 15.05% 3.7%MSCI Emerging Markets Index -3.27% 15.51%Total 100%
Investment manager allocation and returns
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