NAV on 2021/09/22
|NAV on 2021/09/21
|52 week high on 2021/09/22
|52 week low on 2020/10/30
|Total Expense Ratio on 2021/06/30
|Total Expense Ratio (performance fee) on 2021/06/30
Sanlam Collective Investments
South African--Real Estate--General
FTSE/JSE All Property Index (All Property Index, J803T)
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Catalyst Fund Managers was established in 2001 as a specialist in managing real estate investments. Real estate investment, both South African and global, is our speciality and our passion. It’s what energises us and keeps us motivated. The business was borne out of a firm belief in the distinctive benefits of including this asset class in an investment portfolio. In addition to our specialist expertise and experience, we manage our clients’ money like our own, always considering that there are individual goals, specific needs and hopes behind every investment.
Catalyst SA Property Equity fund comment - Dec 19
The SA Listed Property Index (SAPY) and the All Property Index (ALPI) recorded total returns of 0.30% and 1.47% respectively for the month ended September 2019, with the historic yield of the SAPY ending the month at 9.77%. The yield-to-maturity (YTM) on the Long-Term South African government bond (RLRS) de-rated by 9bps, ending the month at 8.90% (8.81% - 30 August 2019). On a YTD basis, SA Bonds were the outperformers with returns of 8.44%, followed by SA Equities (7.08%), SA Cash (5.45%) and SA Property (1.34%). The SA Listed Property (SAPY) and the All Property (ALPI) Indices continues to underperform other asset classes on a rolling 12-month period.
A key consideration facing the sector is the requirement to spend the necessary capital expenditure to maintain their respective portfolios and the optimal way in which to fund the expenditure. A potential change to the historical 100% dividend pay-out ratio is being touted as a solution to fund this capital expenditure, especially, in an environment where asset values are likely to remain static. Whilst there are tax implications to consider; should this be overcome, then this will allow the sector to fund its necessary capital expenditure without increasing debt levels or issuing new equity at a discount to net asset value in the current environment. Despite the weak outlook for local property fundamentals & downward revisions to earnings growth over the medium term, should dividends remain intact and growth return over the medium to long term, SA listed real estate remains attractively priced. On average, SA centric companies are trading at forward yields above the long-term South African Government Bond proxy (RLRS).
The Catalyst SA Property Equity Prescient Fund is an actively managed fund, which has a total return objective and seeks to offer investors a return in excess of the South African domestic property equity markets. The fund has a medium to longer term investment horizon.
In order to achieve this investment objective the securities normally to be included in the portfolio will primarily consist of property shares, property loan stock, participatory interests in collective investment schemes in property, financial instruments, assets in liquid form and non-equity securities which are considered consistent with the portfolio's primary objective and that the Act or the Registrar may allow from time to time, all to be acquired at fair market value.
The intention of the fund is to be fully invested in SA real estate securities; however an alternate allocation of up to 40% of the total fund value is permitted.
The minimum cash holding of the fund is subject to CIS restrictions applicable at that time.