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0.06  /  0%


NAV on 2021/09/17
NAV on 2021/09/16 2211.568
52 week high on 2021/08/10 2325.8056
52 week low on 2020/10/30 1895.2837
Total Expense Ratio on 2021/06/30 1.06
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -4.31% -4.31%
3 month change 1.03% 1.03%
6 month change 0.57% 0.57%
1 year change 9.68% 9.68%
5 year change 6.37% 7.18%
10 year change 7.78% 9.11%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Derivatives 87.88 31.41%
Fixed Interest 0.00 0.00%
General Equity 10.67 3.82%
Liquid Assets 42.19 15.08%
Spec Equity 82.25 29.40%
Offshore 56.74 20.28%
  • Top five holdings
DERIVATIV 87.88 31.41%
U-CORTP20 43.51 15.55%
U-CIGLOAC 38.74 13.85%
U-SANASIX 10.67 3.82%
U-SBKCMM 0.00 0%
  • Performance against peers
  • Fund data  
Management company:
Ci Collective Investments (RF) Prop Ltd.
Formation date:
ISIN code:
Short name:
South African--Equity--General
JSE All Share Index (net of fees)


011 463 5656

  • Fund management  
Barry Dubb

  • Fund manager's comment

Dynasty Ci Wealth Accumulator comment Dec 19

2020/02/14 00:00:00
The ALSI enjoyed a solid performance over December gaining 3.3%. This was on the back of positive international developments leading to strength in emerging markets in general, rather than due to local factors. (Indeed, the rand was one of the best performing emerging market currencies over the last two months of the year). The risk-on sentiment was triggered by the hope of a foreseeable end to the Sino-US trade war and to a lesser degree the UK election that gave Boris Johnson an absolute majority.
Unfortunately, local economic factors and debt levels remain dire – SOE’s are in jeopardy, unemployment rates at their highest levels, and there continues to be policy uncertainty from the government. A Moody’s downgrade in March seems almost inevitable.
Despite all of this, the ALSI returned 12.1% for the calendar year, driven mainly by the resources sector.
Global markets continued along their positive path in December, with the S&P500 and MSCI ACWI gaining 3.0% and 3.6% in dollars, respectively. Both indices have had exceptionally strong performances for the year at 31.5% and 27.3%, respectively. These returns have well exceeded our own expectations, given the uncertainty that has played out throughout the year. Global recessionary fears have also eased as we look ahead into 2020.
The active Funds that Dynasty utilises offshore had excellent performances as measured in USD for the month and over the past year. The Investec Global Franchise Fund gained 3.0% in December, and 26.4% for the year, while the Fundsmith Equity Fund gained 2.7% in December and 29.8% for the year. Reviewing these figures as well as those from our local funds, and comparing local and global performances, once again supports our preference for offshore exposure, despite the rand having ended slightly stronger for the year. This is especially since we remain deeply concerned about local prospects and the fact that the rand is being propped up by a global risk-on bias. Should this sentiment shift, we could foresee a significant sell-off in the rand, which would lead to a dramatic underperformance of local investments when measured in US dollars.
Offshore, we see much more moderate returns than those achieved in 2019 and so are evaluating mechanisms of reducing downside risk to clients’ portfolios during what we see as a potential consolidation phase.
Our local Dynasty Accumulator Fund enjoyed a pleasing performance in 2019, both on an absolute as well as on a relative basis, despite the fact that rand was actually 2.5% stronger and that our domestic portfolios were positioned for a weaker rand. The Fund gained 1.9% in December and 14.4% for the year while its ALSI benchmark was up 12.1% on a gross basis. The one, three, and five-year performances of the Fund have been 14.4%, 8.0%, and 4.4%, respectively.
  • Fund focus and objective  
The objective of this portfolio is to provide investors with long-term capital growth through investments in a diversified portfolio of equity portfolios.
Investments to be included in the portfolio will, apart from assets in liquid form, consist solely of participatory interest in portfolios of collective investment schemes registered in the Republic of South Africa or of participatory interests in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and the trustee of a sufficient standard to provide investor protection which is at least equivalent to that in South Africa. Apart from cash and assets in liquid form, the portfolio will invest in participatory interests of underlying portfolios that provide exposure to equities across all economic groups and industry sectors of the JSE Securities Exchange South Africa as well as across the range of large, mid and smaller cap shares and may invest in derivatives, subject to prevailing regulations.The Manager will be permitted to invest on behalf of the DYNASTY Advantage Wealth Accumulator Fund of Funds in offshore investments as legislation permits.

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