Allan Gray Africa ex-SA Equity Fund

Fund description

The Fund invests in a focused portfolio of companies with significant business interests in Africa (excluding South Africa), regardless of the location of the stock exchange listing. The Fund price is reported in US dollars but the underlying holdings are denominated in various currencies. Returns are likely to be volatile.

Fund objective and benchmark

The Fund aims to outperform African equity markets over the long term without taking on greater risk of loss. The Fund’s benchmark is the Standard Bank Africa Total Return Index.

Suitable for those investors who:

  • Seek exposure to African equities
  • Are comfortable with stock market and currency fluctuations
  • Are prepared to take on the risk of capital loss
  • Typically have an investment horizon of more than five years 

Capacity

The Allan Gray Africa ex-SA Equity Fund currently has limited capacity and thus is limiting new investments. Allan Gray Bermuda Limited (the ‘Investment Manager’) may, at its discretion, refuse a subscription or phase a subscription into the Fund over a number of dealing days. The Investment Manager may, at its discretion, limit redemptions to US$5m or 2.5% of the Fund (whichever is less) per dealing day.

LATEST FUND PRICE

Date
NAV in Fund currency: US$
06-Dec-18
130.83
30-Nov-18
131.88
29-Nov-18
131.19

 

Reportable income for UK investors

Click here to view a report which provides the income information relevant for tax reporting should you be liable for tax in the UK.

What are the costs?

All the Africa ex-SA Equity Fund’s expenses, including the investment management fee, are deducted before performance figures are calculated. There are no separate or additional costs. Since inception, the expenses deducted were:

2.56%

Investment management fees1

View fee breakdown
0.79%

Benchmark performance

View summary
+
1.77%

Out- or underperformance4

+
0.05%

Other expenses2

+
0.20%

VAT

=
2.81%

Total expense ratio (TER)3

+
0.49%

Transaction costs

=
3.30%

Total investment charge

1 Investment management fees are charged for the investment manager’s investment research and decision making. 

2 This includes audit fees, custody fees, taxes and other administration costs.

3 This is a measure of the actual costs that have been deducted from the unit trust over the past three years to 30 June 2018 (annualised).

4 The portion of the investment management fee that is charged for performance above or below the benchmark performance. 

The investment management fee depends on performance

The fee depends on how well the Africa ex-SA Equity Fund performs against its benchmark.

Min: 0% - Max:  5%

  • The fee consists of a base fee of 1% and a performance component.
  • Each day the Fund’s annualised return for that day is compared to the benchmark, after deducting the base fee. If this return is in line with the benchmark, only the base fee is charged. If not, the fee increases or decreases by 0.2% for each percentage difference.
  • This fee is capped at 5% over any 12-month period.
  • If the Fund fails to achieve benchmark performance, the fee can decrease to 0%. If the fee would have been negative, the negative fee will be carried forward to reduce the next day’s fee (and all subsequent days until the underperformance is recovered).

Note: There may be slight discrepancies in the totals due to rounding.

 

 

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