The fund was launched in January 2013 to provide investors with access to our multi-strategy capability. It is a diversified fund that combines thematic and systematic investment strategies aimed at absolute positive return and income distribution.
 

The fund:
  • Brings together a diverse range of asset classes focused on absolute return

  • Is structured to participate when markets are rising while offering protection in falling markets

  • Is managed by a highly experienced team with an award winning track record

Introducing the Sanlam Multi-Strategy Fund

November 2019 - Latest commentary
 

Strong in-flows over the month have bolstered our cash position ahead of the UK election.

We have exposure to five equity markets in the growth momentum strategy. Elsewhere we remain active in nine areas; synthetic equity options, global infrastructure, renewables, property, active alpha, corporate bonds (short dated), government bonds, alternatives and opportunistic. We continue to hold equity index options as upside and downside hedges.. The political scene in the UK has been the dominant feature ahead of the election on 12 December and although the opinion polls forecast a majority for Boris Johnson, the experience of the last election and Brexit vote means that polls are treated with some scepticism. Elsewhere, trade talks between the US and China periodically offer hope of an agreement but as yet nothing has actually materialised.
 
The continuing political uncertainties in the UK and elsewhere did little to hold back equity markets which recorded solid gains across most markets. The S&P 500 index led the way gaining 3.6% with the EuroStoxx 50 index not too far behind at 2.8%. At the other end of the spectrum was Hong Kong where continuing protests are having a negative impact on the Hang Seng; the index lost almost 2% over the month. Bond markets were broadly unchanged over the month and from a currency perspective Sterling was unchanged against the US Dollar but stronger against the Euro
 
The Multi Strategy fund saw gains in synthetic equity, renewables, property, equity momentum, high yield bond, invest grade bonds, infrastructure, other alternatives and midcap alpha. The only negative contributor was our hedge positions. 
 
The results of the elections will undoubtedly set the tone for the month in the UK and the run into year end. It has been a good year for markets but December could see some volatility in either direction. The Multi Strategy Fund continues to be positioned with the profile of a diversified convertible favouring option based equity exposure alongside income producing real assets and short duration bonds.

Previous months’ commentaries are contained within the fund factsheets.

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Fund disclaimer

 Past performance is not a guide to future performance. Do remember that the value of an investment and the income generated from them can fall as well as rise and is not guaranteed, therefore, you may not get back the amount originally invested and potentially risk total loss of capital. A table with five years performance is available in the fund factsheets below.

The Fund has holdings which are denominated in currencies other than sterling and may be affected by movements in exchange rates. Consequently the value of an investment may rise or fall in line with the exchange rates.

The fund can invest in derivatives.  Derivatives are used to protect against fluctuations in currencies, credit risk and interests rates or for investment purposes. There is a risk that losses could be made on derivative positions or that the counterparties could fail to complete on transactions. The Fund's expenses are charged to capital. This has the effect of increasing dividends while constraining capital appreciation. 

Part of the fund is invested in bonds. The government or company issuer of a bond might not be able to repay either the interest or the original loan amount and therefore default on the debt. This would affect the credit rating of the bond and, in turn, the value of the fund. Investment in bonds and other debt instruments (including related derivatives) is subject to interest rate risk. If long-term interest rates rise, the value of your shares is likely to fall.

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The value of investments and any income from them can fall and you may get back less than you invested.