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
August 2019 - Latest commentary
Transparency – We have zero exposure to 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.
Once again trade talks/tensions and Brexit moves/counter moves set the tone for a volatile month. President Trump continued to pick a fight with anyone and everyone in his quest to make America great again whilst Boris Johnson set about trying to deliver the elusive Brexit deal that parliament and the EU can agree on ahead of the planned hard exit on the 31st October.
Fears over trade wars prompted a sell-off at the start of the month which saw the FTSE100 down 6% and MSCI World down 4.6% at the low point of the month. By some distance the worst performing market was Hong Kong where the ongoing unrest added to the general market weakness, the HSI Index fell by over 7%. Most markets, including Hong Kong, recovered to end the month around 2% off the low point. Against a backdrop of weak equity markets, bond yields continued to tighten in across the board.
The Multi Strategy fund saw gains in renewables, infrastructure, property, hedges, investment grade debt, midcap alpha and high yield. The fund saw negative contributions from other alternatives, synthetic equity and equity momentum.
The dominant themes of US policy and Brexit are likely to continue to set the tone for the foreseeable future and market volatility is the most certain outcome. We continue to believe that the Multi-Strategy fund is well positioned with our current profile of a diversified convertible favouring option based equity exposure (rather than pure directional investments) alongside income producing real assets and short duration bonds.
Previous months’ commentaries are contained within the fund factsheets.