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

October 2019 - Latest commentary

Strong in-flows over the month were deployed across the portfolio. Net equity exposure increased slightly with the resetting of upside call options.

We have exposure to six 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 Brexit deadline set by Prime Minister Johnson was not achieved, but once an extension had been agreed a deal did finally get approval in parliament; the saga continues. The UK now has an election to face and the outcome is far from certain. However, we can be certain that the run up to the election date of 12 December will be an ugly contest of mudslinging, claim and counter claim. Elsewhere the US Federal reserve cut interest rates for the third time but signalled that there is now likely to be a pause. 

Despite continuing political uncertainties in the UK, Sterling advanced against both the US$ and the Euro. The strong move in Sterling was bad for the FTSE100 index of UK large-cap stocks which lost over 2% over the month. This compared to the UK mid-cap 250 index which rose by a little over half a percent. Equity markets elsewhere posted relatively strong gains with Japan’s Nikkei 225 index leading the way with a gain of over 5%. Government bond yields continued to rise off their recent lows, even with the cut in US rates.
The Multi Strategy fund saw gains in synthetic equity, opportunistic, property, renewables, high yield bond, invest grade bonds and infrastructure. The fund saw negative contributions from midcap alpha, other alternatives and hedges. 
The run in to year end will be dominated by the UK election positioning, US economic data and US/China trade talks. Volatility remains the most certain outcome. We continue to position the Multi-Strategy Fund 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.