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:
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Brings together a diverse range of asset classes focused on absolute return
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Is structured to participate when markets are rising while offering protection in falling markets
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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.