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

February 2020 - Latest commentary
 

 

We have no exposure 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.

Coronavirus took centre stage with cases being reported around the world, and after many months of positive market moves this provided the perfect excuse for a sell-off. Over the month equity markets lost as much as 14% peak to trough, with most markets closing the month down around 8.5%, the exception was Hong Kong which surprisingly was only down 0.4%. Safe haven buying of government bonds in the US and UK were beneficiaries of the increased uncertainty and saw yields move to their lowest levels for 5 years.  
 
There were very few places to hide and as such the Multi Strategy Fund saw losses in synthetic equity, renewables, property, equity momentum, investment grade debt, high yield bonds, infrastructure, and other alternative and midcap alpha. The only positive contributor were our hedge positions.
 
The coronavirus led sell-off continues at the time of writing and it is too early to call the bottom, however events such as this do not last forever and as long-term investors buying opportunities will be presented. Within the Multi Strategy fund we have taken a defensive stance but we maintain upside exposure through equity index options (rather than pure directional investments), alongside long-life 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.