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

February 2019 - Latest commentary

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 put options as downside hedges.

The dominant themes continue to set the tone. On the international stage signs of progress on US trade talks allowed markets to maintain the positive run from January. On the domestic front there was little progress on a Brexit agreement and the possibility of a delay or a second referendum looks to have increased. However, despite this uncertainty Sterling continues to strengthen against the Euro and the US$. UK stocks with a domestic focus are outperforming internationally focussed stocks, with the FTSE250 index up 10.3% year to date compared to the FTSE100 index up 6.5%.

The Sanlam Multi-Strategy Fund saw gains in all but one strategy. Infrastructure, property, equity momentum, synthetic equity, property, midcap alpha, renewables, high yield bonds, investment grade bonds and opportunistic were all positive contributors over the month. Other alternatives were unchanged and with the backdrop of rising markets our hedge positions were the only negative contributor. 

As we move towards the end of the first quarter the underlying story remains unchanged. Interest rates, trade negotiations and Brexit will continue to set the tone for the foreseeable future. The fund continues to be positioned with the characteristics of a diversified convertible and favour option based equity exposure (rather than pure directional investments), alongside income producing real assets and short duration bonds. Our simple philosophy of “participate when you can and defend when you need to” remains at the heart of our processes and activity.
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.