Imalivest Flexible Fund comment - Jun 11 - Fund Manager Comment31 Aug 2011
Adhering to our investment philosophy, we divide our holdings into 3 categories. . Our core holdings are holdings in shares which we believe have strong and defendable franchises and understandable business models. These shares must also exhibit above average return on equity ratios and sustainable earnings power. Investments in this category make up 40.5% of our Fund and include Afrox, British American Tobacco, City Lodge Hotels, Famous Brands, Hudaco, Medi Clinic, Richemont and SAB Miller.
The 'discount to intrinsic value' category comprises shares that trade at a reasonable discount to their intrinsic values. Currently 26.8% of the portfolio is invested in this category.
The special opportunities category consists out of shares whose valuation we cannot justify using historical performances, but we have a strong conviction of their future earnings potential. 10.5% of the Fund's assets are currently invested in this category.
The Fund also has international exposure via its 21.2% investment in the Imalivest Worldwide Flexible Fund. The Worldwide Fund follows the same investment philosophy as the domestic Fund and hence we invest in it to get exposure to our international identified core holdings.
In addition, the investment in the Worldwide Fund gives the Fund a 0.8% exposure to foreign cash. In total the Fund currently has 1.8% in cash.
Imalivest Flexible Fund comment - Mar 11 - Fund Manager Comment24 May 2011
Adhering to our investment philosophy, we divide our holdings into 3 categories. Our core holdings are holdings in shares which we believe have strong and defendable franchises and understandable business models. These shares must also exhibit above average return on equity ratios and sustainable earnings power. Investments in this category make up 41.5% of our Fund and include Afrox, Altron, British American Tobacco, City Lodge Hotels, Famous Brands, Hudaco, Medi Clinic, Richemont and SAB Miller.
The 'discount to intrinsic value' category comprises shares that trade at a reasonable discount to their intrinsic values. Currently 25.6% of the portfolio is invested in this category. The special opportunities category consists out of shares whose valuation we cannot justify using historical performances, but we have a strong conviction of their future earnings potential. 10.8% of the Fund's assets are currently invested in this category.
The Fund also has international exposure via its 21.3% investment in the Imalivest Worldwide Flexible Fund. The Worldwide Fund follows the same investment philosophy as the domestic Fund and hence we invest in it to get exposure to our international identified core holdings.
In addition, the investment in the Worldwide Fund gives the Fund a 0.2% exposure to foreign cash. In total the Fund currently has 1.0% in cash.
Imalivest Flexible Fund comment - Dec 10 - Fund Manager Comment15 Feb 2011
Adhering to our investment philosophy, we divide our holdings into 3 categories. Our core holdings are holdings in shares which we believe have strong and defendable franchises and understandable business models. These shares must also exhibit above average return on equity ratios and sustainable earnings power. In the past quarter we have added Medi Clinic and Altron to our core holdings. This, together with our investments in Afrox, British American Tobacco, City Lodge Hotels, Famous Brands, Hudaco, Richemont and SAB Miller, make up 43.4% of the Fund.
The 'discount to intrinsic value' category comprises shares that trade at a reasonable discount to their intrinsic values. Currently 34.4% of the portfolio is invested in this category.
The special opportunities category consists out of shares whose valuation we cannot justify using historical performances, but we have a strong conviction of their future earnings potential. Only 1.2% of the Fund's assets are currently invested in this category.
The Fund also has international exposure via its 19.4% investment in the Imalivest Worldwide Flexible Fund. The Worldwide Fund follows the same investment philosophy as the domestic Fund and hence we invest in it to get exposure to our international identified core holdings.
In addition, the investment in the Worldwide Fund gives the Fund a 0.4% exposure to foreign cash. In total the Fund currently has 2.0% in cash.