Northstar Managed Sterling Fund
Minimum Disclosure Document
Investment Objectives and Policy
Cumulative Investment Growth Since Inception
The objective of the Portfolio is long-term capital
appreciation. Investments will include a diversified
portfolio of collective Investment schemes, government
and public securities, investment grade bonds and shortterm deposits. All investments need to be established,
recognised or regulated in an Approved Country
according to the South African Financial Services Board.
Subject to the Principle Particulars there will be no limit
on asset classes in which the Manager may invest and if
the Manager considers that circumstances warrant it, the
Portfolio may be invested predominately or entirely in
equities, bonds, property, money market or cash
instruments.
Time Period: 2007-08-14 to 2016-07-31
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
Fund Statistics
Inception Date
Fund Size
ISIN
Benchmark & GIFS Sector
Investment Advisor
Manager
Max. Initial Broker Fee
Max. Advisor Fee
Annual Management Fee
Admin Fee
Total Expense Ratio (TER)
Minimum Investment
Average Equity Exposure
Max. Net Equity Exposure
Risk Level
July 2016
2007-08-14
GBP 3 402 908
GG00B1Z4WH46
GBP Flexible Allocation
Northstar Asset Management
PSG Fund Management (CI) Ltd
0.00%
2.00%
1.50%
0.25%
3.54%
GBP 1000
70%
100%
Medium High
For a breakdown of the Total Investment Charge, please refer to
page 2.
Performance Fee
10% of outperformance of the LIBOR plus 2%, subject to a high
watermark, calculated daily.
Contact Details
Northstar Asset Management
Suite 1A Ground Floor, Madison Place, Alphen Office
Park, Constantia Road, Constantia, 7806
Tel: +27 21 810 8400
Fax: +27 21 794 2885
Email: [email protected]
Website: www.northstar.co.za
Representative Office in South Africa
PSG Collective Investments (RF) Ltd, 1st Floor PSG House,
Alphen Office Park, Constantia Main Road, Constantia,
7806
Tel: +27 21 799 8000
Fax: +27 21 799 8181
Toll Free Line: 0800 600 168
Email: [email protected]
Website: www.psgkglobal.com
Registered Office
PSG Fund Management (CI) Limited, 11 New Street,
Guernsey, GY1 2PF
Tel: +44 1481 726034
80.0
70.0
2008
2009
2010
2011
Northstar Managed Sterling
154.2
2013
2014
2015
GIFS GBP Flexible Allocation
114.0
1 Year
3 Years
5 Years
7 Years
Inception
Fund
16.48
5.89
6.86
5.99
4.95
Benchmark
4.02
3.32
3.64
4.02
1.41
18.18
-4.46
20.87
-6.49
20.87
-13.86
20.87
-13.86
Highest Annual Return
Lowest Annual Return
Risk Statistics Since Inception
Time Period: Since Inception to 2016-07-31
Northstar Managed Sterling
GBP Flexible Allocation
13.5
0.4
0.5
82.9
-14.6
15.6
0.1
0.1
66.1
-31.4
Std Dev
Sharpe Ratio
Sortino Ratio
Up Period Percent
Max Drawdown
Asset Allocation
Portfolio Composition
Portfolio Date: 2016-07-31
%
71.06
1.79
2.39
7.62
17.14
100.00
Equites
Commodities
Real Estate
Fixed Income
Currency
Total
Blackrock Global Allocation
Coronation Global Managed
Foord International Trust
Nedgroup Inv Global Equity
Nedgroup Inv Global Flexible
Schroder QEP Global Core
Global Cash
TOTAL
Top 10 Equities
Time Period: 2012-09-01 to 2016-07-31
Alphabet Inc Class A
Oracle Corporation
American Express Co
Comcast Corp Class A
Microsoft Corp
Charter Communication Inc A
Qualcomm Inc
UnitedHealth Group Inc
Capita PLC
London Stock Exchange Group PLC
100.0
80.0
60.0
20.0
0.0
Cash
Stock
2013-01
2013-07
2014-01
2014-07
Bond
2015-01
2015-07
2016-01
Other
2016-07
TOTAL
19.14%
19.76%
19.19%
20.34%
10.19%
10.79%
0.59%
100%
Asset Allocation History
40.0
Source: Morningstar Direct
2012
1.48%
1.39%
1.34%
1.31%
1.22%
1.03%
1.01%
0.94%
0.82%
0.80%
11.34%
Date Issued: 21 August 2016
Northstar Managed Sterling Fund
Minimum Disclosure Document
July 2016
Further Fund Information
Risk Reward Profile:
The recommended investment horizon for this fund is 5 to 7 years. It is highly
unlikely that this fund will have a negative return over any 5 year rolling period.
Who Should Invest:
Investors who are predominantly equity focussed, can stay invested for at least
five years (preferably longer) and aim to maximize their potential returns within
an acceptable risk profile.
Distribution Dates and Values:
2014/02/28: 0 cpu; 2014/08/31: 0 cpu; 2015/2/28: 0 cpu; 2015/08/31 0 cpu;
2016/02/29 0 cpu
Frequency of Publication and Location of Prices:
Daily and unit prices are available on www.psgkglobal.com
Disclosure
General information and risks
Collective Investment Schemes in Securities (CIS) are generally medium to long-term
investments. The value of participatory interests (units) or the investment may go down
as well as up and past performance is not a guide to future performance. Fluctuations or
movements in the exchange rates may cause the value of underlying international
investments to go up or down. CIS are traded at ruling prices and can engage in
borrowing and script lending. Where foreign securities are included in a portfolio, the
portfolio is exposed to risks such as potential constraints on liquidity and the repatriation
of funds, macroeconomic, political, foreign exchange, tax, settlement and potential
limitations on the availability of market information. The portfolios may be capped at any
time in order for them to be managed in accordance with their mandate. Excessive
withdrawals from the portfolio may place the portfolio under liquidity pressures and in
such circumstances a process of ring-fencing of withdrawal instructions and managed
payouts over time may be followed.
Past performance is not a reliable indicator of future results and you may get back less
than you originally invested. This publication is for private circulation and information
purposes only and does not constitute a personal recommendation or investment advice
or an offer to buy/sell or an invitation to buy/sell securities in the fund. The information
and any opinions have been obtained from or are based on sources believed to be
reliable, but accuracy cannot be guaranteed.
No responsibility can be accepted for any consequential loss arising from the use of this
information. The information is expressed at its date and is issued only to and directed
only at those individuals who are permitted to receive such information in accordance
with Guernsey laws and regulations. In some countries the distribution of this publication
may be restricted. It is your responsibility to find out what those restrictions are and
observe them. Please always refer to the fund’s prospectus. The Manager does not
provide any guarantee with the respect of the capital or the return of the portfolio and
retains full legal responsibility for the third party named portfolio.
Performance
All performance data for a lump sum, net of fees, include income and assumes
reinvestment of income on a NAV to NAV basis. Annualised performances show longer
term performance rescaled over a 12 month period. Individual investor performance may
differ as a result of initial fees, the actual investment date, the date of reinvestment and
dividend withholding tax. Performance is calculated for the portfolio and individual
investor performance may differ as a result thereof. The portfolio is valued at 12h00 daily.
Actual annual figures are available to the investor on request. Prices are published daily
and available on the website www.psgkglobal.com. Figures quoted are from Morningstar
Inc.
Pricing
Forward pricing is used. Unit trust prices are calculated on a net asset value (NAV) basis,
which is the market value of all assets in the Fund including income accruals less
permissible deductions divided by the number of units in issue.
Fees
A schedule of actual annual fees and charges and maximum commissions as well as
actual performance figures are available on request from the appropriate manager.
Commission and incentives may be paid and, if so, are included in the overall costs.
Different classes of participatory interest can apply to these portfolios and are subject to
different fees, charges and possibly dividend withholding tax and will thus have differing
performances.
Income Distributions
All income distributions are net of applicable taxes.
NAV per share exceeds the HWM, then a sharing rate of 10% of this outperformance will
be accrued, as long as the Performance Fee does not result in the NAV per share
reduced to below the HR applied to the previous Dealing Day. In no event shall the
Manager have to return any Performance Fees previously charged and paid with respect
to any Shares.
Total Expense Ratio (TER)
The total expense ratio (TER) is the annualised percentage of the Fund’s average assets
under management that has been used to pay the Fund’s actual expenses over the past
three years. The TER includes the annual management fees that have been charged
(both the fee at benchmark and any performance component charged), other expenses
like audit and trustee fees and VAT. As unit trust expenses vary, the current TER cannot
be used as an indication of future TERs. A higher TER ratio does not necessarily imply a
poor return, nor does a low TER imply a good return. The TER and other funds’ TERs
should then be used to evaluate whether the Fund performance offers value for money.
Transaction costs
Transaction costs are shown separately. Transaction costs are a necessary cost in
administering the Financial Product and impacts Financial Product returns. They should
not be considered in isolation as returns may be impacted by many other factors over
time including market returns, the type of Financial Product, the investment decisions of
the investment manager and the TER.
Total Investment charge
The sum of the TER and transaction costs is shown as the Total Investment Charge.
Since Fund returns are quoted after the deduction of these expenses, the TER and
Transaction costs should not be deducted again from published returns.
Total Investment Charge annualised for the period 01/07/2013 to 30/06/2016
Annual Management Fee, other costs and the underlying fund TER 3.17%
Performance Fee 0.44%
Total Expense Ratio 3.54%
Transaction Costs 0.17%
Total Investment Charge 3.71%
Cut-off times
The cut-off time for submitting investment transactions is 12h00 daily, cut-off for
redemptions is one business day prior.
Company details
PSG Fund Management (CI) Limited as general manager and Vista Fund Services
(Guernsey) Limited as Administrator are licensed by the Guernsey Financial Services
Commission (GFSC”). Northstar Asset Management (Pty) Ltd is registered with the South
African Financial Services Board as a Discretionary Financial Schemes Provider, FSP
601, and is licensed to operate under the Financial Advisory and Intermediary Services
Act, 2002. The fund is a Guernsey Class B open ended collective investment scheme
authorised by the GFSC. Figures and benchmark quoted are from Source: © 2016
Morningstar, Inc. All Rights Reserved.
Trustee
BNP Paribas Trust Company (Guernsey) Limited, BNP Paribas House, St Julian's
Avenue, St Peter Port, Guernsey, GY1 1WA, Tel Number: +44 (0) 1534 813 800.
Additional information
Additional information is available free of charge on the website www.psgkglobal.com
and may include publications, brochures, application forms and annual reports.
Borrowing
The fund may borrow up to 10% of the market value to brideg/cover insufficient liquidity.
Performance Fees
The Performance Fee is calculated and crystallised at each Dealing Day. The
Performance Fee is calculated based on both High Water Mark (HWM) and Hurdle Rate
(HR) principles. For a Performance Fee to be considered, the NAV per share must
exceed the HWM at the Dealing Day. The HWM is defined as the maximum achieved
price (NAV per unit) of the fund since inception. The HR of the Northstar Managed
Sterling Fund is 3 Month Sterling LIBOR plus 2%. At each Dealing Day, if the current
Source: Morningstar Direct
Date Issued: 21 August 2016