Multi Asset Strategy USD Moderate

February 2024

Fact Sheet

Investment Objective

Achieve a gross-of-fee total return of at least 3.5% above the currency CPI rate over rolling periods of 5 years or more within the moderate risk profile.

Investment Approach

The Portfolio is underpinned by a strategic asset allocation with periodic tactical shifts. The investment process combines quantitative asset allocation techniques using an optimisation algorithm with a tactical asset allocation overlay in determining its preferred asset class exposure and potential thematic tilts. A bottom-up fundamental analysis process identifies the underlying instruments that will give exposure to the various asset classes.

Asset Class Allocation

Sector Allocation

Regional Allocation

Portfolio Information

Portfolio Manager:	Sasfin Securities
Launch Date:	30/04/2009
Currency:	USD
Regulation 28:	No
Management Fee	Sliding Scale
Return Objective:	US CPI+3.5%
Fund Benchmark:	USD Moderate Composite

Investment Growth

Returns

	1 Month	3 Months	YTD	1 Year	3 Years	5 Years	Inception
MAS USD Moderate	1.5%	5.1%	1.2%	11.4%	2.9%	5.5%	7.8%
US CPI +3.5%	0.7%	1.9%	1.3%	7.0%	9.3%	7.8%	6.2%
USD Moderate Composite	4.5%	10.7%	5.8%	26.0%	9.9%	12.4%	12.1%

Note: Performance reflects simulated returns to Jan 2015. All performance shown net of underlying instruments fees & gross of management fees.

Risk Profile

Risk
	Low	Low-Mod	Mod	Mod-High	High
Term
	1-3 years	3+ years	3-5 years	5+ years	7+ years

This portfolio has a balanced exposure to various asset classes. It has more equity exposure than a low risk portfolio but less than a high-risk portfolio. In turn the expected volatility is higher than a low risk portfolio, but less than a high-risk portfolio.
Where the asset allocation contained in this fact sheet reflects offshore exposure, the portfolio is exposed to currency risk.
The portfolio is exposed to equity as well as default and interest rate risks.
The portfolio is suitable for medium-term investment horizon.

Risk-Reward

Drawdown

Monthly Returns

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year
2024	-0.3	1.5											1.2
2023	5.6	-2.0	1.4	1.4	-1.9	3.7	2.4	-2.3	-3.7	-1.6	7.1	3.8	13.8
2022	-3.6	-1.5	1.2	-5.5	0.4	-7.0	4.9	-3.5	-7.6	3.6	5.9	-2.0	-14.7
2021	0.1	0.7	1.2	3.2	1.5	-0.5	2.6	1.1	-2.9	3.6	-1.5	2.5	11.9
2020	-0.1	-7.0	-10.2	7.8	2.9	1.2	4.9	3.4	-1.1	-1.1	4.9	2.8	7.0
2019	5.9	1.9	1.3	1.5	-3.1	3.9	0.4	-0.5	1.5	2.0	1.3	2.2	19.8
2018	1.5	-3.1	-0.3	0.6	0.3	0.3	1.4	0.7	0.0	-3.2	1.3	-4.1	-4.8
2017	1.3	2.3	0.4	0.8	1.0	0.8	1.5	0.4	0.9	0.3	1.3	1.2	12.7
2016	-4.2	0.4	6.2	0.2	0.1	1.9	3.1	-0.7	0.2	-2.6	-1.5	1.4	4.0
2015	0.5	3.1	-0.7	2.5	-0.5	-1.7	1.1	-4.0	-2.5	5.7	-0.9	-0.9	1.2
2014	-1.5	4.2	-0.2	1.1	1.9	1.6	-0.9	1.0	-2.5	0.8	1.9	-0.1	7.3
2013	3.0	0.0	1.2	3.5	-0.4	-3.8	3.8	-1.8	4.8	3.4	0.6	0.9	15.8
2012	4.0	3.2	0.6	-0.5	-5.4	3.6	2.5	1.1	2.1	0.1	0.9	1.4	14.1
2011	0.7	2.4	0.3	3.8	-0.4	-2.0	-0.4	-5.1	-6.7	7.8	-5.1	0.2	-5.4
2010	-2.2	-1.0	4.1	0.4	-8.5	0.5	5.8	-0.9	6.1	4.5	-3.9	5.3	9.5
2009					9.0	1.3	5.2	6.6	3.2	0.6	0.0	1.0	29.9

Risk Measures

	MAS USD Moderate	USD Moderate Composite
Std. Deviation	10.9%	12.2%
Sharpe Ratio	0.2	0.6
Sortino Ratio	1.1	1.5
Max Drawdown (Monthly)	-20.7%	-22.9%
Best Month	9.0%	10.6%
Worst Month	-10.2%	-11.3%
Gain/Loss Ratio	1.8	2.1
Value at Risk	-5.1	-5.6

Note: All risk measures shown are annualized.

Information & Disclosures

Alpha - Excess return over benchmark.
Beta - Systematic measure of sensitivity risk with respect to a given benchmark.
Max Drawdown - Measures largest peak-to-trough decline before a new peak is achieved.
Standard deviation - A statistical measurement of dispersion about an average. The higher the standard deviation, the wider the range, implyng greater volatility.
Sharpe Ratio - Calculated by dividing a fund's excess returns over the risk-free rate by its standard deviation. The higher the Sharpe ratio, the better the fund's historical risk-adjusted performance.
Sortino Ratio - A variation of the Sharpe ratio. Differentiates harmful volatility by using downside deviation, measuring the return to volatility caused by negative returns.
USD Moderate Composite Benchmark - 60% S&P500 Index, 30% BbgBarc US agg Bond Index, 5% NAREIT Equity REIT Index and 5% Bloomberg Commodity Index.
Value at Risk (VaR) - is a statistical measure of the risk of loss for investments. The potential loss in value of a traded portfolio over a defined period of time for a given confidence level.

Disclaimer: Sasfin Wealth comprising: Sasfin Securities (Pty) Ltd, 1996/005886/07, a member of the JSE Ltd; Sasfin Asset Managers (Pty) Ltd, 2002/03307/07, an authorised financial services provider (FSP) no. 21664; Sasfin Financial Advisory Services (Pty) Ltd, 1997/010819/07, FSP No. 5711; and Sasfin Wealth Investment Platform (Pty) Limited FSP No. 45334 and their employees and agents. The information and opinions in this publication are of a general nature and do not constitute advice or represent the views of Sasfin Wealth. Sasfin Wealth takes all care to provide current and accurate information as at the date of publication but accepts no liability for errors, omissions or subsequent changes. Any references to historical data, assumptions, targets, benchmarks or examples are as indicators or illustrations only and are not fixed or guaranteed. Past investment performance is not necessarily indicative of future performance. Clients should not assume any performance or guarantees will apply unless such has been explicitly confirmed in writing. Clients should consult with their advisors and independently assess and confirm all material information before taking any action. Clients remain responsible for the investment, product and institutional risks of their decisions. Referenced investment portfolios or products may be contained within financial products or contracts issued by third party life offices, pension funds, collective investment schemes or other product providers and may be administered / managed by such providers or other third parties. Refer to applicable application forms for further detail. Note that not all products or features may be available at all times or from all Sasfin Wealth represented product providers. The contents of this publication are proprietary and may not be distributed or used without permission. Past investment returns are calculated using back tested model portfolios. Any returns, modelling or back-testing are not to be seen as a guide to or guarantee of future returns and individual client portfolio performance will differ to the fact sheet due to investment timing and minor variations in actual portfolio holdings over time. Historical data and market assumptions used in data construction are used as indicators only.