Large Bank Dividend Portfolio - dividend portfolio examples

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QUARTERLY FACT SHEET 31 December 2021
DOMESTIC
SEGREGATED DISCRETIONARY PORTFOLIO Fund Characteristics and Objectives
The Investec Large Bank Dividend Portfolio invests in JSE-listed preference share
Investec Large Bank instruments of the five largest South African banks (Tier 1 preference shares) as
Dividend Portfolio
ranked by market capitalisation, whose instruments are referenced to short-term
interest rates. The portfolio maybe fully invested in these preference shares, but
may hold cash or near cash when appropriate.
? The portfolio aims to optimise after-tax income yield in the form of dividend
income available from listed preference shares. The portfolio has a secondary
FUND OVERVIEW return objective of generating capital gains over the longer term. Some
interest income may be generated if the portfolio is holding cash and money
market instruments.
Portfolio Manager
Investec Wealth & Investment ? Management of the portfolio incorporates a "top-down" view of domestic
and international short term interest rates, and a "bottom-up" process which
Fund Information
include active decisions on credit spreads, liquidity spreads, yields, currency
and instrument selection.
Inception Date: 1 October 2009
Benchmark: Alexander Forbes STeFI Call
Deposit Index (adjusted for
maximum individual tax rate)
Fund Size: R981 million
Gross Portfolio Yield:1 5.84%
Base Currency: South African Rand
Minimum Investment: R1 000 000
Management Fee: 0.80% pa quarterly in arrears
(excl. VAT) (a minimum fee
applies R8 000)
Trading Terms: On notice, subject to JSE liquidity
and instrument dealing terms
1 Before Dividend Withholding TAX (DWT)
Risk Profile
LOW LOW-MOD MOD MOD-HIGH HIGH
AAAAA
Investment Categories
A DOMESTIC
A OFFSHORE
A MULTI-ASSET CLASS
For more information, please go to www.investec.com/wi
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QUARTERLY FACT SHEET 31 December 2021
DOMESTIC Gross Effective Yield
SEGREGATED DISCRETIONARY PORTFOLIO
Investec Large Bank
Dividend Portfolio
PORTFOLIO POSITIONING
Source: Investec Wealth & Investment and Bloomberg
Performance (net of fees)
Since
3 months 1 year 2 years2 3 years2 5 years2 7 years2 10 years2 inception2
Investec Large Bank Dividend Portfolio
(Net of DWT)
17.9% 40.0% 9.9% 11.9% 8.7% 8.5% 5.9% 7.1%
Alexander Forbes STeFI Call Deposit
Index (adjusted for maximum individual
0.5% 1.9% 2.2% 2.7% 3.1% 3.2% 3.2% 3.2%
tax rate)
2 Annualised
? The above portfolio returns are net of all transaction costs (brokerage) and management fees, and based on composite portfolio returns until 31 December 2012. Seeded portfolio returns have
subsequently been used for performance calculations.
? The benchmark was changed in Q3 2012 from the FTSE/JSE Preference Share Index to the current benchmark because the investment universe for the portfolio excludes all Tier 2 preference
shares, which makes up a large portion of the FTSE/JSE Preference Share Index.
? Alexander Forbes STeFI Call Deposit Index is a cash index.
? DWT???(Dividends Withholding Tax)
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QUARTERLY FACT SHEET 31 December 2021
Important information that should be considered prior to investing
Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk and liquidity
risk. No security, financial instrument or derivative is suitable for all investors. In some cases, securities and other financial instruments may be difficult to
value or sell. The price or value of such securities and instruments may rise or fall and, in some cases, investors may lose their entire principal investment.
Past performance is not necessarily a guide to future performance. Returns and benefits are dependent on the performance of underlying assets and
other variable market factors and are not guaranteed. Levels and basis for taxation may change. Exchange rate fluctuations may have an adverse effect
on the value of certain investments. The information contained herein is for information purposes only and readers should not rely on such information
as advice in relation to a specific issue without taking financial, banking, investment or other professional advice. W&I and/or its employees may hold a
position in any securities or financial instruments mentioned herein. The information contained in this document does not constitute an offer or solicitation
of investment, financial or banking services by W&I.
Disclaimer
Although information has been obtained from sources believed to be reliable, Investec Wealth & Investment ("W&I"), a division of Investec Securities
Proprietary Limited does not warrant its completeness or accuracy. Opinions and estimates represent W&I's view at the time of going to print and are
subject to change without notice.
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no liability for any loss or damage of whatsoever nature including, but not limited to, loss of profits, goodwill or any type of financial or other pecuniary or
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appropriate for use in all jurisdictions or by all investors or other potential clients who are therefore responsible for compliance with their applicable local
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? 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be
copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any
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Derivatives, Currency Derivatives, Bond Derivatives and Interest Rate Derivatives Markets. An authorised financial services provider No.15886. A
registered credit provider registration number NCRCP262.
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