September 2020 - VAM Funds
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1 ASSET ALLOCATION September 2020
VAM CAUTIOUS FUND – A LOWER RISK PORTFOLIO
2
Gilts 10.93%
UK TSY I/L GILT 0.75% 22/03/2034 10.93% C a u t i o u s A s s et A l l o c a ti o n
Corporate Bonds 17.25%
Northumbrian Wtr 2.033% 15/07/2036 1.05% Kpn Nv 5.75% 17/09/2029 1.40%
Tesco Plc 3.322% 05/11/2025 2.40% Legal & Genl Grp 5.625% Perp 1.46% Gilts
M&G Plc 5.625% 20/10/2051 2.24% Intercontinental 3.75% 14/08/2025 1.46%
Just Group Plc 8.125% 26/10/2029 2.17% Aviva Plc 5.125% 04/06/2050 1.65%
Pension Ins 7.375% Perp 1.97% Whitbread Group 3.375% 16/10/2025 1.45% Corporate Bonds
High Yield Bonds 13.17%
Rolls-Royce Plc 3.375% 18/06/2026 1.32% Lloyds Bk Gr Plc 5.125% Perp 2.13%
Marks & Spencer 4.5% 10/07/2027 1.42% Sainsburys Bank 6% 23/11/2027 1.96% High Yield Bonds
Gkn Holdings Ltd 4.625% 12/05/2032 2.16% Vodafone Group 4.875% 03/10/2078 2.00%
Barclays Plc 6.375% Perp 2.18%
Global Equity 25.28% Global Equity
Heineken Nv 1.78% Facebook Inc 1.25%
Danone Sa 1.53% Microsoft Corp 1.56%
Bayer Ag 1.13% Oracle Corp 1.57% UK Equity
Roche Holding Ag 1.12% Cognizant Technology Solutions 0.80%
Novartis Ag 1.24% Booking Holdings Inc 2.09%
Johnson & Johnson 1.49% Yum! Brands Inc 1.75% Listed Property
Medtronic Plc 1.46% Kao Corp 1.12%
Becton Dickinson And Co 1.17% Alibaba Group Holding Ltd 0.98%
Alphabet Inc 2.09% Tencent Holdings Ltd 1.15% Listed Infrastructure
UK Equity 13.86%
Relx Plc 1.94% Prudential Plc 1.62%
Gold
Howden Joinery Group Plc 1.88% Intercontinental Hotels Group 1.49%
Taylor Wimpey Plc 1.91% Diageo Plc 1.83%
Rightmove Plc 1.39% Unilever Plc 1.80%
Cash
Listed Property 3.02%
Grainger Plc 1.46% Digital Realty Trust Inc 0.78%
Unite Group Plc/The 0.78%
Listed Infrastructure 7.32%
Brookfield Infrastructure Corp 1.89% Hicl Infrastructure Plc 1.40% Source: Sanlam Private Wealth
Acciona Sa 1.90% 3I Infrastructure Plc 1.42% Sanlam Private Wealth is a trading name of Sanlam Private Investments (UK) Ltd.
Orsted A/S 0.71% Data as at 30 September 2020
Gold 6.77%
Royal Mint Physical Gold Etc S 6.77%
Cash 2.40%
British Pound 2.40%VAM BALANCED FUND – A MEDIUM RISK PORTFOLIO
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Weighting (%) Weighting (%)
Gilts 7.37%
UK TSY I/L GILT 0.75% 22/03/2034 7.37%
B a l a n c e d A s se t A l l o c a ti o n
Corporate Bonds 10.85%
Northumbrian Wtr 2.033% 15/07/2036 1.01% Kpn Nv 5.75% 17/09/2029 0.66%
Tesco Plc 3.322% 05/11/2025 1.72% Legal & Genl Grp 5.625% Perp 0.74%
M&G Plc 5.625% 20/10/2051 1.47% Intercontinental 3.75% 14/08/2025 0.85%
Just Group Plc 8.125% 26/10/2029 1.37% Aviva Plc 5.125% 04/06/2050 0.84%
Pension Ins 7.375% Perp 1.35% Whitbread Group 3.375% 16/10/2025 0.84% Gilts
High Yield Bonds 8.43%
Rolls-Royce Plc 3.375% 18/06/2026 0.82% Lloyds Bk Gr Plc 5.125% Perp 1.39%
Marks & Spencer 4.5% 10/07/2027 0.72% Sainsburys Bank 6% 23/11/2027 1.39% Corporate Bonds
Gkn Holdings Ltd 4.625% 12/05/2032 1.36% Vodafone Group 4.875% 03/10/2078 1.31%
Barclays Plc 6.375% Perp 1.44%
Global Equity 34.92% High Yield Bonds
Heineken Nv 2.22% Facebook Inc 1.61%
Danone Sa 2.10% Microsoft Corp 2.25%
Bayer Ag 1.61% Oracle Corp 2.12%
Global Equity
Roche Holding Ag 1.55% Cognizant Technology Solutions 1.14%
Novartis Ag 1.73% Booking Holdings Inc 2.99%
UK Equity
Johnson & Johnson 2.13% Yum! Brands Inc 2.35%
Medtronic Plc 2.01% Kao Corp 1.60%
Becton Dickinson And Co 1.75% Alibaba Group Holding Ltd 1.45% Listed Property
Alphabet Inc 2.69% Tencent Holdings Ltd 1.62%
UK Equity 18.29%
Relx Plc 2.47% Prudential Plc 2.17% Listed Infrastructure
Howden Joinery Group Plc 2.32% Intercontinental Hotels Group 2.05%
Taylor Wimpey Plc 2.44% Diageo Plc 2.41%
Rightmove Plc 1.88% Unilever Plc 2.55% Gold
Listed Property 3.03%
Grainger Plc 1.41% Digital Realty Trust Inc 0.77%
Unite Group Plc/The 0.85% Cash
Listed Infrastructure 8.64%
Brookfield Infrastructure Corp 2.23% Hicl Infrastructure Plc 1.64% Source: Sanlam Private Wealth
Acciona Sa 2.15% 3I Infrastructure Plc 1.58% Sanlam Private Wealth is a trading name of Sanlam Private Investments (UK) Ltd.
Orsted A/S 1.04% Data as at 30 September 2020
Gold 5.53%
Royal Mint Physical Gold Etc S 5.53%
Cash 2.94%
British Pound 2.94%VAM GROWTH FUND – A HIGHER RISK PORTFOLIO
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Weighting (%) Weighting (%)
Gilts 3.72%
UK TSY I/L GILT 0.75% 22/03/2034 3.72%
G r o w th A s se t A l l oc ati o n
Corporate Bonds 2.86%
Northumbrian Wtr 2.033% 15/07/2036 0.60% M&G Plc 5.625% 20/10/2051 0.74%
Tesco Plc 3.322% 05/11/2025 0.86% Just Group Plc 8.125% 26/10/2029 0.66%
High Yield Bonds 2.76%
Gilts
Gkn Holdings Ltd 4.625% 12/05/2032 0.61% Sainsburys Bank 6% 23/11/2027 0.44%
Barclays Plc 6.375% Perp 0.83% Vodafone Group 4.875% 03/10/2078 0.88%
Global Equity 44.30% Corporate Bonds
Heineken Nv 2.84% Facebook Inc 1.92%
Danone Sa 2.48% Microsoft Corp 2.76%
High Yield Bonds
Bayer Ag 2.13% Oracle Corp 2.67%
Roche Holding Ag 2.01% Cognizant Technology Solutions 1.44%
Novartis Ag 2.19% Booking Holdings Inc 3.84% Global Equity
Johnson & Johnson 2.78% Yum! Brands Inc 3.05%
Medtronic Plc 2.55% Kao Corp 2.08%
UK Equity
Becton Dickinson And Co 2.21% Alibaba Group Holding Ltd 1.85%
Alphabet Inc 3.24% Tencent Holdings Ltd 2.26%
UK Equity 23.26% Listed Property
Relx Plc 3.21% Prudential Plc 2.92%
Howden Joinery Group Plc 2.85% Intercontinental Hotels Group 2.59%
Listed Infrastructure
Taylor Wimpey Plc 2.98% Diageo Plc 3.08%
Rightmove Plc 2.45% Unilever Plc 3.18%
Listed Property 3.14% Gold
Grainger Plc 1.56% Digital Realty Trust Inc 0.80%
Unite Group Plc/The 0.78% Cash
Listed Infrastructure 9.87%
Brookfield Infrastructure Corp 2.48% Hicl Infrastructure Plc 1.75%
Acciona Sa 2.51% 3I Infrastructure Plc 1.82%
Orsted A/S 1.31% Source: Sanlam Private Wealth
Gold 4.03% Sanlam Private Wealth is a trading name of Sanlam Private Investments (UK) Ltd.
Royal Mint Physical Gold Etc S 4.03% Data as at 30 September 2020
Cash 6.06%
British Pound 6.06%V A M F U N D S D I S C L A I M E R
5
Issued by VAM Managed Funds (Lux), an open-ended SICAV with IMPORTANT NOTICE VAM Managed Funds (Lux) is not a financial services provider in
multiple compartments, organised in accordance with Part 1 of the South Africa and nothing in this document should be construed as
Luxembourg Investment Fund Law dated 17th December 2010 The distribution of this document and the offering of the shares constituting the canvassing for, or marketing or advertising of,
(UCITS V). may be restricted in certain jurisdictions. It is the responsibility of financial services by VAM Managed Funds (Lux) in South Africa.
any person in possession of this document to inform themselves of,
VAM Funds refers to either or both of VAM Funds (Lux) and VAM and to observe, all applicable laws and regulations of any relevant Financial services providers to whom this document is addressed
Managed Funds (Lux), each incorporated in Luxembourg as a jurisdictions. may only distribute it to clients who have already invested in
SICAV and regulated by the CSSF as a UCITS. Both have designated policies issued by licensed South African long-term insurers, as
VAM Global Management Company SA to provide collective Prospective applicants for shares should inform themselves as to aforesaid, for information purposes only and for no other reason
investment services, and VAM Global Management Company SA the legal requirements and consequences of applying for, holding whatsoever.
delegates the provision of certain of these services to third parties, and disposing of shares and any applicable exchange control
including to other members of the VAM Group. Each SICAV has its regulations and taxes in the countries of their respective VAM Managed Funds (Lux) is not registered under any US securities
own Board of Directors, has no employees and is independent of citizenship, residence or domicile. law, and their funds may not be offered or sold in the USA, its
the VAM Group. territories or possessions, nor to any US persons. VAM Managed
This document does not constitute an offer or solicitation by Funds (Lux) funds are not offered for sale in any jurisdiction in
VAM or VAM Group refers to the group of companies whose parent anyone in any jurisdiction in which such offer or solicitation is not which they are not authorised to be publicly sold. The funds are
company is VAM GLOBAL S.à r.l., incorporated in Luxembourg, lawful or in which the person making such offer is not qualified to available only in jurisdictions where their promotion and sale are
whose subsidiaries include VAM Global Management Company SA do so to anyone to whom it is unlawful to make such offer or permitted. For the purposes of UK law, funds are recognised
in Luxembourg and VAM Marketing Limited and MATCO Limited in solicitation. schemes under section 264 of the Financial Services & Markets Act
Mauritius. Neither of the VAM Funds is a member of the VAM Group. 2000. The protections provided by the UK regulatory system, for
This document and any attachments to it constitute factual, the protection of retail clients, do not apply to offshore
objective information about the fund and nothing contained investments. Compensation under the UK’s Financial Services
herein should be construed as constituting any form of investment Compensation Scheme will not be available and UK cancellation
advice or recommendation, guidance or proposal of a financial rights do not apply. The funds are authorised by the Financial
nature in respect of any investment issued by VAM Managed Funds Conduct Authority in the UK.
(Lux) or any transaction in relation to VAM Managed Funds (Lux).V A M F U N D S D I S C L A I M E R
6
Applicants are assumed to have read and understood the The Management Company ensures that publishing of CIS portfolios are traded at ruling prices and can engage in
prospectus and accept the risks of an investment in VAM Managed performance of a portfolio is based on performance calculations borrowing and script lending. A schedule of fees and charges, as
Funds (Lux). In particular, it is understood that they are aware that which are done on a NAV to NAV basis over all reporting periods, well as maximum commission, is available on request from the
the portfolio of securities relating to each of the sub-funds of VAM provided that, where a NAV is not available, the value used to Management Company. Performance methodologies can be
Managed Funds (Lux) is subject to market fluctuations and to the calculate the performance is clearly stated and a description of obtained upon request from VAM Managed Funds (Lux) on
risks inherent in all investments, and that the price of shares and how the figures were calculated is provided. marketing@vam-funds.com. All rates of return include reinvested
any income from the shares may go down as well as up, and that dividends and are net of management fees.
the sub-funds of VAM Managed Funds (Lux) may be subject to Investments in foreign securities may include additional risks such
volatile price movements which may result in capital loss. as potential constraints on liquidity and repatriation of funds, Performance of classes of shares in currencies other than the
macro-economic risk, political risk, foreign exchange risk, tax risk reference currency of the fund shall be measured in the currency of
Past performance is not necessarily a guide to future performance. and settlement risk, as well as potential limitations on the such classes of shares.
No guarantee is provided, either with respect to the capital or the availability of market information.
return of the fund. The value of participatory interests or the This document and any attachments to it constitute factual,
investments may fluctuate in value and may fall as well as rise. Further information about risk can be found in the prospectus objective information about the fund and nothing contained
which is available at www.vam-funds.com/library/reports/?share=a. herein should be construed as constituting any form of investment
VAM Global Management Company SA (the “Management advice or recommendation, guidance or proposal of a financial
Company”) ensures that reinvestment of income is calculated on Subscriptions may only be accepted based on the information nature in respect of any investment issued by VAM Managed Funds
the actual amount distributed per participatory interest, using the contained in the prospectus of the fund and its annual and semi- (Lux) or any transaction in relation to VAM Managed Funds (Lux).
ex-dividend date net asset value (“NAV”) price of the applicable annual reports. VAM Managed Funds (Lux) is not a financial services provider in
class of the fund, irrespective of the actual reinvestment date. South Africa and nothing in this document should be construed as
VAM Managed Funds (Lux) has been approved in South Africa as a constituting the canvassing for, or marketing or advertising of,
Performance figures quoted for the fund are from Lipper for foreign Collective Investment Scheme under section 65 of the financial services by VAM Managed Funds (Lux) in South Africa.
Investment Management as at the date of this document for a Collective Investment Schemes Control Act 2002. A potential
lump sum investment, using NAV to NAV with income reinvested, investor will be capable of investing in VAM Managed Funds (Lux) Financial services providers to whom this document is addressed
and do not take any upfront manager’s charge into account. only upon conclusion of the appropriate investment agreements may only distribute it to clients who have already invested in
and provided the relevant investor complies with any applicable policies issued by licensed South African long-term insurers, as
exchange control requirements. Collective Investment Schemes aforesaid, for information purposes only and for no other reason
(“CIS”) are generally medium to long-term investments. whatsoever.V A M F U N D S D I S C L A I M E R
7
All transactions should be based on the latest available prospectus,
the Key Investor Information Document (“KIID”) and any
applicable local offering document. These documents, together
with the annual report, semi-annual report and the articles of
incorporation for the Luxembourg domiciled product(s), are
available in English on the VAM website (http://www.vam-
funds.com/library) or from the office of VAM Global Management
Company SA, Josy Welter House, 8-10, rue Genistre, L-1623
Luxembourg.
VAM Managed Funds (Lux) reserves the right to close a
compartment, or one or more share classes within a compartment.
VAM Managed Funds (Lux) may also set up new compartments
and/or create within each compartment one or more share classes.
This is a promotional document.8 VAM Marketing Limited 11 th Floor, Tower 1 NeXTeracom Building Cybercity, Ebene Mauritius Tel: +230 465 6860 Fax: +230 465 0853
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