SIM is a philosophically grounded, multi-specialist asset manager with one investment platform that leverages off the Sanlam book and brand. It manages a range of multi-asset class funds including the SIM Balanced Fund, SIM Inflation Plus Fund, and SIM Low Equity Fund. The funds employ disciplined asset allocation strategies with a focus on downside protection and risk-adjusted returns.
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Sim intro senate group
1.
2. SIM is a philosophically
grounded, multi-specialist,
multi-product house, with one
investment platform that
leverages off the Sanlamleverages off the Sanlam
book and brand.
4. 4
SIMโs business model has evolvedโฆโฆ
Division
in Life
company
Asset Management
by Investment
Bank (Gensec)
Integrated Insurance
based Asset Manager
(inc. Private Equity
Property etc.)
Multi specialist
Asset Manager
Sanlam Investments has provided asset management services to third parties since 1969
company Bank (Gensec) Property etc.)
13yrs
ago
(Jan 1997)
12yrs
ago
(Jan 1998)
9yrs
ago
(Apr 2001)
Today
6. Understanding the value of a business
Aggressive
high risk
Significant value
attributed to
future growth
Conservative
low risk
โ Historic info & facts
โ Book value
Div yield, Low PE
โ Future earnings
potential
True Benjamin
Graham students
A
Replacement
value
B
Continuing
value
C
Growth
7. A belief in long term reversions to the mean
- market ratings (PE)
- growth rates
Superior returns are generated through:
4 tenets of Pragmatic Value Investing
Value securities with respect to realistic expectations
Place less emphasis on forecasts and more on fact and track record
Hold investments for the long term
9. Chris Hamman
Fixed Income ILBโs
Andrรฉ Roux
Asset
Liability
Solutions
Money
Market
Active
Income
Bond
Portfolios
Gert Steenkamp
Kashiefa Waggie
Charl Smith
Philip Liebenberg Hansie Myburgh
Erich Maritz
Ntebogeng Mahlare
Chris Hamman
Henriqueco Visser
Ntebogeng Mahlare
Erica Nell
Andre du Toit
Stephen Vlok
Avishal Khusial
Credit
10. 10
Size
SIM can take meaningful stakes in companies
Influence company boards and management
- unlock value
- encourage good corporate governance
Fluid access to management teams
Management teams generally willing to engage
11. 11
Size
Employ a large team of investment professionals
Very detailed and comprehensive proprietary research
- Dedicated asset allocation research team
- Dedicated small cap research team
Team members can become specialists
12. SIM Balanced
Benchmark: Median Morningstar
AA Prudential Variable Equity
SIM Low Equity
Benchmark: Peer
Group Average
PotentialReturn(%)
sim.multi-asset class funds
Group Average
SIM Inflation Plus
Benchmark: CPI+4%
over a rolling 3 year
period
PotentialReturn(%)
Risk (vol. %)
14. Outlook | Assumptions for Long-term returns: SA - Real
3.0%
6.0%
7.0%
3.0%
4.0%
Bond returns
Property premium
Property returns
Equity Risk premium
Equity returns
2.0%
2.5%
3.0%
0.5%
0.5%
0% 1% 2% 3% 4% 5% 6% 7%
Cash returns
Term premium
ILB returns
Inflation Risk premium
Bond returns
Source : SIM
15. CPI+5% (Domestic)
Domestic Allocation
Long term real
return
Weighted
average
Equity 30 7.0 2.1
Property 5 6.0 0.3
Bonds 10 3.0 0.3
Outlook | What could you expect given these RETURN assumptions
Source : SIM
Bonds 10 3.0 0.3
ILBโs 20 2.5 0.5
Cash 35 2.0 0.7
Alpha 1.0
Total 100% 4.9%
16. Outlook | Risk takers have been compensated โฆover the very long run
9
8
7
6
5
4
3
2
1900 โ 2003, annual real return %
Equities
Bonds
Bills
Source: Siegel, FAJ 2005
Belgium
Italy
Germany
France
Spain
Japan
Switzerland
Ireland
Denmark
Netherlands
UnitedKingdom
Canada
UnitedStates
Australia
Sweden
SouthAfrica
-4
1
0
-1
-2
-3
17. Asset allocation Overweight Underweight Neutral
Global
Equity
Property
Bonds
Cash
Outlook | SIMโs current positioning
Global
Property Cash
Domestic Inflation Linked Bonds Cash
Nominal Bonds
Equity
Property
1 March 2011
21. Outlook | Yields on global assets
6
8
10
12
Global
10yr ILB 10yr bond MSCI World DY Property DY
Source: Bloomberg
0
2
4
6
04 05 06 07 08 09 10 11
22. Outlook | Global Property โ OVERWEIGHT: Local Currencies
250
300
350
400
450
500
Japan
SA
Source: Bloomberg | 7 March 2011
0
50
100
150
200
00 01 02 03 04 05 06 07 08 09 10 11
Europe ex UK
GlobalAsia
UK
US
26. SIM Balanced
Benchmark: Median Morningstar
AA Prudential Variable Equity
SIM Low Equity
Benchmark: Peer
Group Average
PotentialReturn(%)
sim.multi-asset class funds
Group Average
SIM Inflation Plus
Benchmark: CPI+4%
over a rolling 3 year
period
PotentialReturn(%)
Risk (vol. %)
27. PotentialReturn(%)
sim.multi-asset class funds
SIM Inflation Plus
Disciplined focus on downside risk
High risk-adjusted returns โ low volatility
SIM Inflation Plus
Benchmark: CPI+4%
over a rolling 3 year
period
PotentialReturn(%)
Risk (vol. %)
Equity component constructed from houseview
SWIX portfolio
Derivatives used to hedge exposure tactically.
28. SIM Low Equity
Benchmark: Peer
Group Average
PotentialReturn(%)
sim.multi-asset class funds
SIM Low Equity
Actively managed
Min 60% in high income yielding
instrumentsGroup Average
PotentialReturn(%)
Risk (vol. %)
Stable, low equity balanced fund
Max 40% equities โ stock picking
Derivatives used to hedge exposure
tactically
29. SIM Balanced
Benchmark: Median Morningstar
AA Prudential Variable Equity
PotentialReturn(%)
sim.multi-asset class funds
SIM Balanced
Grow capital steadily
PotentialReturn(%)
Risk (vol. %)
Grow capital steadily
Long term strategic asset allocation
Specific stock picking equity component
30. Downside protection | Monthly performance to February 2011
-2%
0%
2%
4%
6%
8%
SIM Balanced Fund -A SIM Inflation Plus Fund
Source: MoneyMate
-10%
-8%
-6%
-4%
-2%
Jan 09 Mar09 May 09 Jul09 Sep 09 Nov 09 Jan 10 Mar10 May 10 Jul10 Sep 10 Nov 10 Jan 11
31. Downside protection | Monthly performance to February 2011
-2%
0%
2%
4%
6%
8%
SIM Balanced Fund -A SIM Inflation Plus Fund SIM Low Equity Fund - A1
Source: MoneyMate
-10%
-8%
-6%
-4%
-2%
Jan 09 Mar09 May 09 Jul09 Sep 09 Nov 09 Jan 10 Mar10 May 10 Jul10 Sep 10 Nov 10 Jan 11
32. SIM Balanced | February 2011
12.1%
15.9%
23.8%
11.3%
17.4%
15%
20%
25%
SIM Balanced Fund -A AssetAlloc Prud VarEq
Source: MoneyMate
3.9%
12.1%
7.1%
2.7%
9.0%
11.3%
6.1%
0%
5%
10%
3 Months 6 Months 1 Year 2 Years 3 Years
33. SIM Inflation Plus | February 2011
10.0%
11.9%
7.0%
7.9%
8.8%
10.4%
8%
10%
12%
14%
SIM Inflation Plus Fund CPI+4%
Source: MoneyMate
2.5%
6.1%
2.4%
3.9%
0%
2%
4%
6%
3 Months 6 Months 1 Year 2 Years 3 Years
34. SIM Low Equity peers
SIM Low Equity Fund
Stanlib Balanced Cautious Fund
Old Mutual Stable Growth Fund
Coronation Balanced Defensive Fund
Nedgroup Investment Stable Fund
RMB Conservative Fund
Allan Gray Stable Fund
Investec Cautious Managed Fund
35. SIM Low Equity | Performance since inception (July 2010)
Performance Rank
SIM Low Equity Fund - A1 11.0% 1
Fund 1 10.5% 2
Fund 2 9.6% 3
Fund 3 9.4% 4
Fund 4 8.9% 5
Source: MoneyMate
Fund 4 8.9% 5
Fund 5 6.6% 6
Fund 6 3.8% 7
Fund 7 2.9% 8
Asset Alloc Prud Low Eq 7.7%
NAV to NAV โ Local Currency
From: 30 Jun 2010 to 28 Feb 2011
Income Reinvested on payment date
36. SIM Low Equity (since inception)
8%
10%
12%
14%
Fund 1 Fund 2 Fund 3
Fund 4 Fund 5 Fund 6
Fund 7 Fund 8 SIM Low Equity Fund
Source: MoneyMate
-2%
0%
2%
4%
6%
July Aug Sep Oct Nov Dec 2011 Jan Feb
