Fraudulent Telegram and WhatsApp groups
Please beware of fraudulent Telegram and WhatsApp groups impersonating PSG Financial Services, our divisions and our advisers. Be cautious, verify links and contact your adviser or Client Services if you have any queries or concerns.
17
February 2022
PSG Collective Investments (RF) Limited is running a ballot
PSG Asset Management
PSG Collective Investments (RF) Limited is running a ballot to propose to amend the investment policy of the PSG Equity Fund.
“ Your action is required: Cast your vote by completing the ballot form ”
PSG Collective Investments (RF) Limited is running a ballot to propose to amend the investment policy of
the PSG Equity Fund. The amendment is to change the benchmark from the FTSE/JSE All Share Total
Return Index to the composite of 80% FTSE/JSE Capped Swix All Share Net Total Return Index and 20% MSCI Daily Total Return Net World USD Index.
Your action is required: Cast your vote by completing the ballot form
Please read the ballot letter, complete the ballot form (Annexure B) to vote, and return it to our
auditors by email to psg@deloitte.co.za by 7 April 2022. Click here for the ballot letter.
Benefits to the change
The objective of the PSG Equity Fund is to offer investors long-term capital growth by investing in
equities and this is currently measured against the JSE All Share Index including income. It is proposed
that the investment policy be amended to change the benchmark from the FTSE/JSE All Share Total
Return Index to the composite of 80% FTSE/JSE Capped Swix All Share Net Total Return Index and
20% MSCI Daily Total Return Net World USD Index. From a treating customers fairly (TCF)
perspective, the ability to compare the risk-adjusted performance of a fund to that of a benchmark and
other similar funds allows investors to ascertain the true value added by the fund manager. It is
important that the benchmark not only incorporates the key constituents of the investment universe of
the manager, but also the risk characteristics of the assets. The PSG Equity Fund has consistently held
a significant offshore weight in the portfolio as the limits increased, and this now needs to be reflected
in the benchmark.
The amendment will have no impact on investors
- Tax treatment of income after the amendment: The change does not impact the tax
treatment of income or capital gains. - Risk profile: The risk profile of the portfolio will remain similar.
- Fee structure: Fees will remain unchanged.
- The value of your investment: The market (monetary) value of your units will be equal to
the value of the units you held before the amendment.
Effective date of the proposed amendment will be 1 June 2022
This is provided that we obtain the necessary consent from investors and the Financial Sector Conduct
Authority.
Recommended news
Don’t be fooled by the tide: in investments context matters
We often bump into an acquaintance and they will marvel at the market either being up or down over the past few days. But how relevant is the actual market as a concept to investors, especially given the extremes we have seen over the past few years leading to very different experiences in different areas of the market?
Read more
Fixed Income Investors Can Benefit from South Africa’s Distorted And Steep Yield Curve
A distorted yield curve offers investors access to potentially equity-like returns Fixed income markets have been through a tumultuous year. The rate cuts associated with efforts to contain the economic fall-out of the Covid-19 pandemic, together with worries about South Africa’s fiscal position and investor preference for low risk options, have driven distortions in the local yield curve.
Read more
Stay Informed
Sign up for our newsletters and receive information on finance.
