Contrarius BCI Balanced Fund
Fund Overview
Investment objective
The Fund aims to achieve long-term returns that are higher than the Benchmark. In doing so, it aims to balance capital growth, income generation and risk of loss, using a mix of assets. The Fund's benchmark is a composite index comprising 42% FTSE/JSE Capped All Share Index, 20% FTSE/JSE All Bond Index, 8% Alexander Forbes Short Term Fixed Interest Composite, 18% MSCI World Index, and 12% J.P. Morgan Global Government Bond Index, each including reinvestment of net income.
Fund description and summary of investment policy
The Fund employs Contrarius' valuation-based, contrarian investment philosophy to identify and invest in South African and foreign assets.
The Fund has the flexibility to take advantage of opportunities across asset classes and regions, subject to defined investment guidelines. The Fund primarily invests in a mix of shares, bonds, property, commodities, participatory interests in collective investment schemes and cash. The Fund primarily invests its foreign exposure in funds managed by the Contrarius Group ("Global Funds").
The maximum net share exposure of the Fund is 75%. The Fund may use exchange-traded derivatives on stock market indices to reduce net share exposure from time to time. The Fund is managed to comply with the investment limits governing retirement funds.
The Fund is suitable for investors who:
- seek long-term capital growth with exposure to an actively managed asset allocation fund that typically invests in a portfolio of listed shares, fixed income securities, commodity-linked instruments and cash (both South African and foreign).
- have a medium- to long-term investment horizon
- accept that the Fund may underperform the market in the short-term in pursuit of long-term outperformance
- have a moderate to high risk profile
- wish to invest in a unit trust that complies with investment limits for retirement funds
Fund Details
| Fund inception | 01 Oct 2024 |
| Benchmark | 42% FTSE/JSE Capped All Share Index, 20% FTSE/JSE All Bond Index, 8% Alexander Forbes Short Term Fixed Interest Composite, 18% MSCI World Index, and 12% J.P. Morgan Global Government Bond Index, each including reinvestment of net income (Composite Benchmark) |
| ASISA fund classification | South African - Multi Asset - High Equity |
| Investment Manager | Contrarius Investment Services (South Africa) Pty Ltd |
| Manager | Boutique Collective Investments (RF) (Pty) Ltd |
| Portfolio Value | R 18,106,020.77 (31 Aug 2025) |
| Price (NAV per unit) | R 1.2118 (25 Sep 2025) |
| Dealing | Daily |
| Portfolio valuation time | 15:00 (SAST) |
| ISIN Number | ZAE000338919 |
| JSE Code | COBBFA |
| Minimum lump sum investment | None |
| Minimum subsequent transaction | None |
| Income distribution | Semi-annually (June/December) |
| Risk profile | Moderate to High |
| Annual Service Fee | 1.04% p.a. (incl. VAT) |
| Performance Fee | 20.00% of outperformance of the Benchmark (after fees and costs) |
| Regulation 28 | Complies |
Holdings and Exposures
As at 31 Aug 2025
| Top 10 Equity Holdings | ||
| Rank | Security | % Fund |
| 1 | Tesla | 3.8 |
| 2 | Naspers - N | 3.3 |
| 3 | Warner Bros. Discovery | 3.0 |
| 4 | Paramount Skydance | 2.9 |
| 5 | African Rainbow Minerals | 2.7 |
| 6 | Glencore | 2.6 |
| 7 | Prosus | 2.6 |
| 8 | Alibaba Group Holding - ADR | 2.3 |
| 9 | Sun International | 2.2 |
| 10 | JSE | 2.2 |
| Total | 27.6 | |
| Equity Sector Exposure | |
| Sector | % Equities |
| Telecommunications | 1.0 |
| Consumer Discretionary | 34.6 |
| Consumer Staples | 1.8 |
| Energy | 3.2 |
| Financials | 6.6 |
| Health Care | 2.6 |
| Industrials | 2.6 |
| Technology | 28.0 |
| Basic Materials | 19.5 |
| Real Estate | 0.0 |
| Utilities | 0.0 |
| Total | 100.0 |
| Asset Allocation (% Fund) | |||
| Asset Class | Total | South Africa | Foreign |
| Net Equities | 73.4 | 36.0 | 37.4 |
| Hedged Equities | 3.2 | 0.0 | 3.2 |
| Commodity-linked | 6.4 | 5.6 | 0.8 |
| Fixed interest | 12.9 | 12.1 | 0.8 |
| Cash and cash equivalents | 4.1 | 3.0 | 1.1 |
| Total | 100.0 | 56.7 | 43.3 |
Totals may not sum due to rounding. Where applicable, underlying holdings of foreign funds are included on a look-through basis. Sector allocation includes listed property.
The Fund may invest a maximum of 45% offshore. Market movements may periodically cause the Fund to move beyond these limits. This must be corrected within 12 months.
Documents
Monthly Fact Sheet / MDD
Quarterly Commentary
How to Invest
Invest Directly:
You can open an investment account with the Boutique Collective Investments (the Fund's Manager)… by completing and submitting an application form, accompanied by the appropriate supporting documentation.
Please download the application form by clicking on the relevant link. Once completed, please email to instructions@bci-transact.co.za or fax to (0)86 502 5319.
The Manager will contact investors to confirm receipt of your documentation.
Direct investments into the Contrarius BCI South Africa Funds have nil minimum initial investment and nil minimum subsequent transaction amounts.
If you require financial advice or need more information about the nature of unit trusts, please contact your registered financial advisor.
Platforms:
If you wish to invest in the Contrarius BCI Balanced Fund via an investment platform, please contact us at clientservice@contrarius.co.za.
Important Information for Investors
Boutique Collective Investments (RF) (Pty) Ltd (“Manager”) is a registered Manager of the Boutique Collective Investments Scheme, approved in terms of the Collective Investments Schemes Control Act, No 45 of 2002 and is a full member of the Association for Savings & Investment South Africa (“ASISA”). Contrarius Investment Services (South Africa) (Pty) Ltd (“Investment Manager”) (FSP48937) is an authorised financial services provider with the Financial Sector Conduct Authority of South Africa in terms of the Financial Advisory and Intermediary Services Act (“FAIS”) and is a member of ASISA.
Collective Investment Schemes in securities are generally medium to long term investments. The value of participatory interests may go up or down and past performance is not necessarily an indication of future performance. Movements in exchange rates may also cause the value of underlying international investments to go up or down. The Manager does not guarantee the capital or the return of a portfolio. Collective Investments may be closed to new investments at any time in order for them to be managed according to their mandates. Collective Investments are traded at ruling prices and can engage in borrowing and scrip lending.
A schedule of fees, charges and maximum commissions is available on request. The Manager reserves the right to close the portfolio to new investors and reopen certain portfolios from time to time in order to manage them more efficiently. Additional information, including application forms, annual or quarterly reports can be obtained from the Manager, free of charge.
Performance fees are calculated and accrued on a daily basis based upon the daily outperformance, in excess of the benchmark, multiplied by the share rate and paid over to the Investment Manager monthly. Performance figures are provided by the Investment Manager and are for lump sum investments, using NAV-NAV with income distributions reinvested. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the initial fees charge applicable, the actual investment date, the date of reinvestment and dividend withholding tax.
The Manager retains full legal responsibility for the third party named portfolio. Although reasonable steps have been taken to ensure the validity and accuracy of the information on this website, the Manager and Investment Manager do not accept any responsibility for any claim, damages, loss or expense, however it arises, out of or in connection with the information in this website, whether by a client, investor or intermediary. This website should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of the Manager’s products.
