Contrarius Global Balanced Fund - Performance Fee
Fund Overview
Investment objective
The Fund aims, over the long-term, to earn a higher Total Rate of Return than an absolute return.
The Fund's benchmark is comprised of 60% MSCI World Index, including reinvested net income, and 40% J.P. Morgan Global Government Bond Index ("60/40 Index").
Fund description and investment policies
The Fund is an actively managed flexible asset allocation fund that may invest in selected global equities and equity-related securities, investment grade fixed income securities, commodity-linked instruments and cash. The Fund has the flexibility of reducing its exposure to global equities through stock market hedging and may vary its net equity exposure to between 0% and 75%.
The Fund is suitable for investors who:
- are comfortable with investing in a fund that may have a high exposure to net equities and who therefore accept exposure to movements in world equity markets.
- plan to stay invested for at least 5 years
- are prepared to take on a high level of risk of loss to their original capital in order to seek a higher potential return.
- use the Fund as a part of a portfolio of investments.
Fund and Fee Class Details
| Fund type | Open-ended Irish Collective Asset-management Vehicle |
| Investment manager | Contrarius Investment Management Limited |
| Benchmark | The benchmark for the Fund is a composite index consisting of 60% MSCI World Index, including the reinvestment of net income, and 40% J.P. Morgan Global Government Bond Index ("60/40 Index"). The benchmark is rebalanced daily. |
| Peer group | Average Global Balanced Fund |
| Fund inception | 01 Jan 2009 |
| Reporting Currency | US Dollars |
| Fee class inception | 25 Jan 2024 |
| Dealing | Daily |
| Minimum initial investment | US$ 1,000 |
| Minimum subsequent transaction | US$ 1,000 |
| Management fee | Base fee of 0.75% per annum with a performance fee equivalent to 20.00% of the outperformance of the benchmark, subject to a high watermark |
| ISIN Number | IE000ZM3J4F0 |
| SEDOL code | BRJYV20 |
| Available on Calastone | No |
Performance
|
Contrarius Global Balanced Fund - Performance Fee, net
US$ (%) |
60/40 Index
US$ (%) |
Average Global Balanced Fund
US$ (%) |
| Performance to 25 Sep 2025 |
Returns in USD | Since Strategy Inception 01 Jan 2009 |
Last 10 Years |
Last 5 Years |
Last 3 Years |
Latest 1 Year |
Last 3 Months |
Latest 1 Month |
Graph Selection |
| Gross of Fees | |||||||||
| Contrarius Global Balanced Fund | 13.4 | 11.9 | 28.4 | 24.0 | 48.4 | 26.6 | 17.3 | ||
| 60/40 Index | 7.5 | 7.6 | 7.3 | 15.0 | 10.1 | 4.7 | 1.3 | ||
| Net of Fees | |||||||||
| Contrarius Global Balanced Fund - Performance Fee | 11.3 | 10.3 | 26.5 | 21.5 | 41.8 | 21.8 | 13.9 | ||
| Average Global Balanced Fund | 4.3 | 4.4 | 5.5 | 10.2 | 8.3 | 4.6 | |||
Past performance is not indicative of future performance. The value of investments may go down as well as up and investors may not get back the amount invested. Contrarius funds’ share prices fluctuate and are not guaranteed. Returns may decrease or increase as a result of currency fluctuations. There is no guarantee that an investor's capital will be preserved. Please consider the Fund's most recent Prospectus, Supplemental Prospectus and Key Investor Information Document and seek your own independent financial advice tailored to your personal circumstances before deciding whether to invest in the Fund.
Gross returns are calculated gross of all income, assume reinvestment of dividends and are net of expenses excluding investment management fees. Net returns are calculated gross of all income, assume reinvestment of dividends and are net of expenses and investment management fees. Returns are based on valuations using prices at market close. Returns, other than for periods less than one year, are annualised.
The Sub-Fund was established specifically to receive the net assets of Contrarius Absolute (ICAV) Fund through a merger effective 1 November 2016. The performance of the Sub-Fund prior to 1 November 2016 therefore reflects the performance of Contrarius Absolute (ICAV) Fund from 1 January 2009, the launch date. The performance prior to 30 June 2016 was while Contrarius Absolute (ICAV) Fund was a Jersey domiciled fund. The Sub-Fund is priced daily. From inception up to 30 June 2016, Contrarius Absolute (ICAV) Fund was priced weekly. Prior to 1 November 2016, Contrarius Absolute (ICAV) Fund held its equity exposure indirectly through its holding in Contrarius Global Equity Fund, a sub-fund of the ICAV. The Sub-Fund was formerly known as the Contrarius Global Absolute Fund. The Fixed Fee Class was formerly known as the Investor Fee Class.
Prior to its inception date, the performance of the Performance Fee Class is based on the performance of the Fixed Fee Class. The net returns of the Performance Fee Class apply its specified fee structure to the gross returns of the Fixed Fee Class.
With effect from its inception date, a separate Series for the Performance Fee Class is issued on each Dealing Day for Subscriptions. Any shares issued on the inception date will be part of the Initial Series of the Fee Class. The performance information shown above is for the Initial Series.
The benchmark for the Contrarius Global Balanced Fund is a composite index consisting of 60% MSCI World Index, including reinvested net income and 40% J.P. Morgan Global Government Bond Index, including reinvested coupons, each in US dollars (“60/40 Index”). Prior to 1 July 2022, the benchmark was the return on US$ Bank Deposits.
60/40 Index: The 60/40 Index values are calculated by Contrarius using end of day index level values licensed from MSCI and J.P. Morgan. MSCI World Index ("MSCI Data"): For the avoidance of doubt, MSCI is not the benchmark “administrator” for, or a “contributor”, ”submitter” or “supervised contributor” to, the blended returns, and the MSCI Data is not considered a “contribution” or “submission” in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided “as is” without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilising any MSCI Data, models, analytics or other materials or information. J.P. Morgan Global Government Bond Index (the “GBI Global Index”): Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The GBI Global Index is used with permission. Copyright 2025, J.P. Morgan Chase & Co. All rights reserved. The 60/40 Index may not be copied, used, or distributed without prior written approval.
Average fund data source is © 2025 Morningstar Inc. 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 damages or losses arising from any use of this information. Average fund returns are not shown for the latest month as high price volatility and late fund reporting regularly cause them to be significantly restated by Morningstar. The latest average fund index sourced from Morningstar is for 18 September 2025. To allow comparison of returns to a common date the average fund index has been extended to reflect the subsequent movement of the Benchmark Index. The Average Global Balanced Fund is comprised of US$ Flexible Allocation funds which have a largely unconstrained mandate to invest in a range of asset types for a US$-based investor as defined by Morningstar.
Holdings and Exposures
As at 31 Aug 2025
| Top 10 Holdings | ||
| Rank | Security | % Fund |
| 1 | Tesla | 8.3 |
| 2 | Warner Bros. Discovery | 6.5 |
| 3 | Paramount Skydance | 6.4 |
| 4 | Alibaba Group Holding - ADR | 5.0 |
| 5 | Baidu – ADR | 4.0 |
| 6 | NVIDIA | 3.9 |
| 7 | US Treasuries 30 Years | 3.7 |
| 8 | Swatch Group | 3.4 |
| 9 | Fox | 3.4 |
| 10 | Unity Software | 3.3 |
| Total | 47.8 | |
| Equity Sector Exposure | |
| Sector | % Equities |
| Communication Services | 33.3 |
| Consumer Discretionary | 27.2 |
| Consumer Staples | 1.4 |
| Energy | 2.1 |
| Financials | 4.2 |
| Health Care | 3.5 |
| Industrials | 0.7 |
| Information Technology | 25.1 |
| Materials | 2.2 |
| Real Estate | 0.0 |
| Utilities | 0.0 |
| Total | 100.0 |
| Asset Allocation | |
| Asset Class | % Fund |
| Net Equities | 72.7 |
| Hedged Equities | 15.7 |
| Commodity-linked | 4.0 |
| Fixed interest | 3.8 |
| Cash and cash equivalents | 3.7 |
| Total | 100.0 |
Totals may not sum due to rounding.
Documents
Monthly Fact Sheet / MDD
Quarterly Commentary
How to Invest
Invest Directly:
You can open a Contrarius account by completing and submitting an account opening form, accompanied by the appropriate supporting documentation.
Please download the account opening form by clicking on the relevant link. Once completed, please email to administrator@contrarius.com or fax to +353 21 463 3377.
The Administrator will contact investors to confirm receipt of your documentation.
Please refer to the account opening form for information on the relevant minimum initial investment and minimum subsequent transaction amounts applicable to the fund and fee class you wish to invest in.
If you require financial advice or need more information about the nature of unit trusts, please contact your registered financial advisor.
Important Information for Investors
Waystone Management Company (IE) Limited (“Manager”) is authorised and regulated by the Central Bank of Ireland. Contrarius Investment Management Limited (“Investment Manager”) is regulated by the Jersey Financial Services Commission and can be contacted at clientservice@contrarius.com. Contrarius Investment Services (South Africa) (Pty) Ltd is a member of the Association for Savings & Investment South Africa. Contrarius Investment Services (South Africa) (Pty) Ltd (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”). The Fund’s Administrator is Apex Fund Services (Ireland) Limited and can be contacted at administrator@contrarius.com.
Collective Investment Schemes (CIS) are generally medium to long-term investments. The value of an investment in the Fund may go down as well as up, and past performance is not a reliable indicator of future results. Returns may decrease or increase as a result of currency fluctuations. The Investment Manager provides no guarantee with respect to capital or the Fund’s returns. CIS are traded at ruling prices. Contrarius ICAV may only engage in limited borrowing to fund redemptions and may not engage in scrip lending. A schedule of fees and charges and maximum commissions is available on request from the Investment Manager. Individual investors’ performance may differ as a result of investment date, reinvestment date and dividend withholding tax, as well as a levy that may apply in the case of transactions representing more than 5% of the Fund’s net asset value. The Fund may be closed to new investments at any time in order to be managed in accordance with its mandate. The Fund invests in foreign securities. Depending on their markets, trading in those securities may carry risks relating to, among others, macroeconomic and political circumstances, constraints on liquidity or the repatriation of funds, foreign exchange rate fluctuations, taxation and trade settlement.
Investments in the Fund are made according to the terms and conditions and subject to the restrictions set out in the Prospectus. The offering of shares in the Fund may be restricted in certain jurisdictions. Please contact the Contrarius Client Service team to confirm if there are any restrictions that apply to you. The Sub-Fund of Contrarius ICAV described in this report, has been approved for marketing in South Africa in terms of section 65 of the Collective Investment Schemes Control Act, 2002 by the South African Registrar of Collective Investment Schemes.
