The Acumen AcuityOne SNN Retail Hedge Fund Return Series
    3 Month Return: 8.95%
    6 Month Return: 8.79%
    Annual Return: 20.94%
    Year-to-Date Return: 3.75%
January 2019 - January 2020.
Source: Sanne Managed Account Platform RF (Pty) Ltd

Market Commentary
The Fund achieved a net return of 3.74% for January 2020. The same themes as previously reported contributed to this performance as the curve continued to steepen and our long and relative value trades continued to play out. We have continued to reduce the Fund’s positioning and are now awaiting new opportunities to arise. We believe that this is prudent bearing in mind the big imminent event risks of the budget, 4th quarter GDP and the Moody’s rating announcement.

Please Note: The above commentary is based on reasonable assumptions and is not guaranteed to occur.


Increase in NAV Attributable to Investors
*All figures measured in percentage.

YEAR JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC TOTAL
2010 0.90 4.62 -1.10 -0.78 2.66
2011 3.42 8.84 -0.18 4.15 3.26 2.87 1.22 -2,91 1.43 4.83 4.15 -0.07 35.17
2012 3.87 2.13 -1.31 3.09 -3.82 6.66 -0.12 0.70 1.02 -0.41 3.30 3.35 19.61
2013 4.04 -0.29 0.24 1.17 -1.17 0.39 4.20 1.99 -1.65 6.92 -0.21 0.40 16.86
2014 2.60 -2.26 3.44 3.39 -1.34 2.26 4.60 -1.63 1.85 0.24 0.57 0.69 15.11
2015 0.44 2.86 1.84 0.06 1.19 0.00 0.69 2.08 2.62 2.23 -1.19 -4.12 8.83
2016 2.78 1.00 2.10 4.05 0.88 3.44 1.80 1.17 -1.00 -1.07 3.52 0.04 20.22
2017 2.19 2.53 3.38 -0.06 -1.76 1.06 -3.19 1.38 4.27 7.37 -2.04 -0.83 14.72
2018 1.59 -2.02 4.57 1.60 0.85 1.79 0.35 1.73 0.43 0.05 -2.50 1.63 10.36
2019 0.62 2.63 -0.70 0.42 0.91 4.44 3.07 -0.39 -0.56 0.81 2.89 2.06 17.29
2020 3.75 3.75


*The fund switched platorms from Nautlus to Sanne Management Company (RF) (Pty) Ltd effectve 01 July 2019. Acumen AcuityOne SNN Retail Hedge Fund was previously known as Nautlus AcuityOne RHF.

Please note that performance figures include returns earned during the relevant periods prior to the portolio being regulated under CISCA. The investment performance is for illustratve purposes only and is calculated by taking actual inital fees and all ongoing fees into account for the amount shown; and income is reinvested on the reinvestment date. The annualised total return is the average return earned by an investment each year over a given tme period. Annual figures are available from the manager on request. The highest and lowest 1 year returns represent the highest and lowest returns achieved during any single calendar year since the original launch date of the portolio.






Cumulatve Performance Since Inception
Cumulative


Cumulatve Performance Since Inception


Acumen AcuityOne SNN Retail Hedge Fund
All Bond Index (Total Return)







Performance
Performance ComparisonFundALBI
Inception dateSept 09Sept 09
Current monthJan 20Jan 20
Analysis currencyZARZAR

Return Analysis
Current 12 month rolling return 20.94% 8.48%
Year to date return 19.93% 8.73%
Average annualised return (since incep􏰀on) 3.75% 1.19%
Best 12 month rolling return 50.12% 21.23%
Worst 12 month rolling return 6.76% -5.61%
Total return (since incep􏰀on) 564.15% 139.11%

Risk Analysis
% Up months (last 12 months)75.0075.00
% Up months (since inception) 74.40 69.60
Standard deviation (since inception - annualised for periods > 12 months) 8.88 6.80
Downside deviation (since inception - annualised Risk free) 3.36 3.83
Largest monthly drawdown-4.12-6.67
Average monthly drawdown-1.39-1.45
Largest cumulative drawdown-5.26-9.78
Sharpe ratio (since inception - annualised for periods > 12 months) 1.48 0.45
Sortino ratio (since inception - annualised for periods > 12 months) 3.91 0.80


Please note: All fund returns quoted net of fees. The above benchmark is for comparison purposes with the fund’s performance. The fund does not follow the benchmark.




Risk Profile
LOW
LOW-MEDIUM
MEDIUM
MEDIUM-HIGH
HIGH


Fund Details
  • Investment Manager:
  • Acumen Capital (Pty) Ltd
  • Portolio Manager:
  • Stuart Conway, Mark O’Brien, Greg Kamstra
  • Incepton Date:
  • October 2010
  • Domicile:
  • South Africa
  • Fund Structure:
  • CIS Trust
  • Fund Category:
  • Fixed Income
Fund Profile
The Acumen AcuityOne SNN Retail Hedge Fund is a fixed income focused portolio. Investments of the portolio will be subject to the provisions and limitatons of Board Notce (BN) 52 of 2015.


Portfolio Objective
The portolio aims to achieve positve returns regardless of the directon of the interest rates and capitalize on inefficiencies that occur as a result of supply and demand.


Investment Strategy
The portolio focuses primarily on South African Government Bonds and interest rate derivatves such as swaps and FRA’s. The various yields curves are analysed rigorously on a post and forward basis using in house proprietary analytcal tools that have been built up to over the past 20 years. The portolio aggressively takes advantage of short and medium opportunites and pricing anomalies but concentrate efforts on making gains over the long term.


Portolio Valuaton & Transaction Cut-off
Portolios are valued monthly. The cut off tme for processing investment subscripton is 10:00am on the last day of the month prior to enable processing for investment on the first day of the next month.


Total Expense Ratio
A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TERs. Transaction Costs are a necessary cost in administering the financial product and impacts financial product returns. It should not be considered in isolation as returns may be impacted by many other factors over time including market returns, the type of financial product, the investment decisions of the investment manager and the TER.


Investment Manager
Acumen Capital (Pty) Ltd
Registration No: 2001/025650/07
1st Floor, Building 4, Fourways Manor, 1 Macbeth Street, Fourways, 2191
Telephone: +27 11 467 8460
Website: www.acumencapital.co.za
Directors: S. Conway, M. O'Brien, G. Kamstra


Management Company
Sanne Management Company (RF) (Pty) Ltd
Registration No: 2013/096377/07
Pier Place, Heerengracht Street, Foreshore, Cape Town, 8001
Telephone: +27 21 202 8282
Email: information@sannegroup.com
Website: www.snnmanco.com
Directors: J Louw, H J Pienaar, I Burke, G P Rate


Trustee
FirstRand Bank Ltd, Johannesburg
Telephone: +27 87 736 1732




The Acumen AcuityOne SNN Retail Hedge Fund Return Series. January 2019 - January 2020.






The Acumen AcuityOne SNN Retail Hedge Fund Return Series. January 2019 - January 2020.