Merchant West Global Value Fund

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Merchant West Global Value Fund

Merchant West Global Value Fund

Sanlam Universal Funds Plc
	Merchant West Global Value Fund
		Regional Portfolio Structure(Semi-Annual Comparison)
		Sectorial Portfolio Structure(Semi-Annual Comparison)

Price

Ranking

Sector:	Global-Equity-General
Size:	(USD) 21 800 000

Sector Rank:	55 out of 148
(lump sum over 3 years to 31 Aug 2024)

Overall Rank:	108 out of 474
(lump sum over 3 years to 31 Aug 2024)

R20000 invested on 31 Aug 2021 was worth R27 199 at 31 Aug 2024
(10.79% annual compound return)

R5000 per month since 31 Aug 2021 was worth R214 125 at 31 Aug 2024
(11.02% annual return compounded monthly)

Please note that offshore fund performance figures are calculated from NAV prices (ie, equivalent to sell-to-sell) and therefore not directly comparable to domestic fund performance figures on this site.

Management
Daniel Malan, BCom (Maths), CFA
Daniel has 23 years of investment industry and business management experience across multiple asset classes and geographies.

Paul Whitburn, B.Com(Hons)
Paul is an analyst and portfolio manager in Rozendal Partners. Paul’s passion for investments began at St Stithians College when he spent vacations at a leading stock broking firm trying to pick the next ten-bagger - some things do not change. Paul graduated with a B.Comm Accounting degree from Stellenbosch and then completed his B.Comm Honours degree in Finance and Portfolio Management (Cum Laude) from the University of Cape Town. He was a founding partner at BlueAlpha Investment Management managing long/short equity hedge funds and long only mandates. Paul then attended an executive program in Value Investing at Columbia University in the U.S. and has followed this investment philosophy ever since. He then joined RECM as an analyst and finally as a portfolio manager, building further on his investment experience. Paul enjoys traveling the world meeting companies and experts to uncover investment opportunities. He also enjoys spending time cycling and on family beach holidays. Rozendal Partners fulfils his life-long dream of building a great company with his partners.

Wilhelm Hertzog, B Com (Law), B Acc (Hons), CA SA, CFA
Wilhelm is an analyst and portfolio manager in Rozendal Partners. When his father bought him a few shares in a company as a young boy, Wilhelm spent days trying to figure out the physical size of the piece of the business he owned. Wilhelm’s understanding of investments has come a long way since then, although he still finds certain market developments baffling. Despite taking Latin and not accounting at school in order to study law, Wilhelm eventually qualified as a Chartered Accountant, and obtained the CFA charter. He then spent twelve years working for and alongside some of the most renowned capital allocators in South Africa, first at PSG Group, and then at RECM. After gaining incredible experience - both intellectually and emotionally - Wilhelm joined like-minded partners to found Rozendal Partners. Wilhelm has a very wide field of interests, and predictably enough spends very little time pursuing most of these. But his first loves are his family and allocating capital, and he manages to find ample time for those.

Focus and Objective
The RECM Global Fund is a US dollar denominated global fund that may invest in a wide array of assets. The Fund's aim is to generate returns significantly greater than US inflation and commensurate with global equities over the long term. The Fund invests mainly in global companies at a significant discount to intrinsic value, while using the flexibility of the mandate to protect capital and enhance returns by investing in other mispriced global assets from time to time. We consider risk as the possibility of losing money, not in terms of volatility. Our main risk management tool is our investment philosophy. As value investors, we aim to buy and hold good quality companies and do so with a margin of safety. Our ability to move between asset classes assists in reducing risk.

Technical Overview
Benchmark:	US CPI + 6% p.a.
Base currency:	USD	Management fee (p.a.):	0.50%
Domicile	Guernsey	Minimum lump sum:	$50 000
Exit fee charge:	No	Performance fee:	An annual performance fee of 20% is levied on returns in excess of MSCI World + 2.5%
Formation date:	31 Mar 2006	Pricing system:	Forward

Top holdings on 30 Jun 2024

Share (Sector)	Value (USD)	% of fund
FAIRFAXFINANC (Financial Services)	959 200	4.40%
AFLAC (Insurance)	741 200	3.40%
BERKSHIREHATH (Insurance)	545 000	2.50%
TEVAPHARM (Healthcare)	501 400	2.30%
NINTENDO (Goods & Services)	479 600	2.20%
HITACHILTD (Cyclical Goods & Services)	479 600	2.20%
EXORSPA (Financial Services)	457 800	2.10%
SAP-GY ()	436 000	2.00%
FOMENTO (Food & Beverage)	436 000	2.00%
MARKELCORP (Insurance)	414 200	1.90%
TOTALS	5 450 000	25.00%