Pricing and value
-
Net asset value (NAV): All prices are calculated on a NAV basis. NAV is the total market value of all assets in a portfolio including any income accrual and less any permissible deductions from the portfolio divided by the number of units or participatory interests in issue. Permissible deductions include brokerage, Uncertified Security Tax (UST), auditor's fees, bank charges, trustee/custodian fees and the service charge levied by Discovery Life Collective Investments (Pty) Ltd.
-
Price date: Portfolio prices reflected on the models, illustrations and examples contained on this website are updated overnight based on that trading day's closing price and the prices reflected are therefore one business day old.
-
Upfront manager charges: The upfront manager charge is deducted from the full investment value and the remaining amount is allocated to the clients' selected investment options. Additional investments will also incur an upfront manager charge. The charges range from 0% to 0.57% depending on the investment options chosen.
-
Service charge: The annual service charge for the individual portfolios is accrued daily and levied monthly on the market value of the fund or portfolio. The annual service charge shall be deducted from the income received by the portfolios where income is earned, otherwise it will be deducted from the investment capital by realising a portion of the investment.
- The Total Expense Ratio (TER): Total Expense Ratio means a measure of a portfolio's assets that have been expended as payment for services rendered in the management of the portfolio or collective investment scheme, expressed as a percentage of the average daily value of the portfolio or collective investment scheme calculated over a period of a financial year by the manager of the portfolio or collective investment scheme. Please refer to the fund fact sheet for more information. The percentage displayed corresponds to the latest available figure.
- Transaction Costs (TC): Transaction Costs are a necessary cost in administering the fund and impacts the fund's 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 fund, the investment decisions of the investment manager and the TER.
- Note that where a fund is less than one year old since inception, the TER and Transaction Costs cannot be determined accurately because of the short life span of the fund and calculations are based on actual data where possible and best estimates where actual data is not available.
- The Total Expense Ratio and Transaction Costs shown are the latest available figures.
-
Income distributions: Income distributions are made at regular intervals of all portfolios and may vary depending on the chosen portfolio. Portfolios either declare distributions monthly, quarterly (31 March, 30 June, 30 September, 31December) half- yearly (30 June, 31 December) or annually (31 December). These distributions are paid by no later than the last working day of the following month.
General
Investment term: Collective Investment Schemes in Securities (CIS) are generally medium- to long-term investments.
Fluctuating market performance: The value of participatory interests may go down as well as up and past performance is not necessarily an indication of future performance.
Scrip Borrowing and lending: Collective investment Schemes are traded at ruling prices and can engage in scrip borrowing and lending.
Borrowing of funds: The manager may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity.
Commission and Incentives: Commission and incentives may be paid and if so, would be included in the overall costs.
Fees, charges and expenses A schedule of fees and charges and maximum commission is available on request from Discovery Life Collective Investments (Pty) Ltd.
Forward pricing: Forward pricing is used. Fluctuations or movements in exchange rates may cause the value of underlying investments to go up or down.
Money Market portfolio pricing: A money market portfolio is not a bank deposit account. The price of each unit is aimed at a constant value. The total return to the investor is primarily made up of interest received but, may also include any gain or loss made on any particular instrument. In most cases this will merely have the effect of increasing or decreasing the daily yield, but that in the case of abnormal losses it can have the effect of reducing the capital value of the Fund. Excessive withdrawals from the portfolio may place the portfolio under liquidity pressures; and in such circumstances a process of ring-fencing of withdrawal instructions and managed pay-outs over time may be followed.
Single stock exposure: The exposure limit to a single security in certain portfolios can be greater than is permitted for other portfolios in terms of the Collective Investment Schemes Control Act, 2002. Details are available from the Manager.
Fund of funds: A fund of funds is a portfolio that invests in portfolios of collective investment schemes, which levy their own charges, which could result in a higher fee structure for these portfolios.
Feeder funds: A feeder fund is a portfolio that, invests in a single portfolio of a collective investment scheme, which levies its own charges and which could result in a higher fee structure for the feeder fund.
Offshore investments: The holding of offshore investments in certain portfolios is subject to current South African Reserve Bank (SARB) regulations.
Valuation of investments in portfolios: All portfolios are valued on a daily basis on any business day at 16:00, with the exception at month end, when portfolios are valued at 17:00.
Trading/ Transaction times: Investments and repurchases will receive the same price for that day if received prior to 11H00 for the money market portfolio and 15H30 for the other portfolios.
Closing of funds: The manager reserves the right to close certain portfolios to new investors in order to manage the portfolio more efficiently in accordance with its mandate. More details are available from the manager.
Capital gains tax: Any capital gain realised on the disposal of a participatory interest in a Collective Investment Scheme will be subject to capital gains tax (CGT).
Membership of ASISA: Discovery Life Collective Investments (Pty) Ltd is a member of the Association for Savings and Investment South Africa (ASISA)
Manager
Discovery Life Collective Investments (Pty) Ltd
1 Discovery Place, Sandton, 2196
Telephone 0860 67 5777
Website : www.discovery.co.za
Trustees
Standard Chartered Bank (Johannesburg Branch)
2nd Floor, 115 West Street, Sandton, 2196
Telephone: 011 217 6600
Website: standardchartered.com
Asset Manager
Ninety One
36 Hans Strijdom Avenue, Foreshore, Cape Town, 8001
Ninety One Asset Management is an authorised financial services provider
