Satrix Momentum Index Fund End 2018 PDF

Satrix Unit Trust Scheme
Abridged Annual
Report 2018
Director's report
Manager’s report
for the year ended 31 December 2018
The Manager has the pleasure in presenting its report for the year ended 31 December 2018.
Nature of business
The Funds are registered in terms of the Collective Investment Schemes Control Act (“CISCA”) as set out in the supplemental Fund
Trust Deeds.
In October 2017, the Satrix Capped Swix All Share Index Fund was launched. During 2018, the Satrix Mid Cap Index Fund was launched
to compliment the Satrix Unit Trust Suite.
The investment objective of the Funds are as follows:
Satrix Balanced Index Fund

The objective of the fund is to aim to provide investors with steady capital growth while providing income over the medium to long
term by tracking the proprietary and customised composite multi asset Satrix Balanced Index.
The customised multi asset index is accordingly defined as the weighted sum of the following composite indices:
Asset class Composite Indices Percentage
SA Equity Smart SA equity Core 49%
SA Bonds BEASSA All Bond Total Return Index 10%
SA Property FTSE/JSE SA Listed Property Index 8%
SA ILBs Barclays SA Gov Inflation-Linked Bond Index 6%
SA Cash SA Nominal Cash 2%
International Equities MSCI World Equity Index (USD) 21%
International Bonds Barclays Global Treasury Index 4%
Satrix Momentum Index Fund

The investment objective of the fund is to provide investors with income and capital growth in the medium to long term by tracking
the proprietary Satrix Momentum Index as closely as possible. It aims to capture the return of the equity market enhanced by the
momentum risk premium. This is achieved by constructing a portfolio tilted toward stocks (or equities) that display positive
momentum characteristics and away from stocks showing negative momentum characteristics.
Satrix Top 40 Index Fund

The investment objective of the fund is to provide a total return equivalent to that of the FTSE/JSE Top 40 Index. The FTSE/JSE Top 40
index provide exposure to the 40 largest shares, by market capitalisation, listed on the JSE. The Satrix Top 40 Index Fund provides
diversified exposure of the top 40 companies which include resources, industrial, retail, telecommunication and financial companies.
Satrix MSCI World Index Feeder Fund

The objective of the Satrix World Index Feeder Fund is to provide an investment vehicle for investors wishing to track the movement of
the MSCI World Equity Index (Developed Markets) by investing in securities of global companies which are primarily constituents of
the MSCI World Equity Index (Developed Markets). The Satrix MSCI World Equity Index feeder fund, apart from assets in liquid form,
invests in participatory interest of the Sanlam World Equity Tracker Fund, established under the Sanlam Universal Funds PLC approved
by the Irish Regulator.
1
Director's report
Satrix Alsi Index Fund
The investment objective of the fund is to seek long term capital growth by investing in shares of the FTSE/JSE All Share Index (J203).
The index constitutes the 160 largest companies, by market capitalisation, listed on the JSE. The larger the company (by market
capitalisation), the larger the weighting of the company’s share in the index.
Satrix Bond Index Fund

The investment objective of the Satrix Bond Index Fund is to achieve a return which will equate to the annual return of the fund
benchmark which is the BEASSA All Bond Index. The ALBI Index is a composite index containing the top 20 Vanilla Bonds ranked dually
by liquidity and market capitalisation. Only conventional listed Vanilla Bonds, with a fixed, even if zero, semi-annual coupon occur in
the index. Bonds with a term less than one year are excluded.
Satrix Dividend+ Index Fund

the FTSE/JSE Dividend+ Index (J259) as closely as possible. The FTSE/JSE Dividend Plus Index weights the shares according to its
forecasted dividend yield. This consists of 30 companies, selected from the FTSE/JSE Top 40 and Mid-Cap indices that are expected to
pay the best normal dividends over the forthcoming year.
Satrix Equally Weighted Top 40 Index Fund

The investment objective of the fund is to focus on capital growth and achieving a compound annual return which will equate to the
total compound annual return of the FTSE/JSE Equally Weighted Top 40 Index (J110). All constituent companies in this index have the
same weighting and therefore the importance of each company in the index does not depend on its market capitalisation.
Satrix Property Index Fund

The Satrix Property Index Fund is a specialist portfolio. In selecting securities for this portfolio, the investment manager seeks an
investment medium for investors which has as its main objective the provision of a total compounded annual return of capital and
income which substantially matches the notional performance of the FTSE/JSE SA Listed Property Index (J253) as closely as possible.
Satrix Rafi 40 Index Fund

The investment objective of the fund is to seek long term capital growth by investing in shares of the FTSE/JSE Rafi 40 Index (J260).
The FTSE/JSE RAFI40 index uses a value-based methodology to decide on the relative percentages of the shares in the index. Shares
that are deemed to show more value, due to their price to earnings ratio, dividends, sales or cash flow, have a higher weighting in the
index.
Satrix Low Equity Balanced Index Fund

The investment objective of the fund is to aim to provide investors with a reasonable level of income, while seeking to preserve capital
in real terms with lower volatility over the medium to long term by tracking the proprietary and customised composite multi asset
Satrix Low Equity Balanced Index.
The customised multi asset index is accordingly defined as the weighted sum of the following composite indices:
Asset class Composite Indices Percentage
SA Equity FTSE/JSE Shareholder Weighted Index 21%
SA Bonds FTSE/JSE All Bond Index 23%
SA Property FTSE/JSE SA Listed Property Index 6%
SA ILBs Barclays SA Inflation-Linked Bond Index 10%
SA Cash SA Nominal Cash 20%
International Equities MSCI World Equity Index 14%
International Bonds Barclays Global Treasury Index 3%
International Cash International Cash Index (Notional) 3%
2
Director's report
Satrix Quality Index Fund
the S&P Quality South Africa Index as closely as possible. The S&P SA Quality index aims to capture the stock performance of high
quality South Africa companies based on future profitability, integrity of their earnings and financial robustness.
Satrix Swix Top 40 Index Fund

the Shareholder Weighted Top 40 as closely as possible. The Top 40 Shareholder Weighted (SWIX) index consists of the same 40
largest companies by market cap as does the FTSE/JSE Top 40 index however, all constituents are weighted in the SWIX index by
applying a SWIX free float factor. The SWIX free float factor represents the proportion of the constituent’s share capital that is held in
dematerialised form and registered on the South African share register, maintained by Strate. The SWIX free float will not exceed the
company free float.
Satrix Money Market Fund

The investment objective of the fund is to provide a medium whereby investors can obtain undivided participation in a dIversified
portfolio of such money market instruments as defined from time to time. The primary performance objective of the fund is to obtain
as high a level of current income as is consistent with capital preservation and liquidity.
Satrix Capped Swix All Share Index Fund

the FTSE/JSE Capped Swix All Share Index as closely as possible. The FTSE/JSE Capped SWIX All Share index is a broad market index
which includes 99% of the full market cap of eligible JSE listed companies. The constituents are weighted by applying a SWIX free float
which represents the proportion of a constituent’s share capital on the South African share register. In addition each constituent
weight is capped at 10% at each quarterly review. The fund tracks the index using optimisation techniques.
Satrix Mid Cap Index Fund

the FTSE/JSE Mid Cap Index as closely as possible. The FTSE/JSE Mid Cap Index gives an investor exposure to 85% - 96% off the full
market capital value of all ordinary securities listed on the JSE. The Index addresses the diversification and concentration concerns
inherent in the Mid Cap. To reduce the concentration risk the Index simply limits the allocation to any share to 10% of the index.
Trustee
The Trustee at the date of this report is Standard Chartered Bank.
Management Company
The Management Company at the date of this report is Satrix Managers (RF) Proprietary Limited.
Beneficiaries
Vested income and capital beneficiaries include all holders of Funds.
Registered address Postal address

4th Floor, Building 2 P.O. Box 653477
11 Alice Lane Benmore
Sandton 2010
2196
3
Summarised Financial
Information
Satrix MSCI
Satrix World Equity
Satrix Balanced Momentum Satrix Top 40 Index Feeder
Index Fund Index Fund Index Fund Fund
CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDING 31 DECEMBER 2018
Income 108 627 892 9 998 651 8 501 488 347 940
Expenditure (21 631 438) (3 437 151) (1 179 596) (5 169 599)
Operating profit/(loss) for the year before finance costs 86 996 454 6 561 500 7 321 892 (4 821 659)
Distribution of income (114 398 798) (10 704 655) (8 454 304) -
Net fair value gains /(losses) on financial instruments (258 125 930) (61 713 449) (30 737 043) 165 504 512
Change in net assets attributable to unit holders (285 528 274) (65 856 604) (31 869 455) 160 682 853
DISTRIBUTION PER UNIT - 31 December 2018

- Class A1 17.76 cent 19.78 cent 17.37 cent n/a
- Class B1 18.49 cent 20.64 cent 18.70 cent n/a
- Class C 20.30 cent 23.34 cent 20.40 cent n/a
DISTRIBUTION PER UNIT - 30 June 2018

- Class C 24.73 cent 21.81 cent 19.53 cent n/a
CONDENSED STATEMENT OF FINANCIAL POSITION

Net assets attributable to unit holders 3 519 047 230 387 859 638 277 591 733 3 014 286 112
Trade and other payables 794 288 60 000 30 000 237 942
Related parties payable - 99 777 63 510 382 269
Distributions payable 53 945 898 6 425 791 4 653 368 -
Bank overdraft - - - -
Liabilities other than net assets attributable to unit holders 54 740 186 6 585 568 4 746 878 620 211
Investments 3 528 987 622 391 075 544 277 798 111 2 995 874 653
Accrued income & debtors 1 051 339 203 674 145 892 -
Related parties receivable - - - -
Cash and bank balances 43 748 455 3 165 988 4 394 608 19 031 670
Total Assets 3 573 787 416 394 445 206 282 338 611 3 014 906 323
5
Information
Satrix MSCI
Satrix World Equity
Satrix Balanced Momentum Satrix Top 40 Index Feeder
Index Fund Index Fund Index Fund Fund
PORTFOLIO COMPOSITION (%) (%) (%) (%)

Basic Materials 10.93 20.70 25.48 -
Consumer Goods 1.26 10.43 11.23 -
Consumer Services 10.38 23.38 29.56 -
Financials 16.95 34.44 24.28 -
Health Care 1.47 0.75 2.20 -
Industrials 3.76 8.32 2.97 -
Telecommunications 5.51 1.98 4.28 -
Technology - - - -
Interest bearing instruments 6.19 - - -
Holdings in Collective Investments Schemes - Local 18.57 - - -
Holdings in Collective Investments Schemes - International 23.12 - - 100.00
Liquid Assets 1.86 - - -
TOTAL 100.00 100.00 100.00 100.00
INVESTMENT PERFORMANCE (class A1) (%) (%) (%) (%)

1 Year -5.50 -17.20 -8.43 5.94
3 Year 5.95 2.98 3.41 3.55
FEES:
Service fee (including VAT) (%) (%) (%) (%)
- Class A1 0.40 0.52 0.52 0.58
- Class A2 0.46 0.35 0.35 0.40
- Class A3 0.23 0.23 0.23 0.12
- Class B1 0.29 0.40 0.29 0.29
- Class B2 0.40 0.40 0.29 0.12
- Class C - - - -
Total Expense Ratio (TER) (%) (%) (%) (%)

TER 0.47 0.58 0.55 0.89
The Total Expense Ratio (TER) is the charges incurred by the portfolio, for the
payment of services rendered in the administration of the CIS. The TER is
expressed as a percentage of the daily NAV of the CIS and calculated over a
period of 1 year on an annualised basis.
6
Information
Satrix Equally
Satrix Alsi Index Satrix Bond Index Satrix Dividend+ Weighted Top 40
Fund Fund Index Fund Index Fund

Income 17 137 194 73 381 471 10 348 175 7 614 376
Expenditure (2 938 814) ( 791 682) (1 759 840) (1 316 904)
Operating profit/(loss) for the year before finance costs 14 198 380 72 589 789 8 588 335 6 297 472
Distribution of income (16 437 373) (91 280 454) (11 862 071) (6 765 998)
Net fair value gains /(losses) on financial instruments (62 211 085) (15 221 201) (12 359 989) (31 784 159)
Change in net assets attributable to unit holders (64 450 078) (33 911 866) (15 633 725) (32 252 685)

- Class A1 25.28 cent 43.36 cent 33.70 cent 22.45 cent
- Class B1 27.00 cent 44.39 cent 34.76 cent 23.37 cent
- Class C 27.87 cent 45.74 cent 36.84 cent 26.15 cent


Net assets attributable to unit holders 541 135 094 1 193 913 272 241 162 116 176 556 865
Trade and other payables 70 000 70 000 7 213 952 60 936

Related parties payable 271 973 56 972 54 723 42 656
Distributions payable 9 162 200 55 600 183 5 867 265 3 059 689
Liabilities other than net assets attributable to unit holders 9 504 173 55 727 155 13 135 940 3 163 281
Investments 540 838 889 1 246 888 315 246 679 494 178 865 630
Accrued income & debtors 224 054 22 260 134 182 78 868
Cash and bank balances 9 576 324 2 729 852 7 484 380 775 648
Total Assets 550 639 267 1 249 640 427 254 298 056 179 720 146
7
Information
Satrix Equally
Satrix Alsi Index Satrix Bond Index Satrix Dividend+ Weighted Top 40
Fund Fund Index Fund Index Fund

Basic Materials 25.44 - 26.07 15.09
Consumer Goods 10.89 - 7.06 7.27
Consumer Services 26.88 - 14.17 22.57
Financials 25.95 - 29.41 37.51
Health Care 2.26 - 2.39 7.53
Industrials 4.37 - 3.52 4.94
Telecommunications 3.91 - 17.38 5.09
Technology 0.22 - - -
Interest bearing instruments - 100.00 - -
Holdings in Collective Investments Schemes - Local - - - -
Holdings in Collective Investments Schemes - International - - - -
Liquid Assets - - - -
TOTAL 100.00 100.00 100.00 100.00

1 Year -8.96 7.66 -2.09 -11.00
3 Year 3.96 11.05 15.60 0.27
FEES:
- Class A1 0.52 0.52 0.52 0.52
- Class A2 0.35 0.12 0.35 0.35
- Class A3 0.23 0.23 0.23 0.23
- Class B1 0.29 0.29 0.29 0.29
- Class B2 0.29 0.29 0.29 0.29
- Class C - - - -

TER 0.54 0.49 0.55 0.53
8
Information
Satrix Low Equity
Satrix Property Satrix Rafi Top 40 Balanced Index Satrix Quality
Index Fund Index Fund Fund Index Fund

Income 106 565 684 3 956 127 40 069 353 20 754 428
Expenditure (3 139 778) (1 051 904) (3 145 037) (2 363 911)
Net fair value gains /(losses) on financial instruments (465 001 268) (4 368 927) (29 157 850) (66 548 643)
Change in net assets attributable to unit holders (479 889 630) (6 856 561) (30 710 052) (70 273 359)



Trade and other payables 83 344 30 000 70 000 30 000

Investments 1 477 956 981 193 541 059 823 099 536 550 106 808
Accrued income & debtors 501 493 61 543 177 181 17 671
Total Assets 1 482 253 705 194 542 675 846 566 620 551 660 889
9
Information
Satrix Low Equity
Satrix Property Satrix Rafi Top 40 Balanced Index Satrix Quality
Index Fund Index Fund Fund Index Fund

Basic Materials - 39.36 3.93 5.98
Consumer Goods - 10.18 1.48 12.30
Consumer Services - 9.14 4.67 37.50
Financials 100.00 28.51 7.46 39.20
Health Care - 1.44 0.67 0.55
Industrials - 3.62 1.29 4.47
Telecommunications - 7.75 1.15 -
Technology - - 0.06 -
Interest bearing instruments - - 35.36 -
Holdings in Collective Investments Schemes - Local - - 5.96 -
Holdings in Collective Investments Schemes - International - - 15.71 -
Liquid Assets - - 22.23 -
TOTAL 100.00 100.00 100.00 100.00

1 Year -25.39 -3.39 0.92 -9.48
3 Year -1.33 10.63 5.26 9.24
FEES:
- Class A1 0.52 0.69 0.40 0.69
- Class A2 0.12 0.58 0.46 n/a
- Class A3 0.23 0.52 0.23 n/a
- Class B1 0.29 0.40 0.29 0.40
- Class B2 0.29 0.40 0.40 n/a
- Class C - - - -

TER 0.46 0.73 0.48 0.72
10
Information
Satrix Capped
Satrix Swix Top 40 Satrix Money Swix All Share Satrix Mid Cap
Index Fund Market Fund Index Fund Index Fund
(10 months)
Income 254 879 931 17 208 292 16 801 472 15 219 299
Expenditure (6 656 234) ( 109 240) (2 032 566) (3 048 802)
Net fair value gains /(losses) on financial instruments (1 321 582 770) ( 146 837) (67 896 392) (48 254 718)
Change in net assets attributable to unit holders (1 333 500 314) 52 579 (72 984 204) (54 129 581)

- Class A2 16.03 cent n/a 16.60 cent 15.86 cent
- Class A3 n/a n/a 15.55 cent 14.79 cent
- Class B2 n/a n/a n/a n/a

- Class A2 16.71 cent n/a 18.17 cent 13.32 cent
- Class A3 n/a n/a 17.25 cent 12.69 cent

Trade and other payables 70 000 - 60 000 60 000

Investments 8 239 408 831 184 589 589 553 551 584 635 899 232
Accrued income & debtors 4 600 349 6 313 339 072 23 540
Total Assets 8 327 116 410 185 548 941 555 888 844 638 265 573
11
Information
Satrix Capped
Satrix Swix Top 40 Satrix Money Swix All Share Satrix Mid Cap
Index Fund Market Fund Index Fund Index Fund
(10 months)
Basic Materials 13.83 - 18.95 24.62
Consumer Goods 6.16 - 7.13 6.91
Consumer Services 37.77 - 22.51 24.87
Financials 30.17 - 35.98 26.13
Health Care 2.81 - 3.22 7.39
Industrials 3.80 - 6.22 8.25
Telecommunications 5.47 - 5.56 1.83
Technology - - 0.31 -
Interest bearing instruments - - - -
Holdings in Collective Investments Schemes - Local - - - -
Holdings in Collective Investments Schemes - International - - - -
Liquid Assets - 100.00 - -
TOTAL 100.00 100.00 100.00 100.00

1 Year -12.24 7.88 -11.42 n/a
3 Year 2.55 n/a n/a n/a
FEES:
- Class A1 0.52 0.29 0.52 0.52
- Class A2 0.12 n/a 0.12 n/a
- Class A3 n/a n/a 0.23 n/a
- Class B1 0.29 0.29 0.29 0.29
- Class C - - - -

TER 0.48 0.31 0.54% n/a
12
The full annual report is available to all investors.
Kindly send your personal details together with

your collective investment account number to
the following address:
PO Box 30
Sanlamhof 7532
or contact our Client Contact Centre at:
0860 111 401
Our e-mail address is:

unittrusts@satrix.co.za
Our internet address is:

www.satrix.co.za
Collective Investment Schemes (CIS) are generally medium- to long-term investments. The value of participatory interests may go down as well as up and
past performance is not necessarily a guide to the future. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending.
Collective investments are calculated on a net asset value basis, which is the total value of all assets in the portfolio including any income accrual and less
any permissible deductions from the portfolio. A schedule of fee charges and maximum commissions is available from the manager/scheme. Commission and
incentives may be paid and if so, will be included in the overall costs. Forward pricing is used. The following charges are levied against the portfolio: i.e.
annual service fee, brokerage, auditor’s fees, bank charges and trustee fees. The Sanlam Group is a full member of the Association for Savings and
Investment SA. This Abridged Annual Report contains limited information on the Satrix Unit Trust Funds. For more detailed information on these funds please
visit our website on www.satrix.co.za. Copies of the audited financial statements of the manager and of the scheme managed by it, are available free of
charge, on request by an investor.
13

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Satrix Unit Trust Scheme

The investment objective of the Funds are as follows:

Satrix Balanced Index Fund

Satrix Momentum Index Fund

Satrix Top 40 Index Fund

Satrix MSCI World Index Feeder Fund

Satrix Bond Index Fund

Satrix Dividend+ Index Fund

Satrix Equally Weighted Top 40 Index Fund

Satrix Property Index Fund

Satrix Rafi 40 Index Fund

Satrix Low Equity Balanced Index Fund

Satrix Swix Top 40 Index Fund

Satrix Money Market Fund

Satrix Capped Swix All Share Index Fund

Satrix Mid Cap Index Fund

Registered address Postal address

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

DISTRIBUTION PER UNIT - 31 December 2018

DISTRIBUTION PER UNIT - 30 June 2018

CONDENSED STATEMENT OF FINANCIAL POSITION

PORTFOLIO COMPOSITION (%) (%) (%) (%)

INVESTMENT PERFORMANCE (class A1) (%) (%) (%) (%)

Total Expense Ratio (TER) (%) (%) (%) (%)

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

DISTRIBUTION PER UNIT - 31 December 2018

DISTRIBUTION PER UNIT - 30 June 2018

CONDENSED STATEMENT OF FINANCIAL POSITION

Trade and other payables 70 000 70 000 7 213 952 60 936

PORTFOLIO COMPOSITION (%) (%) (%) (%)

INVESTMENT PERFORMANCE (class A1) (%) (%) (%) (%)

Total Expense Ratio (TER) (%) (%) (%) (%)

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

DISTRIBUTION PER UNIT - 31 December 2018

DISTRIBUTION PER UNIT - 30 June 2018

CONDENSED STATEMENT OF FINANCIAL POSITION

Trade and other payables 83 344 30 000 70 000 30 000

PORTFOLIO COMPOSITION (%) (%) (%) (%)

INVESTMENT PERFORMANCE (class A1) (%) (%) (%) (%)

Total Expense Ratio (TER) (%) (%) (%) (%)

DISTRIBUTION PER UNIT - 31 December 2018

DISTRIBUTION PER UNIT - 30 June 2018

CONDENSED STATEMENT OF FINANCIAL POSITION

Trade and other payables 70 000 - 60 000 60 000

INVESTMENT PERFORMANCE (class A1) (%) (%) (%) (%)

Total Expense Ratio (TER) (%) (%) (%) (%)

Kindly send your personal details together with

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Our internet address is:

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