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Collective Investment Schemes in Securities (unit trusts) are generally medium- to long-term investments. The value of participatory interests (units) may go down as well as up and past performance is not necessarily a guide to future investment returns. Unit trusts are traded at ruling prices and can engage in scrip lending and borrowing. The manager may borrow up to 10% of the market value of the portfolio. Different classes of units may apply to these portfolios and are subject to different fees and charges. Unit Trust prices are calculated on a net asset value basis, which is the total value of all the assets in the portfolio including any income accruals less any permissible deductions (brokerage, market securities, tax, VAT, Auditors fees, bank charges, Trustee and Custodian fees, Performance fees and the annual Management fee) from the portfolio divided by the number of participatory interests (units) in the issue. Forward pricing is used. Aylett & Co. (Pty) Ltd portfolios’ are valued at 15h00. Instructions for investment or disinvestment into the Aylett Equity Prescient Fund or the Aylett Balanced Prescient Fund must reach Aylett & Co. (Pty) Ltd by 13h00 to receive the days ruling price.


The following is a summary of the Hedge Fund FSP Risk Disclosures as indicated in Board Notice 571 of 2008. The risks detailed below outline some of the risks associated with investing in Hedge Funds and are by no means exhaustive. With legislation regarding the regulation of Hedge Funds under CISCA pending, it is imperative to note that Hedge Funds are currently not regulated.

Hedge Fund strategies may include leverage, short-selling and short-term opportunistic investments which give rise to strategies that may be inherently risky. In addition, portfolios often include unlisted, low grade, foreign and other exotic instruments that may be difficult to understand (increasing the potential for incorrect valuations, potential defaults and currency risk).

Managers are allowed to use leverage to amplify investment decisions, this however means that volatility of the portfolio may be a multiple of the underlying investment instruments.

Short selling is also allowed, effectively allowing the fund to borrow securities in order to sell them short. Where the price of the short instrument moves unfavourably, the manager may be forced to buy back the securities at a loss.

Investor liquidity may not be guaranteed as investments may not be readily liquidated due to the nature of the strategy. Another factor affecting investors is the possibility of changes in regulation or prime broker or custodian (third party) default. Investors should be aware that past performance is not a reliable indicator of future performance.

Fees associated with Hedge Funds may be relatively higher than other investment products and are often performance based. In addition, the transaction costs of the fund may be greater due to potential aggressive trading etc.

It may be the case that reporting and dealing with the manager is infrequent or limited to monthly or quarterly updates. Entry and exist into and from the fund may also be seldom.