| Tue 3 Apr 2012, 13:24 | | STAN40/STANSX - STANLIB Top 40 Fund/STANLIB ETF Collective Investment Scheme - |
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JSE STANSXSTAN40
STNCIS
STAN40/STANSX - STANLIB Top 40 Fund/STANLIB ETF Collective Investment Scheme -
Abridged annual report for the year ending 31 December 2011
STANLIB TOP 40 FUND ("STANLIB40")(being a portfolio under the STANLIB ETF CIS
registered in the Republic of South Africa in terms of the Collective
Investment Schemes Control Act "CISCA")
Share Code:STAN40
Abbreviated Name: STANLIB40
ISIN:ZAE000148425
("STAN40")
STANLIB SWIX 40 FUND ("STANLIBSX")(being a portfolio under the STANLIB ETF
CIS registered in the Republic of South Africa in terms of CISCA)
Share Code: STANSX
Abbreviated Name: STANLIBSX
ISIN: ZAE000148607
("STANLIBSX")
STANLIB COLLECTIVE INVESTMENTS LIMITED
Reg. No. 1969/003468/06
STANLIB ETF Collective Investment Scheme - Abridged Annual Report for the year
ending 31 December 2011
Reg. No. 1969/003468/06
17 Melrose Boulevard Melrose Arch 2196
PO Box 202 Melrose Arch 2076
T 0860 123 003 (SA Only) T +27 (0)11 448 6000
E contact@stanlib.com W stanlib.com
Liberty is a member of the Association for Savings and Investment of South
Africa. The Manager is a member of the Liberty group of companies.
Chairman`s Report
2011 review and market outlook
2011 was a tough year all-round, as a myriad of nasty surprises hit economies
and markets. This culminated in a severe sell-off of risk assets such as
commodities, emerging market currencies and equities in August and September.
Fears of the US economy slipping back into recession became particularly acute
as Europe lurched from pillar to post. These issues were aggravated by the
fact that inflation was on the rise, particularly in emerging markets like
China, India, Brazil and many others, partly because of currency declines and
partly because of much higher global food prices.
South Africa was not spared and our All Share Index declined by 28% in dollar
terms from its peak at the end of April to its trough in early October.
Fortunately consumer spending remained the one bright spot in the economy,
partly because our prime rate remained at 37 year lows. Nevertheless, we
suffered from the 18% fall in the rand and rising inflation, as petrol prices
rose almost continuously back towards record highs.
Fortunately towards the end of 2011, it became apparent that the US economy
was not going to slip back into recession and in fact was recovering steadily
from its mid-year slowdown. Also, China came through with a sterling growth
rate of 8.9% in the last quarter of 2011.
Industry Overview
Thanks to a strong recovery in the 4th quarter of 8.4%, the JSE All Share
Index managed to post a positive total return of 2.6% for 2011. Dividends
played a big role, rising by 30% during the year. Owing to the 18% fall in the
rand, the MSCI All Countries World Index returned 12.9% in rand terms,
allowing offshore markets to beat our local market for the first time in a
while. However, offshore bonds were the star, rising by 28.7%. Listed property
outperformed equities yet again, returning 8.9% during 2011, closely followed
by bonds with 8.8%.
Total unit trust assets rose by R77bn during 2011 to end the year above the
one trillion rand mark for the first time ever (R1,004bn).
STANLIB
STANLIB saw assets under management up at R140bn for 2011, with a market share
of 13.9% (1st).
In March 2011 the STANLIB Multi-Manager Bond Feeder Fund merged into the
STANLIB Multi-Manager Income Feeder Fund which was then renamed the STANLIB
Multi-Manager Absolute Income Fund. Other name changes were made to the
STANLIB Multi-Manager Balanced Fund (previously SMM High Equity FoF) and the
STANLIB Multi-Manager Real Return Fund (SMM Real Return Feeder Fund).
Four of STANLIB`s funds were named winners of six categories at this year`s
Raging Bull Awards: the STANLIB Income Fund, STANLIB Global Bond Feeder Fund,
STANLIB Property Income Fund, and the STANLIB Global Bond Fund. At the recent
Morningstar South Africa Fund Awards, the STANLIB Industrial Fund, STANLIB
Global Property Feeder Fund, STANLIB Property Income Fund, and STANLIB Global
Bond Feeder Fund were winners in their various categories.
STANLIB Collective Investments remains focused on offering investment
performance and service excellence.
I would like to take this opportunity to thank the board, management team and
investment managers for their support in 2011.
Martin Rabe
Chairman: STANLIB Collective Investments Limited
Trustee Letter
31 January 2012
Abridged Report of the Trustee ABSA Bank Limited
We, Absa Bank Limited, in our capacity as trustee of the STANLIB Collective
Investment Limited (the "Scheme") have prepared a report in terms of Section
70(1)(f) of the Collective Investment Schemes Control Act, 45 of 2002, as
amended ("the Act"), for the period 01 January 2011 up to and including 31
December 2011 ("the Report"). The Report is available from us and/or STANLIB
Collective Investment Limited ("the Manager").
This letter is an abridged version of the Report.
Having fulfilled our duties as required by the Act, we confirm that the
Manager of the Scheme has in general administered the Scheme:
i. within the limitations on the investment and borrowing powers of the
Manager imposed by the Act, and
ii. in accordance with the provisions of the Act and the trust deeds.
We do however wish to bring to your attention the following instances of where
the Manage r has not administered the Scheme in accordance with the said
limitations and provisions:
a. Some errors and timing differences resulted in contraventions of some of
the limitations referred to in (i) and some of the provisions referred to in
(ii) above. These contraventions were in our view not material and where
appropriate the portfolios were compensated by the Manager for any loss (if
any) that may have been suffered by the portfolios as a result of these
contraventions.
We confirm that according to the records available to us, no losses were
suffered in the portfolios and no investor was prejudiced as a result thereof.
Should any investor require a copy of the Report, kindly contact the Manager.
Bennie van der Westhuizen Chantell Kruger
Principal Manager
ABSA Capital Custody & Trustee ABSA Capital Custody & Trustees
STANLIB ETF Collective Investment Scheme
STANLIB SWIX 40 ETF
Sector Allocation:
Basic Materials 25%
Financials 22%
Telecommunications 13%
Consumer Services 11%
Consumer Goods 15%
Oil & Gas 8%
Industrials 5%
Health Care 1%
Income distribution 17,47 cents
Upfront Manager Charge: 0%
Total Expense Ratio: 0.25%
Annual Performance: 1.25%
STANLIB Top40 ETF
Sector Allocation:
Basic Materials 38%
Financials 17%
Consumer Goods 19%
Telecommunications 8%
Consumer Services 8%
Oil & Gas 7%
Industrials 3%
Health Care 1%
Income distribution 71,2 cents
Upfront Manager Charge: 0%
Total Expense Ratio: 0.21%
Annual Performance: -0.21%
Abridged Financial Statements
R `000 STANLIB SWIX 40 ETF
Income statement 2011 2010
Distributable income for the year 65 266 6 437
Undistributed income at beginning of year 36 -
Amount available for distribution 65 302 6 437
Income distribution 65 149 6 401
Undistributed income at end of year 153 36
Balance sheet
Assets
Investments at market value 2 185 612 2 352 774
Current assets 12 396 5 685
Total assets 2 198 008 2 358 460
Liabilities
Current Liabilities 12 223 7 447
Total Liabilities 12 223 7 447
Net assets attributable to unit holders at end
of year 2 185 786 2 351 013
R `000 STANLIB Top40 ETF
Income statement 2011 2010
Distributable income for the year 15 833 711
Undistributed income at beginning of year 1 -
Amount available for distribution 15 834 711
Income distribution 15 831 710
Undistributed income at end of year 3 1
Balance sheet
Assets
Investments at market value 609 750 268 955
Current assets 2 855 780
Total assets 612 605 269 735
Liabilities
Current Liabilities 2 787 835
Total Liabilities 2 787 835
Net assets attributable to unit holders at end
of year 609 818 268 900
Statutory Disclaimer
Collective Investment Schemes in Securities are generally medium to long term
investments. An investment in the participations of a collective investment
scheme in securities is not the same as a deposit with a banking institution.
The value of participatory interests may go down as well as up and past
performance is not necessarily a guide to the future. Collective Investment
Schemes in Securities are traded at ruling prices and can engage in borrowing
and scrip lending. A schedule of fees and charges and maximum commissions is
available on request from STANLIB Collective Investments Limited ("the
Manager"). Commission and incentives may be paid and if so, would be included
in the overall costs. Exchange Traded Funds (ETFs) are Collective Investment
Schemes in Securities that trade on stock exchanges. Trading in ETFs will
incur the normal costs associated with listed securities, including brokerage,
settlement costs, Securities Transfer Tax (STT), other statutory costs and
administrative costs. The price at which ETFs trade on an Exchange may differ
from the Net Asset Value price published at the close of the trading day,
because of intra-day price movements in the value of the constituent basket of
securities. Forward pricing is used. Liberty Group Ltd is a full member of the
Association of Savings and Investment of South Africa. The Manager is a member
of the Liberty Group of companies.
Annual Service Charge
Please refer to the latest fact sheet(s) for more details. The annual service
charge is normally deducted from income received by the portfolios.
Trustees
Absa Bank Ltd., 15 Alice Lane, Sandton, 2196. Tel +27 11 895 6000.
Cooling off rights
Due to the nature of this product, cooling off rights are not offered on this
product.
Query Support & Middle Office
Compliance & Complaints
Postal address: PO Box 202, Melrose Arch, 2076
Phone: 0860 123 003
Compliance no. L926N4
3 April 2012
Date: 03/04/2012 13:24:06 Produced by the JSE SENS Department.
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