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New-look Absa Large Cap Fund joins AIMS’ Premier Range

30 October 2013 Absa

Absa Investments, the wealth and investment management arm of the Barclays Africa Group, has announced that the Absa Large Cap Fund will form part of the Premier Range on the linked investment platform offered by Absa Investment Management Services (AIMS).

Investors in the collective investment fund recently voted to change the product name from the Absa Rand Protector Fund to the Absa Large Cap Fund. They simultaneously agreed to key changes in the fund’s investment philosophy and mandate.

Previously, the Absa Rand Protector Fund was governed by a rigid mandate that focused stock selection on South African listed companies that derive a significant portion of foreign currency income from their operations.

The effect was to skew portfolio composition toward resource counters while limiting the exposure to the financial and retail sectors. The new mandate significantly widens the options open to the portfolio manager.

Sylvester Kgatla, Head of Investment Products Absa Financial Services, noted: "The new mandate agreed by our investors enables us to invest in all sectors within the FTSE/JSE Africa Top 40 Index.

"This gives us the flexibility to capture upside potential across all large-cap counters on the JSE and creates much better balance within the product structure.

"Inclusion in the Premier Range on AIMS’ linked platform is entirely warranted as the Absa Large Cap Fund meets the needs of many investors and will often have a central place in the portfolios of those providing for their retirement years.”

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