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Plexus Asset Management (Pty) Limited, licence number 609, is an authorised discretionary financial services provider in terms of the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002).

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Legal and Policies

Introduction to the Plexus Group
The Plexus group of companies is an independent investment house that specialises in investment consulting and the management of multi-manager investment solutions for both corporate and individual clients. Its dedication to investment provides a purposeful approach to achieving superior investment results.

Founded in 1995, Plexus prides itself on its innovative an entrepreneurial flair. The company has distinguished itself as a pioneer in the multi-manager industry and boasts a number of research firsts, such as the PlexCrown Fund Ratings (used as the basis for the annual Raging Bull Awards for the unit trust industry) and the Plexus Unit Trust Indices.

Plexus strives for professional excellence, placing considerable emphasis on independent thinking and integrity. The overriding objective is always to preserve and enhance client wealth.

The main subsidiaries are Plexus Asset Management (asset management services) and Plexus Global Asset Management, Plexus Mauldin Alternative Investments (hedge funds), Plexus Fundamental Funds (fundamental indexing) and Plexus Fund Solutions (investment consulting services). 

Plexus investment services
The Plexus Group offers institutional clients two types of services, i.e. an investment consulting service whereby investment decisions are made in consultation with the client, or a fully discretionary asset management service whereby investment decisions are implemented by Plexus in accordance with the client’s predetermined investment objectives and risk profile.

Investment consulting services
Plexus Fund Solutions prides itself on the highest standards of professionalism, independence and integrity. We jealously apply these principles in exercising the mandates received from our clients, while ensuring dynamic and innovative asset consulting solutions.

In the fast-moving environment of global markets, some of the best strategic opportunities for institutional investors are often lost owing to cumbersome decision-making processes. It is therefore of the utmost importance that the custodians who are ultimately responsible for decisions pertaining to investments ensure that they are exposed to completely objective and timely advice.

It is therefore regarded as essential to establish a partnership with an asset consultant that has experienced investment professionals to conduct the asset consulting process. The knowledge within Plexus Fund Solutions of the industry and the leading portfolio managers enables us to assist in blending the skills of different managers into total portfolios that meet the requirements of clients’ investment mandates and yet take account of changing market levels and changing circumstances.

Services and process
Plexus Fund Solutions provides its clients with boutique-type services in the context of building a long-term relationship of trust. The services provided by Plexus Fund Solutions comprise the following key steps:

• Setting the investment objectives.
• Formulating the investment strategy to meet the investment objectives.
• Identifying and selecting the most appropriate portfolio managers to implement the investment strategy.
• Establishing investment mandates and benchmarks for the portfolio managers to ensure that performance is in line with the overall investment strategy and the particular requirements of the fund.
• Monitoring the performance of each of the portfolio managers to ensure that investment objectives are met, and reviewing the investment strategy.
• Reviewing the investment objectives to allow for the evolving needs of the fund and a changing environment.

An enhancement to the above standard services is our tactical asset consulting service. This service places a much stronger emphasis on ongoing asset allocation and includes a “watching brief” and recommendations between quarterly report-backs.

This investment consulting process is graphically illustrated below.

	INVESTMENT OBJECTIVES REVIEW
Objective setting		Investment stratergy formulation and asset allocation		Portfolio manager selection		Mandate setting and implementation		Performance monitoring and stratergy review

Although the steps can be offered on a standalone basis, the belief in the completion of the cycle is central to our philosophy.

The investment consulting services provided by Plexus Fund Solutions will afford the decision makers institutional funds the freedom to fulfil their fiduciary duties based on professional and objective advice.

Asset management service
Plexus Asset Management is an independent portfolio management company that specialises in the management of domestic and international multi-manager investment solutions for both individual and corporate clients. Its dedication to portfolio management provides a purposeful approach to achieving superior investment results.

The investment philosophy of Plexus is to achieve above-average returns in the long term by:

• in-depth investment research;
• pro-active investment management, and
• an emphasis on risk management.

Investments are managed in accordance with predetermined investment objectives, risk profiles and statutory provisions at all times.

The company’s investment strategy process is the culmination of years of investment experience, is unique and well defined and is respected in the industry.

Multi-manager approach
It has been proved that no single investment company or portfolio manager can be a top performer in respect of every geographic region or different types of asset classes. Plexus therefore subscribes to the so-called multi-manager approach to an investment portfolio, using specialist managers for the various investment disciplines.

The advantage of a multi-manager approach is the fact that the investment funds will be exposed to the investment styles, strategies and views of different top investment specialists. This considerably reduces the risk profile of an investment portfolio because, should one portfolio manager read the market incorrectly, it would not have a negative effect on the entire portfolio.

Role of Plexus Asset Management
In the case of a multi-manager investment portfolio Plexus fulfils the following role:

• To ensure that the composition of the portfolio conforms to the predetermined investment objective and risk profile at all times. As each investor’s objective and risk profile may change according to circumstances, these should be re-evaluated by the financial adviser continually.

• To ensure that the asset allocation of the portfolio between the various asset classes (shares, bonds and cash) is continually managed according to the changing economic cycles and financial markets. However, this process is always managed in accordance with the investment mandate and corresponding risk profile.

• To ensure that top specialist managers are selected for each investment discipline.

• To monitor the performance of these specialist managers on an ongoing basis and to ensure that they follow a clear strategy at all times. If the performance of a specific manager becomes uncompetitive, Plexus will investigate it in good time. If it is clear that there is no corrective plan of action, Plexus will replace the specialist manager.

Multi-manager portfolios: the investment mechanisms and process
Multi-manager portfolios can be constructed by combining an existing range of domestic or international investment funds, or by appointing investment managers to manage individual, tailor-made segregated portfolios.

Plexus has one of the most sophisticated investment processes that incorporates OptiMix, a multi-dimensional scanning program. This aid is unique in South Africa and enables us to structure domestic multi-manager portfolios optimally in accordance with a wide range of criteria.