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A unit trust is the pooled money of many investors that is invested in the financial markets through a single collective investment scheme (CIS). 

Risk is defined as not achieving the required investment return or the permanent loss of capital. 

The income that is generated from an investment and given to investors through monthly, quarterly, bi-annual or annual distribution pay-outs.  

An estimation of a fund’s potential to suffer a decline in value if financial market conditions change.  

The length of time that an investor expects to be invested in a fund.  

A standard against which the performance of a unit trust, portfolio, fund manager or fund is managed and measured. Typically, a benchmark will be created to target what the fund is designed to achieve. A benchmark may be an asset class index e.g. ALSI, ALBI and SWIX or an inflation related target e.g.: CPI + 5% 

A fund may have different fee structures which are available to investors as a fee class. For example, a certain fee class may include advice fees which are then implicit in the return an investor earns on their unit trust investment. Another fee class of units may exclude all fees in the return. The manager of the fund may then choose to bill investors in this class explicitly for the management and administration fees.   

A Linked Investment Service Provider (LISP) is a financial institution which packages, distributes and administers a broad range of unit trust investments. Any investment made through these products gives an investor a single point of entry into a selection of different investments. 

Net Asset Value, which is the total market value of all assets in a portfolio including any income accruals and less any deductible expenses such as audit fees, brokerage and service fees.  

Your individual investment and savings goals, your risk appetite, and your investment time horizon are all factors that determine the suitability of a fund for you. For example, if you are 25 years old and saving for retirement you will have a long-term investment horizon and may have a high-risk appetite.  

A qualified financial adviser can assist you with your financial plan and provide appropriate advice. 

See the comprehensive list of platform availability here. 

For all Truffle funds, you may find the daily prices here. 

By the end of the 3rd week of the following month. 

Truffle Asset Management (Pty) Ltd is an authorised financial services provider in terms of the Financial Advisory and Intermediary Services Act, 2002 and is a member of the Association for Savings and Investment South Africa (ASISA). Truffle is not authorised to and does not provide financial advice. No information contained on this website should be construed, or relied upon, as advice. 

Unit trust funds are part of a well-regulated industry and fall under the regulation of the Collective Investment Schemes Act (CISCA) and the Financial Sector Conduct Authority (FSCA). All unit trusts in South Africa must be registered with the FSCA. Trustees are appointed to each unit trust fund and unit-holders money is secure in the trust vehicle. 

An investor in a unit trust will earn interest and dividend income and make a capital gain when the unit trust investment is sold.  Tax is therefore levied on 

1. Interest income. At the end of each tax year, a unit trust investor will receive an IT3(b) certificate showing total interest and total dividend earned during the tax year. These amounts will need to be included on your annual tax return to be submitted to the Receiver of Revenue. A primary rebate is available for taxpayers over the age of 65. Details can be found from SARS. Dividend and interest income less any applicable rebate incurs tax at the investor’s marginal rate of tax.  
2. Capital Gains Tax (CGT) is levied when investments are sold, and a capital gain is made. A net capital gain for the current year of assessment is multiplied by the inclusion rate applicable to the person/entity to arrive at the taxable capital gain. An exclusion rate has been set for natural persons. For more information about the exclusion rate and how to calculate the value of a unit trust for tax purposes, contact SARS or speak to your financial adviser. 

The fees and charges depend on the unit trust selected and can be found on the fund fact sheet. 

There is no initial investment fee for a unit trust. An ongoing fee for investment management and administration is deducted from the fund’s performance meaning your fund return is calculated and show net of investment fees.  

Truffle does not charge performance fees.  

Total Expense Ratio (TER) measures the costs of investing as a percentage of the fund value. These costs include management fees, administration costs and operating costs. TER’s are a good way to compare the cost of investing in a unit trust. The TER does not include advice fees.   

Transaction Cost (TC) measures the cost of buying and selling the underlying assets in the fund.  

Total Investment Charges (TIC) measures the total cost of as a percentage of the fund value. In other words, TER + TC. TIC does not include advice fees.  

If you access the Truffle funds directly, the minimum investment amount is R10 000 (lump sum), and the minimum debit order is R500 per month. 

If you access our funds through an investment platform, also known as a Linked Investment Service Provider (LISP), the LISP minimums would apply. Click here to view the platforms on which our funds are available. 

No. When you invest in our unit trusts, there is no fixed amount that you need to commit to for a set investment period. It’s your investment – you decide how much, when and how you would like to invest. 

You can set up a monthly debit order or start with a lump sum, subject to our investment minimums. 

An individual may invest directly into a Truffle managed fund. Our funds are administered by Sanlam Collective Investments. This means Sanlam will take care of the application forms and FICA. To invest directly online click here or contact us on info@truffle.co.za.  

For clients invested in our SCI Funds, please email service@sanlaminvestments.co.za. 

For clients invested in the Nedgroup Investments funds that we manage, please email clientservices@nedgroupinvestments.co.za. 

Alternatively, email info@truffle.co.za for assistance. 

Fund Fact sheets, also know as Minimum Disclosure Documents (MDD), are published on the website monthly and serve as a monthly report on the performance and positioning of the fund. You will also receive a quarterly investment statement from the fund administrator which will detail the value and performance of your investment.  

An investor may switch their investment at any time. Ideally any switch should be well considered and aligned to the longer-term financial plan. To find out how to implement a switch – click here  

No. There are no penalties or costs when withdrawing or cancelling your investment. You can change, stop, and restart your debit order whenever you need to, at no extra cost. 

Provided that the instruction is received before the 3pm cut-off, the funds should be available in your account within 48 hours.