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Truffle SCI
General Equity Fund

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Fund Size

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Annualised Return Since Inception*

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AGGRESSIVE

Fund Overview

Investment Strategy

An equity fund aiming to deliver superior long term capital growth through a distinctive stock selection process.

The fund invests across all sectors of local and offshore equities.

Why choose this fund?
  • A well-constructed portfolio of quality local and offshore companies.
  • A fund manager with experience and skill to identify the best opportunities and manage the related risks.
  • An equity process that focuses on investing in quality assets with long term valuation potential, identified through deep research and rigorous debate.
Portfolio Managers
Chief Investment Officer

Iain Power

B.Com. (Hons) Investment Management
Industry experience: 32 years

Iain leads the investment team and plays a key role in the strategic direction of the business. He has been part of the Truffle team since 2010, when he joined to work with the founders as a senior portfolio manager. Iain previously worked at RMB Asset Management where he held various positions, including serving as a member of the Board of Directors and the Management Board, and fulfilling the role of a senior investment professional in the equity team. Iain was keen to join a smaller, owner-managed asset management business where he could be part of building a larger concern, and has been key to Truffle’s growth over the last 16 years.

Investment Professional

Saul Miller

M.Bus.Sci., Fellow of the Faculty of Actuaries (FFA)
Industry experience: 28 years

Saul joined the Truffle team in 2016 and with over two decades of investment experience plays a key role as one of Truffle’s senior portfolio managers. Saul spent more than 10 years working for RMB Asset Management, managing a range of equity and balanced funds that won numerous unit trust industry awards. Saul then moved to Argon Asset Management, where he was Head of Equity for over four years. During this period, the firm’s equity assets under management grew rapidly from around R8 billion to over R20 billion, and investment performance comfortably exceeded benchmark returns. He was also responsible for implementing Argon’s equity investment philosophy and process.

Investment Professional

Nicole Agar

CA(SA)
Industry experience: 29 years

Nicole joined the Truffle team in 2015 and adds broad and deep experience to the portfolio management team. Nicole discovered her love for investments while working in merchant banking in London for three years after completing articles at PWC. On her return to South Africa in 1997, Nicole joined RMB Asset Management, where she held various investment roles, including those of senior equity analyst and portfolio manager. During this time, various unit trust funds which she co-managed won Raging Bull and Standard & Poor’s awards. She remained with RMB Asset Management, which later became Momentum Asset Management, until 2015, where her final position was Deputy Head of Equity Research.

Investment Professional

Sophié-Marié van Garderen

M.Com., CFA
Industry experience: 31 years

Sophié-Marié has been part of the Truffle team since 2016 and with almost three decades as an equity analyst and portfolio manager, brings deep experience and expertise to the investment team. She began her career at RMB Asset Management as a trainee analyst and progressed to a senior investment professional, responsible for equity research, and co-management of various unit trusts. During this time, these unit trust funds won several Raging Bull and Morningstar awards. In 2011, Sophié-Marié joined Argon Asset Management, where she served a dual role as both equity analyst and co-manager of all the equity funds under management, before joining Truffle.

Fund Details

ASISA SA Equity General Average

Benchmark

18 November 2010

Fund Inception Date

Semi-annually

Income Distribution

South African - Equity - General

ASISA Fund Classification

10 years +

Ideal Investment Timeframe

15:00

Portfolio Valuation Time

R500

Minimum Monthly Investment

R10 000

Minimum Lump Sum Investment

TRGEA

Ticker

Performance

Returns shown for the period ended 31 March 2026. Performance data source: © Morningstar.
Benchmark: (ASISA) SA EQ General Average, changed from CAPI on 01 March 2026. Benchmark changed from ALSI to Capped SWIX (now CAPI) on 01 May 2019. Sector: (ASISA) South African – Equity – General.

39.15

Highest Annual Return

Since Inception to 31 December 2025

-4.47

Lowest Annual Return

Since Inception to 31 December 2025

*Annualised return is the weighted average compound growth rate over the performance period measured.
*Investment performance is for illustrative purposes only. Investment performance is calculated by taking the fees into account and income is reinvestment on the reinvestment date. Investment growth is for the amount of R10 000 since inception of the fund.
The value of investments, as well as any income earned from them, might decline as well as rise. Historical performance is not a predictor of future outcomes. If the currency displayed differs from your local currency, currency movements may cause returns to rise or decrease. Investment objectives and performance targets may not be met, and losses may occur. We advise you to obtain independent financial counsel to ensure that this Fund is appropriate for your investing needs. Performance is not given for share classes that have been in existence for less than 12 months. No assurance is made that any investment will or is likely to produce profits or losses comparable to those obtained in the past, or that losses will be avoided. When compared to other performance charts or marketing material, the charts presented may utilize various Sector performance start dates, resulting in slight discrepancies.

Fund Statistics

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Maximum Drawdown

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Standard Deviation

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Tracking Error

All portfolio statistics are on a 3-year rolling basis.
Data as at 31 March 2026. Data source: © Morningstar.

Portfolio Positioning

Data as at 31 March 2026.
Data source: © Morningstar.

Fees & Charges

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Maximum Initial Advice Fee

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Maximum Annual Advice Fee

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Manager Annual Fee

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Total Expense Ratio (TER)

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Transaction Costs (TC)

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Total Investment Charges (TIC)

All charges and fees are VAT inclusive for the A class.
TER measurement period: 01 January 2023 to 31 December 2025.