Fund Overview
Investment Strategy
A South African equity fund aiming for superior long term capital growth through adopting a distinctive stock selection process with significant attention to managing downside risk.
Why choose this fund?
- A well-constructed portfolio that aims to achieve sustainable and reliable investment returns.
- An investment belief that generating solid investment returns is not only achieved by identifying winners, but also from avoiding value traps and unnecessary risk taking.
- A team-focused approach and disciplined process ensures the fund benefits from extensive research and analysis of opportunities.
Portfolio Managers

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.

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.

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.

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
FTSE/JSE Capped All Share (CAPI)
Benchmark
21 July 2012
Fund Inception Date
Semi-annually
Income Distribution
South African – Equity – SA General
ASISA Fund Classification
10 years +
Ideal Investment Timeframe
15:00
Portfolio Valuation Time
R500
Minimum Monthly Investment
R10 000
Minimum Lump Sum Investment
TSCEFC
Ticker
Performance
Returns shown for the period ended 31 December 2025.
Sector: (ASISA) South African – Equity – SA General.
Performance data source: © Morningstar.
41.90
Since Inception to 31 December 2025
3.61
Since Inception to 31 December 2025
Fee class launch date (C class): 01 August 2018.
*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 fee class launch date (C class).
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 utilise various Sector performance start dates, resulting in slight discrepancies.
Benchmark for the Truffle SCI SA Equity Fund changed from SWIX to Capped SWIX on 13 November 2017.
Fund Statistics
All portfolio statistics are on a 3-year rolling basis.
Data as at 31 December 2025. Data source: © Morningstar.
Portfolio Positioning
Data as at 31 December 2025.
Data source: © Morningstar.
Literature
Fees & Charges
All charges and fees are VAT inclusive for the C class.
TER measurement period: 01 October 2022 to 30 September 2025.
