Wrap Text
Abridged Results for the year ended 31 December 2023 - CSPROP
10X EXCHANGE TRADED FUND SCHEME
(PREVIOUSLY CORESHARES INDEX TRACKER COLLECTIVE INVESTMENT SCHEME)
INSTRUMENT: 10X SA PROP INCOME ETF
ABBREVIATED NAME: 10XSAPII
SHARE CODE: CSPROP
ISIN CODE: ZAE000273165
ABRIDGED RESULTS FOR
10X SOUTH AFRICAN PROPERTY INCOME EXCHANGE TRADED FUND
(PREVIOUSLY CORESHARES SOUTH AFRICAN PROPERTY INCOME EXCHANGE TRADED FUND)
10X EXCHANGE TRADED FUND SCHEME
(PREVIOUSLY CORESHARES INDEX TRACKER COLLECTIVE INVESTMENT SCHEME)
FOR THE YEAR ENDED 31 DECEMBER 2023
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
2023 2022
R R
ASSETS
Investments held at fair value 446,959,539 319,447,310
Other assets 15,580,568 8,080,387
TOTAL ASSETS 462,540,107 327,527,697
LIABILITIES
Net assets attributable to participatory interest holders 447,288,194 319,452,875
Other liabilities 15,251,913 8,074,822
TOTAL LIABILITIES 462,540,107 327,527,697
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
2023 2022
R R
Net investment income 50,881,913 7,547,151
Operating expenses (2,070,729) (1,496,000)
Distributions and withholding taxes (24,196,747) (20,884,781)
Change in net assets attributable to participatory interest
24,614,437 (14,833,630)
holders
This abridged report is extracted from audited information but is not itself audited. The audited financial
statements of the Manager and the Portfolio are available, free of charge, on request by an investor and at
www.10X.co.za.
There were no auditor qualifications in the audited financial statements of the Manager or the Portfolio.
Income distributions per unit (cents)
Payment date Cents per unit
12 April 2023 8.41
17 July 2023 25.22
16 October 2023 7.90
22 January 2024 36.84
Annual management fee % (excluding VAT)
CSPROP 0.35
Last Published Price as at 31 December 2023
Last published
price (cents)
CSPROP 1,139.00
Investment Performance (%) as at 31 December 2023
Since inception
1 year
(annualised)
CSPROP 11.30 -0.40
Benchmark 13.00 0.90
Portfolio composition (%) as at 31 December 2023
Cash,
Property receivables, and
payables
CSPROP 99.93 0.07
23 May 2024
Sponsor:
Grindrod Bank Limited
10X FUND MANAGERS (RF) (PTY) LTD (THE "MANAGER") (PREVIOUSLY CORESHARES INDEX
TRACKER MANAGERS (RF) (PTY) LTD))
ANNUAL INVESTOR REPORT
For the year ended 31 December 2023
CHAIRMAN'S REPORT
It is my pleasure to present the annual report of the Manager, the 10X Collective Investment Schemes (previously CoreShares
Collective Investment Scheme) and 10X Exchange Traded Fund Scheme (previously CoreShares Index Tracker Collective
Investment Scheme) (the "Schemes") and their respective portfolios for the year ended 31 December 2023.
Market Review
The year began with global inflation moderating after reaching its highest levels in over 40 years, initiating one of the most
aggressive interest rate hiking cycles seen in four decades. Such rapid rate hikes typically lead to disruptions, and this time,
they resulted in the failure of Silicon Valley Bank (SVB) and other regional banks, culminating in the downfall of Credit
Suisse. However, swift intervention from central banks, coupled with an infusion of liquidity, quickly stabilized the markets
and prevented broader contagion.
Simultaneously, the excitement surrounding AI advancements, particularly with the public release and adoption of Chat-GPT,
propelled US equity markets to new heights. The moderation of commodity prices, which had previously fueled global
inflation, had adverse effects on South Africa's fiscal outlook, exerting negative pressure on the Rand and local bonds.
In Q3, global financial conditions tightened as the yield on US government bonds surpassed 5%, weighing down growth
assets. However, a dovish central bank meeting prompted the market to anticipate an aggressive interest rate-cutting cycle,
boosting global risk assets and concluding the year on a strong note.
Given the Rand's depreciation throughout the year, offshore assets outperformed local assets in 2023. Returns across asset
classes were strong, ranging from 6.9% for SA inflation-linked bonds to over 33% for developed market equities. This saw
pleasing returns across our unit trust range, despite the negative news flow and on the back of soft market returns in 2022.
This underscores the importance of maintaining a long-term investment horizon and staying invested through market cycles
to meet investment goals.
Overview of the funds:
In December 2022, CoreShares Holdings (Pty) Limited and its subsidiaries including CoreShares Index Tracker Managers
(RF) Pty Limited were acquired by 10X Investments (Pty) Ltd. Following the acquisition, a project to amalgamate and
restructure funds managed under the CoreShares Collective Investment Scheme and the 10X Collective Investment Scheme
was undertaken in October 2023. As a result of the amalgamation, various funds moved between the two schemes and
management companies, and as such, were seen to be closed in one scheme and opened in the other. The following funds which
were previously managed under the CoreShares Collective Investment Scheme were closed, and are therefore not considered
a going concern under the 10X Collective Investment Scheme:
1. CoreShares OutAggressive Index Fund
2. CoreShares OutCautious Index Fund
3. CoreShares OutModerate Index Fund
4. CoreShares OutStable Index Fund
The funds managed from the start of the year are:
1. CoreShares Total World Stock Tracker Feeder Fund
2. CoreShares Wealth Accumulation Fund
3. CoreShares S&P SA Top50 Tracker Fund
4. CoreShares OutCautious Index Fund
5. CoreShares OutStable Index Fund
6. CoreShares OutModerate Index Fund
7. CoreShares OutAggressive Index Fund
8. CoreShares Stable Income Fund
9. CoreShares Yield Selected Bond Index Fund
The remaining funds have been renamed from 'CoreShares' to '10X.' The funds are now named;
1. 10X Total World Stock Tracker Feeder Fund
2. 10X Wealth Accumulation Fund
3. 10X S&P SA Top50 Tracker Fund
4. 10X Stable Income Fund
5. 10X Yield Selected Bond Index Fund
The funds opened under this Collective Investment Scheme are as follows;
1. 10X Income Fund
2. 10X Your Future Fund
3. 10X Defensive Fund
4. 10X Moderate Fund
5. 10X MSCI World Index Feeder Fund
6. 10X Money Market Fund
7. 10X Top 60 SA Equity Index Fund
8. 10X South African Government Bond Index Fund
9. 10X South African ILB Index Fund
10. 10X SA Property Index Fund
Overview of the funds established under the 10X Exchange Traded Fund Scheme ("ETF Scheme") (previously CoreShares
Index Tracker Collective Investment Scheme)
The funds managed from the start of the year are;
1. CoreShares S&P SA Dividend Aristocrats ETF
2. CoreShares S&P SA Top50 ETF
3. CoreShares SA Property Income ETF
4. CoreShares S&P Global Dividend Aristocrats ETF
5. CoreShares S&P 500 Index Feeder ETF
6. CoreShares Total World Stock Feeder ETF
7. CoreShares S&P Global Property ETF
8. CoreShares Yield Selected Bond ETF
9. CoreShares Scientific Beta Multi Factor Index ETF
10. CoreShares Wealth GOVI Bond ETF
Launch of new funds
During 2023, our fund range was extended with the launch of four new funds, including one of the first actively managed ETFs
listed on the JSE:
1. CoreShares Wealth Top 20 Capped ETF
2. CoreShares Wealth Next 40 Equal Weighted ETF
3. CoreShares Income Actively Managed ETF
4. CoreShares All Asia Actively Managed ETF
As part of the amalgamation the names of the ETFs changed from 'CoreShares' to '10X'. The ETFs are now named;
1. 10X S&P SA Dividend Aristocrats ETF
2. 10X S&P SA Top50 ETF
3. 10X SA Property Income ETF
4. 10X S&P Global Dividend Aristocrats ETF
5. 10X S&P 500 Index Feeder ETF
6. 10X Total World Stock Feeder ETF
7. 10X S&P Global Property ETF
8. 10X Yield Selected Bond ETF
9. 10X Scientific Beta Multi Factor Index ETF
10. 10X Wealth GOVI Bond ETF
11. 10X Wealth Top 20 Capped ETF
12. 10X Wealth Next 40 Equal Weighted ETF
13. 10X All Asia Actively Managed ETF
14. 10X Income Actively Managed ETF
Assets under management as at 31 December 2023 were R42.9BN.
Comment
Despite significant operational change during the year, it is pleasing to see the growth across our fund range underscoring the
positive contribution 10X is making to the local savings and investments market. As a board and management team we remain
positive and steadfast as we aim to grow and improve the company's investment proposition and our role within the industry.
There were no circumstances during the year which affected the financial affairs of the Manager and its Portfolios. All the
Portfolios complied with their respective investment policies and objectives as contained in the supplemental deeds. There
were no qualifications made by in the auditor's report on the financial statements. Copies of the audited annual financial
statements 10X Fund Managers (RF) (Pty) Ltd, the 10X Collective Investment Scheme, and 10X Exchange Traded Fund
Scheme are available, free of charge, on request by email to info@10x.co.za.
To our team of employees and our stakeholders a note of thanks for your continued hard work and dedication. To our valued
clients, thank you for your sustained loyalty and invaluable support.
Yours sincerely,
Marc Weber
Chairman
22 May 2024
Important notice:
In terms of the Collective Investment Schemes Control Act, the trustees of all unit trust companies must report on their
adherence to limitations imposed on investing, borrowing powers and the general provisions of the Act and Trust Deed. Our
trustees, FirstRand Bank Limited acting through its RMB Trustee Services division, have released the 10X Collective
Investment Scheme's and 10X Exchange Traded Fund Scheme's report for 2023. The report does not detail any material
breaches and is available from our head office.
20 May 2024
The Directors
10X Index Fund Managers (RF) (PTY) Ltd
Suite 105 Sovereign Quav
34 Sommerset Road
Green Point
Cape Town
8005
Dear Sir/Madam
TRUSTEE REPORT ON THE 10X EXCHANGE TRADED FUND SCHEME
As Trustees to the 10X Exchange Traded Fund Scheme ("the Scheme"), we are required in terms of the Collective Investment
Schemes Control Act, 2002 (Act No. 45 of 2002) ("the Act") to report to participatory interest holders on the administration of the
Scheme during each annual accounting period.
We advise for the period 1 January 2023 to 31 December 2023 we reasonably believe that the Manager has administered the
Scheme in accordance with:
(i) the limitations imposed on the investment and borrowing powers of the manager by the Act; and
(ii) the provisions of the Act and the relevant deeds.
We confirm that according to the records available to us there were no material instances of compliance contraventions and
therefore no consequent losses incurred by the portfolios in the year.
Yours faithfully
Anton Rijntjes Ruan van Dyk
Head Trustee Services Fiduciary Portfolio Oversight Manager
Rand Merchant Bank Rand Merchant Bank
A division of FirstRand Bank Limited A division of FirstRand Bank Limited
CORPORATE AND INVESTMENT BANKING
3 Merchant Place PO Box 786273 Switchboard +27 11 282 8000
Cnr Fredman Dr and Bute Lane Sandton 2146 Website rmb.co.za
Sandton 2196 South Africa
Date: 23-05-2024 05:20:00
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