Wrap Text
Abridged Results for CoreSolutions AMETF for the period ended 31 December 2024
CORESOLUTIONS EXCHANGE TRADED FUND SCHEME
INSTRUMENT: CORESOLUTIONS INCOME AMETF
ABBREVIATED NAME: CORESOLUTIONSAMETF
SHARE CODE: PCWGE
ISIN CODE: ZAE000334157
ABRIDGED RESULTS FOR
WEALTH GLOBAL EQUITY CORESOLUTIONS ACTIVELY MANAGED EXCHANGE TRADED FUND
CORESOLUTIONS EXCHANGE TRADED FUND SCHEME
FOR THE PERIOD ENDED 31 DECEMBER 2024
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
2024 R
ASSETS
Investments held at fair value 532,438,219
Other assets 12,947,128
TOTAL ASSETS 545,385,347
LIABILITIES
Net assets attributable to participatory interest holders 545,198,071
Other liabilities 187,276
TOTAL LIABILITIES 545,385,347
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
2024*
R
Net investment income 13,263,704
Operating expenses (938,590)
Interest expense and withholding taxes (197,231)
Change in net assets attributable to participatory interest holders 12,127,883
* For the period from 15 October 2024 (date of commencement of operations) to 31 December 2024.
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)
There were no income distributions while the fund was managed under this scheme during the period ended 31
December 2024.
Annual management fee % (excluding VAT)
PCWGE 0.80
Last Published Price as at 31 December 2024
Last published
price (cents)
PCWGE 1,048.00
Investment Performance (%) as at 31 December 2024
Since inception
1 year
(annualised)
PCWGE - -
Benchmark - -
Fund and benchmark performance data are shown from 12 months after fund inception, as such no performance
history is included.
Portfolio composition (%) as at 31 December 2024
CIS Equities Other
PCWGE 13.55 84.12 2.33
31 March 2025
Sponsor:
African Bank Limited (Business and Commercial Banking Division)
CORESOLUTIONS FUND MANAGERS (RF) (PTY) LTD) (THE "MANAGER")
ANNUAL INVESTOR REPORT
For the Year Ended 31 December 2024
CHAIRMAN'S REPORT
It is my pleasure to present the annual report of the Manager, CoreSolutions Collective Investment Scheme and the
CoreSolutions Exchange Traded Fund Scheme (the "Schemes"), and their portfolios for the year ended 31 December 2024.
Market Review
In 2024, global financial markets delivered exceptional performance, reflected by the MSCI All Country World Index recording
a total return of 19.2%. This strong showing was largely driven by developed markets—particularly the United States—where
the S&P 500 Index surged by 25% (29% in ZAR), marking the second consecutive year of returns exceeding 25%. A major
contributor to this rally was the "Magnificent Seven" mega-cap technology firms, which collectively soared by 67.3%. Since
the launch of ChatGPT in late 2022, enthusiasm around artificial intelligence has dominated market sentiment. Additionally, a
resilient U.S. economy, easing inflation, and optimism surrounding Trump-era tax policies bolstered investor confidence in the
outlook for corporate earnings and shareholder returns.
Emerging markets also posted positive, albeit more modest, gains of 8.1%, supported by a year-end rebound in Chinese equities
and strong performances from markets such as India and Taiwan. Commodities, on the other hand, delivered more muted returns
of 5.4%, held back by soft demand from China. For South African investors, 2024 was a pivotal year. The national election
results and the relatively smooth transition to a Government of National Unity (GNU) helped reduce political risk and increased
optimism around potential structural reforms. Furthermore, a notable reduction in loadshedding provided a foundation for
improved consumer and business confidence. The South African bond market delivered outstanding results, generating equity-
like returns of 17%, while the local stock market outperformed many emerging market peers with a return of 13%.
Overall, the strong performance across both local and global markets contributed to solid returns across our unit trust and ETF
range for the second consecutive year. Our broad product offering and risk-managed multi-asset funds continued to attract
significant inflows and remain well positioned to navigate what may be a volatile period ahead.
Overview of the funds
Significant operational changes of the funds within the Schemes is noted below.
New fund launches
The Fund Wealth Dynamic Equity CoreSolutions Fund was launched under the CoreSolutions Collective Investment Scheme.
During the year, the FSCA approved the establishment of a new ETF scheme under the Manager. The CoreSolutions Exchange
Traded Fund Scheme then launched its first ETF, the Wealth Global Equity CoreSolutions Actively Managed ETF.
Name and investment policy changes
The following name and investment policy/benchmark changes occurred during the year:
Original Fund Name New Name Previous investment New investment
policy/benchmark policy/benchmark
CoreSolutions CoreSolutions Aggressive OUTaggressive Index ASISA Worldwide - Equity
OUTaggressive Index Fund Fund - General
CoreSolutions OUTcautious CoreSolutions Cautious OUTcautious Index ASISA - South African -
Index Fund Fund Multi-Asset - Low Equity
CoreSolutions CoreSolutions Moderate OUTmoderate Index ASISA - South African -
OUTmoderate Index Fund Fund Multi-Asset - High Equity
CoreSolutions OUTstable CoreSolutions Stable Fund OUTstable Index ASISA - South African -
Index Fund Multi-Asset - Medium
Equity
Assets under management as at 31 December 2024 were R2.6BN.
Comment
The board and management are pleased with the performance of the existing funds over the year. The approval of the ETF
scheme and the launch of the first ETF for the manager paves the way to further extending the range of funds in future years.
There were no circumstances during the year which affected the financial affairs of the portfolios and its manager and all the
Portfolios complied 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
of CoreSolutions Fund Managers (RF) (Pty) Ltd, the CoreSolutions Collective Investment Scheme and the CoreSolutions
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
28 March 2025
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 CoreSolutions
Collective Investment Scheme's report for 2024. The report does not detail any material breaches and is available from our
head office.
25 March 2025
The Directors
CoreSolutions Fund Managers (RF) Proprietary Ltd
Suite 105 Sovereign Quav
34 Sommerset Road
Green Point
Cape Town
8005
Dear Sir/Madam
TRUSTEE REPORT ON THE CORESOLUTIONS EXCHANGE TRADED FUND SCHEME
As Trustees to the CoreSolutions 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 October 2024 to 31 December 2024 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 portfolio in the year.
Yours faithfully
Ruan van Dyk Marian Rutters
Collective Investment Scheme Oversight Manager 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: 31-03-2025 12:30:00
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