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Steer Optimal Portfolio

Active management married with tax efficiency
Tax efficient investing

The Portfolio aims to provide moderate capital growth within a tax-friendly structure

Description

This service offering is specifically aimed towards the South African individual, Trust or Company with investment capital of at least R2M who desires moderate capital growth, within a flexible and tax friendly structure, actively managed and have an investment horison of 5 years.

The ongoing tax burden

It is our experience that the ongoing tax burden on a South African discretionary investment could amount between 1-3% per annum depending on the investor type, tax rate, size of the portfolio and underlying assets in the portfolio. Most investors do not relate this tax obligation as a direct drag on investment performance as tax is only payable a year after it was incurred. The right structure can eliminate the ongoing tax liability on your portfolio. That means that your portfolio can accumulate from a higher basis every year by simply structuring it correctly.

Specialised Advice

This service and product offering is only accessible through the involvement of an accredited financial advisor. The sophistication and flexibility of the product and service require specialised council, planning and management to ensure the optimal outcome is achieved for every investor. Contact us for more information.

Objective

The portfolio aims to provide moderate capital growth and to outperform its benchmark on a risk adjusted return basis over any rolling 12m period. This is achieved by diversifying between unrelated asset classes and the active management of known risks as steered by the investment process of each of the managers that we employ in the portfolio.

Strategy

The strategy focusses on asset allocation as the main contributor of returns. The active management process is optimised by the inclusion of multiple managers which provides an additional layer of diversification. Tactical decisions are therefore balanced and weighted across multiple managers. The portfolio is structured within a tax friendly vehicle which can be seen as a further growth enhancer in combination with the investment strategy.
The Steer Optimal Portfolio can only be accessed through Investec Bank and Investec Life.

Return summary, net of fees

Steer Optimal Portfolio · as at 31 July 2026 · an absolute return mandate, measured against its inflation target and against cash · annualised, except year to date which is cumulative

Steer Optimal PortfolioCPI + 5% targetSTeFI money market

Year to date

3.03%
6.17%
3.35%

1 year

8.99%
8.92%
7.07%

2 years

10.39%
8.69%
7.59%

3 years

10.96%
9.31%
7.88%

5 years

10.75%
10.26%
6.91%

Since inception, December 2020

11.24%
10.40%
6.57%

Source: Steer Optimal Portfolio factsheet and Quantitative Report. CPI + 5% from the Profile Data CPI + 5 Daily Index. STeFI Composite from Profile Data monthly series. Model portfolio fee 0.30%. Past performance is not an indicator of future results.

Consistency of returns

Steer Optimal Portfolio · highest, average and lowest return over any rolling 12 month period since December 2020

Steer Optimal PortfolioCPI + 5% target

Highest 12 month return

16.39%
13.24%

Average 12 month return

11.48%
10.35%

Lowest 12 month return

5.18%
7.27%

Rolling 12 month returns are calculated at every month end. Source: Steer Optimal Portfolio factsheet and Quantitative Report. Past performance is not an indicator of future results.

Risk-adjusted picture

Steer Optimal Portfolio · since December 2020 · against the 50/50 blend it is built to outperform

Steer Optimal PortfolioInvestable composite

Volatility — lower is better

4.10%
6.94%

Return per unit of volatility — higher is better

2.74%
1.92%

Calmar ratio — return per unit of drawdown, higher is better

3.48%
1.95%

Volatility is annualised standard deviation. Return per unit of volatility is the annualised since-inception return divided by volatility; it is not a Sharpe ratio, as no risk-free rate is deducted. Calmar ratio is the three year annualised return divided by maximum drawdown. Source: Steer Optimal Portfolio factsheet and Quantitative Report. Past performance is not an indicator of future results.

Latest Factsheet

Steer Optimal Portfolio Factsheet July 2026 (PDF)
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