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  1. 3 points
    Good day all, Our questions 1) If we need R50k a month to survive when we retire how much do we need to have invested in total ? 2) If the South African government implemented prescribed investments would it affect any investments which are not RA's ? Any input would be greatly appreciated. Have a great weekend all. Sideways
  2. 3 points
    While there is certainly merit to the argument that on average, in the long run, passive investments perform at least as well as, if not better, than actively managed investments, the funds in which Momentum has invested your money (ie. Allan Gray, Coronation, Investec etc) have had phenomenal performance since their inception, and they are certainly not just your average actively managed funds. These funds are among the best South Africa has to offer with returns beating the benchmark year after year. Also remember that offshore has its (important) cons as well as its merits. While offshore investments may serve as a Rand hedge, they simply cannot keep up with our inflation. Even with the annual average 4% drop in the Rand, the 2-4% growth typical of global growth, even when combined with Rand depreciation, does not usually beat South Africa's 6.5 - 8% inflation. South African markets do tend to perform a few percent higher than inflation though, and I'm pretty sure that if you look at your Momentum fund returns, you're probably close to 11% annual return over the past 10 years after the 2% costs have been deducted, even though the market has been flat. In every/any chosen period longer than 10 years (10-years, 15 years etc) South African investments have beaten the offshore average, even when compounded with Rand depreciation. I'm wary of moving too much money offshore. Consensus at the moment is that 30-40% of your money offshore presents the optimal risk to reward ratio. Also bear in mind that 30 -35% of your Momentum fund is already invested offshore. If it were me, I'd keep the bulk of the money with Momentum. Especially since you're 55, the actively managed approach, which switches between bonds, stocks and cash as the market fluctuates, decreases your risk significantly. The good thing about managed funds is that they limit the downside, while they may underperform passive investments slightly during strong bull markets. At 55, preserving your wealth is definitely more important than high-risk growth. So yes, I personally do believe that moving your Momentum investment to passive investments would be a mistake in your case. If it were me, I'd keep the R5.5M right where it is! (The extra R2M is only a quarter of your portfolio so it seems a reasonable amount to put in the higher risk passive funds as you have done.)
  3. 2 points
    Today marks 422 days approximately until the next bitcoin 'halving', where the amount of bitcoin that is able to be mined every day is cut in half forever. The approximate date will be 24 May 2020. After previous bitcoin booms and busts in the hype cycle the uptick in the price has started to show improvement around 500 days before the halving. We are past that point, so I am hoping that there will start to be a slow steady increase in price again like there has been before. Lets see if history will repeat itself once again. The Bitcoin block mining reward halves every 210,000 blocks, and this time the coin reward will decrease from 12.5 to 6.25 coins approximately every 10min in May 2020. Usually there are guys who anticipate the increased demand and the price increase that responds to the demand, who buy in advance so that they can sell when the real frenzy starts at a great profit. I would bet that if things go like they have gone in the past, people will buy up bitcoin leading up to the halving, and might even dump a bunch before the actual date, before other guys get a chance to do the same thing. Lets see how it all plays out... EDIT:
  4. 2 points
    Option 1: Takealot for around R1680 Option 2: From their site for R976 + customs/import (https://shop.ledger.com/products/ledger-nano-s) Free shipping from DHL (3 business days) Question: Does anyone know what the import costs will be payable on this? Read around that in SA it could be around 15% VAT and 10% Duty = +25% (total costs R1220) Are there other costs? If R1220 is the case it's a way better deal to buy direct plus you can choose your Nano S color (I want Transparent )
  5. 2 points
    I have ordered single units as replacements which came without having to pay extra duties. Buying bulk means you definitely have to pay the duties, and also the fee to the courier company to 'process' your order and delivery. I am out of stock of Ledger Nano S devices and most likely not ordering bulk again, unless I can make it worth while. Bulk orders are not priority to them, so they sometimes take months to arrive, while the price of bitcoin changes drastically during that time period, which means your profit can disappear completely. For the end user, its faster and cheaper to just order directly from Ledger now, especially since they added free shipping for small orders to South Africa, and you might not need to pay duties. Bulk orders you still need to pay for shipping, so that is additional cost for resellers too. The time, expenses, and possibility of losing money means its just better to refer customers to them directly.
  6. 2 points
    I own unit trusts only in the form of pension and RAs. RA - Allan Gray Balanced Fund Pension - 10X Kicked Stanlib to the curb but it had more to do with getting away from my financial advisors hold on it. Didn't understand their pricing at all. Very happy with what I have currently
  7. 2 points
  8. 2 points
    Just thought I would put this out there....I have a Telegram chat channel where we talk about bitcoin mostly, as well as other cryptocurrencies. If you want to ask a specific question, or would like to just chat casually about bitcoin / crypto with other people in South Africa, check it out. The channel is informal, and it is not a trading signals channel or anything really technical. Its mainly for casual chat about crypto. If you are on telegram, come and visit! https://t.me/bitcoinzarchat
  9. 2 points
    So regarding the new NewFunds Volatility Managed ETFs (I might be a bit late to the party): NFEDEF - Defensive http://etfcib.absa.co.za/products/Exchange Traded Funds/equity/VolatilityManagedDefensiveEquityETF/Pages/default.aspx NFEMOD - Moderate Equity http://etfcib.absa.co.za/products/Exchange Traded Funds/equity/VolatilityManagedModerateEquityETF/Pages/default.aspx NFEHGE - High Growth Equity http://etfcib.absa.co.za/products/Exchange Traded Funds/equity/VolatilityManagedHighGrowthEquityETF/Pages/default.aspx Sounds "cool" but looking at the annualised returns over 5 years (NFEDEF: 5.1%, NFEMOD: 6.8%, NFEHGE: 6.2%) I have to ask myself why I wouldn't play it save with a 32 day account at 6.95% or any of the various other guaranteed return vehicles offering better returns ?
  10. 2 points
    The JSE and Msci Emerging markets index are highly correlated and emerging market index outperformed local equities the last 5 years. I would change the local exposure to STXEMG only. Less risk for similar performance and no "if" the local market bounces back scenarios...
  11. 2 points
    Weakening economic conditions, increased debt repayment burden, rising consumer inflation and stricter lending criteria have seen 100% bonds, especially to first-time buyers, become much harder to get, but it has also placed many potential buyers firmly between a rock and a hard place. “Not only do banks require bigger deposits than before, it has also become more difficult to put money aside in today’s economic climate, as growing financial pressure is forcing consumers to tighten belts even further just to make ends meet,” says JP van der Bergh, founder of Propscan. "However, a sizeable deposit has several significant benefits in addition to increasing your chance of bond approval - it also gives you a jumpstart on the financial process, makes your offer more appealing to sellers as it bumps up the chance of bond approval, naturally decreases your monthly bond repayments, and saves you a considerable amount in interest over the long term.” Kay Geldenhuys from ooba, national mortgage originator, illustrates how a deposit can reduce the overall and monthly costs of buying property: “A home buyer who purchases a house for R1 million with no deposit at a 10.25% interest rate will pay approximately R9 816 per month over 20 years. At the end of the home loan term, the total amount repaid will be R2 355 944. “On the other hand, with a R100 000 deposit, the monthly repayments will be approximately R8 835, and the total repayment will be around R2 120 350. Add the deposit to this and the total comes to R2 220 350 - making the total repayments some R135 594 cheaper than buying without a deposit.” She says it also stands to reason that the smaller the risk for the bank, the more negotiable they will be on the interest rate charged. “Right from the beginning of the home-buying process, it is important to ensure that you know what you can afford to buy and how much deposit you will need,” says Van der Bergh. “Once you have established how much you need to save, the next step is to figure out how to do so as quickly as possible, and in order to do so, you must analyse your spending habits. On a spreadsheet, list all your fixed monthly expenses including existing debts you are currently servicing and make a note of all other regular expenses like the daily cappuccino at the café near work. “Next, go through it with a fine-tooth comb to see where you can cut down on monthly expenditure and determine how much you can realistically afford to save, and then shop around for a high-interest savings or money market account in which to save your money.” Sandy Geffen, Executive Director of Lew Geffen Sotheby’s International Realty in South Africa, says saving a substantial amount of money may seem like a daunting task, but don’t be discouraged. “At first glance, the cutbacks you are able to make may seem to be small amounts, but you will be surprised at how quickly they can add up to a sizeable sum, and you could own your first home sooner than you think,” says Geffen. She offers the following creative tips for saving towards your deposit: 1. Stop smoking. This could add at least R1 000 a month to your deposit fund. 2. Instead of buying takeaways every day, rather spend the extra 10 minutes packing lunch in the morning as it will end up saving you more than pennies at the end of the day, and it’s far healthier. 3. Ask for an insurance re-evaluation because while your insurance premiums probably go up every year, the value of a lot of insured items actually goes down as they age. 4. Cut back on credit and try to pay off and close store cards, especially if you find temptation hard to resist. Remember that when you do eventually apply for a loan, the bank will ask for an income and expenditure statement to prove that you will have sufficient surplus income for the home loan instalment once all household and contractual debt expenses have been met. 5. Before you run out to buy a new seasonal wardrobe, spring clean your closet and unearth the older items of good quality that can be reinvented with accessories or by mixing and matching; 6. If you can’t remember what the inside of your gym looks like and can’t motivate yourself to go, cancel that gym contract and find ways to exercise for free. It might help you to start exercising more regularly, especially now that summer is here. 7. Consider scaling down on your car if a large portion of your monthly income is going towards paying off a car loan; 8. Always go grocery shopping with a list and stick to it - and never go on an empty stomach. Also try and stick to food stores and avoid the hypermarkets where you might be tempted to buy other things you don’t need. Geldenhuys cautions that this savings mindset should not be abandoned once the goal has been met. “Many people throw caution to the wind and shop around for a home that costs the maximum amount the bank has approved, however, given current economic conditions, buyers should rather consider buying for a little less,” says Geldenhuys. “The extra cash can be used to pay off the bond more quickly or saved as a rainy-day fund so that they are prepared for the unforeseen expenses which arise when you own property.” “It’s true that our parents had it much easier in that most were able to afford their first home long before the current average age of first-time buyers which has risen to 34, but what hasn’t changed is the investment value of owning a home,” says Van der Bergh. “It is also one of the most exciting and rewarding purchases you will ever make, so even though it may take a little longer, it’s always worth the effort.” Source: Property24
  12. 1 point
    Trading in the Zone - Mark Douglas. Incredible book. Not on TA but on the lures and dangers of trading, taking responsibility, consistency: state of mind, the dynamics of perception, the markets perspective, thinking in probabilities, working with your beliefs, the nature of beliefs, the impact of believes on trading and thinking like a trader. So many lessons that will save you from yourself... I try reread it at least twice yearly.
  13. 1 point
    So DHL called me and said I have to pay Extra costs were a total of R312. Total cost for Ledger Nano S = R1288. I'll take it. Cheers guys! Dan
  14. 1 point
    Right now its cheaper to just buy direct from Ledger than from any retailer in South Africa because you get free shipping.
  15. 1 point
    The education system seems to be going through changes. There is a trend towards home schooling and small colleges in some sectors of the community, away from the formal uniform wearing "conventional" schools. Teacher education is in a bad shape and the quality of teachers seems to be deteriorating. The discipline in the conventional schools is going from bad to worse. Yes the private school system is facing an uncertain future but it seems to be a better bet than the state schools and even the old model "C" schools which are going the same way as the majority. Affordability of the private schools is a problem especially in the light of the current low economic activity prevalent in the country. Pembury claim to be more affordable than the groups mentioned above. As far as retirement homes are concerned I have noticed a trend for emigrated children to arrange for their aged parents to join them overseas thus reducing the pool of tenants for these homes. Time will tell what happens to this share.
  16. 1 point
    I only do CFDs for resources, because they're cyclic so long term doesn't make sense for me with resources. But I've had CFDs in Anglo American Platinum (AMS) for about 3-4 months now. Best return I've ever made on a trade!
  17. 1 point
    I've been tracking the amount of money I spend on my cats for the past 3 or so years now and thought it might make for a cool thread. Do any of you own pets? Do you budget for your pets? How much do you spend on your pet(s) in a month? We have 3 cats (Lilly, Meow Meow and Bubbles (Full name Hollywood Luxury Bubbles)) initially I fed them Hills and Royal Canin and mainly wet food, but that got terribly expensive really quick. I found what appears to be great dry food at Spar, it's their home brand called Pro Balance Cat Food. The Pro Balance (Spar depending) costs R77 for a 2KG bag compared to Hills Cat Food which is R229 for a 2Kg bag and there was a time I fed them Acana which was around R450 for a 1.8Kg bag. Then I would feed some meat whenever we braai so won't add that to the calculation. The cat litter we got a great deal on through the years. We use bentonite (none lethal type) which is clamping, but it's used in construction so it's cheap as in we pay roughly R130 for a 25Kg bag which lasts 2 months between the three cat litter boxes we have. If it was not for this I do not think I would have been able to afford cats considering the traditional cat litter costs around R170 for 3Kg and it and I will probably need 3 to 4 bags a month. What does a cat cost per month: Pro Balance Cat Food R77 per bag x 2.5 ( we normally use two, but have used 3 some months). Cat Litter Bentonite 25Kg bag R130 x 1 (we try to buy one each month to be safe because it's not available when it is the rainy season (no construction sites)). Pro-Balance Cat Food Pouches R7.49 x 6 (Wet food as a treat, normally buy each cat one every now and again). Total cost per month: R367.44 Total cost per cat per month: R122.48 Other cat expenses we had: Meow Meow had to be taken to the vet for an emergency which ended up costing R400. Bubbles and Meow Meow are neutered which was R550 each (R1100 total). Lily is still a kitten. but she will also be neutered and it will be R550 as well. We had a company design a custom cat jungle for them which cost us R7004 (but worth every penny, will post pictures). Cat litter boxes x 4 which were R50 each (R200 total). Cat poop scoopers x 2 which were R25 each (R50 total). Bought Lily for R100 when she was a puny little kitten (less than a month old). Cat carriers x 2 for R300 each (R600 total), great tip: go to Plastic World, the pet shops are overpriced. Drinkwell water fountain (they loved it) which was R674. Drinking bowls, stainless steel x 3 which were R80 each (R240 total). Cat leashes/harnesses to walk them with like in the movies x 2 at R80 a pop (R160 total). Total cat expenses: R11 078 Our cats' costs R4 409.28 per year which comes down to R1 469.76 per cat per year. This is just living costs, it excludes toys and travel and vet visits. I thought as a hypothetical I would like to see if I can afford to feed my cats the ideal nutritional diet that I would want which would consist of Hills or Royal Canin using the above portions it would mean that I need to spend R774 per month or R258 per cat. That is an increase of 71.23% in my spending which means I need to increase my monthly budget for the cats by R406.56 which is possible but will be cutting it very close. I mean if I invest the difference or put the difference in a Tymebank goalsave account at 10% I would have R31 745.17 after 5 years. Suddenly that Hills diet looks a lot more expensive. Now for the fun bits Bubbles (very christmassy) Meow Meow Lily
  18. 1 point
    Yes, they only listed on 22 November. Still hard to find info.
  19. 1 point
    Here's the official JSE index codes (although Google Finance uses different ones): All share is J203 and the Top40 is J200.
  20. 1 point
    In my opinion, the Allan Gray Balanced fund is one of the best the market has to offer. Its performance has been nothing less than superb in that it has smashed the benchmark year after year after year: https://www.allangray.co.za/fund-pages/balanced-fund/
  21. 1 point
    I'm right here Ranger. With My "Snortfolio".
  22. 1 point
    FTSE all share is INDEXFTSE: ASX on google finance and Top 40 I use investing.com https://za.investing.com/indices/ftse-jse-top-40-components
  23. 1 point
    Bank or Pick n Pay I don't know where to get discounted airtime, I think the retailers are all full price.
  24. 1 point
    We want to do some research into the consumer behavior of prepaid users. Where do you buy airtime? Do airtime discounts play a role, would you change providers if they offered a discount?
  25. 1 point
    Some screenshots of google finance.
  26. 1 point
    I see Google finance had a rewamp and now functions as a mobile app. I only saw this now so I'll be playing with it a bit and add my actual stocks to you. Can be really useful to get a quick glance at your portfolio, watchlist and the market as whole. It has relevant news articles in a feed as well.
  27. 1 point
    Jumia to list on the NYSE, aiming to become Africa’s first tech unicorn. Active in 14 countries 4 million active users 81.000 active sellers 13.4m deliveries per year €130.6m revenue in 2018 €862m consolidated loss since inception Source: Techcrunch MTN owns a share of Jumia
  28. 1 point
    It's every investor's dream: to find a stock that doesn't just double your money – or even triple it – but increases your investment 10-fold. I decided to start this thread here, somewhere on the JSE is the next ten-bagger (+1000% return), let's try to identify it. What small cap JSE stock do you think will be the next Ten Bagger?
  29. 1 point
    Agreed... Regretting buying in the IPO... Learnt my lesson on this one
  30. 1 point
    This post is about 2 years old anyone have a current view on investing in a 3-5 year period?
  31. 1 point
    Do you have to get tax clearance first or did EE put a structure in place that takes that admin away ?
  32. 1 point
    I'm actively trading them now, but I'm also thinking about buying their shares too, but I don't feel I have enough info on them yet. Maybe a Motus thread is the way to go. Here's their performance graph since their listing on 22 November 2018:
  33. 1 point
    They're the Hyundai and Kia guys now, and include these dealerships. From the Rentals point of view, they run Tempest and Europcar. Here's their official website: https://www.motuscorp.co.za/
  34. 1 point
    Erm... not sure. Maybe about a year ago. Definitely last year some time.
  35. 1 point
    They keep posting on Twitter, but I have not seen a launch date yet. I am curious to see what Micheal and the rest ex FNB guys can come up with, TymeBank is really incredible and Capitec can adapt if they must. So is that 'unbanked' space big enough for another entrant? Bankzero will never compete in the FNB level, at least I doubt it and there Discovery Bank is going to make a dent. I am very excited about their launch and to see what they can offer and if they will enter the business banking space currently dominated by FNB.
  36. 1 point
    SaurusDNA, Thanks so much for your input, its really appreciated, could I please ask for your thoughts on.... 1) If we need R50k a month to survive when we retire how much do we need to have invested in total, as I intend to retire as soon as I reach this mythical figure and I have been given many different figures ranging from 10 mill to 17 x my final annual salary and none of it makes any sense ? 2) Lastly do you have any thoughts on the South African governments possible implementation of prescribed investments and how it would it could have an affect any of the investments I listed? Here is an article you and the board may find interesting. https://www.biznews.com/sa-investing/2019/03/07/magnus-heystek-hogg-jse-optimism-sa-respectfully-differ Have a great weekend
  37. 1 point
    Do we know when they are launching? I am really interested to see what they can offer to match or beat Tyme.
  38. 1 point
    Good to be back! Finally managed to log in again, was having trouble for ages. When you rise fast, you drop fast too...who knows how low it will go, possibly even as low as $1000....all I know is that in time it will go back up again, and we will have new highs. My guess is that the next bear market will be when the price dumps down to the $20k mark. The next halving is getting closer, and I would expect that the price will range for a while longer before starting to pickup again running up to the halving event. Personally I just hold my main stash and dont bother trying to play the market much. The reason being that for me to cash in my main holdings on the way down, it would mean moving them to an exchange and selling, which opens up a can of worms. I expose myself in terms of how much bitcoin I have on that address and other addresses that have transacted with that address. Secondly, that can be seen as a taxable event, if I am 'cashing out', which I dont want to do right now, and thirdly, if I did cash out my main stash then I would now be sitting with a ton of cash on an exchange which I dont trust all that much. If I have to wait months to buy back in, I will be constantly worried that I have a lot of money on the exchange that is at risk. I prefer to keep my funds locked down as bitcoin, secured on my hardware wallet offline, where nobody knows that its mine. I am a reckless, but patient, and i'll wait it out a few more years before worrying about changing it back into government money. By that time, maybe I wont need to...who knows. I am still buying bitcoin....I do every month because its my long term savings plan. Now with the lower price, I just get a ton more than I was when it was closer to $20k. Win win in the long term.
  39. 1 point
    Looks like they are planning to add some additional services as well. The graphic below shows the services it currently offers. Services that will only be launched at a future date are highlighted in yellow.
  40. 1 point
    Hi All, Am new to this sight. I am Jhb based and was wondering if there are any Interactive Broker users out there who trade offshore, using the API? If so would like to touch base with a meet up and perhaps we could share Ideas. I am just using the Excel Interface (VBA and RTD). Had the account open for less than a month now so still getting my ducks in a row. My focus is ES futures options and Eurostox50 Index options. Busy building stuff in Excel (VBA) that interfaces with IB related to this. Cheers Brian
  41. 1 point
    Just to confirm, will we be getting an equal amount of multichoice shares as we had Naspers shares?
  42. 1 point
    Me too! I'm just waiting to see if they go up or down. I'm not keen on a long term investment in Multichoice (MCG) but it might be good for trading (either long or short) in the next few days as it may experience quite a bit of movement while the market decides. The CFDs have a reasonable gearing of roughly 6.5 times.
  43. 1 point
    I agree. The returns on these have been worse than a simple savings account. I can't imagine the appeal or why anyone might consider buying these. At least with their Newfunds Traci 3 month ETF you know what you're going to get, and at almost zero risk. These have worse returns but with risk. I don't get it...
  44. 1 point
    Well, I got my 10 free Multichoice shares today (due to the unbundling of Multichoice from Naspers). Nice when shares just appear in your account out of the blue!
  45. 1 point
    What I want to know is, what percentage do they charge for intl payments, if they do. I know Capitec is free and takes 0%. FNB sucks 2.75%
  46. 1 point
    I posted this graph in a post some time ago, its a year old but one can find the updated one on msci's website. I have SYGWD and STXEMG market ETF's in my portfolio with equal weighting. This makes me sleep well at night!
  47. 1 point
    It helps to think of TFSAs as an initiative by government to get the poorer middle class to save and we the "rich" are misusing it ? Country is already strapped for cash so I doubt we'll get more tax breaks any time soon.
  48. 1 point
    I guess the annual limits of Tax free investment accounts will remain at R33000 for the third year in a row then... ?
  49. 1 point
    I still have an active subscription to Popular Mechanics (Although i get the digital version as part of my subscription) It's true that the content is mostly outdated, or that most information is available on the internet, but i must be honest i do look forward sitting on the potty with my PM. Heck, we still have a magazine holder in our loo.
  50. 1 point
    Hi. Platinum Wealth asked me to comment on unit trusts vs ETFs. The first thing is that unit trusts can be managed actively eg. Allan Gray, or passively, eg. Sygnia Top40 Index Fund or Sygnia Skeleton Balanced 70 Fund. All ETFs are passively managed, tracking particular market indices. I will limit my comparison to passive unit trusts vs ETFs. In South Africa unit trusts are significantly more cost effective than ETFs - so a Top40 Index tracking unit trust is significantly cheaper than a Top40 Index tracking ETF. The reason is that to access a unit trusts you only have to pay the management fees and trading costs (all disclosed on fund fact sheets). That is it. If you do not use a financial advisor, that is all you pay. In fact, with Sygnia's index tracking unit trusts, if you want to invest via a retirement annuity or a tax free savings account, those charge nil administration fees. In terms of ETFs you have to pay multiple layers of fees before you can actually access an ETF. The reason is that ETFs are both unit trusts and "shares" listed on the JSE. Some of these fees are: - Stockbroking fees every time you buy or sell an ETF (you have to use a stockbroker) - JSE trading costs relating to ETFs themselves - Management fees within the ETFs - Bid/offer spreads between buy prices and sell prices (This is the most disingenuous aspect of ETFs - the price of an ETF at a point in time is subject to supply and demand by investors, like any other share. So you might be paying more for the ETF than the value of the underlying "index" shares it holds, and when you sell you might be selling for less than the "index" shares are worth. In South Africa, where liquidity is poor, the market maker normally steps in. A market maker makes his money from the bid/offer spreads. So realistically 1% to 3% spreads are common). - If you want to invest via debit order, you are normally sold an "investment plan" by a platform like etfSA or iTransact. That is another 0.70% pa fee plus R3.50 per month debit order fee. - If you want a savings product, like a retirement annuity, that costs another 0.50% pa plus. So once you have added all the costs of accessing ETFs you are paying more than you would for an actively managed unit trust. That is what the ETF providers are skirting around all the time. Since Sygnia always does things differently, we plan to launch ETFs later this year where we charge nil stockbroking and we guarantee a minimum bid/offer spread. Let's see if we can shake things up a bit. But frankly, even with best intentions, I don't think our ETFs will be as cheap as our unit trusts tracking the same market indices. The final comment is that ETFs are asset class specific e.g. equities, bonds. Sygnia Skeleton Funds on the other hand mix asset classes together in sensible proportions for different risk profiles. So by holding one index tracking investment you get exposure to both domestic and International equities and bonds. Hope this helps. If you have any questions, I will answer them. Magda Wierzycka CEO Sygnia
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