Northstar BCI Global Flexible Fund (ZAR)

This medium-high risk fund is ideal for investors who require long-term capital growth by investing in various asset classes, predominantly in equity. The recommended investment time horizon is 7+ years.

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Fund Performance

Northstar BCI Global Flexible Fund (ZAR)

Who should invest

This moderate to high risk fund is ideal for investors seeking meaningful growth of capital from a diversified portfolio of global equities and other assets. The fund’s aim is to outperform global flexible fund peers. An investment time horizon of at least 7 to 10 years is recommended.

Returns reflected below the chart are annualised. Source: Bloomberg, MorningStar and Northstar Asset Management.


  • 3 Years
  • 5 Years
  • 7 Years
  • 10 Years

Benchmark Return


Benchmark Return


  • Invests in various asset classes worldwide.
  • A high conviction portfolio.
  • Provides maximum capital growth over the long-term.
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Invest Now

Invest with Northstar directly

We can assist you with making direct investments but without financial advice. Direct investments via Northstar are subject to certain minimums.  Simply get in touch with our client service team by emailing

Speak to your financial advisor

Our Northstar SCI Global Flexible Fund is only available directly.  Please consult your financial advisor for further information.

Requirements For This Fund

  • R 5 000 000
    • Certified Copy of both sides of ID Document with 3 specimen signatures (Certifier needs to state “signature belongs to ID Holder”).
    • Proof of Address (not older than 3 months) e.g. utility bill, rates, Telkom.
    • Proof of Banking details (not older than 3 months).
    • SARS document containing name and tax number.
  • Available: Direct

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Further Reading

Commentary for the quarter ended 30 September 2023

Market review

The third quarter of 2023 was unfriendly to investors both with regards to equity returns and so too bonds.

We believe that we are nearing the top of a global rising interest rate cycle, but the higher for longer mantra pushed by central banks, finally gripped market participants this quarter and bond yields rose in sympathy.  Tighter monetary conditions reflected in higher positive real yields stunted equity enthusiasm and consequently, bond and equity returns were negative.  The Barclays Global Bond Index fell 3.6% in Q3 and the MSCI World Index fell 3.4%.

Besides Norway, which rose by 11% based on its oil bias, developed markets delivered a poor showing with all regions negative and Europe under the most pressure, losing 4.9% in dollars for the quarter.  North America fell 3.1% and the Pacific 2.6%.  Emerging markets declined 2.8% in Q3.  A very strong dollar remained a theme and all developed market currencies weakened relative to the dollar, with Sterling down by 4% and the Euro 3%.

The rand (-9.7%) is the 3rd worst performing currency against the dollar year-to-date after the Turkish Lira (-31.7%) and Egyptian Pound (-19.9%) but ironically, is one of the few currencies that held up well in this past quarter.

Against all these moving parts, the Northstar Global Flexible fund returned -3.30% in Q3 whereas the 60% equity and 40% bond proxy or benchmark, fell 3.43%.  The fund had an average equity weighting of 64.39% for the period in question and these equities (-3.76%) slightly underperformed the MSCI World Index, which dropped by 3.4%.  The stocks that added the most to performance were Blackstone, Google and Broadridge whereas the top detractors were Estee Lauder, Delta Airlines and L3Harris.

Over the past year, the fixed income component of the fund has significantly outperformed its benchmark and this trend continued over the quarter under review.  This is ascribable to being underweight bonds at 22.5% versus the 40% benchmark and being shorter duration.  The fund’s bond holdings lost 1.3% over the quarter, whereas the bond benchmark fell 3.6%.

As we enter the final quarter of the year, we near a possible fulcrum in economic conditions in the western world, which could be meaningfully impactful for markets.  High interest rates are beginning to impact the robustness of the US economy – this is seen in credit extension, rising defaults and manufacturing surveys.  If the economy falters, which it typically does at the end of a rising rate cycle, defensive sectors outperform and bond yields rally.

The Northstar Global Flexible Fund is close to double the benchmark weight in Consumer Staples (12.12% versus the benchmark at 7.35%) and has a heavy skew towards Healthcare at 20.17% versus the benchmark of 12.75%.   These are defensive sectors that we anticipate will outperform in a slowing environment.  Conversely, the fund is underweight more cyclical sectors such as Consumer discretionary, Energy, Information Technology and Materials.

We believe that the portfolio is appropriately positioned for an anticipated economic slowdown.

Quarterly Fund Video as at 30 September 2023

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About This Fund

Latest Allocation

  • Fixed Income
  • Cash
  • Equity
  • Alternatives
Management Date
12 January 2016
Global - Multi Asset - Flexible
Fund Size
R 639 million
Minimum Investment
Lump sum: R 5 000 000
Latest Distribution
0.06 cpu (30/06/2019)
1.25 p.a. (Excl VAT)
Risk Profile
Moderate Aggressive
Time Horizon
7 Years +
Regulation 28
ASISA Category Avg: Global – Multi Asset – Flexible Allocation
Fund Classification
Global - Multi Asset - Flexible