The Galileo Capital consolidated statement aims to provide you with an accurate, consolidated view of your portfolio under our management. Not all of the sections noted below may be included in this report. Where possible; transactional, pricing, foreign exchange rate, allocation, and holding data is securely received daily from the relevant product providers. The transactional data is received directly from the source product providers whereas pricing, foreign exchange rate, allocation and holding data is received from a variety of sources that includes but is not limited to Morningstar, Finswitch, Exchange Rate API and Swissquote. The scope of the consolidated statement is limited to the product providers included. The consolidation and processing of the raw data occurs internally. The period of the report is based on the relevant open and closing dates.
The holdings table is a summary of all your holdings included in the report. The data is organised as follows: Holding type, Product Provider, Account and then finally by the underlying fund or security grouped by the instrument holding currency. All the values quoted are based on the close of business values at the expressed date. Quantity is the number of units held. Price is the price of the instrument in the holding currency. Value (Instrument) is the market value of the holding in the specific underlying currency. Finally, the Value is the market value of the instrument in the relevant currency that is disclosed next to this heading.
The Flows table provides a summarised view of your accounts over time. All values are shown in the relevant currency printed above the table. The Year column contains four rows which can be summarised as: The Open row which reflects your market value at the start of the listed calendar month. The Flows row which reflects the Net flows for the month. The Growth row which is calculated as the balancing figure to reach the Close row which is the market value at the end of the listed calendar month. Net flows are calculated as the difference between inflows (new investments) and outflows (withdrawals) for that specific calendar month. The flows do not include fees and may consist of cash or units that flow in or out of the account (additional contributions, withdrawals, transfers etc.). The market values shown are net of all fees.
The Flows chart (if shown), is a visual representation of the data mentioned above. The left axis is reserved for the Net Market value of your portfolio i.e. the blue line. This line fluctuates as the market value changes. The right axis is reserved for the Net flows of the portfolio i.e. cash and units that flow in and out of the portfolio. The left and right axes use different scales and do not match up.
The historic returns expressed in the report are based on the Time-weighted rate of return (TWR) methodology that aims to eliminate the distorting effects on growth rates created by inflows and outflows of funds. Returns are calculated in the currency that is disclosed under the heading. The performance figures reflect performance after all fees paid by you as the investor in the portfolio. The historical returns may include investment figures prior to when Galileo Capital became the Advisor on record on your investment. The performance figures may vary from those obtained directly from the individual product providers based on possible differences in return methodologies.
The account pages contain a transaction summary over the open and close period of the statement (usually 1 or 3 months). All currency amounts which may include flows, fees or withdrawals are thus for the period. Internally fees are split between: Advice Fees Planning (advice fees payable to Galileo Capital), Advice Fees GAM (advice fees payable to Galileo Asset Managers) and Product Provider Fees (all fees relevant to the product provider which may include product provider admin, product provider platform, custody, or trading fees). The fees section lists the relevant advice fees loaded per account.
The asset allocation in this report assumes that your South African assets are seen as Local. Allocation segmentations are based, where possible on Morningstar data. Local investments are usually denominated in South African Rands, whereas foreign investments are usually denominated in the foreign currency. Where required the conversion is based on the exchange rate on the valuation date as received from Swissquote or exchangeratesapi. Securities in this report may be consolidated and priced in a single currency based on the currency of the price source used. This may differ from your actual holding currency. Swissquote Group Holding Ltd is Switzerland’s leading provider of online financial and trading services. Listed on the SIX Swiss Exchange (symbol: SQN) since May 29, 2000, the Swissquote Group has its headquarters in Gland (VD) and offices in Zurich, Bern, Dubai, Malta, Hong Kong and London.
The values displayed on this document are dependent on the correctness of the underlying data as provided by the relevant providers. The utmost effort is taken to ensure the current data received is correct and accurate. Accordingly, the values based on the report may at times differ from the values directly obtained from the specific product providers. Where investment decisions such as buying or selling investments are considered, values must be obtained directly from the relevant product providers before any final instructions are submitted. Neither Galileo Capital (Pty) Ltd nor its directors, Financial planners, technology partners or any staff, together with the relevant data providers accept responsibility for any incorrect data unless it is attributed to fraud, bad faith, dishonesty or gross negligence. The investments reflected in this report are generally long-term investments that contain inherent price volatility thus the values of the investments may fluctuate sporadically. Past performance is no indication of future performance. E&OE. v1.3.