A Sanlam Escalating Fund invests in a combination of the corresponding unit trust and cash. The allocation between the corresponding unit trust and cash is not fixed, but varies according to market conditions. Due to the fall in markets, the cash component of a number of Sanlam Escalating Funds has increased over the past few months.
Click here for an article that includes the Sanlam Escalating Funds available per product and the cash component of each on 22 November 2018. It also includes an explanation of the implications of a high cash component, as well as an example of the built-in guarantee if invested in Sanlam Escalating Funds.