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0.85  /  0.75%


NAV on 2021/09/22
NAV on 2021/09/21 111.76
52 week high on 2021/08/24 114.03
52 week low on 2020/10/30 94.62
Total Expense Ratio on 2021/06/30 1.2
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -0.91% -0.91%
3 month change 6.44% 7.27%
6 month change 9.71% 10.57%
1 year change 18.02% 19.79%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Basic Materials 4.67 8.32%
Consumer Discretionary 10.26 18.28%
Derivatives 0.01 0.01%
Energy 0.01 0.01%
Financials 3.76 6.69%
Fixed Interest 0.00 0.00%
Health Care 1.20 2.14%
Industrials 1.34 2.38%
Liquid Assets 3.14 5.59%
Real Estate 3.73 6.65%
SA Bonds 4.97 8.86%
Specialist Securities 0.90 1.61%
Technology 2.81 5.01%
Telecommunications 1.03 1.83%
Offshore 18.29 32.60%
  • Top five holdings
 TFG 2.84 5.06%
 AMPLATS 2.00 3.57%
 CAPITEC 1.51 2.69%
 NASPERS-N 1.48 2.64%
 CLICKS 1.47 2.62%
  • Performance against peers
  • Fund data  
Management company:
BlueAlpha Investment Management (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
Average of the ASISA SA Multi Asset High Equity category
  • Fund management  
Blue Alpha Investment Management
Richard Pitt
Walter Jacobs

  • Fund manager's comment

2020/02/14 00:00:00
Performance For the quarter, the fund outperformed, returning 4.4% vs the Benchmark's 2.5%. For the year the fund also outperformed, returing 12.4% vs the Benchmark's 9.5%.
Macro Global markets had a positive quarter, retuning 8.6% in USD. The US continues to do well, particularly large branded corporates. The change in global earnings growth expectations was 2.2% for 2019. Bond yield are still pricing in negative real rates, while equity ratings are neutral to elevated, specifically in the US. Within equity, there has been a massive divergence between tech & global brands, and other sectors.
In south Africa, goverment debt levels and the possible loss of our remaining investment grade rating has been fully dicounted by fixed inome - which has been going on for three years, so nothing new. Where our overenment bonds trade, they have already priced in a default. The biggest surprise has been how strong the rand has been this year. Issues at Eskom have further weighed on investor sentiment. Of corse, by far the biggest impact these issues have had is on the earnings prospects of domestic companies. Despite this local markets performed well over the quarter, gaining 4.8% ZAR. The Rand also appreciated over the quarter, gaining 8.1% against the USD. Bond yields have remained flat, ending at 9.0% at end-Cecember (vs 9.0% at end-September), and the SARB kept rates flat over the quarter. The market is pricing in at least one more 25bps cut in interest rates over the next 12 Months.
Asset Allocation The best performing asset class over the quarter was Domestic Equity, followed by Global Equity. While Global Equite performed well in hard curency terms, this performance was diminished due to ZAR appreciation over the quarter.
Domestic Equity Specific domestic stock performers were Astra Foods, (+47.7% QTD), Clicks (+19.4% QTD) and Anglo American Platinum (+43.2% QTD).
In anticipation of a South African rebound, we see a plausible solution to Eskom as the largest hurdle. Should we see any resolution on this issue, we would aim to further increase exposure to SA domestic names.
Global Equity The Global componet of the portfolio contri buted to performance, despite Rand strenght. Specific stock performers were Apple (+31.5% in USD), United Health (+35.8% in USD) and Dominos Pizza (+20.4% in USD).
  • Fund focus and objective  
The BlueAlpha BCI Balanced Fund is a managed portfolio with the objective to offer investors a moderate to high long term total return. The portfolio will be managed in compliance with prudential investment guidelines for retirement funds in South Africa to the extent allowed for by the Act. The portfolio's net equity exposure will range between 0% and 75% of the portfolio's net asset value. In order to achieve its objective, the investments normally to be included in the portfolio may comprise a combination of assets in liquid form, money market instruments, interest bearing securities, bonds, debentures, corporate debt, equity securities, property securities, preference shares, convertible equities and non-equity securities. The manager may invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time, and which are consistent with the portfolio's investment policy. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equivalent to that in South Africa. The portfolio may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective. The manager may also include forward currency, interest rate and exchange rate swap transactions for efficient portfolio management purposes. The Trustee shall ensure that the investment policy set out in this Supplemental Deed is carried out. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.

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