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0.24  /  0.23%


NAV on 2021/09/23
NAV on 2021/09/22 104.08
52 week high on 2021/06/11 107.72
52 week low on 2021/03/30 98.77
Total Expense Ratio on 2021/06/30 1.17
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -0.08% -0.08%
3 month change -1.65% 1.74%
6 month change 5.5% 9.14%
1 year change 0% 0%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Derivatives 15.75 1.10%
Fixed Interest 422.07 29.39%
Liquid Assets 16.76 1.17%
SA Bonds 981.42 68.34%
  • Top five holdings
U-INVCORP 286.15 19.93%
U-INVHINC 135.91 9.46%
FUTURES M 15.75 1.1%
U-INVMM 0.01 0%
  • Performance against peers
  • Fund data  
Management company:
Discovery Life Collective Investments (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Interest Bearing--Variable Term
JSE ASSA All Bond Index (ALBI)



  • Fund management  
Malcolm Charles
Malcolm is a portfolio manager in the South African Rates team, with responsibility for a range of fixed income portfolios, including the Flexible Bond, Dynamic Bond and Diversified Income strategies as well as the Fixed Income hedge fund. Prior to joining the firm in 2001, he worked for African Harvest Fund Managers and Old Mutual Asset Managers, as both a fixed interest trader and portfolio manager. Malcolm graduated from Rhodes University with a Bachelor of Commerce degree in Accounting, Business Administration and Commercial Law.
Vivienne Taberer
Vivienne is an investment specialist and portfolio manager in the Global Emerging Market Debt team at Ninety One where she is responsible for Latin American bond and currency markets. Prior to joining the firm in 2002, Vivienne worked at Standard Bank in London for seven years, initially specialising in South African fixed income before moving into sales and trading across the whole spectrum of emerging market debt. Prior to this, she worked at Mizuho International in London and First National Bank trading South African bonds, bond options, FRAs and swaps. Vivienne graduated from the University of the Witwatersrand with a Bachelor of Commerce degree and a Bachelor of Laws degree, and has completed the London School of Business Investment Management Programme.
Peter Kent
Peter is a Co-Head of SA & Africa Fixed Income and is a portfolio manager in the South African Rates team at Ninety One. He has responsibility for a range of fixed income portfolios, including the Flexible Bond and Diversified Income strategies, complementing the team with his global macro experience. Prior to joining the firm, he spent eight years as an interest rate derivative trader at Goldman Sachs in London, with responsibility for managing European swap flow and prop books. Peter holds a Bachelor of Commerce (Hons) from the University of Cape Town, and a Master of Science degree in Finance from the London Business School. He is also a Chartered Accountant (SA) and a CFA Charterholder.

  • Fund manager's comment
No fund manager's comment available.
  • Fund focus and objective  
3.1. The investment objective of the portfolio is to achieve moderate outperformance of the JSE ASSA All Bond Index (ALBI) over the medium term by considering a number of strategies across multiple time horizons and strategically choosing investments within this broader scope.
3.2. To achieve the above objective the portfolio will strategically invest primarily in South African debt instruments including public, parastatal, municipal and corporate bonds, inflation linked bonds, loan stock, debentures, fixed deposits and money market instruments, subject to the conditions and/or limits prescribed by the Act. A minimum of 20% of the portfolio's market value will be invested in instruments that are constituents of the ALBI or similar/equivalent instruments. The portfolio will have a modified duration band of -1 to +3 years around the ALBI.
3.3. Debt Instruments held by the portfolio will be appropriately diversified and will be primarily those issued or guaranteed by a government or those with a credit rating of BBB- (or equivalent) or higher at the time of inclusion in the portfolio. National credit ratings will be used where available.
3.4. The portfolio may also include unlisted securities and listed and unlisted financial instruments as defined, and subject to the conditions and/or limits prescribed by the Act.
3.5. Nothing in this supplemental deed shall preclude the manager from varying the ratio of instruments within regulatory limits, to maximize capital growth and investment potential in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange formally recognised in terms of legislation and from retaining cash or placing cash on deposit in terms of the deed and this supplemental deed; provided that the manager shall ensure that the aggregate value of the assets comprising the unit portfolio consists of securities and cash of the aggregate value required from time to time by the Act.
3.6. 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 fund 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.
3.7. The trustee shall ensure that the investment policy set out in this supplemental deed is carried out.

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