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2.75  /  0.55%


NAV on 2021/09/22
NAV on 2021/09/21 499.16
52 week high on 2021/08/31 509.14
52 week low on 2020/10/29 436.23
Total Expense Ratio on 2021/06/30 1.59
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -0.78% -0.78%
3 month change 2.11% 3.42%
6 month change 4.5% 5.84%
1 year change 14.9% 17.64%
5 year change 1.99% 5.52%
10 year change 4.48% 7.65%
Price data is updated once a day.
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  • Sectoral allocations
Basic Materials 152.77 6.03%
Consumer Discretionary 122.58 4.84%
Derivatives 0.34 0.01%
Energy 9.52 0.38%
Financials 134.23 5.30%
Health Care 12.05 0.48%
Industrials 48.43 1.91%
Liquid Assets 263.06 10.38%
Money Market 212.88 8.40%
Oil & Gas 0.00 0.00%
Real Estate 134.82 5.32%
SA Bonds 649.98 25.64%
Technology 66.85 2.64%
Telecommunications 34.46 1.36%
Offshore 693.06 27.34%
  • Top five holdings
MM-03MONTH 63.59 2.51%
MM-05MONTH 57.19 2.26%
 NASPERS-N 47.34 1.87%
MM-09MONTH 30.65 1.21%
 REDEFINE 27.37 1.08%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Medium Equity



  • Fund management  
Hanno Niehaus
Hanno is currently part of the portfolio management team responsible for managing retail and institutional assets. His responsibilities include managing multi-asset class funds, as well as local and international equity portfolios.Before joining Old Mutual Investment Group, Hanno worked in the UK for two years.Since joining Old Mutual in 1998, Hanno has been involved in the management ofderivative, multi-asset class funds, equity portfolios and hedge funds.
Ziyaad Parker

  • Fund manager's comment

Old Mutual Dynamic Floor comment - Dec 19

2020/02/24 00:00:00
Q4 2019 saw some optimism return to global asset markets, as a US-China trade agreement to partially roll back tariffs, increase agricultural purchases, and ensure intellectual property protection, was reportedly reached. The quarter kicked off with the US Federal Reserve cutting rates by 25 basis points for the third consecutive time, although it hinted at a pause in further policy easing. In the UK, the Conservative Party’s majority election win has provided some political stability, paving the way for the Brexit date currently set at 31 January 2020. Concerns around a slowdown in global economic growth do, however, persist and it remains to be seen for how long central banks can continue with monetary policy easing. The MSCI World Index (developed market proxy) was up strongly, returning 8.6% over the quarter in US dollar terms, with the S&P 500 Index up 9.1% despite ongoing concerns about elevated US stock valuations.
Locally, a disappointing Medium-Term Budget Policy Statement (MTBPS) delivered in October prompted a sharp negative reaction in bond markets. While a timeline was laid out for the restructuring of Eskom into three separate units, there was no firm detail on debt restructuring or cost reduction. This culminated in both Moody’s and S&P placing South African sovereign ratings on a negative outlook during the course of November. Despite the poor growth outlook and inflation numbers that keep surprising on the downside, the South African Reserve Bank (SARB) opted to keep rates on hold, which will no doubt maintain pressure on severely indebted local consumers.
Despite the gloomy local backdrop, the FTSE/ JSE All Share Index reversed the losses of the previous quarter, advancing 4.6% in Q4, with the MSCI Emerging Markets Index returning 11.8% in US dollar terms. The rand advanced 7.5% over the quarter relative to the US dollar, ending the quarter at R14 per dollar.
At a portfolio level, our effective equity exposure fluctuated between 49.3% and 58.9%, closing out the quarter around 56%. While we are currently tilted in favour of offshore equities over domestic equities due to the aforementioned domestic growth and fiscal concerns, we are wary that local assets are currently trading at depressed valuation levels, and will therefore look to take advantage of this as and when buying opportunities arise.
Given the well-diversified nature of the Dynamic Floor Fund and its moderate exposure to growth assets, the fund will continue to deliver returns in a risk-controlled framework with reduced volatility. The portfolio is still well positioned to meaningfully participate in any further equity market rallies. We do, however, remain cautious and are well placed to protect capital should markets retrace. This approach has served the portfolio well as it continues to provide the optimal blend of exposure to growth assets and capital protection.
  • Fund focus and objective  
The fund strives for long-term capital growth as well as some level of capital protection. Through the use of a quantitative risk model, the fund aims to profit from a rising share market and protect against capital losses in a weak market. The fund invests across shares, bonds and cash - moving from shares into fixed-interest investments when the fund's value drops below a predetermined 'floor'. When markets start to move up, the fund increases its holdings in shares, tapping into these growth opportunities. The fund aims to protect at least 90% of the net investment over a 12-month period. The fund is ideally suited to the more risk averse investor whose priority is capital preservation but who still wants to participate in upside market growth. It suits investors who want: * Protection of invested capital * The level of capital protection to follow markets upwards * Active equity management This is a moderate risk fund (risk rating 3). The risk management model aims to protect the portfolio value at a forward 'floor' level. The model will adjust the portfolio's asset allocation dynamically to protect capital. This form of portfolio protection is not a guarantee, but clearly a protective strategy only. The protective strategy is effective over typical 12-month rolling periods. Short-term fund value fluctuations can occur. Derivatives will be used tactically to manage and limit downside risk, and to capture or lock in gains as and when they occur. Dynamic Floor Technology Equities are the key driver of long-term after tax returns in excess of inflation, but they introduce short-term capital risk. The manager therefore uses dynamic floor technology to reduce the risk of loss in the fund, whilst still allowing the fund to benefit from positive equity performance. In other words, dynamic asset allocation decisions are driven by a quantitative process that reduces exposure to riskier assets in a declining or volatile equity market in favour of more stable assets like cash. The opposite would apply in a rising equity market. Furthermore, as positive returns are generated above a certain level, so the floor is raised in order to protect these returns from future losses. The floor is typically set at 10% below current fund value, with a one-year time horizon. It does not represent a guarantee but reflects a target maximum loss in any one year whilst still giving the fund uncapped upside potential.

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