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-0.23  /  -0.17%

134.63

NAV on 2021/09/23
NAV on 2021/09/22 134.86
52 week high on 2021/08/24 137.61
52 week low on 2020/10/30 127.91
Total Expense Ratio on 2021/06/30 1.04
Total Expense Ratio (performance fee) on 2021/06/30 0
NAV
Incl Dividends
1 month change -1.85% -1.85%
3 month change 1.79% 1.79%
6 month change -0.14% 2.61%
1 year change 3.55% 6.41%
5 year change 2.47% 4.69%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 9.57 8.35%
Consumer Goods 2.16 1.88%
Consumer Services 6.17 5.38%
Financials 8.88 7.75%
General Equity 66.12 57.70%
Health Care 2.39 2.09%
Industrials 1.56 1.36%
Liquid Assets 4.48 3.91%
Technology 4.73 4.13%
Telecommunications 1.59 1.39%
Offshore 6.96 6.08%
  • Top five holdings
DOMESTICFUNDE 64.42 56.21%
BASICMATERIAL 9.57 8.35%
FINANCIALS 7.63 6.66%
CONSUMERSRVS 6.17 5.38%
TECHNOLOGY 4.73 4.13%
  • Performance against peers
  • Fund data  
Management company:
Fairtree Asset Management (Pty) Ltd.
Formation date:
2013/06/07
ISIN code:
ZAE000178653
Short name:
U-FARFLXB
Risk:
Unknown
Sector:
South African--Multi Asset--Medium Equity
Benchmark:
Consumer Price Index (CPI)
Email
info@fairtree.com

Website
http://www.fairtree.com

Telephone
021-943-3760

  • Fund management  
Rademeyer Vermaak
Rademeyer started his career in 2004 at Liquid Capital Markets in London, UK, where as a quantitative analyst he was responsible for the pricing and risk management of listed derivatives. He progressed to the Quantitative Investment team at Liquid Capital Markets, where he was involved in the research and trading of quantitative investment models. Rademeyer subsequently set up Radian Consulting as a quantitative investment and derivatives risk management consultancy where he consulted on derivatives risk management at Barclays Capital, RBS Sempra Commodities, Lloyds Bank Corporate Markets and Dresdner Kleinwort Investment Bank. More recently, he was a founding partner, Head of Quantitative Research and fund manager of the Mansard CTA quantitative fund at Mansard Capital in London. Upon his return from the UK in 2012, Rademeyer joined Fairtree Capital as quantitative fund manager and risk manager.
Fairtree Capital (Pty) Ltd


  • Fund manager's comment

Fairtree MET Flexible Balanced comment - Dec 16

2017/02/16 00:00:00
The market continued to grind higher over December as the outlook for global growth improved on the back of expectations of increased fiscal spending by the US. The market has also been boosted by improving economic data from the US, Europe and China. Global reflation momentum has had a positive effect on risk assets. It's important to note that the positive momentum has started before Trump's election as US president, but it certainly accelerated as his policies around increased fiscal spending, reduced taxes and less financial regulation boosted confidence along with the outlook for increased business investment and productivity.
The US Fed hiked rates by 0.25% as expected and guided to market to pencil in at least two rate hikes in 2 017 on the back of improving growth and rising inflation. The Fed also said that the full impact of Trump's policies remains very uncertain. Fiscal policy has taken over the baton from monetary policy as the primary driver of growth. The next few months will be key to watch as the Trump administration set out the size, timing and structure around its fiscal policies. There is scope for disappointment given that the market have already priced in a significant degree of easing.
Developed market yields have improved over the last three months causing bonds to underperform. The global bond market will remain volatile and may improve over the short term as some of Trump's policies disappoint. However, we believe the asset class will remain under pressure as inflationary pressures continue to build. In the US wages have increased and headline inflation surprised to the upside in Europe.
Economic data out of Europe continued to surprise to the upside. The ECB, who took the decision to extend its asset purchase program until the end of the 20 17, but at a slightly lower pace, may have to taper future asset purchases. Europe continue to benefit from a weak currency and low interest rates, but the political environment will turn more challenging towards the second half of the year as the Netherland, France and Germany face elections. In the UK the debate and negotiations around Brexit is likely to warm up and may add to volatility during the northern spring and summer months.
China has also been a key focus. Manufacturing data has been strong and the economy has grown faster than expected over the second half of last year. However, sign that the property market is in bubble territory and corporate leverage continue to increase at a rapid pace will pressure authorities to tighten monetary conditions over the year. Fiscal policy should remain accommodative. China will also have to deal with a shift in US trade policies which may cause some turbulence for emerging markets.
Given the importance of commodities to the SA economy, the Chinese economy and trade relationships with the US will be two key external factors to watch. The domestic growth outlook continues to improve as drought conditions have eased and the scope for further interest rate hikes diminished. The stronger commodity complex should boost economic activity along with the Rand.
Equities: The outlook for global earnings growth has improved along with the outlook for global growth. Concerns about deflation subsided while expectations for fiscal policies to play a larger role globally strengthened. The reflationary outlook created positive sentiment around cyclical and value orientated stocks, while the increase in bond yields have put pressure on high valuation defensive names. We believe South Africa will follow global equity markets higher as domestic economic activity improves over the next 12 months. The uncertain political environment and a potential policy mistake by the US Federal Reserve remain key risks. We favour cyclical companies with global earnings growth potential and companies with the ability to generate cash sustainably.
Fixed Income: South Africa's inflation will improve materially over the next 1 2 months as food prices fall, the currency remain strong and growth remain slow. However, risks of a weaker ZAR, credit ratings downgrade and Fed hikes should keep the SARB in pause mode for a prolonged period. The focus on the search for yield by global investors and potential reduction in political risk premium over 2 017 will continue to support lower bond yields.
Currency: The US dollar strengthened in response to expectation of faster rate hikes by the Fed. We believe the US dollar will remain strong, but significant upside is capped over the medium term. We continue to view the Rand as slightly undervalued, but scope for further meaningful appreciation given the current political environment and potential US Fed rate hikes are limited
Alternatives: The combination of low global growth, increased asset class volatility and low equity returns have increased dispersion in and amongst asset classes. In an environment where the outlook for traditional asset class returns remain benign we favour alternatives as an asset class.
  • Fund focus and objective  
The Fairtree Flexible Balanced Prescient Fund is a multi-asset medium equity fund. The objective of the fund is to offer absolute returns in excess of inflation over the long term. The fund will invest in a diversified range of local and foreign asset classes as permitted by legislation. These assets include, but not limited to, local and foreign equities, fixed income, money markets, instruments based on the value of any precious metal, property and currencies.
The portfolio is permitted to invest in listed and unlisted financial instruments in line with the conditions as determined by legislation from time to time. The portfolio will be subject to the Prudential Investment Guidelines for South African Retirement Funds, being Regulation 28 of the Pension Funds Act, or such other legislation published from time to time. The portfolio will predominately invest in South African markets, but is however permitted to include investments in offshore jurisdictions subject to the investment conditions determined by legislation from time to time.
The portfolio may apart from assets in liquid form also include participatory interests or any other form of participation in portfolios of collective investment schemes, exchange traded funds or other similar schemes. Where the aforementioned schemes are operated in territories other than in South Africa, participatory interests or any other form of participation in these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and trustee and is of a sufficient standard to provide investor protection at least equivalent to that in South Africa.
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