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0.02  /  0.02%

100.15

NAV on 2021/09/17
NAV on 2021/09/16 100.13
52 week high on 2020/09/30 100.28
52 week low on 2020/10/01 100
Total Expense Ratio on 2021/03/31 1.06
Total Expense Ratio (performance fee) on 0
NAV
Incl Dividends
1 month change 0.02% 0.27%
3 month change 0.02% 0.77%
6 month change 0.02% 1.53%
1 year change -0.01% 3.03%
5 year change -0.04% 5.68%
10 year change -0.01% 5.23%
Price data is updated once a day.
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  • Sectoral allocations
Fixed Interest 220.49 13.67%
Liquid Assets 97.23 6.03%
Money Market 1295.14 80.30%
  • Top five holdings
MM-01MONTH 1295.14 80.3%
U-NICORMM 110.25 6.84%
U-SBKCMM 110.24 6.84%
  • Performance against peers
  • Fund data  
Management company:
Gryphon Collective Investments (RF) (Pty) Ltd.
Formation date:
2009/01/28
ISIN code:
ZAE000132205
Short name:
U-GRDIVIN
Risk:
Unknown
Sector:
South African--Interest Bearing--Short Term
Benchmark:
70% of the STeFI Composite index
Email
info@gryphon.com

Website
www.gryphon.com

Telephone
021-915-5100

  • Fund management  
Reuben Beelders
Reuben is CIO as well as a Portfolio Manager. Having served as the Head of Strategy, he has experience covering most asset classes. Reuben also chairs the Gryphon Investment Committee. He has been an industry professional since 1996, has commercial and accounting experience, is a Chartered Accountant and is a Chartered Financial Analyst Charter holder.
Sunette Swart
Sunette is an active member of our fixed income franchise, credit and risk committee, and takes on the role of co-managing our Money Market Portfolios. Having articled with EY and staying on in the auditing profession for a number of years, she changed direction and joined the Gryphon team as Head of Finance in 2004.


  • Fund manager's comment

Gryphon Dividend Income comment - Oct 17

2017/11/22 00:00:00
Global economic growth remains robust and increasing reference is being made to a synchronized global recovery. US growth has not been derailed by hurricanes and the Eurozone upswing remains on track underpinned by strong industrial activity and exports. Emerging markets too are increasingly reflecting economic strength. Recent developments in China have strengthened the hand of the ruling elite and the countries evolution to services and consumer-oriented economy continues. The ECB continued to reassure markets of a gradual exodus from QE. Global equity markets returned +1.9% in dollars, while Emerging markets outperformed, returning +3.5%.
Another strong month from local equities, +6.3%, reflects the dominance of large capitalization rand-hedge stocks on our bourse. Resources led, up +7.1%, however, large capitalization Industrials like Naspers continued to rally. The Medium Term Budget Policy Statement was, if anything, concerning and precipitate a weakening in the currency as the increased likelihood of a downgrade is factored in. The prospect of further rate cuts has been virtually eliminated. However, global commodity prices are strong, as is global growth. This rising tide may lift a floundering South African ship. However, you cannot avoid ''hopeless'' by relying only on ''hope.'' Action is required.
Technology-laden U.S. markets have delivered earnings in line with expectations and in some instances, like Facebook, even better. Politics aside, the U.S. continues to perform. However, there may be a re-evaluation of how high some stocks can fly. Tesla, Yelp, FireEye and GoPro all fell around 10%, in after-hours trading, after disappointing the market. The froth and fervor around Bitcoin, is also reminiscent of prior excesses that have ended badly. Nevertheless, investors need to remain focused on their financial goals. As does the U.S. Federal Reserve. And its primary goal remains to hike rates further in December. Looking out to 2018, it has more rate hikes penciled in than the market and this could be an inflection point. While economic growth remains strong, investors must be cognizant of what is priced into the market
The uncertain local political and economic environment has resulted in a dearth of investment in infrastructure and new business ventures. Sadly, it is exactly investment of this nature which creates jobs, which is in essence what South Africa needs. It is the enterprising investor who is able to, in the midst of this confusion and uncertainty, identify opportunities offering value and allocate capital which generates inflation-beating returns. It is worth reflecting on the stellar returns enjoyed locally over the past 10 years. For example, annualized returns of 9.8% for equities, 8.0% for bonds and 7.2% for cash. What is also increasingly clear however, is that active managers have underperformed the index over this period and with the strong performance since July have continued to do so. An allocation to indexation is certainly worth considering.
  • Fund focus and objective  
The objective of the portfolio is to achieve a high level of dividend income while preserving capital and maintaining liquidity. Capital gains are of an incidental nature. The portfolio is permitted to invest in any equity or non- equity securities that generate a dividend return and may be included in the portfolio in terms of CISCA 2002 and other relevant legislation. The portfolio may be capped in order to manage the portfolio in accordance with its mandate. Income tax legislation is subject to amendment and any such changes could affect the tax status of distributions. Capital risk is restricted as the fund has no exposure to equities. In the unlikely event of non-payment of dividend, the fund reverts to a money market fund. The recommended investment term is three months and longer.
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