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NAV on 2021/09/22
NAV on 2021/09/21 100
52 week high on 2020/09/24 100
52 week low on 2020/09/24 100
Total Expense Ratio on 2021/06/30 0.3
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change 0% 0.34%
3 month change 0% 0.99%
6 month change 0% 2.01%
1 year change 0% 4.13%
5 year change 0% 6.75%
10 year change 0% 6.38%
Price data is updated once a day.
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  • Sectoral allocations
Liquid Assets 67.97 25.36%
Money Market 200.06 74.64%
  • Top five holdings
MM-08MONTH 39.89 14.88%
MM-02MONTH 35.13 13.11%
MM-03MONTH 35.05 13.08%
MM-11MONTH 25.14 9.38%
MM-01MONTH 20.07 7.49%
  • Performance against peers
  • Fund data  
Management company:
Gryphon Collective Investments (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Interest Bearing--Money Market
Alexander Forbes Short Term Fixed Interest index (STeFI)



  • Fund management  
Abri du Plessis
Abri’s position at Gryphon is that of Economist and Portfolio Manager where his primary focus is on the multi-asset service offering - a role that sees his wealth of quantitative experience put to effective use. He is involved in co-managing the Money Market Fund and Equity Tracker solutions. Abri’s experience spans all aspects of the industry and market and, having co-founded Gryphon, he is instrumental in the strategic direction of the group.
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 Money Market 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 Gryphon Money Market Fund generates a high level of monthly interest income, while preserving capital. It invests in money market instruments such as government and public-sector securities, treasury bills, debentures and bank deposits. These instruments have a maturity of not more than 12 months. To ensure that liquidity is available, and the capital is preserved, the average maturity may not exceed 90 days. In the case of abnormal credit events impacting underlying holdings, the capital value of the portfolio may reduce. The fund is, however, managed to ensure that liquidity is available, and the capital is preserved. Key Features - A low-risk investment that generates optimal interest income while preserving capital - Invests in only vanilla investments with a short-term credit rating of A1/F1 or better - predictable outcome; no surprises - Incremental outperformance resulting in consistent growth Who should invest? - Investors seeking to maximize interest income without putting their capital at risk - Investors with an appetite for bank deposits or equivalents Performance objective The primary performance objective of the portfolio is to obtain as high a level of current income as is consistent with capital preservation and liquidity. The fund aims to achieve top quartile performance in its category

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