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1.82  /  0.13%


NAV on 2021/09/17
NAV on 2021/09/16 1377.18
52 week high on 2021/02/12 1450.46
52 week low on 2021/04/01 1330.39
Total Expense Ratio on 2021/06/30 0.42
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change -1.26% -1.26%
3 month change 1.14% 1.14%
6 month change -1.53% 2.02%
1 year change -2.54% 5.19%
5 year change 4.54% 10.13%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Fixed Interest 234.15 59.89%
General Equity 0.16 0.04%
Liquid Assets -0.04 -0.01%
Specialist Securities 38.39 9.82%
Offshore 118.29 30.26%
  • Top five holdings
U-NICORMM 73.24 18.73%
U-SBKCMM 72.24 18.48%
U-INVCOMM 52.18 13.35%
U-NEWGOLD 38.39 9.82%
U-CCSCAPP 36.49 9.33%
  • Performance against peers
  • Fund data  
Management company:
Gryphon Collective Investments (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Flexible
CPI + 7%



  • 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.
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.

  • Fund manager's comment

Gryphon Flexible FoF 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 primary objective of the fund is to generate real (after-inflation) wealth for investors at lowest possible cost, with due cognizance of risk and, in particular, secular downside risk. This is achieved by consistently producing real returns and long-term capital growth through maximum exposure to equities (the asset class of choice over the long-term to protect investors against inflation) during bull markets, while minimising exposure to equities in secular bear markets. Although this portfolio aims to limit downside risk over the medium to long term, investors should be able to withstand capital volatility in the short term; the fund may produce negative returns in extreme years, albeit at a lower level than a fund that is only invested in shares. The recommended investment term is three years and longer.

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