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-2.22  /  -0.16%


NAV on 2021/09/17
NAV on 2021/09/16 1394.13
52 week high on 2021/08/17 1447.56
52 week low on 2020/10/30 1197.77
Total Expense Ratio on 2021/06/30 0.86
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -2.92% -2.92%
3 month change 1.28% 1.28%
6 month change 1.78% 2.76%
1 year change 8.78% 11.84%
5 year change 4.23% 7.87%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 451.08 15.38%
Consumer Discretionary 240.95 8.21%
Derivatives 4.68 0.16%
Energy 9.18 0.31%
Financials 239.06 8.15%
Health Care 13.46 0.46%
Industrials 53.82 1.83%
Liquid Assets 68.33 2.33%
Managed 345.74 11.79%
Real Estate 83.23 2.84%
SA Bonds 251.06 8.56%
Specialist Securities 119.12 4.06%
Technology 147.68 5.03%
Telecommunications 67.96 2.32%
Offshore 838.12 28.57%
  • Top five holdings
U-CAMUINT 345.74 11.79%
O-ISWEQIN 213.37 7.27%
VANALLWORLD 211.50 7.21%
O-COREMSW 188.80 6.44%
 BHP 129.18 4.4%
  • Performance against peers
  • Fund data  
Management company:
H4 Collective Investments (RF) Pty Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
CPI + 4% p.a.



  • Fund management  
Yolanda B Naude

  • Fund manager's comment

H4 Diversified Comment - Dec 19

2020/02/19 00:00:00
Note: Given this fund’s objective, the manager recommends a minimum time horizon of four years for it to achieve its strategic objective.
The H4 Diversified Fund (‘the fund’) delivered 1.8% in Q4-2019, and has delivered 12.7% versus 8.3% for its SA CPI +4% p.a. benchmark over the past year. In terms of the major asset classes to which the fund was exposed during the quarter, the local equity market (measured by the FTSE/JSE All Share Index) gained 4.6%, slightly behind the FTSE/JSE Capped Top 40 Index (to which the fund is exposed) which was up 5.2%. Local bond prices (All Bond Index) ended the quarter up 1.7% despite the Moody’s rating agency’s announcement of a downgrade in the country’s rating outlook from Stable to Negative; while the local listed property market (FTSE/JSE SA Listed Property Index) gained 0.6%. Global equities (MSCI All Country World Index in US dollars) delivered 9% during Q4-2019’s renewed risk-on phase; while global listed property (MSCI World REITs Index in US dollars) was flat. During the quarter the rand strengthened 8.4% versus the US dollar; detracting significantly from the performance of global assets when measured in rand terms.
One of the stated primary objectives of the fund is to achieve capital appreciation over the medium term, at a risk level roughly half that of a pure equity investment. When measured over the past one and three year periods, the fund’s standard deviation (which is a generally accepted measure of risk/ volatility) was 5.2% over 12 months and 7% over three years. This compares reasonably well with the local equity market’s standard deviation of 10.5% over one year and 11.5% over three years, and global equity measured in rand’s standard deviation of 25.8% over one year and 22.3% over three years.
There were no marked asset allocation changes in the fund during quarter. The manager essentially used net inflows to increase the fund’s offshore exposure and further trimmed domestic preference shares into strength. In terms of foreign currency exposure, the manager initiated a new zero cost currency hedge during August on a portion of the fund’s offshore exposure in order to protect it from possible marked rand strength. This protection was in place until mid-December 2019. At quarter-end, the fund held a diversified mix of assets which the manager deems appropriate for the current investment climate. Sizeable exposures included domestic bonds, domestic and global equity, domestic and US protected equity, and domestic and global listed property. The fund continues to adhere to its policy.
  • Fund focus and objective  
The H4 Diversified Fund is a moderate risk multi-asset portfolio, with the primary objective of achieving capital appreciation over the medium term at a risk level roughly half that of a pure equity investment, with moderate capital stability.
The portfolio's investment universe will comprise primarily of listed equity securities, fixed interest securities, listed real estate and assets in liquid form. The portfolio is allowed to invest in listed and unlisted financial instruments for the purpose of efficient portfolio management only. It is permitted to invest in offshore investments as legislation permits. The portfolio will be broadly diversified across asset classes and will be managed in accordance with prudential guidelines governing pension funds (i.e. it is Regulation 28 compliant).

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