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0.02  /  0.02%

102.8

NAV on 2021/09/16
NAV on 2021/09/15 102.78
52 week high on 2020/12/31 103.72
52 week low on 2021/04/01 101.3
Total Expense Ratio on 2021/03/31 1.15
Total Expense Ratio (performance fee) on 2021/03/31 0
NAV
Incl Dividends
1 month change 0.39% 0.39%
3 month change -0.17% 1.06%
6 month change 0.19% 2.69%
1 year change -0.61% 4.52%
5 year change 0.41% 7.62%
10 year change 0.03% 7.13%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 1.07 0.13%
Derivatives -0.59 -0.07%
Fixed Interest 71.99 8.93%
Liquid Assets 41.67 5.17%
Money Market 156.89 19.46%
SA Bonds 535.09 66.38%
  • Top five holdings
U-NICORMM 71.99 8.93%
MM-03MONTH 30.42 3.77%
MONEYMARK 28.04 3.48%
MM-12MONTH 21.22 2.63%
MM-11MONTH 14.85 1.84%
  • Performance against peers
  • Fund data  
Management company:
Alexander Forbes Investments Unit Trusts Limited
Formation date:
2004/07/01
ISIN code:
ZAE000053310
Short name:
U-ISINCOM
Risk:
Unknown
Sector:
South African--Interest Bearing--Short Term
Benchmark:
All Bond 1 to 3 Year Term Split
  • Fund management  
Kabelo Rikhotso
Kabelo Rikhotso began his career in 2004 at Advantage Asset Manager (previously known as mCubed Asset Management) as a Research Analyst responsible for risk management, formulating investment strategies, economic modelling, researching and presenting the appropriate research in articles. He was later promoted to a Portfolio Manager for the large cap equity fund.In 2006, he joined National Treasury as the first candidate in the Talent Management Program which aimed to fast track talented young individuals into leadership roles. He was based in the Risk Management Directorate and was responsible for research and designing the Operational Risk Framework for the division and also worked under the guidance of the DDG as Deputy Director of Market Risk. In this role, he was responsible for conducting research on benchmarking the Government Debt Portfolio and building an optimal debt structure for the RSA Government (Fixed vs. Floating debt, Foreign vs. Domestic). This role included devising optimal ways of funding the Government debt at the lowest possible cost across the yield curve subject to refinancing risk, currency risk etc.In May 2008, he joined Investment Solutions as a Fixed Income Portfolio manager and in September 2009 was promoted to Head of Equity, Fixed Income and Property funds.
Alexander Forbes Investments


  • Fund manager's comment

Investment Solutions Income Comment - Mar 16

2016/06/28 00:00:00
The portfolio ended ahead of the benchmark for the quarter, with both managers underperforming.
The best-performing asset class within the constraints of this fund was nominal bonds, which returned 6.3% -- comfortably higher than the inflation-linked bond return of 1.99% and slightly higher than the 1.93% of cash over the quarter.
The money-market curve ended the quarter higher, with the 12 month NCD ending the quarter at 8.6%.The three-month Jibar also ended higher at 7.23% from 6.63% after the rate increases. The forward-rate agreements (FRAs) ended on average around 40bps lower, with the forward rate pricing in 75bps worth of increases over the next 12 months at quarter- end.
Both managers underperformed due to a significant rally on the short end of the curve. Prescient's and Cadiz's exposure to floating-rate assets detracted from performance over the quarter, hence short duration in a period of falling yields detracted from performance. The portfolio's forward yield is around 9.6% to 9.7% after the interest-rate increase.
Income The portfolio ended ahead of the benchmark for the quarter, with both managers underperforming.
The best-performing asset class within the constraints of this fund was nominal bonds, which returned 6.3% -- comfortably higher than the inflation-linked bond return of 1.99% and slightly higher than the 1.93% of cash over the quarter.
The money-market curve ended the quarter higher, with the 12 month NCD ending the quarter at 8.6%.The three-month Jibar also ended higher at 7.23% from 6.63% after the rate increases. The forward-rate agreements (FRAs) ended on average around 40bps lower, with the forward rate pricing in 75bps worth of increases over the next 12 months at quarter-end.
Both managers underperformed due to a significant rally on the short end of the curve. Prescient's and Cadiz's exposure to floating-rate assets detracted from performance over the quarter, hence short duration in a period of falling yields detracted from performance. The portfolio's forward yield is around 9.6% to 9.7% after the interest-rate increase.
  • Fund focus and objective  
The specialist managers selected for this portfolio invest in income-yielding fixed-interest instruments such as money-market instruments, bonds and inflation-linked bonds. Money-market instruments generally have maturity dates shorter than one year and bonds longer than one year. The assets in the portfolio will consist mainly of shorter-dated bonds between one and three years. The managers are given specific mandates aimed at providing income and some capital growth. Relative to single manager income-only portfolios, this portfolio is expected to have lower volatility of returns over the medium term due to the nature of its construction.
The portfolio is aimed at investors with a short- to medium-term investment horizon (three years). Investment Solutions expects:
* A low probability of capital loss over the short to medium term
* Investment returns above inflation over the medium to longer term
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