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  •  Alexander Forbes Investments Real Return Focus Fund (A)

-1.31  /  -0.61%

214.27

NAV on 2021/09/16
NAV on 2021/09/15 215.58
52 week high on 2021/08/31 218.87
52 week low on 2020/10/30 179.68
Total Expense Ratio on 2021/03/31 1.24
Total Expense Ratio (performance fee) on 2021/03/31 0
NAV
Incl Dividends
1 month change -1.01% -1.01%
3 month change 0.05% 0.05%
6 month change 1.71% 3.33%
1 year change 12.98% 17.83%
5 year change 0.68% 5.66%
10 year change 2.35% 6.89%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Additional 0.77 0.27%
Basic Materials 31.90 11.07%
Consumer Discretionary 21.89 7.59%
Derivatives 3.30 1.15%
Energy 2.56 0.89%
Financials 34.07 11.82%
Fixed Interest 15.88 5.51%
Health Care 0.66 0.23%
Industrials 5.28 1.83%
Liquid Assets 14.52 5.04%
Money Market 12.39 4.30%
Real Estate 11.43 3.97%
SA Bonds 101.37 35.16%
Specialist Securities 0.94 0.33%
Technology 19.36 6.72%
Telecommunications 11.97 4.15%
  • Top five holdings
 NASPERS-N 16.75 5.81%
U-PRUCOB 8.87 3.08%
 MTN GROUP 7.99 2.77%
 STANBANK 7.72 2.68%
 ANGLO 7.72 2.68%
  • Performance against peers
  • Fund data  
Management company:
Alexander Forbes Investments Unit Trusts Limited
Formation date:
2004/10/01
ISIN code:
ZAE000049045
Short name:
U-ISREAL
Risk:
Unknown
Sector:
South African--Multi Asset--High Equity
Benchmark:
Headline CPI + 4%
  • Fund management  
Glenn T Silverman
Glenn qualified as a chartered accountant in 1990 after completing his articles with firm Kessel Feinstein. He then spent two years in commerce before joining a major asset management company where he gained two and a half years practical experience in research and fund management. He worked for the RMB Asset Management team before joining Investment Solutions
Alexander Forbes Investments


  • Fund manager's comment

AF Investments Real Return Focus Comment - Sep 19

2019/10/29 00:00:00
The portfolio delivered a positive absolute return for the year. It achieved this in an environment where domestic and international markets were weak due to weak global growth. The United States Federal Reserve (US Fed) and ECB both eased monetary policy by cutting their interest rates by 25 basis points and 10 basis points with the aim to offset weak global growth. The US-China trade war ratcheted up and down but remained intact, posing a threat to global financial markets including emerging markets. Precious metals, such as gold, have benefitted. This was driven by a flight to safety in the face of disappointing economic growth and international markets which have come under pressure. Growth domestic asset classes such as equities (down -4.6%) and property (down -4.1%) were negatively impacted by poor global economic growth while domestic bonds (up +0.7%) and cash (up +1.8%) were positive as investors preferred to adopt a defensive stance in their portfolios. South African equities delivered the worst performance as the FTSE/JSE All Share Index fell by 4.6% to underperform developed market equities, the MSCI World (+7.5% in rands), emerging markets and the MSCI Emerging Markets (-2.9% in rands).
The effect of asset allocation drove the positive outcomes of the portfolio due to high exposure to bonds and money market. Within the equity component the exposure to select resource shares, mainly within platinum and gold sectors, was positive, supported by higher metal prices. An exposure to Impala, Amplats, Woolies and Sibanye contributed to performance. The portfolio also has exposure to the gold ETF and platinum ETF which have performed well in a tough economic environment. The addition of alternative strategies in the form of hedge funds and private markets remained vital over the 3 years, especially when equity markets delivered poor returns, bringing diversified sources of return. Since inclusion these strategies, on a combined basis, have delivered returns that exceed the target while traditional growth asset classes have struggled.
The portfolio achieved its primary objective target (CPI +4%) over a rolling three-year period, with a success rate of 61%. The returns for the three years to end September 2019 were positive but below the inflation target as domestic asset classes delivered lower returns. Despite the portfolio lagging its target over three years, it managed to deliver returns above those of traditional growth asset classes (equities and property) as a result of its exposure to alternatives.
Over the long term, capital preservation over shorter periods (rolling 12-month periods) remains strong, with a success rate of 99%.
The offshore component delivered a positive return due to a high exposure in developed market equities which were also supported by a weak rand. Within the global cash component an exposure to the US dollar in favour of the euro added value as the yields in US dollars remain positive. The global flexible component delivered positive returns in US dollars supported by an exposure to absolute returns bonds, high yield corporate bonds and global property.
The portfolio achieved its primary objective target (CPI +4%) over a rolling three-year period, with a success rate of 61%. The returns for the three years to end June 2019 were below target as domestic asset classes delivered lower returns. Despite the portfolio lagging its target for three years, it managed to deliver returns above those of traditional growth asset classes (equities and property) as a result of its exposure to alternatives.
Over the long term, capital preservation over shorter periods (rolling 12-month periods) remains strong, with a success rate of 100%.
  • Fund focus and objective  
The fund aims to achieve above inflation returns at low risk. The fund will target a return of 2% to 4% ahead of headline CPI after tax on a three-year rolling basis. The fund may invest in listed property, as this forms part of overall equity exposure. Equity exposure will be limited to a maximum of 75% of the value of the Portfolio, and there is no minimum exposure for equities. Derivatives may be used in accordance with collective investment scheme regulations.
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