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  •  Alexander Forbes Investments Superior Yield Fund (A)

0.02  /  0.02%

100.65

NAV on 2021/09/22
NAV on 2021/09/21 100.63
52 week high on 2021/03/31 100.98
52 week low on 2020/10/01 100.35
Total Expense Ratio on 2021/03/31 0.61
Total Expense Ratio (performance fee) on 2021/03/31 0
NAV
Incl Dividends
1 month change -0.03% 0.41%
3 month change 0.01% 1.23%
6 month change -0.18% 2.25%
1 year change 0.08% 4.69%
5 year change -0.01% 7.26%
10 year change -0.13% 6.92%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Derivatives -8.90 -0.30%
Liquid Assets 26.30 0.88%
Money Market 1685.26 56.45%
SA Bonds 1282.64 42.97%
  • Top five holdings
MONEYMARK 432.24 14.48%
MM-08MONTH 150.43 5.04%
MM-11MONTH 113.03 3.79%
MM-05MONTH 111.11 3.72%
MM-10MONTH 104.95 3.52%
  • Performance against peers
  • Fund data  
Management company:
Alexander Forbes Investments Unit Trusts Limited
Formation date:
2001/09/17
ISIN code:
ZAE000033379
Short name:
U-ISSUPCA
Risk:
Unknown
Sector:
South African--Interest Bearing--Short Term
Benchmark:
Short-term Fixed Interest Call Deposit Index
  • 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

Investment Solutions Superior Yield comment-Mar 16

2016/06/28 00:00:00
The portfolio ended the quarter and year ahead of the benchmark, with both managers outperforming.
The SA Reserve Bank increased interest rates at its January and March meetings by 25bps and 50bps respectively in an effort to combat inflation on the back of a weaker rand. SA headline inflation increased from 5.7 to 7%. Core inflation (ex-food & NAB and petrol & energy) also ticked up to 5.7% from 5.2% 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. Prescient provided the highest return for the quarter on the back of yield enhancement through a mix of floating-rate assets, credit-linked notes and short dated bank paper, which contributed to performance. Investec also ended ahead due to a high allocation to high-yielding, good-quality credit assets. The managers believe the yield curve is steep and that floating-rate assets are attractive as the SARB will continue to fight inflation. The portfolio has a forward yield of around 9% to 9.2% after the rate increases.
  • Fund focus and objective  
The investment objective of the Investment Solutions Superior Yield Unit Trust is to provide a return in excess of Money Market funds while maintaining a high degree of liquidity and capital preservation. In contrast to a 'Money Market Unit Trust' the Investment Solutions Superior Yield Unit Trust will be permitted to invest in securities with a maximum time to maturity of 36 months (as opposed to 'Money Market Unit Trusts which are limited to 12 months).Investments to be included in the Investment Solutions Superior Yield Unit Trust will include a combination of gilts, cash and other interest bearing securities of a similar nature. The Investment Solutions Superior Yield Unit Trust will predominantly invest in locally issued short term income securities but is permitted to invest a proportion of the fund in locally issued longer dated instruments should the market conditions permit.
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