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  •  Alexander Forbes Investments Stable Fund of Funds (A)

0.25  /  0.16%


NAV on 2021/09/22
NAV on 2021/09/21 154.27
52 week high on 2021/08/25 156.64
52 week low on 2020/10/30 142.59
Total Expense Ratio on 2021/03/31 1.69
Total Expense Ratio (performance fee) on 2021/03/31 0
Incl Dividends
1 month change -1.16% -1.16%
3 month change 0.28% 1.08%
6 month change 0.59% 2.2%
1 year change 6.37% 9.16%
5 year change 1.93% 5.58%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Liquid Assets 19.69 0.88%
Managed 2214.58 99.12%
  • Top five holdings
U-CORBDEF 867.39 38.82%
U-NEDINST 865.72 38.75%
U-AEONABS 481.46 21.55%
  • Performance against peers
  • Fund data  
Management company:
Alexander Forbes Investments Unit Trusts Limited
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Low Equity
Average of South African Multi Asset Low Equity Category
  • 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 Stable FoF Comment - Sep 19

2019/10/29 00:00:00
The fund ended ahead for the quarter with all managers outperforming except for PSG.
The third quarter of 2019 was a tumultuous period in global markets, mainly due to the continuation of the trade tensions between the United States (US) and China in the month of August. President Donald Trump announced tariffs of 10% on an additional $300 billion of Chinese goods. Shortly after, Chinese policymakers allowed the Yuan to sink below 7 against the US dollar, the lowest level since April 2008. Tensions continued to build with China adding more tariffs on US goods. The trade developments coupled with enduring global growth concerns triggered a ‘risk-off’ reaction across markets. Global stocks (MSCI World) fell by 2%, credit spreads widened, inflation expectations dropped considerably and 30-year sovereign bond yields of the US, the UK and Germany fell by 30–60 basis points. There was some relief late in the quarter as the US and China announced that they would be resuming talks in early October. This resulted in some retracement in the month of September.
The United States Federal Resere (US Fed) acted as expected, cutting interest rates by 25 basis points in July and September but stopped short of outlining further easing. Global policy ‘tone’ is generally dovish as shown by the 22 central banks that cut their policy rate at least once during the third quarter. In contrast, South Africa (SA) did not follow the trend as the South African Reserve Bank (SARB) held the repo rate unchanged at 6.5%. The SARB has allowed the US interest rate gap to widen so that SA remains as an attractive destination for investment. The SA money markets are currently pricing-in one interest cut through the next year. The 3-month Johannesburg Interbank Average Rate is currently at the same level as the 3-year swap rate.
Locally, cash was the best performing asset class over the quarter, returning 1.8% to be comfortably ahead of nominal bonds and inflation-linked bonds which returned 0.74% and 0.12%, respectively. Local equities and property also came under pressure over the quarter returning -5.11 and 4.4%, respectively. The rand was also 7.5% lower than dollar over the quarter, which contributed to the global equity and bonds returns of 8% and 8.4%, respectively.
Nedgroup ended the quarter ahead of the benchmark driven mainly by exposure to global (the fund has about 30% offshore exposure) on the back of the rand weakening to the dollar by 7.5% and 5.5% over the third quarter and year to date. Stock selection in equities also contributed to performance, with exposure to Mesoblast, Capital and Counties, and Vipshop contributing to performance for the quarter. Exposure to gold ETF also contributed to performance.
Coronation outperformed its benchmark for the quarter and year to date driven by the stock selection on the local and global equities. This was driven by an exposure to Hammerson, Northern Platinum, Capital and Counties, and British land returning 49%, 31%, 28% and 23%, respectively at the end of the third quarter. Exposure to local bonds (corporate and government, about 48%) also contributed for the quarter.
PSG has about 41% exposure to equities, 23% locally and 17% globally. Exposure to small caps stocks such as EOH holdings and Taste holdings returned, -32% and -25% for the quarter, which detracted from performance locally. Globally, exposure to Value stocks detracted from performance as value is out of favor. The theme is similar over the year to date, where exposure to equities (locally and globally) detracted from performance, driven by value as a style being out of favour.
  • Fund focus and objective  
The INVESTMENT SOLUTIONS STABLE FUND OF FUNDS is a low risk balanced portfolio aimed at adding value through buying participatory interests of other collective investment scheme portfolios. The INVESTMENT SOLUTIONS STABLE FUND OF FUNDS will invest solely in a range of participatory interests of portfolios of collective investment schemes that have exposure to equities, bonds, listed property, cash and financial instruments as permitted by the Collective Investment Schemes Control Act No. 45 of 2002 ('CISCA'') and subordinate legislation promulgated thereunder. Furthermore, the portfolio will be compliant with prudential requirements as required for retirement fund in South Africa to the extent allowed by CISCA. The portfolio's strategy will focus on capital growth and capital preservation and will have a varying equity exposure of between 0% and 40%. Where the aforementioned schemes are administered in territories other than South Africa, participatory interest or any other form of participation in portfolios of these schemes will be included in the fund when such funds are invested within South Africa, subject to such territories having a regulatory environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that of South Africa. The benchmark for the portfolio shall be the average of the Domestic Asset Allocation Prudential Low Equity Category. Nothing in this Supplemental Deed shall preclude the manager from varying the ratios of securities, to maximise capital growth, investment potential and preserve capital either due to economic or market conditions or to meet the requirements, if applicable, of any exchange formally recognised in terms of legislation and from retaining cash or placing cash on deposit in terms of the Deed and this Supplemental Deed, provided that the Manager shall ensure that the aggregate value of the assets comprising the portfolio shall consist of securities and asset in liquid form investments of the aggregate value required from time to time by the Act. Furthermore, the manager shall retain the right to close the portfolio for investment to new investors.

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