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  •  AF Investments Strategic Global Balanced Feeder Fund (A)

1.62  /  0.8%


NAV on 2021/09/16
NAV on 2021/09/15 201.82
52 week high on 2021/08/20 211.48
52 week low on 2020/11/04 181.23
Total Expense Ratio on 2021/03/31 1.43
Total Expense Ratio (performance fee) on 2021/03/31 0
Incl Dividends
1 month change -2.03% -2.03%
3 month change 5.78% 5.78%
6 month change 2.63% 2.63%
1 year change 6.79% 6.8%
5 year change 9.31% 9.32%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Liquid Assets 5.16 0.61%
Offshore 843.72 99.39%
  • Top five holdings
  • Performance against peers
  • Fund data  
Management company:
Alexander Forbes Investments Unit Trusts Limited
Formation date:
ISIN code:
Short name:
Global--Multi Asset--High Equity
Sector average
  • Fund management  
Ben Jooste
Alexander Forbes Investments

  • Fund manager's comment

IS Strategic Glbl Bal Feeder comment - Mar 16

2016/06/28 00:00:00
The IS Global Balanced Feeder Fund outperformed its peer benchmark, returning minus 3.40% vs minus 5.01% for the year.
The following commentary relates to the direct offshore fund and does not take into account the conversion to rands.
Contrarius continued its extraordinary bounce in returns, outperforming by over 15% for the quarter. During this period, the fund slightly increased its net equity exposure to 39%, which is still well below the average of the fund's history and reflects the cautiousness of the manager. Most of the strong performance came from its large overweight to Materials, specifically precious metals. A few familiar South African names are now creeping into the top 10, with counters such as Anglo American Platinum and Impala Platinum, as the manager is finding strong upside potential, especially in US dollars. Coronation also experienced a strong quarter, clawing back some of the underperformance of recent times. The performance came mainly from the stocks that have hurt in the past, such as the Brazilian holdings (increased probability that the president will be impeached), Urban Outfitters (improved operational performance), Harley Davidson, Discovery Communications and a few of the alternative asset managers. The high allocation to Property stocks also benefited as these performed very well over the quarter. IVA ended the quarter ahead of the benchmark, but almost flat in absolute terms. Its good stock picking and Gold ETF returns were largely offset by the fixed-income and currency losses. In almost all regions, equities finished ahead of their respective indices, with strong-quality companies such as Berkshire Hathaway, Oracle, Samsung and Hyundai yielding superior returns. Gold was up 15.9%, contributing 0.8% to the portfolio. The exposure to Gold increased from 4.6% to 5.8% through appreciation and additional investment. The exposure to fixed income decreased from 7.9% to 3.7%, mainly by reducing short-dated bonds denominated in Singapore dollars, as Singapore is in what it believes may be a 'bad neighbourhood'. The Nedgroup Fund struggled the most during the quarter, finishing over one percent in the red. Citigroup and Bank of America were among the biggest culprits for the fund, but this was used as an opportunity to increase the holdings of these stocks as the investment thesis has not changed. The equity exposure remains comparatively high, with the corporate bond allocation increasing to 4.9%. The Foord International Trust performed much in line with the benchmark and was largely unchanged during the quarter. Equities were slightly increased during the period but the fund remains cautiously positioned. The shares in the portfolio are concentrated in companies that generate higher returns than their global peers while operating with less leverage. The high cash weighting was maintained and seen as an option for any opportunity volatility will bring. It is predominantly invested in US dollars - first-mover advantage in interest-rate increases and faster growth will likely result in higher yields and currency appreciation against its peers. The Gold position is retained as this is typically an uncorrelated asset class offering diversification in times of volatility and geopolitical risk.
  • Fund focus and objective  
The investment objective of the INVESTMENT SOLUTIONS STRATEGIC GLOBAL BALANCED FEEDER FUND is to generate capital appreciation over the medium to long term. The INVESTMENT SOLUTIONS STRATEGIC GLOBAL BALANCED FEEDER FUND is a Feeder Fund, and feeds into the Alexander Forbes Strategic Global Balanced Fund, which is characterised as being of a multi-asset class nature.
The INVESTMENT SOLUTIONS STRATEGIC GLOBAL BALANCED FEEDER FUND will, apart from assets in liquid form, consist solely of participatory interests in the above-mentioned underlying portfolio and financial instruments for the exclusive purpose of hedging exchange rate risks.
The underlying portfolio invests in a mix of collective investment portfolios. The Alexander Forbes Strategic Global Balanced Fund is suitable for investors who want to maximize capital growth over the medium to long term (five to seven years). It is aimed at investors who have a relatively low aversion to risk and would like exposure to equity markets. The Fund's relatively high weighting to equities is designed to increase the possibility of returns above inflation in the medium to long term (five to seven years). The Manager will be permitted to invest, at its discretion, on behalf of the INVESTMENT SOLUTIONS STRATEGIC GLOBAL BALANCED FEEDER FUND in offshore investments as legislation permits.

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