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21.15  /  0.68%


NAV on 2021/09/22
NAV on 2021/09/21 3108.9096
52 week high on 2021/08/17 3283.6734
52 week low on 2020/10/30 2525.7121
Total Expense Ratio on 2021/06/30 1.76
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -3.28% -3.28%
3 month change 0.29% 1.71%
6 month change 2.69% 4.14%
1 year change 20.72% 22.43%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 6.64 3.47%
Consumer Discretionary 4.88 2.55%
Derivatives 71.06 37.21%
Financials 3.45 1.81%
Fixed Interest 49.16 25.74%
General Equity 23.77 12.45%
Health Care 0.96 0.51%
Industrials 3.32 1.74%
Liquid Assets -49.81 -26.09%
Other Sec 10.69 5.60%
Spec Equity 2.95 1.54%
Technology 3.70 1.94%
Telecommunications 0.33 0.18%
Offshore 59.87 31.35%
  • Top five holdings
DERIVATIV 68.98 36.12%
U-CIDIVIN 27.77 14.54%
U-FAIRTRE 22.79 11.94%
U-NEDCSHP 17.62 9.23%
GF1 A PREFS 10.69 5.6%
  • Performance against peers
  • Fund data  
Management company:
Ci Collective Investments (RF) Prop Ltd.
Formation date:
ISIN code:
Short name:
South African--Equity--General
FTSE/JSE All Share Index


011 463 5656

  • Fund management  
Mia Kruger

  • Fund manager's comment

Kruger Ci Equity comment - Dec 19

2020/02/14 00:00:00
New Year celebrations have barely wound down when the first major geopolitical incident of 2020 tested investors’ resolve. The drone airstrike by the US forces which eliminated the powerful and influential Iranian General Soleimani in Iraq and the subsequent fallout caused huge political waves which temporarily rubbed off on financial markets. Although the damage has so far been carefully contained by all parties, the general takeout is that the risk of outright confrontation has gone up a few notches. After the initial blip, markets quickly settled down and resumed its upward march. At the heart of the market strength are the views by analysts/economists that the US economy will remain resilient while the rest of the global economy show early signs of stabilisation. Greater certainty re the outcome of important geopolitical events such as the signing of phase one of the US/China trade deal and Brexit – UK voters delivered a strong mandate to Prime Minister Boris Johnson to proceed with his proposal of exiting the Eurozone by the end of January 2020 – helped to cement this view. On monetary policy the FED has recently decided to pause the rate cutting cycle citing a fairly healthy economy, low inflation and weak pass-through from wage growth to consumer inflation as the main reasons. However, trade and geopolitical risks remain key threats to economic recovery and the FED has indicated they will act if needed. Non-farm payroll data for December disappointed somewhat as only 146,000 non-farm jobs were generated, slightly below an expected gain of 164,000 but substantially below November’s gain of 266,000. Unemployment held steady at 3.5% while average hourly earnings retreated to a 2.9% gain from November’s 3,1% year on year gain. The fourth quarter corporate reporting season has just kick-off and will be closely monitored for signs of deviation from the flat earnings growth expectation for S&P 500 companies. Global markets performed strongly in December – the MSCI All Country index +3.25% (+25.37%ytd); the Dow Jones index +1.87% (+25.34%ytd); the S&P 500 index +3.02% (+31.49%ytd) and the MSCI Emerging Markets index +6.70% (+12.37%ytd) – all in US dollars.
The SA economy continues to struggle under the weight of structural inefficiencies, poor business and consumer confidence and sporadic Eskom load shedding since December. A few important economic data points confirm this weakness – the Absa manufacturing PMI slipped further below the neutral 50 line to 47.1 in December, the BER consumer confidence index remained unchanged at -7 index points in the fourth quarter and well below the long-run average reading of +2 since 1994, the SACCI business confidence index was marginally higher in December at 93.1 points from 92.7 in November but deteriorated markedly for the year as a whole, manufacturing production contracted by -3.6% in November from -0.8% in October year on year while mining output continues to disappoint. To top it all GDP contracted by -0.6% in quarter three of 2019 and there is now a real fear for a repeat of the negative growth in the fourth quarter. Among a few positive data points were persistently low CPI, 3.6% for November, and PPI. Meanwhile, leading rating agencies continue to monitor events very closely in the build up to the February budget and the consensus is that a lack of meaningful progress with structural reform will be penalised, especially by Moody’s, the only agency that still affords SA investment status. The Reserve Bank is currently in their scheduled meeting on monetary policy but will probably hold back on a much needed rate cut in anticipation of a possible downgrade. The SA equity market gained in line with global markets in December – the FTSE/ JSE All Share Index by +3.30% (+12.05%ytd). With the exception of the International Flexible Feeder Fund (previously Global FOF) which declined by -3.24% (+13.59%ytd) due to the strong rand, the other Kruger funds all gained ground – Equity +2.72% (+12.85%ytd); new Balanced Fund +1.21% (+11.11%ytd); old Balanced FOF+0.69% (+9.58%ytd); new Prudential Fund +0.30% (+9.66%ytd) and the old Prudential FOF +0.26% (+9.70%ytd).
  • Fund focus and objective  
The fund invests in a balanced and diversified portfolio of collective investments which invests in sectors or shares with sound growth potential in order to achieve stable income and capital growth. This fund is a flexible fund and is thus ideally suited to any investor wanting to earn a real return. This fund also provides manager diversification which should help the portfolio to have a lower volatility than similar mandated single manager portfolios.

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