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1.16  /  0.23%

498.5

NAV on 2021/09/17
NAV on 2021/09/16 497.34
52 week high on 2020/09/28 580.88
52 week low on 2021/06/07 464.78
Total Expense Ratio on 2021/06/30 1.19
Total Expense Ratio (performance fee) on 2021/06/30 0
NAV
Incl Dividends
1 month change -1.78% -1.78%
3 month change 3.49% 3.51%
6 month change -1.93% -1.88%
1 year change -10.88% -10.06%
5 year change -0.52% 1.61%
10 year change 4.82% 7.12%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Liquid Assets 1.54 9.35%
Offshore 14.92 90.65%
  • Top five holdings
  • Performance against peers
  • Fund data  
Management company:
Marriott Unit Trust Management Company Ltd.
Formation date:
1999/02/22
ISIN code:
ZAE000020392
Short name:
U-MARGLIN
Risk:
Unknown
Sector:
Global--Interest Bearing--Short Term
Benchmark:
US Dollar Libor Overnight
Email
info@marriott.co.za

Website
http://www.marriott.co.za

Telephone
031-765-0700

  • Fund management  
Marriott Asset Management
All asset management decisions are made together with the Marriott Investment Committee using an income-focused approach to investing.


  • Fund manager's comment

Marriott Global Income comment - Dec 19

2020/02/20 00:00:00
2019 was a good year for fixed income investors globally. According to data from CBRates (a central-bank tracking service), 56 central banks cut rates 129 times in 2019. Monetary policy was loosened in major economies such as the U.S. and the Eurozone, as well as the biggest emerging markets, such as China, India, Russia and Brazil. This monetary easing, which was the opposite to what economists anticipated at the start of 2019, pushed interest rate expectations significantly lower — a shift that prompted a positive re-pricing of the global bond market. Twenty years ago, well over half of the global bond market boasted yields in excess of 5%. Today, that proportion has reduced to 3% - the lowest share on record (according to ICE Data Indices).
The Marriott Global Income Fund produced a return of 0.9% for the year ending 31 December 2019. This relatively subdued return may be attributed to the conservative positioning of the fund (low modified duration), as well as the Rand strengthening by approximately 2% against the US dollar in 2019. From a long term perspective, we prefer floating corporate debt over long dated fixed rates government bonds to ensure relative capital stability in the event of an upward shift in the yield curve – a highly likely scenario considering historically low bond yields.
  • Fund focus and objective  
The Marriott Global Income Fund has as its primary objective maintenance of a high level of income, whilst maintaining capital stability in US Dollars. To achieve this, the fund will invest in high yielding listed securities, non-equity securities and other fixed-income securities, as well as assets in liquid form. The benchmark is the US Dollar Libor Overnight Rate. The asset manager shall strive to maintain at least an 85% holding of offshore investments on average.
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