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6.11  /  0.16%


NAV on 2021/09/17
NAV on 2021/09/16 3804.93
52 week high on 2021/08/24 3950.1
52 week low on 2021/06/04 3334.78
Total Expense Ratio on 2021/06/30 1.24
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change -1.29% -1.29%
3 month change 9.43% 9.43%
6 month change 8.35% 8.35%
1 year change 7.52% 7.52%
5 year change 14.34% 14.86%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Energy 0.17 0.01%
Liquid Assets 60.01 3.66%
Offshore 1579.32 96.33%
  • Top five holdings
APPLE 64.01 3.9%
ISUROZONE 63.39 3.87%
MICROSOFT 54.01 3.29%
AMAZON.COM 43.99 2.68%
JPMORGAN 43.34 2.64%
  • Performance against peers
  • Fund data  
Management company:
MI-PLAN (Pty) Ltd.
Formation date:
ISIN code:
Short name:
Global--Multi Asset--Flexible
80% MSCI World Index; 15% US Cash (Barclays Benchmark Overnight USD Cash Index); 5% Short Term Fixed Interest Composite (STFIND) in rands.



  • Fund management  
Tony Bell
14 years investment experience.

  • Fund manager's comment

MI-PLAN IP Global Macro comment - Sep 19comment

2019/11/01 00:00:00
Financial markets around the globe continue to reflect vulnerability. Vulnerability in political discourse, in trade discussions, in agreement on climate change, and, most recently, on the strength of the US economy. Large scale protests in Hong Kong speak of a populace that no longer trusts the system of representation. UK Prime Minister Johnson, similarly, prorogues parliament in order to circumvent the normal checks and balances leading up to the October Brexit deadline. And all of this while the Zondo commission in South Africa enters its 180th day. No wonder then that businesses have scaled back on new hires and new capital projects. In looking at the most recent dynamic of the 'repo' market at the Fed, we are concerned, particularly in light of the ever-increasing funding shortfalls that sent overnight rates in the US as high as 10 percent. These global forces impacted equity markets in early September through a marked rotation away from 'momentum' and 'growth' to 'value' as p:e multiples in the former contracted rather sharply.
We remain defensively positioned with a high cash weighting and a position in gold while monitoring positioning in each of the quality stocks held in your portfolio.
  • Fund focus and objective  
The MIPLAN IP GLOBAL MACRO FUND is a Multi Asset flexible fund, investing primarily in foreign markets. The objective of this portfolio is to achieve capital appreciation over the medium to long term. There will be no limitations on the relative exposure of the portfolio to any asset class.
Investments to be included in the MIPLAN IP GLOBAL MACRO FUND will, apart from assets in liquid form, consist of securities and financial instruments across the equity, fixed interest and property markets, including exchange traded funds and exchange traded notes as permitted by legislation from time to time.
The portfolio may also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes in the Republic of South Africa. Where the aforementioned schemes are operating in territories other than South Africa, participatory interests or any other form of participation in these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and the trustee as provided for in the legislation from time to time.
The Manager will be permitted to invest on behalf of the portfolio in offshore investments as legislation permits.
The Manager may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective.
Nothing in this supplemental deed shall preclude the manager from varying the ratio of securities, to achieve the investment objective in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange 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 assets in liquid form of the aggregate value required from time to time by the Act.
For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.
The trustee shall ensure that the investment policy set out in this supplemental deed is adhered to.

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