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-0.04  /  -0.01%


NAV on 2021/09/16
NAV on 2021/09/15 349.94
52 week high on 2021/08/17 356.88
52 week low on 2020/10/30 304.53
Total Expense Ratio on 2021/06/30 2.5
Total Expense Ratio (performance fee) on 2021/06/30 0.58
Incl Dividends
1 month change -1.51% -1.51%
3 month change 0.36% 0.36%
6 month change 1.39% 1.4%
1 year change 11.13% 12.72%
5 year change 2.72% 4.48%
10 year change 6.15% 7.61%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
General Equity 45.96 6.23%
Liquid Assets 0.13 0.02%
Managed 691.27 93.75%
Offshore 0.00 0.00%
  • Top five holdings
U-SBECCF 119.53 16.21%
U-INVCAUM 105.21 14.27%
U-SBENCB 93.73 12.71%
U-NDCORDI 73.50 9.97%
U-CORBALP 59.26 8.04%
  • Performance against peers
  • Fund data  
Management company:
Boutique Collective Investments (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Medium Equity
CPI + 4% p.a.



  • Fund management  
Andrea Brand
Select Manager

  • Fund manager's comment

Select Manager Prudential Active comment - Jun 07

2007/10/03 00:00:00
Overview June proved to be a tough month in local equity markets. A higher degree of volatility was evident although the market did well to contain its losses. Were it not for the ongoing demand for resource related stocks, particularly from global investors, the market would have ended significantly lower than the -0.95% posted by the All Share index.
Currency The rand remained fairly steady against most currencies, helped by a weaker dollar. The outlook for the currency remains grim as the current account deficit looks unlikely to narrow in the near term.
Fixed Interest Strong growth, sustained worries over the large current account deficit and upside surprises to inflation, dominated economic news locally over the part three months. Most concerning has been the unexpected breach by inflation of the 6% upper limit of the inflation target range. The SA Reserve Bank was left with no option but to raise interest rates in June after leaving rates unchanged at the preceding two meetings. Risks to interest rates remain firmly to the upside. The negative inflation data exposed the overvalued levels of longer dated bonds relative to cash during the past two months. The sharp sell off was justified and the market has now priced in a further interest rate hike of 50bps in August. We maintain that long-term cash yields offer better value in the shorter term.
Equity Despite the solid rand, resource stocks were buoyed by strong investor demand and steady commodity prices. The pressure on interest rate sensitive stocks continued from May as inflation data clearly pointed to further interest rate tightening. The financial sector was hardest hit, ending the month 4.1% lower after a 4.3% correction in May. The mid and small cap indices posted declines of 4.0% and 1.3% respectively. Their respective annual returns of 54.0% and 71.3% remain spectacular. Although fundamentals for equities are less attractive than six months ago, we do not believe that it is significant enough to detract considerably from the relative valuation advantage of equities versus other asset classes. It is however reasonable to expect more muted returns for the balance of the year.
Property The pressure on property stocks continued for most of June. Although the fundamentals have deteriorated for this sector due to the tightening stance of the SA Reserve Bank, we still believe a structural holding in property is essential within an economy which is experiencing an investment boom and growing in excess of 4.5% annually. In the long term, property will generate attractive capital growth while paying out a steady earnings stream.
  • Fund focus and objective  
The portfolio is managed in compliance with prudential investment guidelines for retirement funds in South Africa to the extent allowed for by the Act and its equity exposure will be maximum 60% of its net asset value. Investments to be included in the portfolio will, apart from assets in liquid form, consists of participatory interests and other forms of participation of local and global collective investment schemes, or other similar schemes operated in territories with 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 in South Africa and which is consistent with the portfolio's primary objective, investing in equity securities, property securities, nonequity securities money market instruments, preference shares, listed and unlisted financial instruments, bonds and other interest bearing instruments and securities.

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