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NAV on 2021/09/17
NAV on 2021/09/16 116.27
52 week high on 2021/08/31 116.51
52 week low on 2020/10/01 115.96
Total Expense Ratio on 2021/06/30 0.88
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change 0.01% 0.43%
3 month change 0.03% 1.25%
6 month change 0.03% 2.5%
1 year change 0.09% 4.91%
5 year change 0.11% 7.61%
10 year change -0.26% 7.24%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Derivatives 23.90 0.11%
Fixed Interest 2059.54 9.63%
Liquid Assets 293.23 1.37%
Money Market 1759.73 8.23%
SA Bonds 17248.10 80.66%
  • Top five holdings
U-INVCOMM 2059.54 9.63%
MONEYMARK 441.48 2.06%
MM-35MONTH 296.68 1.39%
MM-02MONTH 238.33 1.11%
MM-26MONTH 206.62 0.97%
  • Performance against peers
  • Fund data  
Management company:
Ninety One Fund Managers SA (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Interest Bearing--Short Term
STeFI Composite
  • Fund management  
Simon Howie
Simon is a co-head of SA & Africa Fixed Income and is responsible for the SA and Africa Credit team at Ninety One. He joined in 2005 when he was tasked with building its credit business and capabilities. Ninety One now holds a leading position in managing diverse institutional credit portfolios, including both the listed and unlisted markets. Simon was previously with Investec Bank where he was responsible for debt origination (including corporate bonds, structured credit and securitisation) and was involved in the Southern African debt capital markets from its infancy in the late 1990s. Simon holds a Bachelor’s degree in Architecture from the University of Natal, a Master’s degree in Business Administration from Nijenrode University in The Netherlands, and is a CFA Charterholder.
Bashier Omar
Bashier is a portfolio manager in the South African and Africa Credit team at Ninety One. Prior to joining the firm, he spent five years as the Head of Credit at Old Mutual Specialised Finance (OMSFIN) where he was responsible for developing a boutique-based credit capability that manages credit risk for the business. Before joining OMSFIN, Bashier headed up the Old Mutual Investment Group South African credit research team. He also previously worked at OMSFIN as a debt originator and a credit analyst. Bashier served his articles at Ernst & Young as well as having spent a year post-articles in the Forensics Services division. He graduated from the University of Cape Town with a Bachelor of Business Science (Hons) degree, majoring in Business Finance and Financial Accounting, and is a Chartered Accountant (SA).

  • Fund manager's comment

Investec High Income comment - Jun 13

2013/09/06 00:00:00
Market review The rand lost ground on the back of market panic, sparked by the prospect of the US Federal Reserve (Fed) scaling back its quantitative easing programme. Towards the end of the quarter, the Fed reassured global markets that such tapering would have to be supported by strong economic data, which restored calm to emerging markets. The effect of rand weakness has not yet filtered through to the inflation numbers. Domestic inflation has remained stable. The monetary policy committee's decision to leave the repo rate unchanged was mostly in line with expectations. It indicates a level of comfort with inflation at the upper end of the inflation band and confirms the central bank's commitment to growth. Consequently, markets are not expecting a hike in rates in the foreseeable future. Inflation-linked bonds had a poor quarter, returning -5%. Cash, as measured by the SteFI Composite Index, returned 1.3%. Bonds also delivered a negative return during the quarter, returning -2.3%. Local credit market issuance for the second quarter was down 13.4% on the previous year; however, it is important to remember that 2012 was a record year for issuance. A weaker set of interim results from African Bank appears to have unsettled the market, signalling that the rally in credit spreads could be over. The market is digesting the realities of tepid GDP growth and a more indebted consumer. The vulnerable mining sector is also on investors' radar; ongoing wage negotiations are providing additional headwinds for the sector.
Portfolio review The Investec High Income Fund returned 1.7% over the second quarter of 2013. During the quarter we added banks, securitisations and unlisted corporate exposure to the portfolio, as we continue to see value in these areas. Despite the entrance of new corporates into the listed credit market, we did not add any of this paper, as we thought the levels were too expensive. We continue to look for value and are willing to wait for more attractive levels that we foresee being offered through refinancing opportunities in the second half of the year.
Portfolio positioning The portfolio is defensively positioned from an interest rate perspective, and we continue to maintain a high running yield. Overall credit spread changes remain muted. Spreads are beginning to look more attractive after the May sell-off and we are well positioned to take advantage of this after declining less attractive offers in the preceding quarter. The portfolio retains a core holding in relatively liquid instruments, which allows for participation in new issuances as well as other market opportunities. While we have extended maturities, these instruments are almost exclusively floating-rate notes, thus minimising any sensitivity to changes in bond yields. The dislocation in offshore markets is being captured through JSE inward-listed instruments, which offer additional credit spreads to cash in rands.
  • Fund focus and objective  
Investment objective
The Ninety One High Income Fund aims to maximise income and grow capital. The fund targets returns in excess of the benchmark, measured over one year periods.
The fund invests in high-yielding South African fixed-income assets, including government and corporate bonds, fixed deposits and money market instruments. The fund is actively managed and the maximum average duration of assets is two years.
Fund features
o A specialist fixed-income fund, which can form part of a larger portfolio
o The focus is on reducing volatility of returns and preserving capital through active management
o Lower volatility than a traditional bond fund
o Ideal vehicle for investors requiring income

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