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0.17  /  0.01%


NAV on 2021/09/22
NAV on 2021/09/21 1248.37
52 week high on 2021/06/30 1258.77
52 week low on 2020/10/06 1217.86
Total Expense Ratio on 2021/06/30 1.18
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change 0.25% 0.25%
3 month change -0.6% 1.56%
6 month change 1.51% 3.72%
1 year change 2.47% 7.55%
5 year change 1.42% 7.3%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Bond Funds 17.27 7.00%
Fixed Interest 227.82 92.29%
General Equity 1.75 0.71%
  • Top five holdings
U-SMIPICO 51.86 21.01%
U-NEDFLXI 50.56 20.48%
U-MATSTAB 49.03 19.86%
U-PSCINC 40.37 16.35%
U-BCIINCP 36.00 14.59%
  • Performance against peers
  • Fund data  
Management company:
Novare CIS (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Income
CPI + 2% net of fees
No email address listed.



  • Fund management  
Novare Investments (Pty) Limited

  • Fund manager's comment

Novare Capital Preserver FoF comment - Sept 18

2018/12/11 00:00:00
The local market started the month on the back foot, not only hampered by a sharply depreciating currency, but also by the news that the economy entered a technical recession during the second quarter of this year when GDP growth contracted by 0.7%. This followed on revisions to first quarter growth which showed that the economy contracted by an even larger 2.6% during that period. The second quarter weakness was largely ascribed to the negative contribution from the agricultural and transport sectors. By month-end, President Ramaphosa announced a R400-billion stimulus package and a re-prioritisation of the existing budget framework to stimulate economic growth and job creation.
The FTSE/JSE All Share Index had a tough month and declined by -4.2%. It was dragged down by the Industrial sector which ended the month -8.1% lower. Within this sector, pharmaceutical and healthcare companies were particularly badly hit as concerns over their earnings grew. Financial shares lost -2.0% whereas Resources shares bucked the trend and closed 0.3% higher. The long-awaited Mining Charter was finally published at month-end and should pave the way towards more regulatory certainty for the sector.
After touching its weakest level in more than two years, the rand appreciated by 3.7% against the dollar to close the month at R14.15. Support came from the changing tide in investor sentiment towards emerging markets, the credibility of the local Reserve Bank as well data which showed that South Africa’s current account deficit improved from 4.6% in the previous quarter to 3.3% during the second quarter of the year. The Reserve Bank kept interest rates unchanged at their meeting during the month, but the tone in its accompanying statement was decidedly more hawkish. The Reserve Bank was provided with some reprieve as consumer price inflation moderated to 4.9% in August from 5.1% the previous month. The All Bond Index clawed its way back to end the month in positive territory with a 0.3% gain.
The MSCI All-Country World Index closed 0.3% higher for the month, but there was a big dispersion in underlying returns. US stock ended in the green, but the tech-heavy Nasdaq was negative whereas the mostly industrial focused Dow Jones was positive. The Japanese Nikkei 225 Index rallied by 5.5% to a 27-year high, but in contrast, European markets ended sharply negative. The German DAX was down 2%. Both the euro and European shares were hit at month-end by the news that Italy’s fiscal deficit target will be larger than expected. The MSCI Emerging Market Index recovered some ground and closed the month -0.8% lower. It followed moves by emerging market central banks to shore up confidence by hiking local interest rates.
Global developed market bond yields rose, and the Barclays Global Aggregate Bond Index closed the month -0.9% lower. The US 10-year government bond yield rose above the 3% level at a time when the US Fed remained committed to hiking interest rates into next year. The Fed hiked rates by 0.25% at their September meeting and indicated that, at least, another four hikes are possible before the end of next year. The price of oil spiked by nearly 7% as Brent crude rose above the $80 a barrel level due to supply concern as the US sanctions hit Iranian exports.
  • Fund focus and objective  
The Novare Capital Preserver Fund of Funds is a conservatively managed fund of funds. The objective of this portfolio is to achieve steady capital growth over the medium to long term combined with a reasonable level of income, while minimising volatility of investment returns in the short term. The portfolio equity exposure will be limited to a maximum of 40%.
Investments to be included in the Novare Capital Preserver Fund of Funds will, apart from assets in liquid form, consist solely of participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes in the Republic of South Africa investing in the equity, bond, property and money markets. 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 being 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.
The Manager will be permitted to invest on behalf of the portfolio in offshore investments as legislation permits.
The portfolio will comply with all prudential requirements and regulations controlling retirement funds or such other applicable legislation as may be determined for retirement funds.
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.
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.
The trustee shall ensure that the investment policy set out in this supplemental deed is adhered to.

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