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12.2  /  0.62%

1964.39

NAV on 2021/09/17
NAV on 2021/09/16 1952.19
52 week high on 2021/08/31 2010.39
52 week low on 2020/10/30 1483.21
Total Expense Ratio on 2021/06/30 1.29
Total Expense Ratio (performance fee) on 2021/06/30 0
NAV
Incl Dividends
1 month change -1.77% -1.77%
3 month change 1.18% 1.88%
6 month change 4.43% 5.15%
1 year change 26.11% 27.3%
5 year change 4.95% 7.29%
10 year change 8.46% 10.72%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 1066.84 18.75%
Consumer Discretionary 546.81 9.61%
Financials 795.34 13.98%
Health Care 1.40 0.02%
Industrials 612.37 10.76%
Liquid Assets 34.98 0.61%
Real Estate 366.56 6.44%
SA Bonds 269.08 4.73%
Spec Equity 0.00 0.00%
Technology 170.10 2.99%
Telecommunications 241.88 4.25%
Offshore 1583.35 27.83%
  • Top five holdings
ACADIANGLOEQU 286.93 5.04%
OLDMUTMACEQ 284.45 5%
OLDMUTVLEGLO 279.39 4.91%
 ABSA 261.79 4.6%
 MTN GROUP 241.88 4.25%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
1996/08/20
ISIN code:
ZAE000020681
Short name:
U-OMFLEX
Risk:
Unknown
Sector:
South African--Multi Asset--Flexible
Benchmark:
CPI
Email
unittrusts@oldmutual.com

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

Telephone
021-503-7100

  • Fund management  
Arthur Karas
Arthur joined MacroSolutions as Portfolio Manager in October 2011. Arthur is responsible for the domestic equity portfolios of the dynamic funds, including the Old Mutual Flexible Fund.Prior to joining MacroSolutions, Arthur was the Chief Investment Officer at Hermes Asset Management where he was responsible for the investment process and strategy, equity research and portfolio management. Before joining at Hermes, he served as a senior portfolio manager and an equity analyst at various prominent investment houses, including Quaystone Asset Management, Syfrets and BoE. Arthur has 27 years of investment experience.
Peter Brooke
Peter is an award-winning analyst who has extensive experience in the investment arena. He worked at a stockbroker for 10 years as an analyst and equity strategist, after which he was the Head of Research and Head of Equities for Cazenove South Africa.Peter joined Old Mutual in May 2005 and has been the Head of MacroSolutions since 2007. Peter has specific responsibility for third-party funds, including the Profile range. He also manages two unit trust funds, Old Mutual Maximum Return Fund of Funds and Old Mutual Flexible Fund. The Old Mutual Edge28 Life Fund is also part of his portfolio. Having analysed countries and companies, Peter can integrate top-down and bottomup drivers and valuations to create an optimal portfolio.


  • Fund manager's comment

Old Mutual Flexible comment - Jun 20

2020/08/21 00:00:00
In an extraordinary reversal of the previous quarter, global markets have rebounded from one of the fastest crashes of all time, with one of the fastest recoveries of all time. So while equities are still down a little bit year to date (YTD) there are a number of big winners. These are typically growth and technology orientated names, exemplified by the NASDAQ, which is up 12% in 2020. This rally has been delivered against the backdrop of the worst macroeconomic slowdown in living memory and more than 0.5m people dying from Covid-19. The reason markets have gone up is because policymakers have gone all in. On the fiscal side, the average budget deficit is forecast at 14% of GDP, while on the monetary policy side there have been more than 149 rate cuts this year. South Africa has been no exception, with our Supplementary Budget released in June forecasting a deficit of 15.7%. The South African Reserve Bank (SARB) has slashed rates by 275 basis points (bps) this year, taking the repo rate down to 3.75%, the lowest level since the 1970s. As a result, the Capped Shareholder Weighted Index (Capped SWIX), the most common equity benchmark, roared up 21.6% in the quarter. However, due to the massive fall in the first quarter, year-to-date returns are still down 10.7%. Interestingly, this is pretty much in line with the 12-month decline highlighting that all the damage took place in that first quarter. Local bonds also recovered their losses in the first quarter. However, flat YTD is a poor outcome in a global context, due to our downgrade to junk status. We are very pleased that markets have recovered, for a number of reasons. Obviously, this helps mitigate the Q1 blow to our clients’ wealth – and ours as we are invested alongside them. In addition, we bought equity across our range of solutions during the crash and afterwards. This was based on our better than expected long-term returns, and we did not expect to receive these returns in a quarter. However, some of the shares we purchased did phenomenally well, which highlights the benefit of active asset allocation. Finally, this rebound reaffirms our advice to investors to stick to their investment planand not to panic in a crash. Typically, the best returns are found after the worst returns. On a relative basis, we enjoyed a good second quarter, helped by the addition of equity at low prices. However, the recovery was not strong enough to offset a poor first quarter. We had built some holdings in South African mid-sized industrials on the basis of cheap valuations and decent operating models. Examples would be Pepkor Holdings, the best clothing retailer in the mass market, and Super Group, which has a great growth pipeline. These companies suffered in Q1 and have not rebounded as quickly as the market, reflecting the negative impact of South Africa’s recession on their profits. We remain excited to own these shares and, with a little time, they will deliver superior returns going forward. The Old Mutual Flexible Fund has lagged its peers and performance objective by a meaningful margin over the past 12 months. There are several reasons for this outcome. As a growth focused fund the Old Mutual Flexible Fund is overweight in growth assets at most points in the cycle. Over the last 12 months, domestic growth assets have lagged cash by a wide margin. Equity selection within the portfolio has also been a negative contributor. With valuation differentials between growth and value shares at long-time extremes, we have steadily added to cheap and neglected domestic industrials. The outbreak of Covid was particularly tough on these companies, impacting the fund negatively. Cash, bonds and global investments contributed positively to performance. The second quarter of 2020 has seen a big improvement, as the Old Mutual Flexible Fund performed well ahead of the median of its peers and performance benchmark. The recovery was driven in large part by a strong recovery in the fund’s equity portfolio. Mining shares had an exceptional quarter as investors looked forward to a global recovery and supply issues helped keep commodity prices up. Some of the fund’s smaller capitalisation shares have also started to recover, reversing some of the negative performance seen since the beginning of the year. Examples would be Kap and Super Group, industrial stalwarts with strong positioning within their sectors. During the past quarter, they rebounded by 60% and 40% respectively. And that leaves both companies still trading at less than half of book value. These are valuation levels not seen since the Global Financial Crisis. We believe that the sharp rebound in their share prices is reflective of the underlying value that these counters represent. We took advantage of the weakness in the first quarter to add to Prosus, when its discount to its underlying portfolio had widened to excessive levels. Central banks across the world have responded to the Covid crisis with massive fiscal stimulus. We expect this to lead to a cyclical upturn in the months ahead and have added to diversified mining counters. Harmony was another addition as the current environment is also promising for gold shares. These purchases have all outperformed the market since acquisition. The past 12 months have been disappointing but the strong rebound in the second quarter has confirmed that the Old Mutual Flexible Fund is now well positioned for the months ahead. We believe that the portfolio is appropriately diversified with an attractive portfolio of cheaply priced defensive investments and cyclical stocks geared to a global economic recovery.
  • Fund focus and objective  
The fund aims to deliver long-term equity-like returns, but at lower levels of volatility than equity. The fund will predominantly invest in shares, but the portfolio manager can invest in less risky asset classes when they offer better value. This fund is suited to investors who want high long-term capital growth, but also want some protection against short-term fluctuations of the equity market. The fund is suitable for long-term savings outside a retirement fund.
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