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0.03  /  0.01%


NAV on 2021/09/17
NAV on 2021/09/16 201.92
52 week high on 2020/09/30 203.03
52 week low on 2021/04/01 201.41
Total Expense Ratio on 2021/06/30 0.65
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change 0.01% 0.36%
3 month change 0.07% 1.09%
6 month change 0.09% 2.12%
1 year change -0.44% 3.51%
5 year change 0.02% 6.78%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Liquid Assets 222.09 11.04%
Money Market 1018.66 50.63%
SA Bonds 771.09 38.33%
  • Top five holdings
MM-10MONTH 185.35 9.21%
MM-01MONTH 168.24 8.36%
MM-12MONTH 142.54 7.09%
MM-09MONTH 99.99 4.97%
MM-05MONTH 84.00 4.18%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Interest Bearing--Short Term
Alexander Forbes Short Term Fixed Interest (STeFI) Index



  • Fund management  
Michael van Rensburg
Michael started his career on the Money Market desk of the Department of Post and Telecommunications. As a Money Market Manager his primary functions were the daily management of cash flows and the investment of surplus funds. He was also responsible for the start-up of the Commercial Paper Bill program and the successful implementation of the counterparty credit limits. After three years on the Money Market desk he moved to the Capital Market as a market maker for Telkom long-term debt. He subsequently joined ABSA where he worked as a market maker for their Treasury Division. Prior to joining Old Mutual Asset Managers, Michael worked for Sanlam Asset Managers as head of Fixed Income Trading.Michael currently heads up Old Mutual Asset Manager's Fixed Income Trading desk. In addition, he also manages the Old Mutual Money Market Fund, the Namibia Money Fund as well as a number of aggressive bond funds.

  • Fund manager's comment

Old Mutual Interest Plus comment - Dec 19

2020/02/24 00:00:00
There was a notable weakening in the local rates market following a rather disappointing and uninspiring Medium-Term Budget Policy Statement (MTBPS) in October. This, together with the weak SA growth environment, increased the likelihood of an SA sovereign ratings downgrade next year and has led to an increase in SA money market yields. In addition, we saw Eskom implement a fresh round of rolling black-outs during December, which would have further stifled economic growth. On a more positive note, however, domestic inflation remains low and supportive of a rate cut, which is in line with most other central banks around the world.
Due to the inherent risks in the economy, the forward rate agreement (FRA) curve is currently predicting rates to remain unchanged over the next 12 months. At present, 12 negotiable certificate of deposit (NCD) mid-rates are at 7.65%, up 5 basis points (bps) from the beginning of the quarter – with the spread between 12 months and 3 months JIBAR now at just over 90bps.
We are mindful of the potential threats to the economy, which include the ongoing trade war between the US and China, as well as the possibility of an SA sovereign ratings downgrade by Moody’s next year. As such, we will monitor these risks and will look to add to our fixed rate exposure at levels that we deem appropriate for the risk being taken. That said, we continue to be buyers of SA Treasury Bills as these securities are currently trading at premium and offering attractive spreads relative to bank NCDs. In addition, we remain buyers of longer-dated floating rate assets as these instruments help in managing the interest rate risk whilst also ensuring a healthy running yield for the fund.
  • Fund focus and objective  
The Old Mutual Interest Plus Fund shall be a portfolio predominantly investing in interest yielding securities.The investment objective of the portfolio is to maximise the level of income achieved within the restrictions set out in the investment policy, whilst providing maximum capital stability. The portfolio will aim to deliver returns in excess of money market yields and current account yields. In order to achieve the portfolio's investment objectives, the Old Mutual Interest Plus Fund will, apart from limited exposure to equity securities, be permitted to invest in a flexible mix of predominantly interest yielding securities, including but not limited to bonds, fixed deposits, listed debentures, preference shares, money market instruments such as negotiable certificates of deposit, bankers' acceptances, debentures, treasury bills, floating rate notes and call accounts, and other high yielding securities, as well as any other income instruments which may be approved by the Registrar from time to time, both locally and abroad, thereby generating income, whilst preserving capital. In respect of the flexible nature of this portfolio, the portfolio may apart from limited exposure to equity be fully invested in any of the above-mentioned asset classes at any particular time. Nothing contained in this supplemental deed shall preclude the manager from varying the ratios of securities to best position the portfolio to achieve its objective in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange recognised in terms of the Act and from retaining cash or placing cash on deposit in terms of the deed and any supplemental deeds thereto.The portfolio will be permitted to invest its assets in foreign investment markets to the extent of the industry limit from time to time for Domestic funds, including securities listed on an exchange outside the Republic as legislation permits.The Portfolio may from time to time include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes registered in the Republic of South Africa, or of participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes operated in territories other than South Africa, with a regulatory environment which is to the satisfaction of the manager and the trustee of a sufficient standard to provide investors protection at least equivalent to that in South Africa. The portfolio may invest in financial instruments (derivatives) as allowed by the Act from time to time in order to achieve its investment objective. The use of over the counter derivatives will be limited to forward currency contracts and interest rate- or exchange rate swap transactions.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 carried out.

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