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1.93  /  0.8%


NAV on 2021/09/22
NAV on 2021/09/21 239.87
52 week high on 2021/08/31 245.25
52 week low on 2020/11/02 201.72
Total Expense Ratio on 2021/06/30 1.6
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -0.86% -0.86%
3 month change 1.93% 3.18%
6 month change 4.69% 5.98%
1 year change 19.34% 22.14%
5 year change 3.38% 6.76%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Basic Materials 102.13 9.33%
Consumer Discretionary 89.83 8.20%
Derivatives -0.09 -0.01%
Financials 94.33 8.61%
Health Care 9.16 0.84%
Industrials 36.72 3.35%
Liquid Assets 115.63 10.56%
Real Estate 47.91 4.38%
SA Bonds 346.12 31.61%
Specialist Securities 27.96 2.55%
Technology 31.54 2.88%
Telecommunications 20.05 1.83%
Offshore 173.74 15.87%
  • Top five holdings
OLDMUTVLEGLO 35.49 3.24%
OLDMUTMACEQ 33.56 3.06%
 NASPERS-N 31.54 2.88%
 FIRSTRAND 26.74 2.44%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Medium Equity



  • Fund management  
Urvesh Desai
Urvesh is a portfolio manager and strategist at MacroSolutions, with his primary focus being the Global capabilities and the Conservative Balanced Fund capabilities. In addition, he contributes to MacroSolutions’ overall investment strategy.Urvesh has been with MacroSolutions since the inception of the boutique. He previously jointly managed the Namibian multi-asset class portfolios. Prior to joining Old Mutual Investment Group, Urvesh performed various actuarial functions within Old Mutual Life Assurance Company of South Africa.
Meryl Pick
Meryl joined Old Mutual Investment Group in February 2012 and is responsible for coverage of gold, packaging manufacturers, heavy equipment distributors and logistics companies. She is also the portfolio manager of the Old Mutual Gold Fund.Prior to joining, she was a Business Efficiency Manager at ABSA for two years. Prior to this she held various positions within Unilever, including Process Engineering Manager. Meryl has four years of work experience in the asset management industry.

  • Fund manager's comment

Old Mutual Moderate-Balanced Fund comment - Dec 19

2020/02/24 00:00:00
The final quarter of 2019 was positive for risk assets, resulting in good returns for the full year. Despite slower economic activity globally and the increased intensity of the trade war between the US and China, global equities marched steadily higher. The US Federal Reserve stepped in to arrest the slowdown, cutting rates by 0.75%, and progress on a trade resolution towards the end of the year helped lift global equities nearly 24% in rand terms in 2019 with the US equity market leading the way. From a sector perspective, IT was the stand-out performer, while energy was the laggard.
Local equities caught the move higher in global equities in the fourth quarter, ending almost 7% higher for the calendar year. This was driven primarily by a strong performance from the platinum and gold sectors as precious metals moved higher. Despite the rand ending the year stronger, other rand hedge counters contributed positively with double-digit returns, while many SA-facing names were under pressure. In addition to weak economic conditions, instances of stockspecific issues arose in the form of excessive debt levels and ESG matters. The local property sector also suffered, returning a paltry 1.9% in 2019. Despite the weak economy, persistent Eskom problems and growing downgrade risks, local bonds returned over 10% in 2019.
The fund delivered a return of 6.7% in 2019. After adjusting for inflation of 3.6% this is a real return of 3.1%, which is within the fund’s real return target of 3-4%. Overall though, returns for the year were disappointing. The main detractors to performance were the underperformance of our local equity holdings and the underweight allocation to global equities, which had a stellar year.
On the positive side, the fund’s allocation to local government bonds contributed positively to the fund’s return. Local bonds delivered a return of 10.3% with the attractive yield on government bonds more than offsetting concerns about potential further downgrades to South Africa’s sovereign credit rating. Within local equities the broader market had a better year in 2019 than 2018, but this return was narrowly driven by the very strong performance of platinum and gold shares and the performance of Naspers, now represented by the three separate listings of Naspers, Prosus and MultiChoice. The fund benefited from exposure to the platinum shares but was underweight to Naspers and had no exposure to gold shares, which detracted from performance. In addition, a number of the fund’s holdings of mediumsized businesses such as Omnia, Kap Industrial, Nampak and MPact detracted from the fund’s performance. An exception of a local name in the portfolio that performed very well, was Raubex.
Looking forward, we expect these underperforming local companies to perform better given attractive valuations, some improvement in the domestic economy and in some cases company-specific actions to address balance sheet risks and profitability. At the broader asset allocation level, we continue to be cautiously positioned on global equity. Global and especially US equities have performed very strongly and are vulnerable to any further slowing in the global economy. US equity market valuations in particular are stretched and would be vulnerable to any correction in profit margins. By contrast, we see many local assets as very attractively valued offering long-term investors good real return prospects. Consequently, the fund is overweight to domestic assets via local government bonds and local equities, which in our view offer good expected real returns
  • Fund focus and objective  
The fund aims to achieve long-term inflation-beating growth from an actively managed investment portfolio with a moderate balanced nature. The equity exposure will be commensurate with the exposure typically displayed by multi-asset medium equity portfolios.
This fund is suited to investors wanting moderate long-term growth with less volatility in the short term than typical multi-asset high equity funds. The fund is suitable as a stand-alone retirement investment.
The fund is exposed to all sectors of the market (shares, bonds and property) with a maximum of 60% exposure to equities and may gain exposure to foreign assets up to a maximum of 30% of its portfolio (with an additional 10% for African ex-SA investments). Derivatives may be used for efficient portfolio management purposes.
The fund complies with retirement fund legislation. It is therefore suitable as a stand-alone fund in retirement products where Regulation 28 compliance is specifically required.

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