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3.77  /  1.14%


NAV on 2021/09/16
NAV on 2021/09/15 328.16
52 week high on 2020/09/25 360.74
52 week low on 2021/06/04 302.66
Total Expense Ratio on 2021/06/30 1.34
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -1.64% -1.64%
3 month change 5.55% 5.55%
6 month change -0.24% -0.24%
1 year change -5.62% -5.62%
5 year change 3.2% 3.2%
10 year change 9.45% 9.45%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Liquid Assets 2.84 4.01%
Offshore 67.90 95.99%
  • Top five holdings
  • Performance against peers
  • Fund data  
Management company:
Prescient Management Company Ltd. (PIM)
Formation date:
ISIN code:
Short name:
Global--Multi Asset--Income
US Inflation + 1% (ZAR) LAG



  • Fund management  
Prescient Interest Bearing Team

  • Fund manager's comment

Prescient Glbl Income Provider Fdr cmmt - Sep 19

2019/10/24 00:00:00
The grind lower in global yields continued during September as we saw more dovish rhetoric from global central banks. The Fed also delivered their second rate cut in line with market expectations. With the market expecting 3 to 4 more cuts from the Fed, there is a high probability of them being disappointed. The Fed dot plots remain dislocated from the market expectations with the median dots not expecting further rate reductions at all. Given the continued uncertainty and risk that the Fed does not deliver the cuts expected by the market, the Fund remains conservative in its positioning, earning good yields on the fixed income positions. The positioning has moved to the front end of the curve with the property exposure being maintained. There was further rand depreciation over the month of September that saw the feeder fund perform well.
Contributors to Performance: The deposits and good yielding notes held in the Fund earned an attractive yield for the month and was a contributor to performance. The performance from the property exposure was positive as the positions held rebounded after a softer August.
Detractors from performance: The widening of South African Credit Default Swap spreads saw the notes held referencing South Africa, detract from performance.
  • Fund focus and objective  
The Fund aims to generate real return in US Dollars and is benchmarked to the US 90 day Treasury Bill rate, converted to Rands.
The investment universe includes fixed, floating, real and nominal money market and bond market
investments, property, derivatives and global currencies. Fund performance can be generated from taking
interest rate views or duration, yield enhancement via credit instruments, asset allocation between income
producing asset classes, the use of derivatives and currency management. Focus is placed on maintaining the high credit quality of the Fund.
Investors seeking a hedge against any rand depreciation while gaining exposure to high yielding offshore
assets that are not available locally. This Fund is suitable to investors with a medium to long-term investment horizon.
These portfolios typically exhibit more volatility and potential for capital losses due to higher exposure to
equities and exposure to offshore markets where currency fluctuations may result in capital losses. These
portfolios typically target returns in the region of 5% - 6% above inflation over the long term.

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