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NAV on 2021/09/22
NAV on 2021/09/21 99.32
52 week high on 2021/08/30 99.52
52 week low on 2020/11/02 96.44
Total Expense Ratio on 2021/06/30 0.6
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change 0.24% 0.76%
3 month change 0.6% 2.17%
6 month change 1.16% 4.28%
1 year change 1.87% 8%
5 year change -0.58% 7.39%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Additional 29.09 4.59%
Financials 28.20 4.45%
General Equity 22.18 3.50%
Liquid Assets 554.54 87.46%
  • Top five holdings
FINANCEINSTIT 144.38 22.77%
CORPDBTCONVRT 136.85 21.58%
GOVTISSUPAPER 125.35 19.77%
PUBLENTISSPAP 113.40 17.89%
  • Performance against peers
  • Fund data  
Management company:
Prescient Management Company Ltd. (PIM)
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Income
SteFI 110% gross of fees



  • Fund management  
Prescient Interest Bearing Team

  • Fund manager's comment

Prescient SA Income Provider Comment - Sep 19

2019/10/24 00:00:00
The US Fed cut interest rates in September, which was in line with consensus. Markets are pricing in a further 3 to 4 cuts by 2021. Locally, the Monetary Policy Committee (MPC) members unanimously decided to leave the repo rate unchanged at 6.5% and stated, “The implied path of policy rates over the forecast period generated by the Quarterly Projection Model indicated no changes to the repo rate.” Forward rate agreements are now pricing a lower chance of a cut over the next 12 months, having moved out by 17bps after the MPC statement. The release of the Medium Term Budget Policy Statement (MTBPS) has been delayed to the 30th of October, which won’t give Moody’s much time to analyse details proposed by the budget for the year ahead, before their rating review announcement on the 1st of November. These will be key events driving the month ahead. The Fund is still earning an attractive real yield of between 3.5% and 4%, with a strong focus on high quality, shorter term liquid assets. We remain cognisant of the looming risks and will again wait for an opportunity to increase the duration in the Fund. The Fund earned an attractive real yield of between 3.5% and 4%. Should interest rates rise, it would benefit from the low duration profile as the yield earned will rise with the market. In our view, the bigger risk is rising inflation, which will threaten the portfolio’s real return target. To this end, the conservative positioning gives us flexibility to adjust as interest rate hikes are priced in.
The Fund outperformed its benchmark in September and remains above its benchmark over the last twelve months. The bulk of the performance came from good quality paper held in the portfolio, which generated yield over and above the benchmark. The performance drag from the property exposure corrected during September. There were no detractors for the month.
  • Fund focus and objective  
The Prescient Stable Income Fund will invest in a spectrum of South African only equity, bond, money market or real estate markets. The aim of the portfolio is to maximize income yield without placing undue risk on the capital of the investor by investing in South African investment markets. Capital gains will be of an incidental nature. The Fund is not permitted to invest in offshore investment markets. The portfolio is permitted to invest in listed and unlisted financial instruments in line with the conditions as determined by legislation from time to time.
The portfolio must ensure that the aggregate effective exposure to equity and equity related securities is limited to 10%.
The portfolio will be subject to the Prudential Investment Guidelines for South African Retirement Funds, being Regulation 28 of the Pension Funds Act, or such other Legislation published from time to time.
The portfolio may apart from assets in liquid form also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes.
Nothing in the supplemental deed shall preclude the manager from varying the ratios of asset allocation and securities, to maximize absolute return and investment potential in changing economic environments or market conditions or to meet the requirements, if applicable, of any exchange formally recognized in terms of legislation and from retaining cash or placing cash on deposit in terms of the Deed and any Supplemental Deeds thereto; provided that the manager shall ensure that the aggregate value of the assets comprising the portfolio shall consist of securities 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, the Deed and in all Supplemental Deeds thereto is carried out.
For the purpose of this portfolio, the manager in consultation with the Investment 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.

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