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1.63  /  0.43%


NAV on 2021/09/17
NAV on 2021/09/16 378.76
52 week high on 2021/08/20 393.72
52 week low on 2021/06/04 341.54
Total Expense Ratio on 2021/06/30 2.42
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -1.57% -1.57%
3 month change 5.55% 5.55%
6 month change 4.61% 4.61%
1 year change 5.65% 5.65%
5 year change 11.85% 11.85%
10 year change 14.75% 14.75%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Liquid Assets 70.03 1.20%
Offshore 5786.71 98.80%
  • Top five holdings
  • Performance against peers
  • Fund data  
Management company:
PSG Collective Investments (RF) Ltd.
Formation date:
ISIN code:
Short name:
Global--Multi Asset--Flexible
EAA USD Flexible Allocation (ZAR) Average
  • Fund management  
Adriaan Pask
PSG Multi Management

  • Fund manager's comment

PSG Alphen Foreign Flexible FoF comment - Dec 11

2012/02/22 00:00:00
2011 was characterized by exceptionally wild swings in stock prices returns from week-to-week and even day-to-day; but measured over the full year most markets went backwards in US dollar terms. Only the S&P 500 managed to stay out of the red, being essentially flat for the year in price terms and returning a measly 2.1%, with dividends reinvested. Speculators that thrive on macro noise had a lot of news to chew on. Sentiment swung between extreme pessimism, centred on talks of a Eurozone break-up and Chinese growth deceleration, to extreme optimism that was typically fuelled by empty promises after each of the different Eurozone summits held during 2011. It was one of those years though where doing less generally ended up adding more value to portfolio returns.
Although sovereign debt was downgraded in the US and parts of Europe, the place to have been in 2011 was in bonds, particularly Japanese and UK, which returned 14.4% and 17.4% respectively in US dollars and similarly in pounds sterling. US bonds did not perform badly either returning 9.9% in US dollars. These returns were driven by the flight to safety which also saw strong demand for gold bullion (+18% in the year). The unpredictability of markets caused havoc to many notable investors including Stanley Druckenmiller (Duquesne Capital Management), George Soros (Soros Fund Management), Bill Miller (Legg Mason Capital Management), Bill Gross (PIMCO) and Warren Buffett (Berkshire Hathaway) - some of which opted to retire rather than continue to face the carnage.
It was an up and down year for major developed market currencies, however by year end most had returned to within 5% of where they began the year. In developing markets, one of the worst performing currencies was typically the South African rand, which depreciated by 18% versus the US dollar.
  • Fund focus and objective  
The PSG Wealth Global Flexible Fund of Funds' investment is to provide longterm capital apprecia..on through asset alloca..on management of a diversified por..olio of Investment Schemes established, recognised or regulated in any approved country and assets in liquid form. The emphasis of the manager's investment approach will be on but there will be no specific limit on the asset classes in which the fund manager may invest with the proviso that there will be a minimum exposure of 50% net equity holdings (although market condi..ons may be adverse from to and at the discre..on of the Directors the cells may hold up to 100% cash). The cells may invest in Investment Schemes that use instruments for efficient por..olio management only. The cells will be invested in at least two underlying Investment Schemes and no more than 75% of the cells will be invested in any one underlying unit trust or Investment Scheme.

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