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0.29  /  0.25%


NAV on 2021/09/16
NAV on 2021/09/15 117.6877
52 week high on 2021/08/25 119.3177
52 week low on 2020/11/02 106.1502
Total Expense Ratio on 2021/06/30 1.22
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -0.66% -0.66%
3 month change 1.58% 2.35%
6 month change 2.36% 3.87%
1 year change 7.25% 10.6%
5 year change 2.71% 6.74%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Bond Funds 57.06 13.02%
Fixed Interest 168.92 38.55%
General Equity 60.30 13.76%
Liquid Assets 7.42 1.69%
Managed 35.04 8.00%
Spec Equity 19.60 4.47%
Offshore 89.82 20.50%
  • Top five holdings
U-INDIVIN 86.50 19.74%
U-CORSTRI 82.42 18.81%
U-NEDBOND 57.06 13.02%
O-NEDCORE 45.31 10.34%
O-IGLFRAA 44.50 10.16%
  • Performance against peers
  • Fund data  
Management company:
Ci Collective Investments (RF) Prop Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Low Equity
CPI for all urban areas + 2% over any rolling 3 year period


011 463 5656

  • Fund management  
Roxburgh Asset Management (Pty) Ltd.

  • Fund manager's comment

Roxburgh Ci Conservative FoF - Dec 16

2017/03/16 00:00:00
Roxburgh Conservative has returned -0.7% of rthe fourth quarter of 2016 and 2.6% for the 12 months to 31 December 2016.
It has been a difficult and rare quarter of negative returns for the portfolio. After seemingly turning the corner in the thrid quarter, volatility came back to haunt markets in the fourth quarter which was punctuated by local and global watershed events. Rand strength was again a theme over the quarter and had mixed effects on assets and asset classes.
Bond markets were very volatile during the quarter, with an early rally, on the back of the end of the witch-hunt of our finance minister, stopped in its tracks by Donald Trump's US election win and a possible sovereign credit downgrade.
Fortunately, however, South Africa managed to avoid a downgrade to junk status which brought decent returns in December for fixed income assets.
While local bond markets provided mild positive returns, equity exposure within the portfolio was the main driver of negative returns. With capital protection in mind, the portfolio continues to be conservatively positioned both at an asset and asset class level. The portfolio's overweight to local bonds and zero position in offshore bonds, were the silver linings in an otherwise disappointing period. A 20% allocation to local equity, which is in line with our long-term target weight, negatively affected performance as rand strength and stock specific issues depressed returns in the fourth quarter.
Overweight offshore exposure also hurt fourth quarter performance, due to negative stock selection effects and mild rand strength during the quarter. Despite this, offshore exposure continues to be an important part of the portfolio adding diversification benefits thereby allowing the portfolio to meet its objective in a variety market environments.
Our focus continues to be on capital protection in an uncertain market environment. We would encourage investors not to focus on short term performance. While returns may not be linear in fashion, we are confident that the managers in your portfolio will deliver inflation plus returns over rolling 3-year periods.
  • Fund focus and objective  
The portfolio will have an equity exposure of a maximum of 40% of the portfolio's net asset value. The composition of the portfolio shall reflect the investment structure of a retirement fund with a low risk profile and will comply with prudential investment guidelines to the extent allowed by the Act.

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