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0.37  /  0.23%


NAV on 2021/09/22
NAV on 2021/09/21 157.52
52 week high on 2021/08/24 159.83
52 week low on 2020/11/02 150.26
Total Expense Ratio on 2021/06/30 1.96
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change -0.98% -0.98%
3 month change 0.22% 0.88%
6 month change 0.67% 1.59%
1 year change 3.69% 6.05%
5 year change 1.71% 5.65%
10 year change 2.92% 6.44%
Price data is updated once a day.
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  • Sectoral allocations
Fixed Interest 127.07 51.06%
General Equity 7.58 3.04%
Liquid Assets 5.02 2.02%
Managed 80.14 32.21%
Real Estate 4.22 1.69%
Specialist Securities 7.64 3.07%
Offshore 17.19 6.91%
  • Top five holdings
U-FAIRCAS 97.12 39.03%
U-MITIPAC 74.79 30.05%
U-RMISMUN 19.32 7.76%
U-BIPSGVI 7.64 3.07%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Low Equity
CPI plus 2% (net of fees)

No website listed.


  • Fund management  
Roeloff Horne
Roeloff has over 20 years’ experience in managing portfolios. He founded Eagle Asset Management and Bond Street Financial Services which became part of the MitonOptimal Group in 2002. Roeloff is responsible for the management of the suite of local and offshore multi-asset funds and portfolios.

  • Fund manager's comment

IP Diversified Income FoF Comment - Dec 19

2020/02/20 00:00:00
The Capped SwixIndex delivered a positive 3.1% return in December 219, taking the total return for the year to a positive 6.8%. The JSE ALL SHARE INDEX returned 12.0% for the year 2019. Global Euities were strong in December with the MSCI World gaining 2.9% and the MSCI Emerging Markets Index gaining 7.2%. (All in US dollars terms). Year to date the MSCI World rose 24.1% and the MSCI Emerging Markets Index 15.1% (in Rand Terms). The rand rallied by 4.8% in December and ended the year 2.83% stronger against the US Dollar! Other Asset Class returns for 2019 are (in ZAR).
Not many will believe that the ALSI outperformed all the above asset classes in the past quarter (+4.40%) and that the Rand appreciated by 8.72% to the USD.
The SARB disappointed and kept its policy rate unchanged for the fourth quarter of 2019 despite inflation declining to about a ten year low at 4.1% and Eskom once again announced unplanned breakdowns of 12300MW with stage 2 4 and even an uprecedented stage 6 load shedding. This electricity rationing will more than likely force a weak fourth quarter GDP outcome and the SA economy into recession once again. The early indicators for growth in October were positive with both mining and maufacturing growing again.
The global scene in the fourth quarter of 2019 was dominated by encouraging news o n the progress made on the signing of a stage one trade deal between the world's two largest economies China and the US. Global equities and specifically value stocks have run hard on signs of a stabilization in global growth amidst further central bank looseing activity and fiscal stimulus from countries such as India, Australia, the UK and France. A clear victory for the Conservatives in the UK also removed the brexit uncertainty with the UK's departure from the EU now guaranteed at the end of January 2020. Global bond yields have also reversed their moves to new lows with the US 10 year bond settling in the 1.8 to 1.95% range.
As stated previously in 2019 we continue to see quite a fe areas of value on the Johannesburg Stock Exchange with several domestic sectors and shares trading at discounts to their 5 and 10 year average ratings. However, with the slow pace of reform and continued disappointments in critical areas of delivery such as electricity generation the prospects for growth in South Africa in 2020 remian poor and thus we are gognizant that these shares could remain cheap for the foreseeable future, as there is no near term catalyst to drive positive sentiment to unlock the inherent value. In addition, the prosepects of a full downgrade by all rating agencies of SA's credit rating to junk status in early 2020 could further impact negatively on domestic sentiment and growth prospects, although there is good argument to be made that this development.
  • Fund focus and objective  
The fund aims to provide investors with a high level of income and a low risk capital growth to outperform the greater of the rolling 2 year SA Repo rate or CPI plus 2% pa. The funds is diversified between asset classes with a high allocation to assets that generate income. It is managed according to the Prudential Regulation 28 guidelines of the Pension Fund Act.
The fund has a prederminded risk budget per asset class to allow the manager to vary exposure between asset classes, whilt respecting the fund's strategic asset allocation benchmarks. The managers consider tactical asset allocation between asset classes and sectors after a team process has determined a risk score by considering the global and local leading economic indicators, asset class valuations, fundamental research, independent liquidity analysis and technical analysis.

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