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-0.34  /  -0.03%


NAV on 2021/09/17
NAV on 2021/09/16 1059.28
52 week high on 2021/06/24 1059.38
52 week low on 2020/10/02 1012
Total Expense Ratio on 2021/06/30 0.75
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change 0.73% 0.73%
3 month change 0.12% 1.82%
6 month change 1.17% 4.5%
1 year change 3.23% 9.99%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Derivatives 1.71 0.60%
Liquid Assets 14.70 5.14%
Money Market 9.57 3.34%
Real Estate 0.63 0.22%
SA Bonds 259.34 90.69%
  • Top five holdings
MM-14MONTH 9.57 3.34%
FUTURES M 1.71 0.6%
 HYPROP 0.63 0.22%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Income
3 Months JIBAR

No website listed.


  • Fund management  
Thyme Wealth (Pty) Ltd.

  • Fund manager's comment

Thyme Wealth IP Inc Multi Asset comment - Dec 19

2020/02/20 00:00:00
Positive geopolitical developments from the trade agreement (between the US and China) with the resolution of Brexit supported risk-on trades as 2019 drew to a close. In this risk-on environment, global bonds sold off with the US 10y increasing 14bps to 1.92%, German yields increasing 18bps to - 0.19%, and French yields increasing 17bps to +0.12% (ending the year in positive territory). Local bonds benefitted as a result with net inflows of R8.3bn.
In 2019 bonds gained +10.32% compared to the +7.36% return on cash. Equities gained +12.05%, whilst the Listed Property Index (J253) was down at -7.01% during 2019. Despite Stage 6 load shedding as Eskom’s electricity generation fleet experienced an unprecedented level of breakdowns, the rand was stronger by 4.5% versus the US dollar USD/ZAR (closing at R14.00/ $), 2.86% stronger against the euro and by 2.17% against the British pound. The rand has been a beneficiary of the external drivers mainly because of its carry appeal. SA risks in 2020 remain elevated, especially with mounting challenges at Eskom and slow policy responses.
The fund has performed well and benefitted from the bond market ’s performance over the year. In the year ahead the fund will remain defensively positioned and wait for opportunities that may present itself from any possible credit rating downgrade by Moody’s.
  • Fund focus and objective  
The portfolio aims to provide investors with a higher level of income than a pure income fund, while minimising risk and ensuring capital stability. The investment manager will actively manage the investment opportunities to achieve the best rates of income from income generating instruments within the investment universe, to achieve the funds objective.
To achieve this objective, the securities normally to be included in the portfolio will comprise a combination of global bonds, interest bearing securities, including loan stock, preference shares, equity securities, listed property securities, semi-gilts, debentures, debenture bonds and notes, money market instruments, and other non-equity securities, in line with the objective of the portfolio and assets in liquid form. Interest bearing instruments in a currency other than the Republic of South Africa, may only be included in this portfolio, if they comply with a credit rating of investment grade by the credit rating agencies approved by the Registrar, or if they comply with other regulations published by the Registrar, provided further that if the grading of an instrument differs between the rating agencies, the lower grading will apply.

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