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0  /  0%

100

NAV on 2021/09/16
NAV on 2021/09/15 100
52 week high on 2020/09/18 100
52 week low on 2020/09/18 100
Total Expense Ratio on 2021/06/30 0.59
Total Expense Ratio (performance fee) on 2021/06/30 0
NAV
Incl Dividends
1 month change 0% 0.32%
3 month change 0% 0.97%
6 month change 0% 1.93%
1 year change 0% 3.83%
5 year change 0% 6.56%
10 year change 0% 6.2%
Price data is updated once a day.
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  • Sectoral allocations
Liquid Assets 682.21 3.20%
Money Market 16782.40 78.64%
SA Bonds 3877.48 18.17%
Offshore 0.02 0.00%
  • Top five holdings
MM-01MONTH 3751.17 17.58%
MM-02MONTH 2799.26 13.12%
MM-03MONTH 2470.58 11.58%
MM-09MONTH 1050.80 4.92%
MM-05MONTH 1050.31 4.92%
  • Performance against peers
  • Fund data  
Management company:
Nedgroup Collective Investments (RF) (Pty) Ltd.
Formation date:
2000/03/31
ISIN code:
ZAE000023792
Short name:
U-NEDMMR
Risk:
Unknown
Sector:
South African--Interest Bearing--Money Market
Benchmark:
STeFI Call Deposit
Email
No email address listed.

Website
http://www.nedgroupinvestments.com

Telephone
0860-123-263(RSA only)/+27-21-416-6011(Outside SA)

  • Fund management  
Taquanta Asset Managers


  • Fund manager's comment

Nedgroup Investments Money Market comment - Aug 17

2017/09/27 00:00:00
In August this year, central bankers, finance ministers, academics and financial market participants gathered for the annual Economic Symposium in Jackson Hole in the US with the title 'Fostering a Dynamic Global Economy'. While analysts were hoping for some indication on the future of monetary policy in the Euro area, ECB President Mario Draghi didn’t provide any clues about intentions to cut back on the asset purchase programme. Similarly, Federal Reserve Chair Janet Yellen did not provide insight into the direction of future monetary policy of the Federal Reserve; this is against a backdrop of low unemployment and low inflationary pressures.
Real GDP in the United States, did however slightly surprise to the upside by reporting an annual increase of 3% in the second quarter of this year (up from the previous estimate of 2.6%). This growth was supported by higher levels of consumer spending on goods and services as well as increases in business investment, exports, and federal government spending according to the Bureau of Economic Analysis.
The South African economy has seen GDP growth return to positive territory, recording annualised growth of 2.5% for the second quarter of 2017. Statistics SA noted that it is important to keep in mind that growth rates can be volatile, and further, that the 2.5% number is what the annual growth rate would be only if the observed quarterly rate were repeated for four consecutive quarters.
CPI remained on a downward trajectory with the latest number for July reported as 4.6%, down from 5.1% in June. Both the Standard Bank and Absa purchasing managers indices also remain below the neutral 50-point mark indicating that growth in the manufacturing sector remains under pressure.
The headline Producer Price Index continued the downward trend that has been observed this year, with annual growth recorded as 3.6% in July (annualised growth at the beginning of the year was 5.9%). Private sector credit extension recorded the weakest growth in private credit since March this year at 5.7% year-on-year in July, down from 6.2% in June.
The expectation is for one rate cut before the end of 2017 given the current economic backdrop, with possible further monetary easing in 2018, should all else remain equal and a ratings downgrade not materialise in the medium term. Risks to the upside remain elevated, with continued uncertainty in the political climate and the possibility for policy shocks. This political landscape presents risks for rand weakness and inflationary pressures, which would place upward pressure on interest rates and see us return to an increasing interest rate environment. The fund is well positioned to take advantage of the current economic climate and uncertainties ahead.
The Nedgroup Investments Money Market Fund continues to be exposed largely to banks (96.15% in August 2017) while 3.85% of the fund is in government, parastatal, conduit and corporate debt. The fund continues to comfortably outperform its benchmark, delivering a gross return of 0.68% in August 2017.
  • Fund focus and objective  
The portfolio is suitable for investors who require high levels of income and capital preservation.
The portfolio provides an attractive alternative to savings accounts. The portfolio typically displays little volatility.
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