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-0.35  /  -0.28%


NAV on 2019/08/23
NAV on 2019/08/22 123.43
52 week high on 2019/06/20 124.7
52 week low on 2018/10/25 115.04
Total Expense Ratio on 2019/03/31 0.63
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -0.99% -0.99%
3 month change 0.25% 1.95%
6 month change 1.99% 5.59%
1 year change 3.67% 11.52%
5 year change 0.87% 8.81%
10 year change 0.73% 8.57%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 333.35 13.42%
Gilts 3043.59 122.53%
Liquid Assets -893.08 -35.96%
  • Top five holdings
U-ABSAMM 270.43 10.89%
U-ACOREIN 62.92 2.53%
  • Performance against peers
  • Fund data  
Management company:
Absa Fund Managers (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Interest Bearing--Variable Term
BESA All Bond index
Contact details




  • Fund management  
James Turp
James joined Absa Asset Management (ABAM) in December 2013 as Portfolio Manager for domestic bonds. He has a wealth of experience having spent 22 years working within local and international investment bank treasuries and at a parastatal treasury. The majority of his career has been focussed on fixed income market making and managing of a trading portfolio in South African fixed income products. Previous employers include Nedbank Capital, WestLB, Standard Bank and Eskom treasury.

  • Fund manager's comment

Absa Bond comment - Mar 19

2019/06/05 00:00:00
The All Bond Index increased by 3.81% over the 1st quarter of the year 2019. The respective total returns were: 1-3 year +1.87, 3-7 year +3.33, 7-12 year +3.75% and 12+ year +4.00%.
Inflation-linked bonds returned +0.33% over the quarter, while cash was up 1.73%.
Bond yields were largely on a declining trend towards the end of the first quarter, following a peak during the month of February 2019. The decline in yields was largely on the back of attractive emerging market valuations, accommodative global monetary policy action, as well as subsiding global inflationary pressures. The South African benchmark yield strengthened to 8.540% after reaching a high of 8.937% in February 2019.
Notwithstanding inflation being on an upward trajectory over the first quarter, headline inflation continued to remain anchored within the South African Reserve Bank's (SARB) Monetary Policy Committee target range of 3% to 6%. Consumer price inflation for February 2019 printed in line with expectations at 4.1% year-on- year, while core inflation increased by 4.4% year-on-year.
On the 28th of March 2019, the SARB's MPC delivered a moderately dovish commentary, opting to leave the repurchase rate unchanged at 6.75%. The MPC cited risks to inflation being fairly balanced at this stage. Increases in global oil prices, elevated administered costs and above inflation nominal wage increases are expected to present upside risks over the next two years. We conversely look to muted demand pull inflationary pressures as well as a resilient exchange rate to induce a flat policy stance for the year 2019.
After the last trading day of the quarter, rating agency Moody's decided not to review the credit risk rating of the South African economy, leaving the outlook unchanged at stable, with a rating of one notch above sub-investment grade. Despite a much welcomed reprieve from the rand and bond market, considerable economic risks still continue to lurk over the short-to-medium term. Electricity supply constraints, a stubbornly wide output gap as well as greater counter-cyclical spending are envisaged to increase the borrowing requirement as a ratio of GDP.
Leading economic indicators across major developed markets currently suggest that growth is still in an expansionary phase, albeit having arguably peaked in the previous year. A no-deal Brexit, benign Eurozone PMI data, as well as a sluggish resolution to global trade tensions could largely underpin a moderating economic outlook. Slower than expected second round effects stemming from both fiscal policy intervention and full employment levels of output have also momentarily persuaded the Fed to pause the normalisation cycle.
  • Fund focus and objective  
The fund aims to offer investors medium to long-term return, capital and income growth by exploiting anticipated changes in the pattern of interest rates. The funds invests in interest bearing securities of differing terms to maturity, taking into account changes in interest rates, credit risk and liquidity.
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