NAV on 2021/03/01
|NAV on 2021/02/26
|52 week high on 2021/02/25
|52 week low on 2020/03/23
|Total Expense Ratio on 2020/12/31
|Total Expense Ratio (performance fee) on
Ashburton Management Company (RF) (Pty) Ltd.
South African--Multi Asset--High Equity
Average of the South African - Multi Asset - High Equity
Ashburton Multi Management
BJM Prudential Flexible Fund Comment- Mar 12
The first quarter of 2012 was in general a 'risk on' market across the world with economies showing signs of recovery. Resources however faced headwinds because of fear of a hard landing in China (growth below 6%). The first quarter of 2012 saw the JSE All Share Index increase by 6% with the JSE Financial Index up 12.8% and the JSE Industrial Index up 10.5%. The Resources sector was the worst performing sector tumbling 3.7% in rands for the quarter. The fund's relatively heavy weighting in Financials and Industrials over the past quarter helped it outperform its peers with a total return of 6.69%, well ahead of the 4% from its peers. Despite the fall in prices of resource shares we have seen commodity prices rise with the Brent Crude Oil spot price up 15.47% year to date, gold up 6.6% and the platinum price up 17% year to date. The Property Loan Stock Index was up 9.12% over the past quarter outperforming all other asset classes. Property is in fair value territory. The All Bond Index was up 2.4% for the quarter underperforming property and equities over this period. The rand's appreciation of over 5% this quarter helped the bond market to deliver a positive return despite rising bond yields in the US. The fund's asset allocation stayed much the same over the past quarter.
The fund aimz to deliver a stable and growing capital and income base, via a balanced and diversified portfolio across multiple asset classes.. This fund also provides manager diversification by investing in segregated portfolios managed by specialist managers in each asset class. Asset clases include but are not limited to property, equity, bonds, money market and offshore. The allocation across asset classes is actively managed by BJM according to prevailing market conditions. The fund will be Regulation 28 compliant making it suitable for preand post-retirement savings. This fund should reduce volatility relative to similar single manager portfolios due to manager diversification. This portfolio is diversified across various asset classes. It provides the investor with greater equity exposure than lower risk portfolios but is not fully invested in equity. Equity and property investments are volatile by nature and are susceptible to changes in general market conditions and volatility, as well as economic, political and company specific risks. This fund is also exposed to foreign investment funds and is thereby susceptible to currency risk and potential macroeconomic and political risks brought about by funds invested across various regions. The funds exposure to fixed income investments creates sensitivity to changes in bond yields, rising interest rates and inflation uncertainty, as well as exposure to economic, political risk and credit risk.