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-9.14  /  -0.88%

1034.74

NAV on 2021/02/25
NAV on 2021/02/24 1043.88
52 week high on 2020/12/18 1058.35
52 week low on 2020/03/24 841.62
Total Expense Ratio on 2020/12/31 1.13
Total Expense Ratio (performance fee) on 0
NAV
Incl Dividends
1 month change 1.61% 1.61%
3 month change 0.62% 4.44%
6 month change 5.52% 9.52%
1 year change -0.93% 7.12%
5 year change 0.86% 9.36%
10 year change 0.24% 8.25%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Bond Funds 5.67 4.40%
Derivatives 0.10 0.08%
Fixed Interest 0.00 0.00%
Liquid Assets 6.74 5.23%
SA Bonds 116.42 90.27%
Offshore 0.03 0.02%
  • Top five holdings
U-PSCBND 5.67 4.4%
DERIVATIVB 0.10 0.08%
U-BJMMMRK 0.00 0%
FUTURES M 0.00 0%
  • Performance against peers
  • Fund data  
Management company:
Ashburton Management Company (RF) (Pty) Ltd.
Formation date:
2007/11/01
ISIN code:
ZAE000105797
Short name:
U-BJMBOND
Risk:
Unknown
Sector:
South African--Interest Bearing--Variable Term
Benchmark:
BEASSA All Bond Total Return Index
  • Fund management  
Ashburton Multi Management


  • Fund manager's comment

BJM Bond Fund Comment- Jun 12

2012/09/12 00:00:00
The past quarter we saw the All Bond Index deliver its best quarterly performances with a return of 5.19%, well ahead of cash at 1.28 %. 3.34% of the return was generated during the month of June alone and bond's with a maturity of seven years or longer delivered the best performance. Citibank announced that South Africa will join the Citibank World Government Bond Index (WGBI) in October, having successfully satisfied the criteria. South Africa will become the first African government bond market to be included in the WGBI, bringing the number of sovereign markets to 23. Eleven South African government bonds are eligible for inclusion and SA will make up about 0.4% of the index. The implication of this is that we may well see R40bn of bond buying from offshore. Government is also continuing with a number of switching activities by buying short dated bonds and selling long dated bonds. Two of the shorter dated bonds (R206 and R201) that expire in 2014 were trading at or below the six month interbank rate yield of 5.6% at the end of May 2012. The BJM Multi Manager Bond fund is positioned short of the All Bond Index modified duration of 5.81 and will therefore underperform when bond yields fall. The fund holds an overweight position in corporate and Parastatal bonds.
  • Fund focus and objective  
The fund seeks to provide investors with a well-diversified exposure to the South African bond market. The fund invests in domestic fixed interest instruments and cash. The fund will be managed actively from both an interest rate and credit risk perspective. The average maturity profile will vary from time to time depending on market conditions. This fund also provides manager diversification which should reduce the volatility relative to single manager funds.
The portfolio invests in assets in liquid form, high yielding non-equity securities and interest bearing securities and
may invest in offshore investment. The portfolio's 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 and
credit risk. For credit and income instruments, while unlikely, capital loss may occur due to an event like the default
of an issuer. This fund has exposure 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.
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