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0  /  0%

100

NAV on 2021/02/25
NAV on 2021/02/24 100
52 week high on 2020/02/28 100
52 week low on 2020/02/28 100
Total Expense Ratio on 2020/12/31 0.47
Total Expense Ratio (performance fee) on 2020/12/31 0
NAV
Incl Dividends
1 month change 0% 0.31%
3 month change 0% 0.91%
6 month change 0% 1.94%
1 year change 0% 4.88%
5 year change 0% 6.87%
10 year change 0% 6.21%
Price data is updated once a day.
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  • Sectoral allocations
Liquid Assets 612.68 18.55%
Money Market 2664.67 80.68%
SA Bonds 25.61 0.78%
  • Top five holdings
MM-04MONTH 490.17 14.84%
MM-01MONTH 462.17 13.99%
MM-02MONTH 415.25 12.57%
MM-03MONTH 397.95 12.05%
MM-05MONTH 299.37 9.06%
  • Performance against peers
  • Fund data  
Management company:
Discovery Life Collective Investments (Pty) Ltd.
Formation date:
2007/11/05
ISIN code:
ZAE000107561
Short name:
U-DISCMM
Risk:
Unknown
Sector:
South African--Interest Bearing--Money Market
Benchmark:
STeFI 3 Month Composite index
Email
info@discovery.co.za

Website
https://www.discovery.co.za

Telephone
0860-675-777

  • Fund management  
Lisa MacLeod
Lisa is a portfolio manager within the South African Rates team at Ninety One responsible for managing short duration strategies. Her portfolio management duties include running the Money Market unit trust and Money Fund (life portfolio). Prior to joining the firm, Lisa spent two years working in London gaining exposure to the fixed income area at SBC Warburg and later joined Deustche Morgan Grenfell. She obtained a Bachelor of Business Science (Honours) degree majoring in Finance and Economics from the University of Cape Town and is a CFA Charterholder.


  • Fund manager's comment

Discovery Money Market comment - Dec 09

2010/03/11 00:00:00
After a sharp rally in money market yields in the first half of the year, yields were broadly unchanged during the final quarter with 12-month NCDs ending the year yielding 8.19%. Since the start of the cycle (December 2008), we have now seen a cumulative cut in interest rates of 5%, as the Reserve Bank took action to help stabilise the economy. We are now close to or at the bottom of the easing cycle.
Reserve Bank Governor Gill Marcus delivered her first monetary policy committee (MPC) statement in November, keeping interest rates on hold. The style of the new governor will likely be a lot more engaging across a broad spectrum of stakeholders and the emphasis will be on maintaining a clear communication strategy.
For the first time in 31 months, inflation fell back into the target band for two consecutive months in a row. Over the next two months we expect inflation to bounce back out of the target band on a technical basis and thereafter to stay well within the target band in 2010. We are far more positive about inflation than both the Reserve Bank and the consensus view and believe another interest rate cut could be on the cards.
Unsurprisingly, the December MPC meeting was cancelled (it fell on a public holiday) and the MPC reverted to meeting every second month in 2010, which caused some movement along the curve.
Portfolio activity Given that we believe the risks of a further interest rate cut have increased, we added a small amount of longer-dated exposure into weakness during the quarter. We continued to take advantage of the wide bank issuer spreads.
Portfolio positioning We are close to or at the bottom of the interest rate cycle and your portfolio is positioned with a shorter bias. We expect some volatility at this uncertain stage of the cycle and will look for opportunities to invest further into weakness. Your portfolio has benefited from locking into wide spreads on bank floating rate notes.
  • Fund focus and objective  
Investment Strategy The Discovery Money Market Fund invests mainly in money market instruments. The portfolio will consist of money market instruments as allowed by the Act (currently instruments with a maturity of less than one year and an average maturity for the fund which will typically be less than 90 days). Any net revenue will accrue and be declared to unit holders on a daily basis and distributed on each distribution date. The fund has no intention of investing its assets offshore. Further, it aims to protect investors' capital and provide them with immediate liquidity. The fund targets returns in excess of the benchmark, measured over rolling one year periods. The primary performance objective of the portfolio is to obtain a high level of current income as is consistent with capital preservation and liquidity. Capital gains will be of an incidental nature. Fund Objectives The fund aims to earn a higher level of income than fixed and call deposits over time and to outperform South African money market indices.
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