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1.12  /  0.24%


NAV on 2019/07/18
NAV on 2019/07/17 458.89
52 week high on 2018/09/03 478.39
52 week low on 2019/01/04 441.67
Total Expense Ratio on 2019/03/31 1.57
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -1.41% 0.44%
3 month change -1.33% 0.52%
6 month change 3.05% 4.99%
1 year change -0.43% 3.4%
5 year change 1.29% 4.68%
10 year change 4.73% 7.96%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 130.75 5.15%
Consumer Goods 37.58 1.48%
Consumer Services 50.79 2.00%
Derivatives 4.32 0.17%
Financials 226.35 8.91%
Gilts 584.89 23.03%
Health Care 7.61 0.30%
Industrials 28.73 1.13%
Liquid Assets 479.44 18.87%
Money Market 205.13 8.08%
Oil & Gas 0.60 0.02%
Technology 54.58 2.15%
Telecommunications 20.68 0.81%
Offshore 708.72 27.90%
  • Top five holdings
MM-12MONTH 74.95 2.95%
MM-05MONTH 60.17 2.37%
 NASPERS-N 49.88 1.96%
MM-10MONTH 30.02 1.18%
MM-11MONTH 25.00 0.98%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Medium Equity
Contact details




  • Fund management  
Hanno Niehaus
Hanno is currently part of the portfolio management team responsible for managing retail and institutional assets. His responsibilities include managing multi-asset class funds, as well as local and international equity portfolios.
Before joining Old Mutual Investment Group, Hanno worked in the UK for two years.
Since joining Old Mutual in 1998, Hanno has been involved in the management of
derivative, multi-asset class funds, equity portfolios and hedge funds.
Bivashen Naidoo
Bivashen is a portfolio manager in the Customised Solutions boutique. Since April 2010, Bivashen has been co-managing various portfolios. He currently co-manages the derivative-based hedge funds, and has overall responsibility for hedge funds and bespoke client solutions.
Bivashen joined Old Mutual Investment Group in August 2007 as an investment structuring actuary. He was part of the portfolio management team responsible for research, operational management and client servicing; he was also co-manager of a call-overwriting fund.
Prior to joining Old Mutual Investment Group, Bivashen was at Metropolitan Employee Benefits Investment Services where he was part of the team responsible for the management of the capital guaranteed products, and also involved in product development.

  • Fund manager's comment

Old Mutual Dynamic Floor comment - Sept 18

2018/12/12 00:00:00
Developed market stocks advanced once again to alltime highs over the third quarter, and having recently surpassed the tenth anniversary of the global financial crisis, increased attention has been placed on the likely source of the next crisis. While US growth continues to impress on the upside, the Federal Open Market Committee (FOMC) has reiterated its guidance that the tightening cycle is far from complete, highlighting the risk associated with rising US interest rates. Rising US rates have had a knock-on effect on the global economy, with reduced liquidity fuelling the sustained emerging market sell-off.
On the trade war front, US President Donald Trump has given the go-ahead for circa US$200bn of tariffs on Chinese imports, which is expected to be met with fierce resistance from China and could spark further global market volatility in the future. Locally, fiscal execution risk and the associated threat of a sovereign credit rating downgrade were highlighted by the recession-inducing second quarter GDP print. The stimulus plan announced by President Ramaphosa towards the end of September was received positively but the feedback from ratings agencies was that execution needs to follow in order to stave off forthcoming rating downgrades.
The third quarter of 2018 saw continued volatility in domestic equity markets, with the FTSE/JSE All Share Index shedding 2.2% over the quarter. Resources advanced 4.6% over the quarter on the back of the rand slipping 3.0% relative to the US dollar, while financials also ended the quarter up 4.2%. Industrials’ see-saw year continued, shedding a massive 8.2% over Q3. Nominal bonds (0.8%) and inflation-linked bonds (0.6%) ended the quarter in positive territory while listed properties’ horrid year continued, losing 1.0% over the quarter to take the year-to-date slide to -22.2%.
Given the well-diversified nature of the Dynamic Floor Fund and its moderate exposure to growth assets, the fund continues to deliver returns in a risk-controlled framework with reduced fund volatility. Despite the negative return of local equities during the quarter, our offshore exposure, bond positioning and currency hedges contributed to the fund’s positive return.
The portfolio is still well positioned to participate in any equity rallies. We do, however, remain cautious and are well placed to protect capital if markets retrace. This approach has served the portfolio well as it continues to provide the optimal blend of exposure to growth assets and capital protection.
  • Fund focus and objective  
The fund strives for long-term capital growth as well as some level of capital protection. Through the use of a quantitative risk model, the fund aims to profit from a rising share market and protect against capital losses in a weak market. The fund invests across shares, bonds and cash - moving from shares into fixed-interest investments when the fund's value drops below a predetermined 'floor'. When markets start to move up, the fund increases its holdings in shares, tapping into these growth opportunities. The fund aims to protect at least 90% of the net investment over a 12-month period.
The fund is ideally suited to the more risk averse investor whose priority is capital preservation but who still wants to participate in upside market growth. It suits investors who want:
* Protection of invested capital
* The level of capital protection to follow markets upwards
* Active equity management
This is a moderate risk fund (risk rating 3). The risk management model aims to protect the portfolio value at a forward 'floor' level. The model will adjust the portfolio's asset allocation dynamically to protect capital. This form of portfolio protection is not a guarantee, but clearly a protective strategy only. The protective strategy is effective over typical 12-month rolling periods. Short-term fund value fluctuations can occur. Derivatives will be used tactically to manage and limit downside risk, and to capture or lock in gains as and when they occur.
Dynamic Floor Technology
Equities are the key driver of long-term after tax returns in excess of inflation, but they introduce short-term capital risk. The manager therefore uses dynamic floor technology to reduce the risk of loss in the fund, whilst still allowing the fund to benefit from positive equity performance. In other words, dynamic asset allocation decisions are driven by a quantitative process that reduces exposure to riskier assets in a declining or volatile equity market in favour of more stable assets like cash. The opposite would apply in a rising equity market. Furthermore, as positive returns are generated above a certain level, so the floor is raised in order to protect these returns from future losses. The floor is typically set at 10% below current fund value, with a one-year time horizon. It does not represent a guarantee but reflects a target maximum loss in any one year whilst still giving the fund uncapped upside potential.
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