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0.08  /  0.06%

137.67

NAV on 2019/03/22
NAV on 2019/03/21 137.5913
52 week high on 2018/03/29 138.0546
52 week low on 2018/10/01 134.9919
Total Expense Ratio on 2018/12/31 0.85
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change 0.58% 0.58%
3 month change 0% 2.05%
6 month change 0.18% 4.36%
1 year change -0.12% 8.37%
5 year change -0.24% 7.98%
10 year change -0.13% 7.81%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 2044.89 5.80%
Gilt 3.08 0.01%
Gilts 29170.74 82.69%
Liquid Assets 73.57 0.21%
Money Market 3984.34 11.30%
  • Top five holdings
U-SBKIMM 2044.89 5.8%
MM-06MONTH 846.30 2.4%
MONEYMARK 807.69 2.29%
MM-09MONTH 669.61 1.9%
MM-03MONTH 577.18 1.64%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
1987/04/01
ISIN code:
ZAE000020079
Short name:
U-SLINCR
Risk:
Unknown
Sector:
South African--Interest Bearing--Short Term
Benchmark:
STeFI Composite Index
Contact details

Email
contact@stanlib.com

Website
http://www.stanlib.com

Telephone
011-448-6000

  • Fund management  
Henk Viljoen
Henk started his career in 1984 as a bursary student at the marketing division of Telkom, moving to the treasury division after one year. Henk became an economist at Senbank in 1986, before rejoining the treasury environment in 1989 at Senbank. Henk joined Liberty Asset Management in 1990 and assumed responsibility for STANLIB's cash and fixed-interest teams in 2000. Henk is regarded as one of the best fixed-interest managers in the country due to his consistent performance in respect of STANLIB's Bond and Income Funds.
Victor Mphaphuli
Victor joined SCMB Treasury in 1996 as a trainee dealer in the foreign exchange markets and later moved to Nedcor Investment Bank as a capital markets dealer. In early 2001, he joined Libam's fixed interest team as a capital markets dealer and assistant to Henk Viljoen.


  • Fund manager's comment

STANLIB Income Fund - Sep 18

2019/01/02 00:00:00
Fund review
Flows into the Stanlib Income Fund continued throughout the third quarter, with the Fund size increasing from R31.4 billion to end the quarter at R33.2 billion. The volatility in the markets which came as a result of emerging market jitters left investors to seek diversification into income funds. The Fund’s returns remain attractive compared to money market returns due to high yield assets in the portfolio. The Fund still maintains a defensive positioning which was beneficial given the recent upsurge in bond yields during the quarter. The modified duration of the Fund was maintained at 0.5 years. Credit spreads continued to tighten during the quarter, further benefiting the portfolio.
Market overview
Emerging market currencies and assets continued to sell off in the third quarter amid a stronger US dollar environment as trade and geopolitical tensions heightened, monetary conditions continued to tighten and global inflation expectations accelerated. Risk aversion due to US sanctions on Turkey and Russia and the debt crisis in Argentina contributed to the rand weakening by 3% against the US dollar, with bonds following suit as foreign investors sold R16bn of South African government bonds in the quarter. The US Fed raised interest rates by 25bps in September as widely expected, and indicated that they are planning on raising rates once more this year and three more times in 2019 as growth remains robust and inflation continues to increase. Local GDP surprised by contracting again in the second quarter, tipping the economy into a technical recession and sparking fears of a possible ratings downgrade by Moody’s on the 12th of October. Longer dated bonds sold off as a result, as markets were pricing in a higher probability of an increase in government bond issuance as tax revenue was likely to come under pressure. The spread between the 30 year maturity bond and the 10 year maturity bond increased by 10 basis points to end the quarter at 93 basis points, reflecting these risks. Headline Inflation increased from 4.4% to 4.9% in August due to higher fuel prices and higher VAT but core inflation remains subdued as the economic activity remains subdued. The Reserve Bank as a result left interest rates unchanged leaving the markets pricing in higher probabilities of an interest rate hike at their November meeting should the current negative environment persist.
Looking ahead
The fourth quarter comes with a number of event risks with possible significant impact on returns. The three major rating agencies will give their rating updates on South Africa; with the Moody’s decision the most important one as a downgrade from them would result with major outflows due to South Africa being excluded from the World Government Bond Index. In September the government tabled measures to stimulate economic growth, details of which will be shared in the Medium Term Budget Policy Statement in late October. The stimulus package was well received by the markets and the details in the budget will be assessed for the impact on National Treasury’s debt consolidation plans. The Land Reform Committee is also expected to report back to parliament on its recommendations, which can have material impact on markets. Internationally, elections in Brazil in October and in the US in November will also be watched with keen interest as they can influence the risk environment. The commentary gives the views of the portfolio manager at the time of writing. Any forecasts or commentary included in this document are not guaranteed to occur.
  • Fund focus and objective  
The STANLIB Income Fund's primary objective is a reasonable level of current income and maximum stability for capital invested.
Securities normally to be included in the portfolio will consist of fixed income securities embracing non equity securities, stock, financially sound preference shares, debenture stock, debenture bonds and unsecured notes to be acquired at fair market prices.
The weighted average maturity of this portfolio may not exceed 2 years. This portfolio may not have any direct and/or indirect foreign exposure.
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