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6.67  /  0.34%


NAV on 2019/07/23
NAV on 2019/07/22 1946.79
52 week high on 2018/09/05 2123.83
52 week low on 2019/01/31 1686.22
Total Expense Ratio on 2019/03/31 1.66
Total Expense Ratio (performance fee) on 2019/03/31 0.45
NAV Incl Dividends
1 month change -1.67% -1.67%
3 month change 0.76% 0.76%
6 month change 13.05% 13.05%
1 year change 6.57% 6.57%
5 year change 13.91% 13.96%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Liquid Assets 19.60 5.16%
Spec Equity 6.29 1.66%
Offshore 353.90 93.18%
  • Top five holdings
PROCTER&GAMBL 12.77 3.36%
MICROSOFT 12.70 3.34%
BARRICKGOLD 12.07 3.18%
AMAZON.COM 11.53 3.04%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
ISIN code:
Short name:
Global--Multi Asset--Flexible
85% MSCI World Index and 10% US Cash (Barclays Benchmark Overnight USD Cash Index), 5% Short Term Fixed Interest Composite (STFIND), in rands.
Contact details


No website listed.


  • Fund management  
Tony Bell
Tony manages our range of target return, absolute return and managed equity product offerings. He has over 24 years investment experience and was previously the chief investment officer of Syfrets and Nedcor Investment Bank Asset Management (NIBAM). Tony joined the company in 2000 as head of business development, returning to his fund management roots in October 2008.
After assuming responsibility for the target return funds, Tony worked with Fernando Durrell to develop a sophisticated asset allocation framework that is able to adjust to a range of different macro environments. This process, together with active stock and bond selection has had a marked impact on the performance of Vunani Fund Managers’ suite of target return funds. Tony has, in addition, worked with Fernando in developing the absolute return offering.

Tony holds a Masters degree from the University of Stellenbosch. His thesis explored determinants of the price formation process of equities.

  • Fund manager's comment

Global IP Opportunity comment - Sep 18

2018/12/04 00:00:00
Equity markets are grappling with two conflicting vectors. The first is the trajectory of global growth. The second the future trajectory of company earnings. We assess the risk to rising inflation driven by an oil price shock as having a greater impact than Trump??s policy framework. While trade protectionism is a big deal the shortages developing within the oil market and the impact that this will have on US economic growth is more significant. The objective of a trade war with China can therefore not be to win but rather to negotiate a range of concessions to open Chinese markets to US companies. China may relinquish a bit of control but not much. Instead we see a heightened risk of it devaluing its currency and with it the broader global economy. For these reasons we remain conservatively positioned in both stock selection and asset allocation.
The portfolio has a high level of cash providing a degree of hedging in a weak month. However, the portfolio also contains shares that have performed creditably over the month. The most attractive returns were more among the traditional companies rather than the technology companies such as Amazon and Apple. Boeing was the standout performer, returning 8.5 percent for the portfolio, while BHP returned 3.8 percent. The US-China trade tensions are unlikely to significantly impact Boeing as it has large backlogs, revealing its defensiveness in a time of uncertainty. The transactions processors - Visa and Mastercard - also had returns of 2.2 percent and 3.3 percent respectively, reflecting their relative lack of exposure to the US-China dispute.
  • Fund focus and objective  
The GLOBAL IP OPPORTUNITY FUND is a Multi Asset flexible fund, investing primarily in foreign markets. The objective of this portfolio is to achieve capital appreciation over the medium to long term. There will be no limitations on the relative exposure of the portfolio to any asset class.
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