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9.66  /  0.47%

2040.47

NAV on 2019/09/16
NAV on 2019/09/13 2030.81
52 week high on 2019/08/30 2138.54
52 week low on 2019/01/31 1686.22
Total Expense Ratio on 2019/06/30 1.65
Total Expense Ratio (performance fee) on 2019/06/30 0.43
NAV Incl Dividends
1 month change -1.76% -1.76%
3 month change 1.59% 1.59%
6 month change 6.94% 6.94%
1 year change -1.09% -1.09%
5 year change 14.32% 14.37%
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%
VISAINCORPORA 12.67 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:
2014/02/05
ISIN code:
ZAE000183935
Short name:
U-GLOBIPO
Risk:
Unknown
Sector:
Global--Multi Asset--Flexible
Benchmark:
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

Email
clientservices@ipmc.co.za

Website
No website listed.

Telephone
021-673-1340

  • 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 - Jun 19

2019/08/23 00:00:00
While investors seem to have regained some composure ahead of an expected US Fed Fund rate cut in July, as is common of these phases in the market, the trade-weighted dollar has declined in value. This has provided some breathing space for emerging market currencies. Gold has surged as the dollar has weakened with investors now seemingly interested in gold as a counter-trade to the dollar. In many ways, the current macroenvironment feels a lot like 1998 in that the US yield curve is inverted (short rates are higher than long rates); the ISM (Institute of Supply Management) indicators suggest weaker manufacturing activity; and inflation around the world is falling leading to a more cautious stance by central banks. Why is any of this important? Well, in 1998 equity markets rallied sharply as the Fed began to cut interest rates and the dollar weakened. Why? US corporate earnings are influenced by both factors.
It is likely higher corporate profits and higher stock prices are on the horizon. However, we see a catch; the recent ramp-up in stock prices may give the Fed reason to pause next month.
Nvidia enjoyed a particularly strong rally in June after being punished by the market as a result of trade war fears earlier in the year. Barrick Gold delivered 22 percent for the month impacted by the rising gold price. Investors seem to welcome the move by Apple away from devices into services although it remains to be seen how Tim Cook will manage the departure of Sir Jony Ive who recently announced that he was setting up his own design company after 20 years with Apple. Thermo Fisher moved higher as news emerged of another acquisition (always a concern) and guided for higher profits going forward.
  • 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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