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-1.04  /  -0.79%


NAV on 2021/02/25
NAV on 2021/02/24 132.18
52 week high on 2020/02/27 137.97
52 week low on 2020/03/24 107.71
Total Expense Ratio on 2020/12/31 1.81
Total Expense Ratio (performance fee) on 2020/12/31 0
Incl Dividends
1 month change 1.78% 1.78%
3 month change 2.69% 4.24%
6 month change 7.85% 9.48%
1 year change -4.76% -1.84%
5 year change -3.35% -0.82%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Consumer Goods 3.66 4.49%
Consumer Services 12.14 14.89%
Financials 27.67 33.94%
Health Care 3.70 4.54%
Industrials 6.02 7.39%
Liquid Assets 4.67 5.73%
SA Bonds 6.76 8.29%
Telecommunications 1.93 2.37%
Offshore 14.97 18.37%
  • Top five holdings
GRINDRODGMANA 14.97 18.37%
 FAIRVEST 2.66 3.26%
 SAFARI 2.39 2.94%
 MC GROUP 2.17 2.66%
 LIB-HOLD 2.14 2.63%
  • Performance against peers
  • Fund data  
Management company:
Bridge Fund Managers (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
Average of the ASISA South African Equity Multi Asset High Equity Sector
  • Fund management  
Ian Anderson
Ian joined Grindrod Asset Management as Chief Investment Officer in September 2009. Prior to that, he ran his own consultancy where his clients included Marriott Asset Management, Fortress Asset Managers (part of the Resilient group of companies) and the Property Loan Stock Association of South Africa. Ian was the Investment Director at Marriott Asset Management from 2002 to 2007, having joined the firm as an Investment Analyst in 1996. Ian has been involved in the management of specialist listed property portfolios for the past 15 years.
Andrew Dowse
Andrew joined Grindrod Asset Management in early 2013 and is currently a Portfolio Manager. Andrew has worked as a Product Development Analyst at Symmetry within the Old Mutual Group and then in the offshore hedge fund division at Maitland. Prior to joining Grindrod Asset Management, Andrew worked at Insinger de Beaufort BNP Paribas, a boutique asset manager and family wealth office. The company’s head office is in Amsterdam and the parent company BNP Paribas is based in Paris. As a member of the investment committee Andrew was responsible for global fund research, analysing all investment products including the more exotic asset classes of hedge funds and structured products. He was also responsible for much of the reporting and analysis of client portfolios including attribution reports and compliance with GIPS reporting standards. He also traded and balanced all offshore and local private client investment mandates and was actively involved in the management of the South African Fund of Funds within the firm.
Richard Henwood
Richard has over 12 years of investment experience which he gained in both the UK and South Africa. He spent 9 years in London working for global investment manager Schroders Investment Management, and hedge funds Trafalgar Asset Managers and CapeView Capital LLP. There he gained valuable insight into various investment strategies including long-only, event-driven, credit, private equity and long-short equity. He returned to South Africa in 2013 and worked for Atlas Trading (Grindrod) before joining Bridge Fund Managers (formerly Grindrod Asset Management) in 2014.

  • Fund manager's comment

Bridge Balanced Fund comment - Dec 19

2020/02/14 00:00:00
2019 finished on a positive note for global financial markets. The United States and China announced a preliminary trade deal and the Conservative Party in the United Kingdom won a landslide majority in the general election and in so doing secured a mandate to ensure the UK leaves the European Union (Brexit) on 31 January 2020. The US-China trade war has weighed on business sentiment since the middle of 2018 and been a major contributor to the general slowdown in global economic activity throughout 2019. China’s economy was particularly hard-hit by the threat and counter-threat of increased tariffs across a range of products and the first phase of a trade deal, due to be signed on 15 January 2020, is likely to lead to increased business investment and higher levels of global economic growth in 2020.
Prime Minister Boris Johnson’s gamble to call an early election in the UK paid off handsomely as the Conservative Party secured a further 48 seats in parliament, while Jeremy Corbyn’s Labour Party lost 60 seats. The path to Brexit has now been cleared and the UK is expected to leave the European Union as scheduled on 31 January 2020, although a transition period extending to the end of 2020 is envisaged, after which time the real negotiating is expected to start in earnest. The pound strengthened to US$1.35/GBP in the immediate aftermath of the election result but has since drifted back towards US$1.30/GBP.
Against a more favourable economic and political backdrop, global bond yields rose appreciably, with the yield on 10-year US Treasuries rising to 1.92% from 1.77% at the end of November. In Europe, the yield on 10-year German bunds rose 17 basis points. Global bond yields have been rising since the end of August but remain well below the average levels of 2018 as global growth stalled in 2019 on heightened political risk, business investment stalled and central banks turned more dovish to support the global economy. Global equity markets were the biggest beneficiaries of the positive political developments in December. The month’s rally was more broad-based, although the S&P 500 was once again a standout performer, bringing the total return for 2019 to a staggering 31.5%. The UK equity market responded positively to the outcome of the general election and rose 2.7% in December but lagged the US for the year, returning “just” 12.1%. There was also a strong bounce in Hong Kong where protests against the government eased during December and life returned to normal. The Hang Seng Index gained 7% in December and accounted for the lion’s share of 2019’s 10.5% total return.
Global real estate markets continued to struggle in the face of rising bond yields during December. The GPR 250 REIT Index in US dollars declined by 0.7% in December but was still up more than 24% during the year. In 2019, global REITs had their best year since 2012, amid a broad-based rally fuelled by sharply lower government bond yields, tighter corporate credit spreads and an improving earnings outlook relative to other sectors of the market. For REITs, the earnings outlook has not changed much, while other sectors have seen earnings downgrades as global economic growth continued to slow in the face of the US-China trade war. At the same time, sentiment towards mall landlords outside the UK improved and prices started rising again.
In South Africa, the resumption of load shedding continues to cast a shadow over any economic recovery in 2020 and likely contributed to a weaker festive shopping season. Business and consumer confidence remain at critically low levels and the lack of any progress at Eskom continues to weigh on sentiment. Despite the rand briefly dipping below R14/US$ and consumer inflation below 4%, the South African Reserve Bank is not expected to cut interest rates when they meet for the first time in 2020. The SARB has pointed to the risks posed by a sovereign credit rating downgrade by Moody’s as one of the reasons for their slightly more hawkish stance, relative to other major central banks.
South African government bond yields did fall around 20 basis points as the global political backdrop improved and investors rotated back into risky assets like emerging-market currencies and debt. The real yield (i.e. yield minus inflation) on longer-dated South African government bonds is amongst the highest in the world and continues to attract short-term capital flows.
The South African equity market followed global markets higher. The FTSE/JSE All Share Index gained 3.3% in December and was up 12.0% in 2019. December’s strong rally was once again driven by the resources sector as Implats (up 27.5%), Gold Fields (up 24.6%) and Sibanye (up 24.3%) produced stellar returns on the back of sharply higher commodity prices. The resources sector returned just under 30% during 2019, significantly outperforming financials (up just 0.6%) and industrials (up 8.9%). While investors have become more optimistic about the global growth outlook for 2020, the domestic growth outlook is still clouded by the ongoing problems at state-owned enterprises like Eskom and SAA.
South Africa’s listed property sector declined by 2.1% in December despite lower long bond yields and an improving global backdrop. Industry heavyweights Growthpoint (down 3.1%), Hyprop (down 4.9%) and Redefine (down 8.1%) were the major contributors to the weak showing from the listed property sector in December. Some of the smaller, domestically-focussed companies did much better albeit on very light trading volumes over the holiday period. Accelerate (up 6.1%), Arrowhead B (up 10.2%), Spear (up 8.2%) and Stor-Age (up 6.7%) all significantly outperformed the sector in December.
  • Fund focus and objective  
The Bridge Balanced Fund is a multi-asset class fund with the objective of providing investors with high capital growth over the investment term. It achieves this by investing in an appropriate portfolio of equities, fixed interest securities, money market instruments and listed property. The portfolio's exposure to equity instruments may be as much as 75% of the total portfolio. The fund complies with all prudential requirements and regulations governing retirement funds. Tax free instrument by virtue of S12T of the Income Tax Act.

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