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  •  Graviton Sanlam Collective Investments Flexible Income Fund (A1)
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-0.31  /  -0.03%

1054.85

NAV on 2019/03/20
NAV on 2019/03/19 1055.16
52 week high on 2019/03/08 1057.68
52 week low on 2018/10/02 1036.55
Total Expense Ratio on 2018/12/31 1.16
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change 0.24% 0.24%
3 month change 0.29% 2.07%
6 month change -0.16% 3.59%
1 year change 0.21% 7.53%
5 year change 0.9% 7.92%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 1.68 0.27%
Derivatives 1.40 0.23%
Financials 18.84 3.07%
Fixed Interest 91.92 14.98%
Gilts 212.90 34.70%
Liquid Assets 11.26 1.84%
Money Market 226.25 36.88%
Other Sec 7.58 1.24%
Real Estate 4.37 0.71%
Offshore 37.31 6.08%
  • Top five holdings
MONEYMARK 99.49 16.22%
U-SMIPICO 91.92 14.98%
MM-08MONTH 14.76 2.41%
MM-12MONTH 13.37 2.18%
MM-20MONTH 9.67 1.58%
  • Performance against peers
  • Fund data  
Management company:
Formation date:
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Contact details

Email
No email address listed.

Website
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Telephone
021-947-9111



  • Fund manager's comment

Graviton SCI Flexible Income Fund - Apr 18

2018/06/13 00:00:00
The beginning of April saw the continued trade skirmish between the US and China. The fear of an all-out trade war was abated as the Trump administration and Beijing indicated they¶re willing to negotiate. Despite the soft start for asset prices this year and ongoing trade tensions, investors still believe solid expansion for 2018 while acknowledging the risks of slippage have mounted. Sentiment is still at historically healthy levels, US earnings are relatively strong, and China growth has accelerated, keeping the global expansion intact in the second quarter. 2018 should produce strong and synchronised global growth, but activity and survey readings are challenging the outlook.
As the market digested the notion of what a trade war means for markets, the MSCI World index delivered 1.15% in dollars and 6.57% in rands. Emerging equity markets delivered -0.43% in dollars and 4.91% in rands. The US 10-year yield pushed 21 bps higher over the month, and settled at 2.96% at month end. The sell-off across developed market bonds was largely driven by concerns that inflation expectations are on the rise. Subsequently, the JP Morgan Global Aggregate index was weaker, delivering -1.47% in dollars and 3.81% in rands. Similarly, developing market bonds delivered -1.53% in dollars and 3.74% in rands, marginally underperforming their developed market counterparts. The EPRA/NAREIT Developed Markets Property index delivered 2.01% in dollars and 7.47% in rands, as global listed property rerated with the dividend yield rallying 7 bps to 4.12% at month end.
The rand traded weaker against key developed currencies, as the market focused on the US and China trade tariff dispute and rising tensions between the US and Syria. As such, the rand depreciated by 5.09% relative to the dollar in April. The local equity market rallied some 5.40% in rands while from a sector perspective, the Resi-20 index delivered 9.37%, the Indi-25 returned 5.79% and the Fini-15 delivered 3.01%. Rand-hedge industrial and resource companies were the largest beneficiaries during April. In terms of the contribution to total return for the local equity market, Naspers (1.03%), BHP Billiton (0.90%), and Richemont (0.88%) drove the market return. With the US 10-year yield having now flirted with 3%, the prospect of a higher rates regime for the US entails a lot more volatility and pressure on developing market currencies and bond yields. As such, the SA 10-year yield was 17 bps higher and settled at 8.38% at month end. Subsequently, the ALBI delivered -0.70% in rands and -5.75% in dollars.
  • Fund focus and objective  
The portfolio will invest across the full spectrum of South African fixed income assets which include government bonds, inflation-linked bonds, corporate bonds, listed property, preference shares and money market instruments. This portfolio will be managed in accordance with regulations governing pension funds. The investment manager will also be allowed to invest in financial instruments (derivatives) as allowed by the Act from time to time in order to achieve its investment objective. The exposure to ordinary equities will not exceed 5%.Apart from the above, the portfolio may also invest in participatory interests of portfolios of collective investment schemes registered in the Republic of South Africa or of participatory interest in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and the trustee of a sufficient standard to provide for investor protection which is at least equivalent to that in South Africa.The Manager shall be permitted to invest on behalf of the Graviton Sanlam Collective Investments Flexible Income Fund in offshore investments as legislation permits.
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