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19.69  /  1.79%


NAV on 2021/02/25
NAV on 2021/02/24 1082.22
52 week high on 2021/02/25 1101.91
52 week low on 2020/03/23 762.15
Total Expense Ratio on 2020/09/30 0.75
Total Expense Ratio (performance fee) on 2020/09/30 0
Incl Dividends
1 month change 2.4% 2.4%
3 month change 9.39% 9.39%
6 month change 7.53% 9.04%
1 year change 8.69% 11.96%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Basic Materials 68.26 14.01%
Consumer Goods 23.66 4.86%
Consumer Services 14.36 2.95%
Derivatives 0.78 0.16%
Financials 39.12 8.03%
Fixed Interest 5.05 1.04%
Health Care 1.73 0.36%
Industrials 7.98 1.64%
Liquid Assets 13.33 2.74%
Managed 64.41 13.22%
Real Estate 26.65 5.47%
SA Bonds 18.35 3.77%
Specialist Securities 32.48 6.67%
Technology 22.36 4.59%
Telecommunications 6.58 1.35%
Offshore 142.14 29.17%
  • Top five holdings
O-ISWEQIN 71.26 14.63%
U-CAMUINT 44.15 9.06%
VANALLWORLD 34.18 7.01%
U-NEWGOLD 32.48 6.67%
U-CSAPROP 26.65 5.47%
  • Performance against peers
  • Fund data  
Management company:
H4 Collective Investments (RF) Pty Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Flexible
CPI + 6% p.a.



  • Fund management  
Yolanda B Naude

  • Fund manager's comment

H4 CPI + 6% Comment - Dec 19

2020/02/19 00:00:00
Note: Given this fund’s objective, the manager recommends a minimum time horizon of six years for it to achieve its strategic objective.
The H4 CPI +6% Fund (‘the fund’) delivered 2.2% in Q4-2019, and has delivered 12.8% versus 10.4% for its SA CPI +6% p.a. benchmark over the past year. In terms of the major asset classes to which the fund was exposed during the quarter, the local equity market (measured by the FTSE/JSE All Share Index) gained 4.6%, slightly behind the FTSE/JSE Capped Top 40 Index (to which the fund is exposed) which was up 5.2%. Local bond prices (All Bond Index) ended the quarter up 1.7% despite the Moody’s rating agency’s announcement of a downgrade in the country’s rating outlook from Stable to Negative; while the local listed property market (FTSE/JSE SA Listed Property Index) gained 0.6%. Global equities (MSCI All Country World Index in US dollars) delivered 9% during Q4-2019’s renewed risk-on phase; while global listed property (MSCI World REITs Index in US dollars) was flat. During the quarter the rand strengthened 8.4% versus the US dollar; detracting significantly from the performance of global assets when measured in rand terms.
There were no marked asset allocation changes in the fund during the quarter. In terms of foreign currency exposure, the manager initiated a new zero cost currency hedge during August on a portion of the fund’s offshore exposure in order to protect it from possible marked rand strength. This protection was in place until mid-December 2019. At quarter-end, the fund held a relatively diversified mix of assets which the manager deems appropriate for the current investment climate. Sizeable asset class exposures included domestic equity (of which a portion was allocated to protected equity), global equity and US protected equity, along with domestic bonds, as well as local and global listed property. The fund continues to adhere to its policy.
  • Fund focus and objective  
The H4 CPI+6% Fund's objective is to provide the investor with a total return above the CPI index of 6% per annum on a rolling 72 month period, whilst at all times remaining within the guidelines of prudential funds.
The portfolio's investment universe will comprise primarily of listed equity securities, fixed interest securities, listed real estate and assets in liquid form. The portfolio will be broadly diversified across asset classes and is managed in accordance with prudential guidelines governing pension funds.

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