The Ninety One STeFI Plus Fund aims to earn a higher level of income than money market unit trust funds, while maintaining a high degree of liquidity and capital preservation. The fund targets returns in excess of the STeFI Composite Index, measured over one year periods.
The fund invests in South African fixed-income assets. These include bankers' acceptances, debentures, negotiable certificates of deposit, treasury bills, call accounts and bonds. Non-government bond exposure is currently limited to 25%. The fund invests predominantly in money market instruments to preserve capital. If there is a good opportunity to achieve returns in excess of cash, the fund will invest in high quality investment grade bonds. The fund's bond exposure may have a maximum average duration of three years.