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0.01  /  0.01%

103.16

NAV on 2021/02/26
NAV on 2021/02/25 103.15
52 week high on 2020/03/31 103.49
52 week low on 2020/04/01 102.83
Total Expense Ratio on 2020/12/31 0.71
Total Expense Ratio (performance fee) on 2020/12/31 0
NAV
Incl Dividends
1 month change 0.03% 0.33%
3 month change 0.11% 0.98%
6 month change 0% 2.04%
1 year change -0.15% 5.05%
5 year change 0.04% 7.32%
10 year change -0.26% 6.51%
Price data is updated once a day.
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  • Sectoral allocations
Fixed Interest 1529.71 11.94%
Liquid Assets 54.18 0.42%
Money Market 9101.12 71.07%
SA Bonds 2121.27 16.56%
  • Top five holdings
MONEYMARK 3270.31 25.54%
U-INVCOMM 1529.71 11.94%
MM-08MONTH 871.97 6.81%
MM-04MONTH 679.03 5.3%
MM-01MONTH 593.26 4.63%
  • Performance against peers
  • Fund data  
Management company:
Ninety One Fund Managers SA (RF) (Pty) Ltd.
Formation date:
2000/07/03
ISIN code:
ZAE000024683
Short name:
U-INVCASH
Risk:
Unknown
Sector:
South African--Interest Bearing--Short Term
Benchmark:
STeFi composite
  • Fund management  
Lisa MacLeod
Lisa is a portfolio manager within the South African Rates team at Ninety One responsible for managing short duration strategies. Her portfolio management duties include running the Money Market unit trust and Money Fund (life portfolio). Prior to joining the firm, Lisa spent two years working in London gaining exposure to the fixed income area at SBC Warburg and later joined Deustche Morgan Grenfell. She obtained a Bachelor of Business Science (Honours) degree majoring in Finance and Economics from the University of Cape Town and is a CFA Charterholder.
Vivienne Taberer
Vivienne is an investment specialist and portfolio manager in the Global Emerging Market Debt team at Ninety One where she is responsible for Latin American bond and currency markets. Prior to joining the firm in 2002, Vivienne worked at Standard Bank in London for seven years, initially specialising in South African fixed income before moving into sales and trading across the whole spectrum of emerging market debt. Prior to this, she worked at Mizuho International in London and First National Bank trading South African bonds, bond options, FRAs and swaps. Vivienne graduated from the University of the Witwatersrand with a Bachelor of Commerce degree and a Bachelor of Laws degree, and has completed the London School of Business Investment Management Programme.


  • Fund manager's comment

Investec STeFI Plus comment - Jun 13

2013/09/06 00:00:00
Market review Fixed income markets had a roller coaster ride this quarter as we experienced huge swings in yields. In April, the South African bond market had a big rally that saw the best monthly return for the All Bond Index since July 2010. The rally was driven by foreign flows after the Bank of Japan announced an extremely aggressive stimulus package designed to promote economic growth and inflation. This announcement, together with weaker economic data from China and continued evidence of a slow recovery in the US, led to emerging market bond yields reaching record lows. In May, there was a complete reversal of the exuberance experienced the previous month. Bonds had one of the worst months in over a decade, as rand weakness caused some aggressive selling in our market. There was a global sell-off in bond markets as investors came to terms with improving developed market economies and the prospect of the US Federal Reserve (Fed) scaling back its quantitative easing programme (QE). Emerging markets saw yields rise and most of their currencies lost ground to a strengthening US dollar. This triggered some selling of South African bonds by foreign investors to the tune of R4.7 billion. It is interesting to note that this was the first time since last May that foreigners were net sellers on a month. We expect these investors to remain cautious of the asset class and yields are likely to remain elevated for the next few months. There was also a sharp correction in short-dated yields as the monetary policy committee indicated that rates were likely to remain on hold at current levels for some time. While this was in line with our view, some investors had expected a rate cut, which resulted in these rates being too low. The South African Reserve Bank (SARB) remains extremely worried about the country's slow growth rate and would like to ease rates to stimulate some growth. However, the Bank is equally concerned about inflation, which is close to the upper limit of 6%. Bond markets remained under pressure in June as economic data in the US continued to point towards stronger growth. This led to bond yields rising globally as investors changed their asset allocation. The standout feature was the catch-up in real yields as inflation-linked bonds experienced their worst month since their introduction into the South African market in March 2000. This is part of the global re-pricing of rates, now that the Fed has indicated that its $3 trillion QE programme could be scaled back later this year. Rates are thus 'normalising' to reflect the fundamentals. This has sparked a general sell-off, leaving cash as the only fixed income asset with a positive return on the quarter. Yields are now more realistic and are offering a reasonable return for investors. On the monetary policy front, we expect rates to remain on hold for the next 12 months as the SARB remains conflicted between rising inflation and the weak economy. Given ongoing rand weakness, we expect inflation to breach the upper band of the inflation target in coming months. It could even remain outside the targeted band for the remainder of the year. The rand will remain key, and any recovery from the current 'cheap' levels will be welcomed by the SARB. The All Bond Index lost 2.3% over the quarter, while cash, as measured by the STeFI Composite Index, returned 1.3%.
Portfolio review The Investec STeFI Plus Fund was defensively positioned over the quarter, returning 1.2%.
Portfolio positioning We believe the move in yields is overdone in the short term and on a fundamental basis, short-dated yields are showing value. Given volatility and increased uncertainty in markets, we will continue to keep the fund defensively positioned from a duration perspective. However, we will look for opportunities in the market now that yields are more realistic.
  • Fund focus and objective  
The Ninety One Cash 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.
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