0  /  0%


NAV on 2020/07/31
NAV on 2020/07/30 100
52 week high on 2019/08/06 100
52 week low on 2019/08/06 100
Total Expense Ratio on 2020/06/30 0.58
Total Expense Ratio (performance fee) on 2020/06/30 0
Incl Dividends
1 month change 0% 0.4%
3 month change 0% 1.36%
6 month change 0% 3.1%
1 year change 0% 6.84%
5 year change 0% 7.3%
10 year change 0% 6.4%
Price data is updated once a day.
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  • Sectoral allocations
Gilts 1256.14 3.96%
Liquid Assets 5082.85 16.03%
Money Market 25374.27 80.01%
  • Top five holdings
MM-01MONTH 4834.56 15.24%
MM-03MONTH 3020.19 9.52%
MM-02MONTH 2839.42 8.95%
MM-06MONTH 2179.15 6.87%
MM-11MONTH 2139.45 6.75%
  • Performance against peers
  • Fund data  
Management company:
Ninety One Fund Managers SA (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Interest Bearing--Money Market
STeFI 3 months
  • Fund management  
Lisa MacLeod
Lisa is responsible for managing cash assets at Investec Asset Management. Her portfolio management duties include running the Investec Money Market Unit trust and Investec Money Fund. Lisa began her career at the company in 1997 as a money market dealer, and later as a bond dealer. Prior to Investec Asset Management, 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 in Finance from the University of Cape Town in 1995 and in 2000 was awarded the Chartered Financial Analyst charter.
Vivienne Taberer
Vivienne is an investment specialist in the Global Emerging Market Debt team and a portfolio manager. 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, Vivienne 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 she has completed the London School of Business Investment Management Programme.

  • Fund manager's comment

Investec Money Market comment - Jun 13

2013/09/06 00:00:00
Market and portfolio review After a relatively muted start to the year, money market yields moved substantially higher during the second quarter. The period was characterised by a sharp increase in volatility as assets reacted to central bank rhetoric. Initially, positive sentiment prevailed, thanks to unprecedented monetary policy easing by the Bank of Japan. However, US Federal Reserve (Fed) Chairman Ben Bernanke's statement that the Fed may consider reducing its current bond-buying programme sparked a significant sell-off in yields. This led to the 12-month NCD selling off 80 basis points from May lows. The rand was one of the worst performers of a basket of major currencies as risk assets sold off in tandem. The All Bond Index lost 2.3% over the quarter. Bernanke's 'tapering talk' (scaling back asset purchases) signals a fundamental shift in dynamics. The tailwinds that have driven global yields sharply lower over the last five years are likely to be less supportive in future. The turnabout in expectations was evident in the forward rate agreements, which started to price in aggressive rate hikes after having priced in a high probability of a further interest rate cut in May. On the local front, the weaker rand could result in CPI breaching the top end of the target band and remaining at around the 6% level. Growth and activity levels will continue to be a concern, leaving the South African Reserve Bank to weigh up higher inflation against a weak growth backdrop. Our central view is for rates to remain on hold for longer.
Portfolio activity and positioning Although tailwinds have shifted, we believe the move in yields is overdone in the short term and that on a fundamental basis, money market yields are showing value. We added a small amount of long-dated exposure to the portfolio into weakness. However, we continue to be cautious as momentum is high and volatility is likely to persist. Overall, we remain neutrally positioned.
  • Fund focus and objective  
Investment objective
The Ninety One Money Market Fund aims to earn a higher level of income than fixed deposits and call deposits over time, while protecting capital and providing investors with immediate liquidity. The fund targets returns in excess of the STeFI 3-month money market index, measured over one year periods.
The fund invests in a range of South African money market instruments. These assets include bankers' acceptances, debentures, negotiable certificates of deposit, treasury bills and call accounts. The fund may only invest in money market instruments with a maturity of less than one year and its average duration may not exceed three months.
Fund features
o Capital preservation with minimal volatility
o Compelling alternative to current and savings accounts o Ideal vehicle to 'park' money short-term
o A highly liquid investment
o Lower volatility than traditional income and bond funds
o Compliant with Regulation 28 of the Pension Funds Act, therefore suitable for retirement funds

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