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0.93  /  0.76%


NAV on 2021/02/25
NAV on 2021/02/24 121.14
52 week high on 2021/02/17 123.73
52 week low on 2020/03/24 92.99
Total Expense Ratio on 2020/09/30 1.41
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change 1.05% 1.05%
3 month change 8.97% 8.97%
6 month change 6.92% 8.03%
1 year change 10.27% 13.43%
5 year change 4.07% 5.68%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Basic Materials 8.83 4.25%
Financials 5.50 2.65%
Fixed Interest 28.80 13.88%
General Equity 79.57 38.33%
Industrials 1.42 0.68%
Liquid Assets 0.72 0.35%
Managed 5.63 2.71%
Other Sec 2.58 1.24%
Specialist Securities 31.91 15.37%
Technology 3.18 1.53%
Offshore 39.43 18.99%
  • Top five holdings
U-CORQUAN 25.57 12.32%
U-NOVMATE 25.37 12.22%
U-GRYTRAC 22.84 11%
ISMSCICHINA 17.11 8.24%
U-SASFLXI 16.59 7.99%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
CPI + 5% p.a. net of fees over a rolling 5 year period.

No website listed.


  • Fund management  
Roeloff Horne
Roeloff is a Director and the Head of South Africa Portfolio Management at MitonOptimal and Co-Manager on a range of local funds. He was a founder and Director of Eagle Asset Management and Bond Street Financial Services - now MitonOptimal Portfolio Management (SA). He has at National Certificate in Financial Markets & Instruments and an International Capital Markets qualification from the London Securities Institute.Roeloff founded Bond Street in 2000 and was instrumental in structuring the company as a Portfolio Management Company. Roeloff has managed the Diversified Income and Worldwide Flexible Fund of Funds since their inception in 2005 and 2008 respectively.

  • Fund manager's comment

IP Prudential Equity comment - Dec 19

2020/02/20 00:00:00
The Capped SwixIndex delivered a positive 3.1% return in December 219, taking the total return for the year to a positive 6.8%. The JSE ALL SHARE INDEX returned 12.0% for the year 2019. Global Euities were strong in December with the MSCI World gaining 2.9% and the MSCI Emerging Markets Index gaining 7.2%. (All in US dollars terms). Year to date the MSCI World rose 24.1% and the MSCI Emerging Markets Index 15.1% (in Rand Terms). The rand rallied by 4.8% in December and ended the year 2.83% stronger against the US Dollar! Other Asset Class returns for 2019 are (in ZAR).
Not many will believe that the ALSI outperformed all the above asset classes in the past quarter (+4.40%) and that the Rand appreciated by 8.72% to the USD.
The SARB disappointed and kept its policy rate unchanged for the fourth quarter of 2019 despite inflation declining to about a ten year low at 4.1% and Eskom once again announced unplanned breakdowns of 12300MW with stage 2 4 and even an uprecedented stage 6 load shedding. This electricity rationing will more than likely force a weak fourth quarter GDP outcome and the SA economy into recession once again. The early indicators for growth in October were positive with both mining and maufacturing growing again.
The global scene in the fourth quarter of 2019 was dominated by encouraging news o n the progress made on the signing of a stage one trade deal between the world's two largest economies China and the US. Global equities and specifically value stocks have run hard on signs of a stabilization in global growth amidst further central bank looseing activity and fiscal stimulus from countries such as India, Australia, the UK and France. A clear victory for the Conservatives in the UK also removed the brexit uncertainty with the UK's departure from the EU now guaranteed at the end of January 2020. Global bond yields have also reversed their moves to new lows with the US 10 year bond settling in the 1.8 to 1.95% range.
As stated previously in 2019 we continue to see quite a fe areas of value on the Johannesburg Stock Exchange with several domestic sectors and shares trading at discounts to their 5 and 10 year average ratings. However, with the slow pace of reform and continued disappointments in critical areas of delivery such as electricity generation the prospects for growth in South Africa in 2020 remian poor and thus we are gognizant that these shares could remain cheap for the foreseeable future, as there is no near term catalyst to drive positive sentiment to unlock the inherent value. In addition, the prosepects of a full downgrade by all rating agencies of SA's credit rating to junk status in early 2020 could further impact negatively on domestic sentiment and growth prospects, although there is good argument to be made that this development.
  • Fund focus and objective  
The IP PRUDENTIAL EQUITY FUND is a multi-asset portfolio which aims to achieve long term capital growth, and will be a medium to high risk fund which can utilise the maximum equity exposure allowed under the prudential regulations. The asset allocation of the portfolio will be varied according to the manager's view on the macroeconomic outlook as well as the attractiveness of each asset class and may include equities, bonds, money market instruments, property and derivatives, in both local and foreign markets.

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