NAV on 2019/01/18
|NAV on 2019/01/17
|52 week high on 2018/01/19
|52 week low on 2018/12/12
|Total Expense Ratio on 2018/09/30
|Total Expense Ratio (performance fee) on
IP Management Company
South African--Multi Asset--Flexible
CPI + 4%
Integrated Managed Investments
IP Flexible Fund comment - Sep 18
Global equities, measured in dollars, have gained another 4%. Countries that have domestic political difficulties, notably the UK, Italy and South Africa, and those that are threatened by the full force of a potential trade war, such as China, Hong Kong, Australia and Canada, have been driven down by sentiment. The US market has delivered the bulk of global equity gains.
Returns from SA equities were poor during September because of a general Emerging Market sell-off and the strengthening of the rand. Foreigners have sold SA equities in significant quantities because of concerns over countries such as Turkey and Argentina and the desire to reduce risk. The political situation in SA is improving, albeit slowly. We are in far better position than this time last year. These improvements are expected inspire confidence is the medium-term.
The IP Flexible Fund was weaker in line with the weakness seen across all sectors in the JSE. We continue to be Rand defensive in our approach and stock specific in our application. We favour companies that exhibit a clear advantage in their core sectors with clear earnings visibility, good cash flow, growing dividends and attractive valuations relative to earnings outlook.
Owing to continued negative investor sentiment towards emerging markets, the Fund is expected to perform in line with the JSE over the medium to longer term.
The IP Flexible Fund is a South African, multi-asset flexible fund, investing in all permitted asset classes. The objective of this portfolio is to achieve long term capital appreciation. The generation of income will be of secondary importance. There will be no limitations on the relative exposure of the portfolio to any asset class. Geographical restrictions will be as per the defined industry classification, as amended from time to time.
Investments to be included in the IP Flexible Fund will, apart from assets in liquid form, consist of securities and listed and unlisted financial instruments across all permitted asset classes, including exchange traded funds and exchange traded notes as permitted by legislation from time to time. The investment manager will have complete flexibility to vary the exposure to different asset classesas economic conditions vary.