-4.88  /  -0.46%

1059

NAV on 2020/10/23
NAV on 2020/10/22 1063.88
52 week high on 2020/08/18 1127.2
52 week low on 2020/03/19 857.14
Total Expense Ratio on 2020/06/30 0.8
Total Expense Ratio (performance fee) on 0
NAV
Incl Dividends
1 month change -0.91% -0.37%
3 month change -0.92% -0.38%
6 month change 5.58% 6.16%
1 year change 0% 0%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Basic Materials 5.29 4.43%
Consumer Goods 3.60 3.02%
Financials 2.81 2.36%
Fixed Interest 19.25 16.13%
General Equity 26.71 22.39%
Industrials 0.84 0.71%
Liquid Assets 6.57 5.51%
Other Sec 6.35 5.32%
Spec Equity 7.90 6.62%
Specialist Securities 36.17 30.32%
Technology 3.82 3.20%
  • Top five holdings
U-NICORMM 19.25 16.13%
U-SATMSEM 13.93 11.67%
U-SATMSCI 7.90 6.62%
U-GRYTRAC 6.11 5.12%
U-PQBETA 4.82 4.04%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
2020/01/16
ISIN code:
ZAE000282299
Short name:
U-WWACBEI
Risk:
Unknown
Sector:
Worldwide--Multi Asset--Flexible
Benchmark:
CPI + 5% p.a.
Email
clientservices@ipmc.co.za

Website
No website listed.

Telephone
021-673-1340

  • Fund management  
Roelof Horne
After an illustrious academic career, through which Roelof received various awards, including the Vice Chancellor's medal for the undergraduate student in the humanities, mental and moral science faculties with the highest average marks, Roelof articled to Deloitte and Touche. He was admitted as a partner in 1993, specialising in financial institutions. In 1995 Roelof became the chief financial officer of first derivatives. Roelof joined Investec Asset Management in February 1996. His responsibilities have included portfolio management of a number of institutional and retail funds, leadership of the equity team and support of the Namibia operation. He is head of research for the Southern African region. During December 1999, Roelof was appointed a director of Investec Asset Management, Investec Fund Managers and Investec Assurance.
Scott Campbell


  • Fund manager's comment

IP Worldwide Active Beta Fund - Dec19

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 Primary objective of this fund is to target a total return of inflation plus 5% over a rolling 4-5 periods with a total TER of below 1%. The fund has no constraints and is not Regulation 28 compliant.
The primary objective of the portfolio will be to outperform its benchmark through active asset allocation. The portfolio will be aggressively managed with assets being shifted between the various markets and asset classes to reflect changing economic and market conditions to maximise total returns over the long term.
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