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  •  Alexander Forbes Investments Enhanced Income Fund (A)

-0.1  /  -0.1%


NAV on 2021/02/25
NAV on 2021/02/24 104.05
52 week high on 2020/09/14 106.82
52 week low on 2020/04/03 101.6
Total Expense Ratio on 2020/09/30 0.95
Total Expense Ratio (performance fee) on 2020/09/30 0
Incl Dividends
1 month change 0.38% 0.38%
3 month change 0.43% 1.42%
6 month change -2.41% 3.09%
1 year change -2.34% 5.13%
5 year change 0.13% 7.95%
10 year change 0.15% 7.31%
Price data is updated once a day.
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  • Sectoral allocations
Derivatives -1.16 -0.27%
Financials 7.15 1.65%
Fixed Interest 19.00 4.38%
Liquid Assets 43.01 9.91%
Money Market 41.09 9.47%
Other Sec 0.69 0.16%
SA Bonds 314.35 72.44%
Offshore 9.80 2.26%
  • Top five holdings
U-NICORMM 19.00 4.38%
MM-02MONTH 11.71 2.7%
MM-09MONTH 7.95 1.83%
MONEYMARK 6.66 1.54%
MM-03MONTH 5.38 1.24%
  • Performance against peers
  • Fund data  
Management company:
Alexander Forbes Investments Unit Trusts Limited
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Income
110% Short-term Fixed Interest Composite Index
  • Fund management  
Kabelo Rikhotso
Kabelo Rikhotso began his career in 2004 at Advantage Asset Manager (previously known as mCubed Asset Management) as a Research Analyst responsible for risk management, formulating investment strategies, economic modelling, researching and presenting the appropriate research in articles. He was later promoted to a Portfolio Manager for the large cap equity fund.In 2006, he joined National Treasury as the first candidate in the Talent Management Program which aimed to fast track talented young individuals into leadership roles. He was based in the Risk Management Directorate and was responsible for research and designing the Operational Risk Framework for the division and also worked under the guidance of the DDG as Deputy Director of Market Risk. In this role, he was responsible for conducting research on benchmarking the Government Debt Portfolio and building an optimal debt structure for the RSA Government (Fixed vs. Floating debt, Foreign vs. Domestic). This role included devising optimal ways of funding the Government debt at the lowest possible cost across the yield curve subject to refinancing risk, currency risk etc.In May 2008, he joined Investment Solutions as a Fixed Income Portfolio manager and in September 2009 was promoted to Head of Equity, Fixed Income and Property funds.
Alexander Forbes Investments

  • Fund manager's comment

Investment Solutions Enhanced Inc comment - Mar 16

2016/06/28 00:00:00
The portfolio ended behind the benchmark for the quarter, with all the managers underperforming.
The best-performing asset class within the constraints of this portfolio was property, which returned 10.10%. Nominal bonds returned 6.3% -- comfortably higher than inflation-linked bonds (1.99%) and slightly higher than cash (1.93%) for the quarter.
All the managers underperformed due to short duration in a period of falling yields. Investec marginally underperformed the benchmark despite having reasonable exposure to property, which contributed to performance. Atlantic also ended behind due to short duration. Prescient ended behind for the quarter due to being underweight property. However, yield enhancement through credit-linked notes and short-dated bank paper contributed to performance.
  • Fund focus and objective  
The Enhanced Income portfolio seeks to provide a higher level of income capital growth than a traditional income portfolio and money market portfolio. This is done through the use of diverse sources of income with a high emphasis on capital preservation. The portfolio aims to out-perform 110% of the STeFI Composite Index by investing in bonds, fixed deposits, other money market instruments, listed debentures, preference shares of an income nature and listed property shares. The portfolio has a flexible maturity profile instead of a defined modified duration limit. The fund will focus on out-performance of the 1-3 year All Bond Index (BEASSA ALBI 1-3yrs) and the peers in this category by investing in bonds, fixed deposits, money market instruments, listed debentures, preference shares of an income nature, listed property share and fixed interest securities as permitted by legislation. The Manager shall apply a multi-manager investment management style in the management of the fund.The fund aims to earn a higher level of income than a fund restricted to having a duration of less than 2 years, however, still providing some capital protection. There will be some ability for the fund to experience capital gains primarily through exposure to property. This will be limited as the aim is generally to ensure capital protection. The fund will have a more flexible maturity profile and not be restricted to a two year average maturity limit.The INVESTMENT SOLUTIONS ENHANCED INCOME UNIT TRUST FUND will combine high-yielding asset classes and aims to provide a higher level of income, relative to funds restricted to duration of less than two years, and also aim to grow the income at a faster rate. It is a high income-producing fund, blending income earning asset classes such as, assets in liquid form, cash, bonds, and inflation linked bonds. The fund will also have exposure to listed debentures, listed property shares, preference shares of an income nature and other fixed interest securities as permitted by legislation. Derivatives may be used in accordance with the regulations promulgated in terms of the Collective Investment Scheme Control Act 45 of 2002 as may from time to time be amended. The fund may not be leveraged.The Manager may from time to time invest in participatory interest or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time. Where the aforementioned schemes are administered in territories other than South Africa, participatory interest or any other form of participation in portfolios of these schemes will be included in the fund when such funds are invested within South Africa.Nothing in this Supplemental Deed shall preclude the Manager from varying the ratios of securities, to maximise capital growth and investment potential either due to economic or market conditions or to meet the requirements, if applicable, of any exchange formally recognised in terms of legislation and from retaining cash or placing cash on deposit in terms of the Trust Deed and this Supplemental Trust Deed, provided that the Management Company shall ensure that the aggregate value of the assets comprising the fund shall consist of securities and liquid asset investments of the aggregate value required from time to time by the Act.The Manager will not be permitted to invest on behalf of the INVESTMENT SOLUTIONS ENHANCED INCOME UNIT TRUST FUND in offshore investments. For the purpose of this fund, the Manager shall reserve the right to close the fund to new investors on a date determined by the Manager. This will be done in order to be able to manage the fund in accordance with its mandate. The Manager may, once a fund has been closed, open that fund again to new investors on a date determined by the Manager.

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