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  •  Alexander Forbes Investments Pure Fixed Interest Fund (A)

0.33  /  0.29%

113.27

NAV on 2021/03/01
NAV on 2021/02/26 112.94
52 week high on 2020/03/04 115.13
52 week low on 2020/03/23 93.42
Total Expense Ratio on 2020/09/30 1.16
Total Expense Ratio (performance fee) on 2020/09/30 0
NAV
Incl Dividends
1 month change 0.32% 0.32%
3 month change 4.42% 4.42%
6 month change 3.81% 8.31%
1 year change -0.12% 8.78%
5 year change 0.89% 9.26%
10 year change 0.34% 8.17%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Derivatives -0.85 -0.04%
Fixed Interest 336.65 14.02%
Gilt 2.45 0.10%
Liquid Assets 85.57 3.56%
Money Market 0.70 0.03%
SA Bonds 1946.51 81.06%
Offshore 30.34 1.26%
  • Top five holdings
U-INVCORP 226.73 9.44%
U-INVHINC 87.74 3.65%
PECEIDFTRUST 30.34 1.26%
U-INVMM 22.19 0.92%
AIRNAM04 2.45 0.1%
  • Performance against peers
  • Fund data  
Management company:
Alexander Forbes Investments Unit Trusts Limited
Formation date:
2001/09/17
ISIN code:
ZAE000033387
Short name:
U-ISPUREF
Risk:
Unknown
Sector:
South African--Interest Bearing--Variable Term
Benchmark:
All Bond Composite Index (Total Return)
  • Fund management  
Investment Solutions Investment Team
The team comprises of 17 investment professionals and is headed by Glenn Silverman, the Chief Investment Officer of Investment Solutions. Portfolio decisions are also ratified by an investment committee. Investment Solutions is the largest provider of multi-manager investment portfolios in South Africa, with total assets under management exceeding R80bn.
Alexander Forbes Investments


  • Fund manager's comment

Investment Solutions Pure Fixed Int comment-Mar 16

2016/06/28 00:00:00
The portfolio came in ahead of the benchmark for the quarter, with all the managers outperforming except Coronation, which was marginally behind.
The best-performing asset class within the constraints of this fund was nominal bonds, which returned 6.3% -- comfortably higher than inflation-linked bonds (1.99%) and slightly higher than cash (1.93%) for the quarter.
The nominal yield curve rallied over the quarter partly due to increased demand for emerging-market bonds following the Fed's dovish pronouncement after its March interest-rate meeting that lower oil prices and China's slowdown could hamper US growth. SA headline inflation increased from 5.7 to 7% over the quarter. Core inflation (ex-food & NAB and petrol & energy) also ticked up to 5.7% from 5.2%. The best-performing area of the curve over the quarter was the long end, which returned 7.2% to be slightly ahead of the 7-12-year area's 6.2%, with the 1-3 and 3-7 areas returning 3.1% and 4.8% respectively. Foreigners were net buyers of local bonds to the tune of R19 billion.
Coronation was hurt by exposure to inflation-linked bonds, and short duration in a period of falling rates also detracted from performance. Prescient and Investec outperformed due to closely matched duration and yield pick up. The managers believe bonds are close to fair value. They are selective on credit despite wide spreads and are ready to deploy cash if there is a further market sell-off.
  • Fund focus and objective  
The specialist managers selected for this portfolio invest in fixed-interest instruments comprising mainly bonds, which generally have maturity dates longer than one year, and money-market instruments. Bonds are issued by governments or corporate entities and may provide an investor with a higher investment return than cash. The managers, which may have different bond investment styles, are given specific mandates aimed at steady growth in capital value and income. Relative to other single manager bond-only portfolios, this portfolio is expected to have lower volatility of returns over the medium term due to the nature of its construction.
The portfolio is aimed at investors with a medium-term investment horizon (more than three years). Investment Solutions expects:
! A low probability of capital loss over the medium term
! Investment returns above inflation over the medium term
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