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  •  JBL Sanlam Collective Investments Managed Fund of Funds (B1)
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6.69  /  0.65%

1028.51

NAV on 2019/09/12
NAV on 2019/09/11 1021.82
52 week high on 2019/04/25 1059
52 week low on 2019/01/02 960.01
Total Expense Ratio on 2019/06/30 1.54
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 1.42% 1.42%
3 month change -1.89% -0.43%
6 month change 1.05% 2.56%
1 year change -0.74% 1.77%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
General Equity 176.07 15.00%
Liquid Assets 0.86 0.07%
Managed 962.19 81.97%
Spec Equity 34.74 2.96%
  • Top five holdings
U-PSGOPP 175.72 14.97%
U-CORBALP 141.01 12.01%
U-SNINFLA 140.83 12%
U-TRUFLEX 117.68 10.03%
U-FAIRTRE 117.36 10%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
2017/05/11
ISIN code:
ZAE000238341
Short name:
U-JBLMANF
Risk:
Unknown
Sector:
South African--Multi Asset--High Equity
Benchmark:
CPI 4%
Contact details

Email
No email address listed.

Website
No website listed.

Telephone
021-947-9111

  • Fund management  
Arthur Charles Jorgensen


  • Fund manager's comment

JBL SCI Managed FoF - Jun 19

2019/09/04 00:00:00
The World Bank reduced its growth forecasts in June due to the trade conflict between the US and China, given that between them the two countries account for more than a third of global economic activity. Global growth is now forecast at just 2.6% for 2019 from 2.9% previously forecast. Global trade is slowing, and countries directly exposed to the trade war are showing a marked deceleration. While a handshake deal between the US and China took some heat out of the trade war, existing tariffs look set to stay in place. The Fed has turned sharply dovish as a result of sluggishly low inflation, threats to the growth outlook due to weaker global trade and geopolitical tensions from the trade war. The US bond market continues to price in aggressive interest rate cuts over the next 18 months and was composed by the Fed’s decision not to cut in June. Locally, South Africa’s GDP posted its biggest quarterly contraction since 2009 in the first quarter of this year, printing a -3.2% quarter-on-quarter versus 1.4% growth in the previous quarter. The rand relative to the dollar appreciated some 3.24% in June as risk sentiment improved amid expectations of looser monetary policy in the US and the Eurozone. The local equity market followed global markets higher, and the MSCI World index delivered some 3.25%. Furthermore, the MSCI EM index marginally underperformed its developed market counterpart, delivering some 2.94%. Underscoring yields moving lower in the month is a sense of cautiousness following the dovish pivot by a number of central banks in recent times. As such, the JP Morgan Global Aggregate index lagged risk assets and delivered -1.16% as the currency strengthened. Given the risk-on month, emerging market bonds fared better than their developed market counterparts, delivering some 0.80%.
The local equity market followed global markets higher, and the ALSI delivered 4.78%. The strong rally in the local market was largely driven by the Resi-20 index delivering some 10.28%. The ALBI lagged its risky counterparts and delivered 2.27%, with the 7-12 year area of the yield curve rallying some 2.70%. Furthermore, inflation-linked bonds underperformed their fixed coupon counterparts, delivering 0.13%. Given the risk-on environment the local property market delivered some 2.20%. Local cash delivered 0.59% for the month of June.
  • Fund focus and objective  
Investments to be included in the portfolio will, apart from assets in liquid form, consist solely of participatory interests in portfolios of collective investment schemes registered in the Republic of South Africa or of participatory interest in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa.
The portfolio will consist of a mix of collective investment scheme portfolios investing in equity, bond and property markets and money market instruments. The portfolio will be managed in accordance with regulations governing pension funds. The portfolio will be managed by JBL Asset Management (Pty) Ltd. The portfolio will also be allowed to invest in listed and unlisted financial instruments (derivatives) as allowed by the Act from time to time.
The Manager shall be permitted to invest on behalf of the portfolio in offshore investments as legislation permits. For the purpose of this portfolio, the Manager shall reserve the right to close the Portfolio to new investors on date determined by the Manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The Manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the Manager. The Trustee shall ensure that the investment policy set out in the preceding clauses are adhered to; provided that nothing contained in this clause shall preclude the Manager form varying the proportions of securities in terms of changing economic factors or market conditions or from retaining cash in the portfolio and /or placing cash on deposit.
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