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  •  JBL Sanlam Collective Investments Worldwide Flexible FoF (B1)

-25.56  /  -1.92%


NAV on 2020/02/25
NAV on 2020/02/24 1356.19
52 week high on 2020/02/20 1376.24
52 week low on 2019/02/26 1167.03
Total Expense Ratio on 2019/09/30 1.58
Total Expense Ratio (performance fee) on 2019/09/30 0
NAV Incl Dividends
1 month change 0.94% 0.94%
3 month change 2.91% 3.43%
6 month change 6.04% 6.58%
1 year change 13.91% 15.45%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 62.56 12.66%
General Equity 88.91 17.99%
Liquid Assets 3.39 0.69%
Spec Equity 339.34 68.66%
  • Top five holdings
U-INVGLFA 73.77 14.93%
U-NEDGEFF 72.39 14.65%
U-CORSTRI 62.56 12.66%
U-GLBLMAN 60.76 12.29%
U-NEDGLBR 59.84 12.11%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
Worldwide--Multi Asset--Flexible
CPI + 6%
Contact details

No email address listed.

No website listed.


  • Fund management  
Arthur Charles Jorgensen

  • Fund manager's comment

JBL SCI WW Flexible FoF - Sep 19

2019/10/25 00:00:00
September was a risk on-month globally. This was supported by the US Federal Reserve cutting rates by 25 basis points and the European Central Bank (ECB) reducing rates further into negative territory to -0.5% from -0.4%. The ECB added additional stimulus into the European economy by implementing indefinite quantitative easing. From November it will buy €20 billion worth of bonds on a monthly basis. Although the Fed did cut rates, there remained divergent views as to the appropriate policy path. On the back of monetary policy easing the MSCI World Index delivered 1.94% (in US Dollars) and the MSCI Emerging Markets (EM) Index delivered 1.55% (in Dollars). Due to lower global bond yields, the search for yield continued, with emerging market bonds as measured by the JPMorgan EM Bond Index delivering 0.18% (in Dollars), while developed market bonds lost 1.30% (in Dollars). Global property continues to benefit from the low global interest rates, delivering 2.46% (in Dollars). Locally, the South African economy managed to escape a technical recession after GDP grew at 3.1%. This was driven by growth in the primary sector and mining, which increased 9.7% and 14.4% respectively. Although GDP was positive, the headwinds facing the South African economy were confirmed when the RMB/BER Business Confidence Index fell to a 20-year low. The South African Chamber of Commerce and Industry declined to 89.1 – the lowest since April 1985. On the back of this, South African equities had a muted month, delivering 0.19% (in Rands). The Top 40 was flat, while small caps delivered a stellar 2.21% (in Rands). Local bonds delivered 0.51% (in Rands), underperforming cash slightly, which delivered 0.57% (in Rands). Local property delivered 0.3% (in Rands) and inflation-linked bonds delivered 0.39% (in Rands).
  • 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 interests in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and the trustee of a sufficient standard to provide investor protection which is 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 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 a 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 from 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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