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NAV on 2019/06/13
NAV on 2019/06/12 104.8308
52 week high on 2018/09/03 105.198
52 week low on 2019/01/04 94.9808
Total Expense Ratio on 2019/03/31 1.31
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change 2.16% 2.16%
3 month change 3.62% 3.62%
6 month change 8.62% 8.94%
1 year change 3.69% 4.02%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Bonds 31.41 5.07%
General Equity 93.13 15.04%
Liquid Assets 224.20 36.21%
Money Market 2.48 0.40%
Real Estate 56.61 9.14%
Spec Equity 23.00 3.71%
Offshore 188.34 30.42%
  • Top five holdings
U-ADVPROI 56.61 9.14%
U-FAIRTRE 37.06 5.99%
U-BCISAEQ 35.49 5.73%
U-SBNDINX 31.41 5.07%
U-ADVEQID 23.00 3.71%
  • Performance against peers
  • Fund data  
Management company:
Ci Collective Investments (RF) Prop Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
South African Multi Asset High Equity Category Average
Contact details



011 463 5656

  • Fund management  
Mia Kruger

  • Fund manager's comment

Kruger Ci Balanced FoF comment - Feb 19

2019/04/10 00:00:00
International: In February global equity markets continued to build on January’s healthy gains amid the US Federal Reserve’s softer position on monetary policy against the background of slower global growth, progress in the US/China tariff negotiations and a satisfactory fourth quarter profit reporting season. Although recent US economic data are still confirming solid growth, the jury is out on its sustainability and more specifically of global growth with especially China and the Eurozone the weak spots. Chinese growth for 2019 has recently been scaled down from 6.5% to 6.0% while Eurozone growth was lowered from 1.7% to 1.1%. Coupled with these economic concerns and adding to uncertainty are the political hotspots such as the confusion around Brexit, the still unresolved US/China trade dispute and the ongoing Mueller investigation into the possible collusion between the Trump campaign and the Russians. On the employment front the US non-farm payrolls surprised in February to the downside with only 20,000 new jobs having been added. This was the weakest gain in 17 months and although the figure missed the median forecast of 180,000 and marks a sharp comedown from the blockbuster 304,000 in January, this was offset by the quickest year-onyear wage growth of 3.4% since April 2009 and unemployment that dipped to 3.8% from 4%. Against this background and with fourth quarter corporate earnings more or less in line with expectations and reasonable guidance, markets gained solid ground albeit at higher levels of volatility. The important global indices gained good ground in February – the MSCI All Country +3.21% (+12.97%ytd); the Dow Jones +4.03% (+11.62%ytd); the S&P 500 +3.21% (+11.48%ytd) and the MSCI Emerging Markets by +0.32% (6.74%ytd) - all in US dollars.
Local: The local economy remains fragile and apart from a few green shoots, negative data continued to outweigh the positives in February. Although the SA real GDP growth surprised to the upside in quarter 4 and in 2018 as a whole, the pace of improvement remains stubbornly slow and will probably remain so until after the National Election on 8 May 2019. Despite an impressive SONA speech by President Cyril Ramaphosa on 7 February and a stern but well received national budget presentation by Finance Minister Tito Mboweni on 20 February, a measure of policy uncertainty remains exacerbated by the parlous state of the overall financial position of large state entities. Eskom stands out and the fear is that government will have to continue providing substantial financial backing from scarce resources. Among the negative economic data were SA’s trade and budget balances that posted disappointing deficits in January, the manufacturing PMI that slumped sharply in February and the SACCI and BER business confidence indices that declined further on the back of weak growth, high unemployment and weak demand. The focus has now shifted sharply towards 29 March when Moodys is scheduled to deliver its next assessment of SA as an investment destination. In line with global markets, the SA equity market gained solidly in February - the FTSE/ JSE All Share index advanced by +3.41% (+6.31%ytd). All the Kruger funds flowed suit with strong gains - Equity by +5.03% (6.48%ytd); Balanced FOF by +4.06% (+5.36%ytd); Prudential FOF +3.31% (+4.08%ytd) and Global FOF by +9.66% (+6.88%ytd). The new Balanced advanced by +3.02% (+5.14%ytd) and the Prudential funds by +2.69% (+3.84%ytd).
  • Fund focus and objective  
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