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2.1  /  0.7%

300.6

NAV on 2019/11/18
NAV on 2019/11/15 298.5
52 week high on 2019/05/06 304.26
52 week low on 2018/12/28 275.35
Total Expense Ratio on 2019/06/30 2.99
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 1.6% 1.6%
3 month change 2.22% 2.35%
6 month change 2.29% 2.41%
1 year change 5.73% 7.38%
5 year change 3.23% 3.81%
10 year change 8.32% 9.12%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 5.70 2.49%
Consumer Services 3.62 1.58%
Financials 9.47 4.14%
General Equity 44.00 19.22%
Liquid Assets 22.13 9.67%
Managed 83.40 36.44%
Real Estate 10.89 4.76%
Spec Equity 46.95 20.51%
Technology 2.73 1.19%
  • Top five holdings
U-AUGLEQU 46.95 20.51%
U-4IOPPOR 45.16 19.73%
U-AUTUSEQ 44.00 19.22%
U-4IMTWWF 38.25 16.71%
U-4IMTPRO 10.89 4.76%
  • Performance against peers
  • Fund data  
Management company:
Prime Collective Investment Schemes
Formation date:
2006/01/01
ISIN code:
ZAE000075735
Short name:
U-4IBALAN
Risk:
Unknown
Sector:
South African--Multi Asset--High Equity
Benchmark:
45% FTSE/JSE Capped All-Share; 15% MSCI ACWI TR Index; 40% STeFi Composite Index
Contact details

Email
info@primeinvestments.co.za

Website
www.PRIMEinvestments.co.za

Telephone
010-594-2100

  • Fund management  
Autus Fund Managers


  • Fund manager's comment

Autus Prime Balanced comment - Sep 19

2019/10/24 00:00:00
Market commentary
It is increasingly difficult to find “green shoots” of hope when surveying the current South African economic landscape. The economy rebounded by 3.1% in 2Q2019 after the -3.1% recorded in 1Q2019. The mining and finance sectors contributed positively while manufacturing and trade detracted from economic growth in the quarter. For 2019 GDP growth of 0.6% is projected. Recent inflation updates and expectations show that inflation is at or near the midpoint of the 3%-6% target range despite fuel prices having risen 14.5% year-to-date and administered prices being hiked. Headline inflation of 4.2% is forecast for 2019. At their July meeting, the SARB elected to lower the bank rate by 0.25% to 6.5% while the prime rate was lowered to 10%. Effectively, the SARB returned to the SA consumer what it took away in November 2018. Business confidence (SA Chamber of Commerce and Industry Index) continued to drop in August to levels not seen in 34 years. The NHI Bill was released , setting out the architecture for an NHI fund. This has raised questions over the future of private healthcare and the cost and funding implications on government revenue. Prevailing policy uncertainty, the Eskom debt burden, an increasing budget deficit, and worsening debt-to-GDP ratio make a Moody’s rating downgrade ever more likely in the foreseeable future.
Credit must be given to Finance Minister Mboweni for publishing a paper offering a detailed examination of the structural reforms needed to reverse the downward trend in South Africa’s growth potential and competitiveness. Sadly, it was met with much resistance from alliance partners and some members in the ruling party. We hope that consensus could be reached sooner rather than later by all major role-players on implementing much needed economic and job growth initiatives as a matter of urgency.
Internationally, two interest rate cuts of 25 basis points each were announced by the United States Federal Reserve. Further import tariffs on Chinese goods were extended by the Trump administration until after the end-of-year festive season as trade negotiations between the world’s two largest economies continue with no clear solution in sight. The United States Treasury bond yield curve inverted at the two-year and ten-year maturities which caused some investors to speculate that a recession could be looming. The last time the yield curve inverted at these maturities was in 2007. In July, Boris Johnson was elected as the new Prime Minister of the United Kingdom. Johnson promised to deliver on the withdrawal of the United Kingdom from the European Union even if it comes at the cost of having no trade agreement (a so-called Hard Brexit). Early indications are that Johnson will struggle to win the necessary parliamentary support to deliver on his promise (as was the case with his predecessor).
Portfolio commentary
The Autus Prime Balanced Fund yielded -1.14% over the quarter, which compares to the benchmark return of -0.53%. The underperformance came despite an overweight allocation to offshore equities and an underweight allocation to domestic equities. Our exposure to domestic equities was reduced significantly as the outlook for South African corporate profit growth continues to be bleak. Among the larger holdings that were sold are Coronation Fund Managers, Capitec, Richemont, Sirius, Remgro and Santam. We are ready to seize any opportunity to increase our exposure to domestic equities that may arise in the midst of the dire market circumstances.
  • Fund focus and objective  
The Fund may invest up to a maximum of 20% of the net asset value of the portfolio in participatory interests of portfolios of collective investment schemes which are not managed by the same investment manager as the portfolio. May invest in any other forms of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time, and which are consistent with the portfolio's investment policy.
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