MONITOR THIS FUND
Become an Insider Gold member to monitor your funds.

-0.06  /  -0.03%

214.96

NAV on 2019/06/13
NAV on 2019/06/12 215.02
52 week high on 2018/09/06 219.55
52 week low on 2018/12/31 199.27
Total Expense Ratio on 2018/09/30 2.46
Total Expense Ratio (performance fee) on 2018/09/30 0.03
NAV Incl Dividends
1 month change 0.88% 1.43%
3 month change 2.61% 3.16%
6 month change 6.04% 7.64%
1 year change 2.26% 5.51%
5 year change 3.33% 6.09%
10 year change 5.9% 9.01%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 14.15 6.37%
General Equity 20.26 9.12%
Gilts 46.11 20.77%
Liquid Assets 13.77 6.20%
Managed 74.81 33.69%
Real Estate 11.56 5.20%
Spec Equity 41.40 18.64%
  • Top five holdings
U-AUGLEQU 41.40 18.64%
U-4IMTWWF 36.84 16.59%
U-AUTUSEQ 20.26 9.12%
U-4IOPPOR 20.16 9.08%
U-APCAUTI 17.82 8.02%
  • Performance against peers
  • Fund data  
Management company:
Prime Collective Investment Schemes
Formation date:
2006/01/01
ISIN code:
ZAE000075743
Short name:
U-4ISTAB
Risk:
Unknown
Sector:
South African--Multi Asset--Low Equity
Benchmark:
20% FTSE/JSE Capped All-Share; 10% MSCI ACWI TR Index; 70% STeFi Composite Index
Contact details

Email
info@primeinvestments.co.za

Website
www.PRIMEinvestments.co.za

Telephone
010-594-2100

  • Fund management  
Christo Malan
Christo has more than 29 years experience in the financial industry including positions at the Reserve Bank, The Development Bank of Southern Africa, The University of Stellenbosch and Sanlam Asset Management. Christo serves on the board of 4i Group and 4i Asset Management.


  • Fund manager's comment

Autus Prime Stable comment - Mar 19

2019/05/28 00:00:00
Macroeconomic overview
The Autus Investment Team customarily begins the year with a strategic investment workshop to consider the economic and investment factors likely to influence the markets in coming year. This year the mood was less sanguine because members identified several risks to keep an eye on in the coming months. These include the dire state of the government finances and its ever-increasing debt exacerbated by the perilous state of the SOE’s - especially Eskom, credit downgrade potential, the looming national election and a slowing global economy amongst others.
During the quarter the national budget, read by Finance Minister Tito Mboweni, confirmed government’s desperation to raise additional revenue, cut rising expenditure and reduce financial demands from poorly functioning SOE’s. Eskom’s crisis deepened and the intermittent load-shedding is retarding national productivity and economic growth. SA GDP grew by 0.8% in 2018 and is forecast to grow by 1.5% in 2019. Goldman Sachs recently predicted that the electricity crisis could subtract 0.3% from Q1 GDP growth. The RMB/BER Business Confidence Index slumped to a low of 28 index points in the first quarter of 2019. Seven out of ten business people polled expressed dissatisfaction with the current business environment. Particularly concerning is that the declining confidence cuts across all sectors of the economy including the building, retail and manufacturing sectors. The consumer remains constrained and with rising petrol costs, hikes in electricity tariffs and a weaker rand, inflation may begin to tick up. For February 2019, a consumer price inflation rate of 4.1% was recorded. This was comparatively benign mainly because food costs remained relatively constant. Inflation for 2019 is expected to remain within the 3-6% SARB target range. With a frail local economy, slowing global growth and moderate inflation the SARB is not expected to raise interest rates in 2019. At their March review, Moody’s left their rating unchanged.
Internationally, global growth is beginning to slow. Interest rate hikes in the US are looking less likely this year as consumer spending weakens. Talks of a US recession are beginning to emerge. Interest rates in China were lowered during the quarter to support flagging growth there. The lack of consensus in the UK on an acceptable Brexit and the concomitant uncertainty is harming new investment and the prospect of growth in the UK. European economies are forecast to remain stable in 2019. The Brent crude oil price has risen by 27% to end the quarter at US$69.00. The global inflationary impact of these higher prices, if sustained, will be closely monitored. These factors combined with the ongoing trade negotiations between China and the US have fuelled investor jitters. We expect more of this jostling to occur in the markets until these major issues are resolved.
Portfolio commentary
The fund delivered a positive return for the first three months of the year. After a disappointing -2,69% decline in 2018 the fund gained 6,7% during the first quarter of 2019, while the peer group median was 4,3%. Apart from the good performance, the fund gained momentum and ended in the 1st quartile of the Multi-Asset Low Equity category consisting of 158 funds. The performance could be mainly attributed to maintaining the maximum allowed offshore exposure of 30% and the 40% maximum exposure to equities, 60% of which was offshore and 40% of which was invested on the local bourse.
The FTSE/JSE All Share Index delivered 8,3% for the quarter while the offshore building block of the fund (Autus Prime Global Equity Feeder Fund) gained 13,1% during the quarter. The top 5 holdings included Naspers, BHP Billiton, Anglo American, British American Tobacco (BTI) and Richemont which all gained from the weakening of the rand against the dollar (they are rand hedges). Offshore shares like Mastercard, Alibaba, Microsoft, Visa and Amazon featured in the top 20 counters of the fund and delivered excellent returns for the quarter. Exposure to the weak performing retail shares was nullified except for a small exposure to Shoprite. Opportunities to invest in the excellent performing resources sector was limited to the big, well-diversified mining houses.
At the end of the quarter profit-taking diluted the offshore exposure slightly and a small increase to the bombed-out property sector was implemented. The equity exposure included 51 shares in a well-diversified portfolio. Although the upcoming election in SA might cause some volatility, we are of the opinion that the expected result is already discounted in the market and the 40% equity exposure will be maintained.
  • Fund focus and objective  
The investments to be included in the portfolio may comprise a combination of assets in liquid form, money market instruments, interest bearing instruments, bonds, corporate debt, equity securities, property securities, preference shares and convertible equities. The manager may invest in unlisted investments from time to time, as well as in participatory interests in other collective investment schemes which are consistent with the portfolio's investment policy. This fund complies with Regulation 28 of the Pension Funds Act.
Insider GOLD
ONLY R63pm

Moneyweb's premium subscription is a membership service which will give you access to a number of tools to take charge of your investments.
Or choose a yearly subscription at R630pa - SAVE R126

Get instant access to all our tools and content. Monthly subscription can be suspended at any time.

Podcasts

GO TO SHOP CART

Follow us:

Search Articles:Advanced Search
Click a Company:
server: 172.17.0.2