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2.93  /  0.53%

550.06

NAV on 2021/02/25
NAV on 2021/02/24 547.13
52 week high on 2021/02/22 556.58
52 week low on 2020/03/16 410.6
Total Expense Ratio on 2020/09/30 1.71
Total Expense Ratio (performance fee) on 2020/09/30 0.11
NAV
Incl Dividends
1 month change 1.53% 1.53%
3 month change 7.91% 7.91%
6 month change 2.39% 2.39%
1 year change 13.36% 15.7%
5 year change 6.44% 8.09%
10 year change 11.47% 12.33%
Price data is updated once a day.
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  • Sectoral allocations
Basic Materials 37.58 14.64%
Consumer Services 9.58 3.73%
Derivatives 24.45 9.53%
Financials 8.36 3.26%
Fixed Interest 44.15 17.20%
Health Care 8.09 3.15%
Liquid Assets 7.10 2.77%
Spec Equity 66.13 25.77%
Technology 19.80 7.71%
Telecommunications 9.37 3.65%
Offshore 22.05 8.59%
  • Top five holdings
U-BCIFLEX 66.13 25.77%
U-VEMONMM 44.15 17.2%
FUTURES M 24.44 9.52%
 SIBANYE-S 15.37 5.99%
 ANGLO 13.76 5.36%
  • Performance against peers
  • Fund data  
Management company:
BlueAlpha Investment Management (Pty) Ltd.
Formation date:
2005/11/16
ISIN code:
ZAE000074217
Short name:
U-BBASEAS
Risk:
Unknown
Sector:
South African--Multi Asset--Flexible
Benchmark:
CPI + 5% p.a.
  • Fund management  
Gary Quinn
Blue Alpha Investment Management


  • Fund manager's comment

BlueAlpha BCI All Seasons comment - Dec 19

2020/02/14 00:00:00
Performance For the quarter, the fund returned 1.3% vs the JSE Swix 4.8%. On a 12 month basis the fund has outperformed, returning 12.8% vs the JSE sWIX'S 9.3%.
Macro Global markets had a positive quarter, returning 8.6% in USD. The US continues to do well, particularly large branded corporates. The change in global earnings growth expectations was 2.2% for 2019. Bond yield are still pricing in negative real rates, while equity ratings are neutral to elevated, specifically in the US. Within equity, there has been a massive divergence between tech & global barands, and other sectors.
In South Africa, government debt levels and the possible loss of our remaining investment grade rating has been fully discounted by fixed income - which has been going on for three years, so nothing new. Where out goverenment bonds trade, they have already priced in a default. The biggest surprise has been how strong the rand has been this year. Issues at Eskom have further weighed on investor sentiment. Of course, by far the biggest impact these issues have had is on the earnings prospects of domestic companies. Despite this, local markets performed well over the quarter, gaining 4.8% in ZAR. The Rand also appreciated over the quarter, gaining 8.1% against the USD. Bond yields have remained flat, ending at 9.0% at end-Deccember (vs 9.0% at end-September), and the SARB kept rates flat over the quarter The market is pricing in at least one more 25bps cut in interest rates over the next 12 months.
Domestic Equity A specific domestic stock performer was Anglo American (+13.4%). Having no exposure to MTN also added to performance.
The fund's net cash position has decreased slightly to 28% at the end of the quarter.
Global Equity The Global componet of the portfolio was the largest contributor to performance over the quarter, despite Rand stgrenght. Specific stock performers were B2Gold (+14.1% in USD), Microsoft (+13.8% in USD) and Lonza (+7.9% in USD). The holding in the BlueAlpha BCI Global Equity fund also contributed to performance, returning 12.0% in USD (3.2% in ZAR)
Changes over the quarter included buying B2Gold.
  • Fund focus and objective  
An equity focused portfolio with generally more than a 75% exposure to equity, including an offshore allocation. The portfolio may comprise of a mix of global and local equity securities, government -, corporate-and inflation linked bonds, debentures, non-equity securities, property shares, convertible bonds, property related securities, preference shares, interest bearing instruments and securities, money market instruments and assets in liquid form, which may be listed or unlisted. The portfolio is constructed on a bottom up stock selection basis employing a pragmatic investment style.
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