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-0.38  /  -0.4%

94.91

NAV on 2021/02/26
NAV on 2021/02/25 95.2907
52 week high on 2020/03/05 98.5968
52 week low on 2020/03/24 78.2688
Total Expense Ratio on 2020/12/31 0.86
Total Expense Ratio (performance fee) on 2020/12/31 0
NAV
Incl Dividends
1 month change -0.36% -0.36%
3 month change -0.5% 1.55%
6 month change 2.1% 6.49%
1 year change -4.48% 3.95%
5 year change 0.03% 8.56%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Liquid Assets 8.95 0.33%
SA Bonds 2715.97 99.67%
  • Top five holdings
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) (Pty) Limited
Formation date:
2014/07/01
ISIN code:
ZAE000191763
Short name:
U-MDSBOND
Risk:
Unknown
Sector:
South African--Interest Bearing--Variable Term
Benchmark:
100% ALBI South African All Bond Index
Email
contact@stanlib.com

Website
http://www.stanlib.com

Telephone
011-448-6000

  • Fund management  
Bernard Drotschie
Bernard is the Deputy Chief Investment Officer and is head of the SA fixed income strategy. He holds a B.Com (Hons) degree in Econometrics, is a CFA® Charterholder, and is a Certified Financial Planner professional.
Mzimasi Mabece
Mzimasi has more than 14 years financial market experience spanning both quantitative analysis as well as portfolio management and has managed both fixed income and equity funds. Prior to joining Melville Douglas, he was Head of Fixed Income at Mvunonala Asset Managers. He previously held Portfolio Manager roles at Prowess Investment Managers and Old Mutual Investment Group (OMIGSA) and also worked at Sanlam Investments as a fixed income Quantitative Analyst. Mzimasi holds a BSc degree.


  • Fund manager's comment

Melville Douglas Stanlib Bond Fund - Sep 19

2019/12/13 00:00:00
Following the President speech in the State of the Nation address subsequent to the elections, the Minister of Finance tabled in Parliament on 23rd July the Special Appropriation Bill and through this bill, Eskom would receive further financial support of R26 billion in the 2019/20 financial year and R33 billion in the 2020/21 financial year. This is over and above the R69 billion over the next three financial years announced in the February budget. Two days after this announcement Fitch revised South Africa’s credit outlook from stable to negative citing concerns about the risks that this further support to Eskom poses on lifting the country’s fiscal ceiling. This elevated the risk of further credit downgrades and this risk was somehow mitigated by Moody’s comments in a conference in Sandton held in September where the rating agent reaffirmed the country’s strong and independent institutions and reasonably good foreign reserves.
In the two monetary policy meetings held during the quarter, the SARB cut short term interest rates to 6.5% in July and again upheld this decision in the meeting in September. Despite the central bank projecting a benign inflation outlook, the bank is concerned about risks in the near term pose to the currency and as such would prefer to proceed cautiously as far as future interest rate trajectory is concerned.
South Africa is not out of the woods yet and risks of a sovereign down grade still linger and outlines of Eskom recovery plan as well as the MTBPS both at the end of October will determine the country’s future trajectory.
Taking the above into consideration, we believe South Africa will deliver a medium-term budget policy statement that outlines a practical and achievable plan to deal with the problems the country faces and as such the country will avoid a credit downgrade by Moody’s in November. Also given the SARB’s benign inflation outlook and the US Fed’s dovish approach to interest rates, we believe SARB will keep interest rates on hold for the rest of 2019.
  • Fund focus and objective  
The investment objective of the MELVILLE DOUGLAS STANLIB BOND FUND is to achieve capital growth and income generation by investing in longer term, investment grade fixed interest securities.The portfolio will be a bond portfolio. In selecting the securities normally to be included in the portfolio the manager shall seek to achieve an investment medium for investors, which shall have as its primary objective exposure to long term fixed interest securities for the purpose of capital growth and income generation. The portfolio will be managed in compliance with the Prudential Investment Guidelines that are applicable to retirement funds from time to time.To achieve the investment objective the securities normally to be included in the portfolio will consist of a spread of gilts, semi gilts, loan stock, debentures, debenture bonds, non-equity securities, notes and assets in liquid form and any other securities, which are consistent with the portfolio's investment policy. Interest bearing instruments in the currency of a country, other than the Republic of South Africa, may only be included in this portfolio if it complies with a grading A and higher from Standard and Poor and/or Moodys Investors Services Ltd, or such other rating agencies as defined in the Act form time to time, provided further that if the grading of an instrument differs between rating agencies, the lower of the two gradings will apply. The MELVILLE DOUGLAS STANLIB BOND FUND may from time to time invest in both listed and unlisted financial instruments, in accordance with the provisions of the Collective Investment Schemes Control Act, No. 45 of 2002, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective.The trustee shall ensure that the investment policy as set out in this supplemental deed is carried out: Provided that nothing contained in this supplemental deed, the deed and any supplemental deeds thereto shall preclude the manager from retaining cash in the portfolio and/or placing cash on deposit in terms of the deed, the supplemental deeds thereto, and this supplemental deed. 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.Nothing contained in this supplemental deed shall preclude the manager from varying the ratios of securities to best position the portfolio to achieve its objective in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange recognised in terms of the Act and from retaining cash or placing cash on deposit in terms of the deed and any supplemental deeds thereto.The trustee shall ensure that the investment policy set out in this supplemental deed is carried out.
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