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-4  /  -1.13%

354.06

NAV on 2021/03/01
NAV on 2021/02/26 358.06
52 week high on 2020/08/07 386.97
52 week low on 2020/03/17 302.7
Total Expense Ratio on 2020/12/31 1.56
Total Expense Ratio (performance fee) on 0
NAV
Incl Dividends
1 month change 0.16% 0.16%
3 month change 2.77% 2.77%
6 month change -4.64% -4.64%
1 year change 8.72% 8.72%
5 year change 4.28% 4.28%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Liquid Assets 0.97 1.32%
Offshore 72.06 98.68%
  • Top five holdings
MITONOFMNFLEX 71.98 98.57%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
2011/11/01
ISIN code:
ZAE000154605
Short name:
U-MIOPFFF
Risk:
Unknown
Sector:
Global--Multi Asset--Flexible
Benchmark:
3m US$ Libor plus 4% per annum (net of fees)
Email
clientservices@ipmc.co.za

Website
No website listed.

Telephone
021-673-1340

  • Fund management  
Scott Campbell
Roeloff Horne
Roeloff is a Director and the Head of South Africa Portfolio Management at MitonOptimal and Co-Manager on a range of local funds. He was a founder and Director of Eagle Asset Management and Bond Street Financial Services - now MitonOptimal Portfolio Management (SA). He has at National Certificate in Financial Markets & Instruments and an International Capital Markets qualification from the London Securities Institute.Roeloff founded Bond Street in 2000 and was instrumental in structuring the company as a Portfolio Management Company. Roeloff has managed the Diversified Income and Worldwide Flexible Fund of Funds since their inception in 2005 and 2008 respectively.


  • Fund manager's comment

IP Foreign Flexible Feeder Comment - Dec 19

2020/02/20 00:00:00
Global Equities were strong in December with the MSCI World gaining 2.9% and the MSCI Emerging Markets Index gaining 7.2%. (All in US dollars terms). Year to date the MSCI World rose 27% and the MSCI Emerging Markets Index 16%, while Global Reits returned 23%. Global Bonds returned just over 6% for the year. To put these numbers into context, we remind investors that no asset class (other than USD cash) had positive returns in 2018. In 2018 Emerging Markets returned 14.5% and the MSCI World -8.7%.
The global scene in the fourth quarter of 2019 was dominated by encouraging news o n the progress made on the signing of a stage one trade deal between the world's two largest economies China and the US. Global equities and specifically value stocks have run hard on signs of a stabilization in global growth amidst further central bank looseing activity and fiscal stimulus from countries such as India, Australia, the UK and France. A clear victory for the Conservatives in the UK also removed the brexit uncertainty with the UK's departure from the EU now guaranteed at the end of January 2020. Global bond yields have also reversed their moves to new lows with the US 10 year bond settling in the 1.8 to 1.95% range.
At the time of writing geo-political tensions have increased between the US and Iran, which caused a two-day swing to safe haven assets like Gold and US Treasuries. But investors quickly discounted any further tension by getting back into risk assets within the following two trading days. All our global portfolios hold a portion of gold bullion which served us well during this period. We will monitor the deo-political risks but believe that the improving global liquidity and loose monetary policies will support risk assets in the near term sa the risk of a US recession remains low.
  • Fund focus and objective  
The objective of the fund is to secure long term capital growth. The portfolio is a flexible rand denominated offshore fund of funds, investing in a combination of foreign equities, bonds, and money market portfolios. The portfolio is ideal for investors who wish to diversify their portfolio globally.
The fund has a predetermined risk budget per asset class to allow the manager to vary exposure between asset classes, whilst respecting the fund's strategic asset allocation benchmarks. The managers consider tactical asset allocations between asset classes and sectors after a team process has determined a risk score by considering the global and local leading economic indicators, asset class valuations, fundamental research, independent liquidity analysis and technical analysis.
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