Become an Insider Gold member to monitor your funds.

0.08  /  0.03%


NAV on 2019/07/18
NAV on 2019/07/17 281.6
52 week high on 2019/06/28 284.5
52 week low on 2018/10/11 275.63
Total Expense Ratio on 2019/03/31 1.4
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -0.74% 0.92%
3 month change 0.04% 1.71%
6 month change 1.22% 4.42%
1 year change 1.62% 8.36%
5 year change 0.74% 6.68%
10 year change 3.34% 8.86%
Price data is updated once a day.
  • Sectoral allocations
Consumer Goods 66.73 1.25%
Derivatives 0.66 0.01%
Financials 374.90 7.01%
Gilts 3171.63 59.30%
Industrials 24.90 0.47%
Liquid Assets 123.57 2.31%
Money Market 1176.02 21.99%
Other Sec 172.22 3.22%
Telecommunications 18.65 0.35%
Offshore 219.32 4.10%
  • Top five holdings
MM-04MONTH 200.47 3.75%
MM-01MONTH 200.12 3.74%
MM-12MONTH 184.87 3.46%
MM-05MONTH 150.41 2.81%
MM-03MONTH 150.08 2.81%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Low Equity
Contact details




  • Fund management  
Alida Jordaan
Alida joined MacroSolutions in August 2007 as an equity portfolio manager. She is responsible for ensuring that the team's macro views are fully reflected throughout the multi-asset class portfolios they manage. Alida also brings a bottom-up perspective to a largely top-down boutique.
Prior to joining MacroSolutions, Alida was a senior portfolio manager at Metropolitan Asset Managers. Here she managed the Metropolitan Industrial Fund, Metropolitan General Equity Fund, as well as the Small Cap Fund.
Alida was also the Head of Equity Research at Metropolitan Asset Managers for six years. Some of her responsibilities included overseeing the equity investment process, management of equity analysts, monitoring equity performance, managing the growth model portfolio and conducting presentations to clients, consultants and intermediaries.
She started her investment career at Allan Gray Limited in 1994 as a quantitative analyst and then equity analyst.
John Orford
John joined MacroSolutions in June 2014 as a portfolio manager. As a member of the MacroSolutions team, he is responsible for managing conservative funds including the Profile Capital & Stable Growth Funds and the Old Mutual Real Income and Stable Growth Unit Trusts.
John's background as an investment strategist enables him to integrate top down and bottom up analysis into portfolio construction.
Prior to joining MacroSolutions, he was the Investment Strategist for South Africa at UBS South Africa for nine years. In his last two years at UBS, he was also responsible for the emerging EMEA Equity strategy.
John has 15 years of work experience in financial markets in South Africa and London. In addition he has seven years of experience as an economist in public and private sector capacities in Namibia and South Africa.

  • Fund manager's comment

Old Mutual Real Income comment - Sept 18

2018/12/13 00:00:00
The global equity market delivered good returns for the quarter, but lacked meaningful breadth as US equities (+7.5% in US dollar terms) easily outperformed every other major region. US equities responded to robust economic growth in the region and strong earnings growth reported by the companies during the quarter. Negative sentiment persisted in emerging markets, as China showed signs of slower growth, commodity prices remained under pressure and the likes of Turkey and Argentina reminded investors of the risks of investing in the developing world. Unsurprisingly, emerging market currencies, equities and bonds fell during the quarter, particularly in August and early September.
Local assets, already suffering from the poor emerging market sentiment, were dealt another blow in September as Stats SA announced that our economy had fallen further in the second quarter. Although the rand and the bond market largely recovered their losses by the end of the quarter, the equity market was unable to mount a comeback, ending the quarter slightly lower (-1.7%). The challenging economic environment, reflected in company results and updates, shows little sign of relief in the near term. Aspen was a notable casualty of disappointing the market, losing more than a third of its value in a matter of days.
The fund aims to deliver an income that grows over time while protecting capital. The environment for domestic interest-rate sensitive assets remained challenging in the second quarter, continuing to reflect a theme of 'cash is king', with both the JSE All Bond Index (ALBI) and FTSE/JSE SA Listed Property Index (SAPY) returns of 0.8% and -1%, respectively, behind cash of 1.7%. While the performance year to date has lagged cash, the fund continues to deliver to its capital preservation target. Returns since inception remain in line with the fund’s target of CPI + 1-2%.
The current fund positioning is predominantly in South African assets, with the bulk of the assets in low duration fixed credit assets. While we have recently added exposure to select offshore credit ideas, these collectively make up less than 3% of the fund. Furthermore, the currency exposure has been hedged back to rands. This adds diversification to the fund, in accessing credit ideas not present in the domestic market, while hedging maximises the yield by benefiting from the attractive interest rate differential embedded in the rand. The additional yield reflects the fact that South African interest-bearing assets maintain some of the highest real yields across major emerging and developed markets. This is more so evident in the yield of domestic property assets, with the weighted average forward yield of the property assets in the fund now approaching 10%.
While there should be some upside inflation pressure over the next 12 months, we remain comfortable that the South African Reserve Bank’s inflation targeting credibility is entrenched. Alongside weak demand side pressures, this provides a strong anchor to medium-term inflation and a cap on domestic yields. Through this lens, South Africa stands separate from the emerging economies like Turkey and Argentina - where domestic inflation suffers from an unconventional policy mix. As long as this remains in place, the best place to deliver to the fund’s objective of growing our clients’ real income is in a blend of domestic interest rate assets.
  • Fund focus and objective  
The fund aims to provide an income that grows in line with inflation, while sustaining the level of capital over time and minimising any losses over a 12-month period. The portfolio manager actively manages asset allocation to take advantage of changing market conditions.
This fund is suited to investors who can accept a lower initial income in return for the expectation of inflation-matching growth in income over the recommended investment term, while maintaining the value of their capital. It is suitable as a low-risk investment in retirement.
The fund invests in the full spectrum of fixed interest investments. The fund may invest up to 25% of its portfolio in selected listed property shares and up to 10% in equities. The fund may invest up to 25% of its portfolio offshore in line with Treasury guidelines. Derivatives may be used for risk management purposes.
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.



Follow us:

Search Articles:Advanced Search
Click a Company: