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1.23  /  0.12%


NAV on 2021/03/01
NAV on 2021/02/26 1045.45
52 week high on 2020/03/05 1053.56
52 week low on 2020/04/03 990.9
Total Expense Ratio on 2020/12/31 0.91
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change 0.6% 0.6%
3 month change 0.38% 1.96%
6 month change 1.25% 4.64%
1 year change -0.06% 7.47%
5 year change 1.74% 9.91%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Financials 22.40 0.52%
Liquid Assets 69.38 1.60%
Money Market 254.39 5.85%
Other Sec 72.65 1.67%
SA Bonds 3837.80 88.32%
Spec Equity 39.86 0.92%
Offshore 48.95 1.13%
  • Top five holdings
MM-02MONTH 180.78 4.16%
 ZPLP 72.65 1.67%
COCACOLA 47.83 1.1%
MM-05MONTH 41.38 0.95%
U-MIGLPRO 39.86 0.92%
  • Performance against peers
  • Fund data  
Management company:
MI-PLAN (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Income
110% of the Short Term Fixed Interest Compsite Index (STFIND) before costs



  • Fund management  
Rowan Williams-Short
Rowan Williams-Short has 22 years of experience in investments. He was previously CIO at each of Prudential Portfolio Managers (South Africa), African Harvest Fund Managers and Nedgroup Investments (United Kingdom). Rowan has an MSc in Mathematical Statistics from the University of British Columbia and holds the CFA charter. In America, he is a member of the team that sets the essay questions for the Level III CFA exam.

  • Fund manager's comment

MI-PLAN IP Enhanced Income Fund comment - Sep 19

2019/11/01 00:00:00
In September, your fund beat its benchmark for the 16th month in a row, but by a below-average amount. Strong inflows to the fund present a double-edged sword: immediately upon arrival, they reduce the fund's overall yield, due to the yield curve being positively sloped and the need to initially buy very liquid but relatively low-yielding instruments such as NCDs and short-dated government bonds; conversely they permit us to make reverse inquiries from preferred issuers.
The latest inflation data was once more benign, more news of poor governance emanated from several SOEs, the countrys fiscal situation worsened a bit more ....and bonds achieved another decent return. All in all, a bog-standard month for bonds then.
Bonds vindicate a Steady-Eddie reputation. Over the past 1, 3, 5, 10 and 20 years, the real returns of the All Bond Index have been 6.7%, 3.9%, 3.1%, 3.5% and 4.9% respectively. (Inflation estimated at 4.4% y-o-y for September 2019). By way of contrast, the All Share Index easily trumps that over 20 years (9.2%) but has suffered negative real returns over the past 5 years.
  • Fund focus and objective  
The objective of the portfolio is to provide a return in excess of Money Market portfolios, for investors seeking to earn a reasonable level of income with low risk of capital loss. This fund enjoys a flexible mandate, and the manager will scour opportunities within money market instruments, vanilla bonds, inflation-linked bonds and equities, including listed property. Where good value exists in suitable foreign assets, moderate use may be made of these. The basic premise is that higher returns than money market funds are available, but because the assets that generate these also incur higher risks, they will be used judiciously and cautiously. The fund should suit investors: *Aiming for higher returns than are available through cash or bank deposits over a 12-36 month period. *Seeking actively managed exposure to the full spectrum of the fixed interest and high yielding universe of assets. *Not wanting to personally choose between money market, bond, income, or preference dividend funds but rather believing in the ability of a good asset manager to do this job. The fund does not suit investors whose time horizon is less than 12 months and who are uncomfortable with price fluctuations over this shorter term.

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