NAV on 2021/02/25
|NAV on 2021/02/24
|52 week high on 2020/08/11
|52 week low on 2020/03/20
|Total Expense Ratio on 2020/09/30
|Total Expense Ratio (performance fee) on
MI-PLAN (Pty) Ltd.
5% Cash & 95% S&P Developed Property Net TR
14 years investment experience.
Raymond joined Ohra Asset Management, part of the Aviva group, in March 2001. He has five years of investment experience with Insinger de Beaufort and Ohra. The fund he managed at Ohra was awarded four stars by Morningstar. He uses as a top down investment process by looking at the macro economy, the direct property market and the property shares. Raymond has a degree form the University of Nijmegen (NL) and is a Chartered Financial Analyst.
Simon is Fund Director for Sarasin’s property funds.
MI-PLAN IP Global Prop Feeder Comment- Dec 19
While geopolitical uncertainty continued to dominate headlines in Q4, global equity markets posted record highs at the close of the year. President Trump..s announcement of a ..phase one....deal between the US and China appeared to signal a truce in the long-standing trade conflict. The deal will see billions of dollars of tariffs on Chinese goods either removed, reduced or delayed. Both Chinese and Hong Kong stocks climbed on the news, despite the continuation of violent protests in the latter territory. Elsewhere, the UK and the EU agreed a new Brexit deal and sterling rose on the back of a significant Tory majority in December..s election.
Within the portfolio, Taiwan Semiconductor was a strong performer, due to robust demand for its 7 nanometre node and the fact that it is hedged to sell in the US and China. Currently, its 7nm process is used for some of the most advanced CPUs and all of the best graphics cards use either its 12nm or 7nm nodes. Amgen was also a strong performer. The US biopharmaceutical company released two strategic updates ....first, its collaboration with Chinese pharma firm Beigene, allowing it to access the Chinese market, and secondly, the completed acquisition of psoriasis drug Otezla. Umicore and Marriott were other strong contributors this quarter.
On the negative side, Home Depot detracted from performance. The company lowered its full-year revenue growth forecast, which it attributes to delays in benefits from recent initiatives such as store improvements and an expansion into adjacent areas of the market. Bridgestone also disappointed. The Japanese auto parts manufacturer cut its sales guidance on the back of a weak original equipment market for passenger vehicles and softness in demand for large mining equipment tyres. Simon Property Group and Ecolab also detracted.
The objective of the MIPLAN IP GLOBAL PROPERTY FEEDER FUND is to offer investors the opportunity for offshore diversification and exposure to global, listed real estate. The investment objective of the underlying portfolio is to achieve long term capital growth.
The investment manager will apart from assets in liquid form, invest solely in participatory interests or any other form of participation in the SARASIN IE REAL ESTATE EQUITY - GLOBAL (GBP) FUND. Participatory interests or any other form of participation in the aforementioned portfolio will be included only where the regulatory environment is to the satisfaction of the manager and the trustee and of sufficient standard to provide investor protection at least equal to that in South Africa.
The Manager will be permitted to invest on behalf of the portfolio in offshore investments as legislation permits.
To the extent that the assets in a portfolio are exposed to exchange rate risk, a manager may enter into financial transactions for the exclusive purpose of hedging such exchange rate risk subject to the conditions and limits in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective. The underlying portfolio may be exposed to financial instruments.
Nothing in this supplemental deed shall preclude the manager from varying the ratio of securities, to achieve the investment objective in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange recognised in terms of legislation and from retaining cash or placing cash on deposit in terms of the deed and this supplemental deed; provided that the Manager shall ensure that the aggregate value of the assets comprising the portfolio shall consist of securities and assets in liquid form of the aggregate value required from time to time by the Act.
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.
The trustee shall ensure that the investment policy set out in this supplemental deed is adhered to.