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-4.2  /  -2.09%

200.93

NAV on 2020/02/24
NAV on 2020/02/21 205.13
52 week high on 2020/02/19 206.1
52 week low on 2019/08/16 185.74
Total Expense Ratio on 2019/09/30 1.83
Total Expense Ratio (performance fee) on 2019/09/30 0
NAV Incl Dividends
1 month change 0.04% 0.04%
3 month change 2.22% 2.22%
6 month change 7.15% 7.15%
1 year change 3.95% 6.91%
5 year change 2.3% 4.38%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 190.97 18.17%
Bonds 52.80 5.02%
Consumer Goods 32.68 3.11%
Consumer Services 68.85 6.55%
Derivatives 1.36 0.13%
Financials 154.01 14.65%
Fixed Interest 36.85 3.51%
General Equity 68.43 6.51%
Health Care 14.70 1.40%
Industrials 11.69 1.11%
Liquid Assets 34.51 3.28%
Technology 74.10 7.05%
Telecommunications 11.74 1.12%
Offshore 298.45 28.39%
  • Top five holdings
SEEDGLBB 192.14 18.28%
U-SIMPROP 68.43 6.51%
 NASPERS-N 57.40 5.46%
U-CORBOND 52.80 5.02%
 IMPLATS 37.32 3.55%
  • Performance against peers
  • Fund data  
Management company:
Prescient Management Company Ltd. (PIM)
Formation date:
2010/06/07
ISIN code:
ZAE000121240
Short name:
U-SEEDFLX
Risk:
Medium
Sector:
South African--Multi Asset--High Equity
Benchmark:
CPI + 6% p.a.
Contact details

Email
info@prescient.co.za

Website
http://www.prescient.co.za

Telephone
+27-21-700-3600

  • Fund management  
Ian de Lange
Mike Browne


  • Fund manager's comment

Seed Flexible comment - Sep 13

2013/11/27 00:00:00
The Fund currently has active positions in three asset classes that are at, or close to, all-time highs. These active positions have come as a result of research performed on the underlying asset classes in conjunction with portfolio construction considerations.
Firstly, the weighting to local equities is at an all-time low (over the Fund's 40 month history), and is currently 35.1% of the Fund. The allocation to equities is nearly 15% below benchmark as a result of the extremely high rating that the local market is trading at (PE in excess of 18). The allocation isn't lower only because the equity portfolio in the Fund is priced at a discount to the market (PE of 16.4).
The second major asset allocation decision is the local property overweight position. The Fund has an allocation of 16.4% in local property, which is the highest it's been since launch. The position is predominantly a function of the relatively high starting yield when compared to bonds and equities. While we recognise the risks associated with this asset class in the event of rising interest rates, the significant underweight to bonds (near all-time lows) more than compensates in the case of rising yields.
The bond underweight is the third large active position and is a result of historically low yields. While there is scope for strength in the short to medium term, we prefer to take duration exposure in the Fund through our property allocation.
The Seed Flexible Fund has delivered a return of CPI + 8.8% per annum since launch.
  • Fund focus and objective  
The Seed Balanced Fund is a Multi Asset High Equity Fund. As a multi-managed multi strategy Fund, Seed is responsible for tactical asset allocation and strategy selection, with the focus on tilting the Fund to asset classes offering the most value. Manager selection is skewed towards owner managed investment firms with a consistent, repeatable process. The Fund aims to generate CPI + 6% pa over rolling 5 year periods and avoid negative returns over any 3 year period. The Fund is Regulation 28 compliant and is therefore suitable for investments in retirement funds. The net equity weighting (including global equity) will never exceed 75% of the Fund's market value.
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