•  Megafin Sanlam Collective Investments Income Fund of Funds (B1)

0.37  /  0.04%


NAV on 2020/08/13
NAV on 2020/08/12 1012.39
52 week high on 2019/09/30 1035.59
52 week low on 2020/03/24 977.11
Total Expense Ratio on 2020/03/31 1.08
Total Expense Ratio (performance fee) on 2020/03/31 0
Incl Dividends
1 month change 0.76% 0.76%
3 month change 0.31% 2%
6 month change -1.51% 1.94%
1 year change -1.17% 5.66%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Bonds 7.72 5.01%
Fixed Interest 139.56 90.58%
Liquid Assets 6.79 4.41%
  • Top five holdings
U-CORSTRI 28.68 18.61%
U-MATSTAB 28.62 18.57%
U-PSCINC 28.56 18.54%
U-INDIVIN 27.87 18.09%
U-NEDFLXI 25.84 16.77%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Income
SteFi Composite + 1%
No email address listed.

No website listed.


  • Fund management  
Megafin (Pty) Ltd

  • Fund manager's comment

Megafin SCI Income Fund of Funds - Sep 19

2019/10/25 00:00:00
Megafin SCI Income Fund of Funds Portfolio Update Investors with an income focus received strong returns during the second quarter of 2019. Income generating assets such as cash and bonds delivered decent outcomes during the quarter, while allocations to local listed property also drove positive portfolio performance. The Megafin SCI Income FoF’s returned 2.1% for the quarter and has generated a return of 8.2% over the past year.
The Portfolio remains conservatively positioned, with diverse asset allocation which we expect to generate stable inflation beating returns in a variety of market environments.
Asset Allocation Local bonds and local cash, which make up the bulk of the assets within the Portfolio, both generated positive returns for investors over the quarter. Global bond markets continued to move higher, as yields moved lower in response to expectations for lower interest rates in developed markets in the future. South African inflation continues to be well contained, with the most recent print for May 2019 of a year-on-year CPI figure of 4.5% well within the South African Reserve Bank’s target range of between 3% and 6%. Well-contained inflation means that yields on local bonds currently offer South African investors decent real yields (in excess of inflation), especially when compared to the yields on offer in developed markets. Small allocations to local equities and listed property also contributed positively to the performance of the Portfolio over the quarter.
Fund Selection The contribution from fund selection was mixed over the quarter.
Coronation Strategic Income delivered decent performance in the second quarter of the year. Significant allocations to local corporate bonds drove returns over the quarter, in line with strong performance from global bond markets, as yields lowered in response to lower future expected interest rates.
Investec Diversified Income had a difficult quarter relative to peers, however, the fund still managed to outperform its benchmark over the second quarter. The fund's sizeable cash allocation and conservative positioning placed a drag on performance relative to peers.
The allocation to Nedgroup Core Income was replaced by Nedgroup Flexible Income during the second quarter of 2019. The allocation to Prescient Income Provider was also reduced slightly in favour of BCI Income Plus.
Summary We will continue to follow a valuation-driven approach when allocating to different asset classes. This will allow the Portfolio to deliver on its objective of producing stable excess returns without the risk associated with investing significant amounts in equities.
  • Fund focus and objective  
The objective of this portfolio is to provide investors with a high level of income combined with capital preservation over any rolling 12-month period. This portfolio aims to generate a return of STEFI +1% per annum over any rolling 12-month period. The portfolio maintains a low risk profile. Investments to be included in the portfolio will, apart from assets in liquid form, consist solely of participatory interest in portfolios of collective investment schemes. The portfolio will consist of a mix of collective investment scheme portfolios investing in equity, fixed interest instruments, (including but not limited to bonds, cash deposits and money market instruments), debentures, preference shares and property securities as well as any other income enhancing securities which are consistent with the portfolios objective and that the Act may allow. The portfolio will have a maximum of 10% exposure to equities. The Manager shall be permitted to invest on behalf of the portfolio in offshore investments as legislation permits. The Manager shall be permitted to invest in derivatives as allowed by the Act from time to time. The fund is Regulation 28 compliant.

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