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  •  Megafin Sanlam Collective Investments Income Fund of Funds (B1)
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0.85  /  0.08%

1032.82

NAV on 2019/09/12
NAV on 2019/09/11 1031.97
52 week high on 2019/09/12 1032.82
52 week low on 2018/10/08 1006.66
Total Expense Ratio on 2019/06/30 1.12
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 0.82% 0.82%
3 month change 0.35% 2.1%
6 month change 0.58% 4.27%
1 year change 1.17% 8.58%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 105.39 97.93%
Liquid Assets 2.23 2.07%
  • Top five holdings
U-CORSTRI 29.78 27.67%
U-INDIVIN 29.53 27.44%
U-BCIINCP 21.90 20.34%
U-PSCINC 13.56 12.6%
U-NEDFLXI 10.62 9.87%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
2018/04/23
ISIN code:
ZAE000257093
Short name:
U-MEGINFF
Risk:
Unknown
Sector:
South African--Multi Asset--Income
Benchmark:
SteFi Composite + 1%
Contact details

Email
No email address listed.

Website
No website listed.

Telephone
021-947-9111



  • Fund manager's comment

Megafin SCI Income Fund of Funds - Jun 19

2019/09/04 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  
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