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0.02  /  0.02%

99.79

NAV on 2019/01/15
NAV on 2019/01/14 99.77
52 week high on 2018/05/31 100.14
52 week low on 2018/02/01 99.5
Total Expense Ratio on 2018/09/30 0.59
Total Expense Ratio (performance fee) on 2018/09/30 0
NAV Incl Dividends
1 month change 0.02% 0.68%
3 month change -0.01% 1.93%
6 month change -0.02% 3.86%
1 year change 0.01% 7.91%
5 year change -0.1% 7.35%
10 year change -0.06% 7.16%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 1267.02 3.15%
Gilts 5554.07 13.80%
Liquid Assets 541.72 1.35%
Money Market 32874.15 81.70%
Offshore 0.00 0.00%
  • Top five holdings
MONEYMARK 7964.85 19.79%
MM-11MONTH 2441.93 6.07%
MM-05MONTH 2424.25 6.02%
MM-34MONTH 1759.29 4.37%
MM-16MONTH 1668.88 4.15%
  • Performance against peers
  • Fund data  
Management company:
Nedgroup Collective Investments (RF) (Pty) Ltd.
Formation date:
2005/07/01
ISIN code:
ZAE000069423
Short name:
U-NEDCSHP
Risk:
Unknown
Sector:
South African--Interest Bearing--Short Term
Benchmark:
STeFI Composite
Contact details

Email
No email address listed.

Website
http://www.nedgroupinvestments.com

Telephone
0860-123-263(RSA only)/+27-21-416-6011(Outside SA)

  • Fund management  
Taquanta Asset Managers


  • Fund manager's comment

Nedgroup Investments Core Income comment - Aug 17

2017/09/27 00:00:00
In August this year, central bankers, finance ministers, academics and financial market participants gathered for the annual Economic Symposium in Jackson Hole in the US with the title 'Fostering a Dynamic Global Economy'. While analysts were hoping for some indication on the future of monetary policy in the Euro area, ECB President Mario Draghi didn’t provide any clues about intentions to cut back on the asset purchase programme. Similarly, Federal Reserve Chair Janet Yellen did not provide insight into the direction of future monetary policy of the Federal Reserve; this is against a backdrop of low unemployment and low inflationary pressures. Real GDP in the United States, did however slightly surprise to the upside by reporting an annual increase of 3% in the second quarter of this year (up from the previous estimate of 2.6%).
This growth was supported by higher levels of consumer spending on goods and services as well as increases in business investment, exports, and federal government spending according to the Bureau of Economic Analysis.
The South African economy has seen GDP growth return to positive territory, recording annualised growth of 2.5% for the second quarter of 2017. Statistics SA noted that it is important to keep in mind that growth rates can be volatile, and further, that the 2.5% number is what the annual growth rate would be only if the observed quarterly rate were repeated for four consecutive quarters. CPI remained on a downward trajectory with the latest number for July reported as 4.6%, down from 5.1% in June. Both the Standard Bank and Absa purchasing managers indices also remain below the neutral 50-point mark indicating that growth in the manufacturing sector remains under pressure.
The headline Producer Price Index continued the downward trend that has been observed this year, with annual growth recorded as 3.6% in July (annualised growth at the beginning of the year was 5.9%). Private sector credit extension recorded the weakest growth in private credit since March this year at 5.7% year-on-year in July, down from 6.2% in June.
The expectation is for one rate cut before the end of 2017 given the current economic backdrop, with possible further monetary easing in 2018, should all else remain equal and a ratings downgrade not materialise in the medium term. Risks to the upside remain elevated, with continued uncertainty in the political climate and the possibility for policy shocks. This political landscape presents risks for rand weakness and inflationary pressures, which would place upward pressure on interest rates and see us return to an increasing interest rate environment. The fund is well positioned to take advantage of the current economic climate and uncertainties ahead.
The Nedgroup Investments Core Income Fund had a gross return of 0.71% for August 2017.
  • Fund focus and objective  
The portfolio aims to preserve capital, but provide returns in excess of that offered by a traditional money market portfolio. The mandate is, however, more flexible and the average portfolio duration will be longer than that of traditional money market portfolios. The portfolio complies with Regulation 28 of the South African Pension Funds Act.
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