-6.41  /  -0.37%

NAV on 2018/06/18


NAV on 2018/06/15 1737.0617
52 week high on 2017/11/21 1790.76
52 week low on 2017/07/03 1616.42
Total Expense Ratio on 2018/03/31 0.93
Total Expense Ratio (performance fee) on 2018/03/31 0
NAV Incl Dividends
1 month change 1% 1%
3 month change 1.42% 1.42%
6 month change -0.48% 1.41%
1 year change 5.87% 9.9%
5 year change 5.86% 9.66%
10 year change 5.59% 9.43%
  • Sectoral allocations
Fixed Interest 251.52 35.34%
General Equity 34.74 4.88%
Liquid Assets 23.27 3.27%
Spec Equity 228.85 32.15%
Specialist Securities 173.37 24.36%
  • Top five holdings
U-ADVEQID 228.85 32.15%
U-DBTRWLD 153.32 21.54%
U-CORSTRI 100.31 14.09%
U-PSCINC 99.19 13.94%
U-ASHSTNC 52.02 7.31%
  • Performance against peers
  • Fund data
Management company:
Ci Collective Investments (RF) Prop Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
CPI plus 5% over rolling 3 years
Contact details



011 463 5656

  • Fund management
NFB Asset Management (Pty) Ltd
Paul Marais

  • Fund manager's comment

NFB Balanced FoF comment - Dec 08

2009/04/07 00:00:00
Global rate cuts continue, intensify Contrary to our expectations in early December, the South African Reserve Bank elected to lower interest rates by 50 basis points. This is the first interest rate decrease since April 2005, following the Bank's sequence of ten 50 basis points increase in the repurchase rate. December's decision is largely as a result of the Bank's anticipation that inflation is likely to fall dramatically during 2009, perhaps even falling to within the inflation target before the year is out, as well as the pressure the Bank must have felt as central banks around the world lowered their prevailing rates aggressively. It is likely that rates in South Africa will continue to fall throughout 2009, perhaps by as much as 300 - 400 basis points, with a cut of as much as 100 basis points in February alone.
The SARB was not alone in cutting interest rates in December; all four of the central banks we monitor in this Report continued to cut interest rates. The BOE and the ECB reduced rates by a significant 75 basis points and the Fed by an astounding 100 basis points. The Fed has now lowered rates to 0.25% and has very little ammunition with which to fight any further bad news the US economy receives in 2009 and runs the very real risk of Japanese-styled monetary policy impotence. Further stimulus can therefore only come from the government, most likely in the form of spending plans (think America's New Deal) and/or in lower taxes, which is highly unlikely given the woefully over indebted state of the US.
SA inflation decelerates dramatically South Africa's Producer Price Index has fallen in each of the last three calendar months (-3.5%; -0.5% and - 1.3%) bringing the annual change down dramatically from its peak in excess of 19% to a touch over 12%. This is largely a result of the, perhaps more dramatic, fall in the oil price. Having peaked at around $140 a barrel, the price of oil has fallen some 70% which has a natural knock on effect on petrol prices locally and thereby the cost of almost every good and service in the economy (Jan '09 update: it is likely that in the first week of January that petrol prices in South Africa will fall by around R1.30 a litre).
Consumer prices, however, rose marginally in November; an anomaly in an ongoing deflationary environment is our assessment. We anticipate that consumer inflation will fall off a cliff throughout 2009 as a result of base effects, a deflationary global environment, falls in commodity prices and changes to the inflation basket by Statistics South Africa (this change alone will take somewhere between 2 and 3% off the annual rate of change in consumer inflation).
  • Fund focus and objective
Investments to be included in the portfolio will, apart from assets in liquid form, consist solely of participatory interests in portfolios of collective investment schemes registered in the Republic of South Africa or of participatory interests in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and the trustee of a sufficient standard to provide investor protection which is at least equivalent to that in South Africa. The portfolio will invest in participatory interests of underlying portfolios which provide exposure to a spectrum of equity, bond, non-equity and property markets and may have exposure to financial instruments, subject to the prevailing regulations.



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