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NAV on 2019/05/17
NAV on 2019/05/16 126.6547
52 week high on 2018/12/31 127.1187
52 week low on 2018/07/04 122.1716
Total Expense Ratio on 2019/03/31 1.54
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change 0.59% 0.59%
3 month change 2.05% 2.05%
6 month change 0.66% 4.23%
1 year change 1.26% 8.68%
5 year change 0.86% 7.04%
10 year change 2.7% 8.43%
Price data is updated once a day.
  • Sectoral allocations
Financials 1.20 0.10%
Fixed Interest 276.37 23.78%
General Equity 0.00 0.00%
Gilts 749.00 64.45%
Liquid Assets 33.97 2.92%
Managed 19.97 1.72%
Money Market 69.58 5.99%
Other Sec 11.91 1.03%
  • Top five holdings
U-SBKIMM 139.03 11.96%
U-METINC 52.06 4.48%
MM-10MONTH 50.75 4.37%
U-SLINCR 43.27 3.72%
U-OMINC 42.03 3.62%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Flexible
CPI plus 5% (net of fees)
Contact details




  • Fund management  
Piet de Jongh

  • Fund manager's comment

Noble PP STANLIB Flexible Fund - Sep 18

2018/12/19 00:00:00
World Economy
Federal Reserve officials raised interest rates for a third time this year and reaffirmed their outlook for further gradual hikes well into 2019. Growth and job gains have been 'strong' and inflation remains near the central bank’s 2% target, the federal open market committee (FOMC) said in its statement. After eight hikes since late 2015, the fed funds rate is now at the highest level since October 2008. Two-thirds of business economists in the US expect a recession to begin by the end of 2020, while many respondents say trade policy is the greatest risk to the expansion, according to a new survey. US confidence indicators have improved more recently, after losing some momentum in Q2 2018. The level of business and consumer confidence argues for continued strong growth. The Japanese market is performing better now, with the Nikkei Index reaching a 27-year high, although the weaker yen is helping. The MSCI Europe Index had a positive return in dollars in the third quarter of +2.3%, but is still negative in 2018 with -1.9%. Brent has risen by more than 20 percent from its most recent lows in August and is currently trading at $85 a barrel.
SA Economy Employment in South African's non-agricultural formal sector dropped by 69 000 between March and June 2018, Stats SA announced. South Africa's trade balance swung to a surplus of R8.79-billion ($619-million) in August from a revised R5.29-billion deficit in July, data from the revenue agency showed. The Absa Purchasing Managers’ Index (PMI) remained virtually unchanged at a weak level of 43.2 points in September. The price of unleaded 93 petrol will rise 99c, unleaded 95 R1 and diesel R1.24. Illuminating paraffin will cost an additional R1.04 and liquefied petroleum gas (LPG) R1.79 the Central Energy Fund (CEF) announced. The South African new-vehicle market declined by 1.9% in September, compared with the same month last year. Export sales reached a new record in September, gaining 1.2%. The rand lost -2.2% versus the dollar in the third quarter and is now -14.3% versus the dollar in 2018, -10.6% versus the euro and -10.4% versus the pound.
Trends and Opportunities -3% GDP growth is forecast this year and next year in the US. -The FED is expected to gradual raises interest rates well into 2019 -Brent oils is expected to keep hiking for the near future.
'If a window of opportunity appears, don't pull down the shade' - Thomas Peters
The commentary gives the views of the portfolio manager at the time of writing. Any forecasts or commentary included in this document are not guaranteed to occcur.
  • Fund focus and objective  
The Noble PP Flexible Fund is a flexible portfolio that aims to provide investors with consistent inflation-beating total returns, whilst minimizing downside risk. The portfolio may invest in financially sound local equity securities, bonds, property shares, property related securities, preference shares, money market instruments and assets in liquid form. The portfolio may also invest in participatory interests and other forms of participation in South African portfolios of collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa and which is consistent with the portfolio's primary objective. The Manager may make active use of derivatives to reduce the risk that a general decline in the value of equity, property and bond markets may have on the value of the portfolio. The manager shall have the maximum flexibility to vary assets between the various asset classes to reflect the changing economic and market conditions.
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