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  •  Oasis Crescent Worldwide Flexible Fund of Funds (D)
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0  /  0%

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NAV on
NAV on 0
52 week high on 0
52 week low on 0
Total Expense Ratio on 2013/12/31 2.46
Total Expense Ratio (performance fee) on 2013/12/31 0.23
NAV Incl Dividends
1 month change 0.97% 1.11%
3 month change 5.2% 5.35%
6 month change 11.97% 12.13%
1 year change 23.16% 24.17%
5 year change 16.84% 18.34%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
General Equity 122.65 65.63%
Liquid Assets 0.04 0.02%
Spec Equity 23.51 12.58%
Offshore 40.69 21.77%
  • Top five holdings
U-OASCRES 122.65 65.63%
O-OSCGLEQ 20.39 10.91%
O-OSCPROP 16.36 8.76%
U-OASIPEF 14.67 7.85%
U-OASINTF 8.84 4.73%
  • Performance against peers
  • Fund data  
Management company:
Oasis Crescent Management Company Ltd.
Formation date:
2007/11/07
ISIN code:
ZAE000146031
Short name:
U-OASCWFF
Risk:
Unknown
Sector:
Worldwide--Multi Asset--Flexible
Benchmark:
Average Worldwide Multi Asset Flexible Portfolio
Contact details

Email
info@oasiscrescent.com

Website
http://www.oasiscrescent.com

Telephone
+27-21-413-7860

  • Fund management  
Adam Ebrahim
Adam Ebrahim was educated at the University of Cape Town in South Africa, where he received his B.Soc.Sc (Hons) degree. Thereafter he completed a post graduate diploma in accounting and was admitted as a chartered accountant and auditor in South Africa. Following the completion of his qualification as a chartered accountant, Adam completed the Association for Investment Management and Research’s Chartered Financial Analyst Programme, qualifying as a chartered financial analyst.
Adam has worked for Deloitte & Touche in South Africa and in London and has also gained work experience as an analyst, portfolio manager, director, and partner of a prominent asset management organisation. He currently serves as a member of the South African Minister of Finance’s Collective Investment Scheme Advisory Committee.


  • Fund manager's comment

Oasis Crescent Worldwide Flex FoF comment - Sep 13

2013/12/23 00:00:00
As the global recovery gains traction, GDP expansion is expected to improve in the US, EU and UK over the following years. Growth in the US appears sustainable at present, driven by consumer demand, private investment and improved competitiveness driving exports. Additionally, a number of countries in Europe have seen the worst of their fiscal austerity programmes, and are showing improvements in consumer confidence which are expected to boost domestic demand. Despite the recent slowdown, developing economies are still likely to be the long term drivers of global GDP growth given their favourable demographic profiles, high saving rates and continued growth in investment. These countries have experienced some short-term challenges due to escalating current account deficits and overreliance on their export-oriented sectors. We believe developing economies will need to continue focusing on driving domestic demand to have a more balanced and sustainable GDP mix. However, with most emerging economies having built up relatively healthy foreign exchange reserves along with their high savings rate, favourable demographics and relatively strong government balance sheets, we believe the longer-term outlook for the developing world remains positive.
Domestic consumer demand has slowed considerably in the last two years, as the unsecured lending boom has come to a halt. Adding to consumer headwinds, petrol price increases pushed the CPI inflation rate above the South African Reserve Bank's 3% to 6% target, squeezing disposable incomes. While domestic GDP is expected to grow by just 2% this year, rand weakness seen in the first three quarters of 2013 will drive greater industrial production in the economy over the next 6 to 12 months, offsetting the slowdown in consumer expenditure and lifting the country's growth rate to above 3%. Additionally, inflation is expected to dip back into the target band over the short term, with global food and oil prices stabilising. As a result of both greater export growth and weaker import growth, the current account deficit as a proportion of GDP is expected to stay at recent levels over the short term, and decline steadily in the years ahead.
South African equity markets have rallied during the 3rd quarter as concerns around Fed tapering eased. Industrials outperformed significantly with concerns around the Chinese slowdown weighing on the performance of the Resources sector. The valuations of the JSE All Share Index do appear high in relation to its long term average but this is largely attributed to the Industrials sector. The Industrial sector is trading at around 22x earnings, a 38% premium to its 15 year average multiple of 16x. This does highlight potential downside risk taking into account these premium multiples on record earnings and high profitability relative to history. The Resources sector has seen continued pressure on earnings during the past quarter and is trading on relatively depressed earnings at present. Current resources earnings are well below their long term trend highlighting significant upside potential. On a relative basis, Industrials are trading at a significant premium to both the Resources and Financial sectors on a forward a basis, highlighting significant downside risk should earnings not meet expectations. Global equity markets have continued to move even higher during the past quarter with the MSCI World Index continuing its upward trend. During the past few years global bond and emerging markets have been the beneficiaries of strong inflows while the developed market equities have lagged. One of the key drivers behind this trend was the quantitative easing programs and with discussions starting around the potential winding down thereof, we saw the start of a reversal of the above trend - developed market equities experienced inflows, while global bond and emerging markets experienced outflows. Global pension funds are underweight equities compared to the long term historic average, which combined with the capital losses related to bonds creates the potential for higher demand for quality developed market equities.
Global property rentals and occupancies are improving gradually and capex remains focused on extensions and refurbishment of existing strong locations. The normalisation of global bond yields pose a risk for REIT financing cost and valuations, but the REITS that have well-structured balance sheets will deliver stronger income growth and outperform in this environment. The supply of new shopping centre space in South Africa will increase to above 600,000 square meters for 2013 relative to levels of 400,000 to 500,000 square meters over the past four years. However, demand from national retailers for space in strong nodes continue to support shopping centre rentals while the demand in the industrial logistics market is firm and vacancies are low. The office market remains tough and any recovery in rentals is dependent on stronger growth in the economy and a recovery in corporate employment and activity. Office rentals remain under pressure as we continue to see new supply coming to the Johannesburg and Cape Town markets.
Global income yields have since come off of their short term highs, but are widely expected to continue on a medium term upward trend. Against the backdrop of short term uncertainty in US yields and some reversal in the foreign flows to emerging markets, South African yields have been volatile. Adding to the uncertainty, the South African Reserve Bank is facing a challenging period due to a weaker Rand and higher inflation at a time when economic growth is slowing. Our Income exposure is well positioned to take advantage of opportunities while remaining focused on the quality of the instruments and the cash flows of the underlying issuers.
  • Fund focus and objective  
The Oasis Crescent Worldwide Flexible Fund of Funds is a specialist, worldwide asset allocation portfolio. The investment objective of the Oasis Crescent Worldwide Flexible Fund of Funds is to seek moderate capital appreciation and income growth for investors.
Apart from assets in liquid form, the portoflio consists of participatory interests or other forms of participation in collective investment schemes or other similar schemes. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in these schemes will be included only where the regulatory environment is, to the satisfaction of the manager and the trustee, of a sufficient standard to provide investor protection at least equivalent to that in South Africa.
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