NAV on 2019/05/17
|NAV on 2019/05/16
|52 week high on 2018/09/05
|52 week low on 2019/01/04
|Total Expense Ratio on 2018/12/31
|Total Expense Ratio (performance fee) on 2018/12/31
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
South African--Multi Asset--Medium Equity
45% Customised SA Shari'ah Equity Index, 10% S&P Developed Markets Large and Mid-Cap Shari'ah Index, 40% STeFI Composite - 0.5% & 5% Three-month US Dollar LIBOR
Saliegh has 21 years of financial market experience encompassing the entire investment value chain, including dealing, equity analysis, portfolio management and leadership.
Saliegh is responsible for driving performance of the Shari’ah funds and specialist equity (managed volatility and managed alpha) funds. He has been the lead fund manager and champion of Shari’ah products (equity and multi-asset) since 2007. In addition, Saliegh is also the lead fund manager on Old Mutual High Yield Opportunity Fund (managed volatility) and co-fund manager on managed alpha funds. Saliegh is the liaison for the Shari’ah board and Shari’ah product partners. Saliegh is a member of the boutique’s Exco and Sales committee.
Grant has 22 years of financial market experience encompassing managing currency, derivative, hedge fund and multi-asset class portfolios. Grant began his career in the currency markets, trading currency derivatives on a proprietary basis for one of the large South African banks. Grant is a qualified stock broker and was a founder member of the team that set up one of the first hedge funds in South Africa in 1997. He joined Futuregrowth Asset Management in 2004, heading up their Alternative Investments business. Futuregrowth was acquired by Old Mutual Investment Group in 2008.
Grant is the Joint Boutique Head of Customised Solutions. This boutique has assets under management in excess of R100 billion. These assets comprise local and global investments across the investment spectrum. Grant is involved in driving the boutique investment process, developing and implementing the boutique strategy and managing various portfolios across the hedge fund, general equity, specialist equity and multi-asset class range.
Warren was appointed as a quantitative analyst in 1998 and participated in quantitative research and building quantitative models. He worked closely with Old Mutual Investment Group’s chief asset allocation strategist. Warren then joined the Quantitative and Risk Unit when it was formed. He was responsible for investment risk management and his duties included building quantitative models at a security level, risk management and quantitative research of all Old Mutual Investment Group’s clients/products.
Warren is responsible for constructing and managing portfolios. In addition to these responsibilities, he is accountable for quantitative research, which is paramount to the success of the boutique’s strategies.
OM Albaraka Balanced comment - Sept 18
President Cyril Ramaphosa did his best to address the nation with a brief outline of the economic stimulus package adopted by Cabinet and we immediately saw a strengthening in the rand. Trump continued his intense trade war on China. The Turkish lira collapsed and we saw the revived spectre of contagion for emerging markets at play. Inflation numbers were not as high as expected and the South African Reserve Bank decided to hold off a rate hike for now.
The FTSE/JSE All Share Index (ALSI) was down by 2.17% over the quarter ending September 2018. Large, mid- and small caps returned -2.72%, -1.74% and -2.22% respectively for the quarter.
The local currency weakened against the greenback by 3.06%, by 1.73% against the sterling and 2.36% against the euro for the quarter ending September 2018. The sector contributors for the quarter were technology and basic materials returning 10.43% and 5.22% respectively. The worst performing sectors for the quarter, down by 20.42% and 11.86%, were healthcare and telecommunications respectively.
This fund is suited to investors wanting moderate to high long-term growth from their Shari’ah compliant investment, with less volatility in the short term than pure equity. The fund is also suitable as a stand-alone retirement investment.
The fund’s offshore allocation is at approximately 25%, providing investors with significant diversification benefits. The fund is a Regulation 28 compliant, medium-equity allocation fund. This means that in terms of its mandate it can hold a maximum of 60% in equities. The fund’s allocation to equities is roughly 60%. Around 40% of the fund is invested in domestic equities and around 20% in offshore equities. Shari’ah compliant short-term cash investments now comprise 40% of the fund.
Our strategy is to achieve greater returns and less volatility compared to the market. Consequently, the fund has high exposure to internationals, allowing the fund to achieve greater diversification and, consequently, a reduction in volatility. Through time, equity has achieved greater returns than the other asset classes. Our high exposure to equities benefits from this and, similarly, within equities we are positioned to achieve lower volatility when compared to the fund’s benchmark.
The Old Mutual Albaraka Balanced Fund is a Shari'ah compliant asset allocation fund that offers investors access to local and international asset classes including equity, liquid assets and non-equity securities, such as sukuks (Islamic bonds) and equity conduits. The fund may also invest in the portfolios of other unit trusts, both locally and those registered in countries with acceptable regulatory environments.
The fund is regulation 28 compliant and is suitable for retirement fund investors.