NAV on 2019/09/16
|NAV on 2019/09/13
|52 week high on 2018/09/17
|52 week low on 2019/01/04
|Total Expense Ratio on 2019/03/31
|Total Expense Ratio (performance fee) on 2019/03/31
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 - Jun 19
Markets responded negatively to a State of the Nation Address that was big on goals but short on action plans and we now have an increasingly likely rate cut by the South African Reserve Bank (SARB) in the third quarter. Globally, the US-China trade saga took another hopeful turn and the markets are optimistic that talks will eventually lead to a deal by year-end. Markets saw a risk on sentiment regarding an expansionary European Central Bank and priced in a dovish US Federal Reserve rate cut in July and another in Q4.
The FTSE/JSE All Share (ALSI) was up by 3.92% over the quarter ending June 2019. Large, midand small caps returned +4.61%, +1.45% and +1.84% respectively for June 2019. The sectors that contributed positively in the ALSI for the quarter were telecommunications and consumer goods, returning 18.65% and 5.63% respectively. The worst performing sectors for the quarter, down by -8.26% and -2.02% respectively, were healthcare and industrials. The local currency strengthened against the greenback by 2.72%, by 5.37% against the sterling and 1.44% against the euro for the quarter ending June 2019. In this context, the fund returned +1.47% for the quarter ending June 2019.
The fund’s offshore allocation is at approximately 25%, providing investors with significant diversification benefits. This is a Regulation 28-compliant, medium-equity allocation fund, which means that in terms of its mandate it can hold a maximum of 60% in equities.
The fund’s current allocation to equities is roughly 60%; around 40% of the fund is invested in domestic equities and approximately 20% in offshore equities. Shari’ah-compliant short-term cash investments now comprise 40% of the fund.
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.