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0.04  /  0.02%

203.3

NAV on 2019/07/23
NAV on 2019/07/22 203.26
52 week high on 2019/05/31 203.59
52 week low on 2018/08/01 201.97
Total Expense Ratio on 2019/03/31 0.65
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change 0.02% 0.62%
3 month change 0.07% 1.94%
6 month change 0.09% 3.82%
1 year change 0.22% 7.83%
5 year change 0.2% 7.49%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Derivatives 0.03 0.00%
Gilts 990.72 40.58%
Liquid Assets 325.97 13.35%
Money Market 1114.19 45.63%
Offshore 10.74 0.44%
  • Top five holdings
MM-01MONTH 146.56 6%
MM-03MONTH 118.58 4.86%
MM-07MONTH 116.12 4.76%
MM-10MONTH 116.09 4.75%
MM-09MONTH 115.18 4.72%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
2011/10/03
ISIN code:
ZAE000160347
Short name:
U-OMINTPL
Risk:
Unknown
Sector:
South African--Interest Bearing--Short Term
Benchmark:
Alexander Forbes Short Term Fixed Interest (STeFI) Index
Contact details

Email
unittrusts@oldmutual.com

Website
http://www.omut.co.za

Telephone
021-503-7100

  • Fund management  
Michael van Rensburg
Michael started his career on the Money Market desk of the Department of Post and Telecommunications. As a Money Market Manager his primary functions were the daily management of cash flows and the investment of surplus funds. He was also responsible for the start-up of the Commercial Paper Bill program and the successful implementation of the counterparty credit limits. After three years on the Money Market desk he moved to the Capital Market as a market maker for Telkom long-term debt. He subsequently joined ABSA where he worked as a market maker for their Treasury Division. Prior to joining Old Mutual Asset Managers, Michael worked for Sanlam Asset Managers as head of Fixed Income Trading.
Michael currently heads up Old Mutual Asset Manager's Fixed Income Trading desk. In addition, he also manages the Old Mutual Money Market Fund, the Namibia Money Fund as well as a number of aggressive bond funds.


  • Fund manager's comment

Old Mutual Interest Plus comment - Sept 18

2018/12/13 00:00:00
Events outside South Africa dominated much of the headlines and market movements last quarter. In particular, the devaluing of the Turkish lira in July had a contagion effect on emerging market currencies, including the South African rand. This weakening in the local currency brought with it a widening in money market rates, with the 12-month negotiable certificate of deposit (NCD) rate increasing by roughly 20 basis points (bps) over the quarter. Despite the depreciation in the rand, however, consumer price inflation figures did surprise on the downside in both the June and August prints. The subdued inflation numbers offered some relief to the domestic economy and provided some support for the SA Reserve Bank to keep the repo rate unchanged at the July and September Monetary Policy Committee meetings. Elsewhere, the Federal Open Market Committee in the US continued with their rate normalisation programme and hiked the fed funds target rate by 25bps in September.
As mentioned, much of the weakness in domestic rates occurred towards the beginning of the quarter and followed the Turkish currency crisis. During this period, the fund maintained a moderate holding in fixed rate assets, which were mainly held to match the benchmark. However, with the widening in NCD rates, and a further steepening in the forward rate agreement (FRA) curve, we were of the view that the market was too aggressive in pricing in the potential for three rate hikes over the next year and, as such, began to increase our 12-month fixed rate exposure relative to the benchmark during the second half of last quarter. Supporting our decision was the widening of the spread between the three- and 12-month JIBAR rates, which, towards the end of August, stood at a high of around 140bps.
At present, we maintain our view of rates remaining unchanged for the rest of the year and, given the steepening in the NCD curve over the quarter, we opportunistically bought 12-month fixed rate assets at spreads that we believe offered value. That said, we have also been buyers of floating rate assets with longer than12-month maturities. These assets were purchased at attractive spreads and helped in managing the interest rate risk in the fund. In addition, we have also been active participants at the weekly Treasury Bill auction, as they are currently still trading at a premium to bank NCDs, especially at the front end of the yield curve. Beyond 12 months, we remain aggressive buyers of variable rate credit assets.
  • Fund focus and objective  
The Old Mutual Interest Plus Fund shall be a portfolio predominantly investing in interest yielding securities.The investment objective of the portfolio is to maximise the level of income achieved within the restrictions set out in the investment policy, whilst providing maximum capital stability. The portfolio will aim to deliver returns in excess of money market yields and current account yields. In order to achieve the portfolio's investment objectives, the Old Mutual Interest Plus Fund will, apart from limited exposure to equity securities, be permitted to invest in a flexible mix of predominantly interest yielding securities, including but not limited to bonds, fixed deposits, listed debentures, preference shares, money market instruments such as negotiable certificates of deposit, bankers' acceptances, debentures, treasury bills, floating rate notes and call accounts, and other high yielding securities, as well as any other income instruments which may be approved by the Registrar from time to time, both locally and abroad, thereby generating income, whilst preserving capital. In respect of the flexible nature of this portfolio, the portfolio may apart from limited exposure to equity be fully invested in any of the above-mentioned asset classes at any particular time. Nothing contained in this supplemental deed shall preclude the manager from varying the ratios of securities to best position the portfolio to achieve its objective in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange recognised in terms of the Act and from retaining cash or placing cash on deposit in terms of the deed and any supplemental deeds thereto.The portfolio will be permitted to invest its assets in foreign investment markets to the extent of the industry limit from time to time for Domestic funds, including securities listed on an exchange outside the Republic as legislation permits.The Portfolio may from time to time include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes registered in the Republic of South Africa, or of participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes operated in territories other than South Africa, with a regulatory environment which is to the satisfaction of the manager and the trustee of a sufficient standard to provide investors protection at least equivalent to that in South Africa.
The portfolio may invest in financial instruments (derivatives) as allowed by the Act from time to time in order to achieve its investment objective. The use of over the counter derivatives will be limited to forward currency contracts and interest rate- or exchange rate swap transactions.For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.
The trustee shall ensure that the investment policy set out in this supplemental deed is carried out.
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