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0.11  /  0.05%


NAV on 2020/02/17
NAV on 2020/02/14 202.75
52 week high on 2019/07/31 203.6
52 week low on 2019/10/01 202.07
Total Expense Ratio on 2019/12/31 0.65
Total Expense Ratio (performance fee) on 2019/12/31 0
NAV Incl Dividends
1 month change 0.01% 0.63%
3 month change 0% 1.83%
6 month change -0.05% 3.65%
1 year change -0.01% 7.59%
5 year change 0.18% 7.64%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Derivatives -0.22 -0.01%
Gilts 999.70 40.29%
Liquid Assets 400.18 16.13%
Money Market 1071.22 43.18%
Offshore 10.21 0.41%
  • Top five holdings
MM-11MONTH 224.09 9.03%
MM-10MONTH 148.00 5.97%
MM-09MONTH 110.06 4.44%
MM-03MONTH 93.12 3.75%
MM-01MONTH 87.70 3.53%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Interest Bearing--Short Term
Alexander Forbes Short Term Fixed Interest (STeFI) Index
Contact details




  • 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 - Sep 19

2019/10/23 00:00:00
The domestic market began the quarter on a positive note following the more stable outlook from May’s national elections. This, together with the subdued infl ation outlook, prompted the South African Reserve Bank (SARB) to cut the repo rate to 6.5% at their July Monetary Policy Committee meeting. The decision was supported by the low growth environment globally, and was a key factor to many countries reducing their lending rates. More notably, we saw the US Federal Reserve cut their federal funds rate by 25 basis points at both their July and September Federal Open Market Committee meetings.
Subsequent to the SARB’s decision in July the FRA (forward rate agreement) curve is pricing in one more rate cut over the next six to 12 months. Accordingly, NCD (negotiable certifi cate of deposit) rates have narrowed across the curve, particularly in the 9-12 months region and have led to a fl atter NCD curve, with the spread between the 12-month and 3-month JIBAR now at just over 85bps.
We are mindful of the potential risks to the economy, which include the ongoing trade war between the US and China as well as the possibility of a ratings downgrade by Moody’s in November. We will monitor these risks and look to add to our fi x rate exposure at levels that we deem appropriate for the risk being taken - with our preference being for the 6-7 months area of the curve.
We continue to be buyers of longer-dated fl oating rate assets, as these instruments help in managing the interest rate risk whilst also ensuring a healthy running yield for the fund.
  • 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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