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0.17  /  0.08%


NAV on 2019/11/20
NAV on 2019/11/19 220.65
52 week high on 2019/05/03 224.42
52 week low on 2019/01/02 209.32
Total Expense Ratio on 2019/03/31 1.69
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change 0.92% 0.92%
3 month change 4.04% 4.04%
6 month change 0.38% 2.29%
1 year change 3.13% 7.11%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 37.53 5.40%
Consumer Goods 20.17 2.90%
Consumer Services 17.77 2.56%
Financials 92.27 13.28%
Gilts 282.91 40.71%
Health Care 4.96 0.71%
Industrials 26.00 3.74%
Liquid Assets 29.62 4.26%
Money Market 2.00 0.29%
Other Sec 18.20 2.62%
Spec Equity 0.00 0.00%
Technology 20.89 3.01%
Telecommunications 10.47 1.51%
Offshore 132.11 19.01%
  • Top five holdings
RUSSUSACASH 26.37 3.8%
OLDMUTVLEGLO 19.05 2.74%
 NASPERS-N 14.15 2.04%
 BATS 13.64 1.96%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Medium Equity
Contact details




  • Fund management  
Alida Jordaan
Alida joined MacroSolutions in August 2007. As an equity portfolio manager she is a member of the team responsible for the domestic equity portfolios. The equity managers ensure that MacroSolutions' asset allocation and thematic views are reflected in the equity portfolios.
Prior to joining MacroSolutions, Alida was a senior portfolio manager at Metropolitan Asset Managers. Here she managed the Metropolitan Industrial Fund, Metropolitan General Equity Fund and the Small Cap Fund, as well as institutional funds. Alida was also the Head of Equity Research at Metropolitan Asset Managers for six years. She started her investment career at Allan Gray in 1994, first as a quantitative analyst and then later an equity analyst. Alida has 22 years of investment experience
John Orford
Prior to joining MacroSolutions, he was the Investment Strategist for South Africa at UBS South Africa for nine years. In his last two years at UBS, he was also responsible for the emerging EMEA Equity strategy. John has 12 years of work experience in financial markets in South Africa and London. In addition, he has seven years of experience as an economist in public and private sector capacities in Namibia and South Africa.
John joined MacroSolutions in June 2014 as a portfolio manager. As a member of the MacroSolutions team, he is responsible for managing conservative funds including the Profile Capital and Stable Growth Funds and the Old Mutual Real Income and Stable Growth Funds. John’s background as an investment strategist enables him to integrate top-down and bottom up analysis into portfolio construction.

  • Fund manager's comment

Old Mutual Moderate-Balanced Fund comment - Sep 19

2019/10/23 00:00:00
The tale of the tape for the third quarter of 2019: Local equities fell 5% and local bonds returned nearly 1%, while global equities and bonds were approximately flat and 1% higher respectively in US dollar terms, and the rand weakened by over 7% against the US dollar.
Various measures have pointed to a broad-based slowdown in global economic activity, which was compounded by a re-escalation in trade tensions between the US and China during the quarter. In addition, the state of the UK political environment remains one of confusion with no clarity on the likely outcome. In response to the muted growth outlook and increased uncertainty, several central banks, including the US Federal Reserve, have clearly stepped off the brake and are slowly reapplying the accelerator. Time will tell if this is sufficient to offset the uncertainty created by political developments. In the meantime, equity markets remained somewhat directionless, while industrial metals continued to come under pressure. Global bond yields moved lower again and precious metal prices rose as investors sought safe havens. Many sovereign bonds are once again trading on negative yields, while the US 10-year bond yield reached a low of 1.5% before unwinding a little towards the end of the quarter.
The South African economy has been and remains tied to the hip of the global economy. Hence the impact of slower global growth filtered through to South African markets and the currency. While a Chief Reorganisation Officer was finally appointed at Eskom during the quarter, visa restrictions were relaxed on several countries and President Ramaphosa announced his Economic Growth Advisory Council, progress on inducing a meaningful economic recovery has been slower than many expected. At the end of September, the President published his first weekly newsletter – over the coming months this may shed further light on the focus of Government. The South African Reserve Bank trimmed interest rates by 0.25% in the quarter as inflation remains well contained and growth anaemic.
The third quarter was a difficult one, with the return for the Old Mutual Moderate Balanced Fund only marginally positive. On the local front, exposure to local growth assets did not pay off given theunfavourable market conditions. Local cash proved to be the best local asset class over the quarter.
The fund is underweight to total equity, reflecting an underweight allocation to global equities given concerns about the global growth cycle. In particular, we see the US equity market as likely to deliver poor returns going forward on the back of slower growth. During the quarter, we further reduced our exposure to global equities. At the same time, we added exposure to South African equities at attractive prices. While the growth outlook for South African companies seems challenging many of them trade on very attractive valuations.
In a world of very low, or even negative yields, South Africa’s fixed income assets offer an attractive yield after inflation. While the country’s economic outlook warrants caution, we think the current high real yields on SA bonds price in a lot of this risk. Not surprisingly, therefore, the fund has a significant allocation to Government bonds and corporate credit. During the quarter, we took the opportunity to add to inflation-linked bonds where real yields are currently about 3.5%.
We expect markets to remain challenging with concerns about the global economy likely to be top of mind. The fund is underweight to global equities and has a large allocation to global cash, which hedges us against downside risks to global equities. Within local assets we continue to think that local fixed income assets are likely to deliver good real returns. Overall, the fund is well-diversified and should deliver good real returns over the coming years.
  • Fund focus and objective  
The fund aims to achieve long-term inflation-beating growth from an actively managed investment portfolio with a moderate balanced nature. The equity exposure will be commensurate with the exposure typically displayed by multi-asset medium equity portfolios.
This fund is suited to investors wanting moderate long-term growth with less volatility in the short term than typical multi-asset high equity funds. The fund is suitable as a stand-alone retirement investment.
The fund is exposed to all sectors of the market (shares, bonds and property) with a maximum of 60% exposure to equities and may gain exposure to foreign assets up to a maximum of 30% of its portfolio (with an additional 10% for African ex-SA investments). Derivatives may be used for efficient portfolio management purposes.
The fund complies with retirement fund legislation. It is therefore suitable as a stand-alone fund in retirement products where Regulation 28 compliance is specifically required.

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