NAV on 2019/09/16
|NAV on 2019/09/13
|52 week high on 2018/11/07
|52 week low on 2019/09/03
|Total Expense Ratio on 2019/06/30
|Total Expense Ratio (performance fee) on 2019/06/30
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
95% SA Listed Property Index, 5% Cash
Tyrone van Wyk
Tyrone joined Old Mutual Investment Group Namibia (OMIGNAM) in January 2004 as an investment analyst.
As a member of the Namibian team, he is responsible for overseeing the Namibian investment processes and the overall performance of funds under management.
Prior to joining OMIGNAM, he was a trainee accountant at PricewaterhouseCoopers for three years.
Tyrone has seven years' experience in the asset management industry, and 10 years' experience in the financial services industry.
Old Mutual Namibia Property Comment - Jun 19
The South African equity market performed well during the second quarter of 2019 after it recovered in June. The Shareholder Weighted Index (SWIX) gained 1.9% for the second quarter of 2019. Property shares, still lagging, were only up by 1.3% for the quarter. The South African economy is clearly still under pressure, with the final GDP number for the first quarter of 2019 reading -3.2%. The rand saw weakening against the US dollar and other major currencies during the first half of the second quarter; it fell roughly 3.3% against the US dollar before strengthening by nearly 6% to close the quarter of at 14.08 to the USD. The recovery of the rand in the second half of Q2 can mainly be attributed to trade war tension easing and rate cuts in the US being factored in.
Globally, we have seen a significant recovery in the market towards the end of the quarter with all major equity indexes being positive for the second quarter and the S&P500 reaching new highs when it increased by 3.8%. The trade war is far from over, but the US and China put on the brakes, with no further tariffs put in place after their last meeting in June. There were some concerns in the US economy and talks of a rate cut in July gained momentum.
The fund underperformed its benchmark for the quarter, returning 3.4% gross of fees, underperforming its benchmark by 100 basis points gross of fees. Our underweight position in the ATTACQ contributed most towards performance to the fund relative to our benchmark, while the overweight position in Fortress Reit was the biggest detractor from the fund relative to benchmark over a 6-month period. The fund continues to be aligned quite closely to the benchmark due to the current volatile market conditions.
The fund offers investors a high income yield, accompanied by capital growth
over the medium to longer term
WHO IS THIS FUND FOR?
Investors seeking a high income yield, with growth potential.
The fund invests in selected property shares, which are identified on the basis
of growth potential, quality of the entities and the value they present. The fund
may also invest in international property shares.