NAV on 2019/01/15
|NAV on 2019/01/14
|52 week high on 2018/01/17
|52 week low on 2019/01/02
|Total Expense Ratio on 2018/03/31
|Total Expense Ratio (performance fee) on 2018/03/31
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 - Sept 18
The South African equity market did not perform well year to date. The Shareholder Weighted Index (SWIX) returned -8% for the first three quarters of 2018, with the listed property shares remaining the main culprits contributing to this decline. The South African economy has failed to recover and has remained in a contractionary state, printing negative GDP figures for both the first and the second quarters of the year. The rand weakened against the US dollar and other major currencies during the third quarter, falling roughly 3% against the US dollar. Although exporting companies will see a silver lining, this fall will see pressure on inflation and interest rates in South Africa, which, in turn, will have a negative effect on already subdued growth in the economy. We have seen significant increases in the fuel price in South Africa, reaching the highest levels ever. This unfortunately puts further pressure on the SA consumer.
Globally, we have seen continued tension between China and the US, as Donald Trump has imposed further import tariffs on certain goods produced in China. This trade war that started in the second quarter continued well into the third quarter, and we are yet to see whether it has come to an end. The US economy is firing on all cylinders and the latest quarter-on-quarter growth figures printed an increase of 5.4%. We can see the result of this in the equities market, with the S&P 500 returning 10.5% for the year in US dollar terms.
The fund outperformed its benchmark over a oneyear period, returning negative 13.8% gross of fees, outperforming its benchmark by 93 basis points gross of fees. Our underweight position in the Fortress REIT LTD-B contributed most towards performance of the fund relative to our benchmark, while the underweight position in Sirius Real Estate LTD was the biggest detractor from fund performance relative to benchmark over a oneyear 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.