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-0.2  /  -0.09%

229.51

NAV on 2019/07/19
NAV on 2019/07/18 229.71
52 week high on 2019/06/21 232.01
52 week low on 2018/10/11 223.31
Total Expense Ratio on 2017/03/31 1.2
Total Expense Ratio (performance fee) on 2017/03/31 0
NAV Incl Dividends
1 month change -1.02% 0.64%
3 month change 0.02% 1.7%
6 month change 1.55% 3.25%
1 year change 2.24% 7.48%
5 year change 0.51% 6.21%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Consumer Goods 3.77 1.27%
Derivatives 0.04 0.01%
Financials 21.45 7.21%
General Equity 6.69 2.25%
Gilt 3.15 1.06%
Gilts 118.10 39.71%
Industrials 2.59 0.87%
Liquid Assets 9.78 3.29%
Other Sec 3.49 1.17%
Offshore 128.33 43.15%
  • Top five holdings
 BATS 3.77 1.27%
 ZPLP 3.49 1.17%
 DIPULA A 3.26 1.1%
GC24 3.15 1.06%
DERIVATIV 0.04 0.01%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
2012/07/02
ISIN code:
ZAE000168332
Short name:
N-OMRLINC
Risk:
Unknown
Sector:
Regional--Namibian--Unclassified
Benchmark:
Namibian CPI
Contact details

Email
unittrusts@oldmutual.com

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

Telephone
021-503-7100

  • Fund management  
John Orford
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 & Stable Growth Funds and the Old Mutual Real Income and Stable Growth Unit Trusts.
John's background as an investment strategist enables him to integrate top down and bottom up analysis into portfolio construction.
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 15 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.
Zain Wilson


  • Fund manager's comment

Old Mutual Namibia Real Income comment - Sep 18

2018/12/12 00:00:00
The performance of investment markets during the second quarter of 2018 was all about the US Federal Reserve (the Fed), the dollar and Trump’s trade wars. Better growth in the US than in other parts of the world pointed to the Fed being likely to continue its hiking path perhaps faster than previously expected. The increasing cost of capital, dollar strength and Trump’s trade tariff moves weighed on emerging market currencies and markets in particular. Precious metals were weaker, but geopolitical tensions saw the oil price firm considerably.
The negative impact of rand weakness, with rate hikes now more likely than further cuts, as well as disappointing local growth, saw South African investment markets come under pressure during the quarter. Bonds and quoted property were weaker with yields kicking up and locally orientated shares such as financials and retailers declining. It was essentially the strong performance of rand hedges Naspers, Sasol and the diversified miners which brought the FTSE/JSE Capped SWIX Index return back up to being close to flat.
The fund aims to deliver an income that grows over time while protecting capital. The environment for domestic interest rate sensitive assets remained challenging in the second quarter, continuing to reflect a theme of 'cash is king', with both the All Bond Index (ALBI) and SA Property Index (SAPY) returns of 0.8% and -1% respectively behind cash of 1.7%. Whilst the performance year to date has lagged cash, the fund continues to deliver to its capital preservation target. Returns since inception remain in line with the fund’s target of CPI + 1-2%.
The current fund positioning is predominantly in South African and Namibian assets, with the bulk of the assets in low duration fixed credit assets. While we have recently added exposure to select offshore credit ideas, these collectively make up less than 3% of the fund. Furthermore, the currency exposure has been hedged back to rands. This adds diversification to the fund, in accessing credit ideas not present in the domestic market, while hedging maximises the yield by benefiting from the attractive interest rate differential embedded in the rand. The additional yield reflects the fact that South African and Namibian interest-bearing assets maintain some of the highest real yields across major emerging and developed markets. This is more so evident in the yield of domestic property assets, with the weighted average forward yield of the property assets in the fund now approaching 10%.
While there should be some upside inflation pressure over the next twelve months, we remain comfortable that the South African Reserve Bank’s inflation targeting credibility is entrenched. Alongside weak demand side pressures, this provides a strong anchor to medium-term inflation and a cap on domestic yields. Through this lens, South Africa stands separate from the emerging economies like Turkey and Argentina, where domestic inflation suffers from an unconventional policy mix. As long as this remains in place, the best place to deliver to the fund’s objective of growing our clients’ real income is in a blend of domestic interest rate assets.
  • Fund focus and objective  
The fund aims to provide an income that grows in line with inflation, while sustaining the level of capital over time and minimising any losses over a 12-month period. The portfolio manager actively manages asset allocation to take advantage of changing market conditions. The fund invests in the full spectrum of Namibian and South African fixed interest investments and select listed property and equities, and may invest up to 30% of its portfolio offshore. The combined listed property and equity exposure is carefully managed and may not exceed 35% of the overall portfolio, but a maximum of 25% can be held in either asset class. At least 35% of the portfolio will be invested in Namibian instruments.
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