-0.21  /  -0.1%

218.31

NAV on 2020/09/25
NAV on 2020/09/24 218.52
52 week high on 2019/12/30 230.58
52 week low on 2020/03/24 212.26
Total Expense Ratio on 2020/06/30 1.28
Total Expense Ratio (performance fee) on 2020/06/30 0
NAV
Incl Dividends
1 month change -0.13% -0.13%
3 month change -0.77% 0.68%
6 month change 1.87% 4.92%
1 year change -5.19% 0.79%
5 year change -1.06% 5.24%
10 year change 0% 0%
Price data is updated once a day.
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  • 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%
Industrials 2.59 0.87%
Liquid Assets 9.78 3.29%
Other Sec 3.49 1.17%
SA Bonds 118.10 39.71%
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
Email
unittrusts@oldmutual.com

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

Telephone
021-503-7100

  • 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.
Zain Wilson
Zain joined MacroSolutions in July 2015 as an investment analyst. In March 2018 he became co-portfolio manager of the Old Mutual Real Income Fund. In addition to this role, he is responsible for identifying 'between the gap' investment opportunities for MacroSolutions portfolios in areas like preference shares, convertible bonds and international assets. He also contributes to MacroSolutions’ overall asset allocation.Prior to joining MacroSolutions, Zain was a Fixed Income and Quants Analyst at Old Mutual Investment Group’s fixed income boutique, Futuregrowth Asset Management, for three and a half years.


  • Fund manager's comment

Old Mutual Namibia Real Income comment - Dec 19

2020/02/21 00:00:00
The Old Mutual Namibia Real Income Fund aims to deliver an income that grows ahead of inflation over time while protecting capital. Over the last year and since inception, the fund has delivered to these targets. The fund will typically have the bulk of its assets invested in fixed income assets. These have performed well over the last year and with real yields in both nominal bonds and inflation-linked bonds relatively high the fund continues to invest a considerable portion of its assets in government bonds.
In our view, the very high real yields compensate investors for the risks associated with the poor fiscal position of both the Namibian and South African governments. Inflation-linked bonds, in our view, are attractive real yields while also providing investors with some protection against the potential for inflation to surprise on the upside over the medium term.
During 2019, the fund’s allocation to growth assets delivered disappointing returns. Local property counters continued to de-rate. While this has been a drag on the fund’s performance we think many of the South African property companies offer compelling dividend yields which price in the very poor operating conditions facing these companies. Over time, we expect them to deliver good real returns.
While many property shares performed poorly the fund did benefit from its holdings of Dipula Income Fund (DIA) A-share and Fortress REIT (FFA) A-share, which delivered returns of 17% and 14% respectively. While we have sold out of our holding in FFA as the price has run up considerably over the last year, we continue to hold DIA which, despite the good return during 2019, still offers a dividend yield of over 10%. Unfortunately, the fund’s holding in equities performed poorly over the year, with exposure to some domestically oriented shares detracting from the fund’s performance. While the shorter-term performance from the fund’s growth assets has been disappointing they fulfil an important role in the fund’s strategy of delivering real returns over the medium term.
Looking forward, the fund remains focused on locking in a diverse portfolio of attractive domestic yield. The bulk of this is through domestic bonds and high-quality credit. The fund’s average yield is currently about 8% versus our expectation of inflation in the region of about 5%. Foreign exposure remains low and serves primarily as a hedge against domestic growth assets as global assets, especially global bonds, are unattractively priced offering limited reward for considerable risk.
  • 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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