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-8.07  /  -1.95%

412.99

NAV on 2020/04/01
NAV on 2020/03/31 421.06
52 week high on 2019/05/07 841.26
52 week low on 2020/03/23 366.29
Total Expense Ratio on 2019/12/31 1.45
Total Expense Ratio (performance fee) on 2019/12/31 0
NAV Incl Dividends
1 month change -34.24% -33.83%
3 month change -47.54% -45.46%
6 month change -46.04% -43.9%
1 year change -49.76% -45.97%
5 year change -16.46% -11.95%
10 year change -2.19% 3.04%
Price data is updated once a day.
  • Sectoral allocations
Financials 4203.99 95.79%
Fixed Interest 163.00 3.71%
Liquid Assets 21.68 0.49%
  • Top five holdings
 GROWPNT 798.28 18.19%
 REDEFINE 452.76 10.32%
 SIRIUS 433.19 9.87%
 NEPIROCK 426.78 9.72%
 VUKILE 285.16 6.5%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
2003/10/01
ISIN code:
ZAE000049920
Short name:
U-OMSAQPP
Risk:
Unknown
Sector:
South African--Real Estate--General
Benchmark:
FTSE/JSE SA Listed Property Index
Contact details

Email
unittrusts@oldmutual.com

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

Telephone
021-503-7100

  • Fund management  
Evan Robins
Evan joined MacroSolutions in February 2012 as an in-house property portfolio manager. Prior to this, Evan joined Old Mutual Investment Group South Africa (OMIGSA) on 1 December 2009 as a member of the Equity Research team and was responsible for the portfolio management of all the property funds in research, as well as some analyst responsibilities. Evan has 17 years of investment experience. Evan was a rated broker analyst in the property sector at Nedsec for two and a half years. He headed up the fixed income asset class for six years for BoE Private Clients. Evan was also responsible for listed property portfolios during his time at BoE. Evan also worked at Franklin Templeton NIB Investment and Mawenzi Asset Managers (formerly Brait Asset Managers) as the Head of Fixed Income. In addition, he worked as a management and strategy consultant for four years.


  • Fund manager's comment

Old Mutual SA Quoted Property comment - Dec 19

2020/02/24 00:00:00
The final quarter of 2019 was positive for risk assets, resulting in good returns for the full year. Despite slower economic activity globally and the increased intensity of the trade war between the US and China, global equities marched steadily higher. The US Federal Reserve stepped in to arrest the slowdown, cutting rates by 0.75%, and progress on a trade resolution towards the end of the year helped lift equities nearly 24% in rand terms in 2019 with the US equity market leading the way. From a sector perspective, IT was the stand-out performer, while energy was the laggard.
Local equities caught the move higher in global equities in the fourth quarter, ending almost 7% higher for the calendar year. This was driven primarily by a strong performance from the platinum and gold sectors as precious metals moved higher. Other rand hedge counters contributed positively with double-digit returns, while many SA-facing names were under pressure. Although the economy remained weak, instances of stock-specific issues arose in the form of excessive debt levels and ESG matters. Despite the weak economy, persistent Eskom problems and growing downgrade risks, local bonds returned over 10% in 2019. The local property sector returned a paltry 1.9% in the year, trailing other domestic assets. The fund’s performance before fees has been satisfactory over the past 12 months, outperforming the benchmark. Looking forward, the sector offers an attractive yield, but with little nominal short-term distribution growth and negative real growth. At the time of writing, the benchmark, with material offshore exposure, offered a 9.7% forward dividend yield, above the 9% on the SA 10-year bond.
Local conditions continue to be challenging with cost increases constraining net rental growth and significant over-rentals on renewal in some pockets. There is too much retail and office space in some nodes; retail sales are weak; trading densities are flat; and tenants’ profitability is under pressure, requiring an improvement in economic activity.
Economic prospects and bond yields are the key short-term drivers of capital value volatility, while increased foreign exposure continues to change the profile and risk factors of the sector.
The fund will continue to hold meaningful positions in a diversified selection of property shares we believe offer the most long-term value and positive outlook.
  • Fund focus and objective  
The fund aims to remain fully invested at all times to generate sustainable pre-tax income whilst growing the original capital invested. This fund is suitable for investors seeking exposure to the property market without the potential difficulties and capital outlay of direct property investments. The investor can accept the volatility of investing in the property sector. The fund invests in a selection of listed South African commercial and industrial property shares. Income is derived from property shares that offer a secure and an escalating income stream. Capital growth comes from quality shares that show potential for an upward share price movement.
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