1.01  /  0.3%

340.22

NAV on 2020/07/31
NAV on 2020/07/30 339.21
52 week high on 2020/02/20 345.63
52 week low on 2020/03/24 262.71
Total Expense Ratio on 2020/03/31 1.82
Total Expense Ratio (performance fee) on 2020/03/31 0
NAV
Incl Dividends
1 month change 3.15% 3.15%
3 month change 5.66% 5.66%
6 month change 0.02% 0.02%
1 year change 4.36% 6.31%
5 year change 3.75% 4.88%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Bonds 106.30 14.49%
General Equity 24.72 3.37%
Liquid Assets 8.39 1.14%
Managed 175.06 23.86%
Real Estate 17.74 2.42%
Spec Equity 54.90 7.48%
Offshore 346.70 47.25%
  • Top five holdings
U-OMFLEX 175.06 23.86%
U-OMGILT 106.30 14.49%
ACADIANEMERE 87.23 11.89%
ACADIANGLOEQU 68.36 9.32%
OLDMUTVLEGLO 58.52 7.97%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
2013/07/01
ISIN code:
ZAE000178703
Short name:
U-OMMAXR
Risk:
Unknown
Sector:
Worldwide--Multi Asset--Flexible
Benchmark:
60% FTSE/JSE Capped Shareholder Weighted Index, 35% MSCI All Country World Index, 5% STeFI Composite Index
Email
unittrusts@oldmutual.com

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

Telephone
021-503-7100

  • Fund management  
Arthur Karas
Arthur joined MacroSolutions as Portfolio Manager in October 2011. Arthur is responsible for the domestic equity portfolios of the dynamic funds, including the Old Mutual Flexible Fund.Prior to joining MacroSolutions, Arthur was the Chief Investment Officer at Hermes Asset Management where he was responsible for the investment process and strategy, equity research and portfolio management. Before joining at Hermes, he served as a senior portfolio manager and an equity analyst at various prominent investment houses, including Quaystone Asset Management, Syfrets and BoE. Arthur has 27 years of investment experience.
Peter Brooke
Peter is an award-winning analyst who has extensive experience in the investment arena. He worked at a stockbroker for 10 years as an analyst and equity strategist, after which he was the Head of Research and Head of Equities for Cazenove South Africa.Peter joined Old Mutual in May 2005 and has been the Head of MacroSolutions since 2007. Peter has specific responsibility for third-party funds, including the Profile range. He also manages two unit trust funds, Old Mutual Maximum Return Fund of Funds and Old Mutual Flexible Fund. The Old Mutual Edge28 Life Fund is also part of his portfolio. Having analysed countries and companies, Peter can integrate top-down and bottomup drivers and valuations to create an optimal portfolio.


  • Fund manager's comment

Old Mutual Maximum Return FoF 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 global 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. Despite the rand ending the year stronger, other rand hedge counters contributed positively with double-digit returns, while many SA-facing names were under pressure. In addition to weak economic conditions, instances of stock-specific issues arose in the form of excessive debt levels and ESG matters. The local property sector also suffered, returning a paltry 1.9% in 2019. Despite the weak economy, persistent Eskom problems and growing downgrade risks, local bonds returned over 10% in 2019.
The Old Mutual Maximum Return Fund of Funds delivered a much stronger return of 11.6% in 2019. We are happy with the better annual real return for the fund, which was nearly 8% higher than the low inflation rate of 3.6%. However, this was not enough to pull up the longer-term real returns. The fund delivered a three-year return of 6.8% per annum, only a few percent better than inflation of 4.5% per annum over that period. The strong return in 2019 was mainly driven by the excellent returns from global equity, which account for 45% of the fund assets and is the fund’s largest holding. The South African assets lagged this, with the best performing local asset class being local bonds. For some time now, we have favoured local bonds and have a substantial 17% of the fund invested in SA bonds. This worked well compared to equity, but lagged the much higher returns available from global equity. On an absolute return basis, we still think South African bonds offer good value and we added to our position in 2019. We think a downgrade to junk status by Moody’s is largely in the price. During the last quarter of the year, there was a bottoming out of global macroeconomic indicators. This meant that some of the Old Mutual Maximum Return Fund of Funds’ more cyclical, or riskier positions started to perform better. Specifically the fund’s investments in emerging markets and smaller South African companies outperformed. We expect this trend to continue and have added to our emerging market exposure in the last quarter, buying a further 3% of the fund. This is in line with our view that equity in the rest of the world will outperform US equity, as they catch up following a long period of underperformance. In the next year, we hope that the South African Reserve Bank cuts interest rates, which are too high relative to the weak economy and low inflation. As a result, we have low levels of cash in our portfolio, but have 25% of the portfolio in other income-generating assets. This gives us the best potential to generate decent real returns, without taking on excessive risk.
  • Fund focus and objective  
The fund aims to generate the maximum possible investment return over a long-term investment horizon.
The fund is suitable for investors requiring long-term growth and who appreciate the nature of this worldwide flexible fund of funds, and who are able to accept the return volatility likely to be associated with its objective of maximising returns.
The fund of funds invests primarily in a selection of Old Mutual Group collective investment scheme portfolios offering exposure to South African and international assets. While the primary focus is on shares, nothing prevents the fund manager from gaining exposure to bonds, listed property, cash or other asset classes in order to maximise longterm growth. There is no minimum or maximum that the fund must hold in South African or international assets. Derivatives may be used for efficient portfolio management purposes.
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