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0.8  /  0.24%

328.08

NAV on 2019/07/18
NAV on 2019/07/17 327.28
52 week high on 2018/09/05 345.15
52 week low on 2019/01/04 301.76
Total Expense Ratio on 2019/03/31 1.87
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -0.04% -0.04%
3 month change -0.86% -0.86%
6 month change 5.87% 5.87%
1 year change 2.54% 3.07%
5 year change 5.71% 6.47%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Bonds 84.84 10.33%
Fixed Interest 46.05 5.61%
General Equity 27.62 3.36%
Liquid Assets 3.44 0.42%
Managed 211.70 25.77%
Real Estate 38.91 4.74%
Spec Equity 97.75 11.90%
Offshore 311.21 37.88%
  • Top five holdings
U-OMFLEX 211.70 25.77%
U-OMGILT 84.84 10.33%
ACADIANEMERE 64.38 7.84%
ACADIANGLOEQU 63.36 7.71%
OLDMUTVLEGLO 60.85 7.41%
  • 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 Shareholder Weighted Index, 35% MSCI All Country World Index, 5% STeFI Composite Index
Contact details

Email
unittrusts@oldmutual.com

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

Telephone
021-503-7100

  • Fund management  
Arthur Karas
Arthur takes on the role of chief investment officer. He is ex Quaystone, having spent eight years in portfolio management and analysis with BoE Asset Management. Prior to that he was with Syfrets Managed Assets where he managed the highly successful Syfrets Prime Select Fund from its inception until his departure.
Arthur is a chartered financial analyst with a depth of experience in all aspects of asset management.
Peter Brooke
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 bottom-up drivers and valuations to create an optimal portfolio.
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.


  • Fund manager's comment

Old Mutual Maximum Return FoF comment - Sept 18

2018/12/13 00:00:00
The global equity market delivered good returns for the quarter, but lacked meaningful breadth as US equities (+7.5% in US dollar terms) easily outperformed every other major region. US equities responded to robust economic growth in the region and strong earnings growth reported by the companies during the quarter. Negative sentiment persisted in emerging markets, as China showed signs of slower growth, commodity prices remained under pressure and the likes of Turkey and Argentina reminded investors of the risks of investing in the developing world. Unsurprisingly, emerging market currencies, equities and bonds fell during the quarter, particularly in August and early September.
Local assets, already suffering from the poor emerging market sentiment, were dealt another blow in September as Stats SA announced that our economy had fallen further in the second quarter. Although the rand and the bond market largely recovered their losses by the end of the quarter, the equity market was unable to mount a comeback, ending the quarter slightly lower (-1.7%). The challenging economic environment, reflected in company results and updates, shows little sign of relief in the near term. Aspen was a notable casualty of disappointing the market, losing more than a third of its value in a matter of days.
The fund enjoyed a better quarter as the strength in global equities flowed through. However, over the year, the fund has only delivered a return of 4.1%. This is good compared to the broadly flat local equity market, but is disappointing compared with the fund’s aspirations to deliver high real returns.
Over the past five years the fund has delivered a compound return of 9.2% a year. Relative to competitors, the fund has been solid, with second-quartile performance over three and five years. It has delivered these returns with much less volatility as the portfolio has been well diversified. This simply represents sensible portfolio construction, as the fund’s primary objective is high real returns. Over the past year, the fund has done well from its exposure to global equity. This is partially due to good asset allocation: All of the fund’s investments outside South Africa were in equity, which has outperformed cash and bonds. It was also due to good selection, where the shares we owned did well. However, we did have some exposure to emerging markets, which detracted from performance. We are holding on to this exposure in emerging markets as we believe it has the potential to rebound from the currently depressed levels. Within South Africa, we did well via our higher exposure to local bonds and financial shares and we were more cautious on broad local equity market exposure.
Looking forward, we maintain a preference for equity over fixed income assets globally, while in South Africa we continue to hold some higher-yielding bonds and property instead of local equity. We believe this combination gives the best possibility of delivering high real returns. The other critical decision is the mix of offshore versus local assets. With the rand at roughly R14.00 to the US dollar, we hold a balanced exposure split, 50% local and 50% foreign. In the long term, we are biased to hold a higher proportion in offshore assets, but are very conscious that we must deliver our client returns in rands.
  • Fund focus and objective  
The fund of funds invests primarily in a selection of Old Mutual 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 long term growth. There is no minimum or maximum that the fund must hold in South African or international assets.
The fund is suitable for investors requiring long term growth who appreciate the nature of this worldwide flexible fund of funds and are able to accept the return volatility likely to be associated with its objective of maximising returns.
The fund aims to generate the maximum possible investment return over a long term investment horizon.
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