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24.23  /  1.39%


NAV on 2021/03/01
NAV on 2021/02/26 1714.37
52 week high on 2021/02/16 1742.22
52 week low on 2020/03/24 1196.17
Total Expense Ratio on 2020/12/31 1.29
Total Expense Ratio (performance fee) on 2020/12/31 0
Incl Dividends
1 month change 5.13% 5.13%
3 month change 9.64% 10.5%
6 month change 13.68% 14.57%
1 year change 15.68% 18.18%
5 year change 4.01% 6.77%
10 year change 6.62% 9.24%
Price data is updated once a day.
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  • Sectoral allocations
Basic Materials 2129.50 12.15%
Consumer Goods 938.07 5.35%
Consumer Services 1120.58 6.39%
Derivatives 0.19 0.00%
Financials 2399.32 13.69%
General Equity 111.95 0.64%
Health Care 2.39 0.01%
Industrials 763.69 4.36%
Liquid Assets 338.86 1.93%
SA Bonds 3382.47 19.29%
Specialist Securities 215.39 1.23%
Technology 955.34 5.45%
Telecommunications 201.32 1.15%
Offshore 4973.03 28.37%
  • Top five holdings
ACADIANGLOEQU 1053.77 6.01%
OLDMUTVLEGLO 915.40 5.22%
 FIRSTRAND 717.85 4.09%
 NASPERS-N 678.90 3.87%
OLDMQUAGLO 649.35 3.7%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity



  • Fund management  
Warren van der Westhuizen
- 18 years of investment experience
Graham Tucker
- 18 years of investment experience

  • Fund manager's comment

Old Mutual Balanced comment - Dec 19

2020/02/21 00:00:00
The Old Mutual Balanced Fund delivered better absolute returns in 2019. While the three- and five-year returns are ahead of inflation, they remain below our performance objective given the low returns experienced in previous years. The fund underperformed its peers in 2019. This is attributable to the reduced risk asset exposure, primarily global equity, and the disappointing performance of a handful of local equity counters.
Although we are dissatisfied with recent performance, we maintain the core positioning of the fund – a preference for local assets over global assets. Global equity is less attractive than in recent years, given that the US equity market is late-cycle. The strong dollar, low unemployment rate, high corporate margins, high earnings base and elevated valuations mean that US companies are more vulnerable to disappointment. We believe this argues for a US vs. Europe and emerging market position, but expect returns from global equities to be more muted going forward given valuations.
Turning our attention to South Africa, we believe that progress is being made in terms of putting the country on the reform path. The Cabinet announcements following the elections in May, the appointment of the Eskom CEO and the arrest of suspected state capture actors all point to us moving in the right direction. Against this, we obviously have issues around load-shedding and a worrying fiscal position. That said, we remain positive on our local government bonds and select equities which offer increasingly good value relative to global assets. While the likes of Omnia and KAP have not played out as expected as yet, we believe these are amongst those companies that will benefit significantly as the country continues down the reform path.
We are nearing inflection points locally and globally and accept that the short-term outlook may be noisy, probably more so than usual. Hence, to successfully navigate this period our focus must be on the long-term outlook.
  • Fund focus and objective  
This fund aims to achieve long-term inflation-beating growth. The fund has a growth asset bias and will invest more heavily in shares. The portfolio manager actively allocates to other asset classes to take advantage of changing market conditions and to manage the fund's volatility. This fund is suitable for investors wanting moderate to high long-term growth, with less volatility in the short term than pure equity. It is suitable as a standalone retirement investment.
The fund is exposed to all sectors of the market (shares, bonds & property) and may invest up to 25% of its portfolio offshore in line with Treasury guidelines. Derivatives may be used for risk management purposes.
The fund complies with retirement fund legislation. It is therefore suitable as a stand-alone fund in retirement products where Regulation 28 compliance is specifically required.

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