-2.11 /
-0.86%
246.48
NAV on 2019/11/14
| NAV on 2019/11/13 |
248.59 |
| 52 week high on 2019/11/13 |
248.59 |
| 52 week low on 2019/01/04 |
207.97 |
| Total Expense Ratio on 2019/03/31 |
2.26 |
| Total Expense Ratio (performance fee) on 2019/03/31 |
0 |
| Fixed Interest |
0.05 |
0.05% |
| General Equity |
33.14 |
28.25% |
| Liquid Assets |
-0.05 |
-0.05% |
| Spec Equity |
84.18 |
71.75% |
|
U-SISINTG |
72.61 |
61.89% |
|
U-SYMSAT3 |
14.97 |
12.76% |
|
U-SISINTF |
9.98 |
8.51% |
|
LOCALUNITTEQT |
8.60 |
7.33% |
|
U-OMMMEQ |
5.37 |
4.57% |
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd. |
Formation date:
2015/07/31 |
ISIN code:
ZAE000207510 |
Short name:
U-OMSYMAX |
Risk:
Unknown |
Sector:
Worldwide--Multi Asset--Flexible |
Benchmark:
90% FTSE JSE Shareholder Weighted Index, 10% MSCI All Country World Index |
Coronation Asset Management
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Old Mutual MM Maximum Return FoF comment - May 17
2017/07/14 00:00:00
The local equity market was essentially flat in May, ending the 12 months at only 3.0% up. While this return is disappointing, without the inclusion of Naspers in the FTSE/JSE Shareholder Weighted All Share Index (SWIX), the index would be negative year-on-year. Naspers has been a phenomenal performer, not only this year, but for the past 10 years. It continues to dominate and improve on its competitive position and market share in all of its key content categories. The share price performance reflects the good fundamental performance, perhaps a little more so in the short term. The Consumer Price Index increased 5.3% year-on-year in April, down from 6.1% in March, and has therefore moved within the South African Reserve Bank's (SARB) inflation target range (3.0% to 6.0%). Core consumer inflation, which excludes volatile food and fuel prices, decreased further to 4.8% - the lowest level since January 2013.
At the most recent Monetary Policy Committee (MPC) meeting, the South African Reserve Bank (SARB) kept interest rates steady at 7.0% as expected but the tone was less dovish than markets anticipated. In particular, the MPC highlighted risks from an uncertain global backdrop and domestic political developments, which appeared to dominate considerations of an increasingly benign inflation outlook. The MPC also trimmed their inflation forecast for 2017 to 5.7% (from 5.9%), while it expects inflation to average 5.3% in 2018 (down from 5.5%). They also trimmed our domestic growth rates a little, due to deteriorating business and consumer confidence, following the credit rating downgrades to 1.0% for 2017 and 1.5% next year.
Global equity markets continued to extend their gains in April, increasing by 17.5% in US dollars for the 12 months ending May but the strong rand (year-on-year) has tempered these to -1.7% in rand terms. Our bond market has performed well, and returned 13.4% for the 12 months ending May. Like equity, the local property market returned a disappointing 3.7% and cash returned a good 7.2% over the past 12 months.
This multi-managed fund of funds aims to generate the maximum possible investment return over a long term investment horizon. 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. While the fund's 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. Derivatives may be used for risk management purposes.
