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15.23  /  0.43%

3525.06

NAV on 2019/07/23
NAV on 2019/07/22 3509.83
52 week high on 2018/08/29 3736.11
52 week low on 2018/12/18 3258.22
Total Expense Ratio on 2019/03/31 1.28
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -1.43% -1.43%
3 month change -4.37% -4.37%
6 month change 3.06% 4.17%
1 year change -0.69% 1.19%
5 year change 2.04% 3.79%
10 year change 9.77% 11.45%
Price data is updated once a day.
  • Sectoral allocations
General Equity 7372.59 99.69%
Liquid Assets 23.16 0.31%
  • Top five holdings
DOMESTICFUNDE 7372.59 99.69%
  • Performance against peers
  • Fund data  
Management company:
PSG Collective Investments (RF) Ltd.
Formation date:
2007/07/02
ISIN code:
ZAE000136115
Short name:
U-AWMASSE
Risk:
Unknown
Sector:
South African--Equity--General
Benchmark:
SA Equity General mean
Contact details

Email
assetmanagement@psg.co.za

Website
http://www.psg.co.za/asset-management

Telephone
021-799-8000

  • Fund management  
Adriaan Pask


  • Fund manager's comment

PSG Advance Wealth Creator FoF comment - Jun 08

2008/08/22 00:00:00
Buy cheap, sell expensive - By Jeremy Gardiner, director, Investec Asset Management.
The second quarter of 2008 continued along a theme that is becoming all too familiar, and is a trend that has now been in place for seven years. Simply put, if you weren't in commodities, you didn't make any money. In fact, you probably lost money. The resource-heavy JSE All Share Index maintains its positive façade, as commodities keep it positive (up 6.4% so far this year), but the truth is that if you were invested in anything else that relates to the consumer, financials, the economy or property, times are tough indeed. With resources up 33% so far for 2008 and financials down 25%, the deviation has been enormous. Given the above, investors must be careful not to react emotionally, because emotional reactions often come at a significant cost. The two primary risks investors are currently facing is being overweight either commodities or cash. While the long run commodity story is fundamentally sound, in the short term any thing is possible, and a significant correction within the next two years is quite possible. Investors need to understand this risk. Commodities are an important part of any investment portfolio, but y our exposure should be appropriate to y our risk profile. Similarly, be careful of being overweight cash for too long. The risk of being out of the market when it turns up is as high as the risk of being in when the markets turn down.
While South Africa's first quarter GDP growth was relatively robust, there is no doubt that non-commodity growth is slowing fast. Expect another three months of bad inflation numbers before inflation peaks. From a psychological perspective, the Governor has achieved his objective and therefore interest rates may already have peaked, although the possibility of another 50 basis points cannot be ruled out. Of course, all of the above rests on the oil price. Food prices are stabilising, but if oil goes for another significant rise from here, every thing else rises as well - food, inflation, every thing! The earliest it looks like we can expect any interest rate relief is the second half of 2009. If, as we expect, South African company earnings decline rather than collapse, or even rebound in 2009, equities (aside from commodities) are looking cheap. The age-old cliché states: 'buy cheap, sell expensive'. Pay careful attention to this adage, as you are pretty definitely closer to the bottom than the top, and selling equities now could be an expensive mistake.
  • Fund focus and objective  
The primary objective of the PSG Advance Wealth Creator Fund of funds is to achieve capital growth over the long term. Income is not a main objective for this portfolio.
Investments to be included in thePSG Advance Wealth Creator Fund of funds, will apart from cash and assets in liquid form, mainly consist of participatory interest in collective investments schemes, whether listed or not. The asset allocation will be actively managed as to reflect the investment manager's view of the relative attractiveness of cash, fixed interest, equity portfolios, and property markets. The portfolio will not have an exposure of more than 95% to equity markets.
Investments to be included in the PSG Advance Wealth Creator Fund of funds, will apart from cash and assets in liquid form, mainly consist of participatory interest in collective investments schemes, whether listed or not. The asset allocation will be actively managed as to reflect the investment manager's view of the relative attractiveness of cash, fixed interest, equity portfolios, and property markets.
The Trustees shall ensure that the investment policy set out in the preceding clauses are adhere to; provided that nothing contained in this clause preclude the Manager from varying the proportions of securities in terms of changing economic factors or market conditions or from retaining cash in the portfolio and/or placing cash on deposit. The Manager will be permitted to invest on behalf of the PSG Advance Wealth Creator Fund of funds in offshore investments as legislation permits. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.
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