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0.25  /  0.24%


NAV on 2019/09/13
NAV on 2019/09/12 103.07
52 week high on 2019/03/19 106.79
52 week low on 2019/05/28 98.97
Total Expense Ratio on 2019/06/30 0.76
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 1.39% 1.39%
3 month change 1.31% 1.31%
6 month change -3.03% 4.4%
1 year change -0.15% 7.51%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Derivatives 2.94 3.03%
Fixed Interest 11.21 11.57%
General Equity 26.15 26.98%
Gilts 21.41 22.10%
Liquid Assets -3.01 -3.10%
Money Market 3.75 3.87%
Other Sec 7.63 7.87%
Real Estate 12.29 12.68%
Offshore 14.53 15.00%
  • Top five holdings
U-PSCPROP 12.29 12.68%
U-PFLEXFI 8.25 8.51%
U-COCAPRE 6.96 7.18%
  • Performance against peers
  • Fund data  
Management company:
Prescient Management Company Ltd. (PIM)
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Low Equity
Consumer Price Index (CPI) + 4% p.a. before fees.
Contact details




  • Fund management  
Raphael Nkomo

  • Fund manager's comment

Prescient Absolute Defensive comment - Mar 19

2019/05/24 00:00:00
What a difference a quarter makes! The Federal Reserve indicated that less interest rate hikes are on the cards to which, markets actually began pricing in probabilities of rate cuts. At the same time, concerns over the trade war between the US and China seemed to evaporate. This, along with attractive initial valuations across asset classes, led to capital flowing back into developed and emerging market equities. Most equity markets rallied strongly over the quarter with the MSCI World and MSCI Emerging Markets indices adding 11.9% and 9.6% respectively. At the same time, the S&P500 Index rose by 13.7% whilst Mainland Chinese equities rallied an astonishing 28%. Bonds, property and currency returns were flat whilst preference shares rose by 7%.
The Top40 Index started the year around the 47000 level but charged through 50000 as the quarter was nearing a close and in so doing, rose by 8.5% over the period. Over the same period, the Capped Swix 40 Index returned only 2.8%. In this index, constituent weights are limited to a maximum of 10% compared to the Top40 Index where there are no limits. The Fund hence did not manage to participate in the strong Naspers performance over the past quarter compared to the Top40 Index but it is a dual edged sword, in that the Fund also did not participate as heavily in the -30% decline in the share from September to October last year. We prefer the limited weighting and risk control that the Capped Swix 40 Index provides over the Top 40 Index. As a result of the Fund's fixed interest and preference share exposure, it gained 2.6% over the quarter. Contributors to performance: The major driver of performance was the Fund's fixed interest and preference share holdings. Detractors from performance: While local listed property started the year strongly, it has since traced back to the levels seen at the start of the year and impacted Fund performance over the last month.
  • Fund focus and objective  
The Prescient Absolute Defensive Fund will aim to provide a high and stable income yield and long-term capital growth over time. In order to achieve this objective the fund will invest in a diversified range of local and foreign asset classes as permitted by legislation. These assets include, but not limited to, equities, fixed income, money market instruments, debentures, instruments based on the value of any precious metal, property, preference shares, bonds, currencies and listed and unlisted financial instruments in line with the conditions as determined by legislation from time to time. The asset allocation will be managed actively with the equity allocation managed at lower levels with a maximum effective equity exposure of up to 40% and a maximum effective property exposure of up to 25%. The Fund will seek to capture value opportunities by switching between asset classes and also focus on equity and fixed income selection opportunities. The fund will predominately invest in South African markets, but is however permitted to include investments in offshore jurisdictions subject to the investment conditions determined by legislation from time to time.
The fund will be subject to the Prudential Investment Guidelines for South African Retirement Funds, being Regulation 28 of the Pension Funds Act, or such other legislation published from time to time. The fund may apart from assets in liquid form also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes. Where the aforementioned schemes are operated in territories other than in South Africa, participatory interests or any other form of participation in these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and trustee and is of a sufficient standard to provide investor protection at least equivalent to that in South Africa.
Nothing in the supplemental deed shall preclude the manager from varying the ratios of securities, to maximise capital growth and investment potential in changing economic environments or market conditions or to meet the requirements, if applicable, of any exchange formally recognised in terms of legislation and from retaining cash or placing cash on deposit in terms of the Deed and any Supplemental Deeds thereto; provided that the manager shall ensure that the aggregate value of the assets comprising the portfolio shall consist of securities of the aggregate value required from time to time by the Act. The Trustee shall ensure that the investment policy set out in this supplemental deed, the Deed and in all Supplemental Deeds thereto is carried out. For the purpose of this portfolio, the manager in consultation with the Investment 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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