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-0.14  /  -0.14%

99.7

NAV on 2019/05/17
NAV on 2019/05/16 99.84
52 week high on 2019/03/19 106.79
52 week low on 2019/05/14 99.39
Total Expense Ratio on 2019/03/31 0.77
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -1.06% -1.06%
3 month change -5.52% 1.73%
6 month change -3.07% 4.36%
1 year change -2.18% 5.32%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Derivatives 1.30 1.37%
Fixed Interest 56.35 59.47%
General Equity 6.75 7.12%
Gilts 14.08 14.86%
Liquid Assets 0.85 0.89%
Money Market 2.83 2.99%
Other Sec 3.94 4.16%
Real Estate 4.44 4.68%
Offshore 4.22 4.45%
  • Top five holdings
U-PFLEXFI 19.50 20.58%
U-PSCINC 19.39 20.47%
U-PRESTAB 17.46 18.42%
U-COCAPRE 6.75 7.12%
U-PSCPROP 4.44 4.68%
  • Performance against peers
  • Fund data  
Management company:
Prescient Management Company Ltd. (PIM)
Formation date:
2017/07/04
ISIN code:
ZAE000246781
Short name:
U-PABSDEF
Risk:
Unknown
Sector:
South African--Multi Asset--Low Equity
Benchmark:
Consumer Price Index (CPI) + 4% p.a. before fees.
Contact details

Email
info@prescient.co.za

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

Telephone
+27-21-700-3600

  • Fund management  
Raphael Nkomo


  • Fund manager's comment

Prescient Absolute Defensive comment - Sept 18

2018/12/19 00:00:00
Trade war rhetoric was once again the primary source of market volatility last month. Initially, markets were buoyed by lower than expected tariffs placed on imports by both the US and China, as the trade war was then deemed to be less severe than initially expected. At the same time, the US invited China to further trade talks, on which practitioners were most likely placing a high probability of a promising outcome. At the drop of a dime, this quickly changed when China called off the talks, which sent emerging markets into a tailspin. The MSCI World index added 4.53% in Q3 as demand for quality assets rose. Conversely, the MSCI Emerging Markets index lost -2.02% over the same period as risk off sentiment took its toll. US and EU markets were mostly up over the quarter with the S&P 500 and the CAC40 indices closing 7.20% and 3.19% up respectively. The DAX index lost -0.48% in Q3 as fears grew that Germany was next in line to face the wrath of Trump's nationalist policies. Domestically, SA officially entered a recession, which caught markets off guard to some extent. To counter this, President Ramaphosa released plans to ignite domestic growth, which was well received by markets. Nevertheless, the JSE All Share index ended the third quarter -2.17% in the red. The R186 yield rose by 0.15% to end the quarter at 8.99% as demand for SA bonds waned. Moody's meanwhile, assured that it was unlikely that they would downgrade SA this year. The JSE All Bond index added 0.78% last quarter.
Contributors to performance: The portfolio performance was positively affected by the marginal upward move in local bonds.
Detractors from performance: Equities detracted from performance
  • 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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