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0.75  /  0.07%


NAV on 2020/02/20
NAV on 2020/02/19 1042.4
52 week high on 2019/03/29 1077.16
52 week low on 2020/01/02 1024.77
Total Expense Ratio on 2019/12/31 0.81
Total Expense Ratio (performance fee) on 0
NAV Incl Dividends
1 month change 1.19% 1.19%
3 month change -0.15% 3.32%
6 month change -0.87% 6.08%
1 year change -2% 11.4%
5 year change -0.13% 10.21%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Gilts 7.61 76.73%
Liquid Assets 1.44 14.47%
Other Sec 0.87 8.80%
  • Top five holdings
 ZPLP 0.87 8.8%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Income
3 Month JIBAR
Contact details


No website listed.


  • Fund management  
Pan-African Asset Management (Pty) Ltd.

  • Fund manager's comment

Pan-African IP Income Hunter comment - Jun 19

2019/08/23 00:00:00
The portfolio has had yet another sterling performance in the month of June, generating a net positive return of 1.03%, resulting in a 0.45% relative outperformance to the benchmark. The portfolio‘s 1-3 Year Fixed Rate bucket delivered 1.66% vs 0.93% from All BOND INDEX (ALBI), whilst the 3-7 year bucket returned 2.1% vs 1.96 relative to the ALBI. The Inflation-Linkers contributed 1.51% vs the Inflation-Linked Index (CILI) return of 0.41%.
Furthermore, the portfolio held just over 40% in floating rate securities which helped immunize the modified duration. A bull steeping of the yield curve was observed in the month of June, where short-term bonds rates fell faster than longer-term bonds. This has helped boost portfolio returns significantly.
Inflation remains sticky to the down side at 4.5% and we believe a rate cut should further boost portfolio return in the short term.
  • Fund focus and objective  
The IP Income Fund aims to provide investors with a higher level of income than a pure income fund, while minimising risk and ensuring capital stability. The investment manager will actively 'hunt' for the best rates of income / income generating instruments within the investment universe, to achieve the funds objective.To achieve this objective, the securities normally to be included in the portfolio will comprise a combination of global bonds, interest bearing securities, including loan stock, preference shares, equity securities, listed property securities, semi-gilts, debentures, debenture bonds and notes, money market instruments, and other non-equity securities, in line with the objective of the portfolio and assets in liquid form. Interest bearing instruments in a currency other than the Republic of South Africa, may only be included in this portfolio, if they comply with a credit rating of investment grade by the credit rating agencies approved by the Registrar, or if they comply with other regulations published by the Registrar, provided further that if the grading of an instrument differs between the rating agencies, the lower grading will apply. The weighted average duration of non-equity securities in the portfolio will not exceed two years and exposure to equity securities will be limited to 10%.The portfolio may also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes in the Republic of South Africa. Where the aforementioned schemes are operating in territories other than 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 the trustee as being of a sufficient standard to provide investor protection at least equivalent to that in South Africa and which is consistent with the portfolio's primary objective.The portfolio will comply with all prudential requirements and regulations controlling retirement funds or such other applicable legislation as may be determined for retirement funds.The Manager will be permitted to invest on behalf of the portfolio in offshore investments as legislation permits.The portfolio may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective. Nothing in this supplemental deed shall preclude the manager from varying the ratio of securities, to achieve the investment objective in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange recognised in terms of legislation and from retaining cash or placing cash on deposit in terms of the deed and this supplemental deed; provided that the Manager shall ensure that the aggregate value of the assets comprising the portfolio shall consist of securities and assets in liquid form of the aggregate value required from time to time by the Act.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.The trustee shall ensure that the investment policy set out in this supplemental deed is adhered to.

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