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0.21  /  0.02%

1050.55

NAV on 2019/01/16
NAV on 2019/01/15 1050.34
52 week high on 2018/03/28 1094.59
52 week low on 2019/01/02 1047.63
Total Expense Ratio on 2018/09/30 0.77
Total Expense Ratio (performance fee) on 0
NAV Incl Dividends
1 month change -2.4% 1.18%
3 month change -0.57% 3.08%
6 month change -0.4% 5.85%
1 year change -1.75% 9.65%
5 year change 0.45% 9.41%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Gilts 47.07 78.46%
Liquid Assets 5.34 8.90%
Money Market 2.33 3.89%
Other Sec 5.25 8.76%
  • Top five holdings
 ZPLP 3.37 8.41%
MM-15MONTH 2.38 5.95%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
2012/07/19
ISIN code:
ZAE000167862
Short name:
U-PANAFIP
Risk:
Unknown
Sector:
South African--Multi Asset--Income
Benchmark:
3 Month JIBAR
Contact details

Email
clientservices@ipmc.co.za

Website
No website listed.

Telephone
021-673-1340

  • Fund management  
Helen Masson
Helen Masson, an investment professional with over 21 years experience and an exceptional track record in the South African market, was the pioneer of market making in the bond market and the first to use options as part of a funding strategy. She was also the first to introduce an equity-linked bond issue in the country. Prior to forming Wipam, Masson managed Eskom Pension Fund assets in excess of R9 billion, maintaining a top quartile ranking since 1994.
Marga van Deventer
Julian Masson


  • Fund manager's comment

Pan-African IP Income Hunter comment - Sep 18

2018/12/05 00:00:00
The South African economy officially entered into its first recession since the 2008 global financial crisis, as 2018Q2 GDP numbers surprised on the down-side, after shrinking by 0.7%. The market had expected growth to come in at 0.6%. 2018Q1 GDP numbers were further revised on the downside by StatsSA to -2.6%, after they were originally posted at -2.2%. Following the news of the recession, the local currency did breach the R15/$ level, but towards the end of the month the local currency managed to shrug off both domestic and global trade factors (between the USA and China) to strengthen by 3.7%.
The August CPI print came in at 4.9% from the 5.1% recorded in the previous month, attributable to softening transport prices. The SARB decided to hold rates steady despite increased upside risks to inflation. Hikes in fuel prices and the volatility of the local currency paint a dim picture for the possibility of interest rates cuts, and it is evident as the latest SARB quarterly report has indicated 5 possible hikes by end of 2019 based on their model.
The All Bond Index (ALBI) gained 0.30% despite non-SA residents remaining net sellers of local bonds. An outflow of R1.9bn was recorded in Sep, a significant slowdown on last month's R19.7bn outflow. Inflation-Linked bonds ended in the month in positive territory after gaining +0.38%. Cash was a better performer, with gains of 0.54%.
The search for yield continues on the domestic front as the spreads continue to narrow and issuers continue to take advantage of the environment. As an income unit trust, the fund continues to invest in instruments which have high income yielding characteristics as the 'income' theme continues to be in vogue.
  • Fund focus and objective  
The Pan-African IP Income Hunter 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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