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0.61  /  0.61%


NAV on 2019/09/16
NAV on 2019/09/13 98.58
52 week high on 2019/01/31 106.08
52 week low on 2019/08/27 94.82
Total Expense Ratio on 2019/06/30 1.17
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 4.39% 4.39%
3 month change 1.08% 1.08%
6 month change -3.33% 1.11%
1 year change -6.08% -1.76%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 4.53 6.79%
Consumer Goods 2.74 4.11%
Consumer Services 1.66 2.49%
Financials 9.57 14.35%
Fixed Interest 27.08 40.60%
Gilts 3.46 5.18%
Industrials 5.48 8.21%
Liquid Assets 3.26 4.88%
Telecommunications 2.27 3.40%
Offshore 6.67 10.00%
  • Top five holdings
U-AGMM 13.03 19.53%
U-CORMM 13.02 19.52%
 MTN GROUP 2.27 3.4%
 WBHO 1.92 2.87%
 REMGRO 1.92 2.87%
  • Performance against peers
  • Fund data  
Management company:
Prescient Management Company Ltd. (PIM)
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
CPI + 5%
Contact details




  • Fund management  
Daniel Malan
Daniel has 23 years of investment industry and business management experience across multiple asset classes and geographies.
Sean Neethling
Sean has 17 years of relevant industry experience across listed and unlisted credit and fixed income markets.

  • Fund manager's comment

Perspective Balanced Prescient comment - Mar 19

2019/05/28 00:00:00
Moody’s sent a team to review and update their view on South Africa during the last week of the month. The rating agency decided not to take any action. They appear to be providing a window for a Ramaphosa-led ANC government to evidence their political commitment to much-needed structural reforms after the national elections in May. It is a reprieve which keeps the country’s sovereign credit rating at investment grade with stable outlook - for now. Moody’s are effectively deferring judgement until the next review in November 2019.
As custodians of clients’ life savings, we have a responsibility to review the companies we choose to invest in on a more regular basis than rating agencies. We reviewed all of the fund holdings during the first quarter of the year and specifically looked for leading indicators of distress or anything that could potentially derail the underlying investment theses. Confidence levels increased in companies like MTN and Sasol, while a combination of excessively leveraged balance sheets, industry structure and management concerns resulted in us exiting positions in Tongaat Hulett, Mediclinic and British American Tobacco.
Risk management is an explicit part of our investment approach. What often goes unseen is the companies we choose to not invest in. We have deliberately avoided putting money to work in companies like PPC, Brait, Aspen and Nampak, despite what appears to be relatively attractive prices. These companies have taken on high levels of debt at the top of the economic cycle to fund aggressive acquisitions and projects in complex operating environments. The fund has also maintained a relatively small position in listed property, which is substantially cheaper than what it was a year ago, but continues to trade at prices which understate the risks at the broader industry level.
Our work continues...
  • Fund focus and objective  
The Fund complies with Regulation 28 of the Pension Funds Act and may invest up to maximums of 75% in equities and 25% in offshore assets. The Fund will invest in a diversified range of equities, investment grade bonds, property and cash, but may also invest in preference shares, currencies and commodities when sensible opportunities present themselves. The flexibility of this mandate empowers the fund managers to be more fully invested when a diversified selection of good assets are cheap and to be positioned defensively when good assets are very expensive or highly concentrated in a single sector.
The Fund is most suited to investors with an investment horizon of five to ten years seeking a combination of principal preservation, income generation and long-term capital growth.
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