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-13.85  /  -1.1%

1254.41

NAV on 2020/02/25
NAV on 2020/02/24 1268.26
52 week high on 2019/04/24 1336.52
52 week low on 2019/08/16 1196.86
Total Expense Ratio on 0
Total Expense Ratio (performance fee) on 0
NAV Incl Dividends
1 month change -2.03% -2.03%
3 month change -2.29% -1.03%
6 month change 4.04% 5.38%
1 year change -0.54% 1.55%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 807.55 19.93%
Consumer Goods 389.93 9.62%
Consumer Services 302.43 7.46%
Financials 574.50 14.18%
Industrials 80.26 1.98%
Liquid Assets 44.44 1.10%
Spec Equity 140.76 3.47%
Technology 344.37 8.50%
Telecommunications 93.59 2.31%
Offshore 1274.30 31.44%
  • Top five holdings
PGEFUND 586.64 14.48%
M&GGLBDIVDEND 315.94 7.8%
 NASPERS-N 248.25 6.13%
 BATS 228.08 5.63%
 ANGLO 197.56 4.88%
  • Performance against peers
  • Fund data  
Management company:
Prudential Portfolio Managers Unit Trusts Ltd.
Formation date:
1999/08/02
ISIN code:
ZAE000266334
Short name:
U-PRUMAXI
Risk:
High
Sector:
South African--Equity--General
Benchmark:
ASISA South African - Equity - General Category Mean
Contact details

Email
info@prudential.co.za

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

Telephone
021-670-5100

  • Fund management  
Ross Biggs
Ross is a Portfolio Manager at Prudential Investment Managers. He has fifteen years’ experience in investment management, and joined Prudential in 2001 as an Industrial and Resources Sector Analyst. He is co-Portfolio Manager of the Prudential Dividend Maximiser Fund, which has won several Raging Bull and Morningstar Awards under his management.
Rehana Khan
Rehana is a Portfolio Manager at Prudential Investment Managers. She has 9 years’ experience in investment management, and joined Prudential in 2008 as an Industrial and Resources sector Analyst. She is co-Portfolio Manager of the Prudential Equity Fund is also responsible for equity research on the Retail sector, mining stocks and certain financial shares.


  • Fund manager's comment

2020/02/25 00:00:00
The year ended on a high note for global equities as investors were able to breathe a sigh of relief on the back of a firm Phase 1 trade agreement between the US and China, as well as a decisive Tory election victory in the UK that paved the way for a less-uncertain Brexit. These events helped to improve sentiment towards global growth in 2020, as did the backdrop of easy global monetary policy, sparking a strong global equities rally. US equity markets reached fresh record highs in late December, helping global equities record their best annual gains since 2009 - the MSCI All Country World Index returned 27.3% for the year (in US$). In the face of brighter growth prospects, the Fed left interest rates on hold, and its December “dot plot” forecast pointed to no changes through 2020 and one 25bp rate hike in 2021. The central bank also noted that the US economic outlook was favourable. In the Eurozone, Christine Lagarde (the ECB’s new President) kept interest rates on hold at its December meeting and confirmed that its bond buying stimulus programme had re-started on 1 November. The Chinese economy continued to slow during the month, hurt by the trade war’s negative impact on Chinese exports and manufacturing. The government’s ongoing stimulus measures, including tax cuts, infrastructure spending and lower bank reserve requirements, have helped to cushion the broader economy, but December saw increasing pressure on the central bank to initiate further monetary easing. SA equities were buoyed in December by the improved global growth outlook and risk-on sentiment, helping Resources counters in particular. The surprise resumption of load-shedding, and the possibility of it extending well into 2020, exacerbated the weak growth outlook, leading many analysts to expect a recession. The SARB’s model is forecasting one 25bp interest rate cut in Q3 2020. In December, the FTSE/JSE ALSI returned 3.3%, the BEASSA All Bond Index delivered 1.9%, inflation-linked bonds (the Composite ILB Index) posted 1.0%, and cash as measured by the STeFI Composite Index returned 0.6%. Looking at global market returns (all in US$), the MSCI All Country World Index delivered 3.6%, the Bloomberg Barclays Global Aggregate Bond Index returned 0.6%, while the EPRA/NAREIT Global Property REIT Index posted -0.3%. The rand strengthened 4.4% against the US dollar, 2.1% against the pound sterling and 2.5% versus the euro. Contributing the most to absolute performance for the month was the fund’s exposure to SA equities (excluding property) and SA bonds (excluding inflation-linked bonds).
  • Fund focus and objective  
The fund aims to achieve a dividend yield better than that of the market and to grow capital and dividends in line with the market. The Fund invests in JSE listed companies that meet the portfolio manager's primary criteria of high but sustainable dividend yields. The Fund also seeks out ''value situations'' by investing in shares with low relative PE ratios as well as shares that are trading at a discount to their intrinsic value. The intended maximum limits are Equity 100%, Listed Property 10%, Offshore 25%, plus additional 5% Africa (excl. SA). Who should Invest? Individuals with a medium-to-high risk tolerance, looking for a combination of high dividend yield and capital appreciation with an aggressive tilt towards value-type shares. The recommended investment horizon is 7 years or longer.
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