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-2.3  /  -0.47%


NAV on 2020/02/14
NAV on 2020/02/13 489.93
52 week high on 2019/05/06 541.39
52 week low on 2019/09/04 476.87
Total Expense Ratio on 2019/12/31 1.21
Total Expense Ratio (performance fee) on 2019/12/31 0.32
NAV Incl Dividends
1 month change -3.13% -3.13%
3 month change -2.93% -2.93%
6 month change 0.07% 2.18%
1 year change -9.25% -6.11%
5 year change 1.58% 4.18%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 1204.74 8.58%
Consumer Goods 595.57 4.24%
Consumer Services 900.84 6.42%
Financials 3271.74 23.30%
General Equity 480.69 3.42%
Industrials 2157.67 15.37%
Liquid Assets 1079.48 7.69%
Offshore 4350.08 30.98%
  • Top five holdings
FINANCIALS 3271.74 23.3%
INDUSTRIALS 2157.67 15.37%
BASICMATERIAL 1204.74 8.58%
GOVTISSUPAPER 1090.67 7.77%
CONSUMERSRVS 900.84 6.42%
  • Performance against peers
  • Fund data  
Management company:
PSG Collective Investments (RF) Ltd.
Formation date:
ISIN code:
Short name:
Medium - High
South African--Multi Asset--Flexible
Inflation plus 6%
Contact details




  • Fund management  
Shaun le Roux
PSG Asset Management (Pty) Ltd.
Mikhail Motala

  • Fund manager's comment

PSG Flexible comment - Mar 19

2019/05/24 00:00:00
Current context Global equity markets recovered sharply in the first quarter of 2019. The MSCI World Index delivered a total return of 12.6% and the MSCI Emerging Markets Index returned 9.9%. The JSE’s recovery was more lacklustre: the FTSE/JSE All Share Index gained 8.0% and was dominated by rand hedges, especially resources and Naspers. Domestic counters were material underperformers. The FTSE/JSE Small Cap Index lost 3.4% and financials declined over the quarter.
Local fixed income assets experienced some tailwinds from Moody’s decision to keep South Africa’s credit rating unchanged. This has resulted in the sovereign yields reducing slightly, as local and foreign investors continue to see value in South African government bonds. Anchored inflation - well within the South African Reserve Bank’s (SARB’s) 3% to 6% target band - has further supported yields, as the SARB has taken a more neutral stance on interest rates and maintained the existing repurchase rate of 6.75%.
Our perspective As we have noted for some time, there is pervasive fear in certain parts of investment markets. This is in complete contrast to other areas that are well owned and in which investors are inclined to be complacent. Markets therefore continue to be characterised by wide valuation divergences. We are finding far more opportunities in those parts where investors are fearful, especially in the SA Inc. part of the domestic market, which has endured tough economic conditions and aggressive selling by foreigners in recent years. In fact, our bottom-up analysis is indicating valuations usually seen in deep bear markets. For longer-term investors who can ride out the storm, the return profile from carefully selected securities at such low valuation levels is promising.
Portfolio positioning The fund has around 10% in cash. While this is low relative to the long-term average of 26.5%, it still represents healthy firepower to be deployed if opportunities arise. It also serves as a liquidity buffer in the local market, where we are finding superior opportunities in mid-cap stocks.
The relatively low levels of cash are a function of the attractiveness of individual equity opportunities, both local and global. We anticipate above-average long-term returns from the stocks held in the portfolio.
  • Fund focus and objective  
The PSG Flexible Fund is a managed flexible portfolio and will seek to follow an investment policy which will aim to achieve superior medium to long-term capital growth through exposure to selected sectors of the equity market, and/or the gilt market and/or the money market. The asset allocation will be actively managed and will continually reflect the portfolio manager's view of the relative attractiveness of the equity, gilt and money markets, both locally and abroad. The selected sectors of the equity portion of the portfolio will change from time to time in accordance with changing market conditions and economic trends. The investment policy allows the fund to include listed and unlisted financial instruments (derivatives).

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