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-0.83  /  -0.57%

145.98

NAV on 2020/06/03
NAV on 2020/06/02 146.81
52 week high on 2020/04/21 158.72
52 week low on 2019/06/28 126.41
Total Expense Ratio on 2017/12/31 2.38
Total Expense Ratio (performance fee) on 2017/12/31 0
NAV Incl Dividends
1 month change -4.08% -4.08%
3 month change 3.63% 3.63%
6 month change 5.42% 5.42%
1 year change 13.27% 13.27%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
General Equity 28.87 2.27%
Offshore 1240.82 97.73%
  • Top five holdings
TMDMLOFUND 253.26 19.95%
O-CGLMNUS 250.30 19.71%
EGERTONCAP 221.48 17.44%
O-BGWWDIS 132.46 10.43%
OMESGMSCI 112.51 8.86%
  • Performance against peers
  • Fund data  
Management company:
Professional Provident Society Management Company
Formation date:
2016/02/18
ISIN code:
ZAE000210423
Short name:
U-PPSGLBB
Risk:
Unknown
Sector:
Global--Multi Asset--High Equity
Benchmark:
60% MSCI AC World Index, 40% Citigroup Global Government Bond Index
Contact details

Email
clientservices@ppsinvestments.co.za

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

Telephone
0860-468--777 (INV PPS)

  • Fund management  
PPS Multi-Managers Proprietary Ltd


  • Fund manager's comment

PPS Global Balanced FoF - Dec 19

2020/02/25 00:00:00
This Fund of Funds targets outperformance of a composite foreign equity:bond benchmark over rolling five years. Diversification is achieved on an asset class and manager level, but is heavily skewed towards our house-view allocation where we make use of specialist equity, property and fixed interest managers to outperform our benchmark.
The Fund of Funds does not yet have a five-year track record, but since inception has been overweight foreign equities and foreign property. Over the past three years (in rands), foreign equities have (up 13.3%) materially outperformed foreign bonds (up 4.9% p.a.) and foreign property (up 8.6% p.a.). The Fund of Funds has consequently benefited from being overweight foreign equities and foreign property, and underweight foreign bonds, over this period.
This year, despite foreign equities (up 23.1%) and foreign property (up 19.4%) outperforming foreign bonds (up 2.9%), the substantial underperformance of a foreign equity manager (Lansdowne Partners) has detracted from overall returns. We expect the underperformance of this manager to reverse given the high conviction we have in its process. The other active foreign equity managers and passive equity strategy have all helped mitigate this underperformance.
There were no house-view changes to our foreign asset allocation over the past quarter. Monetary conditions globally have eased in response to decelerating global growth (and continued low inflation) resulting in global bond yields falling once more to historically low levels. Despite this, we have done extensive research on various global bond fund options, and will be able to allocate to the asset class should circumstances call for a reduction in the current underweight. Given the restricted SA peer group, we continue to have just 20% of the strategy invested in multi-asset managers.
  • Fund focus and objective  
3.1. The primary investment objective of the PPS Global Balanced Fund of Funds is to outperform an investable benchmark made up of international equities as represented by the MSCI AC World Index and investment grade government bonds as represented by the Citigroup Global Government Bond Index over rolling five year periods. The benchmark will be calculated as a 60% weighting to the MSCI AC World Index and a 40% weighting to the Citigroup Global Government Bond Index. The portfolio will tend to display short term volatility, aim for long term capital growth and can have a maximum effective equity exposure and a maximum effective property exposure as defined in the Global Multi Asset High Equity ASISA category, as amended from time to time. The underlying portfolio may be exposed to listed or unlisted financial instruments, to the extent as allowed by the Act. The limit on South African investments will be in accordance with the requirements for global portfolios as per the ASISA Fund Classification for South African Regulated Collective Investments Portfolios. 3.2. The manager will be permitted to invest on behalf of the portfolio in offshore investments as legislation permits. 3.3. The portfolio may also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes. Where the aforementioned schemes are operated 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 trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa. 3.4. Nothing in this supplemental deed shall preclude the manager from varying the ratios of securities, to maximise capital growth and investment potential in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange 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. 3.5. The portfolio will be managed using a multi-manager investment process. 3.6. For the purposes of the portfolio the manager shall reserve the right to close the portfolio to new investors. This will be done in order to be able to manage the portfolio in accordance with its mandate. This critical size shall be determined from time to time by the manager. 3.7. The trustee shall ensure that the investment policy set out in this supplemental deed is carried out.
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