0.1 /
0.08%
125.74
NAV on 2019/11/20
| NAV on 2019/11/19 |
125.64 |
| 52 week high on 2019/06/28 |
129.65 |
| 52 week low on 2019/01/21 |
123.47 |
| Total Expense Ratio on |
0 |
| Total Expense Ratio (performance fee) on |
0 |
| Derivatives |
1.26 |
0.41% |
| Fixed Interest |
65.62 |
21.28% |
| Gilts |
240.21 |
77.91% |
| Liquid Assets |
1.19 |
0.38% |
| Money Market |
0.05 |
0.02% |
|
U-PRUCOB |
52.24 |
16.94% |
|
U-PRUHGIN |
13.38 |
4.34% |
|
FUTURES M |
1.26 |
0.41% |
|
MONEYMARK |
0.05 |
0.02% |
Management company:
Prudential Portfolio Managers Unit Trusts Ltd. |
Formation date:
2000/11/01 |
ISIN code:
ZAE000266292 |
Short name:
U-PRUHYB |
Risk:
Unknown |
Sector:
South African--Interest Bearing--Variable Term |
Benchmark:
BEASSA Total Return All Bond Index |
Gareth Bern
Gareth completed a B.Bus Sc [Finance] degree in 1999 at UCT and went on to complete a B. Com [Hons] degree in accounting in 2000, also at UCT. He then spent 3 years completing his articles at Ernst & Young, qualifying as a CA[SA] in 2003. After spending the early part of 2004 working in the asset management division of Ernst & Youngs New York office, he returned to South Africa, joining Prudential. Gareth has the following degrees, B.Bus Sc [Finance], B.Com [Hons] Acc. Gareth holds both the CA [SA] and CFA designations.
Roshen Harry
Roshen Harry is a Portfolio Manager at Prudential Investment Managers, with 10 years’ experience. Having joined the group in May 2006, he is co-Portfolio Manager of Prudential’s Enhanced Income Fund, High Interest Fund and Money Market Fund.
Prudential High Yield Bond comment - Sep 19
2019/10/25 00:00:00
The SARB announced that it would keep interest rates on hold at 6.5% at its September MPC meeting, and its latest quarterly projection model pointed to no interest rate changes through year-end. The growth outlook for 2020 and 2021, however, was revised down from 1.8% to 1.5%, and from 2.0% to 1.8% respectively. Preliminary results showed that GDP expanded 3.1% in the second quarter, well above market consensus of 2.5%. With inflation under control at 4.3% y/y in August, the SARB also lowered its inflation forecast for 2019 to 4.2%, from 4.4% previously. Ratings agency Moody’s announced that it would keep SA’s growth forecast for 2019 at 0.7%, after revising it down from 1.1% in June. Moody’s is currently the only credit-ratings agency that has not downgraded SA to sub-investment grade.
In a string of poor economic data, retail sales dropped from 2.4% y/y in June to 2.0% y/y in July; the Absa Purchasing Managers’ Index declined to 45.7 in August from 52.1 in July (well below the 51.4 market consensus); and manufacturing production contracted 1.1% y/y in July from +3.6% y/y in June. The government’s gross loan debt increased to 58.3% of annual GDP for Q2 2019, surpassing the February 2019 budget’s projection of 56.2% for the full 2019/2020 fiscal year.
In September, the BEASSA All Bond Index posted 0.5%, inflation-linked bonds (the Composite ILB Index) delivered 0.4%, and cash as measured by the STeFI Composite Index returned 0.6%.
The fund returned 10.8% over the past 12 months, compared to 11.4% delivered by the All Bond Index over the same period.
The objective of the fund is to maximise income while securing a steady growth of capital. This is achieved by investing in a diversified portfolio of high-yield bonds in the South African market.
This fund is suitable for individuals that require a high level of income from their capital investment with relatively low risk.
