0.01  /  0.01%


NAV on 2020/10/28
NAV on 2020/10/27 99.94
52 week high on 2019/12/31 101.83
52 week low on 2020/07/03 98.1
Total Expense Ratio on 2020/09/30 0.48
Total Expense Ratio (performance fee) on 2020/09/30 0
Incl Dividends
1 month change 0.09% 0.52%
3 month change 1.4% 3.14%
6 month change 0.89% 4.49%
1 year change -1.8% 5.85%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Derivatives -6.90 -0.53%
Fixed Interest 41.80 3.19%
Liquid Assets 20.92 1.60%
Money Market 200.98 15.35%
SA Bonds 1052.37 80.39%
  • Top five holdings
MM-18MONTH 57.52 4.39%
MM-23MONTH 48.80 3.73%
MM-19MONTH 43.95 3.36%
U-PRUHGIN 41.80 3.19%
MM-21MONTH 30.22 2.31%
  • Performance against peers
  • Fund data  
Management company:
Prudential Portfolio Managers Unit Trusts Ltd.
Formation date:
ISIN code:
Short name:
South African--Interest Bearing--Short Term
STeFI Composite



  • Fund management  
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.
Sandile Malinga
Sandile joined our fixed interest team in November 2013. He has joint portfolio management responsibility for our Prudential High Interest Fund, and provides analytical and econometric support to our fixed interest investment process. Sandile also has some fixed interest and derivative dealing responsibilities.

  • Fund manager's comment

Prudential Income Fund 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 has returned 8.5% over the past 12 months, compared to the Prudential Money Market Fund's 7.5% return and the Prudential High Interest Fund's 7.7% return over the same period.
  • Fund focus and objective  
The Fund invests in a flexible mix of non-equity securities in the South African market. It is suitable for short-to-medium term investors looking for an actively managed interest-bearing fund. Compared to traditional money market and enhanced cash funds, the Fund can have a longer weighted average duration (maximum 24 months) with no limit on the maximum maturity period for any one instrument. The Fund is managed to comply with regulations governing retirement fund investments (Regulation 28).

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