0.05  /  0.05%

106.7

NAV on 2020/10/23
NAV on 2020/10/22 106.65
52 week high on 2020/08/31 106.75
52 week low on 2020/03/24 101.84
Total Expense Ratio on 2020/09/30 0.82
Total Expense Ratio (performance fee) on 2020/09/30 0
NAV
Incl Dividends
1 month change 0.9% 0.9%
3 month change 0.76% 2.09%
6 month change 2.57% 5.67%
1 year change 2.69% 9.69%
5 year change 0.84% 8.55%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
General Equity 66.23 17.40%
Liquid Assets 314.41 82.60%
  • Top five holdings
FINANCEINSTIT 196.31 51.57%
GOVTISSUPAPER 100.55 26.42%
DOMESTICFUNDE 66.23 17.4%
CORPDTNONCVRT 9.33 2.45%
PUBLENTISSPAP 8.10 2.13%
  • Performance against peers
  • Fund data  
Management company:
PSG Collective Investments (RF) Ltd.
Formation date:
2011/09/01
ISIN code:
ZAE000159265
Short name:
U-PSGINCO
Risk:
Unknown
Sector:
South African--Interest Bearing--Short Term
Benchmark:
Stefi Composite Index
  • Fund management  
PSG Asset Management (Pty) Ltd.


  • Fund manager's comment

PSG Income comment - Dec 19

2020/02/25 00:00:00
Value-style investing, while proven in the long term, faced ongoing headwinds over the past year. 2019 saw momentum-driven markets in which a few selected stocks drove outperformance, and our funds did not reward our investors as we would have liked. Local equity index performance of 12% masked the reality of a very narrow market in which a few stocks dominated returns, with more than half of that return coming from the resource sector, and from a few shares only. Given our low exposure to popular areas which we consider overvalued, and resources in particular, our returns for 2019 were disappointing on both an absolute and relative basis. The good news, as we outline below, is that the future looks bright.
2019 in review
Fund performance was primarily driven by the disappointing returns from local and foreign equities. Asset allocation and fixed income selection added value, but could not offset the effects of equity selection.
Notable detractors over the period were Tongaat, Sun International, Discovery, Super Group and Stefanutti, while strong performances from AECI, AB Inbev, Quilter and Raubex added to portfolio performance.
Our equity positions are inherently diversified. Many of the factors impacting underperforming equities occurred in the same year, but had very little else in common. In particular, foreign equities usually act as a diversifier to local equities (often through the currency), but this wasn’t apparent this time. The year was equally remarkable in terms of what we didn’t own and therein lies a large part of the reason for the performance of the funds. Large rand hedges (British American Tobacco, Richemont, Naspers) staged a comeback after a difficult 2018. Resources rallied strongly, particularly Diversified Bulk Miners and Platinum Group Metal Miners. US large cap equities in favoured sectors such as technology, or those with popular and (in our view) overpriced attributes such as perceived higher quality, momentum or lower volatility, went to stratospheric heights. Our clients have done very well out of some of the big winners of 2019 (such as Amplats) but, with the benefit of hindsight, we sold too early in favour of what we perceived to be better opportunities.
We believe some important questions should be asked whenever an investment process results in a poor set of numbers in any year.
  • Fund focus and objective  
The investment objective of the PSG Income Fund is to maximise income while achieving long-term capital appreciation as interest rate cycles allow. In order to achieve its investment objective, the portfolio will be permitted to invest in assets in liquid form, a diversified range of fixed-interest securities, including but not limited to loan stock, debentures, debenture stock, bonds, unsecured notes and derivatives, whether they have inherent option rights or are convertible, as well as any other non-equity securities which may be approved by the Registrar from time to time and which are consistent with the investment policy of the portfolio.
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