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-0.03  /  -0.02%

140.37

NAV on 2019/09/13
NAV on 2019/09/12 140.4
52 week high on 2019/07/29 140.81
52 week low on 2018/10/01 138.03
Total Expense Ratio on 2019/06/30 0.89
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change -0.11% 0.47%
3 month change 0.16% 1.88%
6 month change 0.62% 4.17%
1 year change 1.21% 8.3%
5 year change 1.97% 8.71%
10 year change 2.33% 8.65%
Price data is updated once a day.
  • Sectoral allocations
Derivatives -4.78 -0.02%
Financials 798.87 2.75%
Fixed Interest 65.18 0.22%
Gilts 13817.82 47.58%
Liquid Assets 135.28 0.47%
Money Market 8871.29 30.55%
Other Sec 1199.42 4.13%
Offshore 4159.17 14.32%
  • Top five holdings
MM-02MONTH 1500.05 5.17%
MM-08MONTH 1105.01 3.8%
MM-12MONTH 1094.61 3.77%
MM-09MONTH 1084.50 3.73%
MM-07MONTH 973.81 3.35%
  • Performance against peers
  • Fund data  
Management company:
Prescient Management Company Ltd. (PIM)
Formation date:
2005/12/01
ISIN code:
ZAE000074886
Short name:
U-PSCINC
Risk:
Unknown
Sector:
South African--Multi Asset--Income
Benchmark:
STeFI Call 110%
Contact details

Email
info@prescient.co.za

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

Telephone
+27-21-700-3600

  • Fund management  
Guy Toms
Guy is Prescient's Chief Investment Strategist and one of its co-founders. After graduation, Guy worked as a bond analyst and manager, and as derivatives specialist at asset management houses including Colonial Mutual, Cape Gilt Investments and Southern Life. At Investec, Guy worked as a bond manager and was responsible for all derivative exposure in the pension funds. He then joined District Securities Bank where he was later appointed a Bank Director, before leaving to establish Prescient Investment Management with Herman Steyn
Farzana Bayat
Jean-Pierre du Plessis


  • Fund manager's comment

Prescient Income Provider Comment - Mar 19

2019/05/24 00:00:00
The Monetary Policy Committee unanimously kept the repo rate unchanged at 6.75% last month. From the meeting, mention was made that upside risks remain locally with administered prices and the oil price named as specific concerns. Meanwhile, global factors countered these to some degree with downside risks of lower global inflation amidst the revision lower for the global growth outlook, and thus the accommodative monetary policies in place. The National Energy Regulation Agency (NERSA) granted Eskom tariff increases of 9.4%, 8.1% and 5.22% for years through 2019-2021 respectively. Towards month-end, the rand weakened with most other emerging market currencies as Turkey implemented additional foreign exchange controls to prevent the lira from depreciating further. After waiting on tenterhooks for an extended period, Moody's eventually refrained from publishing any ratings review on SA. With the low inflation prints over the previous three months, the forward rates priced in the market, continued to show no move in rates over the next 12 months. The Fund earned an attractive real yield of between 3.5% and 4%. Should interest rates rise, it would benefit from the low duration profile as yield earned will rise with the market. In our view, the bigger risk is rising inflation, which will threaten the portfolio's real return target. To this end, the portfolio holds an inflation swap, a dollar currency option structure and an emerging market hedge position. These will provide some performance enhancements to the portfolio should EM/rand/inflation risk materialise.
The Fund outperformed its benchmark in March, as well as over the last 12 months. The bulk of the performance came from good quality credit held in the portfolio, which generated yield over and above the benchmark. The actively managed duration positioning over the year additionally added to the above benchmark performance. There were no detractors to performance for the month of March.
  • Fund focus and objective  
INVESTMENT AND RETURN OBJECTIVE
The Fund aims to return CPI + 3% per annum through a full interest rate cycle while providing stability by
aiming never to lose capital over any rolling 3 month period.
INVESTMENT PROCESS
This Fund invests in local and offshore money market, bonds, property, preference shares, inflation-linked
bonds and derivatives to meet the investment objectives. Fund performance can be generated from taking interest rate views or duration, yield enhancement via credit instruments, asset allocation between income producing asset classes, offshore exposure and also via the use of derivatives.
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