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-0.07  /  -0.05%

140.65

NAV on 2019/11/14
NAV on 2019/11/13 140.72
52 week high on 2019/10/31 141.12
52 week low on 2018/12/04 138.15
Total Expense Ratio on 2019/09/30 0.89
Total Expense Ratio (performance fee) on 2019/09/30 0
NAV Incl Dividends
1 month change 0.12% 0.65%
3 month change 0.13% 1.91%
6 month change 0.48% 4.02%
1 year change 1.42% 8.55%
5 year change 2.03% 8.81%
10 year change 2.32% 8.63%
Price data is updated once a day.
  • Sectoral allocations
Derivatives 521.76 1.66%
Financials 616.31 1.96%
Fixed Interest 0.00 0.00%
Gilts 14161.89 45.11%
Liquid Assets -502.66 -1.60%
Money Market 10943.89 34.86%
Other Sec 1183.79 3.77%
Offshore 4468.85 14.23%
  • Top five holdings
MM-12MONTH 1615.88 5.15%
MM-11MONTH 1553.30 4.95%
MM-09MONTH 1302.34 4.15%
MM-10MONTH 1179.19 3.76%
MM-05MONTH 1009.52 3.22%
  • 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
Prescient Interest Bearing Team


  • Fund manager's comment

Prescient Income Provider Comment - Sep 19

2019/10/17 00:00:00
The US Fed cut interest rates in September, which was in line with consensus. Markets are pricing in a further 3 to 4 cuts by 2021. Locally, the Monetary Policy Committee (MPC) members unanimously decided to leave the repo rate unchanged at 6.5% and stated, “The implied path of policy rates over the forecast period generated by the Quarterly Projection Model indicated no changes to the repo rate.” Forward rate agreements are now pricing a lower chance of a cut over the next 12 months, having moved out by 17bps after the MPC statement. The release of the Medium Term Budget Policy Statement (MTBPS) has been delayed to the 30th of October, which won’t give Moody’s much time to analyse details proposed by the budget for the year ahead, before their rating review announcement on the 1st of November. These will be key events driving the month ahead.
The Fund is still earning an attractive real yield of between 3.5% and 4%, with a strong focus on high quality, shorter term liquid assets. We remain cognisant of the looming risks and will again wait for an opportunity to increase the duration in the Fund. 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 Fund’s real return target. To this end, the Fund holds an inflation swap, a currency option and an emerging market hedge position. These will provide some performance enhancements should emerging market or inflation risk materialise.
The Fund outperformed its benchmark in September, as well as over the last 12 months. The bulk of the performance came from good quality paper held, which generated yield over and above the benchmark. The inflation hedges in the portfolio added to the performance over the month as we saw the rand weaken.
  • 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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