0.13  /  0.11%

121.01

NAV on 2020/07/31
NAV on 2020/07/30 120.88
52 week high on 2019/08/30 122.63
52 week low on 2020/03/24 111.48
Total Expense Ratio on 2020/06/30 0.73
Total Expense Ratio (performance fee) on 2020/06/30 0
NAV
Incl Dividends
1 month change 1.34% 1.34%
3 month change 1.91% 3.91%
6 month change -0.73% 2.96%
1 year change -0.84% 6.64%
5 year change 0.31% 7.89%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Basic Materials 6.48 0.47%
Consumer Goods 7.54 0.54%
Consumer Services 5.37 0.39%
Financials 17.86 1.28%
General Equity 156.19 11.21%
Industrials 13.79 0.99%
Liquid Assets 1137.75 81.65%
Offshore 48.52 3.48%
  • Top five holdings
FINANCEINSTIT 541.65 38.87%
GOVTISSUPAPER 376.52 27.02%
DOMESTICFUNDE 156.19 11.21%
CORPDTNONCVRT 65.93 4.73%
PUBLENTISSPAP 29.96 2.15%
  • Performance against peers
  • Fund data  
Management company:
PSG Collective Investments (RF) Ltd.
Formation date:
2006/04/07
ISIN code:
ZAE000181673
Short name:
U-PSGAOPT
Risk:
Unknown
Sector:
South African--Multi Asset--Income
Benchmark:
Inflation plus 1%
  • Fund management  
John Gilchrist
John joined Old Mutual Investment Group South Africa (OMIGSA) in November 2004 as a portfolio manager. He is responsible for managing Capital Builder (including the life-wrapped guaranteed version, Capital Growth), certain institutional absolute return funds and the Volatility Arbitrage Hedge fund. In 1999, John joined UBS Investment Bank in the derivative sales and structuring division. He was promoted to Director, Head of Derivatives and a member of the UBS management committee in January 2001. In 2002, John became a member of the JSE Financial Derivatives Advisory Committee.
Greg Hopkins
PSG Asset Management (Pty) Ltd.
Lyle Sankar


  • Fund manager's comment

PSG Diversified 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 PSG Diversified Income Fund is a specialist portfolio. The portfolio comprises a mix of high yielding equity securities, property, bonds, preference shares and assets in liquid form, both locally and abroad, thereby generating both tax free and taxable income, whilst preserving capital. The portfolio aims to preserve capital and to maximise income returns for the investors. The fund manager has applied a constraint on the mandate of this fund to ensure it complies with Regulation 28.
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