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0.02  /  0.02%

101.59

NAV on 2020/02/27
NAV on 2020/02/26 101.57
52 week high on 2019/07/31 101.84
52 week low on 2020/02/03 101.11
Total Expense Ratio on 2019/09/30 0.76
Total Expense Ratio (performance fee) on 2019/09/30 0
NAV Incl Dividends
1 month change -0.08% 0.62%
3 month change -0.09% 1.91%
6 month change -0.15% 3.84%
1 year change -0.13% 7.9%
5 year change 0.09% 7.81%
10 year change 0.09% 6.81%
Price data is updated once a day.
  • Sectoral allocations
Liquid Assets 2454.96 100.00%
  • Top five holdings
FINANCEINSTIT 2265.04 92.26%
PUBLENTISSPAP 129.71 5.28%
CORPDBTCONVRT 36.39 1.48%
GOVTISSUPAPER 11.01 0.45%
  • Performance against peers
  • Fund data  
Management company:
Professional Provident Society Management Company
Formation date:
2007/05/14
ISIN code:
ZAE000089868
Short name:
U-PPSENHC
Risk:
Low
Sector:
South African--Interest Bearing--Short Term
Benchmark:
Alexander Forbes 3-month (STEFI) Index
Contact details

Email
clientservices@ppsinvestments.co.za

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

Telephone
0860-468--777 (INV PPS)

  • Fund management  
PPS Multi-Managers Proprietary Ltd


  • Fund manager's comment

PPS Enhanced Yield Fund - Dec 19

2020/02/25 00:00:00
This fund is suitable for investors seeking a cash-plus return and is conservatively managed. The return from investing in SA cash (up 7.4% over the past year) has exceeded our long-term expectation of CPI+2% per annum (p.a.) based on SA inflation surprising somewhat on the downside, and the South African Reserve Bank (SARB) remaining hawkish on its interest rate view. The fund in turn has delivered a return comfortably more than the benchmark, given the yield pick-up the manager has obtained through its careful selection of the appropriate credits over time.
For the 2019 calendar year, cash (up 7.4%) has lagged SA nominal bonds (up 10.3%) as market expectation has increased that the SARB will cut interest rates soon. All else being equal, interest rate cuts will reduce the attractiveness of cash relative to other asset classes. Benign inflation has however resulted in cash outperforming inflation-linked bonds (up 2.6%).
The manager only invests in instruments that are linked to cash rates. The manager is highly selective to the issuers it invests in, and able to choose what it regards as most appropriate on risk-adjusted grounds. More than 90% of the fund is invested with the top five banks, and sensibly diversified across maturities up to 7 years. The manager does not invest in sub-investment grade paper, and all the instruments in the fund are domestic-only. The state-owned enterprise allocation at under 7% is limited to high quality Landbank paper and shorter-dated Sanral notes, with a low outlook to increase that allocation any time soon.
  • Fund focus and objective  
Investment objective The PPS Enhanced Yield Fund aims to provide investors with income in excess of its benchmark, while providing capital protection and maintaining a high degree of liquidity. It is also a suitable vehicle for retirement savings. Investment mandate The portfolio will not invest in shares. It typically invests in interest-earning securities, such as bonds and fixed deposits. It may invest in listed or unlisted financial instruments. Ratios may vary, to optimise prevailing market conditions. It may also hold units in collective investment schemes or other similar schemes.
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