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0.03  /  0.03%

107.52

NAV on 2020/05/27
NAV on 2020/05/26 107.49
52 week high on 2019/06/28 111.1
52 week low on 2020/04/03 104.47
Total Expense Ratio on 2019/12/31 0.68
Total Expense Ratio (performance fee) on 2019/12/31 0
NAV Incl Dividends
1 month change 1.88% 1.88%
3 month change -2.38% -0.49%
6 month change -2.47% 1.21%
1 year change -2.39% 4.98%
5 year change 0.1% 7.66%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Additional 14.68 1.29%
Financials 11.22 0.98%
General Equity 184.22 16.15%
Liquid Assets 844.63 74.05%
Offshore 85.79 7.52%
  • Top five holdings
FINANCEINSTIT 559.70 49.07%
DOMESTICFUNDE 176.97 15.52%
GOVTISSUPAPER 136.53 11.97%
CORPDBTCONVRT 65.59 5.75%
PUBLENTISSPAP 30.92 2.71%
  • Performance against peers
  • Fund data  
Management company:
Professional Provident Society Management Company
Formation date:
2007/05/08
ISIN code:
ZAE000173175
Short name:
U-PPSFLEX
Risk:
Unknown
Sector:
South African--Multi Asset--Income
Benchmark:
BEASSA ALBI (1-3 year Total Return 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 Flexible Income Fund - Dec 19

2020/02/25 00:00:00
This multi-managed multi-asset fund aims to outperform an index of shorter-dated government bonds over rolling one-year periods. Managers in the fund can invest in bonds across the maturity spectrum, as well as hold property, preference shares, floating rate instruments, and other fixed interest assets including foreign bonds and cash. The fund is diversified across managers who themselves implement their best investment view.
Shorter-dated South African (SA) bonds have returned 7.5% over the past year, and outperformed SA cash (up 7.3%), SA inflation-linked bonds (up 2.6%) and SA property (up 1.9%), and underperformed longer-dated SA bonds (up 10.3%). Foreign bonds experienced a particularly difficult final quarter of 2019 resulting in meagre 2.9% return in rands for the year. Given its relatively low allocation to property and inflation-linked bonds and the exposure to nominal bonds, the PPS Flexible Income Fund has outperformed its benchmark for the year.
The more recent uncertainties with SAA and Eskom have resulted in an increased likelihood of a ratings downgrade in 2020. Inflation has continued to edge lower and remains subdued at well below the midpoint of the target band which has been beneficial for nominal bonds. This has also led to sentiment shifting towards more interest rate cuts (but has not yet materialised) which together with the inflation expectations have been a drag on cash and inflation-linked bonds.
There were no changes to the manager line-up over the quarter. The fund deliberately combines two managers that follow quite distinct processes to deliver on a more consistent outcome. Prudential continues to find relative value in SA inflation-linked bonds and selective longer-dated bonds, while Prescient has persisted with an overweight to shorterdated cash-like instruments.
  • Fund focus and objective  
Investment objective The PPS Flexible Income Fund aims to provide investors with income in excess of its benchmark, while providing capital protection in times of bond market weakness. It is also a suitable vehicle for retirement savings. Investment mandate The portfolio may invest in high-yielding securities and listed or unlisted financial instruments. It may also hold units in collective investment schemes or other similar schemes. Ratios may vary, to optimise prevailing market conditions. The maximum effective exposure in local and foreign equities is limited to 10%; and effective local and foreign property is limited to 25% of the market value of the portfolio.
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