0.05 /
0.05%
110.35
NAV on 2019/09/16
| NAV on 2019/09/13 |
110.3 |
| 52 week high on 2019/06/28 |
110.7 |
| 52 week low on 2018/10/04 |
107.62 |
| Total Expense Ratio on 2019/06/30 |
1.19 |
| Total Expense Ratio (performance fee) on 2019/06/30 |
0 |
| Additional |
18.08 |
1.79% |
| Financials |
26.30 |
2.60% |
| General Equity |
203.86 |
20.19% |
| Liquid Assets |
717.48 |
71.06% |
| Offshore |
44.01 |
4.36% |
|
FINANCEINSTIT |
490.15 |
48.54% |
|
DOMESTICFUNDE |
201.72 |
19.98% |
|
CORPDBTCONVRT |
92.58 |
9.17% |
|
PUBLENTISSPAP |
69.76 |
6.91% |
|
GOVTISSUPAPER |
39.28 |
3.89% |
Management company:
Professional Provident Society Management Company |
Formation date:
2007/05/08 |
ISIN code:
ZAE000089876 |
Short name:
U-PPSFLEX |
Risk:
Unknown |
Sector:
South African--Multi Asset--Income |
Benchmark:
BEASSA ALBI (1-3 year Total Return Index) |
PPS Multi-Managers Proprietary Ltd
PPS Flexible Income Fund comment - Mar 19
2019/05/28 00:00:00
This is a stand-alone or building block multi-asset flexible fund with active manager selection. The fund’s benchmark consists of South African bonds with less than three years to maturity, but its managers can invest in bonds across the maturity spectrum, as well as hold property, preference shares, floating rate instruments, and other fixed interest assets. Currently the two underlying managers are Prescient and Prudential. Prescient has a more conservative approach, with a strong focus on inflation beating returns, while Prudential is more willing to take a longer duration approach should valuations suggest it prudent. For the first quarter of 2019 the fund delivered a return of 2.1% compared to the benchmark return of 1.9%, with both underlying managers having outperformed as well.
The fund remains conservatively positioned with an overweight allocation to floating rate securities and only a small allocation to domestic property and offshore bonds. Over the 12-month investment horizon the fund has outperformed both the benchmark and the peer group average, while maintaining a comparatively low modified duration.
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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