-1.65  /  -0.92%

179.6

NAV on 2020/10/29
NAV on 2020/10/28 181.25
52 week high on 2020/02/20 189.46
52 week low on 2020/03/23 151.44
Total Expense Ratio on 2020/06/30 1.31
Total Expense Ratio (performance fee) on 2020/06/30 0
NAV
Incl Dividends
1 month change -1.33% -1.33%
3 month change -0.83% -0.83%
6 month change 1.01% 4.55%
1 year change -1.51% 2.53%
5 year change 1.27% 4.8%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Bond Funds 822.72 16.00%
Fixed Interest 466.41 9.07%
General Equity 768.26 14.94%
Managed 2487.90 48.40%
Real Estate 0.00 0.00%
Spec Equity 153.89 2.99%
Offshore 441.44 8.59%
  • Top five holdings
U-PPSSGF 1022.48 19.89%
U-PPSINBD 822.72 16%
U-PPSEQUI 669.15 13.02%
U-PPMLEQ 657.12 12.78%
U-MANAPPS 558.43 10.86%
  • Performance against peers
  • Fund data  
Management company:
Professional Provident Society Management Company
Formation date:
2007/05/14
ISIN code:
ZAE000173217
Short name:
U-PPSMODE
Risk:
Unknown
Sector:
South African--Multi Asset--Medium Equity
Benchmark:
CPI for all urban areas + 4%
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 Moderate FoF comment - Dec 19

2020/02/25 00:00:00
This Fund of Funds targets CPI+4% per annum (p.a) over rolling five years. Diversification is achieved both on an asset class and manager level. Approximately half the Fund of Funds is invested according to our house-view allocation (that aims to achieve CPI+4% p.a. over rolling five years at the lowest possible risk) while the remainder is invested with multi-asset class managers that follow their own strategies (and help mitigate our internal model risk). Over the five-year investment horizon of the Fund of Funds, SA equities (up 3.7% p.a.) have materially underperformed foreign equities (up 12.6% p.a.) and our expectation for this asset class, while SA nominal bonds (up 7.7% p.a.) and SA cash (up 7.2% p.a.) have both delivered returns that comfortably exceeded CPI (averaging 4.9% p.a.). In contrast, SA inflation-linked bonds (up 3.1% p.a.) has underperformed SA fixed interest, while foreign bonds (up 6.0% p.a.) have outperformed CPI, thanks in part to the 3.9% p.a. depreciation of the rand against the US dollar. The Fund of Funds over this five-year period has benefited from our house-view being overweight foreign equities relative to SA equities, and overweight SA nominal bonds relative to SA inflation-linked bonds. Despite this, the underperformance of SA equities has been a material detractor to performance, given the strategy’s dependence on SA equities to deliver on Fund of Funds objectives. For the 2019 calendar year, foreign equities (up 23.1%) have substantially outperformed SA equities (up 6.8%), while SA nominal bonds (up 10.3%) have outperformed both SA cash (up 7.3%) and SA inflation-linked bonds (up 2.6%). Within SA equities, both SA industrials (up 11.0%) and SA resources (up 25.3%) delivered double digit returns, while SA financials (up 0.9%) just managed a positive return. The recent change to the PPS Equity Fund building block, where Fairtree was introduced to replace Coronation and Perpetua, has helped to deliver a strong performance relative to the Capped SWIX benchmark over the calendar year. This has meant that both asset allocation and manager selection has contributed to the Fund of Funds achieving its inflation objective for the year.
Over the five-year investment horizon though, the fund lags the CPI+4% target, as a result of the lacklustre domestic equity performance over that period. After increasing the domestic bond exposure and in turn, reducing the domestic property exposure in the third quarter, there were no further changes to the house-view asset allocation in the fourth quarter. No changes were made to the multi-asset (MA) component of the Fund of Funds this quarter, which consists of a combination of MA managers from various ASISA sectors to achieve an overall MA Medium equity allocation. The strategy remains sensibly diversified and strives to strike the appropriate balance between capital protection and capital growth in the way its underlying managers are combined.
  • Fund focus and objective  
Investment objective The PPS Moderate Fund of Funds aims to outperform inflation by 4% per year over periods longer than 60 months. It is also a suitable vehicle for retirement savings. Investment mandate This fund of funds allows for flexible asset allocation with equity exposure which will not exceed 60%. It may also invest in interest-bearing securities, listed and unlisted financial instruments and liquid assets. It solely holds units in local or foreign collective investment schemes or other similar schemes.
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