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-3.04  /  -1.76%

172.29

NAV on 2020/02/24
NAV on 2020/02/21 175.33
52 week high on 2020/01/20 176.19
52 week low on 2019/08/16 162.89
Total Expense Ratio on 2019/09/30 1.81
Total Expense Ratio (performance fee) on 2019/09/30 0
NAV Incl Dividends
1 month change -0.59% -0.59%
3 month change 0.88% 0.88%
6 month change 5.27% 5.27%
1 year change 4.33% 6.79%
5 year change 2.31% 4.38%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
General Equity 12.85 0.58%
Managed 1689.12 75.86%
Spec Equity 524.69 23.56%
Offshore 0.04 0.00%
  • Top five holdings
U-PPMAINS 1420.20 63.78%
U-PPSGLBB 524.69 23.56%
U-MANAPPS 268.92 12.08%
OTHERASSETS 12.85 0.58%
OMESGMSCI 0.04 0%
  • Performance against peers
  • Fund data  
Management company:
Professional Provident Society Management Company
Formation date:
2011/07/27
ISIN code:
ZAE000158234
Short name:
U-PPSBALA
Risk:
Medium - High
Sector:
South African--Multi Asset--High Equity
Benchmark:
South African - Multi Asset - High Equity category average
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 Balanced Fund of Fund - Sep 19

2019/12/13 00:00:00
This FoF targets outperformance of the ASISA High Equity peer-group over rolling five years. Diversification is achieved on a manager level across both South African and foreign markets. The FoF has no explicit house-view allocation given its peer-benchmark, and typically maintains a foreign allocation of at least 25%.
Over the five-year investment horizon of the FoF, SA equities (up 3.4% p.a.) have materially underperformed foreign equities (up 13.1% p.a.) and our expectation for this asset class, while SA nominal bonds (up 8.3% p.a.) and SA cash (up 6.8% p.a.) have both delivered returns that comfortably exceeded CPI (averaging 4.9% p.a.). The poor performance of SA equities has resulted in most funds in this sector not meaningfully outperforming inflation over this period.
Year-to-date, foreign equities (up 22.5%) have substantially outperformed SA equities (up 1.4%), while SA nominal bonds (up 8.4%) have outperformed both SA cash (up 5.2%) and SA inflation-linked bonds (up 3.5%). Within SA equities, industrials (+11.1%) and resources (up 10.5%) have significantly outperformed financials (down 1.6%). Large cap rand hedge counters with significant offshore earnings have driven the industrial sector, while resources have been driven by spot commodity prices remaining higher than expected (despite global economic growth continuing to decelerate).
The look-though equity allocation of the FoF at 62.4% at quarter end reflects a relatively conservative aggregate positioning of the underlying managers that make up the fund. While we made no manager changes over the quarter, we are increasing our allocation to 36One who has allowance to invest in both SA and foreign markets, and is notably underweight equities currently. In contrast, Abax, Prudential and Tantalum all have domestic-only multi-asset mandates, and a relatively higher allocation to equities.
The remainder of the foreign allocation is made up of the underlying managers in the PPS Global Balanced FoF. This allocation has been a strong contributor to performance over the past three years (i.e. since we invested) and year-to-date. Here we invest in our best foreign investment view that we anticipate will outperform the foreign allocation of SA managers over time, given the wider investment universe of foreign managers we have access to.
  • Fund focus and objective  
Investment objective
The PPS Balanced Fund of Funds aims to outperform its peer group over time. It is also a suitable vehicle for retirement savings.
Investment mandate
This fund will have moderately high equity exposure, not exceeding 75% and property not exceeding 25%. This fund may invest in equity securities, 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. Ratios may vary.
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