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1.19  /  1.08%

109.87

NAV on 2019/09/16
NAV on 2019/09/13 108.68
52 week high on 2019/03/18 111.33
52 week low on 2018/12/18 103.31
Total Expense Ratio on 2019/06/30 0.42
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 2.78% 2.78%
3 month change 0.35% 0.35%
6 month change -1.68% 4.34%
1 year change -1.91% 4.09%
5 year change 0.93% 7.03%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Derivatives 78.49 16.56%
Fixed Interest 99.70 21.03%
General Equity 24.09 5.08%
Gilts 123.12 25.97%
Liquid Assets -71.96 -15.18%
Money Market 38.31 8.08%
Real Estate 22.41 4.73%
Offshore 159.96 33.74%
  • Top five holdings
U-PFLEXFI 91.29 19.26%
FUTURES M 78.93 16.65%
U-COCAPRE 24.09 5.08%
PECEIDFTRUST 23.06 4.86%
U-PSCPROP 22.41 4.73%
  • Performance against peers
  • Fund data  
Management company:
Prescient Management Company Ltd. (PIM)
Formation date:
2014/05/27
ISIN code:
ZAE000191458
Short name:
U-PRBALAN
Risk:
Unknown
Sector:
South African--Multi Asset--High Equity
Benchmark:
55.25% FTSE/JSE SWIX Top 40 + 17% All Bond Index + 12.75% SteFI Call + 9.75% MSCI World Index + 5.25% US 1 month Treasury Bill.
Contact details

Email
info@prescient.co.za

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

Telephone
+27-21-700-3600

  • Fund management  
Nafees Hossain


  • Fund manager's comment

Prescient Balanced comment - Mar 19

2019/05/24 00:00:00
What a difference a quarter makes! The Federal Reserve indicated that less interest rate hikes are on the cards to which, markets actually began pricing in probabilities of rate cuts. At the same time, concerns over the trade war between the US and China seemed to evaporate. This, along with attractive initial valuations across asset classes, led to capital flowing back into developed and emerging market equities. Most equity markets rallied strongly over the quarter with the MSCI World and MSCI Emerging Markets indices adding 11.9% and 9.6% respectively. At the same time, the S&P500 Index rose by 13.7% whilst Mainland Chinese equities rallied an astonishing 28%. Bonds, property and currency returns were flat whilst preference shares rose by 7%.
The Top40 Index started the year around the 47000 level but charged through 50000 as the quarter was nearing a close and in so doing, rose by 8.5% over the period. Over the same period, the Capped Swix 40 Index returned only 2.8%. In this index, constituent weights are limited to a maximum of 10% compared to the Top40 Index where there are no limits. The Fund hence did not manage to participate in the strong Naspers performance over the past quarter compared to the Top40 Index but it is a dual edged sword, in that the Fund also did not participate as heavily in the -30% decline in the share from September to October last year. We prefer the limited weighting and risk control that the Capped Swix 40 Index provides over the Top 40 Index. As a result of the Fund's offshore equity, fixed interest and preference share exposure, it gained 5% over the quarter.
Contributors to performance: The major driver of performance was the Fund's offshore equity holding (10% in developed market equities and 15% in emerging markets equities) given the strong rally across both developed and emerging markets.
Detractors from performance: While local listed property started the year strongly, it has since traced back to the levels seen at the start of the year and impacted fund performance over the last month. The rand (despite some volatility) is unchanged over the quarter.
  • Fund focus and objective  
INVESTMENT AND RETURN OBJECTIVE
The Fund aims to achieve significant real returns over the long term and to outperform the average South
African balanced unit trust fund over a full market cycle by maintaining meaningful exposure to growth assets like equities.
INVESTMENT PROCESS
The Fund invests in equities and interest bearing assets domestically and overseas. The allocation to the
various asset classes will typically remain fixed at the benchmark weights but can be varied tactically from
time to time to aim for outperformance of the benchmark by capitalising on perceived mispricings in the
market. The exposure to the various asset classes will typically be managed on a passive basis.
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