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1.19  /  0.98%

121.83

NAV on 2021/02/25
NAV on 2021/02/24 120.64
52 week high on 2021/02/16 122.38
52 week low on 2020/03/23 85.01
Total Expense Ratio on 2020/12/31 0.48
Total Expense Ratio (performance fee) on 2020/12/31 0
NAV
Incl Dividends
1 month change 2.69% 2.69%
3 month change 10.41% 10.41%
6 month change 13.2% 13.2%
1 year change 10.66% 16.13%
5 year change 2.52% 9.01%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 3.78 0.31%
Consumer Goods 2.68 0.22%
Consumer Services 2.88 0.24%
Derivatives 259.99 21.44%
Financials 63.37 5.23%
Fixed Interest 0.00 0.00%
Health Care 1.36 0.11%
Industrials 1.54 0.13%
Liquid Assets -105.51 -8.70%
Money Market 58.20 4.80%
Other Sec 76.29 6.29%
SA Bonds 572.64 47.23%
Technology 0.07 0.01%
Telecommunications 0.20 0.02%
Offshore 275.04 22.68%
  • Top five holdings
FUTURES M 165.64 13.66%
DERIVATIVB 81.31 6.71%
 ABSABANK-P 17.96 1.48%
 DSY B PREF 17.74 1.46%
MM-01MONTH 15.80 1.3%
  • 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.
Email
info@prescient.co.za

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

Telephone
+27-21-700-3600

  • Fund management  
Nafees Hossain
Prescient Balanced Team


  • Fund manager's comment

Prescient Balanced comment - Sep 19

2019/10/17 00:00:00
The wave of global central bank policy easing remained intact over the month of September. The US Federal Reserve (Fed) cut the Fed Fund rate by a quarter of a percentage point as markets expected, while the European Central Bank (ECB) delivered a package of easing measures, including a 10 basis point deposit rate cut and 'open-ended' quantitative easing. Indeed, the downturn in global PMI's had monetary policymakers scurrying in a bid to arrest the downward trend.
Separately, supply/demand imbalances in the US repo market led to a spike in the overnight rate (to 8% - 10%) on the 17th of September. Market pundits posit that several technical factors may have affected short-term rates, such as the deadline for quarterly corporate tax payments coinciding with the settlement date for a Treasury auction, resulting in an estimated decrease of $100 billion in cash available for short-term financing. As such, the Fed responded by injecting liquidity into fed funds market to the tune of $128 billion over two days in a bid to calm the market down.
Geopolitically, the Sino-US trade tensions continued to dominate headlines and Iran has been accused of being behind the attacks on two major oil facilities in Saudi Arabia. The latter triggered a 14% rally in the Brent crude price before it receded back to pre-strike levels as the US pledged to release strategic oil reserves to alleviate supply-side pressures.
On the local front, members of the South African Reserve Bank's Monetary Policy Committee (MPC) unanimously left the repo rate unchanged even though local inflation dynamics remain benign. SA's deteriorating fiscus appears to be limiting the MPC's appetite for lowering borrowing costs as SA needs to maintain healthy interest rate differentials to attract the capital needed to fund a wider budget deficit. Moreover, National Treasury announced that the medium-term budget policy statement has been delayed by a week – leading to speculations that the parties involved in the budget process are finding it difficult to reach consensus on the most appropriate fiscal programming given the numerous factors that continue to put the sovereign balance sheet under strain.
Contributors to performance: Preference shares delivered the strongest performance amongst the asset classes, while local equities, bonds and property were marginally higher over the month of September.
Detractors from performance: The rand ended the month a touch stronger, which resulted in marginal performance detraction from the Fund's offshore allocation.
  • 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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