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NAV on 2019/09/16
NAV on 2019/09/13 102.06
52 week high on 2019/08/29 103.41
52 week low on 2018/10/25 98.87
Total Expense Ratio on 2019/06/30 1.79
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change -0.77% 0.84%
3 month change 0.42% 2.05%
6 month change 1.21% 4.19%
1 year change 0% 0%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 406.28 63.73%
Gilts 183.00 28.71%
Liquid Assets 23.36 3.66%
Money Market 3.02 0.47%
Real Estate 5.38 0.84%
Offshore 16.47 2.58%
  • Top five holdings
U-MEINCPL 117.89 18.49%
U-CORSTRI 85.46 13.41%
U-NEDFLXI 82.68 12.97%
U-PRIINCP 60.27 9.45%
U-TSENIF 37.02 5.81%
  • Performance against peers
  • Fund data  
Management company:
Prime Collective Investment Schemes
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Income
75% All Bond Index 1 - 3 years, 10% SA Property Index and 15% City Group World Government Bond Index
Contact details




  • Fund management  
Prime Investment Management Services (Pty) Ltd

  • Fund manager's comment

Prime Flexible Income comment - Mar 19

2019/05/28 00:00:00
Momentum in the global economy is slowing. Policy uncertainty remains high and despite global financial markets being more settled than for most of 2018, capital markets are hesitant and central bank rhetoric more cautious.
The US economy will continue to be the growth leader this year, albeit at a slower pace than 2018. China’s economy is expected to soften with Chinese policymakers noting that China faces more challenges and risks and will require further stimulus. The tone of trade talks with the US has improved, but the prospect that trade tensions will persist is keeping the risks of a sharper slowdown alive. The UK and Euro economies are struggling with the lack of progress on Brexit and troubles in the manufacturing and automotive sectors. On balance, the momentum in the large subset of advanced economies is slipping. Given global economic and financial market crosscurrents, we do not expect the Fed to raise the policy rate this year, even with the economy having reached full employment and core inflation measures close to 2%.
The outlook for the domestic economy is modestly softer than we anticipated three months ago with leading indicators pointing towards a challenging 2019. GDP growth forecasts were lowered amid concerns of limited activity, political and policy uncertainty, deteriorating fiscal dynamics and a likely credit rating downgrade. Inflation pressures in the economy remain well contained, influenced by slack in the labour market and low demand. The SARB is positioned to adopt a more accommodative stance on rates; the prospect of sub 1% growth and trend growth moving a notch lower in 2019 should encourage the SARB to move firmly in H2 2019. The consumer sector should benefit from a stable inflation outlook and a positive credit impulse but remains sensitive to employment levels and net wealth levels. Business investment is forecast to increase modestly but we await firm policy changes that will help businesses expand. Exports have been supportive, but the outlook for the trade balance is likely to depend largely on where oil prices settle and the extent to which global growth slows.
The JSE All Share Index was up 1.56% for the month of March, driven mostly by the resources sector (4.72%). Foreigners were net sellers of our local equities with outflows of approximately R 11 bn for the month. The All Bond Index (ALBI) was up 1.28% and the property index (J253T) returned -ve 1.46%. Inflationlinked bonds delivered -0.77% and cash returned 0.57% for the month. Annual consumer price inflation was 4.20% YoY in February, down from 4.30% in January. The local currency finished the month 2.70% weaker against the dollar at 14.47. Offshore, developed equity markets (MSCI World USD) outperformed emerging markets (MSCI EM USD) during the month recording +ve 1.38% and +ve 0.86% respectively.
  • Fund focus and objective  
Investments to be included in the Fund shall normally comprise of a combination of fixed interest instruments along the full spectrum of the yield-curve as well as short-term dated cash instruments, listed property shares and preference shares. Duration, curvature, credit, derivative and liquidity risks shall be actively traded in order tomaximise returns. The portfolio investible universe shall be limited to cash, bonds, listed property, preference shares, listed derivatives and any other securities which are consistentwith the portfolio's objectives.
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