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NAV on 2019/05/22
NAV on 2019/05/21 100
52 week high on 2018/05/24 100
52 week low on 2018/05/24 100
Total Expense Ratio on 2019/03/31 0.42
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change 0% 0.63%
3 month change 0% 1.88%
6 month change 0% 3.85%
1 year change 0% 7.87%
5 year change 0% 7.44%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Gilts 339.76 15.20%
Liquid Assets 136.78 6.12%
Money Market 1758.63 78.68%
  • Top five holdings
MM-04MONTH 402.44 18%
MM-06MONTH 297.95 13.33%
MM-03MONTH 247.29 11.06%
MM-02MONTH 212.99 9.53%
MM-01MONTH 184.92 8.27%
  • Performance against peers
  • Fund data  
Management company:
Prescient Management Company Ltd. (PIM)
Formation date:
ISIN code:
Short name:
South African--Interest Bearing--Money Market
SteFI Call
Contact details




  • Fund management  
Farzana Bayat
Terri McGregor

  • Fund manager's comment

Prescient Money Market comment - Dec 16

2017/03/06 00:00:00
3 month and 12 month Jibar remained relatively flat over the quarter ending 31 December 2016. The FRA curve remained flat at the short end and shifted up around 10bps on the longer end.
The market is currently pricing in flat rates out to 12 months which is a bit optimistic given that the US has started raising rates. At these levels, floating rate assets continue to offer more value relative to fixed rate assets; hence the Fund is largely invested in floating rate instruments. We also increased exposure to step up notes, as these notes offer high liquidity and attractive yield pickup.
At the end of the quarter, the Fund held a mix of yield enhancing assets comprised of bank floating-rate notes, bank step-up notes, NCD's, corporate paper and short-dated fixed, floating and inflation linked bonds. The duration of the Fund remains short, less than 3 months, and is currently yielding 8.4% gross versus 3m Jibar at 7.35%.
The Fund outperformed the benchmark over the quarter. The main contributor to performance was the high credit and funding spreads, with nothing detracting from performance.
  • Fund focus and objective  
The investment objective of the portfolio is to maximise interest income and preserve the portfolio's capital and provide liquidity. The investors can obtain undivided participation in a diversified portfolio of money market instruments as defined in CISCA and the regulations thereto from time to time. The primary performance objective of the portfolio is to obtain as high a level of current income as is consistent with capital preservation and liquidity. Capital gains will be of an incidental nature.
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