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-6.76  /  -0.53%

1278.62

NAV on 2019/11/14
NAV on 2019/11/13 1285.38
52 week high on 2019/04/24 1335.52
52 week low on 2019/01/02 1170.08
Total Expense Ratio on 2019/09/30 2.02
Total Expense Ratio (performance fee) on 2019/09/30 0.36
NAV Incl Dividends
1 month change 3.34% 3.34%
3 month change 5.57% 5.57%
6 month change 0.34% 0.98%
1 year change 4.3% 5.76%
5 year change 3.36% 4.29%
10 year change 9.45% 10.4%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 711.41 17.58%
Consumer Goods 391.34 9.67%
Consumer Services 294.11 7.27%
Financials 584.61 14.44%
Industrials 89.15 2.20%
Liquid Assets 25.97 0.64%
Spec Equity 143.41 3.54%
Technology 360.98 8.92%
Telecommunications 110.50 2.73%
Offshore 1336.21 33.01%
  • Top five holdings
PGEFUND 581.85 14.37%
M&GGLBDIVDEND 309.27 7.64%
 NASPERS-N 242.92 6%
 BATS 227.84 5.63%
 ANGLO 212.21 5.24%
  • Performance against peers
  • Fund data  
Management company:
Prudential Portfolio Managers Unit Trusts Ltd.
Formation date:
1999/08/02
ISIN code:
ZAE000020871
Short name:
U-PRUMAXI
Risk:
Unknown
Sector:
South African--Equity--General
Benchmark:
ASISA South African - Equity - General Category Mean
Contact details

Email
info@prudential.co.za

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

Telephone
021-670-5100

  • Fund management  
Ross Biggs
Ross is a Portfolio Manager at Prudential Investment Managers. He has fifteen years’ experience in investment management, and joined Prudential in 2001 as an Industrial and Resources Sector Analyst. He is co-Portfolio Manager of the Prudential Dividend Maximiser Fund, which has won several Raging Bull and Morningstar Awards under his management.
Rehana Khan
Rehana is a Portfolio Manager at Prudential Investment Managers. She has 9 years’ experience in investment management, and joined Prudential in 2008 as an Industrial and Resources sector Analyst. She is co-Portfolio Manager of the Prudential Equity Fund is also responsible for equity research on the Retail sector, mining stocks and certain financial shares.


  • Fund manager's comment

Prudential Dividend Maximiser comment - Sep 19

2019/10/24 00:00:00
September proved to be a relatively resilient month for global equity markets in the face of a string of negative news. Escalating trade-war tensions between the US and China, the start of efforts to impeach President Trump, Brexit uncertainty in the UK and political instability in Europe (particularly in Italy), were not enough to dampen investor sentiment as developed and emerging markets both closed the month in the black. In the US, President Trump's administration announced that it was considering delisting Chinese companies from US stock exchanges. The move formed part of a broader effort to limit US investment in Chinese companies. In keeping with market expectations, the US Federal Reserve cut interest rates by 25 bps, citing the prolonged US-China trade war and weak global economic growth as ongoing risk factors. Markets however, were disappointed as the Fed downplayed expectations of further interest rates cuts. In the UK, the Supreme Court ruled Prime Minister Johnson’s move to suspend Parliament was illegal, triggering calls from opposition parties for him to step down. In the EU, outgoing ECB president Mario Draghi announced that the central bank would cut interest rates by 10bps (below market expectations of a 20bp cut) and would continue to keep rates at accommodative levels until inflation showed signs of approaching the 2.0% target. China, meanwhile, filed a lawsuit with the World Trade Organization after the US imposed an additional 15% tariff on US$300bn worth of Chinese imports from 1 September. In retaliation to the tariff increase, China levied new duties of between 5-10% on US$75bn worth of American imports, including crude oil.
South African equities ended largely flat as gains made in the first half of the month were erased following the release of poor local economic data. The SARB, meanwhile, kept interest rates on hold and its latest quarterly projection model pointed to no interest rate changes through year-end. The growth outlook for 2020 and 2021, however, was revised down from 1.8% to 1.5%, and from 2.0% to 1.8% respectively. Preliminary results showed that GDP expanded 3.1% in the second quarter, well above market consensus of 2.5%. The FTSE/JSE All Share Index delivered 0.2% for the month, with Resources returning -1.1%, Financials 3.5%, Property 1.5% and Industrials -0.7%. Looking at global equity market returns (all in US$), developed markets outperformed emerging markets, with the MSCI World Index delivering 2.2% and the MSCI Emerging Markets Index returning 1.9%. The rand strengthened 1.1% against the euro and 0.1% against the dollar, but weakened 1.1% against the pound sterling.
Among the largest contributors to relative performance for the month were overweight positions in Metrofile, Trencor and BAT. Detracting from relative performance were overweight positions in Sappi, Multichoice and Sasol.
  • Fund focus and objective  
The fund aims to achieve a dividend yield better than that of the market and to grow capital and dividends in line with the market. The Fund invests in JSE listed companies that meet the portfolio manager's primary criteria of high but sustainable dividend yields. The Fund also seeks out ''value situations'' by investing in shares with low relative PE ratios as well as shares that are trading at a discount to their intrinsic value. The intended maximum limits are Equity 100%, Listed Property 10%, Offshore 25%, plus additional 5% Africa (excl. SA).
Who should Invest?
Individuals with a medium-to-high risk tolerance, looking for a combination of high dividend yield and capital appreciation with an aggressive tilt towards value-type shares. The recommended investment horizon is 7 years or longer.
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