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100

NAV on 2019/07/23
NAV on 2019/07/22 100
52 week high on 2018/07/25 100
52 week low on 2018/07/25 100
Total Expense Ratio on 2019/06/30 0.59
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 0% 0.58%
3 month change 0% 1.78%
6 month change 0% 3.58%
1 year change 0% 7.3%
5 year change 0% 7.1%
10 year change 0% 6.4%
Price data is updated once a day.
  • Sectoral allocations
Liquid Assets 4025.55 100.00%
  • Top five holdings
FINANCEINSTIT 3411.66 84.75%
GOVTISSUPAPER 436.13 10.83%
PUBLENTISSPAP 60.43 1.5%
  • Performance against peers
  • Fund data  
Management company:
PSG Collective Investments (RF) Ltd.
Formation date:
1998/10/19
ISIN code:
ZAE000020921
Short name:
U-PSGMONM
Risk:
Unknown
Sector:
South African--Interest Bearing--Money Market
Benchmark:
South African - Interest Bearing - Money Market Mean
Contact details

Email
assetmanagement@psg.co.za

Website
http://www.psg.co.za/asset-management

Telephone
021-799-8000

  • Fund management  
PSG Asset Management (Pty) Ltd.
Lyle Sankar


  • Fund manager's comment

PSG Money Market comment - Mar 19

2019/05/24 00:00:00
Current context Negotiable certificate of deposit (NCD) rates fell over the quarter: 6-month NCDs are now yielding 7.63% (down 7.5 basis points) while 1-year rates are 8.10% (down 17.5 basis points). Inflation remains comfortably within the South African Reserve Bank’s (SARB’s) 3% to 6% target band, printing at 4.1% as at end February. The SARB expects inflation to average just below 5% for the period to 2021. However, growth continues to disappoint. The outlook from both the World Bank and the SARB is for a slow economic recovery locally, with the SARB expecting South Africa to reach 2% real GDP growth by 2021. The rand continues to be volatile over the short term, starting the quarter off at R14.35 to the US dollar and trading all the way down to R13.20 at the end of January, before ending March at R14.60. Our perspective
As we have noted for some time, there is pervasive fear in certain parts of investment markets. In local fixed income, we are finding opportunities to earn attractive risk-adjusted returns.
The SARB continues to revise growth and inflation expectations downwards. Historically, such low inflation prints and growth expectations would likely have given rise to a rate cut. However, the SARB has kept the repurchase (repo) rate unchanged at 6.75% (equating to a real rate of over 2.50%), as it looks to anchor inflation closer to 4.50% (the middle of the target band) over the long term. The SARB’s view remains that without policy reform, interest rates alone cannot stimulate growth. For investors looking to protect capital and earn a steady income yield, the real rates currently on offer are very compelling.
Portfolio positioning In December 2018, we noted increased exposure to RSA Treasury Bills, which were for a short period yielding above-NCD rates. This exposure has declined as treasury bill rates have fallen, generating attractive returns for the fund. The fund continues to buy on the longer end of the fixed NCD curve (6 and 12-month notes), where we see the most value.
  • Fund focus and objective  
The fund aims to provide capital security, a steady income yield and high liquidity.
The investment objective of the portfolio is to provide a medium whereby investors can obtain undivided participation in a diversified portfolio of such money market instruments as defined from time to time. The portfolio will comply with legislation governing retirement funding.
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