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-0.3  /  -0.22%

133.4

NAV on 2019/01/18
NAV on 2019/01/17 133.7045
52 week high on 2018/01/24 151.1678
52 week low on 2019/01/02 131.1431
Total Expense Ratio on 2018/09/30 1.27
Total Expense Ratio (performance fee) on 2018/09/30 0
NAV Incl Dividends
1 month change 0.37% 2.49%
3 month change -1.48% 0.6%
6 month change -2.45% 1.22%
1 year change -11.69% -3.94%
5 year change -0.77% 6.45%
10 year change 1.76% 8.92%
Price data is updated once a day.
  • Sectoral allocations
Bonds 0.07 0.00%
Derivatives 2.85 0.16%
Financials 282.54 15.50%
Fixed Interest 282.76 15.52%
Gilt 0.01 0.00%
Gilts 886.16 48.63%
Liquid Assets 4.70 0.26%
Real Estate 363.31 19.94%
  • Top five holdings
U-SLPROPI 363.31 19.94%
U-SLINCR 230.68 12.66%
 GROWPNT 50.84 2.79%
 GRITREAL 49.06 2.69%
U-SBKIMM 33.36 1.83%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
2005/07/25
ISIN code:
ZAE000068854
Short name:
U-SLAGGIN
Risk:
Unknown
Sector:
South African--Multi Asset--Flexible
Benchmark:
33.3% STeFI Composite index; 33.3% BEASSA All Bond index; 33.3% South African Listed Property index
Contact details

Email
contact@stanlib.com

Website
http://www.stanlib.com

Telephone
011-448-6000

  • Fund management  
Henk Viljoen
Henk started his career in 1984 as a bursary student at the marketing division of Telkom, moving to the treasury division after one year. Henk became an economist at Senbank in 1986, before rejoining the treasury environment in 1989 at Senbank. Henk joined Liberty Asset Management in 1990 and assumed responsibility for STANLIB's cash and fixed-interest teams in 2000. Henk is regarded as one of the best fixed-interest managers in the country due to his consistent performance in respect of STANLIB's Bond and Income Funds.
Victor Mphaphuli
Victor joined SCMB Treasury in 1996 as a trainee dealer in the foreign exchange markets and later moved to Nedcor Investment Bank as a capital markets dealer. In early 2001, he joined Libam's fixed interest team as a capital markets dealer and assistant to Henk Viljoen.


  • Fund manager's comment

STANLIB Aggressive Income Fund - Sep 18

2019/01/03 00:00:00
Fund review
The Stanlib Aggressive Income Fund size decreased by R100 million to end the third quarter at R1.8 billion as the fund’s property holding negatively impacted returns. The fund’s positioning in property was brought down from an 8% overweight to a 3% overweight as the property sector recovered slightly during the quarter. The duration positioning on the portfolio was also reduced from 4.3 years last quarter to 3.5 years to reflect the overall defensive positioning bias we preferred. The overweight in the listed property sector has impacted the short term performance of the portfolio.
Market overview
Emerging market currencies and assets continued to sell off in the third quarter amid a stronger US dollar environment as trade and geopolitical tensions heightened, monetary conditions continued to tighten and global inflation expectations accelerated. Risk aversion due to US sanctions on Turkey and Russia and the debt crisis in Argentina contributed to the rand weakening by 3% against the US dollar, with bonds following suit as foreign investors sold R16bn of South African government bonds in the quarter. The US Fed raised interest rates by 25bps in September as widely expected, and indicated that they are planning on raising rates once more this year and three more times in 2019 as growth remains robust and inflation continues to increase.
Local GDP surprised by contracting again in the second quarter, tipping the economy into a technical recession and sparking fears of a possible ratings downgrade by Moody’s on the 12th of October. Longer dated bonds sold off as a result, as markets were pricing in a higher probability of an increase in government bond issuance as tax revenue was likely to come under pressure. The spread between the 30 year maturity bond and the 10 year maturity bond increased by 10 basis points to end the quarter at 93 basis points, reflecting these risks. Headline Inflation increased from 4.4% to 4.9% in August due to higher fuel prices and higher VAT but core inflation remains subdued as the economic activity remains subdued. The Reserve Bank as a result left interest rates unchanged leaving the markets pricing in higher probabilities of an interest rate hike at their November meeting should the current negative environment persist.
Looking ahead
The fourth quarter comes with a number of event risks with possible significant impact on returns. The three major rating agencies will give their rating updates on South Africa; with the Moody’s decision the most important one as a downgrade from them would result with major outflows due to South Africa being excluded from the World Government Bond Index. In September the government tabled measures to stimulate economic growth, details of which will be shared in the Medium Term Budget Policy Statement in late October. The stimulus package was well received by the markets and the details in the budget will be assessed for the impact on National Treasury’s debt consolidation plans. The Land Reform Committee is also expected to report back to parliament on its recommendations, which can have material impact on markets. Internationally, elections in Brazil in October and in the US in November will also be watched with keen interest as they can influence the risk environment.
The commentary gives the views of the portfolio manager at the time of writing. Any forecasts or commentary included in this document are not guaranteed to occur.
  • Fund focus and objective  
The investment objective of the portfolio is to provide an efficient investment medium whereby investors can participate in a portfolio that will seek to generate a high level of income, as well as the potential for capital growth.
The STANLIB Aggressive Income Fund invests in a combination of South African fixed-interest and property assets. The fixed-interest investable universe encompasses: cash, bonds, appropriate preference shares, similar collective investment schemes. The property investable universe encompasses: property shares, property loan stock, debentures, debenture stock and bonds, unsecured notes, property collective investment schemes, other listed securities. These securities must be consistent with the portfolio's investment objective.
The portfolio may not invest in foreign investment markets.
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