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0.44  /  0.24%


NAV on 2019/09/13
NAV on 2019/09/12 186.4
52 week high on 2019/08/30 190.42
52 week low on 2018/12/20 176.58
Total Expense Ratio on 2019/06/30 1.47
Total Expense Ratio (performance fee) on 0
NAV Incl Dividends
1 month change -1.06% 1.62%
3 month change -1.86% 0.79%
6 month change 2.54% 5.31%
1 year change -0.56% 4.69%
5 year change 2.6% 6.08%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 89.48 4.09%
Consumer Goods 71.56 3.27%
Consumer Services 36.23 1.66%
Derivatives 0.00 0.00%
Financials 220.78 10.09%
Fixed Interest 648.61 29.65%
Gilts 397.49 18.17%
Health Care 2.92 0.13%
Industrials 27.20 1.24%
Liquid Assets 50.08 2.29%
Spec Equity 35.13 1.61%
Specialist Securities 324.10 14.81%
Technology 37.05 1.69%
Telecommunications 16.18 0.74%
Offshore 230.91 10.55%
  • Top five holdings
U-SASFLXI 409.75 18.73%
SASFINGLBEC 166.43 7.61%
U-SAT40 149.66 6.84%
SASHIYIEL 146.48 6.7%
U-DBTRWLD 113.66 5.2%
  • Performance against peers
  • Fund data  
Management company:
Boutique Collective Investments (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
Average of SA Multi Asset High Equity category
Contact details




  • Fund management  
Philip Bradford

  • Fund manager's comment

Sasfin Managed comment - Sep 12

2012/11/09 00:00:00
The Johannesburg Stock Exchange All Share Index ended September with a total return of 1.6%. Year to date the All Share Index's total return is now 14.8%.The Rand strengthened against the Dollar by 1.0% reducing its loss for 2012 to 2.9%, after losing 21.9% in 2011. The South African All Bond Index's return in September was 0.9% thus posting a 13.1% total return year to date. Cash delivered a positive 0.4% in September and 4.2% year to date.
South African news over the past month has been dominated by the continued unrest in the mining sector which has now spread to gold, coal, iron ore, diamond mines and to other industries such as transport. The strikes are going to shave at least 1.5% off GDP growth in the second half of the year reducing South Africa's GDP growth to about 2.2% for the full year. Moody's has downgraded South Africa's local and foreign currency bonds as expected and kept it on negative watch. CPI edged up to 5.0% year on year in August from 4.9% in July. Forecasts are for inflation to peak at about 6% in early 2013. The chance of another interest rate cut is being reduced by the ever widening current account deficit which is likely to hit a peak of about 8% in the fourth quarter of 2012. Foreigners were small net sellers of equities in September and have sold a net R4.4bn year to date but continued to be big net buyers of bonds. Foreigners bought R8.6bn of bonds in September and thus a net R76.7bn year to date.
Our Strategy remains unchanged! As stated we have taken a positive stance on equities especially since Mario Draghi's 'I will do whatever it takes to save the Euro speech'. In our opinion this was a game changing event which removed the massive event risk, of the Euro-zone heading towards a break up, from all risky assets such as equities. We have bought equities across many sectors. We continue to remain of the view that despite short term negativity, value has emerged in some of the commodity counters, and positive news on stimulus could reverse some of the recent losses in commodity shares. We are confident that a varied spread of counters in commodity, growth and cyclical shares, such as Imperial, will deliver results by year end. We have renewed our emphasis on rand hedge shares as we believe that even when the current chaos in South Africa is over, South Africa will struggle to attract sufficient capital to plug its current of the economy more competitive. Despite continued weakening in growth forecasts in Europe and China, global growth is still in the order of 3.5% for 2013 .We remain positive on equity prospects till at least the end of 2102.
  • Fund focus and objective  
In order to benefit from positive market conditions and to provide a limited measure of capital and income protection during negative market conditions, the Manager will manage the portfolio's equity, property and fixed interest asset allocation actively to align the portfolio with the Manager's outlook of such conditions. In order to achieve this objective the investments to be acquired for the portfolio will include listed property related securities, equity securities, preference shares, non-equity securities, fixed interest instruments (including, but not limited to, bonds, corporate bonds, inflation linked bonds, convertible bonds, cash deposits and money market instruments) and assets in liquid form. The portfolio may from time to time invest in listed and unlisted financial instruments. The manager may also include unlisted forward currency, interest rate and exchange rate swap transactions for efficient portfolio management purposes.
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