-1.97  /  -1.41%


NAV on 2020/10/29
NAV on 2020/10/28 141.2545
52 week high on 2020/02/21 146.1522
52 week low on 2020/03/24 125.4107
Total Expense Ratio on 2020/06/30 1.78
Total Expense Ratio (performance fee) on 2020/06/30 0
Incl Dividends
1 month change -0.72% -0.72%
3 month change 0.51% 0.51%
6 month change 3.69% 5.56%
1 year change -2.91% 0.7%
5 year change -1.02% 3.63%
10 year change 1.9% 6.85%
Price data is updated once a day.
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  • Sectoral allocations
Consumer Goods 1.99 0.03%
Derivatives 615.30 8.89%
Fixed Interest 10.02 0.14%
General Equity 849.87 12.28%
Industrials 34.00 0.49%
Liquid Assets 174.60 2.52%
SA Bonds 3586.21 51.80%
Offshore 1651.18 23.85%
  • Top five holdings
DERIVATIV 313.10 4.52%
FUTURES M 299.56 4.33%
INVESCOLTD 242.81 3.51%
 KAP 34.00 0.49%
U-SBKIMM 10.01 0.14%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) (Pty) Limited
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Medium Equity
CPI + 4%



  • Fund management  
Peter van der Ross
Peter joined RMB Asset Management in September 2000 as a quantitative analyst focusing on quantitative research and performance calculations as well as risk analysis. In March 2002 Peter was appointed as Quantitative Portfolio Manager involved in the Management of Index and Index-enhanced portfolios for both retail and institutional clients. Peter jointly manages the RMB Absolute Focus Fund and the RMB International Conservative Fund of Funds.
Marius Oberholzer
Before STANLIB, Marius was Managing Partner at Sarala Capital, responsible for strategic direction. Prior to this he worked at TT International (London & Hong Kong) where he managed the Asian Opportunities Long Short Equity Hedge Fund. He holds a BCom and MSc(Global Finance).
Vaughan Henkel

  • Fund manager's comment

STANLIB Absolute Plus Fund - Dec 19

2020/03/02 00:00:00
Market overview
As we move into the final quarter of 2019 concerns around the macro environment continue to heighten. Not only is U.S economic growth showing cracks but Europe, Asia and LATAM remain mired in a lackluster growth dynamic with little pointing towards sustainable uptick in the environment. The economic data has deteriorated quickly, especially through the back end of the 3rd quarter. The U.S. consumer appears to be holding up well amidst a backdrop of full employment and gently rising wages but the high frequency data points to trouble ahead and the weakness in the manufacturing and now service sectors could feed into employment and then consumption. In the shorter term, the pivot from “Liquidity Drain” to “pause” and now into a full-blown rate cutting cycle and potentially a resumption in balance sheet expansion by the Fed, the ECB, Japan (who never stopped) and the Chinese fiscal action should provide sufficient liquidity to allow for a muddle along scenario for global markets. Regrettably, in our scenario work this environment is largely unexciting from a return perspective given the slowing global growth dynamics but is our highest probability scenario. Globally, we see muted returns in the short to medium term across the broad opportunity set. Growth assets likely face some headwinds and a little margin pressure but that is likely already in the price in many markets. As mentioned previously, the low rate environment continues, across the curve. We believe equity markets will continue to benefit from negative real rates and even in absolute terms are fair value but are broadly cheap relative to bonds. We see credit as largely having done as well as it could from a spread perspective. We remain less constructive on our domestic market. We have not been excited around SA equities for some time but our orientation toward the ZAR and SA bonds was positive and represented our predominant expression of risk taking over the last few years until two quarters ago, when we began moderating our positioning. We see little indication of any real action from Ramaphosa’s economics team and the lack of policy response from the Government in SA is hugely worrying. There is now simply not enough money. The declining tax revenue picture, poor employment figures and business confidence highlights SA’s lack of growth, Lack of competitiveness and its poor investment environment. The risk, amidst this policy paralysis, is that the lack of growth due to poor confidence becomes slightly more entrenched amidst the slower global backdrop and South Africa’s increasing fiscal fragility ultimately gives rise to spillover effects in credit, rates, the currency and equities. While our Government bonds look appealing from a valuation perspective, South Africa’s debt to GDP ratio is worrying. We believe the country is running out of room to maneuver as the debt burden ratchets quickly higher. The government is seemingly not prepared to either prioritize specific institutions, put forward clarity on stake sales or take some hard decisions around areas of expenditure. As a result, we feel the need to moderate our view around our favoured asset class (bonds) for a broader mix of exposures given the risk of a “negative watch” which would be customary, although not a requirement, ahead of a potential rating downgrade for our country by Moodys.
  • Fund focus and objective  
The STANLIB Dynamic Return Fund aims to achieve capital growth as well as some level of capital protection over the long-term. In the short-term, the portfolio will aim to profit from rising markets and protect against capital losses in weak markets.
The portfolio will be invested in equity securities and/or non-equity securities that will comply with prudential investment guidelines for retirement portfolios. The manager will use a quantitative risk management model when selecting the securities that will be included in the portfolio. The model shall incrementally switch exposure from equities to non-equity instruments if the portfolio value drops towards a predetermined 'protective floor'.

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