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NAV on 2019/09/16
NAV on 2019/09/13 143.4706
52 week high on 2019/05/06 144.408
52 week low on 2019/01/02 137.3461
Total Expense Ratio on 2019/06/30 1.79
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 1.5% 1.5%
3 month change 1.13% 1.62%
6 month change 1.07% 3.06%
1 year change 0.42% 5.13%
5 year change 0.24% 5.4%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Derivatives 142.65 1.92%
Financials 9.22 0.12%
Fixed Interest 335.38 4.52%
General Equity 189.25 2.55%
Gilts 3865.84 52.09%
Industrials 198.01 2.67%
Liquid Assets 178.64 2.41%
Other Sec 7.56 0.10%
Specialist Securities 153.02 2.06%
Telecommunications 66.55 0.90%
Offshore 2275.87 30.66%
  • Top five holdings
U-SBKIMM 335.37 4.52%
ISHARESMEMERG 270.68 3.65%
 KAP 198.01 2.67%
U-NEWGOLD 153.02 2.06%
FUTURES M 87.62 1.18%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Medium Equity
CPI + 4%
Contact details




  • Fund management  
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).

  • Fund manager's comment

STANLIB Absolute Plus Fund - Mar 19

2019/05/30 00:00:00
Market overview
The first quarter of 2019 was one of the strongest quarters in history for risk assets around the world. This followed what could only be described as an anaemic 2018 return profile and a horrid final quarter of 2018. Policymakers united in their response to ever-increasing risks and the observable market impacts that tighter liquidity conditions, higher interest rates and continued trade war rhetoric was having on global markets. The US Federal Reserve reviewed its 'autopilot' balance sheet guidance and rate hiking trajectory, evoking criticisms it had lost credibility. We believe the Fed, European Central Bank and the Bank of China (directed by the Politburo), may have provided a lifeline for global markets, avoiding the knock-on effects that falling markets and widening credit spreads would have had on growth that was already slowing. The liquidity taps are back on - in various ways - around the world and, while risk assets have some work to do to justify current valuations, concerns should ebb from here. US rate markets have repriced very strongly and are now anticipating interest rate cuts through 2020, as the bond market thinks the Fed is 'boxed in'. The Fed controls the global cost of capital and this easing at the margin allowed markets to find their feet. It gave other central banks the green light to begin responding to slowing economic conditions without trying to navigate the impact of a stronger dollar.
The 'stay-of-execution' did not only come from central banks but also from Moody’s, whose long-awaited and widely-expected announcement of a change in SA’s credit rating outlook to negative did not take place at all. South African assets all rallied as the long-anticipated event came to naught. Like the central banks’ responses to slowing global growth, this non-event allows the proverbial can to be kicked ever further down the road.
This did not provide any comfort to SA investors, who have had to cope with the impact of load shedding and multiple commissions of enquiry painting a dire picture of political and corporate greed and ineptness. These impacts are likely to be felt for some time in the high-street economy at a critical juncture which is proving difficult for South African consumers and businesses alike. We expect some of the 'black-out' impact will be felt in SA’s GDP growth data over the next quarter or two. Considerable hope rests on an electoral outcome which provides a clear leadership mandate for President Cyril Ramaphosa to begin making observable changes that would allow SA to exit the past decade of mismanagement and provide businesses with the confidence to help the ailing economy find a firmer footing.
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 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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