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0.28  /  0.18%


NAV on 2019/09/16
NAV on 2019/09/13 158.8593
52 week high on 2019/09/16 159.1423
52 week low on 2019/01/04 147.6442
Total Expense Ratio on 2019/06/30 1.84
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 2.31% 2.31%
3 month change 0.51% 1.51%
6 month change 2.42% 4.42%
1 year change 2.28% 6.48%
5 year change 1.68% 5.39%
10 year change 4.37% 8.13%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 252.07 3.54%
Bonds 266.40 3.74%
Consumer Goods 145.27 2.04%
Consumer Services 165.39 2.32%
Financials 386.60 5.43%
Fixed Interest 1617.50 22.71%
Gilt 0.31 0.00%
Gilts 2116.90 29.72%
Industrials 48.26 0.68%
Liquid Assets 80.84 1.13%
Technology 286.71 4.03%
Telecommunications 62.28 0.87%
Offshore 1694.41 23.79%
  • Top five holdings
U-SLINCR 1388.79 19.5%
O-SLHIALP 1308.00 18.36%
 NASPERS-N 286.71 4.03%
U-STINLIN 266.40 3.74%
U-SLEINCR 228.70 3.21%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Low Equity
30% FTSE/JSE Shareholders Weighted Index SWIX; 20% BEASSA All Bond Index; 45 STEFI Composite Index, 5% Property Index SAPI
Contact details




  • Fund management  
Herman van Velze
With a mining engineering background, Herman started his asset management career in 1993 as a mining analyst. Winner of several awards in 2007, he has successfully managed the STANLIB Balanced Fund since 2005 and is currently Head of Balanced Funds.
Robin Eager
Robin started his investment career in 1998 working in corporate finance & private equity. At STANLIB he began as an Industrial Analyst, transfering in 2006 to managing general equity funds. Robin has successfully managed Balanced Funds since 2007 and is currently Head of Balanced Funds.
Warren Buhai
Following 5 years in corporate finance at Standard Bank, Warren joined STANLIB in 2005 where he initially specialised in resources analysis and portfolio management. He has been a portfolio manager in the Multi-Asset Franchise since 2009.

  • Fund manager's comment

STANLIB Balanced Cautious Fund - Mar 19

2019/05/30 00:00:00
Fund review
The STANLIB Balanced Cautious Fund produced a return of +5.4% over the quarter ended 31 March 2019, relative to its benchmark return of +3.7%.
Market overview
The first quarter of 2019 started with a complete turnaround after a very difficult 2018 for risk assets. The switch in messaging and actions by the world’s major central banks, led by the US Federal Reserve, to be more accommodative with their monetary policy actions spurred a rebound post the material 2018 fourth quarter equity selloff.
Despite the global growth outlook continuing to deteriorate in the first quarter of the new year, the dovish actions of the major central banks, together with easing concerns around the US/China trade tensions, pushed offshore equities (+12.9% in rand terms) to their highest quarterly US dollar return since 2010. After underperforming in the last quarter of 2018, the US equity market (+13.9%) outperformed emerging market equities (+12.4%) although offshore property (+14.5%) was the best performing major asset class, with offshore bonds (+2.5%) and offshore cash (+1.0%) also giving positive, albeit low returns in the quarter. Despite increasing concerns surrounding the local growth outlook following the return of Eskom’s loadshedding, South African risk assets followed the offshore lead to show decent gains, with the local equity market (SWIX) +6% in the quarter led by Resources (+17.8%), followed by Industrials (+7.4%) and Property (+1.5%), with Financials (-0.4%) lagging. The Resources sector included strong gains for precious metals companies, with Impala Platinum (+66%) and Sibanye Gold (+57%) leading the way, while the Industrials sector saw a rebound in some index heavyweights that had been struggling, including British American Tobacco (+29%) and Richemont (+12%). Local bonds (+3.8%) and cash (+1.8%) also produced positive returns in the quarter.
Looking ahead
The outlook for 2019 has weakened from a global growth perspective. However, a positive feature is the continued lack of inflationary pressures globally, allowing central banks to maintain an accommodative monetary policy stance, which should act as a tailwind for risk assets. Locally, the general election scheduled for 8 May is the main short-term event that could drive asset classes post Moody’s maintaining their stable outlook and investment grade credit rating on SA’s sovereign debt. In managing your fund, we are always cognisant of both the positive tailwinds, as well as the risks that are inevitable the longer this cycle persists. We take out protection against market corrections when we believe it is appropriate, but we continue to believe that exposure to a mix of diversified asset classes both locally and offshore provides you with an optimal solution to generate above-inflation returns in the long term.
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  
To achieve a reasonable level of current income and long-term capital growth at average risk
levels whilst complying with the prudential investments guidelines.
The portfolio will consist of a diversified spread of investments in securities and non-equity
securities, in a manner which is similar to that usually employed by retirement schemes with
maximum equity exposure of 40%. The portfolio may also invest in participatory interest and other
forms of participation in portfolios of collective investment schemes or other similar schemes
operated in territories with regulator environment which is to the satisfaction of the manager and
trustee of a sufficient standard to provide investor protection at least equivalent to that in South
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