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0.12  /  0.08%


NAV on 2019/05/17
NAV on 2019/05/16 156.1698
52 week high on 2019/05/02 158.4576
52 week low on 2019/01/04 147.6442
Total Expense Ratio on 2019/03/31 1.83
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -0.34% -0.34%
3 month change 2.98% 3.95%
6 month change 4.53% 6.53%
1 year change 2.43% 6.66%
5 year change 1.79% 5.46%
10 year change 4.6% 8.41%
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 - Sep 18

2019/01/03 00:00:00
Fund review The STANLIB Balanced Cautious Fund produced a return of +1.9% over the past quarter ended 30 September 2018, outperforming its benchmark return of +0.5%.
Market overview
The third quarter of 2018 saw an increase in emerging market selling pressure, led by deeper sell-offs in Turkey and Argentina, but spread to varying degrees across other countries with China being hard hit given that they are at the centre of US president Trump’s trade war intensification leading up to the US mid-term elections in November. The investment world has been struggling to deal with an environment of stronger US GDP growth but weakening growth elsewhere. This has led to a stronger US dollar, while US bond yields continue to rise with the US Fed on a rate hiking path over the foreseeable future. This in turn has put emerging market central banks under pressure to also raise rates, but this has proved difficult in a world seeing global trade declining and hence growth and currencies under pressure. From a local investors’ perspective, the only positive was further rand weakness, which meant positive returns from offshore equities (+8.1%), offshore bonds (+2.0%) and offshore cash (+3.7%).
Within South Africa, the big news in the third quarter was confirmation of a first half recession with negative Q2 growth. This, together with the general emerging market selling pressure, saw the local equity market (SWIX) down -3.3% in the quarter led by Industrials (-7.8%) and Property (-1.0%), while Financials (+2.8%) and Resources (+5.2%) managed to buck the trend. The Industrials sector was hit by selling in some index heavyweights for different company-specific reasons, with Aspen (-34.4%), MTN (-18.8%) and Naspers (-12.4%) at the forefront.
Looking ahead
The global growth outlook is one that has shifted from last year’s synchronised growth with the US continuing to power ahead following this year’s tax cuts, while the rest of the world continues to weaken from the positive growth bias of last year. While global trade continues to slowdown as the trade war intensifies, it appears that overall global growth will stay above trend for this year and 2019. This feeds into positive earnings growth, which together with relatively cheap valuation levels outside of the US, gives a reasonably positive investment backdrop for equities. 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’s appropriate, but we continue to believe that exposure to a mix of diversified asset classes both locally and offshore provide you with an optimal solution to generate above inflation returns over 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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