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NAV on 2019/05/17
NAV on 2019/05/16 111.6078
52 week high on 2018/12/31 112.4628
52 week low on 2018/07/02 108.0578
Total Expense Ratio on 2019/03/31 0.71
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change 0.66% 0.66%
3 month change 2% 2%
6 month change 0.21% 4.1%
1 year change 0.19% 8.29%
5 year change 0.53% 7.63%
10 year change 0.03% 7.05%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 208.22 99.67%
Liquid Assets 0.69 0.33%
  • Top five holdings
U-STCENFU 208.22 99.67%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
ISIN code:
Short name:
South African--Interest Bearing--Short Term
BEASSA 1 to 3 year Bond Index
Contact details




  • Fund management  
Victor Mphaphuli
Victor joined SCMB Treasury in 1996 as a trainee dealer in the foreign exchange markets and later moved to Nedcor Investment Bank as a capital markets dealer. In early 2001, he joined Libam's fixed interest team as a capital markets dealer and assistant to Henk Viljoen.

  • Fund manager's comment

Standard Bank Fundisa comment - Jun 17

2017/09/20 00:00:00
Fund review
The Fund size slightly increased from R269 million in the last quarter to R277 million. The 3 month Jibar rate decreased from 7.358% to 7.342% at the end of the second quarter of 2017, following the SARB holding the repo rate unchanged at 7.0% and the market starting to price in higher probabilities of a rate cut. Income Fund returns are still compelling when compared to cash which makes the Fund attractive.
Looking Ahead
Given the negative political headlines and rating agency actions that characterized the second quarter, bonds performed well with the All Bond Index returning 1.50% during the quarter and outperformed other asset classes with a 4.00% return for the first half of the year. The cabinet reshuffle at the end of the first quarter, which saw the finance minister and his deputy being replaced, caused the weakness in the local 10 year bond yields to spill over to the second quarter. This was viewed as a buying opportunity by foreign investors, amidst the risk-on environment which benefitted Emerging Market assets, as they increased their local bond holdings by R21bn during the quarter. As a result bond yields rallied to 8.35% before closing the quarter weaker at 8.79% due to market concerns that major central banks will tighten monetary policy conditions quicker than initially anticipated. Though it ended the quarter largely unchanged at R13.10/$, the Rand traded to a low of R12.56/$ during the quarter also on the back of positive EM sentiment. The 5 year SA sovereign risk spread improved from a high of 225 basis points in the quarter to 199 basis points at the end of June in line with peer emerging markets spreads
South Africa was downgraded by the 3 rating agencies in the quarter, with Standard & Poors and Fitch cutting the foreign currency rating to sub-investment grade, and Fitch also cutting the local currency rating to below investment grade. Both Moody’s and Standard & Poors have the local currency rating 1 notch above the sub-investment grade, with the risk that any of them cutting the local currency rating to below investment grade will lead to capital outflows as some of the foreign investors will be forced to sell local currency bonds. This will lead to higher borrowing costs for the government, putting pressure on the already strained fiscal position exacerbated by the technical recession.
In international markets, the US Federal Reserve hiked interest rates by another 25 basis points in the quarter after the seeing the relatively weak inflation and growth data as transitory.
  • Fund focus and objective  
The Standard Bank Fundisa Fund shall be a feeder fund portfolio.
The investment objective of the Standard Bank Fundisa Fund is to achieve an investment medium for investors, which shall have as its primary objectives a reasonable level of current income and the maximum preservation of capital invested.
Apart from assets in liquid form, the underlying assets will consist solely of participatory interests in a single portfolio of a collective investment scheme located in the Republic of South Africa and approved by the Registrar, namely the Central Fundisa Fund managed by STANLIB Collective Investments Ltd. The underlying assets of this last mentioned portfolio will consist apart from assets in liquid form, solely of participatory interests of collective investment schemes of fixed-interest income orientated portfolios of collective investment schemes registered in Republic of South Africa as permitted in terms of the hosting agreement with the Association of Collective Investments ('ACI'), the 'Fundisa Fund' trademark holder or any other association that may replace the ACI and who is the legal owner of the 'Fundisa Fund' trademark.
For the purpose of the Standard Bank Fundisa Fund, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done to enable the manager to administer the portfolio in accordance with its mandate. The manager may in its discretion, open the portfolio again to new investors on a date determined by the manager.
The trustee shall ensure that the investment policy set out in the supplemental deed is carried out.
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