MONITOR THIS FUND
Become an Insider Gold member to monitor your funds.

0.02  /  0.02%

99.63

NAV on 2019/09/13
NAV on 2019/09/12 99.6143
52 week high on 2019/03/29 99.9867
52 week low on 2018/10/01 98.0391
Total Expense Ratio on 0
Total Expense Ratio (performance fee) on 0
NAV Incl Dividends
1 month change 0.59% 0.59%
3 month change 0.01% 1.94%
6 month change -0.11% 3.81%
1 year change 0.08% 8.13%
5 year change 0.01% 7.62%
10 year change 0.06% 7.23%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 114.54 17.82%
Gilts 99.00 15.40%
Liquid Assets 13.58 2.11%
Offshore 415.64 64.67%
  • Top five holdings
U-SBNAMAN 114.49 17.81%
U-SLINCR 0.05 0.01%
U-SBKIMM 0.00 0%
  • Performance against peers
  • Fund data  
Management company:
Standard Bank Namibia Unit Trust ManagementCo Ltd.
Formation date:
2005/02/22
ISIN code:
ZAE000060547
Short name:
N-STINCOM
Risk:
Unknown
Sector:
Regional--Namibian--Unclassified
Benchmark:
BEASSA 0 to 3 year Bond index
Contact details

Email
No email address listed.

Website
http://www.standardbank.com.na

Telephone
+264-61-294-9111

  • 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 Namibia Income Fund - Sep 18

2018/12/18 00:00:00
Fund review
The size of the Standard Bank Namibia Income Fund decreased from N$818 million to end the third quarter at N$608 million. Returns in the fund look attractive compared to money market returns despite the defensive positioning, due to investments in high yielding securities. The Fund’s modified duration was reduced to 0.26 years from 0.32 years as volatility in the markets remained. . The volatility in the markets which came as a result of emerging market jitters left investors to seek diversification into income funds. The Fund’s returns remain attractive compared to money market returns due to high yield assets in the portfolio. Credit spreads continued to tighten during the quarter, further benefiting the portfolio.
Market overview
Emerging market currencies and assets continued to sell off in the third quarter amid a stronger US dollar environment as trade and geopolitical tensions heightened, monetary conditions continued to tighten and global inflation expectations accelerated. Risk aversion due to US sanctions on Turkey and Russia, the debt crisis in Argentina contributed to the rand weakening by 3% against the US dollar, with bonds following suit as foreign investors sold R16bn of South African government bonds in the quarter. The US Fed raised interest rates by 25bps in September as widely expected, and indicated that they are planning on raising rates once more this year and three more times in 2019 as growth remains robust and inflation continues to increase.
Local GDP surprised by contracting again in the second quarter, tipping the economy into a technical recession and sparking fears of a possible ratings downgrade by Moody’s on the 12th of October. Longer dated bonds sold off as a result, as markets were pricing in a higher probability of an increase in government bond issuance as tax revenue was likely to come under pressure. The spread between the 30 year maturity bond and the 10 year maturity bond increased by 10 basis points to end the quarter at 93 basis points, reflecting these risks. Headline Inflation increased from 4.4% to 4.9% in August due to higher fuel prices and higher VAT but core inflation remains subdued as the economic activity remains subdued. The Reserve Bank as a result left interest rates unchanged leaving the markets pricing in higher probabilities of an interest rate hike at their November meeting should the current negative environment persist.
Looking ahead
The fourth quarter comes with a number of event risks with possible significant impact on returns
  • Fund focus and objective  
The Standard Bank Namibia Income Fund is a unitized investment vehicle which invests in a wide range of local government and corporate bonds, gilt-edged securities, fixed deposits and money market assets. The Fund's main objective is to achieve a reasonable level of current income and maximum stability for capital investments. It has no minimum investment duration and a maximum weighted average duration of two years. This allows the manger to actively seek out the best investment opportunities. In terms of the Fund's rules, a minimum of 35% of the Fund's assets must be invested in Namibia at all times. The fund has a conservative to moderate risk profile.
The Standard Bank Namibia Income Fund is suitable for investors who are prepared to accept a moderate amount of risk for an increase in potential income. Individuals who are looking for a professionally managed conservative to moderate risk investment option that provides exposure to an array of interest bearing investments. It provides access to investment vehicles that normally would not be available to the retail investor. The professionally managed fund enables investors to further diversify their funds and supplement their income - all whilst growing capital.
Insider GOLD
ONLY R63pm

Moneyweb's premium subscription is a membership service which will give you access to a number of tools to take charge of your investments.
Or choose a yearly subscription at R630pa - SAVE R126

Get instant access to all our tools and content. Monthly subscription can be suspended at any time.

Podcasts

SHOP NEWSLETTERS TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: