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NAV on 2021/09/17
NAV on 2021/09/16 100
52 week high on 2020/09/22 100
52 week low on 2020/09/22 100
Total Expense Ratio on 2021/06/30 1.13
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change 0% 0.25%
3 month change 0% 0.73%
6 month change 0% 1.44%
1 year change 0% 2.6%
5 year change 0% 5.35%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Fixed Interest 53.61 2.98%
Liquid Assets 33.43 1.86%
Money Market 1712.54 95.16%
  • Top five holdings
MONEYMARK 1712.54 95.16%
U-NEDMMR 53.57 2.98%
U-ABSAMM 0.04 0%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Income
75% of the STEFI Composite Index

No website listed.


  • Fund management  
Southchester Investment Managers (Pty) Ltd.

  • Fund manager's comment

Southchester IP Optimum Inc comment - Mar 17

2017/06/26 00:00:00
The first quarter of 2017 was characterised by a gradual improvement in South Africa’s economic outlook, undone by the cabinet reshuffle on 30 March and the subsequent downgrade by S&P Global Ratings. Prior to this, South Africa’s short-term economic indicators were improving.
The current account deficit narrowed from 6.2% of GDP in 2014 to an acceptable 1.7% of GDP, inflation appeared to have peaked at 6.8% in December, and the rand strengthened by about 20% against developed market currencies. The prices of local fixed income assets reflected the sentiment that times were getting better. The yield on the 10-year South African government bond rallied 140 basis points from its December 2015 high and the JSE All Bond Index (ALBI) returned more than 50% in dollar terms from its low in January 2016.
In the one week following the cabinet reshuffle, the 10-year South African government bond reversed all its quarterly gains and the ALBI lost 10% in dollars.
The government’s decision to remove Pravin Gordhan and other ministers has materially increased South Africa’s risks. At time of writing, it is too soon to predict the final outcome of these actions, but a reasonable conclusion is that the range of fu ture scenarios has decreased. Two different and binary scenarios now seem more likely than the middle ground.
It is worth noting that, irrespective of short-term developments, long-term fixed income performance is related to South Africa’s economic prospects, in turn dependent on structural challenges such as capital investment, policy certainty and education.
  • Fund focus and objective  
The SOUTHCHESTER IP OPTIMUM INCOME FUND shall be an Income Fund although there may be a capital appreciation element to the portfolio from time to time depending on market conditions.
To achieve this objective, the portfolio will, apart from assets in liquid form, invest in equity and non-equity security securities including but not limited debentures, bonds, notes (vanilla, credit linked and equity linked), preference shares, convertible notes, bonds, debentures and equities, derivatives for hedging purposes and any other securities which are considered consistent with the portfolio's objectives and which are permissible in terms of the Act.
The manager may from time to time invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time, and which are consistent with the portfolio's investment policy. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa.
The Manager may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective.

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