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0.02  /  0.02%

100.39

NAV on 2019/11/20
NAV on 2019/11/19 100.3711
52 week high on 2019/07/31 100.6573
52 week low on 2019/02/01 99.919
Total Expense Ratio on 2019/09/30 0.63
Total Expense Ratio (performance fee) on 2019/09/30 0
NAV Incl Dividends
1 month change -0.01% 0.61%
3 month change -0.03% 1.84%
6 month change 0.01% 3.85%
1 year change 0.08% 7.88%
5 year change 0.06% 7.99%
10 year change -0.03% 7.03%
Price data is updated once a day.
  • Sectoral allocations
Gilts 1734.07 34.62%
Liquid Assets 104.78 2.09%
Money Market 3170.54 63.29%
  • Top five holdings
MM-08MONTH 864.11 17.25%
MM-16MONTH 560.99 11.2%
MM-04MONTH 560.43 11.19%
MM-05MONTH 345.16 6.89%
MM-15MONTH 201.43 4.02%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
2006/10/11
ISIN code:
ZAE000082129
Short name:
U-SLBCASH
Risk:
Unknown
Sector:
South African--Interest Bearing--Short Term
Benchmark:
STeFI Composite index, comprising the following indices: Call Deposit index, 3-month NCD index, 6-month NCD index, 12-month NCD index
Contact details

Email
contact@stanlib.com

Website
http://www.stanlib.com

Telephone
011-448-6000

  • Fund management  
Ansie van Rensburg
Ansie served her articles with Theron van der Poel. She later joined Volkskas Merchant Bank as a management trainee and later as a money market trader. She was involved in the founding of CM Interbank, a money broking operation during 1987. Later appointed as an alternate director in charge of the funding operation of the NDH Bank Ltd when CMI was sold to NDH Bank Ltd. She joined SCMB Asset Management in 1991 and is a member of the investment strategy team, more specifically responsible for the investment of funds in the fixed-interest and money markets. She is currently the deputy head of fixed-interest and head of the cash management franchise at STANLIB Asset Management.
Eulali Gouws


  • Fund manager's comment

STANLIB Enhanced Yield Fund - Sep 19

2019/10/28 00:00:00
Fund review
The fund remained overweight in floating rate notes for the quarter, with a duration of one year and modified duration of 43 days. The fund increased in size during the quarter to R5.01 billion from R4.59 billion previously.
Market overview
For the quarter under review, the South African Reserve Bank’s (SARB) MPC committee left the repo rate unchanged at 6.50%. The votes to keep the repo rate unchanged were unanimous. Inflation has remained around the mid-point of the inflation target, printing 4.3% year-on-year in August. Inflation expectations have moderated. However, the downside risks to growth remain and, in most sectors, are a serious concern. Growth in world trade volumes continues to decline due to trade wars between the US and China. There are risks of oil price shocks which will filter through to the fuel price in SA.
The reasons detailed for keeping the repo rate unchanged were rand depreciation of 4.6% to the US dollar and a persistently uncertain environment. The SARB governor highlighted that the current challenges facing the SA economy are mostly structural and cannot be resolved by monetary policy alone. Structural reforms that raise growth and lower the cost structure of the economy remain urgent.
Looking ahead
The SARB adopted a wait-and-see stance as there are still concerns about Eskom’s restructuring, the Medium-Term Budget Statement (MTBS) which has been delayed by a week and Moody’s impending credit rating decision on SA, scheduled for 1 November. Depending on the Eskom restructuring model announced, a constructive MTBS and no downgrade from Moody’s, a further interest rate cut of 25 basis points is a possibility at the next MPC committee meeting, which is from 19 to 21 November.
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  
The investment objective of the portfolio is to maximise the current level of income within the restrictions set out in the investment policy, while providing maximum stability of capital.
The portfolio will aim to achieve performance returns in excess of money market yields and current account yields. The portfolio will invest its assets in South African markets at all times and will be permitted to invest in a flexible mix of non-equity securities, including but not limited to money market instruments, bonds, fixed deposits, listed debentures, preference shares and other high yielding securities. In respect of the flexible nature of this portfolio, the portfolio may thus be fully invested in any of the abovementioned asset classes at any particular time, while complying with the stated duration and tenor limitations. The maximum average weighted duration of the portfolio is 180 days and the maximum tenor for any one instrument is 36 months. The portfolio may from time to time invest in financial instruments. The portfolio will not be permitted to invest its assets in foreign investment markets.
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