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0.06  /  0.06%

100.34

NAV on 2019/09/16
NAV on 2019/09/13 100.2797
52 week high on 2019/07/31 100.6682
52 week low on 2018/11/01 99.9074
Total Expense Ratio on 2019/06/30 0.52
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 0% 0.62%
3 month change 0.08% 2%
6 month change 0.05% 4%
1 year change 0.08% 8.02%
5 year change 0.09% 4.26%
10 year change 0.05% 2.11%
Price data is updated once a day.
  • Sectoral allocations
Gilts 2106.69 44.96%
Liquid Assets 53.74 1.15%
Money Market 2525.46 53.89%
  • Top five holdings
MM-22MONTH 560.17 11.95%
MM-11MONTH 514.13 10.97%
MM-10MONTH 499.12 10.65%
MM-08MONTH 288.62 6.16%
MM-03MONTH 162.02 3.46%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
2006/10/11
ISIN code:
ZAE000237871
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.


  • Fund manager's comment

STANLIB Enhanced Yield Fund - Mar 19

2019/05/30 00:00:00
Fund review
The STANLIB Enhanced Yield Fund grew by R190 million to R4.69 billion during the first quarter of 2019. The fund remains overweight in floating rate notes with a modified duration of 1.2 years. The fund’s returns remain attractive compared with money market returns due to high yield assets in the portfolio.
Market overview
The repo rate remained unchanged at 6.75% at the first two Monetary Policy Committee (MPC) meetings for 2019. This was based on weak economic growth and lower inflation. The forward rate agreements (FRAs), used to speculate on borrowing costs, are trading flat with a downward trend at the tail end of the curve. The annual rate of inflation increased from 4%y/y in January 2019 to 4.1%y/y in February 2019, which was in line with expectations. Encouragingly, core consumer inflation remained unchanged at 4.4% in February 2019 for the fourth consecutive month, highlighting that the underlying level of SA inflation remains very subdued despite recent rand and oil price volatility. Consumer inflation is expected to be contained at 4.7% in 2019. Growth forecasts were revised down for the next three years based on the global slowdown, declines in business confidence, power cuts and growing pressure on household disposable income. Growth is now expected to be 1.3% for 2019, down from 1.7% in January and 1.8% in 2020. At the end of the quarter, Moody’s decided not to update SA’s credit ratings. This means that the local and foreign currency debt rating remained unchanged at investment grade (Baa3) with a stable outlook. S&P and Fitch both have SA on a sub-investment grade credit rating for local and foreign currency debt with a stable outlook.
Looking ahead
We expect the SA Reserve Bank will leave interest rates unchanged for the remainder of 2019 following the dovish tone of the committee at the MPC meeting in March. Over the medium term, the bank will continue to closely monitor international interest rate developments, especially in the US, developments within the agricultural sector, given that food inflation is off a very low base, and the impact of NERSA’s latest electricity price increase. Moody’s may wait till after the elections on 8 May to update its assessment of the country’s credit rating as this will reduce uncertainty about the economic and political outlook. The next designated rating action is scheduled for 1 November 2019.
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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