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0.02  /  0.02%

100.43

NAV on 2019/05/22
NAV on 2019/05/21 100.4121
52 week high on 2019/04/30 100.6094
52 week low on 2018/08/01 99.9043
Total Expense Ratio on 2019/03/31 0.52
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change 0.06% 0.75%
3 month change 0.05% 1.96%
6 month change 0.07% 3.94%
1 year change 0.05% 7.98%
5 year change 0.11% 3.75%
10 year change 0.06% 1.86%
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 - Sep 18

2019/01/03 00:00:00
Fund review
The Stanlib Enhanced Yield Fund size grew from R 4.203bn in the second quarter of 2018, to R 4.273bn in the third quarter of 2018. As at the end of the quarter, money market rates closed off higher due to a weaker Rand. 12months NCD rates moved from 8.025% to its highs of 8.40%, with the latter levels last seen in 2015. 12months Jibar linked notes traded around 90bps over 3 month Jibar. The 3 month Jibar rate moved higher, from 6.958% to close off the quarter at 7.008%, taking direction from the movements in the NCD rates. Although our fund attribution remained overweight Jibar linkers, we managed to realize added value from the NCD purchases done in the long-end of the curve
Market overview
The market remained volatile during the quarter under review, as markets experienced large cash out flows due to recent developments in EM markets. The local currency depreciated to its highs of R15.53/$ aided by heighted global risk aversion towards EM markets. However, the local currency retreated towards the end of the quarter to close off at R14.12/$ as the USD weakened due to uncertainties around the trade tariffs agreements. The outcome of the quarter two GDP number that was released in the month of September, saw South Africa experiencing its first technical recession since the financial crisis in 2009. This resulted in the 2018 GDP number being revised lower from 1.2% to 0.7% as the economy is expected to remain under pressure. The 2018 inflation is expected to average 4.8%, as consumers are struggling to keep up with recent fuel hikes and VAT increases. Overall, the SARB remains concerned about keeping the inflation rate at the midpoint of the target range.
Looking ahead
While SARB left the repo rate unchanged at 6.50% at the September meeting, the votes were a close call with 3 of the members voting for a rate hike, while 4 members kept their view on hold. The monetary decisions that are to follow, will be closely monitored, more so as inflation is expected to edge closer to the upper end of the target band in 2019. The FRA’s are pricing in only an 11% probability of a 25bps hike at the November meeting, however with up to 50bps hike priced in, in a year’s time. October will be an important month as the Minister of Finance will deliver the MTBPS, while rating agency Moody’s is also expected to give their review on SA’s rating in the same month. 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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