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-0.06  /  -0.06%


NAV on 2019/05/23
NAV on 2019/05/22 95.0099
52 week high on 2018/05/28 96.384
52 week low on 2018/10/25 89.5051
Total Expense Ratio on 2018/12/31 0.47
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change 0.81% 0.81%
3 month change 1.14% 3.22%
6 month change 1.82% 6.2%
1 year change -0.77% 8.05%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 0.00 0.00%
Gilts 44.81 99.56%
Liquid Assets 0.20 0.43%
  • Top five holdings
U-SBKIMM 0.00 0%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
ISIN code:
Short name:
South African--Interest Bearing--Variable Term
JSE ASSA All - Bond Non-TR Clean Price Index
Contact details




  • Fund management  
Patrick Mamathuba
Patrick joined STANLIB in 1999 holding various positions including bond trader, portfolio manager and chief investment officer. He holds a B. Com (UCT), a B. Com Honours (UNISA) and is a CFA charter holder. Patrick is the head of Alternative Investments at STANLIB.
Teboho Tsotetsi
Teboho joined STANLIB in 2007 as an analyst. He holds a Master’s degree in Quantitative Risk Management from North West University and is currently assistant fund manager responsible for passive and active quantitative funds.

  • Fund manager's comment

STANLIB ALBI (non-TR) Index Tracker Fund - Apr 18

2018/05/28 00:00:00
The review of the BESA All Bond Index (ALBI) in the last quarter saw no inclusions and exclusions from the index. The fund performed in line with the Index. The yield of the fund decreased from 9.12% at the end of December 2017 to 8.44% at the end of March 2018. The modified duration of the fund increased from 7.16 at the end of December 2017 to 7.60 at the end of March 2018.
The global recovery across China, Japan, Europe and the United States continued to support commodity prices and emerging market currencies in the first quarter of 2018. The Fed hiked rates by 25 basis points in their March meeting and there was growing tension in world trade between the US and China. Higher rates and potential for a trade war triggered volatility in global equity markets which posted a loss of 1.15% (MSCI World) over the quarter. In South Africa, Cyril Ramaphosa was sworn in as South Africa’s president and his State of the Nation address was favourably received. Over the quarter local property fell 19.61% (SAPY) and equities were down 5.97% (ALSI). Losses in equities were driven by poor performance of rand hedge stocks, and by a sell-off in Naspers, following the announcement it would be trimming its shareholding in Tencent Holdings. Property’s decline was due to losses in the Resilient stable. The local bond market rallied impressively to +8.06% (ALBI) over the quarter, signalling the pricing out of political risk with 10-year SA government bond yields falling sharply to their current levels of 8.04%. February’s budget offered significant fiscal consolidation with VAT being raised to 15%. National Treasury cut the size of its weekly bond auction by a third, and the SARB cut its benchmark repo rate by 25bps. The bond market momentum was further reinforced by Rating’s Agency Moody’s decision to keep the countries investment grade credit rating and improve the countries outlook to stable.
We expect continued rate increases in the US and escalating trade friction to add further anxiety to global equity markets over the short to medium term. While the changing political and economic environment is a positive for South Africa, uncertainty remains around the direction of the land restitution debate and the implications for agricultural investment and property rights.
  • Fund focus and objective  
The portfolio will invest in all bonds that are represented in the JSE ASSA All - Bond Non-TR Clean Price Index. The portfolio may hold cash investments as well as bonds. The portfolio will hold the constituent bonds of the JSE ASSA All -Bond Non-TR Clean Price Index in the correct weightings, as far as possible. The portfolio may differ from the index from time to time due to liquidity constraints of the underlying bonds.The portfolio may also hold listed derivatives from time to time, to effect efficient portfolio management.The portfolio will not invest in off-shore investments.For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the fund in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager. The Trustee shall ensure that the investment policy set out in this Supplemental Deed is carried out.
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