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-0.12  /  -0.03%


NAV on 2021/04/12
NAV on 2021/04/09 363.337
52 week high on 2020/08/07 408.8141
52 week low on 2020/12/28 356.1669
Total Expense Ratio on 2020/12/31 1.44
Total Expense Ratio (performance fee) on 2020/12/31 0
Incl Dividends
1 month change -1.15% -1.15%
3 month change -4.19% -4.19%
6 month change -7.07% -7.07%
1 year change -2.84% -2.84%
5 year change 5.64% 5.64%
10 year change 10.92% 10.92%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Fixed Interest 9.24 0.91%
Liquid Assets 26.63 2.63%
Offshore 978.22 96.46%
  • Top five holdings
O-SBMABAL 978.22 96.46%
U-SBKIMM 9.24 0.91%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) (Pty) Limited
Formation date:
ISIN code:
Short name:
Global--Multi Asset--Low Equity
30% MSCI World index, 30% Barclays Global Aggregate Bond index, 7% EPRA NAREIT Global Real Estate index, 30% IMF Special Drawing Rights index and 3% STeFI Call Deposit Rate index



  • Fund management  
Paul Hansen
After completing his articles at Alex Aitken and Carter he joined UAL Merchant Bank in 1979, initially assisting as a portfolio manager and later working as an investment analyst. After completion of a full time MBA he relocated to the USA where he spent nine years as a stockbroker/financial consultant, mostly with Shearson Lehman Bros. He returned to South Africa in 1992 and joined Old Mutual Invesments with involvement in portfolio management and client report backs. He joined SCMB Asset Management division in 1995, after a stint in portfolio management at RMB Asset Management. Paul Hansen is responsible for managing the onshore portion and Fidelity Investment Managers the offshore portion.
STANLIB Asset Management
-The fund is managed by Richard Middleton.-It is managed similarly to the Stanlib Growth Fund which Richard has been the portfolio manager of since the last quarter of 2002.-The fund has a growth style and philosophy. He invests in companies that are growing their earnings faster than the market over the following 2 years. Valuation plays a key, but companies first have to demonstrate a strong earnings profile before being considered. -Earnings, valuation and company management are key inputs into the process.-He is not benchmark aware and weightings in companies are fairly evenly spread across the portfolio.-The manager has a very active style and trades to reduce opportunity costs in the fund.

  • Fund manager's comment

STANLIB Global Balanced Cautious FF - Dec 19

2020/03/02 00:00:00
Fund review
The STANLIB Global Balanced Cautious Feeder Fund returned +7.6% over the quarter compared with +7.9% from the composite benchmark The portfolio marginally underperformed the composite benchmark. Asset allocation had a negative impact overall. This was mainly due to the overweight exposure to cash. Selection effects added value. A positive contribution from the fixed-income portfolio more than offset negative contributions from the other portfolios.
Market overview
The MSCI ACWI returned 0.1% in dollar terms, with a stronger dollar eroding returns from overseas assets. The Bloomberg Barclays Global Aggregate bond index returned 0.7%, driven by falling core bond yields; credit spreads were little changed. Bonds and equities were both aided by the expectation that key central banks would ease their monetary policy, as indeed transpired. The Federal Reserve cut US rates in July and September; the ECB made one rate cut and also announced that it would resume its bond purchase programme, among other stimulus measures. Core bonds benefited from the economic uncertainty, and the Treasury yield curve inverted at the 2- and 10-year points – often seen as a recession signal. In dollar terms, Japan was the best performer among the major equity regions, thanks to a rally in September as US-China relations improved and the yen weakened. The US and UK also outperformed. Europe ex UK fell, though this was due to currency moves. Asian and emerging markets were the worst performers as investors preferred safer havens: the strong dollar was another headwind here.
Looking ahead
The cycle is clearly mature but we do not believe the end is imminent. Rather, it is being extended and redefined by a combination of structural factors leading to low interest rates, low inflation and ongoing moderate growth. Our central case is that US growth should moderate over 2019 as the impact of fiscal stimulus rolls off. Inflation should remain under control and valuations continue to be fair, leaving a generally benign environment for investors. In recent months we have become somewhat less constructive on the outlook for equities, given ongoing trade tensions, increasingly patchy economic data, falling earnings expectations, and our forecast of fewer rate cuts in the US and Europe than are currently priced in. Within fixed income, we have become more positive on corporate bonds: slow but positive global economic growth, gentle inflation and dovish central-bank policy tends to be a sweet spot for credit investing. Compared to European peers, leverage among US companies is a concern, but we believe there are opportunities within specific industries and regions. The energy, telecoms, and food & beverage industries have previously raised leverage, but a number of companies in these areas are now reducing debt.
  • Fund focus and objective  
The STANLIB Global Balanced Cautious Feeder Fund shall be a general equity feeder fund
portfolio. STANLIB Global Balanced Cautious Feeder Fund is a feeder fund seeking to achieve an
investment medium for investors, which shall have as its main objective, to maximise long term
total return.
Apart from assets in liquid form, it will consist solely of participatory interests in a single portfolio of
a collective investment scheme operated in territories with a regulatory environment which is to the
satisfaction of the manager and trustee of a sufficient standard to provide investor protection at
least equivalent to that in South Africa, namely the STANLIB Global Balanced Cautious Fund,
under the STANLIB Funds Limited Scheme domiciled in Jersey.

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