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100

NAV on 2019/03/19
NAV on 2019/03/18 100
52 week high on 2018/03/21 100
52 week low on 2018/03/21 100
Total Expense Ratio on 2018/12/31 0.58
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change 0% 0.56%
3 month change 0% 1.79%
6 month change 0% 3.6%
1 year change 0% 7.35%
5 year change 0% 7.02%
10 year change 0% 6.53%
Price data is updated once a day.
  • Sectoral allocations
Gilts 166.68 1.59%
Liquid Assets 168.42 1.61%
Money Market 10132.36 96.80%
  • Top five holdings
MM-03MONTH 1842.59 17.6%
MM-02MONTH 1777.49 16.98%
MM-01MONTH 1602.53 15.31%
MM-06MONTH 944.81 9.03%
MM-04MONTH 798.97 7.63%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
1997/05/01
ISIN code:
ZAE000021366
Short name:
U-SNMM
Risk:
Unknown
Sector:
South African--Interest Bearing--Money Market
Benchmark:
STeFI composite index
Contact details

Email
No email address listed.

Website
No website listed.

Telephone
021-947-9111

  • Fund management  
Chris Hamman
Donovan van den Heever
Johan Verwey


  • Fund manager's comment

SIM Money Market comment - Mar 16

2016/06/03 00:00:00
Market review The Monetary Policy Committee (MPC) of the South African Reserve Bank increased the repo rate twice during the past quarter. On 28 January the repo rate was increased from 6.25% to 6.75% and on 17 March with another 25 bps to 7%. The combined impact of the drought and weak currency on inflation was cited as the main contributing factors. The next meeting will be on 19 May 2016, with another increase a possibility.
The local currency, as measured against the US dollar (USDZAR) recovered somewhat during the quarter from 15.487 at the end of December 2015 to 14.692 at the end of March 2016. The favourable budget Mr Pravin Gordhan presented in February, as well as the more benign international economic conditions, supported the rand.
Inflation increased from 4.8% to 7.0% during the quarter, well outside of the target range of the SARB of 3% to 6%. Outlook for inflation going forward is weak, especially due to the fluctuating rand and the anticipated impact of the drought on especially food prices, vindicating the past increases of the repo rate.
The money market yield curve flattened after the two rate hikes of 75 bps in total. The short end increased by 74 bps to 6.77%, but the 12-month JIBAR increased with only 16 bps to 8.59%.The market is pricing in more increases, but that will be data dependent, especially from the international markets.
What SIM did All maturities were invested across the money market yield curve, keeping the duration of the portfolio close to the maximum of 90 days. Quality corporate credit, which traded above the 3-month JIBAR rates, was added to the portfolio. During the quarter, we preferred a combination of floating rate notes (FRN’s) in the portfolio, together with some fixed rate negotiable certificates of deposit (NCDs). The combination of corporate credit, negotiable certificates of deposit and floating rate notes will enhance portfolio returns.
SIM strategy Our preferred investments would be a combination of fixed rate notes, floating rate notes and quality corporate credit to enhance returns in the portfolio. The money market yield curve is still steep and we will continue to make use of the curvature by maximising term and duration in the portfolio.
  • Fund focus and objective  
The fund seeks to maximise interest income, preserve the fund's capital and provide immediate liquidity.
The fund is suited for investors requiring competitive interest with regular income distribution and total capital stability.
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