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1.75  /  1.06%


NAV on 2019/09/16
NAV on 2019/09/13 162.8632
52 week high on 2019/08/12 172.0331
52 week low on 2019/01/31 147.8143
Total Expense Ratio on 2019/06/30 1.73
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change -3.25% -3.25%
3 month change -0.68% -0.68%
6 month change 2.75% 2.75%
1 year change -0.1% -0.1%
5 year change 5.09% 5.09%
10 year change 6.48% 6.48%
Price data is updated once a day.
  • Sectoral allocations
Liquid Assets 3.66 1.22%
Offshore 296.00 98.78%
  • Top five holdings
FID-USDOLLAR 222.53 74.26%
FID-USFUNDIST 73.48 24.52%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
ISIN code:
Short name:
Regional--Interest Bearing--Short Term
90% 3-month US Dollar Libor; 10% STeFI Composite index
Contact details




  • Fund management  
Henk Viljoen
Henk started his career in 1984 as a bursary student at the marketing division of Telkom, moving to the treasury division after one year. Henk became an economist at Senbank in 1986, before rejoining the treasury environment in 1989 at Senbank. Henk joined Liberty Asset Management in 1990 and assumed responsibility for STANLIB's cash and fixed-interest teams in 2000. Henk is regarded as one of the best fixed-interest managers in the country due to his consistent performance in respect of STANLIB's Bond and Income Funds.
Eulali Gouws

  • Fund manager's comment

STANLIB USD Currency Fund of Funds - Jun 19

2019/08/26 00:00:00
Fund review
The fund returned 0.76% in rands for the first quarter of 2019 compared to the benchmark return of 0.9%. The fund’s market value increased from R283 million at the end of 2018 to R323 million at the end of March 2019. The rand ended the quarter weaker, at R14.50/$, after trading at R14.38/$ at the end of 2018. The rand remains volatile due to economic uncertainty and a low growth environment in SA.
The fund aims to maintain capital value and liquidity while producing a return for investors in line with money market rates.
Market overview
Macroeconomic indicators were largely mixed in the US. The second estimate of fourth-quarter GDP came in at 2.2%, well below the previous estimate of 2.6%. This was mainly because personal consumption expenditure and non-residential fixed investment rose less than expected, as well as due to a decline in public spending.
Nonetheless, full-year GDP growth of 2.2% is one of the highest on record since 2015. Consumer sentiment jumped after declining for two consecutive months, bolstered by rising household income and lower inflation expectations, which indicates higher real income. The unemployment rate fell in February to 3.8% from 4.0%, while the participation rate stood at 63.2%. The ISM manufacturing Purchasing Managers’ Index (PMI) beat market expectations in March and recovered from the two-year low seen in February. Faster growth in new orders, production and employment offset a slowdown in inventories and a backlog in orders. Housing starts and building permits declined. Nonetheless, housing affordability is improving and will drive demand, although it may remain somewhat volatile.
On the policy front, the US Federal Reserve’s Open Market Committee (FOMC) unanimously voted to maintain its target range for the federal funds rate at 2.25–2.50% and no longer expects to raise interest rates this year.
Looking ahead
The fund continues to focus on high quality issuers, with about 37% invested in entities rated Aa3 or higher. The fund’s weighted average maturity was increased to 35 days from 17 days previously. The fund continues to invest mainly in commercial paper and certificates of deposit with investment companies and banks.
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 STANLIB USD Currency Fund of Funds' main objective is long-term growth of capital and income. Investments will, apart on assets in liquid form, consist solely of participatory interests of collective investment schemes, which invest, principally in US dollar-denominated fixed-interest portfolios. Initially, these foreign collective investment schemes will include: Fidelity Funds SICAV, Fidelity Funds SICAV II, Fidelity Investments Funds OEIC and Fidelity's UK Authorised Unit Trusts. This portfolio may have a maximum of 100% direct and/or indirect foreign exposure.
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