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0.89  /  0.54%


NAV on 2021/09/17
NAV on 2021/09/16 164.8149
52 week high on 2020/09/25 192.4918
52 week low on 2021/06/07 153.7163
Total Expense Ratio on 2021/06/30 0.76
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -1.62% -1.62%
3 month change 3.35% 3.35%
6 month change -2.19% -2.19%
1 year change -10.19% -10.19%
5 year change 0.86% 0.86%
10 year change 6.29% 6.29%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Liquid Assets 13.45 3.05%
Offshore 428.06 96.95%
  • Top five holdings
FID-USDOLLAR 315.69 71.5%
FID-USFUNDIST 112.37 25.45%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) (Pty) Limited
Formation date:
ISIN code:
Short name:
Regional--Interest Bearing--Short Term
90% 3-month US Dollar Libor; 10% STeFI Composite index



  • 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 - Dec 19

2020/03/03 00:00:00
Fund review
The fund returned 7.51% in rand terms for Q3 2019 compared with the benchmark return of 7.57%. The fund’s market value increased to R352 million during the quarter, up from R299 million at the end of June 2019. The rand weakened during the quarter to end at R15.17/$ (R14.08/$ at the end of June 2019). This was a key contributor to the positive return of the fund. 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
US macroeconomic indicators were mixed. US GDP was 2% in the second quarter, unchanged from preliminary estimates and lower than the 3.1% expansion reported in the first quarter. Investor sentiment also took a hit after the US manufacturing gauge contracted for the first time in three years. The Institute for Supply Management’s (ISM) Purchasing Managers’ Index fell to 49.1 in August. The group’s gauge of new orders dropped to a more than seven-year low, while the production index hit the lowest level since late 2015. Consequently, the US Federal Reserve (Fed) cut interest rates twice during the quarter by 0.25 percentage points each time. Government bond yields slumped to record lows amid renewed fears over a trade war and as the Fed adopted an accommodative monetary policy stance. Meanwhile, the University of Michigan’s consumer sentiment index gained slightly towards the end of the quarter to 93.2, driven by favourable income trends. This was after it fell from 98.4 to 89.8 between July and August, marking the largest monthly decline since 2012, as US trade tariff policies, which are subject to repeated reversals and an ongoing overhang of higher future tariffs, dented consumer sentiment.
Looking ahead
The fund continues to focus on high-quality issuers, with about 45% invested in entities rated Aa3 or higher. The fund’s weighted average maturity was decreased to 40 days from 49 days previously. The fund continues to invest mainly in commercial paper and certificates of deposit with investment companies and banks.
  • 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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