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0.05  /  0.06%

86.49

NAV on 2019/07/22
NAV on 2019/07/19 86.4365
52 week high on 2018/10/31 86.6065
52 week low on 2019/02/01 86.0056
Total Expense Ratio on 2019/03/31 0.86
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change 0.06% 0.65%
3 month change 0.15% 2.08%
6 month change 0.13% 3.92%
1 year change 0.03% 7.8%
5 year change -0.15% 7.75%
10 year change -0.18% 7.07%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 374.58 3.45%
Gilts 7095.10 65.39%
Liquid Assets 138.98 1.28%
Money Market 3242.74 29.88%
  • Top five holdings
MM-10MONTH 579.52 5.34%
MM-08MONTH 404.50 3.73%
MM-03MONTH 402.47 3.71%
U-SBKIMM 374.58 3.45%
MM-09MONTH 321.38 2.96%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
1978/11/28
ISIN code:
ZAE000021572
Short name:
U-SLEINCR
Risk:
Unknown
Sector:
South African--Interest Bearing--Short Term
Benchmark:
STeFI Composite index
Contact details

Email
contact@stanlib.com

Website
http://www.stanlib.com

Telephone
011-448-6000

  • Fund management  
Mary Hartigan
Mary trained as a money market dealer at CM Interbank in 1989 before moving to Brait, Decillion and Grindrod Bank. She joined STANLIB’s institutional sales desk in 2008 before moving over to the dealing room as a
money market dealer and assistant portfolio manager.


  • Fund manager's comment

STANLIB Extra Income Fund - Mar 19

2019/05/31 00:00:00
Fund review
The fund grew by R153 million for the quarter under review and was R10.7 billion at the end of March 2019.The modified duration was slightly longer than at the end of December 2018 at 0.13 years. The fund’s returns remain attractive compared with money market funds.
Market overview
In the first quarter of 2019 there were a number of key risk events, starting with the Budget speech when the Finance Minister presented worsening fiscal projections. The budget showed debt to GDP figures exceeding 60% in the medium term along with R69 billion support needed for financially distressed Eskom over the next three years. The cash injection came at a much-needed time, as Eskom was allocated a lower tariff increase by NERSA than it applied for and the power utility was also reaching a point where it was unable to service its debt. This, with loadshedding, contributed to weaker business confidence. Credit rating agency Moody’s gave SA a rating reprieve by deciding not to issue a sovereign credit review on 29 March, but later issued a credit opinion affirming SA’s credit rating at Baa3 with a stable outlook. The credit opinion mostly highlighted positives, causing markets to rally, with the SA benchmark bond yield reaching a low of 8.42% for the quarter and the rand strengthening to R14.15/$ from a low of R14.60/$. The five-year credit default swap (CDS) spread consolidated to 185bps, down from 227bps at the beginning of Q1 2019, but still higher than the low of 140bps seen in 2018. Despite volatility, the bond market managed to produce a return of 3.76% during Q1 2019.
At its December meeting, the US Fed emphasised slowing global growth and benign inflation, which encouraged it to pause from hiking interest rates and announce an early end to its balance sheet reduction in Q3 2019. The Fed’s changed stance, along with other global central banks remaining accommodative, has rallied high-yield emerging markets. The US 10-year bond yield has since strengthened to 2.37% following a high of 2.75% earlier during the quarter. However this caused the US yield curve to invert, which raised concerns of a possible recession in future. In line with a benign global inflation outlook, inflation data in SA remained subdued, supporting the bond market.
Looking ahead
The market will be closely watching the national elections taking place on 8 May and the outcome may influence direction. The risk of an imminent sovereign downgrade may have subsided but it is not completely ruled out as Moody’s continues to monitor the turnaround in SA growth and fiscal metrics. Moreover, Moody’s rating review of the SA sovereign scheduled for November will consider the structural reforms undertaken at financially troubled state-owned companies such as Eskom. Inflation in SA is expected to remain stable inside the target band of 3-6% and the SARB is likely to keep rates on hold for the year.
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 EXTRA INCOME FUND will invest its assets in South African markets at all times and will be permitted to invest in a flexible mix of non-equity securities, including but not limited to money market instruments, bonds, fixed deposits, listed debentures and other high yielding securities, as well as any other securities which may be approved by the Registrar from time to time and which are consistent with the investment policy of the portfolio, to the maximum levels permitted by the Collective Investment Schemes Control Act, No. 45 of 2002, and the Regulations thereto, as amended from time to time. In respect of the flexible nature of this portfolio, the portfolio may thus be fully invested in any of the above-mentioned asset classes at any particular time, while complying with the maximum weighted average modified duration of 2 years of the portfolio.
The portfolio will be managed in compliance with the Prudential Investment Guidelines that are applicable to retirement funds from time to time.Nothing contained in this supplemental deed shall preclude the manager from varying the ratios of securities to best position the portfolio to achieve its objective in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange recognised in terms of the Act and from retaining cash or placing cash on deposit in terms of the deed and any supplemental deeds.The STANLIB EXTRA INCOME FUND may from time to time invest in financial instruments, in accordance with the provisions of the Collective Investment Schemes Control Act, No. 45 of 2002, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective.The STANLIB EXTRA INCOME FUND will be permitted to invest its assets in foreign investment markets.
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 portfolio 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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