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-1.1  /  -0.57%


NAV on 2019/05/10
NAV on 2019/05/09 194.3345
52 week high on 2018/08/30 205.2319
52 week low on 2019/01/28 188.1923
Total Expense Ratio on 2019/03/31 1.84
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -0.11% -0.11%
3 month change 1.89% 1.89%
6 month change -2.17% 0.61%
1 year change -2.44% 3.82%
5 year change -2.07% 2%
10 year change 1.19% 5.44%
Price data is updated once a day.
  • Sectoral allocations
Consumer Goods 6.09 2.37%
Derivatives 4.01 1.56%
Financials 6.86 2.68%
Fixed Interest 29.34 11.43%
General Equity 6.69 2.61%
Gilts 70.57 27.50%
Industrials 6.88 2.68%
Liquid Assets 5.75 2.24%
Other Sec 4.50 1.75%
Specialist Securities 5.45 2.12%
Technology 2.97 1.16%
Telecommunications 9.00 3.51%
Offshore 98.49 38.38%
  • Top five holdings
U-SBKIMM 29.34 11.43%
 HUGE 9.00 3.51%
SPDRSP500ETF 7.84 3.05%
 KAP 6.88 2.68%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
CPI plus 5%
Contact details




  • Fund management  
Marius Oberholzer
Before STANLIB, Marius was Managing Partner at Sarala Capital, responsible for strategic direction. Prior to this he worked at TT International (London & Hong Kong) where he managed the Asian Opportunities Long Short Equity Hedge Fund. He holds a BCom and MSc(Global Finance).

  • Fund manager's comment

STANLIB Inflation Plus 5% Fund - Sep 18

2019/01/03 00:00:00
Fund review
The dramatic change in the investment backdrop seen in the first quarter was confirmed in Q2. Locally, the Ramaphoria rally evaporated as S.A. economic and survey data disappointed, and global investor appetite for EM assets soured. At the same time, inflation bottomed a touch below 4% end-March, and is projected to rise back to the 5-6% range as VAT hikes coincide with a weaker Rand and stronger oil prices. The Reserve Bank, whilst on hold, is clearly nervous about further adverse currency moves and has a bias to hike if necessary to contain inflationary pressures.
Global developed equities held up fairly well in Q2, with MSCI World up 2% in US Dollars. This figure however masks a material rise in day-to-day equity volatility, and ignores sharp falls in Emerging Markets equities which ended down 8%. Flows out of Emerging assets (equities, bonds and FX) became significant from mid-April, coinciding with the broad rally in the US Dollar. If anything, outflows are accelerating as EM stress spread from Turkey and Argentina through Brazil, South Africa, Asia and Eastern Europe. EM central banks have responded by moving to tighten monetary policy, but it is unclear as yet whether this has arrested the outflows. Dollar strength gained impetus from rising global trade tensions and also a weakening Chinese Renminbi as the quarter drew to a close. So long as the Dollar continues to rally, expect Emerging stresses to intensify. The Federal Reserve continues to hike interest rates at a pace of 25 basis points per quarter in response to a US economy running at full-speed, and Chairman Powell made it clear that global (ex-US) financial stresses were far down his list of concerns.
Along with turmoil in Emerging assets, trade tensions preoccupied financial markets for most of Q2, with Trump making good on his promise to wage a trade war with both China and traditional Western allies alike. Although the impact of tariffs enacted so far is only a marginal drag on growth / push on inflation, the threats of much bigger salvos to come has caused business and investor sentiment to sour rapidly. Trump’s unpredictable nature has injected a geo-political risk premium into risk asset prices which will be hard to reverse.
Against this worrying backdrop, it is important to remember that global growth remains strong, economic fundamentals in Emerging Markets are sound, the real global risk-free rate is still negative and no indicators are suggesting a recession is imminent. In many ways the abnormally low volatility / high return environment of 2017 to January 2018 was anomalous, and a more realistic perception of risk is healthy over the medium-term. We recognise that much of what we are seeing at present is typical of late-cycle environments, and we reduced our risk appetite in Q2 to reflect this. We are watching closely to see whether the global Dollar liquidity drain intensifies or not, with great attention to be paid to the US Dollar, credit spreads and stress levels in the fragile Emerging areas such as Turkey and Brazil.
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 Inflation Plus 5% Fund is a specialist portfolio. In selecting securities for this portfolio, the manager shall seek to achieve an investment medium for investors which shall have as its main objective high growth of capital and income, a reasonable level of current income and relative stability for capital invested to obtain long term wealth accumulation through management of a portfolio of assets which comprise a mix of securities, non-equity securities and assets in liquid form.The portfolio will be managed in compliance with the Prudential Investment Guidelines that are applicable to retirement funds from time to time. The STANLIB Inflation Plus 5% Fund will from time to time be invested in equity securities to the maximum permitted by the Act, or will be invested in fixed interest based securities to the maximum level permitted by the Act, or any combination of the above. The manager may from time to time invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and the trustee and of sufficient standard to provide investor protection at least equal to that in South Africa. Nothing in this supplemental deed shall preclude the manager from varying the ratio of securities, to maximise capital growth and investment potential in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange and from retaining cash or placing cash on deposit in terms of the deed and any supplemental deeds thereto; provided that the manager shall ensure that the aggregate value of the assets comprising the portfolio shall consist of securities of the aggregate value required from time to time by the Act. 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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