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100

NAV on 2019/09/16
NAV on 2019/09/13 100
52 week high on 2018/09/18 100
52 week low on 2018/09/18 100
Total Expense Ratio on 2019/06/30 0.57
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 0% 0.61%
3 month change 0% 1.88%
6 month change 0% 3.8%
1 year change 0% 7.6%
5 year change 0% 7.34%
10 year change 0% 6.54%
Price data is updated once a day.
  • Sectoral allocations
Gilts 2558.00 10.20%
Liquid Assets -153.75 -0.61%
Money Market 22665.02 90.41%
  • Top five holdings
MM-01MONTH 5653.31 22.55%
MM-04MONTH 3205.57 12.79%
MM-08MONTH 2529.58 10.09%
MM-03MONTH 2222.76 8.87%
MM-02MONTH 2025.75 8.08%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
1997/05/02
ISIN code:
ZAE000021663
Short name:
U-SBKMM
Risk:
Unknown
Sector:
South African--Interest Bearing--Money Market
Benchmark:
STeFi Composite index
Contact details

Email
contact@stanlib.com

Website
http://www.stanlib.com

Telephone
011-448-6000

  • Fund management  
Ansie van Rensburg
Ansie served her articles with Theron van der Poel. She later joined Volkskas Merchant Bank as a management trainee and later as a money market trader. She was involved in the founding of CM Interbank, a money broking operation during 1987. Later appointed as an alternate director in charge of the funding operation of the NDH Bank Ltd when CMI was sold to NDH Bank Ltd. She joined SCMB Asset Management in 1991 and is a member of the investment strategy team, more specifically responsible for the investment of funds in the fixed-interest and money markets. She is currently the deputy head of fixed-interest and head of the cash management franchise at STANLIB Asset 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 Money Market Fund - Jun 19

2019/08/28 00:00:00
Fund review
During the quarter, the fund remained overweight Floating rate notes, linked to 3 month JIBAR, with the fund’s weighted average duration sitting at 41 days as at the end of this quarter. The fund size remained stable throughout the second quarter of 2019, closing off at R25 billion.
Market overview
During the quarter under review, we saw money market rates falling across the different tenors, with the largest declines in the 9 to 12 months areas. This was mostly driven by the volatility in the rand, as it adjusted to both local and international developments.The money market curve also continued to flatten, with 1 month JIBAR and 3 month JIBAR rates dropping by 7bps and 13bps respectively. The T-bill rates moved lower with the 3 months and 12 months rates closing off the quarter at 7.23% and 7.56% respectively. The Repo rate was left unchanged at 6.75% at the May MPC meeting, and has been at these since the first meeting of 2019. This at the back of the inflation rate that remains well contained within the inflation target band, however printing slightly higher at 4.5% in May 2019 from 4.4% in April 2019.
South Africa experienced a GDP contraction of 3.2% in the first quarter of 2019, this being the biggest contraction since the financial crisis. This decline was broad based, with the main contributing sectors coming from the manufacturing, mining and agricultural sectors. The 2019 growth forecast has since been revised lower from 1.1% to 1.3%, as South Africa’s economy is expected to remain weak for some time
Looking ahead
Although South Africa’s inflation rate remains well contained within the inflation target band, it is expected to drift higher over the coming months. Given the recent declines in petrol price, subdued core inflation and weak domestic growth, the SARB”s statements have since changed to a dovish tone. The SARB’S recent stance, have also been influenced by recent interest rates developments from the international markets, mainly from the US and the ECB. The dovish statements from these markets, has resulted in local money market rates moving lower, with the FRA’s now fully pricing in a 25 bps rate cut at the July MPC meeting. Overall, South Africa’s finances remain under pressure. SA’s government debt is expected to accelerate further reaching around 60.2% by 2023, while the tax revenue shortfall has been revised higher to R49 billion for the year 2019. The issues around state owned entities particularly Eskom, continue to weigh heavily on the economy, as the government tries to find ways to provide financial support. The next MPC meeting announcement will take place on the 18 July 2019.
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 Money Market Fund's primary performance objective is to obtain as high a level of current income as is consistent with capital preservation and liquidity. Capital gains will be of an incidental nature. This portfolio may not have any direct and/or indirect foreign exposure. A well diversified portfolio of money market instruments as defined in the Act.
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