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100

NAV on 2019/07/23
NAV on 2019/07/22 100
52 week high on 2018/07/25 100
52 week low on 2018/07/25 100
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% 1.87%
6 month change 0% 3.76%
1 year change 0% 7.57%
5 year change 0% 7.28%
10 year change 0% 6.55%
Price data is updated once a day.
  • Sectoral allocations
Gilts 303.14 1.23%
Liquid Assets 194.85 0.79%
Money Market 24176.19 97.98%
  • 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 - Mar 19

2019/05/31 00:00:00
Fund review
The STANLIB Money Market Fund remained stable during the first quarter of 2019 at R24 billion. The fund remains overweight in floating rate notes with a weighted average duration of 34 days at the end of the quarter.
Market overview
The repo rate remained unchanged at 6.75% at the first two SARB Monetary Policy Committee meetings of 2019. This was based on weak economic growth and lower inflation. The forward rate agreements (FRAs), used to speculate on borrowing costs, are trading flat with a downward trend at the tail end of the curve. The annual rate of inflation increased from 4%y/y in January 2019 to 4.1%y/y in February 2019, which was in line with expectations. Encouragingly, core consumer inflation remained unchanged at 4.4% in February 2019 for the fourth consecutive month, highlighting that the underlying level of SA inflation remains very subdued despite recent rand and oil price volatility. Consumer inflation is expected to be contained at 4.7% in 2019. Growth forecasts were revised down for the next three years based on the global slowdown, declines in business confidence, power cuts and growing pressure on household disposable income. Growth is now expected to be 1.3% for 2019, down from 1.7% in January and 1.8% in 2020. At the end of the quarter, Moody’s decided not to update SA’s credit ratings. This means that the local and foreign currency debt rating remained unchanged at investment grade Baa3, with a stable outlook. S&P and Fitch both rank SA as sub-investment grade for local and foreign currency debt, with a stable outlook. Looking ahead
We expect SARB will leave interest rates unchanged for the remainder of 2019 following the dovish tone of the committee at the MPC meeting in March. Over the medium term, the bank will continue to closely monitor international interest rate developments, especially in the US, developments within the agricultural sector, given that food inflation is off a very low base, and the impact of NERSA’s latest electricity price increase. Moody’s may wait until after the elections on 8 May to update its assessment of the country’s credit rating, as this will resolve some uncertainty about the economic and political outlook. The next designated rating action is scheduled for 1 November 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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