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  •  Old Mutual Multi-Managers Cautious Fund of Funds (A)

0.54  /  0.22%


NAV on 2019/07/18
NAV on 2019/07/17 247.51
52 week high on 2018/09/03 252.23
52 week low on 2019/01/02 235.19
Total Expense Ratio on 2019/03/31 1.83
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -0.21% 0.67%
3 month change -0.17% 0.71%
6 month change 4.03% 6.62%
1 year change 1.08% 5.48%
5 year change 2.11% 5.78%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Financials 5.01 1.12%
Fixed Interest 273.34 60.98%
General Equity 49.63 11.07%
Liquid Assets 7.74 1.73%
Managed 0.00 0.00%
Spec Equity 112.54 25.11%
  • Top five holdings
U-SISINTG 86.14 19.22%
U-SYMINC3 83.46 18.62%
U-SYMINC4 83.07 18.53%
U-SYMINC1 50.94 11.36%
U-SYMINC1 50.19 11.2%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Low Equity
Contact details




  • Fund management  
Taquanta Asset Managers
Coronation Fund Managers
Sanlam Investment Management
Old Mutual MacroSolutions

  • Fund manager's comment

Old Mutual MM Cautious FoF comment - May 17

2017/07/14 00:00:00
The local equity market was essentially flat in May, ending the 12 months at only 3.0% up. While this return is disappointing, without the inclusion of Naspers in the FTSE/JSE Shareholder Weighted All Share Index (SWIX), the index would be negative year-on-year. Naspers has been a phenomenal performer, not only this year, but for the past 10 years. It continues to dominate and improve on its competitive position and market share in all of its key content categories. The share price performance reflects the good fundamental performance, perhaps a little more so in the short term. The Consumer Price Index increased 5.3% year-on year in April, down from 6.1% in March, and has therefore moved within the South African Reserve Bank's (SARB) inflation target range (3.0% to 6.0%). Core consumer inflation, which excludes volatile food and fuel prices, decreased further to 4.8% - the lowest level since January 2013.
At the most recent Monetary Policy Committee (MPC) meeting, the South African Reserve Bank (SARB) kept interest rates steady at 7.0% as expected but the tone was less dovish than markets anticipated. In particular, the MPC highlighted risks from an uncertain global backdrop and domestic political developments, which appeared to dominate considerations of an increasingly benign inflation outlook. The MPC also trimmed their inflation forecast for 2017 to 5.7% (from 5.9%), while it expects inflation to average 5.3% in 2018 (down from 5.5%). They also trimmed our domestic growth rates a little, due to deteriorating business and consumer confidence, following the credit rating downgrades to 1.0% for 2017 and 1.5% next year.
Global equity markets continued to extend their gains in April, increasing by 17.5% in US dollars for the 12 months ending May but the strong rand (year-on-year) has tempered these to -1.7% in rand terms. Our bond market has performed well, and returned 13.4% for the 12 months ending May. Like equity, the local property market returned a disappointing 3.7% and cash returned a good 7.2% over the past 12 months.
  • Fund focus and objective  
This fund is a low volatility investment that aims to protect capital over the medium term while providing the potential for cash-beating returns over the long term. Although the majority of the fund will be invested in income-enhancing assets, it will have limited exposure to equities in order to achieve moderate capital and income growth.
This fund is suitable for cautious investors with a moderate risk profile, who are seeking a low-risk investment which targets capital protection over the medium term and the opportunity to grow their capital in real terms over the long term.
The objective is to achieve long term returns in excess of cash +2%, where cash return is measured by the STeFI composite index.
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