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-0.1  /  -0.01%

1041.91

NAV on 2019/09/13
NAV on 2019/09/12 1042.01
52 week high on 2019/06/10 1074.14
52 week low on 2019/01/07 985.73
Total Expense Ratio on 2019/06/30 2.09
Total Expense Ratio (performance fee) on 0
NAV Incl Dividends
1 month change -1.21% -1.21%
3 month change -2.93% -2.93%
6 month change -1.64% -0.39%
1 year change -2.04% 0.73%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Financials 57.58 57.90%
Fixed Interest 10.47 10.52%
Liquid Assets 0.70 0.70%
Spec Equity 8.47 8.52%
Offshore 22.22 22.35%
  • Top five holdings
U-NEDFLXI 10.47 10.52%
U-NEDGPRO 8.47 8.52%
 SIRIUS 7.21 7.25%
 STOR-AGE 6.96 6.99%
 EQUITES 5.88 5.92%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
2014/11/03
ISIN code:
ZAE000195855
Short name:
U-TRUNPRO
Risk:
Unknown
Sector:
South African--Real Estate--General
Benchmark:
75% FTSE/JSE All Property Index (J803T); 25% FTSE EPRA NAREIT Developed Index (Net TR)
Contact details

Email
clientservices@ipmc.co.za

Website
No website listed.

Telephone
021-673-1340

  • Fund management  
Wim Prinsloo


  • Fund manager's comment

True North IP Enhanced Property comment - Jun 19

2019/08/23 00:00:00
True North IP Enhanced Property (TNEP) returned 0.9% in June - taking its total return for the first half of 2019 to a solid +8.1%. The fund's total return for the half year is ahead of the benchmark (+5.4%) and the JSE All Property Index (+2.8%). Furthermore, the fund has outperformed its benchmark by a significant 7.6% over the past 12 months (8.2% vs 0.6%).
Most of the fund's top contributors in 1H19 were offshore-based companies. Suffice to say that this is not surprising - the offshore property markets (barring the Retail sector) continue to grow at a solid rate, whilst local property fundamentals continue to deteriorate along with the economy.
If the US Fed proceeds to cut interest rates, it is possible that the SA listed property sector (along with other emerging market assets) could be in for a short term rebound in the second half of the year. Nonetheless, we think that this will be short-lived and we do not yet see a sustained rally from the SA listed property sector.
Our playbook calls for selective 'niche' exposure in SA, coupled with the identification of high-return offshore opportunities.
  • Fund focus and objective  
The TRUE NORTH IP ENHANCED PROPERTY FUND is a moderate to high risk, flexible property fund. The objective of this portfolio is to achieve capital appreciation over the medium to long term.
Investments to be included in the TRUE NORTH IP ENHANCED PROPERTY FUND will, apart from assets in liquid form, consist of securities and financial instruments across the listed property markets. The portfolio will typically be highly exposed to the larger capitalized property stocks with exposure to smaller property companies that offer better growth opportunities over the longer term.
The portfolio may also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes in the Republic of South Africa. Where the aforementioned schemes are operating in territories other than South Africa, participatory interests or any other form of participation in these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and the trustee as being of a sufficient standard to provide investor protection at least equivalent to that in South Africa and which is consistent with the portfolio's primary objective.
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