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0.43  /  0.04%


NAV on 2019/07/18
NAV on 2019/07/17 1062.05
52 week high on 2018/09/10 1076.06
52 week low on 2019/01/07 985.73
Total Expense Ratio on 2019/03/31 2.08
Total Expense Ratio (performance fee) on 0
NAV Incl Dividends
1 month change -0.73% -0.73%
3 month change 1.72% 1.72%
6 month change 5.81% 7.16%
1 year change 6.63% 9.65%
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:
ISIN code:
Short name:
South African--Real Estate--General
75% FTSE/JSE All Property Index (J803T); 25% FTSE EPRA NAREIT Developed Index (Net TR)
Contact details


No website listed.


  • Fund management  
Wim Prinsloo

  • Fund manager's comment

True North IP Enhanced Property comment - Sep 18

2018/12/05 00:00:00
The North IP Enhanced Property (TNEP) returned -0.1% in September, outperforming the benchmark (-3.3%) and the JSE All Property Index (-2.6%) by a good margin. September was characterised by continued weak operating results from local property companies. Fairvest, one of our core holdings, ended the month up 7% and is one of only a few local operators able to maintain its dividend growth rate of 8% to 10% for the year ahead.
With the rand having depreciated sharply in July and August, we took profit on some of our offshore holdings early in September, reducing MAS Real Estate and Resolution Capital, whilst selling our entire stake in Simon Property Group (SPG). We first invested in SPG in May 2017 when its share price was punished due to extremely negative sentiment towards US Malls at the time. This proved a shrewd buy as we sold the share in mid September for exceptional total return of 42% in just over 15 months. Buy when there's blood on the streets.
  • 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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