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-2.13  /  -0.19%

1136.75

NAV on 2019/11/11
NAV on 2019/11/08 1138.88
52 week high on 2019/11/06 1141.58
52 week low on 2019/01/04 1009.1
Total Expense Ratio on 2019/09/30 1.87
Total Expense Ratio (performance fee) on 0
NAV Incl Dividends
1 month change 1.88% 1.88%
3 month change 1.62% 1.62%
6 month change 3.22% 3.22%
1 year change 7.91% 9.67%
5 year change 0.58% 1.38%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 6.18 8.57%
Consumer Goods 6.56 9.09%
Consumer Services 4.48 6.21%
Financials 16.69 23.14%
Fixed Interest 7.78 10.78%
Liquid Assets 0.34 0.47%
Technology 11.50 15.94%
Offshore 18.62 25.81%
  • Top five holdings
U-NEDFLXI 7.78 10.78%
 AB INBEV 4.00 5.55%
ALIBABA 3.76 5.21%
 NASPERS-N 3.66 5.08%
 SIRIUS 3.56 4.94%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
2013/10/18
ISIN code:
ZAE000183885
Short name:
U-NORTHIP
Risk:
Unknown
Sector:
South African--Multi Asset--Flexible
Benchmark:
65% FTSE/JSE Capped Swix; 25% MSCI ACWI; 10% STeFI
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 Flexible Equity comment - Sep 19

2019/11/01 00:00:00
The True North IP Flexible Equity Fund returned 1.5% in September, thereby taking the fund’s return for the year-to-date to 11.3%. The fund has thus far in 2019 produced much better returns than both the JSE All Share Index (+7.0%) and the benchmark (+7.1%).
New holding: Prosus
During September we received shares in Prosus, which contains of all of Naspers’ global internet stakes, including Tencent, Delivery Hero and Letgo. While the share has not had a particular strong start as of yet - it is down 8% since listing - we view it as a very exciting investment with exceptional growth prospects.
Taking profit on Apple Inc.
Apple has had a very good run in 2019, recovering from a January sell-off when it traded at a low of $142 to a current price of $224. While we still hold a favourable view the company’s long-term prospects, we think that $224 is a good price at which to take profit, especially after we bought some stock back in January at a low price of $148.3.
  • Fund focus and objective  
The TRUE NORTH IP FLEXIBLE EQUITY FUND is a moderate to high risk, flexible 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 FLEXIBLE EQUITY FUND will, apart from assets in liquid form, consist of securities and financial instruments across the equity, fixed interest and property markets. The portfolio will typically be highly exposed to equities but the Portfolio Manager will have complete flexibility to vary the exposure to different asset classes as economic conditions vary. Within the equity asset class, 80% of the exposure will consist of securities in the JSE Top 40 and Mid Cap Indices. Foreign exposure will be limited to 20% of the portfolio market value.
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.
The Manager will be permitted to invest on behalf of the portfolio in offshore investments as legislation permits.
The Manager may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective.
Nothing in this supplemental deed shall preclude the manager from varying the ratio of securities, to achieve the investment objective in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange recognised in terms of legislation and from retaining cash or placing cash on deposit in terms of the deed and this supplemental deed; provided that the Manager shall ensure that the aggregate value of the assets comprising the portfolio shall consist of securities and assets in liquid form of the aggregate value required from time to time by the Act.
For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.
The trustee shall ensure that the investment policy set out in this supplemental deed is adhered to.

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