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6.28  /  0.56%


NAV on 2019/07/19
NAV on 2019/07/18 1118.56
52 week high on 2018/09/04 1144.85
52 week low on 2019/01/04 1009.1
Total Expense Ratio on 2019/03/31 1.85
Total Expense Ratio (performance fee) on 0
NAV Incl Dividends
1 month change 1% 1%
3 month change 0.62% 0.62%
6 month change 6.72% 8.46%
1 year change 3.96% 5.66%
5 year change 0.99% 1.8%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 6.88 8.96%
Consumer Goods 5.75 7.48%
Consumer Services 4.90 6.37%
Financials 16.44 21.41%
Fixed Interest 7.73 10.06%
Liquid Assets 6.06 7.88%
Technology 12.32 16.04%
Offshore 16.74 21.79%
  • Top five holdings
U-NEDFLXI 7.73 10.06%
 NASPERS-N 5.46 7.1%
 ALTRON 3.72 4.84%
ALTABAINC 3.56 4.63%
 MONDIPLC 3.46 4.51%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Flexible
FTSE/JSE All Share Index Total Return
Contact details


No website listed.


  • Fund management  
Wim Prinsloo

  • Fund manager's comment

True North IP Flexible Equity comment - Sep 18

2018/12/05 00:00:00
True North IP Flexible Equity declined by 1.6% during September to end Q3 with a +2.3% return. This compares favourably to the -2.2% return by the JSE ALSI and -1.4% return by our benchmark in the quarter.
Our stock selection proved successful in Q3. Santam (+16.6%), Sanlam (+12.9%), Sasol (+10.0%) and Old Mutual (+10.0%) produced significant alpha versus the JSE ALSI. However, Naspers (our largest holding) declined by 12.2% on the back of weakness in the Tencent share price. Our offshore holdings also outperformed, with Apple, Berkshire Hathaway and Alphabet returning more than 10% in rand-terms during the quarter.
  • 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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