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NAV on 2021/01/22
NAV on 2021/01/21 1014.91
52 week high on 2020/02/07 1212.36
52 week low on 2020/03/19 901.9
Total Expense Ratio on 2020/09/30 2.02
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change -0.1% -0.1%
3 month change -13.53% -13.53%
6 month change -7.31% -7.31%
1 year change -15.28% -13.65%
5 year change -1.73% -0.66%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Basic Materials 0.57 1.80%
Consumer Goods 1.28 4.01%
Consumer Services 0.99 3.10%
Financials 1.84 5.77%
Fixed Interest 0.00 0.00%
Industrials 2.30 7.21%
Liquid Assets 2.67 8.39%
Other Sec 0.92 2.88%
Real Estate 3.04 9.52%
Spec Equity 6.19 19.41%
Specialist Securities 2.58 8.11%
Technology 3.38 10.59%
Offshore 6.12 19.21%
  • Top five holdings
U-GLFLTRU 6.19 19.41%
U-TRUNPRO 3.04 9.52%
 CARTRACK 2.30 7.21%
ALIBABA 2.23 7%
 PROSUS 2.07 6.48%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Flexible
65% FTSE/JSE Capped Swix; 25% MSCI ACWI; 10% STeFI

No website listed.


  • Fund management  
Wim Prinsloo

  • Fund manager's comment

True North IP Flexible Equity comment - Dec 19

2020/02/20 00:00:00
The True North IP Flexible Equity Fund produced a very good gain of 15.2% for its investors in 2019. The fund's strong result in 2019 was mostly due to its high allocation towards businesses that operate outside of South Africa - rand-hedges and firect offshore holdings.
Apple,Sirius Real Estate, Allied Electronics and Alibaba all climbed by more than 50% in 2019. From a fundamental perspective, these change was the sentiment of market participants - from pessimism about the trade conflict at the start of the year to a realization as the year progressed: Taht these enduring businesses continue to perform well.
The area that hurt the fund in 2019 was its exposure to South African Shares. Sentiment worsened towards SA-based shares in 2019 due to the sstruggling economy and the deteriorating operational and financial situation at Eskom. This was the main reason shy SA Equities (+6.8%) lagged the MSCI World Index (+27.6% in USD) in 2019
2019 was a great year for the fund and the philosophy behind our stock selection (Ă«nduring businesses'0 and capital allocation ('prudent diversification') paid of handsomely. Markets go up and down, but the enduring businesses that we invest in will continue to thrive throughtout these ebbs and flows.
  • 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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