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3.99  /  0.35%


NAV on 2020/02/14
NAV on 2020/02/13 1139.28
52 week high on 2020/02/14 1143.27
52 week low on 2019/02/25 1012.79
Total Expense Ratio on 2019/12/31 3.93
Total Expense Ratio (performance fee) on 0
NAV Incl Dividends
1 month change 2.45% 2.45%
3 month change 3.15% 3.15%
6 month change 5.61% 5.61%
1 year change 13.27% 13.27%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 6.90 13.13%
Consumer Goods 1.69 3.21%
Consumer Services 0.70 1.33%
Financials 2.49 4.74%
General Equity 1.19 2.25%
Gilts 0.84 1.59%
Industrials 0.65 1.24%
Liquid Assets 3.45 6.56%
Other Sec 0.31 0.58%
Spec Equity 1.19 2.27%
Specialist Securities 24.65 46.89%
Technology 1.01 1.92%
Telecommunications 1.09 2.08%
Offshore 6.42 12.21%
  • Top five holdings
U-SAMSWEF 7.15 13.6%
U-FRDDOLL 4.62 8.79%
U-SATRES 3.03 5.77%
U-SAT40 2.30 4.37%
U-SATNAS 2.23 4.25%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
ISIN code:
Short name:
Global--Multi Asset--Flexible
95% MSCI and 5% Cash
Contact details


No website listed.


  • Fund management  
Thyme Wealth (Pty) Ltd.

  • Fund manager's comment

Thyme Wealth IP Global comment - Sep 19

2019/11/01 00:00:00
The major global financial event in August was the Jackson Hole conference. There was general consensus among policymakers that the global economy cannot be cushioned against geopolitical shocks by using monetary policy. Instead, infrastructure investment and structural reform would remain the major catalysts for economic prosperity. Policymakers from the Fed to the ECB believe that a key risk to the global economy is the uncertain trade conditions being stoked by the US and China. The Fed has come under increasing criticism from President Trump to ease policy, while the ECB is grappling with a weak inflation outlook, fuelling calls for further Quantitative Easing. The BoE remains stuck in limbo as it forecasts higher policy rates over the medium term but has conceded that it may need to reduce interest rates if a ‘no-deal’ Brexit becomes a reality.
Global event risks remain the key drivers of risk sentiment, with the US-China trade negotiations being the key driver. Further uncertainty over Brexit negotiations, geopolitical tensions between the US and Iran, and global central banks’ monetary policy responses are all likely to remain key risks to Emerging Market currencies. For SA, the MTBPS in October will remain a key policy event, while a Moody’s sovereign credit rating review is scheduled for 1 November. The ongoing trade war between the US and China continues to be flagged as a key downside risk to global growth, with the IMF revising its global growth forecast to a post-recession low of 3.2% for 2019. The World Bank is more bearish, with a global growth estimate of 2.6% for 2019 and a marginal pick-up to 2.7% in 2020 and 2.8% in 2021.
Locally, both the SACCI and BER Business Confidence Indices plummeted to multi-decade lows in the third quart 2019, with executives extremely downbeat about prevailing business conditions. This does not pose well for future economic growth in South Africa. With confidence levels deteriorating further, tells us that investment growth will likely remain weak, or continue to contract in the foreseeable future. This is in stark contrast to Moody’s latest outlook for SA, which believes growth will likely rebound strongly. SA real GDP grew stronger as expected at an annualised rate of 3.1% in 2Q19, following a contraction in the first quart 2019. The ABSA PMI declined to 41.6 in Sep (lowest levels since 2000 excluding - early 2009) from 45.7 in August, given weak demand. New sales orders, purchasing inventories and business activity declined, and employment conditions remain weak. On the positive side, inflation will likely remain subdued over the medium term, while further repo rate cuts could materialise.
The SARB could reduce the repo rate by a further 25bps in November 2019 (or early 2020) should South Africa avert a Moody’s downgrade and the Fed shows any further signs of dovishness. SA headline CPI accelerated from 4.0% in January to 4.5% in March and then settled around 4.3% in August. The FRAs are now pricing in a 25bp of rate-cuts in the next six months. The SARB quarterly bulletin also suggests that government expenditure increased at 15.4% y/y (versus 10.2% y/y originally budgeted for in fiscal 2019/2020), outstripping SA government revenues which increased by a mere 6.8% y/y until Jun ’19. Medium Term Budget Policy Speech (MTBPS) has become a critical rating downgrade event at both Fitch and Moody’s. Without any sort of meaningful ‘plan’ to reduce expenditure or reignite growth, we believe there is a high likelihood that Moody’s will change its outlook to “Negative”. Any prospects of reducing expenditure at the MTBPS will likely appease credit rating agencies in the near term.
For the third quarter cash (STEFI +1.8%) outperformed SA Bonds (ALBI +0.8%) and equities (Capped SWIX -5.1%). In dollar terms the MSCI SA (-13.2%) continued to underperform MSCI Emerging Market index (-5.1%) due to a weak Rand performance (-6.9%). SA equities and SA Bonds saw outflows of $5.7bn and $2.4bn YTD respectively. Foreigners now hold 37% of SA’s debt, down from 42% a year ago.
The Fund has been structured defensively to mitigate downside risks.
  • Fund focus and objective  
The fund is a multi-asset flexible fund, investing primarily in foreign markets. The objective of this portfolio is to achieve long term capital appreciation. There will be no limitations on the relative exposure of the portfolio to any asset class or geographical region, but the portfolio will typically have significant exposure to foreign equity and property securities.
Investments to be included in the portfolio will, apart from assets in liquid form, consist of securities and listed and unlisted financial instruments across the equity, fixed interest and property markets, including exchange traded funds and exchange traded notes as permitted by legislation from time to time. The portfolio will typically be 80% exposed to foreign equities, but the Portfolio Manager will have complete flexibility to vary the exposure to different asset classes as economic conditions vary.

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