Nedgroup Investments Flexible Income - Sep 07 - Fund Manager Comment24 Oct 2007
This month we maintained our short position as we still see risk for further rate hikes. The money market allocation was the preferred asset class for maximum yield. The low allocation to securitisation assets was maintained, with the remaining assets set to mature shortly.
The offshore allocation was maintained at around 10% and continued to include an allocation to the Canadian dollar.
The increased allocation of 35,8% to swaps was maintained over the month.
Going forward, we will look to maximise yield on the fund, and look for assets with a potential for capital gains.
The yield of the fund is currently 9.64%, compared to 8.68% 12 months ago.
Prescient Investment Management
Nedbank Flexible Income comment - Dec 06 - Fund Manager Comment27 Mar 2007
This month we kept the structure of the fund largely unchanged. After rates were hiked at the December MPC meeting, excess cash was invested in money market instruments and short bonds. Allocations to listed property and offshore cash were largely unchanged. Going forward, we will look to maximise the yield on the fund and look for assets with a potential for capital gains
The asset allocation of the fund at the end of December 2006 is as follows; the figures for 12 months ago being that of the Prescient Income Provider Fund:
Asset Allocation Current % 12 months ago %
Cash 2.59% 3.15%
Money Market Assets 55.92% 69.74%
Corporate Bonds 7.50% 24.84%
Government Bonds 0.00% 0.00%
Inflation-linked Bonds 9.73% 0.00%
Listed Property 6.56% 2.27%
Preference Shares 0.00% 0.00%
Securitisation 8.07% 0.00%
International FI - euro 4.78% 0.00%
International FI - sterling 4.85% 0.00%
Total 100.00% 100.00%