Investment Fund

Fund Fact Sheet

Fund Overview
The fund is a money market fund with a very low risk profile. The funds main aim is to provide a stable and secure return to the conservative investor,
who does not wish to be affected by the volatility normally associated with the equity, property and international markets. The funds return will adjust
in accordance with the changes in short term interest rates. The fund is highly liquid and available on demand. Retirement Funds are not precluded
from investing in this fund. Monthly Income distributions. The funds benchmark is the Bank of Namibia 7 day Repo Rate.
Fund Detail

Sector Allocation

Date:

30-Nov-14

Fund Size:

1.80%
5.42%

4,161,224,885.71

Fund Type:

Money Market

ISIN Code:

ZAE 000148805

Fund Duration:
Trustee / Nominees:
Benchmark:

79 Days
Standard Bank Namibia
Bank of Namibia 7 day repo rate

0.81%

31.65%

Current Returns :
Fund return - effective p.a. before fees

6.98%

Return before fees (NACM)

6.77%

Return after fees (NACM)

6.27%

Return after fees after tax (NACM)

5.88%

Initial fee

0.00%

Annual Management Fee

0.50%

60.31%

Income may be capitalized or paid out monthly. No fees charged on

reinvestment of income
Minimum opening balance

Namibian Banking

South African Banking

Namibian Government

South African Government

Namibian Corporate

Other

10 000

Minimum additional investment

Volatility Indicator

1 000

Low

Low - Mod

Jun-14

Jul-14

Mod

Mod-High

High

Historic Performance
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Investment Fund

Aug-14

Sep-14

Oct-14

Nov-14

Bank of Namibia 7 Day Repo Rate

Fund Comment
Investment Team

Tertius
Liebenberg

Floris
Bergh

South African inflation came out at 5.9% in October, marking the second consecutive reading under the
upper end of the inflation target band of 3-6%. A lower global oil price coupled with a resilient currency
has already resulted in decreases in the fuel pump price and has significantly lowered the Reserve
Banks inflation outlook over its forecast period. This was the main reasoning behind the SARBs decision
to leave interest rates unchanged. Although the SARB have reiterated that they are in an interest rate
hiking cycle, we believe the bank will keep rates unchanged for an extended period on the backdrop of a
softer inflation outlook, further monetary stimulus announcements from the Bank of Japan and the
European Central Bank, and a soggy domestic growth outlook.

Contact Information
Enquiries:
Fax:
Physical Address:

+ 264 61 299 1950

+ 264 61 299 1959
119 Independence Avenue
4th Floor Capricorn House Windhoek