Absa Balanced Fund
MANAGEMENT Fund Manager's Comment
Greg Kettles, B.Com (Hons), CA (SA), CFA
Greg joined ABAM in September 2007 and was responsible for the management of ABAM s second largest fund, the ABSA Dividend Income Fund prior to the fund being closed. He also manages the ABSA International Fund (an offshore equity fund), the ABSA Global Bond Fund and the ABSA range of offshore income funds. After completing his accounting articles at Deloitte, Greg continued in the profession as a partner in a small practice for a number of years before entering the asset management industry in1994. During his investment career he has had extensive experience including derivatives trading, research of companies listed in numerous sectors on the JSE, the management of numerous portfolios, both segregated client portfolios and unit trusts (both domestic and international) as well as management of clients offshore assets on a multi-manager basis. Greg holds a CA(SA) qualification and is a CFA charter holder.
Kurt Benn, BBus Sc (Finance), B Com (Hons), CFA
Kurt joined Absa Asset Managers as Head: Balanced Funds in August 2015. Kurt has 19 years of investment and asset management experience. Prior to joining ABSA, Kurt spent the last 8 years co-managing multi-asset funds at Cadiz Asset Management. He has also held senior analytical and portfolio management positions at several respected investment management companies including Sanlam Investment Management, BOE Asset Management and Old Mutual Asset Management.
FUND OBJECTIVES AND FOCUS

The fund aims to offer investors a consistent return of 5% above inflation as measured by the SA Consumer Price Index over rolling 60 month periods. The fund will use an active asset allocation strategy by investing in selected JSE listed shares, quoted property trusts, bonds, money market and international assets. The equity content may range from 40% to 65%. The fund is managed according to the guidelines as set out in Regulation 28 of the Pension Fund Act and is suitable for retirement funds investments.


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WEBGRAPH
RANKING
SectorSouth African-Multi Asset-Medium Equity
SizeR2,080,671,798
Sector Rank: 33 out of 53
(lump sum over 3 years to 31 July 2017)
Overall Rank: 581 out of 818
(lump sum over 3 years to 31 July 2017)
R1000 invested on 31 July 2014 was worth R 1142 at 31 July 2017
( 4.53% annual compound return)
R100 per month since 31 July 2014 was worth R 3863 at 31 July 2017
( 4.53% annual return compounded monthly)
TECHNICAL OVERVIEW
Formation Date:01 JUN 1994 Holdings:95
Original Price:100 Pricing:Forward
Top Holdings on 31 July 2017
Share (Sector)No.Value% of Fund
SASOL (Chemicals)106,32145,524,526 2.19 %
U-ABSABON (Gilt)89,603,917107,524,700 5.17 %
BATS (Tobacco)45,13937,442,801 1.80 %
NASPERS-N (Media)14,00048,314,000 2.32 %
GREENBAY (Real Estate Investment - Services)21,766,70355,505,093 2.67 %
U-ABSAMM (Money Market)108,347,922108,347,922 5.21 %
USA C (For Currency)272,0713,368,239 0.16 %
R2048 (Bond)60,895,57157,191,685 2.75 %
NETCARE (Health Care Equipment - Services)382,8519,628,703 0.46 %
BIDVEST (General Industrials)56,20012,256,658 0.59 %
CASH (Cash on call)015,323,524 0.74 %
U-ANCAGGF (Flexible)51,35245,190 0.00 %
MM-01MONTH (Money Market)046,871,963 2.25 %
ABSABANK-P (Preference Shares)26,61618,220,249 0.88 %
U-AGLBCFF (International)211,739,978186,331,181 8.96 %
MTN GROUP (Mobile Telecommunications)255,11434,848,572 1.67 %
TOTAL R786,745,00637.82%

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