Inkomste Fondse: 'n Veilige Hawe in Stormagtige Markte

11 January 2019 | SA Views | Kobus Louw
 


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2018 was verseker ‘n jaar wat beleggers so gou as moontlik sal wil vergeet. Nie net was dit gekenmerk deur swak en negatiewe opbrengste nie, maar beleggers is rond geskommel deur volatiliteit soos nog min van tevore ervaar. Tussen Donald Trump en sy ’tweets’, asook die Chinese en die Brexit sage in Brittanje, het dit amper gevoel asof hulle beurte maak om die mark rond te ruk. Beleggers is besig om moed te verloor dat ons binnekort weer ekonomiese groei kan sien en soek na ’n veilige hawe in hierdie stormagtige markte.

Tradisioneel word fondse belê in groeibates soos aandele en eiendom, beide plaaslik en in die buiteland. Die afgelope 3 jaar was daar egter weining groei in hierdie bateklasse. As ons kyk na die afgelope jaar het ons aandelemark n droewige opbrengs van -8.5% gelewer, terwyl genoteerde eiendomme beleggers teleurgesteld was met ’n yslike daling van -25.3%. Die eiendomsektor het die jaar begin met gerugte oor die Resilient groep en het daarna nooit weer volkome herstel nie. Daar is ’n merkbare insinking in die eiendomsmark wêreldwyd en saam met die kommer oor die maatskappye se rekenkundige metodes, gaan dit lank neem om weer die vertroue en waardasies in hierdie sektor te herstel.

Dit het al ‘n paar keer gebeur dat wanneer ons SA beleggingsmarkte swak presteer, dit beter sou wees om die geld eerder in die buiteland te belê, maar nie in 2018 nie. Buitelandse markte (MSCI World Equity Index) het die afgelope jaar met -8.2% gedaal waar die UK se FTSE indeks -14.1% en opkomende markte (Emerging Markets) met -14.23% die swakste presteer het.

Die ster onder die bateklasse was rentedraende beleggings, waar ons SA effekte (All Bond indeks) +7.7% vir die jaar gelewer het. ‘n Oplossing vir beleggers in hierdie riskante mark, is inkomste fondse. Die Sharenet BCI Income Plus fonds (unit trust) het byvoorbeeld +9.54% gelewer vir die jaar, ‘n reële opbrengs van inflasie plus 4%.  Dit is skitterend, veral as mens in ag neem dat die fonds se opbrengs stabiel was deur ‘n periode van groot bewegings in markte, rentekoerse en geldeenhede.

In die buiteland is daar steeds ‘n vraagteken oor Brexit, terwyl die mark asem ophou gedurende die VSA (Trump) en China se onderhandeling oor ‘n handelsooreenkoms. Terwyl hierdie en ander kwessies oor die markte hang en daar groot kommer bestaan dat ons moontlik aan die vooraand staan van ‘n globale resessie, gaan globale markte onseker en volatiel bly en bied inkomste fondse uitstekende waarde.

In die huidige mark word beleggers nie vergoed vir die risiko wat hulle neem in aandele en eiendom nie. Dus bied die Sharenet BCI Income Plus fonds (unit trust) goeie waarde met aantreklike opbrengs teen lae risiko. Inkomste fondse (unit trusts) is ook likied en beleggers kan omskakel na groei beleggings soos aandele, eiendomme of gebalanseerde fondse wanneer die belegger se risiko aptyt dit toelaat en omstandighede verbeter.

Die grafiek hieronder toon dat die meeste van die inkomste fondse (soos gemeet deur die ASISA – SA Multi Asset Income sektor) sukkel om die opbrengs op kontant (SteFI) te klop terwyl Sharenet se Inkomste fonds (unit trust) baie bestendig presteer het.

image1

Data soos teen 31 Desember 2018 | Data bron: Morningstar

Die grafiek hieronder toon dat die risiko (volatiliteit) van die Sharenet BCI Income Plus fonds (unit trust) van die laagste in die bedryf is, terwyl dit van die beste opbrengs lewer. (die doel met hierdie grafiek is om Links-Bo te wees met min risiko en hoë opbrengste en Regs-Onder te vermy)

Risiko (volatiliteit) vs Opbrengs

image2

Data soos teen 31 Desember 2018 | Data bron: Morningstar | Inkomste fondse vanuit ASISA SA Multi Asset Income sektor

Die fonds is goed geplaas in hierdie onseker tye wat ons beleef, aangesien ons fokus op goeie kwaliteit kort termyn vasterente beleggings met ‘n aantreklike opbrengs wat gekoppel is aan JIBAR om kapitaal stabiliteit te verbeter.

Lesers is regtig welkom om ons te kontak vir meer inligting oor die Sharenet BCI Income Plus fonds (unit trust) of enige ander beleggings vrae. Skakel gerus 021 700 4800 of stuur ‘n epos na support@sharenetinvestments.co.za

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kobus
Kobus Louw
Chief Investment Officer
Sharenet Investments

Kobus Louw is acknowledged as one of the leaders in the field of fixed income and investment derivatives in the market. He was Head of Portfolio Management at Sanlam, CIO at Cadiz Asset Management and is currently the CIO at Sharenet.


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