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Prosperity IP Worldwide Flexible Fund of Funds
The fund is diversified across geographic regions, asset classes and fund managers. Its objective is to provide investors with real medium to long-term capital growth from a portfolio that maintains a moderate risk profile. The strategy is to blend the asset allocation with our macro views while taking advantage of irrational pricing across all markets and to select the best funds to enhance our views.
The fund is best suited to investors with a moderate risk profile that requires a balanced local and global investment exposure with a conservative bias.
Composite benchmark: 36% JSE All share index, 24% MSCI World Index - in Rands, 12% All Bond Index, 8% JP Morgan Bond Index - in Rands, 12 % Alexander Forbes Money Market, 8% US Overnight Call rate - in Rands.
The fund is being managed conservatively as equity market valuations remain stretched and global economic uncertainty
persists as looming deflation threatens growth. Despite this we believe pockets of value exist in some commodities and deep value counters. We have invested in the Allan Gray Optimal fund, a hedged equity fund, which invests in these value opportunities. Overall we remain cautious and have adopted a conservative asset allocation with an over-weight position in cash.