SA Unit Trust

Ninety One Cautious Managed Fund

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Objective

Investment objective summary

  • The Fund aims to provide a total return (the combination of income and capital growth) which is higher than inflation over the medium term
      • The Fund invests in a varied mix of asset classes including equities (e.g. company shares), bonds (contracts to repay borrowed money which typically pay interest at fixed times), cash and listed property in a manner similar to that usually employed by retirement funds
      • Other investments may include the units of other funds (including foreign funds) and derivatives (financial contracts whose value is linked to the price of an underlying asset)
      • The risk profile of the Fund is expected to be moderate to low with typically less than 40% of the Fund’s value being invested in equities

      Fund features

      • The Fund seeks capital preservation and absolute returns through active asset allocation and is managed in accordance with Regulation 28 of the Pension Funds Act 24 of 1956
      • Low equity weighting limits drawdown
      • Stock selection is oriented towards a quality approach, seeking to deliver consistent performance through the business cycle
      Duane Cable
      Portfolio Manager and Head of SA Quality
      Duane is a portfolio manager in Ninety One’s Quality investment team and Head of South Africa...
      Sumesh Chetty
      Portfolio Manager
      Sumesh is a portfolio manager at Ninety One within our Quality team. He has responsibility for...

      Performance & returns

      Literature & factsheets

      Portfolio & Holdings

      Date as of 31/01/2026
      Sum Of Local Assets
      81.9
      Bonds
      41.4
      Equities
      18.3
      Cash / Money Market
      12.4
      FX
      8.3
      Commodities
      1.5
      Sum Of Foreign Assets
      18.1
      Equities
      16
      Cash / Money Market
      6
      Bonds
      3.9
      FX
      -7.8

      Distributions & yields

      Specific fund risks

      Currency exchange

      Changes in the relative values of different currencies may adversely affect the value of investments and any related income.

      Default

      There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.

      Derivatives

      The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.

      Emerging market

      These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.

      Foreign Investment

      Investing in foreign securities may be subject to specific material risks pertaining to overseas jurisdictions and markets, including (but not limited to) potential constraints to local liquidity and the repatriation of funds, macroeconomic, political, tax, settlement risks, potential limitations on available market information and foreign exchange or currency fluctuations.

      Interest rate

      The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.

      Important information

      The information, views and opinions provided are general in nature, for informational purposes only, and should not be construed as advice.

      No action should be taken without appropriate professional guidance. We do not act as advisors or in a fiduciary capacity.

      While we strive for accuracy and timeliness, we make no guarantees as to completeness or correctness and are not obliged to update the information.

      This material does not constitute a full summary of the risks associated with any product, fund, service or strategy.

      Relevant risk disclosures are available in the applicable documents, which can be requested free of charge.

      For details on specific funds, please refer to the relevant fact sheets.

      For mandatory disclosures about this investment, further important information on indices, fund ratings, yields, targeted or projected performance returns, back tested results, model return results, hypothetical performance returns, the investment team, the investment process and specific portfolio names, please click here.