SA Unit Trust

Ninety One Opportunity Fund

ESG Integration

Latest NAV Price

12 April 2024

NAV daily change %


Dealing currency


Fund size

ZAR 78.53 B
28 March 2024

Latest NAV Price

12 April 2024

NAV daily change %


Dealing currency


Fund size

ZAR 78.53 B
28 March 2024


Investment objective summary

  • The Fund aims to provide capital growth
      • The Fund invests in equities (e.g. company shares), cash and bonds (contracts to repay borrowed money which typically pay interest at fixed times). The Fund will manage its investments in these asset classes in an active and aggressive style. The Fund can invest up to 75% of its value in equities
      • 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)

      Fund features

      • The fund has a focus on capital growth and absolute returns through active asset allocation and is managed in accordance with Regulation 28 of the Pension Funds Act 24 of 1956
      • Seeks to provide lower volatility than traditional balanced funds, but with sufficient equity to provide scope for capital growth over the medium to long term
      • Stock selection is oriented towards a quality approach, seeking to deliver consistent performance through the business cycle
      Clyde Rossouw
      Head of Quality
      Clyde is Head of Quality at Ninety One, based in Cape Town. He is lead portfolio...

      Performance & returns

      Key facts

      • Domicile

        South Africa
      • ISIN

      • Risk profile

      • Benchmark

        CPI (ZAR)
      • ASISA category

        ASISA SA Multi-Asset High Equity
      • Fund inception date

      • Unit inception date

      • Minimum investment

      • Valuation point

        16.00 SA Time (forward pricing)
      • Ninety One Sustainability Classification

        ESG Integration

      Portfolio & Holdings

      Date as of 29/02/2024
      Sum Of Local Assets
      Cash / Money Market
      Sum Of Foreign Assets
      Cash / Money Market
      Property (listed)

      Distributions & yields

      Most recent distribution payments
      Distribution amount
      Declaration Date
      28 March 2024
      Ex-distribution date
      02 April 2024
      Payable date
      03 April 2024


      Initial fund fee %


      Annual management fee %


      Maximum annual management fee %


      Total expense ratio (TER) %


      Transaction cost %


      Total investment charge %

      Fees rates are shown excluding VAT. TER, Transaction Cost and Total Investment Charge are shown including VAT.
      Inclusive in the TER of 1.87%, a performance fee of 0.92% of the net asset value of the class of fund was recovered. The annual management fee is calculated daily. The daily performance fee depends on fund performance over the previous 12 months relative to CPI +2%. When gross performance equals the fund’s target of CPI + 6%, the fee rate is 1.38% p.a. For every percentage outperformance or underperformance of CPI + 6%, the performance fee is proportionately increased or decreased by 0.2%, subject to a minimum fee of 0.75% and a maximum fee of 2.25%.

      Specific fund risks


      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.

      Developing Market (excluding SA)

      Some of the countries in which the Fund invests may have less developed legal, political, economic and/or other systems. These markets carry a higher risk of financial loss than those in countries generally regarded as being more developed.

      Foreign Investment

      Investing in foreign securities may be subject to risks pertaining to overseas jurisdictions and markets, including (but not limited to) local liquidity, macroeconomic, political, tax, settlement risks and currency fluctuations.

      Interest rate

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

      All information provided is product related, and is not intended to address the circumstances of any particular individual or entity. We are not acting and do not purport to act in any way as an advisor or in a fiduciary capacity. No one should act upon such information without appropriate professional advice after a thorough examination of a particular situation.

      Collective investment scheme funds are generally medium to long term investments and the manager, Ninety One Fund Managers SA (RF) (Pty) Ltd, gives no guarantee with respect to the capital or the return of the fund. The value of participatory interests (units) may go down as well as up. Funds are traded at ruling prices and can engage in borrowing and scrip lending. The fund may borrow up to 10% of fund net asset value to bridge insufficient liquidity. A schedule of charges, fees and advisor fees is available on request from the Manager which is registered under the Collective Investment Schemes Control Act. Additional advisor fees may be paid and if so, are subject to the relevant FAIS disclosure requirements. Performance shown is that of the fund and individual investor performance may differ as a result of initial fees, actual investment date, date of any subsequent reinvestment and any dividend withholding tax. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Where the fund invests in the units of foreign collective investment schemes, these may levy additional charges which are included in the relevant Total Expense Ratio (TER). A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The ratio does not include transaction costs. The current TER cannot be regarded as an indication of the future TERs. Additional information on the funds may be obtained, free of charge, at Ninety One SA (Pty) Ltd is an authorised financial services provider and a member of the Association for Savings and Investment SA (ASISA).

      A feeder fund is a fund that, apart from assets in liquid form, consists solely of units in a single fund of a collective investment scheme which levies its own charges which could then result in a higher fee structure for the feeder fund.

      Money Market funds are not a bank deposit account. The price of each unit is aimed at a constant value. The total return to the investor is primarily made up of interest received and may also include any gain or loss made on any particular instrument. In most cases this will merely have the effect of increasing or decreasing the daily yield, but in an extreme case it can have the effect of reducing the capital value of the fund.

      Offshore funds are sub-funds in the Ninety One Global Strategy Fund, 49 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg.

      Performance data source: © Morningstar.
      SA unit trusts: NAV-NAV, net of fees, gross income reinvested, in ZAR.
      GSF funds: NAV based, (net of fees, excluding initial charges), total return, in the share class dealing currency. Performance would be lower had initial charges been included.

      For a full description of the Morningstar rating for funds, please see the attached guide. A rating is not a recommendation to buy, sell or hold a fund.

      The overall rating for a fund, often called the ‘star rating’, is a third party rating derived from a quantitative methodology that rates funds based on an enhanced Morningstar™ Risk-Adjusted Return measure. ‘Star ratings’ run from 1 star (lowest) to 5 stars (highest) and are reviewed at the end of every calendar month. The various funds are ranked by their Morningstar™ Risk-Adjusted Return scores and relevant stars are assigned. It is important to note that individual share classes of each fund are evaluated separately and their ratings may differ depending on the launch date, fees and expenses relevant to the share class. In order to achieve a rating the share class of a fund must have a minimum three-year performance track record.

      The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular security. Figures may not always sum to 100 due to rounding.

      For an explanation of statistical terms, please see our glossary.