Investment Insights | 6 min read

Glacier Invest Wrap Fund Fact Sheets

The latest fund fact sheets for the Glacier Invest Wrap Funds are now available.  Please click on the links below to access the updated fund fact sheets.

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Glacier Invest Flexible Income Wrap Fund

For the month of May the Glacier Invest Flexible Income Wrap Fund outperformed its benchmark (STeFI+1% over a one-year rolling period) and cash (as measured by the STeFI composite index), advancing 1.53% in comparison to its benchmark and cash, which returned 0.57% and 0.50%. The overweight exposure to SA bonds, relative to the ASISA SA Multi-Asset Income category, contributed to performance. The ALBI rallied 7.06%. Domestic bonds was the star performer, recovering the losses experienced in March and supported by the SARB cutting interest rates by 50 basis points to 3.75%. Furthermore, the underweight position in foreign cash added to returns. The rand strengthened by 5.32% against the US dollar, 7.13% against the British pound and 3.98% against the euro. The underweight position in SA cash dampened returns as the STeFI Composite returned 0.50%. All portfolio constituents were positive, with the Amplify Strategic Income Fund (managed by Terebinth) and the Coronation Strategic Income Fund being the top contributors to performance.


Glacier Invest Conservative Wrap Fund

The Glacier Invest Conservative Wrap Fund outperformed its benchmark (CPI+2% over a two-year rolling period) and cash (as measured by the STeFI composite index) in May. The wrap gained 1.30% in comparison to its benchmark and cash, which returned 0.17% and 0.50%. The underweight exposure to SA bonds and overweight position in foreign bonds detracted from performance. The ALBI rallied 7.06%. Domestic bonds was the star performer, recovering the losses experienced in March and supported by the SARB cutting interest rates by 50 basis points to 3.75%. The Barclays Global Aggregate Bond Index weakened by 4.91% in rand terms as the currency appreciated 5.32% against the US dollar. The portfolio’s overweight exposure to equity, relative to the SA Multi-Asset Income category, contributed to performance as the ALSI added 0.31% and the MSCI ACWI firmed 0.17% in rand terms. All portfolio constituents were positive, with the Coronation Strategic Income Fund and the BCI Income Plus Fund being the top contributors to performance.


Glacier Invest Cautious Wrap Fund

The Glacier Invest Cautious Wrap Fund underperformed its benchmark (the ASISA SA Multi-Asset Low Equity category), returning 0.76% for the month, compared to the category return of 1.14%. The portfolio’s underweight exposure to SA bonds and SA cash as well as the overweight position in foreign cash dragged on performance. The ALBI returned 7.06% and the STeFI Composite Index 0.50%. The rand strengthened against major currencies – 5.32% against the US dollar, 7.13% against the British pound and 3.98% against the euro. In contrast, the overweight exposure to SA equities added to returns as the ALSI advanced 0.31%. Notable detractors of performance were the PSG Flexible Fund (-0.70%) and the Truffle SCI Flexible Fund (-1.52%). In contrast, significant contributors were the Coronation Balanced Defensive Fund (1.81%) and the Amplify SCI Defensive Balanced Fund (1.19%).


Glacier Invest Moderate Wrap Fund

The Glacier Invest Moderate Wrap Fund marginally underperformed its category average benchmark, returning 0.58% in comparison to its peers returning 0.94%. The underweight exposure to SA bonds and cash detracted from performance as the ALBI and STeFI Composite returned 7.06% and 0.50%. Furthermore, the overweight positions in foreign bonds and cash dampened returns in rand terms. The currency appreciated 5.32% against the US dollar, 7.13% against the British pound and 3.98% against the euro. In contrast, the overweight position in SA property detracted from performance as the ALPI shed 0.53%. The largest detractor of performance was the PSG Flexible Fund. This was due to unfavourable stock selection and its small / mid-cap bias as small and mid-caps delivered
-3.20% and 0.23%. The largest contributor was the SIM Inflation Plus Fund where asset allocation was the main driver of performance.


Glacier Invest Moderate Aggressive Wrap Fund

The Glacier Invest Moderate Aggressive Wrap Fund delivered modest gains during May, gaining 0.31%. The Fund marginally underperformed its category average benchmark (ASISA SA Multi-Asset High Equity), which gained 0.45%. The underweight exposure to SA bonds and cash hampered returns. The ALBI and STeFI Composite returned 7.06% and 0.50%. Furthermore, the overweight position in SA property hurt returns as the ALPI shed 0.53%. In contrast, the overweight exposure to foreign equities and underweight position in foreign property added to returns. The MSCI ACWI and Global REIT returned 0.17% and -9.29% in rand terms due to rand appreciation as the currency strengthened 5.32% against the US dollar. The major contributor to performance was the Centaur Balanced Fund, which gained 1.43%. Its performance was driven by astute stock selection. Detracting from performance was the likes of the Truffle Flexible Fund, which shed 1.42%. This performance was mainly driven by stock selection, where large holdings in British American Tobacco, Naspers and Sibanye Stillwater detracted from performance.


Glacier Invest Enhanced Growth Wrap Fund

The Glacier Invest Enhanced Growth Wrap Fund marginally underperformed its benchmark (the SA General Equity Category Average) for the month, giving up 0.48% in comparison to its benchmark, which lost 0.22%. The underweight exposure to SA equities and cash hampered returns as the ALSI and STeFI Composite returned 0.31% and 0.50%. Likewise, overweight exposure to foreign bonds and cash detracted from performance as the Barclays Global Bond Index returned -4.91% in rand terms due to rand appreciation. The currency strengthened 5.32% against the US dollar, 7.13% against the British pound and 3.98% against the euro. The overweight exposure to SA bonds and foreign equities added to returns. The ALBI and MSCI ACWI returned 7.06% and 0.17% in rand terms. The Fairtree Equity Fund and the Amplify Flexible Equity Fund (managed by Abax) were the top contributors, while the Coronation Global Emerging Markets Flexible Fund and the Truffle Flexible Fund were the main detractors.


Glacier Invest Worldwide Flexible Wrap Fund

The Glacier Invest Worldwide Flexible Wrap Fund returned -0.41%, performing roughly in line with its Worldwide Multi-Asset Flexible category benchmark. The overweight exposure to SA equities added to returns as the ALSI returned 0.31%. Meanwhile, the overweight position in SA property and underweight exposure to foreign bonds and cash hampered returns. The ALPI and Barclays Global Bond Index lost 0.53% and 4.91% in ZAR due to rand appreciation. The currency appreciated 5.32% against the US dollar, 7.13% against the British pound and 3.98% against the euro. The largest contributor to performance was the Absa Property Equity Fund. This was mainly due to favourable stock selection as the fund, returning 4.42%, outperformed the ALPI. The largest detractor was the Coronation Optimum Growth Fund where both asset allocation and stock selection detracted from performance.


Glacier Invest Low Equity TFSA Wrap Fund


Glacier Invest Medium Equity TFSA Wrap Fund


Glacier Invest High Equity TFSA Wrap Fund


Glacier Invest Shari’ah Stable Wrap Fund

The Glacier Invest Shari’ah Stable Wrap Fund, returning 4.30%, underperformed its SA Multi-Asset Low Equity category benchmark by 0.55%. The Fund is not allowed to hold conventional bonds, which detracted from performance as the ALBI, the best-performing asset class, returned 7.06%. The sizeable overweight position in SA cash and underweight exposure to foreign bonds added to returns. The STeFI Composite delivered 0.50% while the Barclays Global Bond Index lost 4.91% in rand terms as the currency appreciated 5.32% against the US dollar. The main contributor to performance was the Kagiso Islamic High Yield Fund where stock selection contributed to returns. The Old Mutual Albaraka Balanced Fund was the largest detractor of performance, returning -0.52%. This performance was due to both asset allocation and stock selection.


Glacier Invest Shari’ah Balanced Wrap Fund

The Glacier Invest Shari’ah Balanced Wrap Fund returned 0.33%. The Fund marginally underperformed its SA Multi-Asset High Equity category benchmark, which returned 0.45%. The sizeable overweight position in SA cash and underweight exposure to foreign bonds largely contributed to performance. The STeFI Composite returned 0.50% while the Barclays Global Bond Index lost 4.91% in ZAR as the currency appreciated 5.32% against the US dollar. The Fund is not allowed to hold conventional bonds, which detracted from performance as the ALBI, the best-performing asset class, returned 7.06% during the month.

The main contributor was Kagiso Islamic Balanced Fund due to favourable stock selection.  The Old Mutual Balanced Fund was the largest detractor on the back of both asset allocation and stock selection.


Glacier Invest Shari’ah Equity Wrap Fund

The Glacier Invest Shari’ah Equity Wrap Fund returned 0.26%, underperforming the FTSE/JSE Shari’ah All Share index by 3.11%. This outperformance was largely driven by stock selection. The main contributor to performance was the Kagiso Islamic Equity Fund, on the back of favourable stock selection. The largest detractor was the Old Mutual Albaraka Equity Fund as both asset allocation and stock selection dampened returns. On a stock level, the best-performing stock was African Rainbow Minerals, returning 23.78% and contributing 0.33%. The largest detractor was Omnia, which returned -36.24% and detracted 0.57%.



Previous Fund Fact sheets

Click on the links below to access all the fund fact sheets.

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