Investment Insights | 7 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.

Click here to view the latest economic commentary.

Glacier Invest Wrap Funds

Glacier Invest Flexible Income Wrap Fund

The Glacier Invest Flexible Income Wrap Fund underperformed its benchmark (CPI+1% over a one-year rolling period), but outperformed cash (as measured by the STeFI composite index) for the month of February, adding 0.41% in comparison to its benchmark and cash, which gained 1.09% and 0.24%, respectively. The month can be described as risk on, supported by the rollout of vaccines and hopes of more stimulus. South African assets had a stellar month relative to both developed and emerging markets, driven higher by resources. Local bonds were broadly flat, having to contend with rising international yields which led to a flight to safety. The Wrap’s overweight bond exposure relative to the ASISA SA Multi-Asset Income category contributed slightly to relative performance as the ALBI gained 0.06%. Also, the overweight position in SA property benefited the Wrap as the ALPI rallied 9.70%. In contrast, the underweight exposure to SA equities and foreign cash dampened returns. The ALSI advanced 5.87. The rand strengthened 0.24% against the US dollar and 0.77% against the euro. All the portfolio constituents were positive for the month, with the Coronation Strategic Income and the Amplify Strategic Income funds being the top contributors to performance.


Glacier Invest Conservative Wrap Fund

The Glacier Invest Conservative Wrap Fund returned 0.64% in February, marginally underperforming its benchmark, the CPI+2% over a two-year rolling period, which returned 0.50%. The underweight position in SA cash and overweight exposure to foreign bonds detracted from performance. The STeFI Composite returned 0.28% while the Barclays Global Bond Index shed 1.96%. Meanwhile, the overweight exposure to SA risk assets and foreign equities added to returns. The ALSI and ALPI advanced 5.87% and 9.70% while the Barclays Global Bond Index lost 1.96%. All portfolio constituents were positive for the month, with the Amplify Defensive Balanced Fund and the Amplify Strategic Income Fund being the top contributors to performance.


Glacier Invest Cautious Wrap Fund

The Glacier Invest Cautious Wrap Fund returned 2.20% for the month of February, outperforming the ASISA SA Multi-Asset Low Equity category, which returned 1.60%. The Fund’s overweight exposure to SA equities and property contributed to returns. The ALSI and ALPI rose 5.87% and 9.70%. Furthermore, the overweight position in foreign equities and underweight exposure to foreign bonds added to returns. The MSCI ACWI advanced 2.95%, while the Barclays Global Bond Index lost 1.96% in ZAR. The rand appreciated 0.24% against the US dollar. The notable underweight exposure to SA cash dampened returns. The STeFI Composite added 0.28%. All portfolio constituents were positive for the month, except for the Prescient Income Provider Fund (0.00%) which was flat. The top contributor to performance was the PSG Flexible Fund (7.20%) followed by the Amplify SCI Flexible Equity Fund (4.69%).


Glacier Invest Moderate Wrap Fund

The Glacier Invest Moderate Wrap Fund outperformed its category average benchmark, returning 3.30% in comparison to its peers returning 2.43%. The overweight exposure to SA equities, SA property and foreign equities added to the returns. The ALSI, ALPI and MSCI ACWI gained 5.87%, 9.70% and 2.95% in rand terms. The currency appreciated 0.24% against the greenback. In contrast, the underweight position in SA cash dampened returns. The STeFI Composite returned 0.28%. The largest contributor was the PSG Flexible Fund, returning 4.02% on the back of both favourable asset allocation and stock selection. The Fund that contributed the least to performance was the Prescient Income Provider Fund. While asset allocation benefited the fund, stock selection detracted from performance.


Glacier Invest Moderate Aggressive Wrap Fund

The Glacier Invest Moderate Aggressive Wrap Fund returned 3.84% for the month of February, outperforming the ASISA SA Multi-Asset High Equity category, which returned 3.11%. The overweight exposure to SA equities and property contributed to the returns. The ALSI and ALPI rose 5.87% and 9.70%. In addition, the overweight position in SA property and foreign equities added to the returns. The ALSI and MSCI ACWI advanced 5.87% and 2.95% in ZAR. The rand strengthened 0.24% against the greenback. In contrast, the notable underweight position in SA cash dampened returns as the STeFI Composite returned 0.28%. All portfolio constituents were positive for the month, except for the Coronation Optimum Growth Fund (-0.46%). The PSG Flexible Fund (7.20%) was the leading contributor to performance, followed by the Satrix Balanced Index Fund (4.36%).


Glacier Invest Worldwide Flexible Wrap Fund

The Glacier Invest Worldwide Flexible Wrap Fund returned 2.63% for the month, outperforming the ASISA Worldwide Multi-Asset Flexible category average by 0.69%. The Fund’s outperformance was mainly driven by its overweight exposure to SA equities and property and underweight position in foreign cash. The ALSI and ALPI returned 5.87% and 9.70%. The rand strengthened 0.24% against the US dollar and 0.77% against the euro. Meanwhile, the underweight exposure to SA cash and foreign equities hampered returns. The STeFI Composite and MSCI ACWI gained 0.28% and 2.95% in ZAR. Most portfolio constituents were positive during the month. The main contributors to performance were the PSG Flexible and the Truffle SCI Flexible funds, returning 7.20% and 4.83%.


Glacier Invest Real Income Solutions for Living Annuities​​​​

Glacier Invest 2.5% Real Income Solution Wrap Fund


Glacier Invest 3% Real Income Solution Wrap Fund


Glacier Invest 4% Real Income Solution Wrap Fund


Glacier Invest 5% Real Income Solution Wrap Fund


Glacier Invest 6% Real Income Solution Wrap Fund


Glacier Invest TFSA Wrap Funds

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 Wrap Funds

Glacier Invest Shari’ah Stable Wrap Fund

The Glacier Invest Shari’ah Stable Wrap Fund returned 2.73% for the month, outperforming the ASISA SA Multi-Asset Low Equity category average by 1.13%. The portfolio’s underweight offshore equity exposure relative to peers detracted from performance. The FTSE Shari’ah All World Excluding SA Index delivered 1.07% in ZAR. The rand strengthened 0.24% against the US dollar. The overweight exposure to SA property added to returns as the ALPI gained 9.70%. The exposure to local Shari’ah-compliant equity (26.50%) added to performance. The FTSE/JSE Shari’ah All share index returned 8.67%, outperforming the ALSI, which delivered 5.87%. In addition, the Fund is not allowed to hold conventional bonds which detracted slightly from performance as the ALBI returned 0.06%. All portfolio constituents were positive during the month. The main contributors to performance were the Sentio SCI Hikma Shari’ah Balanced Fund and the Kagiso Islamic High Yield Fund.


Glacier Invest Shari’ah Balanced Wrap Fund

The Glacier Invest Shari’ah Balanced Wrap Fund delivered 4.14% for the month, outperforming the ASISA SA Multi-Asset High Equity category average by 1.07%. The portfolio’s overweight offshore equity exposure (+4.7%) relative to peers added to performance. The FTSE Shari’ah All World Excluding SA Index delivered 1.07%. The rand strengthened 0.24% against the US dollar. In addition, the exposure to local Shari’ah-compliant equity (45.3%) added to performance. The FTSE/JSE Shari’ah All Share Index returned 8.67%, outperforming the ALSI which delivered 5.87%. The underweight position in SA property detracted from performance as the ALPI returned 9.70%. In addition, the Fund is not allowed to hold conventional bonds, which detracted slightly from performance as the ALBI returned 0.06%. All portfolio constituents were positive during the month. The main contributors to performance were the Kagiso Islamic Balanced Fund and the Sentio SCI Hikmah Balanced Fund.


Glacier Invest Shari’ah Equity Wrap Fund

The Glacier Invest Shari’ah Equity Wrap Fund returned 5.78%, underperforming the FTSE/JSE Shari’ah All Share Index by 2.90%. Stock selection was the main driver of underperformance. All portfolio constituents were positive during the month. The main contributors to performance were the Kagiso Islamic Equity Fund and the Sentio SCI Hikmah Shari’ah General Equity Fund. On a stock level, the best-performing stock was Anglo American Platinum, returning 20.85% and contributing 0.87%. The largest detractor was Cartrack holdings, which returned -18.96% and detracted 0.42%.


The Glacier Invest Wrap Funds below are closed to new business. 

Investors already invested in these Wraps may still transact within them.


Glacier Invest Enhanced Growth Wrap Fund

For the month of February, the Glacier Invest Enhanced Growth Wrap Fund marginally outperformed its benchmark (the SA General Equity Category Average), gaining 4.99% in comparison to its benchmark’s return of 4.78%. The month can be described as risk on, supported by the rollout of vaccines and hopes of more stimulus. South African assets had a stellar month relative to both developed and emerging markets, driven higher by resources. The underweight SA equity exposure relative to the ASISA SA Equity General category average detracted from relative performance as the ALSI rallied 5.87%, thereby implying that stock selection and sector allocation drove the outperformance. The Wrap’s overweight SA property exposure contributed to relative performance as the ALPI advanced 9.70%. Most portfolio constituents were positive for the month, with the notable exception of the Ninety One Global Franchise Feeder Fund, while SIM Top Choice and PSG Equity were once again the top contributors to performance.


Glacier Invest Conservative (LA) Wrap Fund

Glacier Invest  Cautious (LA) Wrap Fund

Glacier Invest Moderate (LA) Wrap Fund

Glacier Invest Moderate Aggressive (LA) Wrap Fund

Glacier Invest Worldwide Flexible (LA) Wrap Fund



Previous Fund Fact sheets

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

Your Next Read

Investment Insights | 5 min read
The benefits of fixed income hedge funds in portfolio construction

Receive the latest Glacier Insights delivered to your inbox


Please enabled javascript to view Glacier.