Prudential Balanced Fund
In
Out
Up
Down
Naspers
Anglo American
BHP Billiton
Lonmin
MTN
SABMiller
Sasol
Table 2, Source: ProfileData
allocation. So rather than a lack of
ideas, this might rather show that
the fund managers are comfortable
with how they have allocated their
capital and are confident that there
are no better options.
Taking a slightly longer term view
from June 2013, however, the
fund has reduced its local equity
exposure slightly from 44.60%
to 40.04%. At the same time, the
weighting it gives to local bonds has
grown from 11.36% to 14.93%.
In terms of its specific holdings,
there has been a noticeable
reduction in its exposure to
resource counters. The most
significant move was however the
increase in its position in Naspers,
from 4.21% of the fund last year to
6.47% (See: Tablez 2). ■
The most notable thing
about the Prudential
Balanced Fund is how
little it has changed
over the year.
Graph 1 - The above chart illustrates asset allocation changes within the Coronation
Balanced Plus Fund from 2015 back to 2013.
Graph 2 - The above chart illustrates Prudential's asset allocation changes from
2015 back to 2013.
ISSUE 4 – JULY 2015
29