Category switch for Absa Rand Protector Fund

Absa Asset Management has announced a change of collective investment scheme classification for its high-performing Absa Rand Protector Fund.

It was previously classified as a ‘domestic varied specialist’ fund, but now joins the domestic large capitalisation category. The switch is technical in nature and involves no change in methodology or philosophy, said Stephen Arthur, manager of the Absa Rand Protector Fund.

“The fund is a consistent top quartile performer over one, three and five years,” added Arthur. ““With such a solid track record we are looking to heighten the fund’s investment industry profile, particularly among managers of funds of funds.

“A change of classification assists this process and draws attention to the fund’s performance in the large capitalisation space.”

The fund invests in companies in the ALSI Top 40 with strong foreign currency denominated earnings. The resource and industrial sectors are strongly represented in the fund, though financial counters that match the rand-hedge profile are also included.

The aim is long-term capital growth and escalating dividend income.

Said Arthur: “We’re known for value orientation and intense stock-picking focus backed by strong fundamental research. None of that changes – only our classification and a formal place in the large cap category.”