Fund classification tool

Look up any South African unit trust fund and find out where and how it can invest. Or look up any category of funds to find out where and how they invest.

Begin by entering the name of the fund in which you are invested or in which you plan to invest. Alternatively, choose the unit trust fund sub-category you are interested in.

Fund Name


Or

Fund Category


Global – Equity – General

  • At least 80% of the fund/s will be invested outside of South Africa.
  • No more than 80% of the fund/s can be invested in a single geographical region.
  • At least 80% of the fund/s will be invested in shares.
  • The fund/s will invest across sectors and in small, mid or large cap shares.
  • The default benchmark for funds in this category is the Morgan Stanley Capital World Index (MSCI) All Countries (total return), but individual funds may have their own benchmarks. 

Global – Equity – Unclassified

  • At least 80% of the fund/s will be invested outside of South Africa.
  • No more than 80% of the fund/s will be invested in a single geographical region.
  • At least 80% of the fund/s will be invested in shares.
  • Shares may be selected from a particular sector of share markets around the world.
  • There is no default category benchmark as funds in the unclassified sub-category can have very different mandates and are not comparable.

Global – Interest Bearing – Short Term

  • At least 80% of the fund/s will be invested outside of South Africa.
  • No more than 80% of the fund/s will be invested in a single geographical region.
  • The fund/s will invest in bonds, fixed deposits and other securities that pay fixed interest, but the weighted average of all the instruments' terms to maturity cannot exceed two years.
  • The fund/s cannot invest in shares, listed property or preference shares.
  • Funds in this sub-category aim to deliver a high level of income and should be less volatile than a bond fund.
  • There is no default benchmark for this sub-category.

Global – Interest Bearing – Variable Term

  • At least 80% of the fund/s will be invested outside of South Africa.
  • No more than 80% of the fund/s can be invested in a single geographical region.
  • The fund/s will invest largely in bonds but can also invest in fixed deposits and other securities that pay fixed interest from around the world, depending on what interest rates are and how the manager/s expected them to change.
  • Funds in this sub-category aim to earn capital growth and a high level of income.
  • There is no default benchmark for this sub-category.

Global – Multi Asset – Flexible

  • At least 80% of the fund/s will be invested outside of South Africa.
  • No more than 80% of the fund/s will be invested in a single geographical region.
  • The fund/s will invest in share, bond, money and listed property markets. This kind of fund has the flexibility to move between the asset classes as the manager deems fit, unless the fund's own mandate sets minimum asset class holdings.
  • A manager of a fund in this sub-category has a significant degree of discretion over the allocation to geographical regions outside of South Africa and asset classes in order to maximise total returns over the long term, but these funds can be aggressively managed for higher returns at a higher investment risk.
  • There is no default benchmark for this sub-category. 

Global – Multi Asset – High Equity

  • At least 80% of the fund/s will be invested outside of South Africa.
  • No more than 80% of the fund/s will be invested in a single geographical region.
  • The fund/s will invest across share, bond, money and listed property markets and move between the asset classes within limits considered prudent.
  • The equity holdings, including shares in international markets, cannot exceed 75% of the fund/s.
  • The listed property exposure, including that in international markets, cannot exceed 25% of the fund/s.
  • Funds in this sub-category aim to grow the capital you invest over the medium to long term (at least five years).
  • There is no default benchmark for this sub-category. Sub-category peer group averages are sometimes shown in performance tables.

Global – Multi Asset – Income

  • At least 80% of the fund/s will be invested outside of South Africa.
  • No more than 80% of the fund/s will be invested in a single geographical region.
  • The fund/s will invest across share, bond, money and listed property markets and move between the asset classes within limits considered prudent.
  • The equity holdings, including shares in international markets, cannot exceed 10% of the fund/s.
  • The listed property exposure, including that in international markets, cannot exceed 25% of the fund/s.
  • There is no default benchmark for this sub-category. Sub-category peer group averages are sometimes shown in performance tables.

Global – Multi Asset – Low Equity

  • At least 80% of the fund/s will be invested outside of South Africa.
  • No more than 80% of the fund/s will be invested in a single geographical region.
  • The fund/s will invest across share, bond, money and listed property markets and move between the asset classes within limits considered prudent.
  • The equity holdings, including shares in international markets, cannot exceed 40% of the fund/s.
  • The listed property exposure, including that in international markets, cannot exceed 25% of the fund/s.
  • Funds in this sub-category aim to grow the capital you invest over the medium term (at least three years).
  • There is no default benchmark for this sub-category. Sub-category peer group averages are sometimes shown in performance tables.

 

Global – Multi Asset – Medium Equity

  • At least 80% of the fund/s will be invested outside of South Africa.
  • No more than 80% of the fund/s will be invested in a single geographical region.
  • The fund/s will invest across share, bond, money and listed property markets and move between the asset classes within limits considered prudent.
  • The equity holdings, including shares in international markets, cannot exceed 60% of the fund/s.
  • The listed property exposure, including that in international markets, cannot exceed 25% of the fund/s.
  • Funds in this sub-category aim to grow the capital you invest over the medium to long term (at least five years).
  • There is no default benchmark for this sub-category. Sub-category peer group averages are sometimes shown in performance tables. 

Global – Real Estate – General

  • At least 80% of the fund/s will be invested outside of South Africa.
  • No more than 80% of the fund/s will be invested in a single geographical region.
  • The fund/s will invest in listed property shares, collective investment schemes in property and property loan stock and real estate investment trusts.
  • Up to 80% of a fund in this sub-category must be invested in real estate shares.
  • Up to 10% of a fund in this sub-category can be invested in shares not listed in the real estate sector but in companies that do similar business to that of listed property companies.
  • There is no default benchmark for this sub-category. 

Regional – Equity – General

  • At least 80% of the fund/s will be invested outside of South Africa in a specific country (for example, the US) or a geographical region (for example, Africa).
  • At least 80% of the fund/s will be invested in shares.
  • The fund/s will invest across sectors and in small, mid or large cap shares.
  • There is no default benchmark for this sub-category.

Regional – Interest Bearing – Short Term

  • At least 80% of the fund/s will be invested outside of South Africa in a specific country (for example, the US) or a geographical region (for example, Africa).
  • The fund/s will invest in bonds, fixed deposits and other securities that pay fixed interest, but the weighted average of all the instruments' terms to maturity cannot exceed two years.
  • The fund/s cannot invest in shares, listed property or preference shares.
  • Funds in this sub-category aim to deliver a high level of income and should be less volatile than a bond fund.
  • There is no default benchmark for this sub-category

Regional – Interest Bearing – Variable Term

  • At least 80% of the fund/s will be invested outside of South Africa in a specific country (for example, the US) or a geographical region (for example, Africa).
  • The fund/s will invest largely in bonds but can also invest in fixed deposits and other securities that pay fixed interest. The manager/s can choose and change securities in the fund/s in line with the manager/s views on which securities will do best given what interest rates are and how they are expected to change.
  • There is no default benchmark for this sub-category.

* In terms of the current exemption under the ASISA Fund Classification Standard.

Regional – Multi Asset – Flexible

  • At least 80% of the fund/s will be invested outside of South Africa in a specific country (for example, the US) or a geographical region (for example, Africa).
  • The fund/s will invest in share, bond, money and listed property markets and move between the asset classes in line with the views of the manager/s. A fund's mandate may set its own minimum holdings in any asset class.
  • The manager of such a fund has a significant degree of discretion over the allocation to asset classes in order to maximise total returns over the long term, but these funds can be aggressively managed for higher returns at a higher investment risk.
  • There is no default benchmark for this sub-category.

 

Regional – Multi Asset – Income

  • At least 80% of the fund/s will be invested outside of South Africa in a specific country (for example, the US) or a geographical region (for example, Africa).
  • The fund/s will invest in share, bond, money and listed property markets with the aim of maximising the income generated in the fund/s.
  • These funds are restricted to investing only 10% of the fund in shares, including shares in international markets, and the listed property exposure, including that in international markets, cannot exceed 25% of the fund/s.
  • There is no default benchmark for this sub-category. 

South African – Equity – Financial

  • At least 55% of the fund/s must be invested in the South African markets.*
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • At all times 80% of the fund/s must be invested in the equity market in shares listed in the FTSE/ Financials sector or in a similar sector of an international stock exchange.
  • Up to 10% of the fund/s may be invested in shares in other sectors that conduct similar business activities as those in the financial sector.
  • As these funds are focussed on a single sector they may be more volatile than funds that are diversified across a wider range of industry groups on the stock market.
  • The default benchmark for funds in this sub-category is the FTSE/JSE Financials index, but individual funds may have their own benchmarks.

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Equity – General

  • At least 55% of the fund/s must be invested in South African markets.* But the fund/s can invest up to 45% in markets outside of South Africa.
  • At all times 80% of the fund/s must be invested in the equity market.
  • The fund/s will invest across sectors and in small, mid or large cap shares. The aim of the fund/s is to grow the capital you invest over the medium to long term (at least five years).
  • A fund in this sub-category can be volatile (go up and down) over shorter periods but should be less volatile than funds focussed on specific market sectors.
  • The default benchmark for funds in this sub-category is the FTSE/JSE All Share Index (Alsi), but individual funds may have their own benchmarks.

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Equity – Industrial

  • At least 55% of the fund/s must be invested in the South African market.*
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • At all times 80% of the fund/s must be invested in the equity market in industrial shares listed in the JSE or an international stock exchange. Industrial shares include all companies listed on an exchange other than those listed in the FTSE/JSE Oil & Gas, Basic Materials, and Financials industry groups.
  • Funds in this sub-category aim to grow the capital you invest over the medium to long term (at least five years).
  • The default benchmark for funds in this sub-category is the FTSE/JSE All Share Industrials index, but individual funds may have their own benchmarks. 

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Equity – Large Cap

  • At least 55% of the fund/s must be invested in South African markets.*
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • At all times 80% of the fund/s must be invested in the equity market.
  • The fund/s will invest only in large cap shares included in the FTSE/JSE Large Cap Index or, for any portion invested in foreign markets, an equivalent index on a foreign exchange.
  • Funds in this sub-category aim to grow the capital you invest over the medium to long term (at least five years).
  • Funds in this sub-category can be volatile (go up and down) over shorter periods and are likely to be more volatile than a fund investing across all market sectors.
  • The default benchmark for funds in this sub-category is the FTSE/JSE Large Cap Index, but individual funds may have their own benchmarks.

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Equity – Mid & Small Cap

  • At least 55% of the fund/s must be invested in South African markets.*
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • At all times 80% of the fund/s must be invested in the equity market.
  • The fund/s will invest only in shares that are included either in the FTSE JSE Mid Cap Index or the FTSE JSE Small Cap Index or, for any portion invested in foreign markets, an equivalent index on a foreign exchange.
  • Funds in this sub-category aim to grow the capital you invest over the medium to long term (at least five years).
  • Funds in this sub-category can be volatile (go up and down) over shorter periods and are likely to be more volatile than a fund investing across all market sectors.
  • The default benchmark for funds in this sub-category is the FTSE/JSE Mid Cap Index, but individual funds may have their own benchmarks. 

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Equity – Resources

  • At least 55% of the fund/s must be invested in South African markets.*
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • At least 80% of the fund/s must be invested in shares listed in the FTSE/JSE Oil & Gas and Basic Materials index or, for any portion invested in foreign markets, an equivalent index on a foreign exchange.
  • Up to 10% of the shares can be invested in shares not listed in a resources index but which are involved in similar business activities to those in the oil, gas and basic materials sectors.
  • Funds in this sub-category aim to grow the capital you invest over the medium to long term (at least five years).
  • Funds in this sub-category can be volatile (go up and down) over shorter periods and likely to be more volatile than a fund investing across all market sectors.
  • The default benchmark for funds in this sub-category is the FTSE/JSE Resources Index, but individual funds may have their own benchmarks.

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Equity – Unclassified

  • At least 55% of the fund/s must be invested in South African markets.
  • The fund/s it can invest up to 45% in markets outside of South Africa.
  • Funds in this sub-category aim to grow the capital you invest over the medium to long term (at least five years).
  • The fund/s can be volatile (go up and down) over shorter periods and are likely to be more volatile than a fund investing across all market sectors.
  • There is no default benchmark for this sub-category. Sub-category peer group averages are sometimes shown in performance tables. 

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Interest Bearing – Money Market

  • At least 55% of the fund/s must be invested in South African markets.*
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • The fund/s will invest in money market instruments with a maturity of less than 13 months. The average term to maturity or duration of the holdings of funds in this sub-category may not exceed 90 days and a weighted average legal maturity of 120 days.
  • Funds in this sub-category aim to preserve your capital, pay high interest and to give you ready access to your investment (be liquid).
  • The default benchmark for funds in this sub-category is the Alexander Forbes Short Term Fixed Interest three-month index, but individual funds may have their own benchmarks.

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Interest Bearing – Short Term

  • At least 55% of the fund/s must be invested in South African markets.
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • The fund/s will invest in bonds, fixed deposits and other securities that pay fixed interest but the weighted average of all the instruments' terms to maturity cannot exceed two years.
  • The fund/s cannot invest in shares, listed property or preference shares.
  • Funds in this sub-category aim to deliver a high level of income and should be less volatile than a bond fund.
  • The default benchmark for funds in this sub-category is the Alexander Forbes Short Term Fixed Interest (STeFI) Composite index, but individual funds may have their own benchmarks. 

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Interest Bearing – Variable Term

  • At least 55% of the fund/s must be invested in South African markets.
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • Funds in this sub-category invest largely in bonds but can also invest in fixed deposits and other securities that pay fixed interest, depending on what interest rates are and how they are expected to change.
  • Funds in this sub-category aim to earn capital growth and a high level of income.
  • The default benchmark for funds this sub-category is the JSE/ASSA All Bond index, but individual funds may have their own benchmarks. 

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Multi Asset – Flexible

  • At least 55% of the fund/s must be invested in South African markets.
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • The fund/s will invests across share, bond, money and listed property markets. This kind of fund has the flexibility to move between the asset classes as the manager deems fit, unless the fund's own mandate sets minimum asset class holdings.
  • The manager of a fund in this sub-category has a significant degree of discretion over the asset allocation in order to maximise total returns over the long term, but these funds can be aggressively managed for higher returns at a higher investment risk.
  • Funds in this sub-category aim to grow the capital you invest over the medium to long term (at least five years).
  • There is no default benchmark for this sub-category. Sub-category peer group averages are sometimes shown in performance tables.

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Multi Asset – High Equity

  • At least 55% of the fund/s must be invested in South African markets.
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • The fund/s will invest across share, bond, money and listed property markets and move between the asset classes within limits considered prudent.
  • The equity holdings, including shares in international markets, cannot exceed 75% of the fund/s.
  • The listed property exposure, including that in international markets, cannot exceed 25% of the fund/s.
  • Funds in this sub-category aim to grow the capital you invest over the medium to long term (at least five years).
  • There is no default benchmark for this sub-category. Sub-category peer group averages are sometimes shown in performance tables.

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Multi Asset – Income

  • At least 55% of the fund/s must be invested in South African markets.
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • The fund/s will invest across share, bond, money and listed property markets and move between the asset classes within limits aimed at maximising income and keeping the investment risk low.
  • The equity holdings, including shares in international markets, cannot exceed 10% of the fund/s.
  • The listed property exposure, including that in international markets, cannot exceed 25% of the fund/s.
  • The fund/s aims for maximum income over the shorter term (less than three years).
  • There is no default benchmark for this sub-category. Sub-category peer group averages are sometimes shown in performance tables.

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Multi Asset – Low Equity

  • At least 55% of the fund/s must be invested in South African markets.
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • The fund/s will invest across share, bond, money and listed property markets and move between the asset classes within limits that keep the investment risk low.
  • The equity holdings, including shares in international markets, cannot exceed 40% of the fund/s.
  • The listed property exposure, including that in international markets, cannot exceed 25% of the fund/s.
  • Funds in this sub-category aim to grow the capital you invest over the medium term (at least three years).
  • There is no default benchmark for this sub-category. Sub-category peer group averages are sometimes shown in performance tables

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Multi Asset – Medium Equity

  • At least 55% of the fund/s must be invested in South African markets.
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • The fund/s will invest across share, bond, money and listed property markets and move between the asset classes within limits that keep the investment risk moderate.
  • The equity holdings, including shares in international markets, cannot exceed 60% of the fund/s.
  • The listed property exposure, including that in international markets, cannot exceed 25% of the fund/s.
  • Funds in this sub-category aims to grow the capital you invest over the medium to long term (at least five years).
  • There is no default benchmark for this sub-category. Sub-category peer group averages are sometimes shown in performance tables. 

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Multi Asset – Target Date

  • At least 55% of the fund/s must be invested in South African markets.
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • The fund/s will invest across share, bond, money and listed property markets and move between the asset classes with a view to reducing the investment risk as the target date approaches.
  • There is no default benchmark for this sub-category. The funds cannot be compared due to different target dates and asset allocations.

* In terms of the current exemption under the ASISA Fund Classification Standard.

South African – Real Estate – General

  • At least 55% of the fund/s must be invested in South African markets.
  • The fund/s can invest up to 45% in markets outside of South Africa.
  • The fund/s will invest in listed property shares, collective investment schemes in property and property loan stock and real estate investment trusts.
  • Up to 80% of the fund/s must be invested in shares listed in the FTSE/JSE Real estate sector or a similar sector in overseas markets.
  • Up to 10% of the fund/s can be invested in shares not listed in the FTSE/JSE Real estate sector or a similar sector in overseas markets but in companies that do similar business to that of listed property companies.
  • The default benchmark for funds in this sub-category is the FTSE/JSE SA Listed Property index, but individual funds may have their own benchmarks. 

Worldwide – Equity – General

  • The fund/s can invest in either local or global markets without restrictions.
  • At least 80% of the fund/s must be invested in shares.
  • The fund/s will invest across all sectors of the market.
  • Funds in this sub-category aim to grow your capital over the long term (at least five years).
  • There is no default benchmark for this sub-category.

Worldwide – Multi Asset – Flexible

  • The fund/s can invest in either local or global markets without restrictions.
  • The fund/s will invest in share, bond, money and listed property markets and move between the asset classes in line with the views of the manager/s, unless the fund's own mandate sets any minimum holdings for the asset classes.
  • The manager of a fund in this sub-category has a significant degree of discretion over the allocation to geographical regions and asset classes in order to maximise total returns over the long term, but these funds can be aggressively managed for higher returns at a higher investment risk.
  • There is no default benchmark for this sub-category.

Disclaimer