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4.38  /  2.33%


NAV on 2021/03/01
NAV on 2021/02/26 183.64
52 week high on 2021/02/16 188.22
52 week low on 2020/03/23 110.79
Total Expense Ratio on 2020/12/31 1.21
Total Expense Ratio (performance fee) on 2020/12/31 0
Incl Dividends
1 month change 7.64% 7.64%
3 month change 15.11% 15.66%
6 month change 15.88% 16.44%
1 year change 19% 20.99%
5 year change 1% 2.94%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 115.18 22.27%
Consumer Goods 17.89 3.46%
Consumer Services 32.23 6.23%
Derivatives 0.00 0.00%
Financials 135.00 26.10%
Industrials 5.54 1.07%
Liquid Assets 21.02 4.06%
Technology 81.08 15.68%
Telecommunications 14.51 2.80%
Offshore 94.80 18.33%
  • Top five holdings
 NASPERS-N 55.06 10.65%
 PROSUS 26.02 5.03%
 FIRSTRAND 25.07 4.85%
 ANGLO 21.47 4.15%
 BATS 17.89 3.46%
  • Performance against peers
  • Fund data  
Management company:
Anchor Capital (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Equity--General
FTSE JSE Capped SWIX All Share index
  • Fund management  
Anchor Capital Investment Team

  • Fund manager's comment

Anchor BCI Equity comment - Dec 19

2020/02/14 00:00:00
The Anchor BCI Equity Fund ended 2019 up 7.7%, against the benchmark FTSE/JSE Capped Swix, which closed the year 6.8% higher. The “phase 1” trade deal between China and the US helped catalyse a rally in emerging market (EM) stocks and currencies, dragging the rand (+4.7% in December) and the benchmark (FTSE/JSE Capped SWIX Index [Capped SWIX] +3.1% in December) with them. Pla..num shares were again leading the way, up another 20% to cap a year in which their share prices tripled! Gold shares con..nued the rollercoaster bouncing back from a double digit sell-off in November to post a double-digit gain in December, leaving gold stocks up 120% for the year. Gold and pla..num shares accounted for 80% of the Capped SWIX performance in 2019 and almost half of December’s performance. Naspers was the other key contributor in December as it combined with Prosus to end the month up 8%, in aggregate, helped by rand strength and a rally in Chinese shares. Sasol finished an otherwise year with a strong performance, up 15% as it was buoyed by a rally in the oil price and the hope that it may avoid a capital raise. Our posi..oning has remained balanced throughout the year, with the lack of domes..c growth a backdrop for the domes..c equity market . However, valua..ons have kept our alloca..on to domes..c cyclicals at around 35%, with the balance split between businesses with li..le to no opera..ons in South Africa and mining companies.
  • Fund focus and objective  
The portfolio is constructed from bottom-up, fundamental research with an investment philosophy that favours quality stocks with superior returns on capital, cash flows and pricing power. While acceptable valuation is an important component of the stock selection process, the fund's style is not 'value' - investments will be made in premium-rated stocks where the growth outlook and quality profile warrants it. The fund will also own shares that are often not well researched, yet offer exceptional valuation-driven opportunities. The quality of companies included is judged by rates of earnings growth, return on capital employed, cash conversion and stability of margins. The portfolio may from time to time invest in listed and unlisted financial instruments. The manager may include the following unlisted financial instruments: forward currency, interest rate and exchange rate swap transactions for efficient portfolio management purposes. The portfolio's equity exposure will always exceed 80% of the portfolio's net asset value.

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