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  •  Nedgroup Investments Private Wealth Equity Fund (A)
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21.17  /  0.36%

5809.26

NAV on 2019/03/19
NAV on 2019/03/18 5788.09
52 week high on 2018/08/29 6469.94
52 week low on 2019/01/02 5475.69
Total Expense Ratio on 2018/09/30 1.16
Total Expense Ratio (performance fee) on 2018/09/30 0
NAV Incl Dividends
1 month change 3.86% 3.86%
3 month change 4.33% 6.21%
6 month change -3.33% -1.6%
1 year change -7.91% -6.26%
5 year change 3.08% 4.77%
10 year change 11.76% 14%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 172.97 10.00%
Consumer Goods 106.30 6.14%
Consumer Services 524.79 30.34%
Derivatives 3.95 0.23%
Financials 427.06 24.69%
Fixed Interest 0.43 0.02%
Health Care 58.69 3.39%
Industrials 143.37 8.29%
Liquid Assets 53.19 3.08%
Technology 139.84 8.08%
Telecommunications 50.73 2.93%
Offshore 48.52 2.80%
  • Top five holdings
 NASPERS-N 234.27 13.54%
 REMGRO 79.84 4.62%
 REINET 76.46 4.42%
 BIDCORP 74.20 4.29%
 BHP 63.79 3.69%
  • Performance against peers
  • Fund data  
Management company:
Nedgroup Collective Investments (RF) (Pty) Ltd.
Formation date:
2004/05/01
ISIN code:
ZAE000051132
Short name:
U-BOECORE
Risk:
Unknown
Sector:
South African--Equity--General
Benchmark:
FTSE/JSE SWIX 40
Contact details

Email
No email address listed.

Website
http://www.nedgroupinvestments.com

Telephone
0860-123-263(RSA only)/+27-21-416-6011(Outside SA)

  • Fund management  
Nedgroup Investments Advisors


  • Fund manager's comment

Nedgroup Inv Private Wealth Equity Commnt - Mar 18

2018/05/30 00:00:00
MARKET OVERVIEW
The JSE All Share index shed 6% in rand terms during Q1 2018. The best-performing sectors were Oil & Gas (+0.0%), Industrials (-1.7%), and Health Care (-1.9%). The worst performing sectors were Technology (-30.5%), Consumer Services (-10.3%) and Consumer Goods (-7.5%). During the period the rand gained 4.2% against the US dollar.
THE NEDGROUP INVESTMENTS PRIVATE WEALTH EQUITY FUND Q1 2018: +0.81% RELATIVE TO BENCHMARK
The Fund outperformed its Swix40 index benchmark by 0.81% in the first quarter. Positive contributors for the quarter included Naspers, Steinhoff Africa Retail and software group, Adapt IT. The Fund's performance benefited from an underweight position in Naspers. Naspers constitutes in excess of 25% of the Swix40 index. Detractors for the period included the Fund's positions in IT services group, EOH Holdings, education group, Curro and investment holding company, Reinet.
PORTFOLIO ACTION UNDERTAKEN DURING THE PERIOD: REDUCED SA INC. POSITIONS IN RESPONSE TO RAMAPHOSA RALLY
In response to a resurgent rand and moderating domestic interest rate expectations, a broad basket of SA Inc. stocks posted a strong rally over the period. The Fund took the opportunity to reduce certain positions in response to this 'Ramaphosa rally'. Examples of positions reduced included The Foshini Group, Bidvest, and RMH Holdings.
Focus areas in the Fund: EOH announced a particularly weak trading statement during the period for the six months ending 31 January 2018. The interim performance reflected the knock-on financial consequences of the 2017 news flow relating to unfounded adverse media coverage. Going forward, EOH will now need to rebuild market confidence which will require evidence of a return to business as usual. In addition, an internal restructuring exercise is also underway in a bid to enhance transparency and efficiency within the Group.
Reinet also remained under pressure during the quarter which reflected the performance of its largest investment, British American Tobacco (BAT). The tobacco industry has entered what has been dubbed 'the FDA bear market'. The US Food and Drug Administration (FDA) has recently adopted a more proactive strategy in a bid to discourage the appeal of smoking. In particular, the FDA is targeting a reduction in flavours, menthol and nicotine levels in cigarettes and has embarked on a process of public consultation. The market has adopted a cautious stance and BAT has in turn de-rated to a low teens multiple and a dividend yield approaching 5%.
  • Fund focus and objective  
This portfolio seeks to provide investors with capital growth by investing in equities and related instruments traded on the JSE. Investors should be prepared for and be comfortable with market volatility in order to achieve long-term investment objectives.
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