NAV on 2019/08/22
|NAV on 2019/08/21
|52 week high on 2018/08/28
|52 week low on 2019/08/16
|Total Expense Ratio on 2019/06/30
|Total Expense Ratio (performance fee) on 2019/06/30
Prescient Management Company Ltd. (PIM)
SWIX total return net of fees
Andrew Vintcent has worked the asset management industry since 2000. Prior to joining ClucasGray, Andrew held various portfolio management, research and executive roles at RMB Asset Management and Stanlib. In 2015 Andrew embarked on a journey to set up and grow an Asset Management boutique. He was drawn to ClucasGray’s business ethos and their desire to develop and grow their asset management business, and joined them as the Portfolio Manager and an equity investor in ClucasGray Asset Management.
Grant Morris joined ClucasGray in 2014 and began his career in investment management in 2000. Prior to joining ClucasGray, Grant spent 12 years at Melville Douglas where he held various portfolio management and analyst positions.
ClucasGray Equity Prescient Comment - Mar 19
Following the emerging market crisis that impacted many South African companies, July saw welcome relief to select sectors. Financials rallied over 6%, although this gain was offset by declines in Resources and Industrials. Year to date, only the Resources sector has shown positive returns (+16%), with Financials, Industrials and Property all declining in the case of Property the decline has been brutal, with the sector falling more than 20%. In an environment of subdued returns, the ClucasGray Equity Fund has gained over 12% over the last year, with the JSE Swix and the Peer group gaining just over 5% and 3% respectively.
We have made numerous changes to the portfolio over the last few months. New additions include Tiger Brands and Grindrod, and we increased weightings in Old Mutual, Clover, select banks and the combination of British American Tobacco and Reinet. To fund these purchases we have sold out of Quilter and Remgro, and reduced exposure to Naspers, Sasol, amongst others. The operating environment is always dynamic whilst uncomfortable at times, we remain resolute in our belief that patient investors will in due course reflect favorably on the opportunities that are currently being presented.
For a more detailed explanation of our views and positioning, please refer to the June 2018 quarterly commentary on our website, www.cgam.co.za.
The ClucasGray Equity Prescient Fund is a SA only, general equity fund. The fund aims to provide long term capital growth ahead of its benchmark (SWIX) and the competing unit trust category by investing in any shares that are listed on the JSE. The fund is a high conviction fund aiming to hold no more than 25 stocks at any one time. Fundamental analysis, a valuation discipline and a belief that inefficient markets create opportunities in mispriced assets underpin our process.