NAV on 2019/01/15
|NAV on 2019/01/14
|52 week high on 2018/09/03
|52 week low on 2019/01/02
|Total Expense Ratio on 2018/09/30
|Total Expense Ratio (performance fee) on 2018/09/30
Sanlam Collective Investments
South African--Multi Asset--High Equity
60% ALSI CAPI; 15% SteFI; 15% MSCI World; 10% US 10yr Treasury
No email address listed.
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Jan has nine years investment experience. He qualified as a chartered accountant at Coopers & Lybrand and holds a chartered financial analyst charter. His field of expertise in terms of investments extends over a wide range of equity sectors, as well as the fixed income market. Jan is responsible for alternative investment strategies, as well as managing fixed income portfolios at Gryphon Asset Management. Jan has also been a director of the Gryphon Group since 1999.
Denker SCI Balanced Fund - Sep 18
In US dollars, equity markets had a better quarter. Unfortunately South Africa continued to lag; keeping company with a handful of countries. The MSCI All Country World Index closed higher, but emerging markets continue to lag. High frequency data releases throughout the quarter indicated that economic activity remained muted. This was confirmed by another weak GDP print showing that the South African economy is technically in recession (defined as two consecutive quarters of declining output).
The Jobs Summit concluded at the end of September, with a renewed commitment by government and social partners to create 275,000 jobs per year. Interventions aimed to improve growth include:
- Boosting domestic demand through additional local procurement by Government - Manufacturers encouraged to explore and identify import replacement opportunities - Adopting a more aggressive approach to exports to grow domestic productive capacity - Disbursing funding to Black enterprises within the industrial sector - Increased public/private collaboration on infrastructure to crowd-in private sector expertise and investment - Continued support for the IDC towards distressed firm
Since the fund’s inception in May 2017 the FTSE/JSE Capped All Share Index delivered 7.2%, domestic property (represented by the FTSE/JSE South Africa Listed Property Index) declined 11.1% and South African cash (represented by the STeFI) paid 10.5% in rand. Marginal rand weakness (since inception) assisted the performance of offshore assets - the rand/dollar exchange rate deteriorated from R13.34 to R14.14, representing a decline of 6.0%.
Markets have provided little opportunity for outsized returns.
Noteworthy allocation - We remain committed to maintaining the 25% offshore allocation.
- We have no intention of acquiring long-dated developed market debt. We prefer to roll shorter dated cash investments which offer lower returns, but reduce the risk of capital losses. - We retain an underweight equity allocation domestically but have increased our exposure to SA Inc. and emerging markets, following recent poor performance.
In the absence of major regulatory reform, South Africa will follow where global markets lead.
The portfolio will invest in a combination of assets classes both locally and internationally, including assets in liquid form, money market instruments, bonds, debentures, corporate debt, equity securities, property securities, preference shares, convertible equities, non-equity securities and any other listed and unlisted securities which are considered to be consistent with the portfolio's primary objective and the Act or the Registrar may allow all to be acquired at fair value. The manager may also include unlisted forward currency, interest rate and exchange rate swap transactions for efficient portfolio purposes. The portfolio will be actively managed with exposure to various asset classes being varied to reflect changing economic and market circumstances, in order to maximise returns for the investors. The portfolio shall adhere to the multi asset: high equity classification requirements as set out by the ASISA Standard: Fund classification for South African regulated collective investment portfolios.