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  •  Denker Sanlam Collective Investments Balanced Fund (A)
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-1.46  /  -0.14%

1053.15

NAV on 2019/11/14
NAV on 2019/11/13 1054.61
52 week high on 2019/05/03 1088.33
52 week low on 2019/01/02 975.82
Total Expense Ratio on 2019/06/30 1.08
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 1.98% 1.98%
3 month change 3.34% 3.34%
6 month change -1% 0.99%
1 year change 5.71% 9.84%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 3.52 5.98%
Consumer Goods 2.88 4.89%
Consumer Services 4.32 7.34%
Derivatives 1.18 2.01%
Financials 10.03 17.04%
Gilts 2.36 4.00%
Health Care 0.46 0.78%
Industrials 0.81 1.38%
Liquid Assets 7.61 12.93%
Money Market 12.61 21.43%
Technology 3.97 6.74%
Telecommunications 1.11 1.89%
Offshore 7.99 13.58%
  • Top five holdings
O-SNGBEST 6.02 10.23%
MONEYMARK 4.48 7.6%
 NASPERS-N 1.90 3.22%
 ANGLO 1.39 2.37%
 STANBANK 1.37 2.33%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
2017/05/02
ISIN code:
ZAE000242632
Short name:
U-DENKBAL
Risk:
Unknown
Sector:
South African--Multi Asset--High Equity
Benchmark:
60% ALSI CAPI; 15% SteFI; 15% MSCI World; 10% US 10yr Treasury
Contact details

Email
No email address listed.

Website
No website listed.

Telephone
021-947-9111

  • Fund management  
Jan Meintjes
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.
Madalet Sessions


  • Fund manager's comment

Denker SCI Balanced Fund - Mar 19

2019/05/27 00:00:00
Market review
Global equity markets recovered strongly from the sell off at the end of last year. The S&P 500 in dollars gained 13.1% the MSCI World gained 11.9% and the MSCI EM lagging slightly gained 9.6%. The most surprising development in markets was the sharp rally in long dated developed market government bonds; the yields on US 10yr maturity bonds declined from 2.69% at year end to 2.41%. The yield on 10yr German bonds declined from 0.24% to -0.07%.
The US Congress and President Trump ended the longest government shutdown in American history on 25 January 2019 without reaching consensus over the funding amount for an expansion of the US Mexico border wall. In the UK Prime Minister May failed to gain sufficient support for her Brexit deal, but did manage to persuade European leaders to postpone the Brexit deadline until mid-April. In the last week of March the UK parliament voted on no less than eight options and has yet to find majority support for any proposal. As things stand it looks like the UK might leave the EU on 12 April without a deal.
South African markets lagged behind global equities gaining 6.8% in rand (marginal rand weakness detracted 0.9% for the US dollar based investor). SA bonds delivered surprisingly strong performance gaining 3.4% over the quarter.
Mr Mboweni delivered the Medium Term Expenditure Framework (MTEF) in February. Government revised growth forecasts lower, made no adjustment to tax brackets despite inflation and promised R23bn a year to Eskom to help it restructure its operations. The sustainability of government finances depends on the ability of the economy to achieve projected growth rates. The Eskom load shedding experienced in the first quarter makes it that much harder to achieve. Already, in March government revenue statistics showed much larger than expected shortfalls. Moody’s, despite the obvious challenges, did not downgrade SA government debt to junk.
Performance
Since the fund’s inception the FTSE/JSE Capped All Share Index delivered 10.0%, domestic property (represented by the FTSE/JSE SA listed property index) declined 12.9% and SA cash paid 13.8% in rand. The rand/dollar exchange rate deteriorated from R13.10 to R14.48, representing a decline of 10.5%. This weakness assisted the performance of offshore assets; the S&P500 in rand closed 29.9% higher while the MSCI EM lagged gaining 16.3%.
Over the first quarter of 2019, all assets - onshore and offshore - delivered positive returns to the rand investor. Offshore asset have delivered returns well in excess of what has been available on domestic assets.
Owning assets exposed to different macro-economic risks and rewards is how one achieves diversification. This means that not all assets held by the fund can deliver returns in the same environment. A diversified portfolio means reduced volatility and capital stability; one of the main aims of the fund.
Noteworthy allocations
-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 are evaluating our domestic asset allocation given the difficulties load-shedding imposes on the SA economy.
Outlook
In the absence of major regulatory reform, South Africa will follow where global markets lead.
  • Fund focus and objective  
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.
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