NAV on 2019/01/18
|NAV on 2019/01/17
|52 week high on 2018/01/25
|52 week low on 2018/10/23
|Total Expense Ratio on 2018/09/30
|Total Expense Ratio (performance fee) on 2018/09/30
Sanlam Collective Investments
South African--Multi Asset--Flexible
FSTE/JSE Capped Shareholder Weighted All
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* 1998: Completed articles at Grant Thornton Kessel Feinstein
* Joined Franklin Asset Management (senior research analyst)
* Joined SIM in 1999 on the industrial team as an equity analyst
* 2002 - 2006: Head of small caps at Sanlam Investment Management
* Current: Head of unconstrained equities
Claude van Cuyck
Claude completed his B.Com degree at Rhodes University and B.Com Honours degree from UNISA. He is also a CFA. He joined Karlein Independent Investment Consultancy (KIIC) in 1993 as a trainee portfolio manager. He subsequently joined SIM (then Gensec Asset Management) as senior analyst: equities.
* Joined Sanlam Asset Management in 1994 as an equity analyst.
* In 1998 joined Gryphon Asset Management as a portfolio manager and analyst (running unit trusts and pension fund portfolios as well as retaining research responsibilities).
* Returned to SIM in 2002.
* Head of equities at Sanlam Investment Management.
* Has researched a number of sectors across the JSE in the 14 years that he has been an analyst/ portfolio manager.
* Currently runs the Sanlam General Equity unit trust, after managing the Industrial unit trust for a number of years.
* Member of SIM's model portfolio group that sets the equity house view and the asset allocation house view.
Denker SCI Flexible Fund - Sep 18
The difficult time for emerging market (EM) equities has continued in the past quarter. At the southern point of Africa, we often get so immersed in our local market conditions that we lose sight of the global picture. Strong growth rising interest rates in the US are causing capital flows out of emerging markets to a more attractive US investment story. Instability in Turkey and Latin America is fuelling the fires of negative sentiment towards emerging markets. Against this backdrop it is clear that South Africa is not doing itself any favours with very weak GDP growth (and is now officially in a recession) and the painfully slow process of addressing the rot caused by the Zuma administration to a number of the state institutions and SOE’s. Although the local frustrations are front of mind and with us at least to the elections in 2019, the markets here are more driven by the global trends. The growing intensity of trade wars may have a deeper and longer impact on the balance and magnitude of global growth.
The fund was launched on 2 August 2017. Our fund’s performance over this period was affected by weak emerging market equity performance as well as a large position in Steinhoff towards the end of 2017. The positive momentum of the political change in South Africa that supported the performance of the fund early in 2018 has since reversed. The FTSE/JSE Capped Swix Index returned a marginally positive total return while our fund posted a negative return of 3.6% since inception (class A net of fees).
Given that valuations on a number of SA Inc. listed equities are now well below the levels they were before the change to the Ramaphosa administration, we have increased our exposure to SA Inc. We reduced our exposure to emerging market equities in June to just over 5% in favour of off-shore cash (6.8%). JSE listed equities comprise 87% of the value of the fund.
Global events should continue to dominate in the short term. We continue to see more value in emerging market equities and South Africa compared to most developed markets.
The portfolio will invest in a combination of both local and international asset classes, including assets in liquid form, money market instruments, bonds, debentures, corporate debt, equity securities, property securities, preference shares, convertible equities, derivatives, non-equity securities and any other 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 Manager shall be permitted to invest on behalf of the portfolio in offshore investments as legislation permits.