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  •  Denker Sanlam Collective Investments SA Stable Fund (A)
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-1.61  /  -0.16%

998.85

NAV on 2019/03/22
NAV on 2019/03/21 1000.46
52 week high on 2018/09/06 1041.73
52 week low on 2019/01/02 957.85
Total Expense Ratio on 2018/12/31 1.04
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change 1.07% 1.07%
3 month change 2.39% 4.45%
6 month change -2.77% 0.83%
1 year change -0.53% 6.86%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Financials 0.63 5.02%
Gilts 1.30 10.32%
Liquid Assets 3.33 26.36%
Money Market 7.36 58.30%
  • Top five holdings
MONEYMARK 1.45 11.46%
MM-01MONTH 1.12 8.85%
MM-34MONTH 1.03 8.16%
MM-31MONTH 1.03 8.16%
MM-28MONTH 1.03 8.16%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
2017/05/02
ISIN code:
ZAE000242624
Short name:
U-DENSTAB
Risk:
Unknown
Sector:
South African--Multi Asset--Low Equity
Benchmark:
CPI + 4% p.a.
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 Stable Fund - Apr 18

2018/06/13 00:00:00
Philosophy The fund has two main aims that make it suitable for post-retirement investors: Firstly, to provide capital protection and secondly, the fund aims to pay predictable quarterly income. In order to achieve these objectives, we will:
-Restrict investments in equities, excluding property, to 40% (including offshore equities), -Buy protection against capital losses when markets are expensive, -Avoid doubling up economic risks within the fund, Aim to be diversified so that realisation of a particular risk cannot cause excessive losses to investors, and -Maintain a minimum of 25% offshore exposure.
By managing assets according to these guidelines, investors are most likely to meet their long-term investment objectives.
Performance Since the fund’s inception in May 2017 the FTSE/JSE Capped All Share Index delivered 11.2%, the SA bond market 4.4% and SA cash paid 4.9%. Offshore assets underperformed as the rand strengthened by 8%. In rand, the MSCI World Index delivered 2.8%, US bonds lost 7.9% and US cash declined by 7.7%.
Noteworthy allocations 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. Domestic assets have delivered robust returns, while offshore assets have been a drag on investment returns for the fund. A diversified portfolio means reduced volatility and capital stability; one of the main aims of the fund. We remain committed to maintaining the 25% offshore allocation. Additionally, 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.
Market review Markets in South Africa were dominated by three significant events in the last quarter of 2017. The medium term budget statement which disappointed capital markets in October, the accounting scandal at Steinhoff that has had substantial consequences for equity investors in South Africa (with knock on effects for the corporate credit market) and the outcome of the ANC policy conference that provided some much needed optimism.
In the US, the Republican congress (without a single Democratic vote) passed a consequential tax bill. Tax reform combined with pro-growth administrative/ regulatory reform has the potential to see growth in the US accelerate. We are still evaluating the durability and implications of these wide ranging reforms for asset markets.
Outlook Cyril Ramaphosa emerged as the new president of the ANC after the elective conference. Since the announcement the rand strengthened materially and equities geared to the local economy have rerated. The improved confidence is positive for the South African economy, but confidence alone will not solve the problems. The country’s balance sheet remains under pressure and policy announcements at the elective conference have the potential to put further strain on the fiscus. Ramaphosa faces the daunting task of unifying the ANC, winning the 2019 election and reassuring investors, entrepreneurs and skilled South Africans that the country is worth the risk. This entails a credible plan to close the gap between government revenues and spending without harming growth prospects (we see a real threat for further credit downgrades and a continued stagnant economy for South Africa). Unfortunately, a credible plan is no longer enough. Effective implementation is also required.
  • Fund focus and objective  
The portfolio will invest in a combination of asset 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: low equity classification requirements as set out by the Asisa standard: fund classification for South African regulated collective investment scheme portfolios.
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