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  •  Element Specialist Income Sanlam Collective Investments Fund (A)

0.14  /  0.15%


NAV on 2019/07/23
NAV on 2019/07/22 95.17
52 week high on 2018/09/25 98.72
52 week low on 2019/07/02 94.91
Total Expense Ratio on 2019/03/31 0.96
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -1.7% 0.39%
3 month change -0.68% 1.43%
6 month change -0.75% 2.99%
1 year change -1.58% 6.17%
5 year change -1.56% 6.07%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Financials 20.82 11.18%
Gilts 105.23 56.50%
Liquid Assets 20.05 10.76%
Money Market 25.53 13.71%
Other Sec 14.63 7.85%
Offshore 0.00 0.00%
  • Top five holdings
MM-07MONTH 8.95 4.81%
MM-09MONTH 7.19 3.86%
 HOSP-B 6.04 3.25%
 ABSABANK-P 5.69 3.06%
MM-03MONTH 5.31 2.85%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Income
110% STeFI Composite
Contact details

No email address listed.

No website listed.


  • Fund management  
Terence Craig
Terence joined Element Investment Managers in April 2001 and was appointed as a director and chief investment officer. He has worked in financial services since 1991. Prior to joining Element Investment Managers, Terence qualified as a chartered accountant after completing his articles with Ernst & Young and then worked at Allan Gray Ltd as an equity analyst and portfolio manager. In 1998 he became a director of Taita, a private equity house. At UCT he was awarded: Standard Bank University Scholarship, UCT Entrance Merit Scholarship, was on the Dean's Merit List in 1988 and was awarded the class medal for Business Finance (his Business Science special field) and the class medal for Applied Business Statistics II. Terence has been responsible for the investment process and investment team since joining Element Investment Managers over five years ago.
Jeleze Hattingh
Jeleze joined Element Investment Managers in 2010 as an investment analyst. Jeleze is part of the Fixed Income and Asset Allocation teams, and she focusses predominantly on fixed income analysis and the applicable trading of related fixed income instruments. Her responsibilities further include analysis of the property sector and technical indicators. Jeleze started her career at ABSA with a focus on operational risk and strategic measures to comply with Basel II regulations. She was then employed by Standard Bank (SCMB), working on market risk methodologies and systems. She moved to London in 2005, where she was part of the Strategic Change Management team at Credit Suisse, focusing on projects that involved global integrated teams facilitating the development and implementation of a new market risk system. She ended her London journey as part of Deloitte Consultancy, engaging in various management projects and leading functional implementation teams. Jeleze returned to South Africa in 2008 and joined Allan Gray in Cape Town as the Fixed Interest Trader.

  • Fund manager's comment

Element Specialist Income SCI Fund - Mar 19

2019/05/28 00:00:00
The Element Specialist Income SCI Fund realised a total return of 1.5% for the quarter to the end March 2019, underperforming its benchmark (110% STEFI) return of 1.9%. The March 2019 quarterly performance brings the rolling one year total performance of the Fund to 6.5% (net of fees) – underperforming its benchmark return of 8.0% over the same period.
The quarter saw a significant recovery across the majority of asset classes, clawing back some of the negative performance experienced during 2018. The offshore assets further benefitted from the weakening of the Rand over the 12 months ending 31 March 2019 (from R11.84 to R14.49 per US$), although the Rand was flat over the quarter. And not to be outdone, the income markets saw a rally late in the quarter after Moody’s kept South Africa’s credit rating constant, with the ALBI up 5%.
Our exposure to Preference Shares (the JSE Preference Share Index was up 6%), as well as our indirect exposure to offshore assets, added to the Fund’s performance. The Fund’s performance was positively impacted by some stock specific recoveries over the quarter, specifically Hammerson (+8.8%), Capital & Counties (+8.0%) and Hospitality Property Fund (+11.8%). The largest detractor was Delta Property Fund, which saw significant selling pressure on the back of delays from the Department of Public Works to renew the majority of their leases before their self-imposed target date of end of February 2019.
  • Fund focus and objective  
The objective of this portfolio is to provide investors with actively managed exposure to income generating investments that aim to deliver enhanced money market returns over the long term whilst minimising downside risk. The manager aims to do this by investing in a spread of both domestic and international equity securities and non-equity securities listed on exchanges that are full members of the World Federation of Exchanges. The portfolio will be subject to the Prudential Guidelines for South African retirement funds being Regulation 28 of the Pension Funds Act or such other legislation published from time to time.
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