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-575.1  /  -2.92%

19717.73

NAV on 2019/03/20
NAV on 2019/03/19 20292.8254
52 week high on 2018/09/04 21604.8544
52 week low on 2018/03/26 14635.1191
Total Expense Ratio on 2018/12/31 0.27
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change 3.11% 3.11%
3 month change 12.74% 12.74%
6 month change -3.23% -3.23%
1 year change 25.8% 25.8%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Liquid Assets 0.03 0.27%
Offshore 9.67 99.73%
  • Top five holdings
ICORE500 9.67 99.73%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
2018/03/15
ISIN code:
ZAE000255055
Short name:
U-SP500FS
Risk:
Unknown
Sector:
Regional--Equity--General
Benchmark:
S&P 500 Index
Contact details

Email
contact@stanlib.com

Website
http://www.stanlib.com

Telephone
011-448-6000

  • Fund management  
Ryan Basdeo


  • Fund manager's comment

STANLIB S&P500 Index Feeder ETF - Sep 18

2019/01/02 00:00:00
Fund review
The fund performed in line with the feeder fund since the inception date of 07 March 2018. Technology stocks where again at the forefront of drivers of performance for this quarter. The feeder fund has delivered a return of 17.51% in US dollars terms for the 12 months ended 30 September 2018.
Market overview
Over the third quarter US equities led, driven by the strong growth environment and confidence in the US economy. In contrast to the attractive returns of US equities, fixed income returns have been uninspiring. Strong US data has kept the Fed on track to hike rates. Global growth has however not been as synchronised as last year. UK markets have been sensitive to suspicions of a no-deal on Brexit, and there has been a slowdown in manufacturing in the Eurozone, led by fewer exports into China. The rebound in the US dollar has made emerging markets especially vulnerable to negative sentiment and fear. Dollar denominated assets took the lead over local assets as the Rand lost 3.03% to the Dollar over the third quarter. In Rand terms foreign equity delivered the highest returns (MSCI World +8.17%) and outperformed foreign bonds (Barclays Global Treasury Bond Index +1.26%). In South Africa the second quarter saw a decline in consumer confidence and an increase in consumer spending. Cash (STEFI +1.74%), bonds (ALBI +0.81%) and inflation-linked bonds (ILBI +0.44%) outperformed both property (PCAP -2.22%) and equities (SWIX -3.34%). Seasonally adjusted GDP shrunk for a second consecutive period, driven by falling output from agriculture, transport and trade.
Looking ahead
Against the backdrop of strong US economic growth, there is potential for the trade conflict directed from the US to deepen, resulting in higher prices and a significant drag on business and consumer growth, and ultimately global growth. While growth appears healthy currently, we expect risk aversion to rise as the ability of developed markets and vulnerable emerging economies to weather the impact of trade wars remains uncertain. Additionally, emerging economies with sizeable dollar debts and sizable fiscal deficits may struggle. We believe investors should focus on liquid markets segments with risk dialled down versus market benchmarks.
The commentary gives the views of the portfolio manager at the time of writing. Any forecasts or commentary included in this document are not guaranteed to occur.
  • Fund focus and objective  
The fund is a feeder fund and as such it invests in the iShares Core S&P 500 UCITS ETF. This underlying fund tracks the S&P 500 Index and aims to replicate the performance of the Index. The S&P 500 Index gives the performance of the top 500 leading US listed companies and captures approximately 80% coverage of available market capitalisation. The Index is rebalanced quarterly.
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