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43.9  /  1.06%

4123.46

NAV on 2020/02/14
NAV on 2020/02/13 4079.5564
52 week high on 2019/02/22 5070.6481
52 week low on 2020/02/13 4079.5564
Total Expense Ratio on 2019/09/30 0.3
Total Expense Ratio (performance fee) on 2019/09/30 0
NAV Incl Dividends
1 month change -10.68% -7.27%
3 month change -12.21% -8.86%
6 month change -11.12% -7.73%
1 year change -17.84% -11.11%
5 year change -8.69% -2.41%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Financials 198.07 96.34%
Liquid Assets 7.53 3.66%
  • Top five holdings
 GROWPNT 41.57 20.22%
 NEPIROCK 28.46 13.84%
 REDEFINE 27.18 13.22%
 FORTRESSA 14.40 7.01%
 RESILIENT 12.34 6%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
2013/02/14
ISIN code:
ZAE000279238
Short name:
U-STNPROP
Risk:
High
Sector:
South African--Real Estate--General
Benchmark:
FTSE/JSE Africa SA Listed Property Index
Contact details

Email
contact@stanlib.com

Website
http://www.stanlib.com

Telephone
011-448-6000

  • Fund management  
Ryan Basdeo
After beginning his career as a financial accountant in the employee benefits industry, Ryan joined STANLIB Asset Management in their Institutional Pricing team in 2008. He got experience in the Offshore Trades Processing team from 2010, before moving on to Alternative Investments as market maker for the ETFs and executing trades for the index-tracking funds, as well as assistance with portfolio management. He was appointed a Portfolio Manager in 2017. Ryan has a BCom in Taxation degree, is a JSE Registered Securities Trader, as well as a Registered Bond Trader and has been awarded a MBA from Wits Business School.


  • Fund manager's comment

1NVEST SA Property ETF - Sep 19

2019/10/29 00:00:00
Fund review
The fund has performed in-line with its benchmark over the quarter. The last FTSE/JSE rebalance saw the deletion of Accelerate Property and the addition of Storage Property. The fund benefitted from its exposure to Sirius Real Estate, which returned 14.3%, together with Investec Australia Property Fund and NEPI Rockcastle, which were the other top performers. However, exposure to MAS Real Estate, Attacq Limited and Redefine Properties detracted from performance, as these were the three worst performers. MAS Real Estate returned -23.0% over the quarter.
Market overview
Post a strong run of equity markets across the globe in the first half of 2019, global markets have since slowed down due to increased tension in the trade wars and continued slowdown in global economic data. Europe and USA continued with monetary easing to offset economic slowdown. Returns have hence been flat for the quarter apart from the emerging markets, with the MSCI World at 1.1% and MSCI EM at -2.1% for the quarter. Locally, GDP was 3.1% Q/Q in Q2 2019 reversing the Q1 2019 contraction, SARB cut rates by 25bps in line with census in their July meeting but left it unchanged in September. The national treasury published a white paper on structural reform including SOE reform, marking one of the first signs of structural reforms in the new Presidency. Locally, domestic asset classes such as equities (SWIX ALSI), bonds (ALBI), and cash (STeFi) recorded mixed returns of -2.14%, 1.5% and 1.8% respectively.
Looking ahead
Against the backdrop of slowing global economic growth, a pause in trade war, could provide some relief to the financial markets. But if trade uncertainty continues posing a significant drag on business and consumer confidence, we expect risk aversion will 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 fiscal deficits may struggle. Locally, uncertainty will remain high until the government provides evidence that SA’s economic policy and reforms are heading in the right direction for future growth. We believe investors should focus on liquid markets segments with risk dialled down compared with 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 aim of the portfolio is to provide returns linked to the performance of the SA Listed Property Index ('the Index') in terms of both price performance as well as income from the component securities of the index. The portfolio will aim to track the performance of the index. In order to achieve the abovementioned objective, the portfolio will generally invest in all of the component securities of the Index in proportion to their weighting in the Index and will under normal circumstances aim to invest at least 90% of its total assets in the shares, or equivalent securities, composing the Index. However, due to various factors, including the costs and expenses involved as well as illiquidity of securities, it may not be possible or practicable to purchase the entire component securities in their weightings or purchase them at all. In such event, the Investment Adviser may use quantitative techniques to hold a representative sample of the Index. Such techniques involve considering the inclusion of each security based on its investment characteristics, fundamental characteristics and liquidity. In no event will the portfolio be managed according to the traditional approach of active investment management, rather a passive approach will be applied. The portfolio may hold liquid assets on an ancillary basis. The portfolio aims to hold component securities in the Index so that the weighting of each security it holds does not diverge substantially from the weighting of that component in the Index. The portfolio will not exercise any voting rights in respect of constituent securities.
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