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  •  First Avenue Sanlam Collective Investments Equity Fund (B1)

7.44  /  0.49%


NAV on 2019/07/18
NAV on 2019/07/17 1524.98
52 week high on 2018/08/28 1730.35
52 week low on 2018/12/10 1424.29
Total Expense Ratio on 2019/03/31 1.45
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -2.44% -1.44%
3 month change -5.28% -4.31%
6 month change 1.93% 2.97%
1 year change -5.86% -4.09%
5 year change -1.19% 0.33%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 18.73 2.89%
Consumer Goods 87.08 13.45%
Consumer Services 104.34 16.12%
Financials 198.27 30.63%
Health Care 27.14 4.19%
Industrials 22.01 3.40%
Liquid Assets 8.95 1.38%
Technology 155.07 23.95%
Telecommunications 25.77 3.98%
  • Top five holdings
 NASPERS-N 155.07 23.95%
 STANBANK 50.54 7.81%
 FIRSTRAND 43.53 6.72%
 AB INBEV 27.49 4.25%
 A-V-I 24.86 3.84%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Equity--General
FTSE/JSE Shareholder Weighted All Share Index (SWIX)
Contact details

No email address listed.

No website listed.


  • Fund management  
Hlelo Giyose

  • Fund manager's comment

First Avenue SCI Equity Fund - Mar 19

2019/05/28 00:00:00
The SA stock recovered strongly in the first quarter of the year delivering 5.9% for the quarter delivering its best quarter in 12 years. This followed strong performances by both the MSCI EM (10.2%) and MSCI World (12.9%) which also proved to be their best quarter since 2010. The exuberance was due mostly to the Fed’s signalling that further interest rate rises were highly unlikely. Furthermore, the ECB, Bank of Japan and People’s Bank of China all moved to stimulate their economies. We monitor these developments with caution as such movements by central banks, in fact, confirm concerns over global growth peaking especially in the Eurozone and Japan. Nowhere, is this signal more stronger than in the inversion of the US yield curve (investors demanding a high premium for the risk of lending to the US Govt in the short term than over the long term) in the quarter which is a leading indicator of the end of a cycle. We, therefore, more than ever, are certain that now is the worst time to hold risky assets geared to a continuance of the cycle (i.e., resource stocks). Not holding them contributed 2.6% toward our underperformance of the benchmark. Instead, we prefer to hold quality banks and domestic industrials which are trading at more attractive valuations.
  • Fund focus and objective  
The fund aims to deliver long-term capital and income growth in excess of the market index while offering a higher degree of capital protection to investors by limiting its universe to listed equities of low fundamental risk. Aiming for high returns with lower fundamental risk - We invest in high quality companies as this strategy has been shown to outperform the market most consistently and with low risk over long periods of time. The idea is to reduce the probability of permanently impairing shareholder capital by desisting from taking risky bets. Our franchise value lies in differentiated research into the industry dynamics that drive company profitability. The portfolio may invest in participatory interests of underlying unit trust portfolios. The portfolio may also invest in collective investment schemes in property as well as any other securities that the Act may allow from time to time. When investing in derivatives, the manager will adhere to prevailing derivative regulations.
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