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  •  Element Real Income Sanlam Collective Investments Fund (A)
  •   PRINT PAGE

0.57  /  0.27%

209.04

NAV on 2019/07/23
NAV on 2019/07/22 208.47
52 week high on 2018/09/05 214.94
52 week low on 2019/01/02 202.52
Total Expense Ratio on 2019/03/31 1.63
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -1.49% -0.3%
3 month change -0.58% 0.62%
6 month change 1.77% 4.14%
1 year change 1.47% 6.6%
5 year change 0.34% 5.65%
10 year change 3.27% 8.07%
Price data is updated once a day.
  • Sectoral allocations
Derivatives 0.00 0.00%
Financials 11.03 8.50%
Fixed Interest 6.30 4.86%
General Equity 23.11 17.82%
Gilts 52.59 40.55%
Liquid Assets 13.92 10.74%
Other Sec 7.47 5.76%
Spec Equity 15.24 11.75%
Offshore 0.02 0.01%
  • Top five holdings
U-FRAEQUI 23.11 17.82%
U-EGLBLEQ 15.24 11.75%
U-ELESPEC 6.30 4.86%
 HOSP-B 3.50 2.7%
 INVESTEC-P 3.41 2.63%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
2002/10/07
ISIN code:
ZAE000077400
Short name:
U-FRARINC
Risk:
Unknown
Sector:
South African--Multi Asset--Low Equity
Benchmark:
CPI plus 3%
Contact details

Email
No email address listed.

Website
No website listed.

Telephone
021-947-9111

  • 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 Real Income SCI - Mar 19

2019/05/28 00:00:00
The Element Real Income SCI Fund realised a total return of 3.8% for the quarter to the end March 2019, outperforming its benchmark (CPI+3%) return of 1.7% over this period. The March 2019 quarterly performance brings the rolling one year total performance of the Fund to 9.3% (net of fees) – outperforming its benchmark return of 7.6% over the same period. It should further be noted that on a relative basis the Fund is rated in the top quartile of its category over the past rolling three years.
The quarter saw a significant recovery across the majority of the asset classes, clawing back some of the negative performance experienced during 2018. The largest moves were across the higher risk asset classes, with global equities (MSCI All World Index) up 13.7% in ZAR, local equities (JSE All Share Index) up 8%, and the Preference Share Index up 6%. 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.
On a relative basis, our domestic equity holdings underperformed their benchmark (ALSI) over the quarter - largely due to our underweight position in Naspers (the ALSI’s largest constituent) and our overweight position in Afrox. Naspers rebounded due to the strong improvement in Tencent’s share price since its low point in October 2018. Tencent, a Chinese tech giant and Naspers’ most material listed investment, rallied +41% from its low in October 2018 to the end of March 2019, pulling the Naspers share price along with it.
Our exposure to Preference Shares (the JSE Preference Share Index was up 6%), as well as our exposure to offshore assets, added to the Fund’s performance. The Fund’s performance was positively impacted by some property stock specific recoveries over the quarter, specifically Hammerson, Capital & Counties and Hospitality Property Fund. One of the largest detractors however 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 Element Real Income Fund is an actively managed domestic fund that will provide investors with the opportunity to achieve moderate capital appreciation with a high level of income. The Element Real Income Fund aims to achieve the highest sustainable income payout that is possible without eroding the fund's inflation adjusted capital base. The Element Real Income Fund aims to grow this income and the underlying capital of the fund in line with inflation (CPI). The fund is actively managed and is able to invest in high yielding equities, bonds, fixed deposits, money market instruments, listed debentures, property unit trusts, listed property equities and other high yielding securities.
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