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

-1.38  /  -0.66%

209.98

NAV on 2019/03/25
NAV on 2019/03/22 211.36
52 week high on 2018/09/05 214.94
52 week low on 2018/04/04 199.78
Total Expense Ratio on 2018/12/31 1.6
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change 0.67% 0.67%
3 month change 2.55% 4%
6 month change -1.98% 0.63%
1 year change 3.88% 9.45%
5 year change 0.75% 6.01%
10 year change 3.38% 8.36%
Price data is updated once a day.
  • Sectoral allocations
Alt X 1.11 0.84%
Financials 14.85 11.28%
Fixed Interest 4.32 3.28%
General Equity 19.83 15.06%
Gilts 52.40 39.80%
Liquid Assets 5.77 4.38%
Money Market 3.09 2.35%
Other Sec 8.04 6.11%
Spec Equity 22.24 16.89%
Offshore 0.02 0.01%
  • Top five holdings
U-EGLBLEQ 22.24 16.89%
U-FRAEQUI 19.83 15.06%
U-ELESPEC 4.32 3.28%
 INVLTDPREF 3.30 2.51%
 HOSP-B 3.25 2.47%
  • 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 - Sep 18

2019/01/04 00:00:00
Quarterly Commentary
The Element Real Income SCI Fund realised a total return of 3.1% for the quarter to the end September 2018, outperforming its benchmark (CPI+3%) return of 1.9% over this period. The September 2018 quarterly performance brings the rolling one year total performance of the Fund to 4.0% (net of fees) – underperforming its benchmark return of 7.9% over the same period. It should be noted however that the Fund is still outperforming its benchmark over a rolling three year period, having returned 9.4% annually compared to the benchmark’s 8.2%. Furthermore, according to Longboat Analytics data, on a relative basis the Fund is rated in the top quartile of its category over the past rolling three years.
The quarter saw pretty dismal performance coming from the majority of the local asset classes, with the JSE All Share Index (ALSI) down -2.2%, the JSE Property Index (SAPY) down -1.0%, and the JSE All Bond Index (ALBI) down -1.1%. Exposure to offshore assets provide some relief, as the USDZAR weakened by 3%, coupled with the S&P500 (as an indicator for developed equity markets) strengthening by 7.2% over the period.
It is notable that on a relative basis, our domestic equity holdings outperformed its benchmark (ALSI) over the quarter - it was largely due to our underweight position in Naspers and overweight position in Anglogold. Naspers’ weak share price performance of -12% over the quarter was driven by a weak performance of its large investment in Tencent Holdings, which was down -18% over the quarter. Tencent was weaker due to increased regulation in the Chinese online gaming market.
The Fund’s performance was further positively impacted by our offshore exposure, short duration (i.e. relative underweight bond position) as well as stock specific recoveries. Two examples are African Phoenix Investment Preference Shares (AXLP), which recovered 26% post a Board proposal to buy back all the outstanding preference shares at a price of R37, as well as Grit Real Estate Income Group (GTR) which also rallied by 19% post their successful listing on the LSE on 31 July 2018.
  • 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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