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

0.28  /  0.13%

210.32

NAV on 2019/09/16
NAV on 2019/09/13 210.04
52 week high on 2018/09/25 214.22
52 week low on 2019/01/02 202.52
Total Expense Ratio on 2019/06/30 1.64
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 2.41% 2.41%
3 month change -0.64% 0.56%
6 month change -0.88% 1.42%
1 year change -1.56% 3.41%
5 year change 1.36% 6.73%
10 year change 3.1% 7.89%
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 - Jun 19

2019/09/03 00:00:00
Quarterly Commentary
The Element Real Income SCI Fund realised a total return of 1.4% for the quarter to the end June 2019, underperforming its benchmark (CPI+3%) return of 1.7% over this period. The June 2019 quarterly performance brings the rolling one year total performance of the Fund to 6.6% (net of fees) - underperforming its benchmark return of 7.5% over the same period. It should 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 continued strength across the majority of the asset classes, further clawing back some of the negative performance experienced during 2018. The largest moves were across the higher risk asset classes, with local equities (JSE All Share Index) up 3.9%. The quarter also saw a significant rally across the Fixed Income universe, with bonds (both globally and locally) rallying on the back of expected monetary easing across the globe - as an example, the amount of negative yielding global bonds are now at a record high of $12.5 trillion! Not to be outdone, our local Money Market is now pricing in at least one imminent rate cut, with further potential easing on the cards.
Our large exposure to Preference Shares (the JSE Preference Share Index was up 5.5%) contributing positively to the Fund’s performance. This was offset by the Fund’s exposure to the UK property sector that continued to be under pressure due to the prolonged Brexit uncertainty, with specifically Hammerson (down 23%) and Capital & Counties (down 16%) detracting from performance. On a relative basis, our domestic equity holdings underperformed its benchmark (ALSI) over the quarter - it was largely due to our overweight position in Glencore, British American Tobacco and Huge Telecom. Glencore has been under pressure since April after it was informed by the US Commodity Futures Commission that it was being investigated for regulatory breaches. British American Tobacco has been weaker due to lower than expected global cigarettes sales as consumers move towards next generation products such as e-cigarettes as well as the potential for increased regulation in the USA.
  • 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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