NAV on 2019/11/14
|NAV on 2019/11/13
|52 week high on 2019/05/03
|52 week low on 2019/08/27
|Total Expense Ratio on 2019/09/30
|Total Expense Ratio (performance fee) on 2019/09/30
STANLIB Collective Investments (RF) Limited
FTSE/JSE All Share index
From 1989 to December 1998, Theo worked for UAL/NIB Asset Management and then joined Liberty Asset Management in January 1999 as a research sector head. His expertise covers the luxury goods, beverages, tobacco, food retail and food manufacturing subsectors.
Herman van Velze
With a mining engineering background, Herman started his asset management career in 1993 as a mining analyst. Winner of several awards in 2007, he has successfully managed the STANLIB Balanced Fund since 2005 and is currently Head of Balanced Funds.
STANLIB SA Equity comment - Jun 19
The STANLIB SA Equity Fund delivered a 1.51% return for the second quarter of 2019 compared to a benchmark (FTSE/JSE SWIX All Share Index) return of 2.9%. The one year return for the fund is -0.3 % compared to the benchmark return of 1.2%. Contributing to relative performance were our overweight exposures to African Rainbow Minerals, Discovery and Ethos Private Equity and underweight positions in Sasol, Netcare, Life Healthcare, PSG and Tiger Brands. STANLIB Global Emerging Market Fund, Glencore, KAP, Sappi and Northam and underweight position in Gold shares, Vodacom, Telkom and Anglo Platinum detracted from performance.
During the quarter, we sold our holdings in Pioneer Foods and reduced our exposure to Mondi and British American Tobacco. We added to Sasol, Bidcorp, Bidvest and Dischem
The FTSE/JSE SWIX All Share Index total return for the second quarter of 2019 was 2.9%, continuing to underperform SA bonds and SA cash over the short term. Financials led local equity performance delivering 5.4% and Industrials grew by 4%. Over the one-year period to 30 June 2019, the FTSE/JSE SWIX All Share Index delivered 4.4%, with Resources remaining the best performing sector (21.2%) for the year. Global equities delivered a relatively strong performance during the quarter with the MSCI World Index up 3.8% (in USD terms). MSCI Emerging Markets Index was only up 0.7% while the MSCI South Africa was up a credible 6.7% for the quarter.
Emerging Market equities had a strong start to the year, supported by receding macro risks given the notion that central banks are willing to reduce interest rates. We expect the SARB to consider reducing rates at its next meeting to bolster economic growth. A key risk over the coming months relates to the progression of a US-China trade deal. Whilst we still expect a deal given the interests of both sides, we expect both positive and negative surprises. The valuation case for equities remains compelling, with metrics below their respective historical means. This offers investors an attractive opportunity into quality businesses supported by structural growth trends.
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.
The STANLIB SA Equity Fund's objective is the steady growth of income and capital in the longer term. Investments will consist of ordinary shares from a broad spectrum of the sectors of the JSE and when appropriate, other securities, including non-equity securities and preference shares. The trustees shall ensure that the composition of the assets and their respective proportions in this portfolio will not be identical to the STANLIB Wealthbuilder Fund at all times. This portfolio may not have any direct and/or indirect foreign exposure.