NAV on 2017/06/23
|NAV on 2017/06/22
|52 week high on 2016/07/26
|52 week low on 2016/12/02
|Total Expense Ratio on 2017/03/31
|Total Expense Ratio (performance fee) on 2017/03/31
STANLIB Collective Investments (RF) Limited
FTSE/JSE Africa SA Industrials 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.
STANLIB Industrial comment - Dec 16
Your fund achieved a negative 3.8% return for the fourth quarter of 2016, compared to the negative 4.7% achieved by the Industrial Index. The 12 month performance for the fund was a negative 3.4% compared to the negative 6.6% of the Industrial Index.
We sold out of Reunert, Woolworths, Grindrod and Nampak during the quarter. We used the proceeds to buy into AB-Inbev and Remgro. AB Inbev gives us exposure to the global beer market and we like Remgro at current prices as a cheaper entry into quality companies such as Firstrand and Mediclinic International.
Political uncertainty, rising populism and policy divergence will continue to dominate in 2017. Interest rates have started to move up from their emergency setting in the USA but this is isolated compared to the rest of the world. Factors in South Africa are actually changing for the better: Eskom excess capacity is back in vogue and our currency is trending stronger with the economy looking to return to modest growth.
We expect investment opportunities for active, discerning investors to increase. In this world, a focus on valuations and fundamentals - ‘old school’ investing if you like - should be more important than it has been in recent years.
We prefer SA domestic names listed on the JSE rather than the global defensives with portfolio exposure to food retailers and SA industrials like Pick and Pay, Massmart, AVI and Tiger Brands.
The portfolio's primary objective is to achieve capital growth and income generation over the
The securities to be included will consist of ordinary shares from the industrial sectors of approved
exchanges and when appropriate, other securities (including non-equity securities and preference
shares). The Manager may also invest in other similar collective investment schemes.