NAV on 2018/02/23
|NAV on 2018/02/22
|52 week high on 2017/11/21
|52 week low on 2018/02/09
|Total Expense Ratio on 2017/12/31
|Total Expense Ratio (performance fee) on 2017/12/31
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 - Jun 17
We started 2017, with a moderately positive outlook for the South African economy. The expected recovery of the SA economy has been delayed somewhat due mainly to the political uncertainty. We are of the view that this will prevail for the balance of the year as we progress towards the ANC leadership election. The JSE Shareholder Weighted All Share Index returned 0%, during the second quarter of 2017. Within that Resources delivered negative 7%, Industrials 2.2% and Financials a small negative of -0.01. The only positive return was the Property sector of 0.9%.
The Fund delivered a negative -0.43% during the quarter. Contributors to the negative performance during the quarter were; being underweight Naspers and overweight Pioneer Foods, Tsogo Sun and Positive contributors where not owning Brait, and overweight Steinhoff, Datatec and Bidcorp. Fund activity We also reduced our positions in Aspen, AVI, Datatec and MTN and Remgro. We sold out of Massmart. We used the proceeds to buy into Bidcorp, Richemeont and Steinhoff.
We have conducted an extensive analysis to understand how our equity portfolios react during times of extreme volatility. As a result we have reduced our tracking error. We have also reduced our dependence on macro drivers and currencies. We continue to expect a volatile environment both globally and domestically and our objective is to generate excess returns independent of this.
Companies in general have been guiding earnings expectations down and the outlook for 2017 remains muted. Political uncertainty, rising populism and policy divergence dominated markets in the past quarter and will continue for some time and impact equities. We continue our focus on quality growth, seeking competitively advantaged businesses exposed to a secular growth outcome or that can deliver company-led growth.
The fund has a significant exposure to rand sensitive industrial shares to mitigate currency volatility. The fund is overweight food producers such as Tongaat, Pioneer Foods and AVI as we see quality growth emerging from this sector going forward.
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.