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  •  Graviton Sanlam Collective Investments Balanced Fund (A1)

5.16  /  0.34%


NAV on 2019/07/19
NAV on 2019/07/18 1529.74
52 week high on 2018/08/29 1588.69
52 week low on 2019/01/02 1410.97
Total Expense Ratio on 2019/03/31 1.52
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -1.64% -0.38%
3 month change -2.64% -1.4%
6 month change 5.76% 7.12%
1 year change 1.64% 4.38%
5 year change 2.7% 5.28%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 89.61 5.07%
Bonds 227.02 12.84%
Consumer Goods 32.15 1.82%
Consumer Services 36.98 2.09%
Derivatives 0.30 0.02%
Financials 84.18 4.76%
Fixed Interest 29.70 1.68%
General Equity 148.90 8.42%
Gilts 55.63 3.15%
Health Care 5.74 0.32%
Industrials 11.32 0.64%
Liquid Assets 7.95 0.45%
Managed 294.07 16.63%
Real Estate 93.69 5.30%
Spec Equity 209.52 11.85%
Specialist Securities 11.91 0.67%
Technology 54.99 3.11%
Telecommunications 17.21 0.97%
Offshore 357.10 20.20%
  • Top five holdings
O-GGGEQT 256.89 14.53%
U-SLMGRIN 201.21 11.38%
U-SMMABN1 177.60 10.05%
U-SMIPRUT 176.74 10%
U-SMMIGE3 148.90 8.42%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
Category average SA Multi Asset High Equity
Contact details

No email address listed.

No website listed.


  • Fund management  
Rafiq Taylor

  • Fund manager's comment

Graviton SCI Balanced Fund - Mar 19

2019/05/29 00:00:00
The levels reached by global equities in their wider rally for 2019 remains dependent on signs of a resolution in the trade war. However, concern about the darkening outlook for global growth has drawn investors back into government bond markets in March. A weaker outlook for the global economic growth in the first quarter of 2019 was reflected in the decline in sovereign bond yields as a dovish Fed and ECB led to a repricing of interest rate outlooks. Furthermore, risks to growth remain and the US yield curve (measured by the difference between the 10-year and 3-month Treasury yields) inverted, thereby flashing a recession signal for the first time since 2007. The Fed signalled no rate rises this year, bringing its projections more in line with market expectations. The ECB’s actions were more dovish than expected, with a fresh round of cheap lending for Eurozone banks due to start in September. The highly uncertain outcome of Brexit and a slowdown in global growth will continue to create a challenging mix for the ECB. South Africa made it through another scheduled Moody’s review to retain its local currency investment-grade rating with a stable outlook. Moody’s delayed South Africa’s ratings review with SA national elections on 8 May 2019.
With signs of a deepening global economic slowdown and negative headlines, emerging market currencies came under pressure in March. As such, the rand depreciated some 2.50% relative to the dollar. Markets largely shrugged off concerns around trade disputes and geopolitical uncertainty. The MSCI World index delivered some 3.92% in rands. Emerging markets underperformed their developed counterparts. The MSCI Emerging Markets index delivered some 3.42% in rands. The flight from risk kept investors piling into government bonds, pushing yields lower. The JP Morgan Global Aggregate returned some 4.16% in rands. Emerging market bonds lagged their developed market counterparts, delivering some 3.70% in rands. The outlook for developed market REITs and commercial real estate remains favourable, despite some mixed macroeconomic news this year and potential headwinds for distribution growth. As such, developed market property delivered some 6.32% in rands.
The local equity market followed global equity markets higher and rallied some 1.56% in rands. The positive outcome was driven by Resources and Industrials both rallying some 4.61% and 3.49% respectively. Financials struggled in March, declining some 4.78%. Local longer dated bond yields were largely unchanged over the month. The SA 10-year government bond yield rallied some 13 basis points in the month. As such, the All Bond index delivered some 1.33% in rands. Inflation-linked bonds underperformed their fixed coupon counterparts, delivering some -0.85% in rands. The listed property sector continues to struggle having given the weakest dividend forecasts in more than a decade as they struggle to grow rentals and fill vacancies amid weak business and consumer confidence. As such, the SAPY declined some 1.46% in rands.
  • Fund focus and objective  
The portfolio will invest in a combination of equities, bonds, money market instruments, listed property as well as international equities and fixed interest investments. The portfolio will be broadly diversified across asset classes. Active asset allocation and securities selection strategies appropriate to the needs of moderate investors will be followed. This portfolio will be managed in accordance with regulations governing pension funds. The exposure to equities will range between 0% and 75%. The investment manager will also be allowed to invest in financial instruments (derivatives) as allowed by the Act from time to time in order to achieve its investment objective.Apart from the above, the portfolio may also invest in participatory interests of portfolios of collective investment schemes registered in the Republic of South Africa or of participatory interest in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and the trustee of a sufficient standard to provide for investor protection which is at least equivalent to that in South Africa.The Manager shall be permitted to invest on behalf of the Graviton Sanlam Collective Investments Balanced Fund in offshore investments as legislation permits.
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