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4.62  /  0.45%

1036.35

NAV on 2019/09/16
NAV on 2019/09/13 1031.73
52 week high on 2019/05/02 1042.43
52 week low on 2019/01/04 975.75
Total Expense Ratio on 2019/06/30 1.81
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 1.06% 1.06%
3 month change -0.72% 1.33%
6 month change 1.5% 3.59%
1 year change 1.24% 5.32%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 35.30 64.77%
Liquid Assets 0.33 0.61%
Managed 2.79 5.12%
Spec Equity 6.98 12.80%
Offshore 9.10 16.70%
  • Top five holdings
U-PSCINC 18.32 33.62%
U-CORSTRI 16.98 31.15%
U-AGSAEQU 6.98 12.8%
O-NIBABSG 5.06 9.29%
PWPINTLFUND 4.04 7.41%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
2018/06/13
ISIN code:
ZAE000258026
Short name:
U-GSCSBL
Risk:
Unknown
Sector:
South African--Multi Asset--Low Equity
Benchmark:
ASISA Category Average: South African - Multi Asset - Low Equity
Contact details

Email
No email address listed.

Website
No website listed.

Telephone
021-947-9111



  • Fund manager's comment

Ginsburg & Selby SCI Stable FoF - Jun 19

2019/09/03 00:00:00
Quarterly Commentary
Despite a brief drop in May, risk assets continued the positive trajectory in 2019, with global equity markets increasing 3.8% during the quarter in US Dollars, taking the year-todate return to 16.6%. The major themes influencing markets continued, with the threat of a global economic slowdown being countered by the major central banks reaffirming their accommodative monetary policy.
Markets started the quarter on a positive note as investor sentiment remained optimistic, underpinned by the more accommodative stance of major central banks and the prospect of a trade resolution between China and the USA.
This optimism was however tested in May, as trade tensions between China and the USA escalated once again following the Trump administration increasing existing tariffs on $200bn of Chinese goods from 10% to 25% while threatening to impose the same tariffs on an additional $325bn of Chinese goods. Tensions between the two largest nations were escalated further when the USA blacklisted Huawei, China’s largest telephone-network equipment company, citing security concerns.
The knock-on effect from this uncertain global trade environment is now beginning to reflect in global economic data, with manufacturing surveys showing weakness around the world, notably in US business surveys. These weak data points prompted the major central banks to reaffirm their stance on supporting their economies should conditions continue to deteriorate. In June, key individuals within the Fed (including the Fed president Jerome Powell) acknowledged that rate cuts may be required before the year-end to keep the economic expansion going. This led to renewed investor optimism, with markets quickly recovering the losses experienced in May.
In South Africa, politics took centre stage with the national election taking place in May. The results were mostly in line with expectations, however, uncertainty remains regarding how much power Cyril Ramaphosa has within his own party to implement the policies required to improve the economic growth in South Africa. The urgency of these policies was evident with the Q1 GDP growth release, which showed that the economy shrunk by 3.1% on an annualised basis, the worst contraction since 2009. Despite this, the equity market still managed to outperform the Global and Emerging Market index during the quarter, increasing by 3.9% in Rand terms (6.3% in US Dollars).
The Ginsburg & Selby SCI Stable Fund generated a return of +1.0% in Rand terms over the quarter, slightly underperforming the ASISA SA Multi-Asset High Equity peer group (+1.7%).
The underperformance during the quarter was mostly as a result of the underlying managers’ underperforming their respective benchmarks, notably the Allan Gray SA Equity Fund and Platinum International Fund, which fell 3.0% and 2.0% respectively in Rand terms.
Going into Q3, we continue to expect increased volatility as markets weigh the positives from the major Central Bank’s support against the threat to global growth as a result of the prolonged trade tension. In this opaque environment, we remain of the view that a wellbalanced portfolio of skilled, active managers is a prudent strategy to create and preserve long term value. We, therefore, maintain the funds current positioning with 34% in risk assets and 22% of the fund in offshore assets.
  • Fund focus and objective  
The portfolio aims to provide investors with a return of 3% above the South African Inflation (CPI) after all costs, measured over five –year rolling periods. The portfolio aims to deliver a stable return while providing a high degree of capital certainty over any 24-month period. The portfolio is suitable for investors with a medium term investment horizon.Investments to be included in the portfolio will, apart from assets in liquid form, consist solely of participatory interests in portfolios of collective investment schemes registered in the Republic of South Africa or of participatory interests 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 investor protection which is at least equivalent to that in South Africa.
The portfolio will be managed in accordance with regulations governing pension funds.
The portfolio may invest in listed and unlisted instruments (derivatives) as defined by the Act from time to time. The portfolio may invest in collective investment scheme portfolios investing in the equity, bond, money, or property markets. The underlying managers may make active use of listed and unlisted financial instruments to reduce the risk that a general decline in the value of equity, property and bond markets may have on the value of the portfolio. Within regulatory constraints, the manager shall have the maximum flexibility to vary assets between the various markets, asset classes and countries to reflect the changing economic and market conditions.
For the purpose of this portfolio, the Manager shall reserve the right to close the portfolio to new investors on a date determined by the Manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The Manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the Manager. The Trustee shall ensure that the investment policy set out in the preceding clauses are adhered to; provided that nothing contained in this clause shall preclude the manager from varying the proportions of securities in terms of changing economic factors or market conditions or from retaining cash in the portfolio and/or placing cash on deposit.
Nothing in this supplemental deed shall preclude the manager from varying the ratios of securities or assets in liquid form in changing economic environment or market conditions, or to meet the requirements in terms of legislation and from retaining cash or placing cash on deposit in terms of the deed and this supplemental deed.
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