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3.93  /  0.38%


NAV on 2020/05/28
NAV on 2020/05/27 1031.67
52 week high on 2019/11/20 1053.73
52 week low on 2020/03/24 929.09
Total Expense Ratio on 2019/12/31 1.75
Total Expense Ratio (performance fee) on 2019/12/31 0
NAV Incl Dividends
1 month change 0.42% 0.42%
3 month change 1.11% 1.11%
6 month change -1.35% 0.89%
1 year change 0.98% 5.41%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 27.59 61.07%
Liquid Assets 0.13 0.29%
Managed 2.38 5.28%
Spec Equity 4.36 9.64%
Offshore 10.71 23.72%
  • Top five holdings
U-PSCINC 14.33 31.72%
U-CORSTRI 13.26 29.35%
O-NIBABSG 5.40 11.94%
U-AGSAEQU 4.36 9.64%
PWPINTLFUND 3.51 7.76%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Low Equity
ASISA Category Average: South African - Multi Asset - Low Equity
Contact details

No email address listed.

No website listed.


  • Fund management  
Jonathan Selby

  • Fund manager's comment

Ginsburg & Selby SCI Stable FoF - Dec 19

2020/02/26 00:00:00
The 4th quarter of 2019 continued to be supportive for risk assets as easing geopolitical tension and support from the major central banks buoyed investor sentiment. Global Equity Markets (MSCI AC World) returned 9.1% in US Dollars during the quarter, taking the 2019 year return to 27.3%, the best calendar year return of the decade.
Supported by better than expected economic fundamentals, easing trade tensions, and an accommodative FED, the US equity market (S&P 500) returned 9.1% during the quarter, taking their 2019 return to 31.5%, the highest amongst the major developed markets. The “Phase 1” trade deal with China as well as the third rate cut for 2019 by the FED helped ease investors anxiety, leading to an increased appetite for risk assets. This was further complemented by continued economic expansion, as GDP growth, unemployment and forward-looking business and manufacturing surveys continued to look healthy.
The UK equity market was the best performing developed market over the quarter, returning 12.0% in US Dollars and taking the year-to-date return to 24.0%. The positivity on the region was as a result of their general election outcome, as the Conservative party won their largest majority since 1987. This result should help to get a Brexit withdrawal agreement passed through parliament, therefore minimizing the risk of a no-deal Brexit.
The improved sentiment towards global risk assets, as well as the completion of a “Phase 1” trade deal between China and the USA, led to strong gains in Emerging Markets, with the MSCI Emerging Market index returning 11.9% in US Dollar terms. For the full calendar year, the Emerging Market Index returned 18.9%. Despite the country’s dire economic position, South African assets also benefited from the improved sentiment. The JSE All Share index returned 4.6% in Rand terms during the quarter, taking the 2019 return to 12.1%. The equity market performance, however, masks the tough economic conditions, as the economy unexpectedly contracted by 0.6% in Q3. The GDP growth outlook for Q4 (official numbers released early 2020) is just as bleak, as rolling blackouts added further headwinds to the country’s diminishing growth outlook.
The Rand had a strong quarter, strengthening by 7.8% against the US Dollar to end the year at R13.98. Similarly, the Rand appreciated against the GBP and the Euro, to end the year at R18.52 (+0.9%) and R15.70 (+5.0%) respectively.
The Ginsburg & Selby SCI Stable Fund returned 1.5% in Rand terms during the quarter, slightly underperforming the ASISA SA Multi-Asset Low Equity Peer Group (+1.7%). The slight underperformance was a result of the Fund’s slight overweight to the attractively yielding local fixed income market.
Despite all the uncertainties faced in 2019, markets continued to inch towards record highs. As we enter 2020, many of these uncertainties have eased, but remain unresolved (i.e. US/China trade tension, global growth, geopolitical risks etc). The Fund, therefore, continues to be conservatively positioned for this uncertain environment, with the risk asset exposure at 33% and offshore exposure at 25%
  • 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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