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44.58  /  0.49%


NAV on 2019/11/20
NAV on 2019/11/19 9060.89
52 week high on 2019/05/07 9226.46
52 week low on 2019/08/26 8378.49
Total Expense Ratio on 2019/09/30 1.17
Total Expense Ratio (performance fee) on 0
NAV Incl Dividends
1 month change 2.46% 2.46%
3 month change 4.93% 5.6%
6 month change 1.4% 2.78%
1 year change 3.43% 6.41%
5 year change 0.77% 3.65%
10 year change 8.51% 11.72%
Price data is updated once a day.
  • Sectoral allocations
Consumer Goods 362.74 9.70%
Consumer Services 710.53 19.01%
Financials 949.90 25.41%
Fixed Interest 86.35 2.31%
Health Care 292.64 7.83%
Industrials 108.29 2.90%
Liquid Assets 222.10 5.94%
Offshore 1005.45 26.90%
  • Top five holdings
 FIRSTRAND 216.81 5.8%
 STANBANK 208.11 5.57%
 SANLAM 185.79 4.97%
 SPAR 174.75 4.68%
 BIDCORP 160.42 4.29%
  • Performance against peers
  • Fund data  
Management company:
Marriott Unit Trust Management Company Ltd.
Formation date:
ISIN code:
Short name:
South African--Equity--General
JSE All Share index
Contact details




  • Fund management  
Marriott Asset Management
All asset management decisions are made together with the Marriott Investment Committee using an income-focused approach to investing.

  • Fund manager's comment

Marriott Dividend Growth comment - Sep 19

2019/10/22 00:00:00
The third quarter of 2019 was characterised by continued market volatility and further declines in global bond yields. Negative interest rates in Japan and the Eurozone, and mounting expectations that the US Federal Reserve will cut interest rates several more times in the months ahead, have expanded the pool of bonds with sub-zero yields to more than $15 trillion – or around 25% of the global bond market. In Germany, yields are negative all the way from cash deposits to 30 year bonds. In Switzerland negative yields extend all the way out to 50 year bonds.
Against this backdrop it is unsurprising that first-world companies offering decent dividend yields are in high demand and continue to produce solid returns for investors. Not only are the yields of high quality dividend payers like Nestlé and Coca-Cola relatively attractive, “defensive” products and strong balance sheets suggest they will continue to increase dividends despite tough conditions. Consequently, we continue to maximise investors exposure to offshore companies with these characteristics. The Dividend Growth Fund has a 26% exposure to companies of this nature.
To ensure dividend and capital growth from the SA centric companies in our portfolios, we have restricted our investable universe to market leaders in industries such as food, healthcare and value retailing. Based on our experience, investing exclusively in quality, non-cyclical franchises is the best way to ensure income growth in a struggling economy – high class operators tend to take market share when times are tough, and non-cyclical industries command the greatest pricing power.
A solid foundation of quality dividend payers, as well as a relatively high offshore exposure largely explains the resilient performance of the Marriott Dividend Growth Fund in recent years. We are pleased to report that the fund has outperformed the sector average from both an income and total return perspective over 1, 3, 5, 7 and 10 year periods. Looking ahead, we continue to expect the portfolio to serve investors well as our income focused investment style which emphasises quality – companies that are resilient to changing economics, politics and technology – is well suited to the current macro-environment. The fund’s current yield of approximately 3% is also significantly higher than the average general equity fund yield of 2.5%. This high level of income is useful for retired investors drawing an income as it will assist in minimising capital erosion in volatile markets – the key to a more predictable retirement outcome.
  • Fund focus and objective  
The Marriott Dividend Growth Fund has as its primary objective an acceptable dividend yield combined with long term growth of income and capital. To achieve this objective the fund will seek out fundamentally sound listed companies that currently pay dividends and possess the potential for consistent and sustainable dividend growth in the future. The fund aims to achieve a dividend yield for its investors in excess of the dividend yield of the Financial and Industrial Index and to grow distributions in excess of the dividend growth achieved by the Financial and Industrial Index measured over rolling two-year periods.

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