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  •  Element Islamic Balanced Sanlam Collective Investments Fund (A)

0.67  /  0.42%


NAV on 2019/07/19
NAV on 2019/07/18 160.4
52 week high on 2019/03/19 164.94
52 week low on 2018/07/26 151.26
Total Expense Ratio on 2019/03/31 2.04
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -1.01% 0.77%
3 month change -1.57% 0.2%
6 month change 3.36% 5.23%
1 year change 6.09% 9.11%
5 year change 4.12% 4.9%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 18.54 25.46%
Consumer Goods 3.43 4.71%
Financials 1.29 1.77%
Health Care 2.52 3.47%
Industrials 1.15 1.58%
Liquid Assets 2.84 3.90%
Money Market 23.60 32.42%
Spec Equity 15.24 20.93%
Specialist Securities 2.25 3.08%
Telecommunications 1.90 2.60%
Offshore 0.06 0.09%
  • Top five holdings
U-ELEISGL 15.24 20.93%
MM-02MONTH 8.51 11.68%
MM-01MONTH 6.66 9.15%
 BHP 4.16 5.72%
MM-05MONTH 3.38 4.64%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
Average total return of the South African Multi Asset High Equity category
Contact details

No email address listed.

No website listed.


  • Fund management  
Shamier Khan

  • Fund manager's comment

Element Islamic Balanced SCI Comment Mar 19

2019/05/28 00:00:00
The Element Balanced SCI Fund realised a total return of 5.0% for the quarter to the end March 2019, underperforming its benchmark (Average of the ASISA Multi-Asset High Equity funds) return of 5.6% over this period. The March 2019 quarterly performance brings the rolling one year total performance of the Fund to 9.0% (net of fees) – outperforming its benchmark return of 5.6% over the same period. It should be noted that the Fund is outperforming its benchmark over a rolling two year, three year as well as five year period. The quarter saw a significant recovery across the majority of the asset classes, clawing back some of the negative performance experienced during 2018. The largest moves were across the higher risk asset classes, with global equities (MSCI All World Index) up 13.7% in ZAR, local equities (JSE All Share Index) up 8%, and the Preference Share Index up 6%. The offshore assets further benefitted from the weakening of the Rand over the 12 months ending 31 March 2019 (from R11.84 to R14.49 per US$), although the Rand was flat over the quarter. And not to be outdone, the income markets saw a rally late in the quarter after Moody’s kept South Africa’s credit rating constant.
On a relative basis, our domestic equity holdings underperformed their benchmark (ALSI) over the quarter - largely due to our underweight position in Naspers (the ALSI’s largest constituent) and our overweight position in Afrox. Naspers rebounded due to the strong improvement in Tencent’s share price since its low point in October 2018. Tencent, a Chinese tech giant and Naspers’ most material listed investment, rallied +41% from its low in October 2018 to the end of March 2019, pulling the Naspers share price along with it.
Our exposure to Preference Shares (the JSE Preference Share Index was up 6%), as well as our exposure to offshore assets, added to the Fund’s performance. The Fund’s performance was positively impacted by some property stock specific recoveries over the quarter, specifically Hammerson, Capital & Counties and Hospitality Property Fund. One of the largest detractors however was Delta Property Fund, which saw significant selling pressure on the back of delays from the Department of Public Works to renew the majority of their leases before their self-imposed target date of end of February 2019.
  • Fund focus and objective  
The Element Islamic Balanced Fund is a domestic prudential variable equity fund that will provide investors with Shari'ah compliant returns and the opportunity to achieve long-term wealth creation within a moderate level of risk. The fund aims to preserve capital with a reasonable level of income that is halaal (permissible) for investors and will comply with the prudential investment requirements that govern the management of South African retirement funds i.e. Regulation 28 of the Pension Funds Act (Act 24 of 1956). Element Investment Managers signed the United Nations Principles for Responsible Investment (PRI) in May 2006. In signing the PRI, we have committed to adopt and implement them where consistent with our fiduciary responsibilities. We believe that this improves our ability to meet commitments to investors as well as better align our investment activities with the broader interests of society. Element Investment Managers is the first South African investment manager to sign the PRI.
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