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-1.7  /  -0.2%


NAV on 2020/07/10
NAV on 2020/07/09 872.86
52 week high on 2019/12/17 1228.45
52 week low on 2020/03/23 741.06
Total Expense Ratio on 2020/03/31 1.74
Total Expense Ratio (performance fee) on 2020/03/31 0
NAV Incl Dividends
1 month change -3.44% -3.44%
3 month change 8.38% 8.38%
6 month change -28.17% -27.06%
1 year change -25.24% -23.39%
5 year change -10.1% -8.82%
10 year change 2.9% 4.16%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 248.45 15.41%
Consumer Goods 267.27 16.58%
Consumer Services 296.09 18.37%
Financials 134.72 8.36%
Health Care 74.26 4.61%
Industrials 323.95 20.09%
Liquid Assets 259.02 16.07%
Technology 8.44 0.52%
  • Top five holdings
 PAN-AF 96.88 6.01%
 RAUBEX 93.08 5.77%
 TIGBRANDS 84.90 5.27%
 OCEANA 66.60 4.13%
 NETCARE 65.86 4.09%
  • Performance against peers
  • Fund data  
Management company:
Ninety One Fund Managers SA (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Equity--Mid and Small Cap
Market Cap Weighted Small plus Mid Cap Index Benchmark
Contact details




  • Fund management  
Andrew Joannou
Andrew is the assistant portfolio manager on value equities at Investec Asset Management. In addition, he is the sector head on small to mid cap companies. His experience in these areas includes one year at Prudential Asset Management and three years at Investec Asset Management. Andrew graduated from the University of Cape Town with a Bachelor of Business Science (Honours) (Finance) degree in 1998 and gained his Chartered Financial Analyst qualification in 2002.

  • Fund manager's comment

Investec Emerging Companies comment - Jun 13

2013/09/06 00:00:00
Market review Central bank talk dominated financial markets over the past quarter. Investors reacted positively to the Bank of Japan's announcement early in the quarter about its large-scale monetary easing policies. Riskier trades were particularly well supported, and emerging market equities started to retrace some of the earlier losses. However, US Federal Reserve Chairman Ben Bernanke put a damper on rampant asset price appreciation by hinting that the market should recognise record policy accommodation as finite and data dependent. Even though his comments were merely providing guidance, markets responded immediately. Emerging markets saw one of their weakest months on record. Currencies depreciated against the US dollar and local currency debt - which has been a beneficiary of global investment flows for a long time - sold off sharply. Commodity prices followed other risk assets, first up, then down sharply in June, as global economic growth data remained mixed and the road to a rebalanced Chinese economy seemed rocky. South African equities ended almost unchanged in the second quarter, but volatility was high during this period. The sector laggards remain mostly confined to resource stocks with gold (-33.5%), platinum (-23.9%), coal (-10%) and diversified miners (-10.8%) all experiencing double-digit losses in rands. Year to date, the resources sector is trailing the overall market by 19.4 percentage points. Industrial stocks mostly held their ground over the quarter and defensive stocks, on average, achieved strong absolute returns. Financials lagged, with banks down 6.2% and life insurers flat for the quarter after a particularly weak June.
Portfolio review The fund's sizeable holdings in Mediclinic, Curro and Coronation Fund Managers once again contributed positively to performance. The fact that we have no exposure to African Bank, Harmony and Sibanye Gold also added significant value relative to the fund's benchmark. Unfortunately, these returns were partly offset by the fund's holdings in DRDGOLD, Northam Platinum and Ellies Holdings.
Portfolio activity We increased our exposure to the African and South African infrastructure expenditure theme through further purchases of Consolidated Infrastructure, DAWN, Bell Equipment and Grindrod. We also acquired a new holding in Calgro M3. We maintained our rand hedge exposure during the quarter by purchasing Sun international and Datatec. This was funded through profits taken in Northam Platinum and BarloWorld. We also added to our holdings in Business Connection, Clover and Peregrine Holdings, primarily funded through profits taken in Palamin, AECI and Coronation Fund Managers.
Portfolio positioning We continue to believe that many stocks in the mid- and small-market capitalisation sectors must still realise their full rerating potential. This may take many years to materialise, which is therefore supportive of share prices. We believe that the fund is invested in companies that are attractively priced relative to their underlying valuation and/or their forecast growth prospects. We are well positioned to benefit from a recovery in global economic growth, driven by the US, China and Africa, and should therefore continue to generate good returns into the foreseeable future.
  • Fund focus and objective  
Investment objective
The Ninety One Emerging Companies Fund aims to grow capital over the long term. The objective is to achieve returns well in excess of a composite of the FTSE/JSE Mid Cap Index and the FTSE/JSE Small Cap Index, measured over three year periods.
The fund aims to give investors a focused exposure to medium and small cap companies listed on the JSE. The investable universe will typically exclude the JSE top 40 listed shares. Where investments have been made in companies that subsequently enter the FTSE/JSE Top 40 Index, these are retained until circumstances necessitate their disposal (e.g. expensive relative to valuation).
Fund features
- The longest running domestic smaller companies fund
- An excellent long-term track record
- A specialist equity fund for investors who want dedicated exposure to the small and mid cap sector
- Uses the Investec proprietary research model and a dedicated team of analysts to assist in the screening and the selection of companies
- Provides portfolio diversification
- More volatile than a general equity fund

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