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-10.1  /  -1.87%


NAV on 2019/05/23
NAV on 2019/05/22 551.2986
52 week high on 2018/08/29 607.2102
52 week low on 2018/12/10 498.9837
Total Expense Ratio on 2018/12/31 0.47
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change -9.16% -9.16%
3 month change -2.68% -1.5%
6 month change 8.31% 9.96%
1 year change -5.18% -1.98%
5 year change 1% 3.96%
10 year change 8.39% 11.53%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 214.94 26.53%
Consumer Goods 91.49 11.29%
Consumer Services 226.95 28.02%
Financials 168.59 20.81%
General Equity 36.38 4.49%
Health Care 8.63 1.07%
Industrials 20.15 2.49%
Liquid Assets 14.01 1.73%
Telecommunications 28.92 3.57%
  • Top five holdings
CONSUMERSRVS 226.95 28.02%
BASICMATERIAL 214.94 26.53%
FINANCIALS 147.70 18.23%
CONSUMERGDS 91.49 11.29%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
ISIN code:
Short name:
South African--Equity--Large Cap
FTSE/JSE Top 40 index
Contact details




  • Fund management  
Patrick Mamathuba
Patrick joined STANLIB in 1999 holding various positions including bond trader, portfolio manager and chief investment officer. He holds a B. Com (UCT), a B. Com Honours (UNISA) and is a CFA charter holder. Patrick is the head of Alternative Investments at STANLIB.
Teboho Tsotetsi
Teboho joined STANLIB in 2007 as an analyst. He holds a Master’s degree in Quantitative Risk Management from North West University and is currently assistant fund manager responsible for passive and active quantitative funds.

  • Fund manager's comment

STANLIB ALSI 40 Fund - Sep 18

2019/01/03 00:00:00
Fund review
The fund performed in line with the index in the quarter. The last quarterly review of the index saw the deletion of Gold Fields Ltd from the index. This holdings was replaced by Reinet Investments S.C.A. The fund was repositioned for this change. Naspers remained the largest holding in the fund. Capitec Bank Holdings Ltd was the best performing stock in the fund for the third quarter returning 21.3% followed by Discovery Ltd with a return of 17.3%. Market overview
Over the third quarter US equities led, driven by the strong growth environment and confidence in the US economy. In contrast to the attractive returns of US equities, fixed income returns have been uninspiring. Strong US data has kept the Fed on track to hike rates. Global growth has however not been as synchronised as last year. UK markets have been sensitive to suspicions of a no-deal on Brexit, and there has been a slowdown in manufacturing in the Eurozone, led by fewer exports into China. The rebound in the US dollar has made emerging markets especially vulnerable to negative sentiment and fear. Dollar denominated assets took the lead over local assets as the Rand lost 3.03% to the Dollar over the third quarter. In Rand terms foreign equity delivered the highest returns (MSCI World +8.17%) and outperformed foreign bonds (Barclays Global Treasury Bond Index +1.26%). In South Africa the second quarter saw a decline in consumer confidence and an increase in consumer spending. Cash (STEFI +1.74%), bonds (ALBI +0.81%) and inflation-linked bonds (ILBI +0.44%) outperformed both property (PCAP -2.22%) and equities (SWIX -3.34%). Seasonally adjusted GDP shrunk for a second consecutive period, driven by falling output from agriculture, transport and trade.
Looking ahead
Against the backdrop of strong US economic growth, there is potential for the trade conflict directed from the US to deepen, resulting in higher prices and a significant drag on business and consumer growth, and ultimately global growth. While growth appears healthy currently, we expect risk aversion to rise as the ability of developed markets and vulnerable emerging economies to weather the impact of trade wars remains uncertain. Additionally, emerging economies with sizeable dollar debts and sizable fiscal deficits may struggle. We believe investors should focus on liquid markets segments with risk dialled down versus market benchmarks. The commentary gives the views of the portfolio manager at the time of writing. Any forecasts or commentary included in this document are not guaranteed to occur.
  • Fund focus and objective  
The investment objective of the portfolio will be to focus on achieving a total compound annual return which will substantially equate to the total compound annual return of the FTSE/JSE Top 40 Index as adjusted to take into account transactions and other costs. The securities to be acquired for the Portfolio will consist of a selection of ordinary shares, as included in the FTSE/JSE Top 40 Index.
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