NAV on 2020/07/31
|NAV on 2020/07/30
|52 week high on 2020/01/20
|52 week low on 2020/03/19
|Total Expense Ratio on
|Total Expense Ratio (performance fee) on
Sanlam Collective Investments
FTSE/JSE Capped Shareholder Weighted All Share Index
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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.
Lima Mbeu Sanlam Collective - Dec 19
December was a risk-on month for global markets. The primary reasons were positive outcomes in global politics. In the UK, Boris Johnson’s Conservative Party won a parliamentary majority that provided him with free rein to take Britain out of the European Union. This brought more certainty to the prolonged separation and increased the likelihood that some sort of deal will be reached at the end of January. More importantly, the United States and China managed to reach a phase 1 deal in their trade war that slowed global trade in 2019. The exact nature of the deal is not known, but the agreement did avert the 15% tariffs that were to be put on a broad range of consumer goods by the US on Chinese imports. Despite some trade uncertainty going forward, the positive political outcomes resulted in the MSCI World and MSCI Emerging Market (EM) delivering 2.89% and 7.17% respectively (both in USD). On the back of the risk-on sentiment global bonds were up only 0.52% (in USD), while EM bonds delivered 2.52% (in USD). Global property fared slightly better than global bonds, delivering 0.62% (in USD).
Locally, any positivity that resulted from SAA being placed under business rescue was short-lived when heavy rains in the north of the country and potential foul play led to rolling blackouts. In spite of this, the local market followed the global risk-on trend. Local equities were up 3.30% (in rands), driven primarily by the rally in the resources sector, which was up 6.85% (in rands). The blackouts did weigh on the property sector, which was down 2.07% (in rands). The global risk-on sentiment and search for yield benefitted local bonds – which gained 1.86% (in rands). Local cash was up 0.58% and inflation-linked bonds gained 0.89% (both in rands).
The portfolio's investment universe consists of financially sound equity securities, preference shares, convertible bonds, property shares and property related securities listed on exchanges, and assets in liquid form. The portfolio's equity exposure will always exceed 80% of its net asset value. The Manager may also invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time, and which are consistent with the portfolio's investment policy. Where the aforementioned schemes are operated in territories other than South Africa, participatory interest or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the Trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. The Manager may from time to time invest in listed and unlisted financial instruments in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective. The Manager shall be permitted to invest on behalf of the portfolio in offshore investments as legislation permits.