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0.49  /  0.36%


NAV on 2019/01/18
NAV on 2019/01/17 133.79
52 week high on 2018/09/04 143.47
52 week low on 2018/02/12 130.62
Total Expense Ratio on 2018/09/30 1.66
Total Expense Ratio (performance fee) on 2018/09/30 0
NAV Incl Dividends
1 month change -0.62% 0.51%
3 month change -1.34% -0.22%
6 month change -1.27% -0.14%
1 year change -1.5% 1.11%
5 year change 2.49% 4.68%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 27.18 8.21%
Consumer Goods 13.37 4.04%
Consumer Services 12.11 3.66%
Financials 34.38 10.38%
Fixed Interest 0.50 0.15%
Gilt 2.02 0.61%
Gilts 44.47 13.43%
Health Care 1.26 0.38%
Industrials 7.38 2.23%
Liquid Assets 58.38 17.63%
Other Sec 6.81 2.06%
Spec Equity 67.22 20.30%
Specialist Securities 9.70 2.93%
Telecommunications 8.89 2.69%
Offshore 37.42 11.30%
  • Top five holdings
O-COGLOEQ 60.57 18.02%
O-COUGLBA 34.22 10.18%
NEWGOLD 11.89 3.54%
 ABSA 10.47 3.12%
 STANBANK 10.23 3.04%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
68% FTSE JSE SWIX J403T, 22% ALBI and 10% STEFI over rolling 24 month period
Contact details

No email address listed.

No website listed.


  • Fund management  
Steve Mills
Steve has a B.Sc. (Engineering), B.Com (Hons.) and an MBA degree, all from UCT.

He began his career in 1988 as small cap portfolio manager at Old Mutual. He moved to Investec Asset Management as head of equity portfolio management in 1991 and in 1992 moved to Norwich Investments as their chief investment officer.
In 1995 he became MD of Brait Asset Management (then Capital Alliance Asset Management). In 1997 he became the CIO of Fleming Martin Asset Management, and he moved over to Mercury Specialised Fund Managers in the same role in 1999.
He joined SIM in November 2001 and is currently head of portfolio management. He is also head of alternative investments and collective investment portfolios.
Alex Pestana
Joined Fleming Asset Management in August 1997. Alex was previously a quantitative analyst and economist at Capital Alliance. He has specialised in fixed interest for the past two years.
Sam Houlie
Sam has been appointed head of the Unconstrained Strategies team at Momentum Asset Management and brings 16 years' of domestic and global investment experience to the firm. Sam was at Investec Asset Management until September 2011, where he held the positions of director, head of South African equities and portfolio manager in the Global Contrarian team. He started his career in the investment management industry at Allan Gray and moved to Abvest (now ABSA Asset Management), where he fulfilled the roles of portfolio manager, chief investment officer and, ultimately, chief executive officer, before leaving to join Investec Asset Management in early 2006. He headed a team of investment professionals responsible for well over R100 billion in equities across the full spectrum of portfolios, from pure equity to multiasset mandates. He was the lead portfolio manager and key decision maker for close on R40 billion in client assets, including the Investec Global Franchise Fund and Investec Cautious Managed Fund. He also managed the Discovery Equity Fund from its inception in November 2007.

  • Fund manager's comment

Fund Manager Comment - Sep 18

2019/01/04 00:00:00
Market overview
The third quarter of 2018 saw a continuation of the 'risk-off' trend of previous quarters. The US Equity market bucked the trend, led by the Tech heavy Nasdaq which maintained strong positive momentum.
The growing disparity across markets and economies intensified over the quarter even though trade war rhetoric and related actions waned slightly. The Fed maintained their commitment to quantitative tightening, which bouyed the US Dollar and maintained pressure on Emerging Markets.
The CBOE Volatility Index (VIX) held steady, with a slight downward bias from the spike in February. Volatility has been relatively stable since the significant turbulence in early 2018. Heightened investor complacency and apparent lack of fear remain a worry - a repeat of the VIX spike in February will lead to sudden and deep drawdowns in risk assets.
Another feature of the quarter was the stability of higher risk-premia across various asset classes. Securities prices have not rebounded quickly, as was the case in previous cycles. Emerging market securities are declining at slower rate but the synchronized global narrative no longer provides support.
Global Bond yields rose across the board. Emerging market bonds were the hardest hit, with a 10.4% decline in dollars. US Bonds were once gain the most resilient. Turkish bonds declining by 21.6% and Brazilian bonds by 15.7%.
For the quarter, most major asset classes declined with relatively few safe havens. Gold declined by --8.3%. The US Dollar strengthened based on relative yield considerations and an underlying growth narrative.
The MSCI World Index appreciated by 5.1% compared to the MSCI Emerging Market Index which declined by 0.9% over the quarter.
Global property, as measured by the iShares Developed Market Property Yield ETF which tracks the FTSE EPRA / NAREIT Developed Index had an uneventful quarter with slight decline of 0.15%
On the domestic front, a significant driver of returns was the weakness of the rand as a consequence of sustained US dollar strength and EM weakness.
The performance of fixed income securities was surprisingly resilient. The All Bond Index managed a positive return of 0.80% and inflation-linked bonds, as measured by the JSE CILI Index followed suit with a 0.60% return. Cash, as measured by the STeFI index, returned a steady 1.70%. The JSE Preference Share Index has a solid quarter with a positive return of 2.59%. Listed Property continued to struggle with a decline of 1.03% which takes the year to date decline to 22.16% and the sector is now firmly in a bear market.
The All Share Index declined by 2.2% to reverse some of the previous quarter's gains. SA Resources led the way, with a 5.2% return, followed by Financials with 2.8%. SA Industrials were the hardest hit and caused the drag on the entire index, with a decline of 7.8%.
Emerging Market contagion persisted, albeit at lower intensity. Domestic Policymakers and leadership have demonstrated a resolve and ability to address the structural impediments in the fiscus and critical institutions. The process is underway and will take time. The decline in domestic assets has led to less euphoric valuations and represents an opportunity for investors to participate in the recovery on a more rational basis.
The probability is high that equities, as an asset class, could continue to muddle through. Risk assets remain extremely vulnerable to either a recession or a sudden increase in bond yields. For that reason, we continue to advocate caution and conservatism, with adequate diversification across portfolio's.
Portfolio overview
The Fund appreciated by 0.90%, well ahead of the average fund. Performance was satisfactory in a quarter when many asset classes experienced fairly significant declines.
The fund navigated a volatile third quarter incredibly well. Our intentional bias towards diversification and conservatism came to the fore as preference shares, cash and off-shore equities generated positive returns and dampened the downside volatility in domestic assets.
The net result was above-average performance for the quarter and builds on the excellent relative performance of the Fund since the middle of 2017.
Our stock selection discipline and asset allocation experience enabled us to maintain our trend of avoiding or averting the worst performing securities and sectors. Our underweight in domestic bonds and listed property added significant value. In equities, our reduced exposure to the domestic consumer added value, as general retailers declined significantly.
In domestic equities we had solid results for the quarter. Stock selection was reasonable and enabled the fund to hold up better than the average fund. In addition, the lower allocation added value in terms of asset allocation.
Our global equities performed well in absolute terms due to good stock selection and provided both diversification and a currency tailwind. The solid dollar performance of our global equities was augmented by Rand weakness and added significant value over the quarter. Our overweight allocation to Global Equities more than compensated for the lower domestic equity weighing.
Above-average cash provided a drag on performance over the quarter.
Portfolio positioning
The fund positioning and strategy remains virtually unchanged.
We remain marginally under-weight equities and within equities, we favour quality and global. Our foreign exposure is remains high, due to rand weakness and market movements.
We re-configured our domestic equity exposure during the quarter as value re-emerged after an extended sell-off. We increase our listed property exposure and we anticipate moving to overweight in future.
Our Fixed Income exposure is inherently conservative, lower duration and adequately diversified. We increased our government bond exposure during the sporadic declines during the quarter. We have no parastatal or SOE debt exposure.
Cash is a residual outcome of our investment process. Cash balances declined marginally over the quarter as we found new opportunities to deploy capital. It is likely that cash will reduce even further. The decline in domestically oriented asset classes (bonds & equities) over the quarter has led to more reasonable valuations and attractive opportunities for diversification
  • Fund focus and objective  
In order to achieve its objective, the investments normally to be included in the portfolio may comprise a combination of domestic and international assets in liquid form, money market instruments, corporate debt, equities, bonds, property securities, preference shares, convertible equities, listed and unlisted financial instruments and non-equity securities. The equity limits will be aligned with that of the Asisa Fund Classification: SA - Multi Asset -High Equity. The manager may from time to time invest in participatory interests in portfolios of collective investment schemes registered in the Republic of South Africa and which are consistent with the portfolio's investment policy.
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