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-0.02  /  -0.01%

138.14

NAV on 2019/11/20
NAV on 2019/11/19 138.16
52 week high on 2019/05/06 139.26
52 week low on 2019/01/04 127.26
Total Expense Ratio on 2019/06/30 1.04
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 1.83% 1.83%
3 month change 5.15% 5.15%
6 month change 1.61% 3.58%
1 year change 4.08% 8.25%
5 year change 2.5% 5.84%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Consumer Goods 20.45 9.34%
Consumer Services 28.44 12.99%
Financials 75.87 34.65%
Fixed Interest 2.17 0.99%
Gilts 6.19 2.83%
Health Care 1.31 0.60%
Industrials 6.64 3.03%
Liquid Assets 5.66 2.58%
Other Sec 9.09 4.15%
Offshore 63.12 28.83%
  • Top five holdings
 BATS 12.20 5.57%
 SPAR 9.96 4.55%
 FIRSTRAND 9.40 4.29%
 STOR-AGE 6.48 2.96%
 NEDBANK 5.63 2.57%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
2012/11/01
ISIN code:
ZAE000172771
Short name:
U-MHIYIEQ
Risk:
Unknown
Sector:
South African--Equity--General
Benchmark:
Peer Group Average of the General Equity Sector
Contact details

Email
No email address listed.

Website
No website listed.

Telephone
021-947-9111

  • Fund management  
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.
Raymond Shapiro


  • Fund manager's comment

Counterpoint SCI Dividend Equity Fund - Jun 19

2019/09/02 00:00:00
Market overview
The Dividend Equity Fund follows a long-term objective based approach. The fund’s primary objective is for total investment returns to exceed SA Inflation + 6% per annum, over the long run (7yrs and longer). Parallel and contributing objectives are for the fund to provide an income yield (after dividend withholding taxes) greater than the FTSE/JSE All Share Index (ALSI); to grow distributions ahead of SA inflation; and to achieve its objectives at a lower level of risk* than the ALSI.
The fund employs a ‘dividend growth plus yield' strategy and targets total returns. Long term views are taken on investments. The fund seeks to hold lucrative investments for extended periods to capture the benefit of compounding.
The strategy seeks to invest in quality businesses exhibiting the following attributes:
-Sustainable real growth in future expected earnings and dividends -A track record of predictable cash flow and healthy profit and dividend growth -High prospective returns on capital with conservative use of gearing -Robust business model, customer value offering and competitive strengths -Management who display integrity, stewardship and continuous improvement -Forward dividend yield greater than the ALSI -Price which offers attractive absolute value, at a conservative margin of safety
Given the emphasis on predictable dividend growth the fund is unlikely to hold a significant weighting in Resource shares due to the highly unpredictable nature of future earnings and dividend growth in these businesses. Additionally, due to its yield objective the fund is unlikely to hold significant positions in low yielding stocks.
The fund is mandated to invest up to 30% of the portfolio in offshore investments plus a maximum of 10% in Africa (excluding South Africa) investments.
A minimum of 80% of the market value of the fund must be invested in equities.
*risk as measured by standard deviation over a 3-year rolling period
The Fund generated a 1.1% return for the quarter against the fund’s benchmark, being the South African General Equity Peer Group average, which returned 1.6% for the period. Domestic assets contributed 1.2% to returns for the quarter, with offshore assets detracting 0.1%. Domestic assets rose 1.4% over the quarter. Key domestic contributors included FirstRand, up 11.2%; Absa, rising 20.2%; and Stor-Age Property REIT, up 11.1% for the quarter. Contributing detractors included British American Tobacco, down 15.8%; and Hammerson, which lost 22.1% over the period.
The fund’s offshore exposure stood at 27.9% at quarter end. Offshore securities rose 0.3% in Rand and 2.4% in US$ over the period. Key positive contributors in the offshore portion were Starbucks, rising 13.3%, Nestle, gaining 11.3% and McDonald’s, up 10% in US$. The main contributing detractors were Foot Locker, down 30.4% and Tanger Factory Outlet Centers, down 21.3% in US$ over the quarter.
The fund has an 11.4% allocation to property stocks (local and offshore) which rose 3% during the quarter. To add some further yield to the portfolio, preference shares are held amounting to 4.3% of total assets. The yield on these instruments is on average almost 10%. Additionally, the fund has built a 2.9% position in select corporate debt instruments. These instruments are offering yields of approximately 11.5%, which we believe to be attractive.
The average historic dividend yield of all the securities in the fund is 5.2%.
We expect the fund to grow distributions ahead of SA inflation for the forthcoming 12 months, in line with its objective.
Note: all yields are quoted on a gross basis before deducting local and offshore withholding taxes.
Portfolio positioning
Our core style of investing predominantly in attractively valued quality shares we believe delivered a robust return for the quarter. The style places an emphasis on earnings and dividend stability and predictability.
Over a full market cycle, we believe this approach to be best suited to delivering the fund’s stated objective.
Looking forward we see value in select South African and Offshore equities. South African based industrial companies especially look to be showing attractive value compared to their low earnings bases. A small improvement in economic conditions in South Africa could fuel a significant improvement in earnings. However, this prospect needs to be balanced against the low level of business and consumer confidence in the country. Our current cash position sits at 10% (local and offshore combined). Given the evolving macroeconomic and political risks facing both South Africa and various developed economies we will be measured in the deployment of cash, demanding a significant margin of safety in the purchase price of any investment.
  • Fund focus and objective  
The portfolio's investment universe will apart from assets in liquid form, consist mainly of equity securities and property securities, as well as preference shares. The portfolio will invest in shares with positive dividend characteristics and may use derivatives to hedge out any market risk on shares where the view on capital growth is not positive. The portfolio may 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, as well as in offshore investments as permitted by legislation, in order to achieve the portfolio's investment objective. 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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