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-0.43  /  -0.32%


NAV on 2019/05/20
NAV on 2019/05/17 136.38
52 week high on 2018/09/03 141.11
52 week low on 2019/01/04 127.26
Total Expense Ratio on 2018/12/31 1.04
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change -1.16% -1.16%
3 month change 3.02% 3.02%
6 month change 2.43% 4.5%
1 year change 1.06% 4.75%
5 year change 2.19% 5.44%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Consumer Goods 21.95 10.76%
Consumer Services 21.99 10.78%
Financials 69.15 33.90%
Fixed Interest 1.04 0.51%
Gilts 3.07 1.51%
Health Care 1.55 0.76%
Industrials 6.08 2.98%
Liquid Assets 12.27 6.02%
Other Sec 8.89 4.36%
Offshore 57.98 28.42%
  • Top five holdings
 BATS 12.97 6.36%
 FIRSTRAND 9.51 4.66%
 SPAR 7.14 3.5%
 STOR-AGE 6.01 2.95%
 HUDACO 5.32 2.61%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Equity--General
Peer Group Average of the General Equity Sector
Contact details

No email address listed.

No website listed.


  • 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 - Dec 18

2019/03/07 00:00:00
Portfolio 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 negative 3.8% return for the quarter, outperforming the fund’s benchmark, being the South African General Equity Peer Group average, which generated a negative 4.9% return for the period. Domestic assets detracted 2.9% from returns for the quarter, with offshore assets detracting 0.8%. Key domestic contributors included Spar, up 15.3%; Woolworths, rising 11.1%; and Metair, up 30.4% for the quarter. Contributing detractors included British American Tobacco, down 27.3%; and Anheuser-Busch Inbev, which lost 22.1% over the period.
The fund’s offshore exposure stood at 26.8% at quarter end. Offshore securities dropped 2.7% in Rand and 4.4% in US$ over the period. Key positive contributors in the offshore portion were Starbucks, rising 13.9%, Proctor & Gamble, gaining 11.4% and McDonald’s, up 6.8% in US$. Contributing detractors included TJX, down 19.8%; and Union Pacific, which lost 14.7% in US$ over the quarter.
The fund has a 11.6% allocation to attractive yielding property stocks (local and offshore) which dropped 4.4% during the quarter. To add some further yield to the portfolio, preference shares are held amounting to 4.4% of total assets. The yield on these instruments is on average greater than 10%. We view this as attractive given specific future value unlock catalysts we have identified.
The average historic dividend yield of all the securities in the fund is 4.8%, with the prospective 12-month forward yield expected to be over 5%. Note that this is a gross yield which does not include local and offshore withholding taxes as well as management and admin fees.
We expect the fund to grow distributions ahead of SA inflation for the forthcoming 12 months, in line with its objective.
Portfolio positioning
Our core style of investing predominantly in attractively valued quality shares helped us control losses in a down market, producing defensive returns during a quarter when the JSE All Share Index fell almost 5%. This style will remain in place, with its emphasis on earnings, and in particular dividend, stability and visibility.
Looking forward we see value in a number of South African and Offshore equities, whose prices have fallen significantly over the last 12 and 3 months respectively. We look to deploy cash in a disciplined fashion. Our current cash position sits at 11.5% (local and offshore combined). Given the evolving macroeconomic and political risks facing both South Africa and the global economy we will be measured in the deployment of this 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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