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2.9  /  0.8%

362.87

NAV on 2019/05/17
NAV on 2019/05/16 359.97
52 week high on 2019/04/24 380.96
52 week low on 2019/01/04 315.89
Total Expense Ratio on 2018/12/31 2.06
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change -2.14% -2.14%
3 month change 3.72% 3.72%
6 month change 7.99% 10.04%
1 year change 5.48% 8.45%
5 year change 6.88% 7.75%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 109.83 6.12%
Consumer Goods 169.49 9.45%
Financials 103.67 5.78%
Fixed Interest 337.99 18.84%
Liquid Assets 27.34 1.52%
Technology 138.12 7.70%
Offshore 907.85 50.60%
  • Top five holdings
U-SNMM 321.15 17.9%
 NASPERS-N 138.12 7.7%
 BATS 133.83 7.46%
BOOKHOLDINGS 103.17 5.75%
ALPHABETINCA 97.59 5.44%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
2009/07/02
ISIN code:
ZAE000136420
Short name:
U-MINSWWF
Risk:
Unknown
Sector:
Worldwide--Multi Asset--Flexible
Benchmark:
CPI + 5% p.a (net of fees)
Contact details

Email
No email address listed.

Website
No website listed.

Telephone
021-947-9111

  • Fund management  
Thys du Toit


  • Fund manager's comment

Rootstock SCI Worldwide Flex comment - Mar 17

2017/07/11 00:00:00
At home and abroad, 2016 was characterised by a number of black-swan-type events. On the domestic front, the ill-fated quarter-end cabinet reshuffle has now delivered a junk status credit downgrade and, with that, untold little black swans. Our deplorable domestic politics aside, the engines for global growth continue to turn. The US economy, despite lingering scepticism of President Trump's ability to implement his highly anticipated tax reforms, continues to grow at a healthy pace. China..s guidance for growth of 6.5% - 7% for 2017 has also been well received. A sanguine outlook has buoyed commodity prices and emerging market currencies from their 2016 lows. The rand, the 3rd best performing emerging market currency, appreciated by 10% against the US dollar over the last 12 months. Similarly, notwithstanding domestic political turmoil, the Russian rouble and the Brazilian real rebounded by 20% and 14% respectively.
Despite a worsening domestic economic outlook and continuing political uncertainty, the rand strengthened in the first quarter of the year. Widespread speculation of a cabinet reshuffle and its final fulfilment on the 30th of March has reversed much of these gains. This much-maligned move compounds South Africa's political and socio-economic difficulties. The unpleasant status quo is expected to last longer, with economic growth hovering precariously close to zero and governmental infighting spilling into the public domain. Although uncertainty increases the difficulty of decision making, the ambiguity of potential outcomes works to create opportunities for investment in high-quality, well-managed companies at attractive valuations. Although our fund..s performance continues to languish under rand strength, we believe that our high rand-hedge exposure remains prudent given the large number of domestic political risks. There is much doom, gloom and naysaying. Fears circulate that South Africa..s prospects are deteriorating rapidly. The current uncertainty has, however, created opportunities to acquire well-managed South African companies at attractive prices. Whilst equity returns can be tumultuous at times, we believe that equities, South African and elsewhere, will remain one of the true wealth generating asset classes. We are confident that the companies in our portfolio will deliver outperformance over the longer term. As always, we are constantly aware of the responsibility that we have to manage your savings (and ours) as best we can. We thank you for your continued support and trust in the Rootstock promise.
Equity-centric funds thus drove returns over the quarter, particularly offshore equity strategies (especially emerging markets). Among the equity-focussed funds, those with lower exposure to banks would have outperformed. Over one year, more conservative flexible income strategies tended to outperform.
The local political events towards the end of the quarter were certainly concerning and the consequences thereof are likely to affect our markets further in the coming months. While investors have reason to feel concerned with the future of our nation we believe that through investing in a diversified mix of assets and fund managers one can navigate through the uncertainty. Staying the course and not reacting to news flow is paramount to preserving and creating wealth and we continue to monitor markets closely to understand the investment environment locally and abroad.
  • Fund focus and objective  
The portfolio may invest in global and local securities, government, corporate and inflation linked bonds, debentures, non-equity securities, property shares, property related securities, preference shares, money market instruments and asset in liquid form.
The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa and which is consistent with the portfolio's primary objective.
The manager may make active use of listed and unlisted financial instruments to reduce the risk that a general decline in the value of equity, property and bond markets may have on the value of the portfolio. The manager shall have the maximum flexibility to vary assets between the various markets, asset classes and countries to reflect the changing economic and market conditions.
Nothing in this supplemental deed shall preclude the manager from varying the ratios of securities or assets in liquid form in changing economic environment or market conditions, or to meet the requirements in terms of legislation and from retaining cash or placing cash on deposit in terms of the deed and this supplemental deed.
The Manager will be permitted to invest on behalf of the portfolio in offshore investments as legislation permits.
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