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  •  Megafin Sanlam Collective Investments Absolute Fund of Funds (B1)
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2.76  /  0.27%

1009.63

NAV on 2019/09/13
NAV on 2019/09/12 1006.87
52 week high on 2019/06/13 1028.51
52 week low on 2019/01/02 951.27
Total Expense Ratio on 2019/06/30 1.52
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 1.31% 1.31%
3 month change -1.84% 0.04%
6 month change 1.48% 3.42%
1 year change -1.03% 1.95%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Bonds 45.68 10.18%
Fixed Interest 122.53 27.32%
General Equity 127.93 28.52%
Liquid Assets 4.48 1.00%
Managed 31.10 6.93%
Spec Equity 86.89 19.37%
Specialist Securities 29.93 6.67%
  • Top five holdings
U-CORSTRI 63.49 14.16%
U-INDIVIN 59.04 13.16%
U-NEDCOG 51.17 11.41%
U-PSGGROW 48.09 10.72%
U-NEDBOND 45.68 10.18%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
2018/04/23
ISIN code:
ZAE000257101
Short name:
U-MEGABFF
Risk:
Unknown
Sector:
South African--Multi Asset--Medium Equity
Benchmark:
SA CPI + 3%
Contact details

Email
No email address listed.

Website
No website listed.

Telephone
021-947-9111



  • Fund manager's comment

Megafin SCI Absolute Fund of Funds - Jun 19

2019/09/04 00:00:00
Megafin SCI Absolute Fund of Funds Portfolio Update Moderate investors had mixed fortunes from portfolio allocations during the second quarter of 2019. Despite this, the Portfolio managed to deliver positive performance over the quarter.
The Megafin SCI Absolute FoF’s returned 1.4% for the quarter and has generated a return of 2.6% over the past year.
After disappointing performance in May, global equity markets finished the quarter strongly, largely on the back of comments from the major central banks that they would be willing to provide support in the form of lower interest rates and easing trade tensions between the U.S. and China.
Asset Allocation The most significant allocation within the Portfolio, local bonds, drove performance over the quarter as yields moved lower across the globe in response to lower future expected interest rates. Local equities also contributed positively to performance in line with the supportive global environment over much of the quarter. Within local equities, Financials contributed the most to performance, while Industrials and Resources also generated positive performance for the quarter. While global equity allocations generated decent hard currency returns, rand strength against major developed currencies meant that these allocations did not contribute meaningfully to portfolio performance. A small allocation to local listed property contributed positively to portfolio performance, this was achieved despite the asset class facing headwinds in the South African environment.
Fund Selection
The contribution from fund selection was mixed over the quarter.
Coronation Strategic Income delivered decent performance in the second quarter of the year. Significant allocations to local corporate bonds drove returns over the quarter, in line with strong performance from global bond markets, as yields lowered in response to lower future expected interest rates.
Nedgroup Core Bond delivered strong performance in the second quarter of 2019. The fund's significant allocation to South African government bonds drove performance as bond yields fell across the globe in expectation of lower future interest rates.
CoreShares S&P SA Top 50 was one of the best performing funds over the quarter. This is a passive fund that invests in the largest 50 companies on the JSE, however, they cap their weight to one share to 10% of the fund. The fund’s exposure to resources, especially the gold miners, was a solid contributor to performance over the quarter.
PSG Equity underperformed the market and its peers over the second quarter of 2019. The fund had a few stock specific detractors: Glencore (-16%), Imperial (-14%) and Japan Post Insurance (-16%). Large-cap shares continued to outperform the small and mid-cap shares over the quarter.
No changes were made to the portfolio composition during the quarter.
Summary
Investors will be pleased with positive returns generated in the second quarter of 2019. Year-to-date performance has been encouraging, with diverse asset allocation contributing meaningfully to portfolio outcomes. We will continue to follow a valuation-driven approach when allocating to different asset classes. This will allow the Portfolio to generate inflation-beating returns in a variety of market environments. Source: Morningstar
  • Fund focus and objective  
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