NAV on 2019/03/19
|NAV on 2019/03/18
|52 week high on 2018/05/02
|52 week low on 2019/01/02
|Total Expense Ratio on 2018/09/30
|Total Expense Ratio (performance fee) on 2018/09/30
Sanlam Collective Investments
South African--Equity--Large Cap
95% FTSE/JSE Capped SWIX 40 Index and 5% STeFI calculated over a rolling 1 year period
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Deon van Zyl
Deon has 30 years investment experience. He started his financial career at Santam Insurance as an Economic Analyst. Deon then moved to Metropolitan Insurance Investment Division, where he initially focused on dealing in equities and fixed interest instruments. Thereafter, he became the Head of Treasury as well as managing the company's in-house pension fund. In 1996, he was appointed Head of Fixed Interest, responsible for fixed interest strategy and was a member of the Investment Strategy Team for Metropolitan Asset Managers. Deon started managing the Metropolitan Inflation Linked Bond Fund in 2002, together with the Metropolitan Money Market, Bond and Income funds. He has been the recipient of more than one Raging Bull Awards and Morningstar Category Awards. In early 2012, Deon van Zyl, Brandon Quinn and a group of investors founded Saffron Wealth.
Brandon has 17 years investment experience. He started his finance career at NBS Bank where he established and developed the market research and planning function. Brandon then moved to BoE Bank Treasury, where he initially focused on forex exchange trading and interest rate and currency arbitrage. Thereafter, he managed the market risk of BoE Treasury, BoE Stock Brokers and BoE Hedge Funds while completing his CFA. He was Global Treasurer of Seaboard Overseas Limited, a NYSE-listed multi-national commodity-trading company before joining Metropolitan Asset Managers. At Metropolitan, he headed up the Hybrid & Structured Investments unit which specialised in Liability Driven Investments, sovereign, corporate and inflation-linked bond structuring, interest rate and equity-derivative structuring. Brandon was the chairman of the Alternative Strategies Investment Committee and managed an enhanced income fund focusing on alternative asset application and multi-strategy fund management. In early 2012, Brandon, Deon van Zyl and a group of investors founded Saffron Wealth. Brandon is the lead manager on the Saffron Opportunity Income Fund which won the 2014 Raging Bull Award for the Best South African multi-asset income fund on a risk-adjusted basis.
Saffron MET Top 20 comment - Sep 13
The fund achieved 4.94% for the month of September and 12.11% for the third quarter of 2013 compared to the SWIX benchmark which achieved 5.66% for the month. For the past 6 months, the fund returned 12.37% against a return of 13.96% for the SWIX. Global markets recovered following the failure of 'tapering off' of Quantitative Easing to materialise. The Dow Jones rose 1.0%, NASDAQ +9.9%, Nikkei+4.4%, Shanghai +9.0% and the ASX 200 10.8% for the quarter. In commodity markets, energy prices moved higher on the back of an expected improvement in global growth and Middle East geo-political uncertainty. The price of a barrel of Brent crude increased by 6.2% over the quarter with the currency effect of the Rand taking it to 7.7%. In precious metals, silver was the clear outperformer, rising 10.34%, followed by palladium (+9.87), copper (+8.31%), gold (+7.64%) and platinum (+5.77%). The price increase in those metals extracted domestically served at least to support the Rand to some extent against a backdrop of lacklustre trade and fiscal balances. With a disappointing domestic growth backdrop, negative sentiment in the manufacturing and mining sectors, lagging job creation, favourable inflation base effects and input prices, makes the likelihood of policy rate increases unlikely in the near term, despite inflation having moved above the target band. Barring the metals component, food, livestock and textile components of the CRB Commodity Index were negative for the quarter. Domestically, Resources (+c.16.0%) led Industrials (+c.10.0%) and Financials (+c.6.0%) whilst the JSE All share Index returned (+c.10.0%). On balance we saw significant downside risk in emerging markets in general and the South African market specifically, given the high degree of foreign participation in the local market and negative fundamental backdrop. We remain cautious however cognisant of the fact that market can surprise on the upside in what remains a low rate environment.
The portfolio's investment universe consists, apart from assets in liquid form, of equity securities listed on the Johannesburg Stock Exchange. The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes, registered in South Africa. The portfolio will invest in up to 50 equity securities and such equity securities will not include companies outside of the top 60 companies by market capitalization on the FTSE/JSE Securities Exchange. The portfolio's equity exposure will always exceed 80% of the portfolio's net asset value. The portfolio may from time to time invest in financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective.