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  •  Megafin Sanlam Collective Investments Stable Fund of Funds (B1)

-1.88  /  -0.17%


NAV on 2019/07/22
NAV on 2019/07/19 1079.73
52 week high on 2018/09/06 1111.1
52 week low on 2019/01/02 1039.84
Total Expense Ratio on 2019/03/31 1.56
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -2.21% -0.09%
3 month change -2.16% -0.04%
6 month change 1.98% 4.19%
1 year change 0.88% 5.33%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Bonds 22.01 9.79%
Fixed Interest 98.19 43.66%
General Equity 69.84 31.06%
Liquid Assets 4.50 2.00%
Spec Equity 30.34 13.49%
  • Top five holdings
U-INDIVIN 39.09 17.38%
U-CORSTRI 39.02 17.35%
U-NEDCOG 30.34 13.49%
U-PSGGROW 26.18 11.64%
U-NEDBOND 22.01 9.79%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Low Equity
Average SA MA Low Equity
Contact details

No email address listed.

No website listed.


  • Fund management  
Rafiq Taylor
Gerrit Bezuidenhout
Mark Flanagan

  • Fund manager's comment

Megafin Stable FoF comment - Sep 18

2019/01/07 00:00:00
Megafin SCI Stable Fund Update The Fund delivered a healthy positive return for investors in the third quarter, despite a torrid time for local equity and property investors. Given this backdrop, we are pleased with the Fund’s relative and absolute performance relative to peers in the third quarter. In what was a difficult quarter for local equity and property, the Fund benefitted from broad asset class exposure, with offshore exposure as well as local bond and cash exposure adding nicely to performance. The fund continues to be managed with capital protection as its primary goal. This said the Fund still has a healthy allocation to risk assets to ensure that it has enough drivers of long-term appreciations.
Asset Allocation The local economic environment remains challenging as evidenced by the South African economy slipping into a technical recession after two consecutive quarters of negative GDP growth in Q1 and Q2 2018. President Ramaphosa has done his utmost to encourage investment into the local economy, however, the country remains plagued by a lack of business confidence as well as the recent VAT and petrol price increases which have placed strain on the pocket of the South African consumer. Local bonds managed to eke out a positive return in the third quarter even as developed market bond yields moved higher in response to interest rate increases in the U.S. Local risk assets struggled in the third quarter, driven by a combination of disappointing South African economic data as well as general negative sentiment towards emerging markets. Local listed property ended the quarter in negative territory, detracting from overall portfolio performance, despite our underweight allocation to this asset class. Global equities contributed to portfolio performance during the quarter, however, the extent of the positive contribution was region dependent, with the greatest contributions coming from U.S. and Japanese equities. Offshore exposures also received a strong tailwind from a weaker rand over the quarter, despite the volatile local currency managing to reverse some of these losses during the month of September. Local equities detracted from relative performance in line with other emerging markets, while the positive contributions from local cash, local bonds and global equities allowed the Portfolio to generate a positive return over the quarter. We remain conservatively positioned, with an underweight exposure to local listed property, select exposure to local equities and overweight allocation to global assets and local fixed income. With this diverse asset allocation and focused manager selection, we expect to generate stable inflation beating returns over the long term for investors.
Fund Selection Most of the underlying funds within the Portfolio contributed positively to performance.
The Nedgroup Core Global Fund was the main contributor as rand depreciation translated into robust rand gains from the primarily offshore Fund. The main detractor from performance was the Sesfikile BCI Property Fund as local property remained under pressure from broader macroeconomic themes (i.e. poor growth) which have begun to affect earnings and guidance thereof.
Exposure to the Prescient Income Provider was meaningfully reduced in September of 2018. Summary We continue to apply a fundamentally-diversified approach that seeks to maximise reward for risk over the long term. Despite the market-driven setback, the Fund continues to perform within the expected risk/return and drawdown framework over the long term, with asset allocation and investment selection playing an important role for investors. Source: Morningstar
  • Fund focus and objective  
Investments to be included in the portfolio will, apart from assets in liquid form, consist solely of participatory interests in portfolios of collective investment schemes registered in the Republic of South Africa or of participatory interests in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and the trustee of a sufficient standard to provide investor protection which is at least equivalent to that in South Africa. The portfolio will consist of a mix of collective investment scheme portfolios investing in equity, bond and property markets and money market instruments. The effective exposure to equities will not exceed 40% of the portfolio. The portfolio will be managed in accordance with regulations governing pension funds. The portfolio will be managed by Megafin CC. This portfolio will, at no time, duplicate any Sanlam multi asset portfolio. The portfolio will also be allowed to invest in listed and unlisted financial instruments (derivatives) as allowed by the Act from time to time. The Manager shall be permitted to invest on behalf of the portfolio in offshore investments as legislation permits. For the purpose of this portfolio, the Manager shall reserve the right to close the portfolio to new investors on a date determined by the Manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The Manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the Manager. The Trustee shall ensure that the investment policy set out in the preceding clauses are adhered to; provided that nothing contained in this clause shall preclude the Manager from varying the proportions of securities in terms of changing economic factors or market conditions or from retaining cash in the portfolio and/or placing cash on deposit.
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