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4.25  /  0.33%


NAV on 2021/04/13
NAV on 2021/04/12 1292.59
52 week high on 2021/02/16 1335.52
52 week low on 2020/04/21 1034.92
Total Expense Ratio on 2020/12/31 1.59
Total Expense Ratio (performance fee) on 2020/12/31 0.13
Incl Dividends
1 month change -1.01% -1.01%
3 month change 4.64% 4.64%
6 month change 12.71% 12.99%
1 year change 23.64% 24.68%
5 year change -4.76% -2.37%
10 year change 3.22% 5.52%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
85.32 38.00%
Construction 64.91 28.91%
Financials 46.56 20.74%
Industrials 12.00 5.35%
Liquid Assets 7.24 3.22%
Telecommunications 8.48 3.78%
  • Top five holdings
 NASPERS-N 59.26 26.4%
 FIRSTRAND 13.68 6.09%
 SIBANYE-S 13.39 5.96%
 AB INBEV 13.04 5.81%
 DISCOVERY 12.50 5.57%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Equity--General
FTSE/JSE Shareholder Weighted Index (SWIX) (J403T)
No email address listed.

No website listed.


  • Fund management  
Hlelo Giyose

  • Fund manager's comment

First Avenue SCI Focused Qual Equity Fund - Dec 19

2020/02/26 00:00:00
After outperforming for two straight quarters, the fund underperformed in Q4. To outperform 50% of the time in the late cycle of a momentum rally is as admirable as scoring against the run of play. Yet, make no mistake. Quality should not outperform in the latter part of the cycle. Momentum is too strong to valuations, regardless of Quality, to overcome. Investors are extrapolating earnings growth of cyclical companies based on continued virulence in both easy monetary policy and fiscal stimulation in the US and China (the other side of this coin is the macroeconomic malaise investors are extrapolating into share prices of domestic stocks). The biggest beneficiaries of the status quo are mining companies which we do not own and have not owned for four years. Our underperformance in Q4 is purely down to not holding mining stocks. Outside of mining, we have done a spectacular job of stock picking in FINDI. Despite Q4’s outcomes, 2019 was a year in which capital returns in Quality rebounded strongly from their 2018 bottom. In contrast, dividends contributed significantly to returns of mining stocks. Mining companies have so far chosen to return cashflows, thanks to a rebound in commodity prices since 2016, to shareholders rather than reinvest them for growth (decade lows in capex). Investors are betting that dividend yields of mining shares will come to pass. In other words, they are betting that nothing will upset the apple cart of commodity prices. We are betting that something will. And when it does, Quality companies will outperform based on their consistent dividend profile. Unlike mining companies, Quality companies do not stop generating cashflows and distributing them in dividends and share buy backs when they are out of cycle. In the event of a market crash, capital returns of cyclical companies will underperform income generating properties of Quality companies.
  • Fund focus and objective  
The objective of this portfolio is to provide investors with steady compounding of capital overtime through a concentration of holdings in companies of the highest quality. Growth of income is more important than level of income. The portfolio will invest in assets in liquid form and in shares across all economic groups and industry sectors of the JSE Securities Exchange South Africa as well as across the range of large, mid and smaller cap shares and such other financial instruments as may be permitted by the prevailing regulations. This will be a highly focused quality equity portfolio concentrating on a maximum of 20 securities of the highest quality. The portfolio may also invest in collective investment schemes in property as well as any other securities that the Act may allow from time to time. When investing in derivatives, the manager will adhere to the prevailing regulations.

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