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8.29  /  0.62%


NAV on 2019/07/23
NAV on 2019/07/22 1323.39
52 week high on 2018/08/27 1511.81
52 week low on 2018/12/10 1227.27
Total Expense Ratio on 2019/03/31 1.45
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -2.79% -2.04%
3 month change -5.47% -4.74%
6 month change 0.96% 1.73%
1 year change -8.25% -6.67%
5 year change -2.83% -0.31%
10 year change 6.43% 8.76%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 15.08 4.33%
Consumer Goods 38.03 10.93%
Consumer Services 65.81 18.91%
Financials 96.07 27.61%
Health Care 11.59 3.33%
Industrials 17.01 4.89%
Liquid Assets 2.70 0.78%
Technology 92.80 26.67%
Telecommunications 8.91 2.56%
  • Top five holdings
 NASPERS-N 92.80 26.67%
 STANBANK 24.00 6.9%
 FIRSTRAND 23.67 6.8%
 AB INBEV 23.19 6.66%
 BIDVEST 17.01 4.89%
  • 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)
Contact details

No email address listed.

No website listed.


  • Fund management  
Hlelo Giyose

  • Fund manager's comment

First Avenue SCI Focused Qual Equity Fund - Mar 19

2019/05/28 00:00:00
The SA stock recovered strongly in the first quarter of the year delivering 5.9% for the quarter delivering its best quarter in 12 years. This followed strong performances by both the MSCI EM (10.2%) and MSCI World (12.9%) which also proved to be their best quarter since 2010. The exuberance was due mostly to the Fed’s signalling that further interest rate rises were highly unlikely. Furthermore, the ECB, Bank of Japan and People’s Bank of China all moved to stimulate their economies. We monitor these developments with caution as such movements by central banks, in fact, confirm concerns over global growth peaking especially in the Eurozone and Japan. Nowhere, is this signal more stronger than in the inversion of the US yield curve (investors demanding a high premium for the risk of lending to the US Govt in the short term than over the long term) in the quarter which is a leading indicator of the end of a cycle. We, therefore, more than ever, are certain that now is the worst time to hold risky assets geared to a continuance of the cycle (i.e., resource stocks). Not holding them contributed 2.6% toward our underperformance of the benchmark. Instead, we prefer to hold quality banks and domestic industrials which are trading at more attractive valuations.
  • 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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