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15.61  /  1.16%

1343.84

NAV on 2019/09/16
NAV on 2019/09/13 1328.23
52 week high on 2019/05/03 1418.63
52 week low on 2019/08/27 1208.04
Total Expense Ratio on 2019/06/30 1.45
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 9.89% 9.89%
3 month change -0.63% 0.13%
6 month change 3.05% 3.84%
1 year change -3.24% -1.58%
5 year change -2.42% 0.1%
10 year change 5.72% 8.04%
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:
1991/08/19
ISIN code:
ZAE000020459
Short name:
U-METEQUI
Risk:
Unknown
Sector:
South African--Equity--General
Benchmark:
FTSE/JSE Shareholder Weighted Index (SWIX) (J403T)
Contact details

Email
No email address listed.

Website
No website listed.

Telephone
021-947-9111

  • Fund management  
Hlelo Giyose


  • Fund manager's comment

First Avenue SCI Focused Qual Equity Fund - Jun 19

2019/09/03 00:00:00
During Q2 2019, several respected JSE listed companies experienced substantial drawdowns which is becoming a common trend in the current SA economic environment. These include Tongaat (-39%), Intu Properties (-33%) and Omnia (-31%). We have recently added a new component to our research methodology that assists us in avoiding such companies that permanently destroy shareholder capital. The process, known as negative selection, focuses on forensic accounting, mergers & acquisitions and ESG and has been instrumental in helping us avoid such drawdowns in our portfolio. Assisted by this process enhancement, the fund outperformed its benchmark in the quarter as quality stocks exposed to the domestic economy experienced a rebound after being sold down to excessively low valuations over the past 2-3 years. These include quality SA banks, consumer goods and services. In addition, cyclical companies (e.g., materials), which we have low exposure to, underperformed the benchmark during the quarter. Our view is that we are close to reaching an inflection point where SA domestics take over market leadership from resources and this will be positive for the fund going forward.
  • 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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