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  •  Northstar Sanlam Collective Investments Equity Fund (A)

6.18  /  0.65%


NAV on 2019/07/23
NAV on 2019/07/22 946.12
52 week high on 2018/08/29 1060.19
52 week low on 2019/01/02 901.95
Total Expense Ratio on 2019/03/31 1.14
Total Expense Ratio (performance fee) on 2019/03/31 0.14
NAV Incl Dividends
1 month change -1.68% -0.12%
3 month change -6.33% -4.83%
6 month change 0.79% 2.4%
1 year change -6.43% -3.43%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 0.59 7.89%
Consumer Goods 1.37 18.24%
Consumer Services 0.58 7.66%
Financials 2.09 27.82%
Health Care 0.37 4.88%
Industrials 0.92 12.25%
Liquid Assets 0.61 8.11%
Specialist Securities 0.08 1.01%
Technology 0.87 11.52%
Telecommunications 0.05 0.64%
  • Top five holdings
 NASPERS-N 0.74 9.69%
 REMGRO 0.55 7.21%
 OMUTUAL 0.48 6.28%
 STANBANK 0.39 5.17%
 INVPLC 0.37 4.8%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Equity--General
ASISA Category Average
Contact details

No email address listed.

No website listed.


  • Fund management  
Adrian Clayton

  • Fund manager's comment

Northstar SCI Equity Fund - Mar 19

2019/05/29 00:00:00
The local equity market enjoyed a fourth consecutive month of positive returns in March 2019 after a particularly weak 2018, which saw the local bourse decline by 8.5%. During the first quarter of 2019 the JSE All Share Index gained +7.9% driven by a strong rally in SA Resources (+17.8%) and a rebound in SA Industrials (+7.4%). The large cap index returned +8.5% during the quarter while the small and mid-cap indices continued to underperform returning respectively -3.4% and 2.8%.
Despite improving local returns, South African equities underperformed global emerging and developed markets by respectively 5.4% and 8.2% in USD terms. While global equity and credit markets enjoyed a strong rally in 2019 on the back of improved sentiment around US/China trade relations and a more dovish US Federal Reserve, South African specific issues weighed heavily on local returns. In this regard, Moody’s latest update notes that if continued low GDP growth rates persist during the medium-term and elevated debt levels are not curbed the sovereign would likely be downgraded to Junk status.
The Northstar SCI Equity Fund performed well during the quarter returning +5.4%, ahead of the JSE Capped SWIX index, which recorded a gain of +3.9% during the same period. Although the fund’s significant underweight position to SA resources continued to hurt its performance relative to the resource-heavy JSE all share index, we remain prudent as a result of our weak outlook for the sector. The fund benefitted during the quarter from a strong performance in core positions such as British American Tobacco (Q1 2019: +30%), Anheuser-Busch (+27%), Reinet Investments (+13%) and an overall underweight position to SA retailers, who continued to experience losses as the state of the SA consumer has not seemed to show improvement. Whilst we admit local equity valuations are looking more supportive, particularly in the industrial space, we remain cautious as a result of a weak outlook for the sector. The fund continues to be overweight a number of stocks in the consumer goods and financial sectors, which we expect to outperform over the medium term.
We expect global markets to remain volatile as geopolitical tensions simmer but see the Fed’s renewed dovish stance as constructive for equity markets over the short term despite reasonably high valuations. From a South African perspective, we see the faith of the equity market tied to the outcome of the local general elections in May 2019, which are likely to create volatility and significant opportunity for investors.
  • Fund focus and objective  
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