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  •  Northstar Sanlam Collective Investments Equity Fund (A)

-1.39  /  -0.15%


NAV on 2019/05/24
NAV on 2019/05/23 940.89
52 week high on 2018/08/29 1060.19
52 week low on 2019/01/02 901.95
Total Expense Ratio on 2018/12/31 1.15
Total Expense Ratio (performance fee) on 2018/12/31 0.14
NAV Incl Dividends
1 month change -6.92% -6.92%
3 month change -1.47% -1.47%
6 month change 0.01% 1.61%
1 year change -9.38% -5.93%
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 0.87 11.52%
 BATS 0.49 6.46%
 REMGRO 0.45 6.03%
 OMUTUAL 0.41 5.46%
 STANBANK 0.36 4.79%
  • 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 - Sep 18

2019/01/07 00:00:00
The third quarter of 2018 has been another turbulent period for the local equity market with the JSE All-Share TR Index declining by 2.2%. Emerging equity markets have dramatically underperformed their developed counterparts as the impact of geopolitical tensions between the US and China and negative growth revisions in China and Europe were felt by global markets. In South Africa, while the SARB refrained from raising interest rates, the Rand rebounded by +3.7% in September as President Ramaphosa unveiled an economic plan aimed at reviving the economy. The JSE Industrial Index however declined in September by 7.7% recording its worst monthly performance since 2009 as stocks such as MTN (-18%), Aspen (-35%) and Blue Label (-50%) tumbled during the quarter. The selloff has been widespread with few areas of the market escaping bar the SA resource index which continues to be the exception returning +5.2% during the quarter and +21% year-todate.
The Northstar SCI Equity Fund marginally underperformed the local bourse, declining 2.5% during the quarter. The fund has performed well in 2018 by avoiding several hazards (Steinhoff, Resilient / Fortress, Aspen) and holding three of the top five best performing JSE stocks this year (Sasol, BHP Billiton and Mondi). Sound stock picking compensated for the fund’s low weighting in the only performing area of the market: SA resources, which we acknowledge may continue to do well over the short term, but broadly speaking, we do not believe to be a high quality industry. The only mining stock in the fund is BHP Billiton, which unlike most of its global counterparts has displayed consistency of performance through various cycles on the back of superior asset quality and capital allocation from a highly competent management team. We see better opportunities in the SA industrial space, particularly in the out of favour mid-cap space, which has drastically underperformed the market over the past 3 years. Confirming our view that stock picking can offset some of the concentration bias on the JSE, the fund enjoyed meaningful returns from several non-resource positions including Old Mutual (+14.5%), Super Group (+14%), Reinet Investments (+10.1%) and Bidcorp (+8%).
We expect global markets to remain volatile as geopolitical tensions simmer impacting trade agreements and the US maintains its interest rate hiking course. From a South African perspective, weak Q2 2018 GDP numbers are likely to be a low point of the cycle and in the absence of political shocks we expect the economic environment to gradually improve. The fund is currently well diversified, conservatively positioned and invested in high quality businesses that we expected to perform well through the cycle. We are now finding good opportunities in the market, particularly in the mid-cap space, which is now starting to offer compelling value.
  • Fund focus and objective  
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