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  •  Northstar Sanlam Collective Investments Equity Fund (A)

-5.02  /  -0.58%


NAV on 2020/02/25
NAV on 2020/02/24 865.08
52 week high on 2019/05/03 1018.03
52 week low on 2020/02/25 860.06
Total Expense Ratio on 2019/09/30 1.11
Total Expense Ratio (performance fee) on 2019/09/30 0.14
NAV Incl Dividends
1 month change -4.45% -4.45%
3 month change -8.07% -6.97%
6 month change -1.96% -0.79%
1 year change -9.8% -7.27%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 9.91 7.28%
Consumer Goods 20.88 15.34%
Consumer Services 10.68 7.85%
Financials 55.02 40.42%
Health Care 6.81 5.00%
Industrials 10.92 8.03%
Liquid Assets 4.78 3.51%
Specialist Securities 0.86 0.63%
Technology 16.24 11.93%
  • Top five holdings
 REMGRO 12.66 9.3%
 NASPERS-N 10.49 7.71%
 STANBANK 8.09 5.95%
 INVPLC 7.28 5.35%
 BATS 6.99 5.14%
  • 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
Marco Barbieri

  • Fund manager's comment

Northstar SCI Equity Fund - Sep 19

2019/10/28 00:00:00
Global developed equity markets were broadly stronger in the third quarter of 2019 (S&P500: +1.7%; MSCI Europe: +2.5%; Japan TOPIX: +3.4%) despite a continued slowdown in economic data. In the United States, the US Federal Reserve (Fed) cut interest rates in both their July and September meetings as consumer confidence data and economic growth showed signs of easing. Longer duration US bonds recorded a historical rally which led to the curve completely inverting in August culminating in all bond maturities yielding less than the Fed Funds Rate. Similarly, weak economic data in Europe forced the European Central Bank’s hand in resuming a fresh round of quantitative easing and further cutting interest rates into negative territory.
Emerging equity markets felt the impact of a stronger US Dollar, soft economic data and continued trade tensions between the US and China. The MSCI Emerging Market index declined during the quarter by 1.9% with South Africa’s All Share Index dropping by 11.2% (in USD terms). While global events weighed on the local equity market, endogenous factors such as a deteriorating fiscal environment, worsening debt profile and structural constraints (such as Eskom) continue to impact South Africa’s equity performance. Furthermore, increasing prospects of a sovereign credit downgrade from Moody’s in the fourth quarter of 2019 is likely to weigh heavily on investor risk appetite and the direction of returns over the short term. Against this backdrop, SA equity valuations are at their lowest level since 2012 with the JSE All Share now trading on a 12x forward PE multiple compared to 18x recorded in late 2015.
In line with global trends, SA defensive equities outperformed cyclical stocks during the quarter despite some reversal in September. SA Financials and Resources performed particularly poorly returning 6.8% and 6.4% respectively, while the local industrial index fared better at 2.5%. Precious metals continued to benefit from macro tensions with local platinum and gold mining producers gaining 106% and 65% year-to-date.
The Northstar SCI Equity Fund outperformed the local equity market during the quarter returning 4.3%, ahead of the JSE Capped SWIX index, which was down 5.1% for the same period. The fund benefitted from an overall defensive stance with a large overweight position to outperforming consumer goods stocks, in particular beverages (AB InBev, Distell) and tobacco (BAT and Reinet Inv). These showed resilience in a difficult global environment. Left field contributions came from several out of favour consumer and industrials, most notable of these being Woolworths and AECI, which performed well against a difficult local economic backdrop.
Whilst we admit that local equity valuations have collapsed to the extent that these are more supportive of improved future returns and consequently, we are finding better entry points into a number of companies, we continue to harbor some concerns, the primary one being that we expect further corporate earnings downgrades which we believe will moderate return expectations over the short term. We believe this effect will be pronounced in the SA consumer and industrial space which are unlikely to show signs of recovery in the absence of significant structural reforms and improved political will.
  • Fund focus and objective  

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