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7.46  /  0.42%

NAV on 2017/11/24

1774.71

NAV on 2017/11/23 1767.25
52 week high on 2017/11/01 1781.73
52 week low on 2017/06/30 1665.06
Total Expense Ratio on 2017/06/30 1.16
Total Expense Ratio (performance fee) on 2017/06/30 0
NAV Incl Dividends
1 month change 0.87% 0.87%
3 month change 1.91% 1.91%
6 month change 1.55% 1.55%
1 year change 4.59% 6.32%
5 year change 10.8% 12.66%
10 year change 9.12% 11.6%
  • Sectoral allocations
Basic Materials 201.16 9.64%
Consumer Goods 287.67 13.78%
Consumer Services 373.40 17.89%
Financials 498.26 23.87%
Fixed Interest 76.09 3.65%
Health Care 42.53 2.04%
Industrials 556.22 26.65%
Liquid Assets 51.94 2.49%
  • Top five holdings
 REINET 132.92 6.37%
 NASPERS-N 124.17 5.95%
 KAP 113.79 5.45%
 BARWORLD 87.76 4.2%
 RMIH 84.44 4.05%
  • Performance against peers
  • Fund data
Management company:
Nedgroup Collective Investments (RF) (Pty) Ltd.
Formation date:
1997/11/01
ISIN code:
ZAE000020525
Short name:
U-NEDENTR
Risk:
Unknown
Sector:
South African--Equity--Mid and Small Cap
Benchmark:
ASISA category average
Contact details

Email
No email address listed.

Website
http://www.nedgroupinvestments.com

Telephone
0860-123-263(RSA only)/+27-21-416-6011(Outside SA)

  • Fund management
Abax Investments


  • Fund manager's comment

Nedgroup Investments Entrepreneur comment - Aug 17

2017/09/27 00:00:00
The Nedgroup Investments Entrepreneur Fund had a another reasonable month in August 2017 appreciating by 2.4% in comparison with its benchmarks, the JSE Mid-Cap Index up 4.5% and the JSE Small Cap Indices +2.1%.
Primary contributors to the fund’s performance in the month were Supergroup (solid results especially from separately listed Australian fleet leasing business), Italtile (eventually received Competition Commission approval for acquisition of Ceramic Industries minorities), Barloworld (encouraging news of accelerating activity in DRC where associate has been loss making) and KAP (another set of very encouraging financial results and a positive outlook communicated).
The fund’s under-performance against one of its benchmarks - the JSE Mid-Cap Index - over the last two months is primarily attributable to our tobacco exposure which has under-performed in the short term for reasons discussed last month; as well as zero exposure to gold shares, notably Sibanye and Gold Fields, which are heavy weightings in that benchmark. We do not see any value in these highly unpredictable, risky and difficult to manage businesses which are unlikely to ever be included in the fund and as a result we caution investors against drawing investment conclusions based on the short-term relative performance of the fund against this benchmark.
As we look to the future we note the recent very weak trading updates from Pioneer Foods (not owned), Rhodes Food (not owned) and Oceana Fishing (2.3% position) as a guide to just how tough things are for the South African consumer. While each of these companies have specific problems varying from currency translation effects, poor raw material acquisition decisions, management changes and weak commodity prices which have had an impact on the poor trading performance, we also read that a very weak consumer demand environment even for basic foodstuffs is a guide to just how much pressure the local consumer is currently experiencing. This continues to inform our South African consumer exposure in the fund which remains very limited.
As at the end of August 2017 the Nedgroup Investments Entrepreneur Fund’s weighted Price to Earnings, dividend yield and Price to Book ratios were 12.4X, 3.1% and 1.9X respectively.
  • Fund focus and objective
The portfolio is suitable for investors who require specific exposure to small- and mid-cap sector shares as part of their overall investment strategy , with maximum capital appreciation as their primary goal over the long term. Equity investments are volatile by nature and subject to potential capital loss. Due to its specialist nature, the portfolio will typically display higher volatility than a general equity portfolio.

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