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74.03  /  0.89%


NAV on 2019/09/13
NAV on 2019/09/12 8214.69
52 week high on 2018/09/21 8881.57
52 week low on 2019/08/16 7733.93
Total Expense Ratio on 2019/06/30 1.5
Total Expense Ratio (performance fee) on 2019/06/30 0.03
NAV Incl Dividends
1 month change 5.01% 5.01%
3 month change -4.85% -3.56%
6 month change -0.35% 1%
1 year change -4.62% -2.1%
5 year change -0.27% 1.52%
10 year change 8.58% 10.49%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 573.99 27.75%
Consumer Goods 102.57 4.96%
Consumer Services 172.39 8.33%
Derivatives 0.01 0.00%
Financials 754.94 36.49%
Health Care 38.51 1.86%
Industrials 63.53 3.07%
Liquid Assets 34.68 1.68%
Technology 242.08 11.70%
Telecommunications 85.93 4.15%
  • Top five holdings
 NASPERS-N 227.04 10.98%
 STANBANK 119.16 5.76%
 ANGLO 101.59 4.91%
 SASOL 88.23 4.26%
 FIRSTRAND 78.97 3.82%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Equity--General
FTSE/JSE Capped Shareholder Weighted Index
Contact details




  • Fund management  
Saliegh Salaam
- 22 years of investment experience
Grant Watson
- 23 years of investment experience
Warren Mcleod
- 19 years of investment experience

  • Fund manager's comment

Old Mutual Managed Alpha Equity comment - Jun 19

2019/08/26 00:00:00
We entered the quarter with optimism in international markets and positive global growth prospects translating into a global riskon environment. This, however, did not lead to significant inflows for the local market. In May, South Africa’s attention was on the national elections and this somewhat masked weak economic data. After the ANC’s election victory, the nation and investors eagerly awaited the appointment of President Ramaphosa’s new cabinet – subsequently, a notable surprise to this cabinet was the appointment of Patricia De Lille as Minister of Public Works. The local market ultimately ended the quarter on the upside despite very poor quarterly GDP numbers. The South African Reserve Bank (SARB) kept rates on hold in the second quarter, with inflation and growth forecasts adjusted down. However, there is an increasing likelihood that the SA Reserve Bank (SARB) will cut rates in the second half of 2019. In the global environment any good news was trumped by tariff threats coming from US-China trade contentions. And further twists continue in the US-China trade saga; however, there is hope that talks will eventually lead to a deal by year-end.
The FTSE/JSE Capped Shareholder Weighted Index (Capped SWIX) ended the quarter in the positive, up 2.90% for the quarter ending July 2019. The industry sectors that performed well are telecommunications and consumer goods, delivering 18.65% and 5.63% respectively. Healthcare and industrials were down 8.26% and 2.02% respectively, making them the worst performing sectors for the quarter. The local currency strengthened against the greenback by 2.72%, by 5.37% against the pound sterling and by 1.44 % against the euro for the quarter ending July 2019.
We continue to focus on constructing a portfolio enabled to profit from the varying market themes. We strongly believe that it is different themes or factors that drive the market at a point in time. It is through this investment belief and rigorous risk management that we are capable of maximising long-term capital growth. Prevalent sector tilt remains, with the resources sector preferred shown in an overweight position in basic materials. Medium- to long-term momentum or sentiment is attractive and our portfolio is positioned to benefit from momentum factors. We find high beta shares relative to the overall equity market attractive.
  • Fund focus and objective  
OLD MUTUAL MANAGED ALPHA EQUITY FUND is a general equity domestic portfolio. In selecting securities for this portfolio, the Manager shall seek to achieve an investment medium for investors, which shall have as its main objective to obtain steady growth of capital by endeavoring to exceed the long term average return of the general equity funds. In order to achieve this objective, the portfolio will invest mainly in South African investments at all times as required of domestic funds. The portfolio will predominantly invest in equities. The portfolio will further invest in non-equity, money market instruments and listed property to the limits as required of portfolios to be listed under the general equity sector. The portfolio will be managed using a proprietary quantitative investment process that entails the analysis of investment styles such as value, growth, momentum and other proprietary research factors. This portfolio may make use of derivatives, within the limitations prescribed by the Regulations, in order to achieve its investment objectives.
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