NAV on 2019/01/15
|NAV on 2019/01/14
|52 week high on 2018/01/26
|52 week low on 2018/12/10
|Total Expense Ratio on 2018/09/30
|Total Expense Ratio (performance fee) on 2018/09/30
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
FTSE/JSE All Share Index
Saliegh has 21 years of financial market experience encompassing the entire investment value chain, including dealing, equity analysis, portfolio management and leadership.
Saliegh is responsible for driving performance of the Shari’ah funds and specialist equity (managed volatility and managed alpha) funds. He has been the lead fund manager and champion of Shari’ah products (equity and multi-asset) since 2007. In addition, Saliegh is also the lead fund manager on Old Mutual High Yield Opportunity Fund (managed volatility) and co-fund manager on managed alpha funds. Saliegh is the liaison for the Shari’ah board and Shari’ah product partners. Saliegh is a member of the boutique’s Exco and Sales committee.
Grant has 22 years of financial market experience encompassing managing currency, derivative, hedge fund and multi-asset class portfolios. Grant began his career in the currency markets, trading currency derivatives on a proprietary basis for one of the large South African banks. Grant is a qualified stock broker and was a founder member of the team that set up one of the first hedge funds in South Africa in 1997. He joined Futuregrowth Asset Management in 2004, heading up their Alternative Investments business. Futuregrowth was acquired by Old Mutual Investment Group in 2008.
Grant is the Joint Boutique Head of Customised Solutions. This boutique has assets under management in excess of R100 billion. These assets comprise local and global investments across the investment spectrum. Grant is involved in driving the boutique investment process, developing and implementing the boutique strategy and managing various portfolios across the hedge fund, general equity, specialist equity and multi-asset class range.
Warren was appointed as a quantitative analyst in 1998 and participated in quantitative research and building quantitative models. He worked closely with Old Mutual Investment Group’s chief asset allocation strategist. Warren then joined the Quantitative and Risk Unit when it was formed. He was responsible for investment risk management and his duties included building quantitative models at a security level, risk management and quantitative research of all Old Mutual Investment Group’s clients/products.
Warren is responsible for constructing and managing portfolios. In addition to these responsibilities, he is accountable for quantitative research, which is paramount to the success of the boutique’s strategies.
Old Mutual Managed Alpha Equity comment - Sept 18
In the beginning of the quarter, as expected, the South African Reserve Bank Monetary Policy Committee (SARB MPC) kept rates unchanged and further did not change on the last month of the quarter, contrary to other central banks in key emerging markets that raised interest rates. President Ramaphosa’s investment campaign secured more investment commitments but the questions on land reform and general policy implementation remain. The country entered a second consecutive quarter of negative growth, hence a technical recession.
The local currency weakened against the greenback by 3.06%, by 1.73% against the sterling and 2.36% against the euro for the quarter ending September 2018. The FTSE/JSE Capped Shareholder Weighted Index (Capped SWIX) is down 1.65% for the quarter ending September 2018. The sectors that performed well for the quarter were technology and basic materials, delivering 10.43% and 5.22% respectively. The worst performing sectors for the quarter, down by 20.42% and 11.86%, are healthcare and telecommunications respectively.
We continue to focus on profiting from the varying themes that are driving the market at a point in time and anomalies in the market caused by emotions, while being highly cognisant of risk, to maximise long-term capital growth. Currently, the portfolio is positioned to gain from its exposure to companies with high returns on assets and high dividend yield, further positioned to benefit from companies attractive on medium-term sentiment or momentum. In terms of sector view or positioning the portfolio is bullish on resources and industrials, thus overweight, and underweight to financials.
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.