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-10.32  /  -0.68%

1528.12

NAV on 2020/02/21
NAV on 2020/02/20 1538.44
52 week high on 2019/12/30 1648.47
52 week low on 2019/08/23 1448.44
Total Expense Ratio on 2019/09/30 1.75
Total Expense Ratio (performance fee) on 2019/09/30 0
NAV Incl Dividends
1 month change -4.29% -4.29%
3 month change -4.55% -3.23%
6 month change 4.49% 5.94%
1 year change -2.84% -0.29%
5 year change -5.17% -3.02%
10 year change 5.57% 7.55%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 129.69 18.10%
Consumer Goods 80.82 11.28%
Consumer Services 137.35 19.17%
Cyclical Services 0.00 0.00%
Financials 157.27 21.95%
Fixed Interest 18.00 2.51%
Health Care 16.93 2.36%
Industrials 160.83 22.45%
Liquid Assets 0.66 0.09%
Technology 14.83 2.07%
  • Top five holdings
 IMPLATS 48.35 6.75%
 REINET 36.84 5.14%
 ITLTILE 32.84 4.58%
 REUNERT 27.14 3.79%
 RAUBEX 26.08 3.64%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
1997/04/30
ISIN code:
ZAE000097499
Short name:
U-OMSMALL
Risk:
High
Sector:
South African--Equity--Mid and Small Cap
Benchmark:
ASISA Category Average
Contact details

Email
unittrusts@oldmutual.com

Website
http://www.omut.co.za

Telephone
021-503-7100

  • Fund management  
Kayalethu Nodada
Kayalethu Nodada joined Old Mutual Equities in June 2015 as an equity analyst. He is currently responsible for various shares in the industrial sector, predominantly food producers, which he combines with experience gained analysing retail and healthcare sectors.
Kayalethu Nodada has four years of work experience in asset management.


  • Fund manager's comment

Old Mutual Mid & Small-Cap comment - Sep 19

2019/10/23 00:00:00
The small cap and mid-cap indices ended the quarter down, returning -3.5% and -2.4% respectively in the quarter ending 30 September 2019. The rand-dollar exchange rate also ended the quarter weaker, with the rand losing 7.8% against the US dollar.
Resources continued their good run this year, driven by a variety of factors: the platinum group metals (PGM) basket reacting to increased global emissions standards, combined with an ongoing shortage in palladium and the gold price regaining its status as a safe haven. We took our resources exposure through AngloGold, Harmony Gold and Impala Platinum, which were up for the quarter.
However, one of the detractors for the quarter was Assore, driven by the retreat of the iron-ore price from its recent highs, as news of increased production from Brazil led to prices falling back from elevated levels.
We continued to see disappointing trading results from SA Inc companies. As the macro economy and the consumer remain under pressure, companies are struggling to recover their cost increases through price increases (revenue growth). An example was KAP Industrial Holdings, which had company specifi c issues, but also highlighted just how tough this economy has been.
However, it was not all doom and gloom for SA Inc. Wilson Bayly Holmes-Ovcon released results that showed that things are starting to improve in its South African order book, albeit off a low base. Our thesis of the last man standing is starting to play out in the construction industry.
Furthermore, Pioneer Food Group received an offer for R25bn from PepsiCo, which is over 50%premium to where the share price was trading before the announcement. The share has been a key contributor to the performance of the fund this quarter.
We do believe that a recovery in South Africa will happen, but that it will be a long and slow process. We continue to position the portfolio to capitalise on the value, price the risk, and try to avoid as much of the uncertainty as possible.
Based on our forecasts, we believe that the Old Mutual Mid & Small-Cap Fund is trading on a forward price:earnings (PE) ratio of 10.4 times, and its rolling dividend yield is 4.1%.
  • Fund focus and objective  
The fund aims to offer superior returns over the medium to longer term by investing in companies with a market capitalisation smaller than the company with the lowest market capitalisation listed on the FTSE/JSE Large Cap Index (J205). This fund is suited to investors seeking long-term capital growth by investing in a focused portfolio of mid- and small cap companies. These investors can tolerate stock market volatility. The fund invests in established companies with a market capitalisation smaller than the company with the lowest market capitalisation listed on the FTSE/JSE Large Cap Index (J205). The fund aims to achieve its performance objectives through superior share selection. Derivatives may be used for efficient portfolio management purposes.In order to achieve the fund objective the portfolio manager may choose to gain exposure to the described assets and asset classes by investing through OMLACSA pooled portfolios, collective investment schemes or a combination thereof.
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