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-31.86  /  -2.1%


NAV on 2019/05/23
NAV on 2019/05/22 1551.76
52 week high on 2019/05/03 1612.96
52 week low on 2018/10/23 1420.8
Total Expense Ratio on 2018/12/31 1.17
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change -4.15% -4.15%
3 month change -0.2% -0.2%
6 month change 2.73% 5.35%
1 year change -1.53% 2.21%
5 year change 3.7% 6.64%
10 year change 10.6% 13.89%
Price data is updated once a day.
  • Sectoral allocations
Financials 621.32 98.93%
Fixed Interest 5.00 0.80%
Liquid Assets 1.71 0.27%
  • Top five holdings
 FIRSTRAND 73.74 11.74%
 STANBANK 62.23 9.91%
 ABSA 48.76 7.76%
 OMUTUAL 48.56 7.73%
 TRANSCAP 47.30 7.53%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Equity--Financial
The fund aims to outperform the ASISA category average
Contact details




  • Fund management  
Tracy Brodziak
Tracy is responsible for the fundamental analysis of the commercial banks.
She is the fund manager for the Old Mutual Financial Services Fund. In addition, she also does analysis on the oil & gas sector.
Tracy is an experienced analyst and brings unique insight into the financial sector. Her financial unit trust has been a consistent upper quartile performer.
Prior to this, she was Sector Head: Financials in the Equity Research boutique.
Tracy completed her articles at KPMG in the Financial Services Division before joining Old Mutual Investment Group in 2001, where she has analysed companies in the small cap, IT, food and pharmaceutical sectors. She started analysing the banks in late 2003.
Neelash Hansjee
Neelash joined Old Mutual Equities in April 2014 to oversee banks and other financials. Neelash’s background enables him to bring his strong analytical skills and global banking exposure to the fore. He joined us from Credit Suisse where he was the lead banking analyst. Prior to that, he spent three years as an equity analyst at JP Morgan and he began his career at EY where he qualified as a CA, specialising in financial services and retail sectors. Neelash has five years of work experience as an equity analyst.

  • Fund manager's comment

Old Mutual Financial Services comment - Sept 18

2018/12/13 00:00:00
The third quarter of 2018 was challenging for the financial sector as business confidence waned and the moderation in consumer confidence filtered through to activity levels in South Africa. Volatility and uncertainty ticked up in global markets with emerging markets currencies weakening against the US dollar. The combination of stronger US markets; weaker emerging markets and continued lack of confidence in South Africa carried through in the financial sector.
The FTSE/JSE Financial Index remained flat over the third quarter of 2018. The index outperformed the FTSE/JSE Shareholder Weighted All Share Index (SWIX) by 4% over the same period. The outperformance was driven by the non-life insurance and insurance sectors, which delivered 15% and 12%, respectively, in the quarter while the banks were flat. Companies that contributed to the fund’s performance were overweight positions in Capitec, Discovery and Santam. Detractors of performance were underweight positions in Sanlam and small positions in Coronation and Alexander Forbes, all of which underperformed over the quarter.
It was reporting season for the financial sector for the first half of 2018. It provided evidence of the slowdown of corporate activity in South Africa, while consumer lending was measured. This impacted businesses trading at peak valuation levels, for instance, Standard Bank, which underperformed over the quarter. While expectations remain hopeful for the year, the somewhat shaky ground is creating uncertainty in the market.
While business confidence remains clouded and economic indicators are trending positively, a change in the environment for financial companies still needs to materialise. Consumer debt levels continue to moderate as inflation remains contained. Within this context, we prefer companies that have strong operating metrics, are well capitalised and are trading at appropriate valuations.
  • Fund focus and objective  
The fund aims to achieve long-term capital growth through well-researched and superior share selection in the financial sector.
This fund is suitable for investors who want to achieve long-term capital growth and who have a particular view of relative market sector performance. The investor can tolerate the volatility associated with equity investments.
The fund selectively invests in a broad range of financial shares, including banks, insurance and investment companies.
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