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-5.32  /  -0.2%


NAV on 2019/05/17
NAV on 2019/05/16 2709.65
52 week high on 2018/08/30 2923.71
52 week low on 2019/01/02 2471.94
Total Expense Ratio on 2018/12/31 1.53
Total Expense Ratio (performance fee) on 2018/12/31 0.07
NAV Incl Dividends
1 month change -3.59% -3.59%
3 month change 2.86% 2.86%
6 month change 4.76% 5.82%
1 year change -1.91% 0.07%
5 year change -0.58% 1.63%
10 year change 7.64% 9.91%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 195.27 14.85%
Consumer Goods 75.21 5.72%
Consumer Services 79.73 6.06%
Derivatives 13.35 1.02%
Financials 205.84 15.65%
Fixed Interest 41.81 3.18%
General Equity 281.32 21.39%
Health Care 18.89 1.44%
Industrials 57.02 4.34%
Liquid Assets 4.09 0.31%
Spec Equity 210.68 16.02%
Technology 110.70 8.42%
Telecommunications 21.02 1.60%
  • Top five holdings
U-OMEQFND 281.32 21.39%
U-OMGLOB 210.68 16.02%
 NASPERS-N 110.70 8.42%
 BATS 63.81 4.85%
 SASOL 59.02 4.49%
  • 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
Shareholder Weighted Index (SWIX)
Contact details




  • Fund management  
Peter Linley
Peter has extensive experience having worked in the industry for over 30 years as an equity analyst, a portfolio manager, Head of Equity Research and Chief Investment Officer. He has been with Old Mutual since 1988. Prior to joining Old Mutual, Peter started his career in the financial industry in 1985 when he joined Syfrets Trust.
Peter is the head of Old Mutual Equities. He is supported by a team of analysts who have extensive experience in the industry.
The Old Mutual Equities approach is a combination of fundamental and quantitative analysis. Each company in which we invest is subject to a robust research process, which follows a cash flow return on investment approach (CFROI). Emphasis is placed on a disciplined portfolio construction process, to ensure that the potential of our research ideas is maximised in the funds we manage.
Philip Short

  • Fund manager's comment

Old Mutual Growth comment - Sept 18

2018/12/13 00:00:00
The local market was weak during the quarter, with the FTSE/JSE SWIX All Share Index declining 3.3%, while it was down 7.8% over the nine months to the end of September. In contrast, the MSCI World Index appreciated 8.5%, in rand terms, over the quarter and 21% over the year to date. The fund’s mandate does allow offshore investment, which provided support to performance relative to peers over the quarter and the year to date. Local returns reflect both the weakness in the rand and the stronger US dollar performance of developed markets. In addition to its expose to locally listed rand-hedge shares, this fund has around 20% of its portfolio invested in the Old Mutual Global Equity Fund. We did not change the exposure to this offshore component during the quarter, but market movements resulted in it increasing as a percent of fund’s portfolio.
We remain cautious towards our exposure to SA Inc. shares (i.e. companies generating the majority of their earnings locally), given the lack of value among the consumer shares, in particular, which are operating in a very tough environment. Many of the SA Inc. share prices had risen strongly earlier in the year, on the back of continued positive sentiment post the election of Cyril Ramaphosa as ANC president. While the improved sentiment was welcome, the reality is that the economy remains weak. During the quarter, many of those companies reported results to the end of June 2018. Almost without exception, these results confirmed that earnings remained under pressure. Our interactions with management, customers and suppliers would suggest that growth will be difficult to come by in the year ahead.
The environment remains tough and share prices are heavily penalised for any miss on earnings expectations. Fortunately, the defensive structure of the shares in the fund’s portfolio, with a bias to shares benefiting from a weaker rand, provided protection to the portfolio in a weak market. These include outperforming resources shares such as Sasol, BHP Billiton and Mondi, as well as non-resources shares Investec and Bidcorp. Our emphasis is on patience and discipline, and mining for opportunities in a weak market.
  • Fund focus and objective  
The fund aims to offer superior returns over the medium to longer term. It invests primarily in listed companies showing above average growth potential, an entrepreneurial attitude and the potential to increase market share. These are companies whose future earnings growth potential has not yet been fully discounted. Up to 30% of the portfolio may be diversified into value-type shares (ie, companies currently deemed to be undervalued relative to the rest of the stock market). The fund aims to achieve its performance objectives through well-researched and superior share selection.

The fund is for investors looking to invest in a 'growth style' biased fund which holds a range of South African companies across all industry sectors.
This is a moderately aggressive risk fund (risk rating 4). The fund is exposed to share price movements, which are affected by the performance of individual companies, general market conditions as well as political and economic changes. Risk is reduced through a diversified portfolio of shares across most sectors of the JSE. Poor performance of one asset or sector may be offset by stronger performance of other assets/sectors.
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