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-207.12  /  -0.54%

38583.78

NAV on 2019/03/22
NAV on 2019/03/21 38790.9
52 week high on 2018/08/29 41634.15
52 week low on 2019/01/02 35671.07
Total Expense Ratio on 2018/12/31 1.44
Total Expense Ratio (performance fee) on 2018/12/31 0.12
NAV Incl Dividends
1 month change 1.53% 1.53%
3 month change 7.03% 8.61%
6 month change -3.51% -2.09%
1 year change -4.52% -1.57%
5 year change 1.87% 4.57%
10 year change 10.23% 12.67%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 2225.09 18.18%
Consumer Goods 895.42 7.32%
Consumer Services 2625.81 21.46%
Derivatives 260.24 2.13%
Financials 4170.72 34.09%
Health Care 387.57 3.17%
Industrials 921.62 7.53%
Liquid Assets 494.07 4.04%
Specialist Securities 143.68 1.17%
Technology 88.22 0.72%
Telecommunications 23.67 0.19%
  • Top five holdings
 NASPERS-N 1690.80 13.82%
 SASOL 804.53 6.58%
 BATS 746.43 6.1%
 NEDBANK 668.60 5.46%
 ABSA 634.85 5.19%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
1966/10/01
ISIN code:
ZAE000097473
Short name:
U-OMINVES
Risk:
Unknown
Sector:
South African--Equity--General
Benchmark:
Shareholder Weighted All Share index (SWIX)
Contact details

Email
unittrusts@oldmutual.com

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

Telephone
021-503-7100

  • 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.
Brian Pyle
Brian joined Old Mutual in 1998 and moved to Old Mutual Equities in 2012. In addition to his role as portfolio manager, Brian is the assigned analyst of many companies within the consumer and industrial sectors. Before joining Old Mutual Equities, Brian headed up Old Mutual Investment Group's Equity Research Unit, where he had oversight of a team of specialist equity portfolio managers and analysts. Brian has 19 years of industry experience.
Brian is currently the portfolio manager of the Old Mutual Industrial Fund, an SA based mutual fund. He is also an analyst for the industrial sector.


  • Fund manager's comment

Old Mutual Investors 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 by 3.3% in rand terms, while in contrast the MSCI World Index appreciated by 8.5% in rands. The Old Mutual Investors’ Fund does not invest in offshore companies, which has provided a headwind to performance compared with the peers over the quarter and for the year-to-date performance. In rand terms, the FTSE/JSE SWIX All Share Index declined by 7.8% for the nine months to the end of September compared with the strong return of 21% for the MSCI World Index. This reflects both the weakness in the rand and the stronger US dollar performance of developed markets.
During the quarter we maintained a defensive exposure in the fund as we remain cautious on the levels of markets overall and expect emerging markets to continue to lag developed markets. We materially reduced 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 was that the economy remained under pressure.
Last quarter we made the point that the valuations on many SA Inc. shares were unsustainable. This quarter, many of those companies reported results to the end of June 2018. Almost without exception, these results confirmed that earnings remain under pressure. Our interactions with management, customers and suppliers would suggest that growth will be difficult to come by for the year ahead. While we also mentioned that we had bought a stake in Shoprite during the previous quarter, we took the decision to sell the entire stake on the back of poor results, which negatively impacted our valuation of the company. The market provided us with the opportunity to sell as the price surprisingly spiked post results. This proved to be opportunistic, as the share price has since fallen significantly.
The environment remains tough and share prices are heavily penalised for any miss on earnings expectations. Fortunately, the defensive structure of the fund, with a bias to shares benefiting from a weaker rand, provided protection to the fund in a weak market. These include outperforming resources shares such as Sasol, BHP Billiton, Mondi, Anglo Platinum and Exxaro, as well as non-resources shares Investec, Santam, Discovery and Bidcorp. The fund continued to benefit from our long-term underweight in MTN, which was down 19% over the quarter as the headlines were dominated by the challenges it faces with the regulators in Nigeria. 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 in shares across all sectors of the stock market, focusing predominantly on the Top 100 blue chip shares. The fund invests in both growth and value companies. The fund aims to achieve its performance objectives through well-researched and superior share selection. The structure of the fund is derived from OMAM's disciplined and research-based process.
The fund is for investors who require a broad exposure to the South African stock market. It is the ideal foundation to a diversified, balanced portfolio.
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 or sectors.
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