NAV on 2019/03/22
|NAV on 2019/03/21
|52 week high on 2018/08/29
|52 week low on 2018/11/23
|Total Expense Ratio on 2018/12/31
|Total Expense Ratio (performance fee) on 2018/12/31
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
South African--Equity--Large Cap
FTSE/JSE Top 40 index
Old Mutual Top 40 comment - Sept 18
The Old Mutual Top 40 Fund tracks the FTSE/JSE Top 40 Index and its shareholdings replicate the constituents that make up this benchmark. At month-end the benchmark sector allocation was as follows: • Resources : 25.65% • Financials : 20.53% • Property : 2.00% • Industrials : 51.83%
Cash exposure is kept as low as possible to give investors the full benefit of being invested in equities. Investment flows are matched with the corresponding market transactions on a daily basis to ensure that the performance of the fund is in line with its benchmark. Futures contracts are used, when appropriate, to minimise trading costs and gain exposure to equities.
Long-term investors choose this fund because they are looking for a pure equity fund and are cost conscious. Investors seeking consistency can use this fund as their core portfolio strategy and assign smaller portions to other investment vehicles that aim to outperform the market.
The FTSE/JSE Top 40 Index decreased by 2.72% over the quarter and was down 4.70% for the month of September 2018. The Mid- and Small Cap Indices returned -1.74% and -2.22% respectively for the quarter and were down 3.68% and 1.70% for the month of September 2018 respectively. Technology and basic materials were the biggest performers this quarter with returns of 10.43% and 5.22% respectively. The biggest sector detractors for the quarter were healthcare and telecommunications, which returned -20.42% and -11.86% respectively. Amongst the top performers for the quarter, Capitec, Discovery and Sanlam returned 18.00%, 15.30% and 12.90% respectively. The worst performing holdings were Aspen, Tiger Brands and MTN with returns of -34.4%, -20.0% and -18.8% respectively.
The fund rebalances once every quarter in line with the index. There was one constituent addition to and one constituent deletion from the FTSE/JSE Top 40 index, which rebalanced as at close on Friday 21 September 2018.
The fund aims to provide long-term capital growth by tracking the performance of the top 40 companies listed on the JSE Securities Exchange (JSE). The fund tracks the FTSE/JSE Top 40 Index as closely as possible and invests in shares included in the index. The portfolio is tailored to match the performance of the FTSE/JSE Top 40 Index, but other securities will be held to offset high inflows and index fluctuations.