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-23.88  /  -0.83%


NAV on 2019/05/20
NAV on 2019/05/17 2903.82
52 week high on 2018/08/29 3199.46
52 week low on 2019/01/02 2631.86
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 -3.99% -3.99%
3 month change 1.74% 1.74%
6 month change 6.69% 7.82%
1 year change -5.95% -4.11%
5 year change -1.87% 0.81%
10 year change 6.65% 9.32%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 236.34 15.09%
Consumer Goods 141.50 9.04%
Consumer Services 50.13 3.20%
Derivatives 15.96 1.02%
Financials 345.76 22.08%
Fixed Interest 38.00 2.43%
General Equity 323.73 20.67%
Health Care 53.89 3.44%
Liquid Assets 5.89 0.38%
Technology 302.06 19.29%
Telecommunications 52.75 3.37%
  • Top five holdings
U-OMTOP20 323.73 20.67%
 NASPERS-N 302.06 19.29%
 BATS 141.50 9.04%
 SASOL 99.79 6.37%
 ABSA 83.45 5.33%
  • 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
FTSE/JSE All Share Index
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 Top Companies 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%, while in contrast the MSCI World Index appreciated by 8.5% 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% (in rand terms) for the MSCI World Index. This refl ects both the weakness in the rand and the stronger US dollar performance of developed markets. The 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.
The environment remains tough and share prices are heavily penalised for any miss on market expectations, with the fund’s holdings in Aspen, Blue Label and Naspers as the most signifi cant detractors of performance over this quarter. Fortunately, the structure of the fund, with a bias to shares benefi ting from a weaker rand, provided some protection in a weak market. These include outperforming shares such as Sasol, BHP Billiton, Exxaro and Investec. The fund also benefi ted from not holding MTN, which was down 19% over the quarter, as the headlines were dominated by the challenges it faces with the regulators in Nigeria.
During the quarter, we took profi ts in Discovery, selling our position to zero as it was trading above our fair value. We used the proceeds to add to existing positions in Investec, Old Mutual, Aspen and BHP Billiton.
We have maintained a signifi cant underweight to SA Inc. shares (i.e. companies generating the majority of their earnings locally), given the lack of value within consumer shares, in particular. We believe these companies will continue to operate in a very tough environment for the foreseeable future. Many reported results to the end of June 2018 and almost without exception, these results confi rmed that earnings remain under pressure. Our interactions with management, customers and suppliers would suggest that growth will be diffi cult to come by for the year ahead.
Our emphasis remains on building a highly concentrated portfolio, which requires patience and discipline when looking for opportunities in a weak market.
  • Fund focus and objective  
The fund aims to achieve high, long-term capital growth by investing in a concentrated portfolio of shares across all sectors of the JSE. The portfolio manager places emphasis on well-researched, superior, high-conviction share selection. This portfolio is invested fully in shares. Derivatives may be used for risk management purposes.
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