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  •  Octagon Sanlam Collective Investments Growth Fund of Funds (B1)

0.59  /  0.06%


NAV on 2019/08/22
NAV on 2019/08/21 1036.09
52 week high on 2018/08/29 1101.39
52 week low on 2019/01/04 982.22
Total Expense Ratio on 2019/03/31 1.71
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -1.8% -1.8%
3 month change -1.31% -0.13%
6 month change -0.5% 0.7%
1 year change -4.07% -1.64%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 9.81 1.81%
Liquid Assets 3.66 0.67%
Managed 492.15 90.57%
Spec Equity 37.77 6.95%
  • Top five holdings
U-GRAVB 400.76 73.75%
U-PSGOPP 47.77 8.79%
U-SATBALX 43.63 8.03%
U-CORTP20 29.65 5.46%
U-CORSTRI 9.81 1.81%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
CPI Plus 5%
Contact details

No email address listed.

No website listed.


  • Fund management  
Menachem Kay

  • Fund manager's comment

Octagon SCI Growth FoF comment - Mar 19

2019/05/29 00:00:00
The levels reached by global equities in their wider rally for 2019 remains dependent on signs of a resolution in the trade war. However, concern about the darkening outlook for global growth has drawn investors back into government bond markets in March. A weaker outlook for the global economic growth in the first quarter of 2019 was reflected in the decline in sovereign bond yields as a dovish Fed and ECB led to a repricing of interest rate outlooks. Furthermore, risks to growth remain and the US yield curve (measured by the difference between the 10- year and 3-month Treasury yields) inverted, thereby flashing a recession signal for the first time since 2007. The Fed signalled no rate rises this year, bringing its projections more in line with market expectations. The ECB’s actions were more dovish than expected, with a fresh round of cheap lending for Eurozone banks due to start in September. The highly uncertain outcome of Brexit and a slowdown in global growth will continue to create a challenging mix for the ECB. South Africa made it through another scheduled Moody’s review to retain its local currency investment-grade rating with a stable outlook. Moody’s delayed South Africa’s ratings review with SA national elections on 8 May 2019.
With signs of a deepening global economic slowdown and negative headlines, emerging market currencies came under pressure in March. As such, the rand depreciated some 2.50% relative to the dollar. Markets largely shrugged off concerns around trade disputes and geopolitical uncertainty. The MSCI World index delivered some 3.92% in rands. Emerging markets underperformed their developed counterparts. The MSCI Emerging Markets index delivered some 3.42% in rands. The flight from risk kept investors piling into government bonds, pushing yields lower. The JP Morgan Global Aggregate returned some 4.16% in rands. Emerging market bonds lagged their developed market counterparts, delivering some 3.70% in rands. The outlook for developed market REITs and commercial real estate remains favourable, despite some mixed macroeconomic news this year and potential headwinds for distribution growth. As such, developed market property delivered some 6.32% in rands.
The local equity market followed global equity markets higher and rallied some 1.56% in rands. The positive outcome was driven by Resources and Industrials both rallying some 4.61% and 3.49% respectively. Financials struggled in March, declining some 4.78%. Local longer dated bond yields were largely unchanged over the month. The SA 10-year government bond yield rallied some 13 basis points in the month. As such, the All Bond index delivered some 1.33% in rands. Inflationlinked bonds underperformed their fixed coupon counterparts, delivering some -0.85% in rands. The listed property sector continues to struggle having given the weakest dividend forecasts in more than a decade as they struggle to grow rentals and fill vacancies amid weak business and consumer confidence. As such, the SAPY declined some 1.46% in rands.
  • Fund focus and objective  
Investments to be included in the portfolio will, apart from assets in liquid form, consist solely of participatory interests in portfolios of collective investment schemes registered in the Republic of South Africa or of participatory interests in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and the trustee of a sufficient standard to provide investor protection which is at least equivalent to that in South Africa. The portfolio will consist of a mix of collective investment scheme portfolios investing in equity, bond and property markets and money market instruments. The effective exposure to equities will not exceed 75% of the portfolio. The portfolio will be managed in accordance with regulations governing pension funds. The asset allocation will be actively managed by the investment manager to reflect changing economic and market conditions. The portfolio will be managed by Octagon Asset Managers (Pty) Ltd. This portfolio will, at no time, duplicate any Sanlam multi asset portfolio. The underlying portfolios will also be allowed to invest in listed and unlisted financial instruments (derivatives) as allowed by the Act from time to time. For the purpose of this portfolio, the Manager shall reserve the right to close the portfolio to new investors on a date determined by the Manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The Manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the Manager. The Manager shall be permitted to invest on behalf of the portfolio in offshore investments as legislation permits. The Trustee shall ensure that the investment policy set out in the preceding clauses are adhered to; provided that nothing contained in this clause shall preclude the Manager from varying the proportions of securities in terms of changing economic factors or market conditions or from retaining cash in the portfolio and/or placing cash on deposit.
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