0.16 /
0.16%
101.42
NAV on 2019/11/20
| NAV on 2019/11/19 |
101.26 |
| 52 week high on 2019/05/03 |
105.03 |
| 52 week low on 2019/08/14 |
93.07 |
| Total Expense Ratio on 2019/09/30 |
0.38 |
| Total Expense Ratio (performance fee) on 2019/09/30 |
0 |
| Basic Materials |
24.04 |
2.90% |
| Consumer Goods |
16.09 |
1.94% |
| Consumer Services |
18.90 |
2.28% |
| Derivatives |
204.58 |
24.68% |
| Financials |
63.79 |
7.70% |
| Gilts |
357.02 |
43.07% |
| Health Care |
16.92 |
2.04% |
| Industrials |
15.59 |
1.88% |
| Liquid Assets |
-152.77 |
-18.43% |
| Money Market |
260.98 |
31.48% |
| Technology |
0.55 |
0.07% |
| Telecommunications |
3.28 |
0.40% |
|
DERIVATIV |
186.80 |
22.53% |
|
MM-06MONTH |
50.92 |
6.14% |
|
MM-03MONTH |
31.09 |
3.75% |
|
MM-11MONTH |
31.06 |
3.75% |
|
MM-09MONTH |
28.63 |
3.45% |
Management company:
Prescient Management Company Ltd. (PIM) |
Formation date:
2016/12/21 |
ISIN code:
ZAE000238283 |
Short name:
U-PCOREE |
Risk:
Unknown |
Sector:
South African--Equity--General |
Benchmark:
FTSE/JSE Shareholder Weighted All Share Total Return Index |
Fazila Manjoo
Prescient Equity Team
Prescient Core Equity comment - Sep 19
2019/10/17 00:00:00
The third quarter of 2019 delivered varied returns across global equity markets. The MSCI World, which has approximately 60% US weighting, and S&P500 Indices returned +0.08% and +1.19% in US dollars respectively following two consecutive rate cuts by the Fed. However, the global economic slowdown, rising trade war tensions and the strengthening US dollar have hampered emerging markets as evidenced by the MSCI Emerging Markets Index losing - 5.11% in US dollars over the quarter. For Britain, the domestic political turbulence and Brexit uncertainty hindered the FTSE 100 over the quarter, resulting in a dispiriting return of -3.52% in US dollars.
On shore, the economic burden of debt-ridden State-Owned Enterprises, faltering economic growth as well as the global market risk sentiment caused the rand to retract by -7.45% during the quarter. Consequent to this and escalating uncertainty surrounding the debt-relief bill and the National Health Insurance, the financial sector was the laggard of the quarter with the FTSE/JSE Africa Financial 15 Index losing -9.26%. From a broader market perspective, the FTSE/JSE Capped SWIX All Share and FTSE/JSE Top 40 Indices delivered -5.11% and -5.22% in ZAR respectively. This is the worst third-quarter performance since Q3 2011 on the back of a brilliant start to 2019. However, platinum miners and gold producers proved to be more resilient in the risk-off environment, with the likes of Northam (+40.88%), Impala (+36.60%) and Harmony (+36.42%) partially counteracting the underperformance of the JSE. The headlining market event of the quarter was the unbundling by Naspers Ltd. (NPN) of its internet company, Prosus NV (PRX). Both NPN and PRX had a strong start after the September 11th unbundling, however, they finished the month down -2.46% and -7.95% respectively.
The low risk enhancements that are utilised as part of the Prescient Core Equity Fund's investment process continued to add value for the third quarter. The fund returned -4.23% gross of fees, ahead of the benchmark index return of -4.31% over the quarter.
Contributors to Performance: The positions that contributed the most to the absolute performance of the Fund for the month of September were AngloGold American PLC (+7.36%), FirstRand Ltd (+6.18%), and Capitec Bank Holdings Ltd (+17.59%).
Detractors from Performance: The largest detractors were Naspers Ltd (-2.46%), Sasol Ltd (-12.12%), and Prosus NV (-7.95%).
The fund will invest in selected shares across all industry groups as well as across the range of large and mid-cap shares. The portfolio will seek enhancement opportunities by focusing on cost-effective and financially sound equity selection. The portfolio will predominately invest in South African markets, but is however permitted to include investments in offshore jurisdictions subject to the investment conditions determined by the Registrar from time to time.
The portfolio is permitted to invest in listed and unlisted financial instruments in line with the conditions as determined by legislation from time to time. The portfolio may apart from assets in liquid form also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes. Where the aforementioned schemes are operated in territories other than in South Africa, participatory interests or any other form of participation in these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and trustee and is of a sufficient standard to provide investor protection at least equivalent to that in South Africa.
