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  •  Perpetua Sanlam Collective Investments Balanced Fund (A1)

0.17  /  0.17%


NAV on 2019/09/13
NAV on 2019/09/12 97.27
52 week high on 2018/09/21 101.35
52 week low on 2019/08/16 92.34
Total Expense Ratio on 2019/06/30 1.24
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 3.91% 3.91%
3 month change 0.39% 1.93%
6 month change -0.17% 1.36%
1 year change -3.14% 0.08%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 6.99 9.73%
Consumer Goods 7.52 10.45%
Consumer Services 5.70 7.93%
Financials 10.61 14.75%
Gilts 16.18 22.50%
Health Care 3.02 4.20%
Industrials 1.83 2.55%
Liquid Assets 3.96 5.51%
Money Market 0.97 1.35%
Specialist Securities 0.24 0.33%
Technology 0.59 0.82%
Telecommunications 0.53 0.74%
Offshore 13.77 19.15%
  • Top five holdings
 BATS 2.48 3.45%
 WOOLIES 2.07 2.88%
 ABSA 1.92 2.68%
 TIGBRANDS 1.71 2.38%
 STANBANK 1.42 1.97%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
60% FTSE/JSE SWIX J403T index, 20% ALBI,5% STEFI,9% MSCI World Index and 6% Barclays Global Aggregate Bond index calculated over a 2 year rolling period
Contact details

No email address listed.

No website listed.


  • Fund management  
Delphine Govender
Delphine joined Allan Gray as an analyst in July 2001 after completing her articles at Deloitte & Touche in January 1998.
She was appointed as trainee portfolio manager in April 2003 and was promoted to the position of portfolio manager in January 2005 and takes full responsibility in managing the relative portfolios.
In February 2006 Delphine accepted an invitation to join the board of Allan Gray Property Trust Management Limited as a director of Grayprop.
As at end April 2006, Delphine was also appointed as a director of Allan Gray Limited.

  • Fund manager's comment

Perpetua SCI Balanced Fund - Jun 19

2019/09/05 00:00:00
Market overview
The quarter was categorized with a weak month of May for South African equities, while June posted a recovery resulting in the All Share Index (ALSI) and the SWIX delivering a positive 3.9% and 2.9% respectively for the second quarter. Financials delivered 5.4%, outperforming industrials at 4.0% and resources at 2.4% in the quarter.
Given the differences in weightings of key stocks in the most widely used SA equity indices being the ALSI, SWIX and Capped SWIX, year-to-date returns posted noticeable differences with the ALSI posting 12.2%; SWIX at 9% and Capped SWIX sharply lower at 6.9%. The first two equity indices firmly beat other asset classes with the ALBI returning 7.6% and Cash at 3.6% year-to-date.
Longer term, however, it has been a disappointing 5 years for the SA equity market with the All Share index delivering 5.8% compound annual return and failing to beat cash returns (7.1%) or the ALBI (8.6%).
Though global equities performed strongly in June, delivering 6.6% in US$, May's poor performance has resulted in a 4.2% return in US$ for the second quarter vs. 11.6% in Q1. Global bonds delivered 3.3% in dollars while the rand strengthened versus the US dollar over the same period. Portfolio overview. The portfolio returned -2.2% for the second quarter of 2019 versus 3.0% for the composite benchmark over the same period.
From an asset allocation point of view, the fund was below the maximum allocation to equities which was the outperforming asset class for the quarter. This underweight position therefore detracted from the relative performance of the fund. The other key detractor was the domestic equity exposure which had a poor second quarter.
The strengthening of the rand versus the US dollar impacted the rand reported returns of the global component of the fund. Within domestic equities for the quarter the overweight position in British American Tobacco was the most significant detractor to the underperformance vs the benchmark. Our overweight positions in Netcare, Pioneer Foods and Omnia all further hurt our relative performance. Positive contributors over the quarter included overweight positions in Absa Group, Anglogold and Woolworths.
The local fixed income allocation in the fund performed largely in line with the combined weighted interest-bearing composite benchmark.
Portfolio Positioning
The equity exposure of the fund remains at a high level versus the fund's history, but still below our maximum permissible equity exposure. This is attributed to the fact that while we are finding a fair number of undervalued equities domestically and globally, we are mindful that markets are not at their cheapest levels in terms of valuation metrics and there remain pockets of overvaluation especially in global markets.
We are indeed cognisant that our current domestic equity portfolio has been underperforming over the year-to-date and while this outcome is naturally very disappointing, we also believe this underperformance is temporary especially in so far as it relates to some of the larger holdings in the fund. While it is impossible for us to 'call the bottom' or low point in our performance, as we focus on the individual stocks we have invested capital in and what we expect from their fundamentally driven returns. We are confident that this current portfolio offers the potential for meaningful returns from this point.
The portfolio remains overweight the food producers, health care sector and tobacco sector and underweight media and property. Our largest overweight positions relative to the benchmark include British American Tobacco, Woolworths and Tiger Brands. These are all high-return, cash-generative businesses which we believe have been sold down well below fair value as a result of poor short-term sentiment and news flow.
Globally, the market is fearful of economically sensitive businesses causing them to shun cyclical stocks, while at the same time there appears to be a crowded trade in new listings, high-growth 'disruptors' and so-called 'safe' defensive stocks that generate stable earnings and pay good dividends. We remain fearful of the latter grouping and very focused on finding compelling opportunities among the former.
We have taken advantage of market fears in cyclical sectors such as global autos; asset managers; consumer retail; banks; semiconductors and energy. We have balanced this cyclical positioning against exposure to high-quality and above-average businesses when the market has offered up attractive prices in sectors such as tobacco & beverages; financials; selected technology; food and staples retail and healthcare. The dispersion between expensive growth and quality stocks and cheap cyclical stocks has only been wider during the late 1990's technology bubble. Historically, value stocks have outperformed strongly from similar points in time.
From an interest-bearing perspective, we have positioned our local duration at slightly lower than benchmark, and combined this with bank NCD's, government nominal bonds and floating rate notes. We retain additional cash for opportune trading. Offshore, we hold cash, short dated US Treasuries and short dated TIPS as we favour liquidity and cash in these volatile political times.
  • Fund focus and objective  
The primary objective of the Perpetua MET Balanced Fund is to offer investors a moderate long term total return. The portfolio will be managed in compliance with prudential investment guidelines for retirement funds in South Africa to the extent allowed for by the Act.

In order to achieve its objective, the investments normally to be included in the portfolio may comprise a combination of assets in liquid form, money market instruments, interest bearing instruments, bonds, debentures, corporate debt, equity securities, property securities, preference shares, convertible equities, derivatives and non-equity securities.
The manager may also invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time, and which are consistent with the portfolio's investment policy. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equivalent to that in South Africa.
The portfolio may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective. The manager may also include forward currency, interest rate and exchange rate swap transactions for efficient portfolio management purposes.
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