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  •  Perpetua Sanlam Collective Investments Balanced Fund (A)

0.32  /  0.33%


NAV on 2019/07/23
NAV on 2019/07/22 95.28
52 week high on 2018/09/03 103.92
52 week low on 2019/01/04 93.83
Total Expense Ratio on 2019/03/31 1.8
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -0.45% 0.99%
3 month change -4.66% -3.28%
6 month change 0.08% 1.53%
1 year change -4.82% -1.84%
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 - Mar 19

2019/05/29 00:00:00
Market overview
Following a tough 2018 for equity returns, the first quarter of 2019 brought some notable relief to investors. The All Share Index gained 8% in this quarter with the SWIX returning 6%. Resources continued their strong run delivering close to 18%, significantly outperforming industrials at 7.4% and financials which actually declined by 0.4% in the quarter. Large cap shares also sharply outperformed mid and small cap shares in the first quarter of 2019 delivering 9.3% vs 2.8% for mid caps and -3.4% for small caps.
Understandably, income returns lagged equity returns this quarter with the ALBI returning 3.8% and cash 1.7%.
Global equities also staged a strong performance in the past quarter returning over 12% in US$ with developed markets outperforming emerging markets. Global bonds delivered 2.3% in dollars in the first quarter while the rand weakened 1.1% versus the US dollar in the first quarter. On a 5 year view, South African domestic equity returns still remain lacklustre with the All Share index failing to beat cash returns and bond returns.
Portfolio overview
The portfolio returned 3.2% for the first quarter of 2019 versus 5.6% 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.
Within the total equity exposure the portfolio was positively impacted by strong positive returns as well as outperformance from global equities, however, the domestic equities within the fund detracted from returns as the domestic stocks within the fund as a whole underperformed the SWIX benchmark. This latter element was the most notable contributor to the fund’s overall underperformance.
Within domestic equities for the quarter the underweight position in Naspers was the most significant detractor to the underperformance vs the benchmark. Our overweight positions in British American Tobacco, AB Inbev and RB Platinum all contributed to our performance. In addition to Naspers, other detractors to relative performance include overweight positions in Woolworths, Omnia, Aspen, Sun International and Nampak.
The 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. We have started to invest slowly in select property investments as prices have adjusted to reflect some of the risks we have perceived.
While our portfolio performance in this first quarter has fallen short of the benchmark returns and is disappointing, we have a high level of conviction that some of our most significant absolute detractors in this quarter, specifically in domestic equities, are trading at prices well below their fair value and that market sentiment towards these counters is unjustifiably pessimistic.
There has been a notable swing in the pendulum of investor sentiment in the market over the past three years with shares which were previously unloved (such as resources) now sharply back in favour trending towards unsustainable optimism, and those shares previously loved now considerably out of favour (such as select industrials).
While we understand how this pendulum of investor sentiment can create pockets of underperformance for bottom-up fundamental investment managers like ourselves as the swings go from extreme to extreme, we also understand the importance for us at this time to remain focused on our approach and the quality and robustness of our decision-making. We are particularly encouraged that the fundamentally undervalued opportunity set available to invest in is now broad and diverse, as well as across our True Value Continuum. The portfolio remains overweight the food producers, health care sector and travel and leisure sector and underweight media and property. Our largest overweight positions relative to the benchmark include British American Tobacco, Woolworths and Tiger Brands.
Globally, we are finding opportunities in higher quality businesses (such as AIA, Berkshire Hathaway and American Express); as well as lower quality companies where market expectations have simply become too pessimistic as sentiment collapsed. This basket includes companies such as Pandora, L Brands, Bed Bath & Beyond and Capri Holdings. We have taken advantage of market fears in global autos (BMW and Continental) and asset managers (Franklin Resources and Affiliated Managers Group); as well as special situations (Bayer) where the worst case scenario is more than discounted at current prices.
From a local interest-bearing perspective, we have a more conservative strategy with the portfolio invested in selected local long bonds, cash and floating rate notes. We have also included short dated US Treasury and TIPS exposure.
  • 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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