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  •  Perpetua Sanlam Collective Investments Balanced Fund (A)

-0.19  /  -0.2%


NAV on 2020/02/14
NAV on 2020/02/13 97.03
52 week high on 2019/04/25 100.3
52 week low on 2019/08/16 92.33
Total Expense Ratio on 2019/09/30 1.51
Total Expense Ratio (performance fee) on 2019/09/30 0
NAV Incl Dividends
1 month change -1.87% -1.87%
3 month change -1.94% -0.23%
6 month change 4.03% 5.85%
1 year change 0.78% 4.03%
5 year change -0.48% 1.93%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 7.39 10.58%
Consumer Goods 6.68 9.57%
Consumer Services 5.18 7.41%
Financials 10.30 14.75%
Gilts 8.03 11.49%
Health Care 3.22 4.61%
Industrials 1.72 2.47%
Liquid Assets 3.88 5.56%
Money Market 0.97 1.39%
Specialist Securities 0.28 0.40%
Technology 0.81 1.16%
Offshore 21.39 30.60%
  • Top five holdings
O-PERGLEQ 13.81 19.76%
 BATS 2.81 4.02%
 TIGBRANDS 1.62 2.31%
 STANBANK 1.60 2.3%
 WOOLIES 1.60 2.29%
  • 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 - Sep 19

2019/10/28 00:00:00
Market overview
The third quarter remained a challenging environment in South Africa as domestic equities continued to deliver poor returns. Both July and August were particularly weak months, while September ended flat resulting in the All Share Index (ALSI) and the SWIX delivering -4.6% and -4.3% respectively for the third quarter. Industrials lost this quarter with -2.5%, outperforming resources at -6.4% and financials at -6.8%. The third quarter was also weak for the local bond market, July was the weakest month for the ALBI at -0.7% which resulted in a weak third quarter, delivering 0.7% versus 3.7% last quarter.
Global equities (MSCI World Index ZAR Total Return) delivered a return of 5.1% in August which pulled performance up to 8.2% for the third quarter vs. 1.9% in Q2. Global bonds (Barclays Global bond Aggregate Index (ZAR)) delivered a return of 8.2% in Q3, with the August performance of 8.1% being the highest of the last 3 months.
Over the longer term, it has been a disappointing 5 years for the SA equity market with the All Share index delivering 5.3% compound annual return and failing to beat cash returns at 7.1% and the ALBI at 8.3%.
Portfolio overview
The portfolio returned 2.2% for the third quarter of 2019 versus -1.2% for the composite benchmark over the same period.
The domestic equities of the fund beat the market while the global equities underperformed the benchmark by -3.4%. Our local bond exposure also outperformed over the period, beating its benchmark by 1.5%. The performance of the global bonds lagged slightly behind the benchmark by -0.7%.
The weakening of the rand to the US dollar impacted the rand reported returns of the global component of the fund. Within domestic equities for the quarter the underweight position in Prosus was the most significant relative detractor. Our overweight positions in Blue Label, Sasol and Tsogo Sun Gaming all further hurt our relative performance. Positive contributors over the quarter included overweight positions in Pioneer, Woolworths and British American Tobacco.
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 high as we are finding a fair number of undervalued equities domestically and globally. The equity exposure remains below our maximum permissible exposure levels as we are cognizant of overvaluation in the market as a whole. While the year-to-date underperformance of the current equity portfolio is disappointing, we have seen a positive shift in relative performance. This is line with the view we expressed in the last quarter’s commentary of the potential for meaningful returns in this portfolio.
The portfolio remains overweight the food producers and the health care sector, and underweight software & computer services and property. Our largest overweight positions relative to the benchmark include Woolworths, Pioneer and British American Tobacco. We believe these shares are good quality businesses trading at meaningful discounts to their fundamental value, although the buy-out PepsiCo has seen some of that value unlocked for Pioneer.
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.
Globally, fears of a recession and political tension have resulted in share prices of cyclical stocks now discounting the lowest expectations. Initial Public Offerings of ‘disruptor’ companies that have been particularly popular with investors in recent times are now coming under more scrutiny and bodes well for the performance of value investors. With interest expectations changing from higher to lower defensive stocks that generate stable earnings and pay good dividends, or so called bond proxy stocks, are back in favour. We are increasingly focusing our research efforts and the portfolio to the industrial, energy and financial companies that have suffered the most from the market’s expectations regarding the economy.
  • 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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