NAV on 2019/09/16
|NAV on 2019/09/13
|52 week high on 2018/09/26
|52 week low on 2019/08/27
|Total Expense Ratio on 2019/06/30
|Total Expense Ratio (performance fee) on 2019/06/30
Sanlam Collective Investments
FTSE/JSE SWIX J403T index over a 2 year rolling period
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Patrick started his career with a major South African oil company where he worked in Forex Hedging and as a Project Accountant. He subsequently joined UAL/NIBAM as an Equity Analyst where he worked for some 4 years before joining OMAM in May 2000. Patrick has gained extensive investment experience as an equity analyst focusing particularly on the small cap and consumer sectors of the JSE. He was appointed joint portfolio manager for the Old Mutual Consumer Fund with effect from February 2001.
Patrick is currently an equity analyst in the Industrial Sector Research team. Patrick also assumed full portfolio management responsibility for the Old Mutual Consumer Fund with effect 1 February 2002.
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.
Perpetua SCI Equity Fund - Jun 19
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%.
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%).
The portfolio returned -2.5% for the second quarter versus 2.9% for the SWIX over the same period. Our overweight positions in Absa Group, Anglogold and Woolworths all added to relative performance. Detractors from relative performance include overweight positions in British American Tobacco, Netcare and Pioneer Foods. In addition, single stock positions in shares like Brait, Omnia and Blue Label Telecoms, while small in the portfolio absolute terms, have detracted meaningfully from returns over the past year due to their sharp declines. Portfolio Positioning We are indeed cognisant that our current 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 SA equity market has been undergoing a sectoral rotation over the past year and during this time it is not uncommon for our style of portfolio management to experience the kind of differentiated return to the benchmark it has. Over the past year we have reduced our previous overweight exposure to the resources counters, which have recovered strongly from their lows, and increased our exposure to industrials which have continued to decline, and in many instances industrials stocks we own now are 50-60% below their peaks.
Within industrials, 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.
The Perpetua MET Equity Fund is a general equity portfolio that seeks to sustain high long-term capital growth.
The portfolio's investment universe consists of equity securities, preference shares, debentures, debenture bonds, money market instruments, property shares and property related securities listed on exchanges and assets in liquid form. The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes, registered in South Africa and other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa and which is consistent with the portfolio's primary objective.
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.