NAV on 2021/01/15
|NAV on 2021/01/14
|52 week high on 2020/01/20
|52 week low on 2020/03/23
|Total Expense Ratio on 2020/09/30
|Total Expense Ratio (performance fee) on 2020/09/30
Sanlam Collective Investments
FTSE/JSE Capped SWIX Index
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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 - Dec 19
Following a particularly volatile 2018, 2019 proved to be a comparatively positive year as the All Share Index (ALSI) delivered 12.0% for the year versus -8.5% last year. This return, however, was not evenly sourced in terms of sector contributions as SA Resources returned 28.5%, sharply outperforming SA Industrials at 8.9% and SA Financials, which only returned 0.6% for the year. 8 of the top 10 return stocks in 2019 were resource counters, with the top 5 delivering over 100% return each. Accordingly, most diversified equity portfolios struggled to match the return for the ALSI in the year.
Following a tough third quarter for equity returns, the fourth quarter of 2019 brought moderate relief for investors. Both October and December were positive months, while November was a particularly weak month (ALSI was down 1.8% and SWIX was down 1.6%) resulting in the ALSI and the SWIX delivering 4.6% and 4.8% respectively for the fourth quarter. The Platinum and Gold Mining sectors delivered 47% and 26% respectively in the fourth quarter.
Given the differences in weightings of key stocks in the most widely used SA equity indices, the one-year return posted notable differences with the ALSI posting 12.0%; the SWIX and Capped SWIX lower at 9.3% and 6.7% respectively. Over the last 5 years, returns for the SA equity market have been very disappointing with the ALSI delivering 6.0% compound annual return and failing to beat cash returns at 7.2% or the ALBI at 7.7%.
During the past 7 years specifically, the Value style has sharply underperformed the South African market as well as the Growth investment style. While “Value” as a style can experience periods of relative underperformance, it is unusual for the length of underperformance that has occurred. This has been largely driven by the contribution of the technology and internet beneficiary stocks to returns which typify growth stocks. True value-oriented managers would be and were underweight these groups of popular shares and this positioning has therefore negatively affected returns of all-encompassing value managers.
The portfolio returned 4.0% for the fourth quarter versus 4.8% for the SWIX over the same period. Our underweight positions in Naspers and MTN, as well as our overweight in Omnia contributed positively to relative performance. Detractors from relative performance include our overweight position in Woolworths (which had been a positive contributor through the year) and Nampak, as well as our underweight position in Sibanye. Our underweight exposure in the Telecommunications sector through the year also contributed positively to relative returns.
In terms of portfolio positioning, we are moderately overweight in Industrials and slightly reduced our underweight to Financials. We are currently marginally overweight resources.
In terms of industry exposure, the portfolio remains overweight the food producers and the healthcare sector and is underweight software & computer services and property. We believe the food producers have been impacted by a protracted negative cycle (in terms of rising input costs) and believe this will start to normalize in the period ahead. We believe this, combined with company-specific action, will positively impact earnings. Our largest overweight positions relative to the benchmark include British American Tobacco, Tiger Brands and Woolworths. We believe these shares are good quality businesses trading at meaningful discounts to their fundamental value.
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.