NAV on 2019/05/17
|NAV on 2019/05/16
|52 week high on 2018/05/22
|52 week low on 2019/01/02
|Total Expense Ratio on 2018/12/31
|Total Expense Ratio (performance fee) on 2018/12/31
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 - Sep 18
Market overview The SWIX was down 3.3% for Q3 2018 dragging the 12 month return down to 0.9%. Despite resources returning 26.9% for the 12 months, industrials lagged considerably, down 7.7%, due mainly to the underperformance of the healthcare, telecommunication and technology sectors.
Portfolio overview The portfolio returned -1.5% for the year versus 0.9% from the SWIX over the same period. Our non-holding in Naspers in the portfolio was the most significant contributor to relative performance for the quarter but still remains one of the larger detractors over the 12 months. Our overweight positions in Blue Label, Brait, Woolworths and British American Tobacco also detracted from the relative performance for the 12 months as these shares underperformed the SWIX. The positive contributors to relative performance for the 12 months were the overweight positions in BHP Billiton, Absa Group, Netcare and Quantum Foods and underweight position in Steinhoff.
Portfolio Positioning The volatility in the market over the last 12 months has meant that many stocks that were on the Perpetua True Value Continuum moved off and then subsequently returned back onto the continuum. Our bottom-up stock selection process continues to identify several attractive opportunities across the continuum. Following the recent strong price performance, we have reduced exposure to selected resources stocks whilst increasing our exposure to food companies and selected financials which we believe are attractively priced relative to their worth. The portfolio remains overweight health care sector and consumer goods and underweight consumer services and property. Our largest overweight positions include Woolworths, British American Tobacco, Datatec and Pioneer Foods.
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.