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  •  Perpetua Sanlam Collective Investments Equity Fund (A)

1.24  /  1.5%


NAV on 2019/07/19
NAV on 2019/07/18 81.34
52 week high on 2018/08/01 92.3
52 week low on 2019/05/27 79.16
Total Expense Ratio on 2019/03/31 1.18
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change 0.19% 2.17%
3 month change -5.32% -3.45%
6 month change -1.47% 0.48%
1 year change -7.26% -3.83%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 106.38 19.17%
Consumer Goods 111.32 20.07%
Consumer Services 86.21 15.54%
Financials 160.01 28.84%
Health Care 47.22 8.51%
Industrials 26.76 4.82%
Liquid Assets 1.90 0.34%
Technology 8.54 1.54%
Telecommunications 6.44 1.16%
  • Top five holdings
 BATS 45.57 7.74%
 WOOLIES 30.20 5.13%
 ABSA 25.41 4.31%
 SASOL 23.81 4.04%
 TIGBRANDS 23.14 3.93%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Equity--General
FTSE/JSE SWIX J403T index over a 2 year rolling period
Contact details

No email address listed.

No website listed.


  • Fund management  
Patrick Ntshalintshali
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 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.
Lonwabo Maqubela

  • Fund manager's comment

Perpetua SCI Equity 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.
Industrial metals and platinum the top 2 performing sectors, returning around 50% each. General mining and coal mining also delivered circa 20% returns in rands. Following a poor fourth quarter in 2018, tobacco staged a recovery returning close to 30% while media and beverages were also among the top performing sectors delivering returns around 25% in the quarter. There were some strongly underperforming sectors with pharmaceuticals the worst sector declining by 28% as well as industrial engineering and general retail declining by 20% and 14% respectively.
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.
On a 5 year view, domestic equity returns still remain lacklustre with the All Share index failing to beat cash returns and bond returns.
Portfolio overview
For the quarter, the portfolio returned 0.60% versus the 6% for the SWIX. The underweight position in Naspers the most significant detractor contributing over 3% to our 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.
Portfolio Positioning
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 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.
  • Fund focus and objective  
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.
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