NAV on 2020/02/24
|NAV on 2020/02/21
|52 week high on 2019/04/23
|52 week low on 2020/02/24
|Total Expense Ratio on 2019/12/31
|Total Expense Ratio (performance fee) on 2019/12/31
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 19
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 returned -2.5%, outperforming resources at -6.4% and financials at -6.8%.
Given the differences in weightings of key stocks in the most widely used SA equity indices, year-to-date returns posted notable differences with the ALSI posting 7.1%; the SWIX and Capped SWIX lower at 4.3% and 1.4% respectively.
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% or the ALBI at 8.3%.
The portfolio returned 0.3% for the third quarter versus -4.3% for the SWIX over the same period. Our overweight positions in Pioneer, Woolworths and British American Tobacco contributed to relative performance. Detractors from relative performance include our underweight position in Prosus, and overweight positions in Blue Label and Sasol.
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.
Over the past year we have reduced our previous overweight exposure to the resources counters, which have presented volatile returns, and increased our exposure to industrials which had continued to decline while reflecting value. We remain underweight financials. 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.
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.