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-10.16  /  -0.99%

1023.46

NAV on 2019/07/22
NAV on 2019/07/19 1033.62
52 week high on 2018/08/30 1220.81
52 week low on 2019/07/22 1023.46
Total Expense Ratio on 2019/06/30 1.74
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change -3.5% -3.5%
3 month change -8.59% -8.59%
6 month change -8.56% -8.2%
1 year change -9.52% -8.5%
5 year change 1.69% 2.7%
10 year change 11.36% 12.34%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 592.64 12.05%
Consumer Goods 504.03 10.25%
Consumer Services 191.46 3.89%
Financials 1209.28 24.59%
Industrials 905.51 18.41%
Liquid Assets 19.45 0.40%
Technology 16.92 0.34%
Offshore 1478.75 30.07%
  • Top five holdings
FINANCIALS 1114.73 22.67%
INDUSTRIALS 905.51 18.41%
BASICMATERIAL 592.64 12.05%
CONSUMERGDS 504.03 10.25%
CONSUMERSRVS 191.46 3.89%
  • Performance against peers
  • Fund data  
Management company:
PSG Collective Investments (RF) Ltd.
Formation date:
1997/12/31
ISIN code:
ZAE000020913
Short name:
U-PSGGROW
Risk:
Unknown
Sector:
South African--Equity--General
Benchmark:
FTSE/JSE All Share Total Return Index
Contact details

Email
assetmanagement@psg.co.za

Website
http://www.psg.co.za/asset-management

Telephone
021-799-8000

  • Fund management  
Shaun le Roux
Greg Hopkins
PSG Asset Management (Pty) Ltd.
Gustav Schulenburg


  • Fund manager's comment

PSG Equity comment - Mar 19

2019/05/24 00:00:00
Current context Global equity markets recovered sharply in the first quarter of 2019. The MSCI World Index delivered a total return of 12.6% and the MSCI Emerging Markets Index returned 9.9%. The JSE’s recovery was more lacklustre: the FTSE/JSE All Share Index gained 8.0% and was dominated by rand hedges, especially resources and Naspers. Domestic counters were material underperformers. The FTSE/JSE Small Cap Index lost 3.4% and financials declined over the quarter.
Our perspective As we have noted for some time, there is pervasive fear in certain parts of investment markets. This is in complete contrast to other areas that are well owned and in which investors are inclined to be complacent. Markets therefore continue to be characterised by wide valuation divergences. We are finding far more opportunities in those parts where investors are fearful, especially in the SA Inc. part of the domestic market, which has endured tough economic conditions and aggressive selling by foreigners in recent years. In fact, our bottom-up analysis is indicating valuations usually seen in deep bear markets. For longer-term investors who can ride out the storm, the return profile from carefully selected securities at such low valuation levels is promising.
Portfolio positioning The fund is actively harvesting the best ideas on PSG’s buy lists. We have been using market conditions to acquire a portfolio of above-average quality companies at deeply discounted prices, both locally and globally.
The wide discount between share prices and our appraisals of intrinsic value suggests that favourable relative performance should be achieved over the long run.
  • Fund focus and objective  
The PSG Equity Fund is a general equity fund and the manager in selecting securities for the portfolio, will seek to offer investors long-term capital growth and earn a higher rate of return than that of the South African equity market as represented by the FTSE/JSE All Share Index including income, without assuming a greater risk. The investment policy allows the fund to include listed and unlisted financial instruments (derivatives).
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