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17.3  /  1.3%

1334.4

NAV on 2019/09/16
NAV on 2019/09/13 1317.1
52 week high on 2019/04/25 1362.33
52 week low on 2018/12/18 1212.52
Total Expense Ratio on 2019/06/30 1.07
Total Expense Ratio (performance fee) on 2019/06/30 0.01
NAV Incl Dividends
1 month change 5.9% 6.48%
3 month change 0.63% 2.13%
6 month change 1.21% 3.78%
1 year change 1.9% 4.91%
5 year change 3.22% 5.1%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 215.83 18.65%
Consumer Goods 34.35 2.97%
Consumer Services 32.90 2.84%
Derivatives 31.80 2.75%
Financials 221.15 19.11%
Gilts 156.97 13.56%
Industrials 54.58 4.72%
Liquid Assets 85.65 7.40%
Other Sec 92.39 7.98%
Technology 141.91 12.26%
Offshore 89.80 7.76%
  • Top five holdings
 NASPERS-N 141.91 12.26%
 IMPL CB22 63.60 5.5%
 RBP CONV 36.75 3.18%
 ZPLP 35.67 3.08%
 PSGFIN PREF 33.35 2.88%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
2003/04/01
ISIN code:
ZAE000121638
Short name:
U-SMMABN1
Risk:
Unknown
Sector:
South African--Multi Asset--Flexible
Benchmark:
ASISA SA Multi Asset Flexible Category average
Contact details

Email
No email address listed.

Website
No website listed.

Telephone
021-947-9111

  • Fund management  
Capricorn Fund Managers (Pty) Ltd.


  • Fund manager's comment

Sanlam Select Flexible Equity comment - Jun 19

2019/09/06 00:00:00
The World Bank reduced its growth forecasts in June due to the trade conflict between the US and China, given that between them the two countries account for more than a third of global economic activity. Global growth is now forecast at just 2.6% for 2019 from 2.9% previously forecast. Global trade is slowing, and countries directly exposed to the trade war are showing a marked deceleration. While a handshake deal between the US and China took some heat out of the trade war, existing tariffs look set to stay in place. The Fed has turned sharply dovish as a result of sluggishly low inflation, threats to the growth outlook due to weaker global trade and geopolitical tensions from the trade war. The US bond market continues to price in aggressive interest rate cuts over the next 18 months and was composed by the Fed's decision not to cut in June. Locally, South Africa's GDP posted its biggest quarterly contraction since 2009 in the first quarter of this year, printing a -3.2% quarter-on-quarter versus 1.4% growth in the previous quarter. The rand relative to the dollar appreciated some 3.24% in June as risk sentiment improved amid expectations of looser monetary policy in the US and the Eurozone.
The local equity market followed global markets higher, and the MSCI World index delivered some 3.25%. Furthermore, the MSCI EM index marginally underperformed its developed market counterpart, delivering some 2.94%. Underscoring yields moving lower in the month is a sense of cautiousness following the dovish pivot by a number of central banks in recent times. As such, the JP Morgan Global Aggregate index lagged risk assets and delivered -1.16% as the currency strengthened. Given the risk-on month, emerging market bonds fared better than their developed market counterparts, delivering some 0.80%. The local equity market followed global markets higher, and the ALSI delivered 4.78%. The strong rally in the local market was largely driven by the Resi-20 index delivering some 10.28%. The ALBI lagged its risky counterparts and delivered 2.27%, with the 7-12 year area of the yield curve rallying some 2.70%. Furthermore, inflation-linked bonds underperformed their fixed coupon counterparts, delivering 0.13%. Given the risk-on environment the local property market delivered some 2.20%. Local cash delivered 0.59% for the month of June
  • Fund focus and objective  
The Fund will have a large exposure to equity instruments and will look for companies where strong earnings growth is expected over the short to medium term, based on a top-down macro view. When investment ideas in the equity market are limited the Manager will look to diversify across other asset classes to protect from potential market downturns. The investment manager will also be allowed to invest in derivatives as allowed by the Act from time to time in order to achieve its investment objective.
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