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-0.17  /  -0.11%


NAV on 2021/09/17
NAV on 2021/09/16 157.86
52 week high on 2021/03/11 167.01
52 week low on 2020/10/30 127.68
Total Expense Ratio on 2021/06/30 1.42
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -3.76% -3.76%
3 month change -2.61% -2.61%
6 month change -3.38% -2.75%
1 year change 18.62% 19.66%
5 year change 1.73% 3.58%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 78.64 9.43%
Consumer Discretionary 55.88 6.70%
Derivatives 0.71 0.09%
Energy 3.00 0.36%
Financials 73.67 8.83%
General Equity 367.35 44.05%
Health Care 8.28 0.99%
Industrials 11.93 1.43%
Liquid Assets 9.12 1.09%
Real Estate 14.70 1.76%
Spec Equity 112.35 13.47%
Technology 78.97 9.47%
Telecommunications 19.31 2.32%
  • Top five holdings
U-SYGSWIX 140.45 16.84%
U-CORSAEQ 114.04 13.67%
U-INVSAEQ 112.31 13.47%
U-POLEQU 111.65 13.39%
 NASPERS-N 72.84 8.73%
  • Performance against peers
  • Fund data  
Management company:
Sygnia Collective Investments RF (Pty) Ltd
Formation date:
ISIN code:
Short name:
South African--Equity--General
JSE/FTSE Shareholder Weighted All Share Index (J403T)



  • Fund management  
Iain Anderson
Duane Gilbert
Monique Davidson

  • Fund manager's comment

Sygnia Equity Comment - Dec 19

2020/03/03 00:00:00
December was a great month for equities, driven by bullish fundamentals and sentiment. The S&P500 ended the year up 31.5% in USD and the All Share closed up 12%. The JPMorgan Global Manufacturing PMI jumped into expansion for the first time in six months, driven by a supportive monetary policy. Looking into 2020, a recession looks unlikely. The US and China finally agreed to a phase-one deal and the UK’s Conservative Party achieved a majority victory, reducing the likelihood of a no-deal Brexit. China and India are expected to provide 55% of global GDP growth in 2020. Fiscal and monetary stimulus in both countries remains high and should support this growth. However, escalating tensions between the United States and Iran and a looming impeachment trial is keeping markets off-kilter.
The economy contracted by a shocking 0.6% in the third quarter, and Eskom reached a new low, implementing stage 6 load shedding and operating at a meagre 60% of capacity due to heavy rains, unplanned outages and possible sabotage, sending the economy and markets into a panic. Steps in the right direction are being taken, however, as Public Enterprises minister Pravin Gordhan announced that Eskom power stations are again drawing their fuel from nearby coal mines offering preferential prices – during the years of state capture, politically connected mines were preferred. The ANC also announced that they are in talks to introduce equity partners at SOEs, provided that government remains the majority shareholder. The government placed SAA under business rescue to allow a “radical restructuring” under which it will receive R4 billion. Inflation came in at a depressed 3.6%, its lowest rate since December 2010, still with no further rate cuts, driving SA real yields to amongst the highest in the world and constraining growth.
The SACCI business confidence index fell to 89.1 points in August, the lowest level since April 1985. The Chamber noted that the “current state of fiscal deficiencies, social injustices and unemployment necessitates an urgent adjustment”, and Moody’s noted that Eskom’s financial position remains a significant threat to economic growth and government debt levels. However, the agency acknowledged that progress would be slow, offering South Africa a temporary reprieve from a sovereign downgrade for the next 12 to 18 months. The 2010s saw the longest expansion in US history, a decade without a recession. The S&P500 closed the decade near an all-time high despite US House Democrats delivering two articles of impeachment against President Trump, for abuse of power and obstruction of Congress. The process will now shift to a Senate trial, where he is expected to be acquitted by the Republican majority there. The Federal Reserve maintained the Federal funds target rate range at 1.50–1.75%, but the “dot plot” witnessed a downward revision to 2020 projections, with participants now expecting interest rates to remain steady. This, together with continued quantitative easing and slowing growth, has kept the US dollar weak. Chancellor Angela Merkel’s government suffered a defeat as her coalition partner, the Social Democrats, replaced vice chancellor Olaf Scholz with Norbert Walter- Borjans. Scholz expects the SPD to put forward a set of demands that includes abandoning Merkel’s balanced-budget stance to stimulate growth. At her inaugural ECB meeting as chair, Christine Lagarde reiterated that monetary policy would remain highly accommodative but noted that fiscal policy is the next tool that can be used. Sweden’s Riksbank became the first central bank to exit negative interest rates, the rates having been negative since 2014. The Conservatives won their largest majority since 1987 under Margaret Thatcher, which should allow for easy passage of the Brexit withdrawal agreement, with the UK set to leave the EU by the end of January. Focus will then move to EU trade negotiations, which currently have a 31 December 2020 deadline. This deadline is unlikely to be met, however, as the EU/Canada trade negotiations took eight years to complete. His 80-seat majority should give Prime Minister Boris Johnson ample room to seek transition-period extension. Japan announced a stimulus package amounting to 26 tn yen ($239 bn), including 13.2 tn yen in fiscal measures to boost real growth, of which 9.4 tn yen is new spending.
The CBRT cut rates by 200 bps at its 12 December meeting. The Bank of Russia cut its key rate by 25 basis points as inflation slowed. India’s budget deficit is expected to be at 7% in 2020 to boost growth.
China PMI data surprised on the upside. The official CFLP manufacturing PMI rose from 49.3 to 50.2 in November, taking the economy into expansionary territory for the first time in seven months. In December, the index continued to expand steadily, at 50.2.
The CNH fell below the 7 mark as President Donald Trump signed off on a phase-one trade deal with China, averting the 15 December introduction of US tariffs on $156 billion of consumer goods.The terms also cut existing tariffs by 50% on $360 bn worth of Chinese imports in exchange for a boost in purchases of US farm products and enhanced protection of intellectual property rights. The deal is expected to be signed on 15 January. China started 2020 with a 50-basis-point reserve-rate requirement cut, which further buoyed markets. China’s budget deficit is expected to stay at a high of 6.5% in 2020.
The Sygnia Equity Fund returned 5.3% for the quarter, outperforming its benchmark, the FTSE/JSE SWIX Index, which returned 4.8%. The Fund’s active managers contributed to performance, while the index tracking portion of the Fund delivered benchmark returns. There were no significant changes to the Fund over the quarter. The Fund remains true to its objective of maximising long-term returns.
  • Fund focus and objective  
The Sygnia Equity Fund (the Portfolio) is a portfolio that aims to deliver an annual return in excess of the return of the benchmark. The benchmark of the Portfolio shall be the JSE/FTSE Shareholder Weighted All Share Index (Code: J403T). The Portfolio shall consist of financially sound equity securities, property shares and property related securities listed on exchanges, financial instruments, warrants and assets in liquid form. For clarity, the Portfolio may invest in listed and unlisted financial instruments, in accordance with the provisions of the Act and applicable legislation, as amended from time to time, in order to achieve the portfolio's investment objective. The Manager may include unlisted forward currency, interest rate, index and exchange rate swap transactions for efficient portfolio management. In selecting securities for this Portfolio, where possible, the manager shall seek to deliver long-term capital growth at an acceptable level of volatility. 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 effective equity exposure (including foreign equities) will normally be above 80%. The Portfolio will not follow a specific theme and the manager will have the flexibility to take advantage of short-term, as well as long-term, events and themes within the securities market. Overall the Portfolio seeks to provide investors with maximum capital growth over the medium to long term at a reasonable level of monthly volatility relative to the equity market. To that effect the Portfolio places an emphasis on active stock selection and sector allocation and endeavours to be fully invested in equities at all times. As the Portfolio is managed on a multi-manager basis the assets are split between managers with complementary, but diverse, investment styles and approaches.

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