NAV on 2019/01/16
|NAV on 2019/01/15
|52 week high on 2018/09/05
|52 week low on 2018/03/26
|Total Expense Ratio on 2018/09/30
|Total Expense Ratio (performance fee) on 2018/09/30
STANLIB Collective Investments (RF) Limited
95% MSCI AC World index (net) and 5% STeFI Call Deposit Rate Index
After completing his articles at Alex Aitken and Carter he joined UAL Merchant Bank in 1979, initially assisting as a portfolio manager and later working as an investment analyst. After completion of a full time MBA he relocated to the USA where he spent nine years as a stockbroker/financial consultant, mostly with Shearson Lehman Bros. He returned to South Africa in 1992 and joined Old Mutual Invesments with involvement in portfolio management and client report backs. He joined SCMB Asset Management division in 1995, after a stint in portfolio management at RMB Asset Management. Paul Hansen is responsible for managing the onshore portion and Fidelity Investment Managers the offshore portion.
Threadneedle Investments - London
STANLIB Global Equity Feeder Fund - Sep 18
Gross of fees, the underlying dollar fund underperformed its index but remained ahead year-to date. Asset allocation was supportive, owing to our health care and technology overweights. Despite strong performance from our consumer discretionary holdings, stock selection detracted due to our technology positions. E-commerce company Alibaba fell as markets priced in regulatory uncertainties and produced a mixed response to its quarterly results. Gene sequencing company Illumina outperformed on strong directto- consumer genetic testing, biopsies and population sequencing projects. Centene also added value. Market overview
Global equities rose over the third quarter, and the MSCI AC World returned 4.8% in local terms. Markets were swayed at various stages by trading relations between the US and China but ultimately trended higher through the period, with concerns abating towards quarter-end. The Federal Reserve maintained its interest rate hiking path, a trend expected to persist in the coming months. Against this backdrop, North American equities outperformed, supported by a wave of upbeat corporate earnings, strong employment data and technology stocks. Despite jumping towards the end of the period following a rally in auto names, European equities underperformed on concerns over Turkey’s economic situation and the expansionary nature of the Italian budget. Similarly, despite oil prices approaching four-year highs and a weaker sterling, UK equities lagged. Japanese equities fared better, outperforming late in the period on attractive valuations, a weakening yen and broader geopolitical calm. But emerging markets underperformed amid softer Chinese economic indicators.
Equity market volatility remains somewhat elevated relative to recent periods, as uncertainties around rising interest rates, tariffs, and technological regulation remain in focus. While these risks are real and may curtail valuation multiples, we draw confidence from the fact that equity fundamentals look robust. Economic growth remains well-entrenched across developed and emerging markets, and this is driving healthy corporate earnings. Within this context we retain our focus on companies with sustainable competitive advantages, reflected by high or rising returns on capital and the potential to compound earnings over time. We believe companies exhibiting these qualities are best placed to outperform across a range of market conditions. The commentary gives the views of the portfolio manager at the time of writing. Any forecasts or commentary included in this document are not guaranteed to occur.
The STANLIB Global Equity Feeder Fund is a feeder fund seeking to achieve an investment
medium for investors, which shall have as its main objective to maximise long term total return.
Apart from assets in liquid form, it will consist solely of participatory interests in a single portfolio of
a collective investment scheme 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, namely the STANLIB High Alpha Global Equity Fund.