NAV on 2019/01/16
|NAV on 2019/01/15
|52 week high on 2018/01/25
|52 week low on 2018/12/27
|Total Expense Ratio on 2018/09/30
|Total Expense Ratio (performance fee) on 2018/09/30
Prescient Management Company Ltd. (PIM)
FTSE / JSE Shareholder Weighted Total Return Index net of fees
Steyn Capital Management (Pty) Ltd
Steyn Capital Equity Prescient Comment - Sept 18
Our portfolio (Class B1) declined 1.95% net for the month of September 2018, versus the JSE Capped SWIX Total Return Index which declined 4.21% for the month.
The portfolio benefitted in the month from our holdings in a Platinum producer, which traded up strongly alongside a higher platinum price, as well as a Base Metals producer, which reported earnings ahead of consensus expectations during the month. The portfolio also benefitted from a Life Insurer holding, which paid a special dividend after releasing earnings largely in line with expectations last month. This was only partly offset by a Retail holding which traded down alongside the retail sector following negative GDP data released in the month, and a Global Media holding which traded down alongside the share price of a major underlying investment.
At month end, we held 97.7% of our capital in 34 positions.
The Steyn Capital Equity Prescient Fund will seek to follow an investment policy which will secure for investors medium to long-term capital growth. The Fund will endeavour to deliver solid performance and average or lower volatility over time. In order to achieve this objective the fund will invest in selected shares across all industry groups as well as across the range of large, mid and smaller cap shares. The fund will seek to capture value by focussing on equity selection opportunities. The portfolio will predominately invest in South African markets, but is however permitted to include investments in offshore jurisdictions subject to the investment conditions determined by the Registrar from time to time. The portfolio is permitted to invest in listed and unlisted financial instruments in line with the conditions as determined by legislation from time to time.
The portfolio will aim to be fully invested in the securities set out in 3.1 and 3.2 above at all times, with any amounts not invested at any given point in time being kept as cash in the bank account of the fund.
Nothing in the supplemental deed shall preclude the manager from varying the ratios of securities, to maximise capital growth and investment potential in changing economic environments or market conditions or to meet the requirements, if applicable, of any exchange formally recognised in terms of legislation and from retaining cash in terms of the Deed and any Supplemental Deeds thereto; provided that the manager shall ensure that the aggregate value of the assets comprising the portfolio shall consist of securities of the aggregate value required from time to time by the Act. The Trustee shall ensure that the investment policy set out in this supplemental deed, the Deed and in all Supplemental Deeds thereto is carried out.
For the purpose of this portfolio, the manager in consultation with the Investment Manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.