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  •  Stonehage Fleming SCI Global Best Ideas Feeder Fund (A1)

1.54  /  0.14%


NAV on 2019/07/18
NAV on 2019/07/17 1129.23
52 week high on 2019/06/13 1148.15
52 week low on 2019/01/31 917.08
Total Expense Ratio on 2019/03/31 1.52
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change 0.17% 0.17%
3 month change 5.36% 5.36%
6 month change 21.41% 21.41%
1 year change 0% 0%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Liquid Assets 0.75 1.03%
Offshore 72.60 98.97%
  • Top five holdings
STONEHAGEFLEM 72.60 98.97%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
MSCI World Index (ZAR)
Contact details

No email address listed.

No website listed.


  • Fund management  
Gerrit Smit
He started as an equity analyst at Sanlam fifteen years ago and was appointed to the current position in 1995. He has also spent two years at at the Economic Development Corporation and a year at Santambank.

  • Fund manager's comment

Stnhage Flming SCI glbl bst ideas equity FF Mar 19

2019/05/29 00:00:00
The first quarter of 2019 delivered the best first quarter returns since the turn of the century for both the Fund’s comparative MSCI ACTR and the S&P 500 indices. Both indices have, though, not yet reached their respective peak levels registered last year.
Despite this positive backdrop, financial headlines are littered with news of the US yield curve inverting and the implied risks of an imminent US recession. Some perspectives in this context may be of value.
That the yield curve has inverted (and then flattened again) reflects the drop of long rates (10-years or longer) below the very short rates (up to 3 months) rather than below the more fundamentally based 2-year rate levels. Whilst we do not perceive yield curves based on short rates as fundamentally too well founded, an analysis of a number of such curves nevertheless indicate the possibility of an US recession about 24 months in the future.
The more fundamentally based yield curves are in process of flattening but have not yet inverted. If they may flatten and then immediately invert, it may signal the next US recession to be about 23 months away (considering data around the three most recent recessions). The S&P 500 index has historically peaked shortly before the respective recessions started. The average lead time over the last five recessions has been 4 months.
We studied the average S&P 500 return levels after 12, 18 and 24 months following the more fundamental 2/10-year curve inversions. They were +16%, +17% and +20% respectively ($-terms, excluding dividends). The lowest individual figure was -2% (after 18 months in the case of the 1980 inversion event).
We do not attempt to forecast equity markets but see it as our duty to seriously consider the risks of staying invested. The current headlines of yield inversion do not yet force us onto the proverbial side-lines
  • Fund focus and objective  
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