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-7.68  /  -0.86%


NAV on 2020/02/25
NAV on 2020/02/24 895.63
52 week high on 2019/05/03 987.58
52 week low on 2019/10/03 886.97
Total Expense Ratio on 2019/12/31 0.93
Total Expense Ratio (performance fee) on 2019/12/31 0
NAV Incl Dividends
1 month change -2.31% -2.31%
3 month change -4.86% -3.96%
6 month change -0.83% 0.11%
1 year change -5.62% -2.8%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 99.75 30.74%
Consumer Goods 28.23 8.70%
Consumer Services 18.21 5.61%
Financials 7.32 2.26%
Health Care 24.43 7.53%
Industrials 18.05 5.56%
Liquid Assets 14.15 4.36%
Specialist Securities 3.47 1.07%
Telecommunications 16.95 5.22%
Offshore 93.98 28.96%
  • Top five holdings
 ANGLO 19.44 5.99%
 BHP 16.62 5.12%
 MONDIPLC 13.36 4.12%
 MTN GROUP 13.26 4.09%
 A-V-I 12.39 3.82%
  • Performance against peers
  • Fund data  
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  • Fund manager's comment

Sentio SCI HIKMA Shariah Equity comment - Jun 19

2019/09/09 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 Manager shall seek to achieve this objective through active management of a portfolio of assets which comprise a mix of securities (including collective investment schemes in property) that reflect the investment managers view of the relative attractiveness of the different sectors of the Securities Exchange and Companies, assets in liquid form, participatory units in collective investment schemes, listed or unlisted, excluding interests in a collective investment scheme in participation bonds, and any other securities which are considered to be consistent with the portfolio's investment objectives allowed by the Act from time to time. The portfolio shall invest in shariah compliant domestic and global equities, domestic and global property companies and listed equity capital protection instruments that have been approved for investment by the Shariah Supervisory Board (SSB) or Shariah Advisory Committee (SAC) from time to time.
The portfolio will be predominantly invested in domestic assets, but may also invest internationally, within the statutory investment limitations and prudential investment requirements. The fund may at any time hold a maximum of 25% in offshore assets. The portfolio may also invest in participatory interests of underlying unit trust portfolios.

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