2.38  /  0.54%

440.42

NAV on 2020/07/31
NAV on 2020/07/30 438.0396
52 week high on 2020/07/31 440.4191
52 week low on 2020/03/17 316.7499
Total Expense Ratio on 2020/06/30 1.49
Total Expense Ratio (performance fee) on 2020/06/30 0
NAV
Incl Dividends
1 month change 4.83% 4.83%
3 month change 5.83% 5.83%
6 month change 17.56% 17.56%
1 year change 34.31% 34.31%
5 year change 15.53% 15.53%
10 year change 18.09% 18.09%
Price data is updated once a day.
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  • Sectoral allocations
Fixed Interest 50.42 1.05%
Liquid Assets 102.69 2.14%
Offshore 4643.04 96.81%
  • Top five holdings
O-SLHIALP 4640.72 96.76%
U-SBKIMM 50.42 1.05%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) (Pty) Limited
Formation date:
2000/07/03
ISIN code:
ZAE000122099
Short name:
U-SLINTEQ
Risk:
Unknown
Sector:
Global--Equity--General
Benchmark:
95% MSCI AC World index (net) and 5% STeFI Call Deposit Rate Index
Email
contact@stanlib.com

Website
http://www.stanlib.com

Telephone
011-448-6000

  • Fund management  
STANLIB Asset Management
-The fund is managed by Richard Middleton.-It is managed similarly to the Stanlib Growth Fund which Richard has been the portfolio manager of since the last quarter of 2002.-The fund has a growth style and philosophy. He invests in companies that are growing their earnings faster than the market over the following 2 years. Valuation plays a key, but companies first have to demonstrate a strong earnings profile before being considered. -Earnings, valuation and company management are key inputs into the process.-He is not benchmark aware and weightings in companies are fairly evenly spread across the portfolio.-The manager has a very active style and trades to reduce opportunity costs in the fund.
Threadneedle Investments - London


  • Fund manager's comment

STANLIB Global Equity Feeder Fund - Dec 19

2020/03/02 00:00:00
Fund review
The STANLIB Global Equity Feeder Fund returned +6.8% for the quarter compared with +7% from the composite benchmark. Sector allocation was the main cause of the quarter’s underperformance, with the underweight in utilities detracting most. Stock selection was neutral, as gains from our selections in communication services helped to offset detraction from those in healthcare. At the stock level, managed care enterprise Centene detracted. The loss of a renewal contract in Louisiana weighed on the stock, as did talks of a national health plan by Democratic presidential candidates. Centene plans to expand its exchange business next year, which could generate synergies. India's HDFC Bank also lagged after reporting some weakness in retail loan growth. More positively, margins were stable and asset quality held up well. Corporate tax cuts by the Indian government buoyed the stock later on. Google’s parent company Alphabet was our strongest performer after it reported a reacceleration in revenue growth and healthy margin expansion. We believe that the market is underestimating the sustainability of Alphabet’s growth. Equinix also added value after reporting a strong quarter for recurring revenues.
Market overview
Despite bouts of volatility, global equities ended the quarter in positive territory, with the MSCI ACWI up 1.2% in local currency terms. The re-escalation of US-China trade tensions temporarily unnerved markets, with both sides exchanging further tariff blows in August. However, the subsequent agreement for a fresh round of talks drove a recovery, as did accommodative moves by central banks. North American and Europe ex UK stocks benefited from interest rate cuts, but optimism was kept in check by signs of damage from the trade war and some weak economic data. In the UK, new Prime Minister Boris Johnson’s ‘do or die’ Brexit stance weighed on stocks. Meanwhile, emerging markets lagged on fears about economic growth, a firmer US dollar and reports that President Trump was planning to delist Chinese stocks from US stock exchanges. Japanese stocks fared well. The Bank of Japan hinted at further easing, as policymakers cited lost momentum in attaining the 2% inflation target. Utilities and consumer staples led returns against a backdrop of rising volatility and falling core government bond yields, which weighed on financials. Energy and materials lagged, as concerns around global growth and demand lingered.
Looking ahead
Global equity markets have provided evidence of the value to be found in secular winners that can sustainably outgrow their peers. With scope for these businesses to positively re-rate and expectations that volatility will remain elevated, we believe the backdrop is ideal for investors with the ability to identify undervalued, long-term opportunities. While factors such as technological regulation and trade may remain in focus in the short term, we feel that structural factors driving a world which is ‘lower for longer’ will shape markets further into the future. We therefore retain our focus on companies with durable competitive advantages, as we believe these are best placed to sustain high returns on capital and earnings growth through the market cycle.
  • Fund focus and objective  
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.
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