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-0.82  /  -0.68%


NAV on 2019/05/23
NAV on 2019/05/22 121.339
52 week high on 2018/09/04 129.0828
52 week low on 2018/05/30 103.9549
Total Expense Ratio on 2018/12/31 0.55
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change -2.19% -2.19%
3 month change 4.69% 4.69%
6 month change 10.95% 10.95%
1 year change 15.97% 15.97%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Liquid Assets 0.09 0.23%
Offshore 39.65 99.77%
  • Top five holdings
ISCUCIETF 39.65 99.76%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
ISIN code:
Short name:
MSCI World Index
Contact details




  • Fund management  
Ryan Basdeo

  • Fund manager's comment

STANLIB MSCI World Index FF - Sep 18

2019/01/03 00:00:00
Fund review
The fund performed in line with the feeder fund since the inception date of 14 March 2018. The US market had contributed to the majority of the fund performance as it forms the largest holding. The feeder fund has delivered a return of 11.33% in US dollars terms for the 12 months ended 30 September 2018.
Market overview
Over the third quarter US equities led, driven by the strong growth environment and confidence in the US economy. In contrast to the attractive returns of US equities, fixed income returns have been uninspiring. Strong US data has kept the Fed on track to hike rates. Global growth has however not been as synchronised as last year. UK markets have been sensitive to suspicions of a no-deal on Brexit, and there has been a slowdown in manufacturing in the Eurozone, led by fewer exports into China. The rebound in the US dollar has made emerging markets especially vulnerable to negative sentiment and fear. Dollar denominated assets took the lead over local assets as the Rand lost 3.03% to the Dollar over the third quarter. In Rand terms foreign equity delivered the highest returns (MSCI World +8.17%) and outperformed foreign bonds (Barclays Global Treasury Bond Index +1.26%). In South Africa the second quarter saw a decline in consumer confidence and an increase in consumer spending. Cash (STEFI +1.74%), bonds (ALBI +0.81%) and inflation-linked bonds (ILBI +0.44%) outperformed both property (PCAP -2.22%) and equities (SWIX -3.34%). Seasonally adjusted GDP shrunk for a second consecutive period, driven by falling output from agriculture, transport and trade.
Looking ahead
Against the backdrop of strong US economic growth, there is potential for the trade conflict directed from the US to deepen, resulting in higher prices and a significant drag on business and consumer growth, and ultimately global growth. While growth appears healthy currently, we expect risk aversion to rise as the ability of developed markets and vulnerable emerging economies to weather the impact of trade wars remains uncertain. Additionally, emerging economies with sizeable dollar debts and sizable fiscal deficits may struggle. We believe investors should focus on liquid markets segments with risk dialled down versus market benchmarks.
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.
  • Fund focus and objective  
The fund is a feeder fund and as such it invests in the iShares Core MSCI World UCITS ETF. This underlying fund tracks the MSCI World Index and aims to replicate the performance of the index. The MSCI World Index captures large and mid cap representation across 23 Developed Markets countries. With over 1600 constituents, the Index covers approximately 85% of the free float-adjusted market capitalization in each country. The Index is rebalanced quarterly. The fund may also hold a small portion in cash instruments and listed derivatives to effect efficient portfolio management.
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