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  •  STANLIB Sector Neutral Growth and Quality Index Tracker Fund (A)

1.73  /  1.76%


NAV on 2019/09/16
NAV on 2019/09/13 96.698
52 week high on 2019/04/23 105.7365
52 week low on 2019/01/02 90.2246
Total Expense Ratio on 2019/06/30 0.63
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change 3.18% 3.18%
3 month change -6.22% -4.68%
6 month change -0.95% 0.67%
1 year change -5.58% -2.56%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 14.23 27.49%
Consumer Goods 6.99 13.51%
Consumer Services 2.05 3.96%
Financials 11.58 22.36%
Health Care 0.91 1.76%
Industrials 2.56 4.94%
Liquid Assets 0.29 0.56%
Technology 10.72 20.71%
Telecommunications 2.44 4.71%
  • Top five holdings
 NASPERS-N 10.63 20.53%
 RICHEMONT 4.08 7.89%
 MONDIPLC 3.50 6.75%
 SASOL 2.84 5.48%
 OMUTUAL 2.32 4.49%
  • Performance against peers
  • Fund data  
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  • Fund manager's comment

STANLIB Sctr Ntrl Grwth & Qlty Indx Trckr - Jun 19

2019/08/26 00:00:00
Fund review
In the last quarterly review of the index, Telkom SA SOC Ltd and Rand Merchant Investment Holdings were included in the index, while Compagnie Financiere Richemont SA and MTN Group Ltd were deleted. The fund has been repositioned for this change. The fund performed in line with its benchmark for the second quarter of 2019. The fund benefited from its allocations to Gold Fields Ltd and Ascendis Health Ltd, while its allocations to Kap Industrial Holdings and Sasol detracted from performance.
Market overview
In the second quarter of 2019, equity markets continued to shrug off any negative sentiment arising from the second half of 2018. The majority of equity markets across the globe recorded strong positive returns in the first half of 2019, with the MSCI World Index recording 15.6%, MSCI Emerging Markets recording 9.2% and the South African equity market as represented by FTSE/JSE Shareholder Weighted Index recording 9%. Global growth continues at a slower pace with many of the major economies progressing to later stages of the business cycle. The less hawkish Fed and the pause in trade wars provided some relief for financial conditions but the era of easy money has shifted towards gradual tightening of monetary policy. Locally, Cyril Ramaphosa led the ANC to a win in the national elections promising tighter reforms and improved governance at struggling state owned entities. But, weak first quarter GDP dominated post-election headlines. Locally, domestic asset classes such as bonds (ALBI), property (PCAP) and cash (STeFi) recorded gains of 3.7%, 4.5% and 1.8% respectively.
Looking ahead
Against the backdrop of slowing global economic growth, pause in trade war and a less hawkish Fed, there is potential for some relief to the financial markets. But if trade uncertainty continues posing a significant drag on business and consumer confidence, we expect risk aversion will 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 fiscal deficits may struggle.
After more than two years of steadily rising interest rates, 2019 could mark the peak for US treasury yields for the current business cycle, however the road ahead is likely to remain bumpy. Locally, uncertainty will remain high until the government provides evidence that SA’s economic policy and reforms are heading in the right direction for future growth. We believe investors should focus on liquid markets segments with risk dialled down compared with 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 portfolio invests in the constituents of the Index. It aims to replicate the performance of the Index by holding the constituents in the same weightings that are held in the Index. This customised Index includes the top 33% ranked stocks by the growth and quality scores from each sector in the S&P South Africa Composite Index. These are then weighted according to a combination of the growth and quality scores and market capitalisation. The portfolio is rebalanced quarterly. The portfolio may also hold a small portion in cash instruments and listed derivatives to effect efficient portfolio management.
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