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  •  STANLIB Sector Neutral Momentum Index Tracker Fund (A)

-2.67  /  -2.46%


NAV on 2020/02/27
NAV on 2020/02/26 111.0839
52 week high on 2020/02/19 118.2243
52 week low on 2019/08/15 98.7595
Total Expense Ratio on 2019/12/31 0.63
Total Expense Ratio (performance fee) on 2019/12/31 0
NAV Incl Dividends
1 month change -0.64% -0.64%
3 month change 1.52% 2.5%
6 month change 9.33% 10.39%
1 year change 2.26% 5.45%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 19.26 32.89%
Consumer Goods 5.88 10.04%
Consumer Services 5.10 8.72%
Financials 14.61 24.94%
Health Care 0.99 1.70%
Industrials 1.12 1.91%
Liquid Assets 0.23 0.40%
Technology 9.20 15.72%
Telecommunications 2.16 3.70%
  • Top five holdings
 NASPERS-N 8.92 15.23%
 RICHEMONT 4.65 7.94%
 ANGGOLD 3.48 5.95%
 IMPLATS 3.42 5.85%
 CAPITEC 3.36 5.74%
  • Performance against peers
  • Fund data  
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  • Fund manager's comment

STNLB Sect Neutral Momntum Index Tracker - Sep 19

2019/10/29 00:00:00
Fund review
In the last quarterly review of the index, Barloworld Ltd and Harmony Gold Mining Company Ltd were included while Anglo American Plc and Sun International Ltd were deleted. The fund has been repositioned for this change. The fund performed in line with its benchmark for the third quarter of 2019. The fund benefited from its allocation to AngloGold Ashanti Ltd and Northam Platinum Ltd, while its allocations to Assore Ltd and Sun International Ltd detracted from performance.
Market overview
Post a strong run of equity markets across the globe in the first half of 2019, global markets have since slowed down due to increased tension in the trade wars and continued slowdown in global economic data. Europe and USA continued with monetary easing to offset economic slowdown. Returns have hence been flat for the quarter apart from the emerging markets, with the MSCI World at 1.1% and MSCI EM at -2.1% for the quarter. Locally, GDP was 3.1% Q/Q in Q2 2019 reversing the Q1 2019 contraction, SARB cut rates by 25bps in line with census in their July meeting but left it unchanged in September. The national treasury published a white paper on structural reform including SOE reform, marking one of the first signs of structural reforms in the new Presidency. Locally, domestic asset classes such as equities (SWIX ALSI), bonds (ALBI), and cash (STeFi) recorded mixed returns of -2.14%, 1.5% and 1.8% respectively.
Looking ahead
Against the backdrop of slowing global economic growth, a pause in trade war, could provide 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. 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 fund 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 momentum score from each sector in the S&P South Africa Composite Index. These are then weighted according to a combination of the momentum score 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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