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  •  STANLIB Sector Neutral Momentum Index Tracker Fund (A)

0.26  /  0.25%


NAV on 2019/07/18
NAV on 2019/07/17 105.1134
52 week high on 2018/08/28 114.0577
52 week low on 2018/10/30 97.8271
Total Expense Ratio on 2019/03/31 0.63
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -3.15% -1.08%
3 month change -3.1% -1.03%
6 month change 3.19% 5.39%
1 year change -1.71% 2.17%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 17.06 31.37%
Consumer Goods 1.00 1.83%
Consumer Services 16.65 30.61%
Financials 14.54 26.74%
Health Care 1.15 2.12%
Industrials 1.05 1.93%
Liquid Assets 0.35 0.65%
Technology 0.30 0.54%
Telecommunications 2.29 4.21%
  • Top five holdings
 BHP 6.55 12.04%
 ANGLO 5.02 9.23%
 MRPRICE 4.08 7.5%
 TFG 3.34 6.14%
 FIRSTRAND 2.98 5.48%
  • Performance against peers
  • Fund data  
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  • Fund manager's comment

STNLB Sect Neutral Momntum Index Tracker - Mar 19

2019/05/30 00:00:00
Fund review
In the last quarterly review of the index, Naspers and Bid Corporation were included while Sasol and Mr Price were deleted. The fund has been repositioned for this change. The fund performed in line with its benchmark for the first quarter of 2019. The fund benefited from its allocation to BHP Group and Capitec, while its allocations to ABSA Group and Discovery detracted from performance.
Market overview
In the first quarter of 2019 equity markets shrugged off any negative sentiment arising from the second half of 2018. The majority of equity markets across the globe recorded strong positive returns, with the MSCI World Index recording 13.5%, MSCI Emerging Markets recording 11.1% and the South African equity market, as represented by FTSE/JSE All Share Index, recording 8%. 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 provided some relief for financial conditions but the era of easy money has shifted towards gradual tightening of monetary policy. Locally, Eskom and corruption in other SOE’s remain in the headlines as domestic asset classes such as bonds (ALBI), property (PCAP) and cash (SteFi) recorded gains of 3.8%,1.73% and 1.9% respectively.
Looking ahead
Against the backdrop of slowing global economic growth, there is potential for trade uncertainty to continue, resulting in higher prices and 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. 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 widely anticipated national election provides some direction on the future of SA’s economic policy. We believe investors should focus on liquid market 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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