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  •  STANLIB Sector Neutral Momentum Index Tracker Fund (A)

-0.99  /  -0.96%


NAV on 2019/05/17
NAV on 2019/05/16 104.0464
52 week high on 2018/08/28 114.0577
52 week low on 2018/10/30 97.8271
Total Expense Ratio on 2018/12/31 0.63
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change -3.79% -3.79%
3 month change 0.62% 0.62%
6 month change 1.77% 3.57%
1 year change -8.19% -5.61%
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 - Sep 18

2019/01/03 00:00:00
Fund review
The last quarterly review of the index saw amongst others, the inclusion of Sasol, MTN and Absa to the index and the deletion of Vodacom, Dischem and Old Mutual from the index. The fund has been repositioned for this change. The fund performed in line with its benchmark for the third quarter of the 2018. The fund benefitted from its allocation to Anglo American (+4.0%) and Dischem (+21.7%), while its allocation to Naspers (-12.4%) and Standard Bank (-8.8%) detracted from performance.
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  
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