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-1.13  /  -0.11%

1049.78

NAV on 2019/11/14
NAV on 2019/11/13 1050.91
52 week high on 2019/05/03 1146.52
52 week low on 2018/12/10 968.53
Total Expense Ratio on 2019/09/30 0.49
Total Expense Ratio (performance fee) on 2019/09/30 0
NAV Incl Dividends
1 month change 1.39% 1.39%
3 month change 6.1% 6.1%
6 month change -3.05% -1.63%
1 year change 5.59% 8.68%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 1697.37 18.20%
Consumer Goods 631.07 6.77%
Consumer Services 943.03 10.11%
Financials 2805.38 30.08%
Industrials 139.46 1.50%
Liquid Assets 47.19 0.51%
Technology 2531.96 27.15%
Telecommunications 529.53 5.68%
  • Top five holdings
 NASPERS-N 2145.67 23.01%
 STANBANK 484.16 5.19%
 FIRSTRAND 427.90 4.59%
 ANGLO 408.50 4.38%
 PROSUS 386.29 4.14%
  • Performance against peers
  • Fund data  
Management company:
Satrix Managers (Pty) Ltd.
Formation date:
2015/08/27
ISIN code:
ZAE000197828
Short name:
U-SWIX40
Risk:
Unknown
Sector:
South African--Equity--Large Cap
Benchmark:
FTSE/JSE Top 40 Swix Index (J400)
Contact details

Email
rickm@satrix.co.za

Website
http://www.satrix.co.za

Telephone
011-784-0641

  • Fund management  
Henriqueco Visser
Satrix Investment Team


  • Fund manager's comment

Satrix Swix Top 40 Index Fund - Sep 2019

2019/10/28 00:00:00
Market comments
In Quarter 3, the MSCI EMEA index (which includes South Africa) fell 7.02%, which was worse than the returns of that of the MSCI Emerging Markets (EM) at -4.25% and far behind the MSCI World’s 0.53%. Year to date, the picture does not change much with the MSCI EMEA at 5.13%, relative to the MSCI EM return of 5.89% and way behind the 17.61% for the MSCI World. The Federal Reserve and the European Central Bank both eased policies to offset signs of weaker global growth. The US economy has weakened but is not in a recession mainly due to fiscal support offsetting the adverse impact of the trade war. The inversion of the US yield curve is perceived as tolling the bell for a near-term global recession whilst Draghi also added to the call for fiscal easing.
Adding to that, commodity prices took a dive with key iron ore benchmark prices plunging some 20% in a matter of weeks and the key industrial metal, copper, hitting two-year lows. The key global manufacturing indices have also dived and are at fiveyear lows - but were at least stable over the last two months.
In the UK, Eurosceptic Boris Johnson has become the prime minister after being elected as leader of the Tories. There appears a greater likelihood of a no-deal Brexit or, at the very least, yet another postponement of the October decision deadline. The market has discounted this in large part with a weaker Sterling. As business decisions get postponed, the UK could dip into a technical recession.
In South Africa the SA Reserve Bank held the policy rate unchanged at 6.5% at its September meeting, but its statement was more dovish than in July when it did cut. For Quarter 2 of 2019, GDP was 3.1% quarter-on-quarter, above the consensus of 2.4% and reversing the first three months’ contraction. SA headline CPI accelerated from 4.0% in January to 4.5% in March and then settled around 4.3% in August 2019. Forward rate agreements are now pricing in a 25bp rate cut in the next six months.
From an SA asset allocation perspective, cash (STEFI: +1.8%) outperformed SA bonds (ALBI: +0.8%) and the FTSE/JSE All Share Index returned -4.2% (Capped SWIX: -5.1%) in the third quarter of 2019. In dollars, the MSCI SA (-12.60%) continued to underperform the MSCI EM (-4.25%) mainly due to a weak Rand (- 6.9%). SA equities and SA bonds saw outflows of $5.7bn and $2.4bn respectively year-to-date. Properties, after stabilising somewhat over the first half of 2019, experienced a tough three months, losing about -4.4%. On the corporate side the most important news was the Naspers spin-off of Prosus, which listed on 11 September 2019. Prosus is now the largest listed EU consumer internet company.
Performance
The FTSE/JSE Shareholder Weighted Top 40 Index (SWIX40) had a return of - 5.08% for the third quarter of 2019, significantly underperforming the FTSE/JSE Shareholder Weighted All Share Index (SWIX), which had a return of -4.31% for the quarter. The index’s performance was slightly better than that of the FTSE/JSE Top 40 Index (Top40), which had a return of -5.22% for the quarter.
Some of the contributors to the difference in return between the two Top 40 indices could be explained by the relative overweight position in British American Tobacco (BTI) and Bid Corp (BID), which were positive performers over the quarter, (BTI) and Bid Corp (BID), which were positive performers over the quarter, contributing to the outperformance of the SWIX40 versus the Top40. A significant relative underweight position in BHP Group (BHP), which was a poor performer during the quarter, also buoyed the outperformance. The underweight position in Anglogold Ashanti (AGL), which was one of the few stocks with strong positive performance, dampened the outperformance, as well as the overweight exposures to especially Sasol (SOL) and Shoprite (SHP), which experienced substantial negative returns for the quarter, -27.77% and -21.07% respectively.
During the September 2019 FTSE/JSE index review Gold Fields Ltd (GFI), Impala Platinum Holdings (IMP) and Sibanya Gold Ltd (SGL) were added to the index while Aspen (APN), Life Healthcare (LHC) and Sappi Ltd (SAP) were deleted from the index. The one-way turnover for the index review was 3.09%.
  • Fund focus and objective  
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