NAV on 2019/07/18
|NAV on 2019/07/17
|52 week high on 2018/08/28
|52 week low on 2018/10/30
|Total Expense Ratio on 2019/03/31
|Total Expense Ratio (performance fee) on 2019/03/31
STANLIB Collective Investments (RF) Limited
FTSE/JSE All Share index
Patrick joined STANLIB in 1999 holding various positions including bond trader, portfolio manager and chief investment officer. He holds a B. Com (UCT), a B. Com Honours (UNISA) and is a CFA charter holder. Patrick is the head of Alternative Investments at STANLIB.
Teboho joined STANLIB in 2007 as an analyst. He holds a Master’s degree in Quantitative Risk Management from North West University and is currently assistant fund manager responsible for passive and active quantitative funds.
STANLIB Index Fund - Mar 19
The last quarterly review of the FTSE/JSE SWIX All Share Index saw the inclusion of Stor-Age Property REIT and the removal of Montauk Holdings Ltd and Texton Property Fund Ltd. The fund has been repositioned for these changes. The fund performed in-line with the index this quarter. The Fund benefitted from its exposure to Impala Platinum, Sibanye Gold and Northam Platinum, which were the top three performers, with Impala Platinum returning 66.3%. However, exposure to Aspen Pharmacare, Mr Price Group and Massmart detracted from performance, as these were the three worst performers. Aspen returned -31.0% over the quarter.
In the first quarter of 2019 equity markets shrugged off any negative sentiment arising from the second half of 2018. Majority of equity markets across the globe recorded strong positive returns with the MSCI World recording 13.5%, MSCI Emerging Markets recording 11.1% and the South African equity market as represented by FTSE/JSE All Share Index recording 8.0%. 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 into gradual tightening of monetary policy. Locally, Eskom and corruption in other SOE’s remain in headlines as domestic asset classes such as bonds (ALBI), property (PCAP) and cash (SteFi) recorded 3.8% ,1.73% and 1.9% respectively.
Against the backdrop of slowing global economic growth, there is potential for the trade uncertainty to continue, resulting in higher prices and a significant drag on business and consumer growth. 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. After more than two years of steadily rising interest rates, 2019 could mark the peak for U.S 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 SA election provides some direction on the future of economic policy in South Africa. 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.
This investment objective is to earn a total compound annual return, which substantially equates to
the total compound annual return of the FTSE/JSE All Share Index, as adjusted for transaction and
Investments will be a selection of ordinary shares as listed in the FTSE/JSE All Share Index at
ratios so determined as to best replicate the performance of the FTSE/JSE All Share Index.