NAV on 2019/05/22
|NAV on 2019/05/21
|52 week high on 2018/08/28
|52 week low on 2018/10/30
|Total Expense Ratio on 2018/12/31
|Total Expense Ratio (performance fee) on 2018/12/31
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 - Sep 18
The last quarterly review of the FTSE/JSE SWIX All Share Index saw the inclusion of Vivo Energy, Libstar Holdings, Mix Telecoms and the deletion of Trustco Group, Clientele, Caxton, and Balwin Properties. The fund has been repositioned for this change. The fund performed in line with index this quarter. The Fund benefitted from its exposure to Sasol (+8.9%) and Sanlam (+12.9%), while its exposure to Naspers (-12.4%) and MTN (-18.8%) detracted from performance.
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.
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.
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.