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1.6  /  0.31%

516.12

NAV on 2019/11/11
NAV on 2019/11/08 514.5168
52 week high on 2019/10/31 524.3915
52 week low on 2019/01/04 394.6945
Total Expense Ratio on 2019/09/30 1.58
Total Expense Ratio (performance fee) on 2019/09/30 0
NAV Incl Dividends
1 month change 6.52% 6.52%
3 month change 3.62% 3.62%
6 month change 9.92% 9.92%
1 year change 16.65% 16.65%
5 year change 9.15% 9.15%
10 year change 11.91% 12.04%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 0.03 0.01%
Liquid Assets 1.63 0.42%
Offshore 383.47 99.57%
  • Top five holdings
O-SBEUGRO 383.47 99.57%
U-SBKIMM 0.03 0.01%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
1998/11/02
ISIN code:
ZAE000088928
Short name:
U-SLEUROG
Risk:
Unknown
Sector:
Regional--Equity--General
Benchmark:
FT Actuaries Europe Index
Contact details

Email
contact@stanlib.com

Website
http://www.stanlib.com

Telephone
011-448-6000

  • Fund management  
Paul Hansen
After completing his articles at Alex Aitken and Carter he joined UAL Merchant Bank in 1979, initially assisting as a portfolio manager and later working as an investment analyst. After completion of a full time MBA he relocated to the USA where he spent nine years as a stockbroker/financial consultant, mostly with Shearson Lehman Bros. He returned to South Africa in 1992 and joined Old Mutual Invesments with involvement in portfolio management and client report backs. He joined SCMB Asset Management division in 1995, after a stint in portfolio management at RMB Asset Management. Paul Hansen is responsible for managing the onshore portion and Fidelity Investment Managers the offshore portion.


  • Fund manager's comment

STANLIB European Equity Feeder Fund - Mar 19

2019/05/31 00:00:00
Fund review
The portfolio returned 13% for the quarter compared with 10.8% from the composite benchmark, driven by favourable stock selection. Sectoral positioning added value too, especially the overweight stance in technology. Positive relative contributors included Cellnex and Dassault Systèmes. Cellnex benefited from investor interest in defensive stocks and released solid annual results which exceeded financial guidance. The telecom mast sector is in the process of consolidation. Dassault Systèmes (3D design software) announced impressive revenue growth for the final quarter of 2018, and highlighted particular strength in Japan, China and Western Europe. Detractors included RELX, as the information and analytics provider lagged after the University of California cancelled its contract with the company’s publishing arm Elsevier. We believe the reaction to this news was overstated, given the breadth of the company’s customer base.
Market overview
Markets started the year on a buoyant note. The portfolio’s benchmark index rose by 13% in euro terms during the first quarter of 2019. Belgium, Italy and the Netherlands led the outperformers. In sector terms, consumer staples, technology and materials delivered the best returns. Communication services and financials were weaker. News that the US and China were to hold further talks reignited hopes that President Trump may soften his stance on trade tariffs. Markets were also cheered when the US Federal Reserve adopted a more dovish tone, indicating that it was alert to the downside economic risks of further rapid interest rate increases. The European Central Bank kept interest rates unchanged at record lows, and signalled that a rise is unlikely this year. The Bank of England also kept interest rates on hold. The Eurozone’s composite PMI remained in modestly expansionary territory, fuelled by momentum in service sectors, but the latest manufacturing reading indicated weakness, notably in Germany and France. The Brexit process is still unfolding, and the original departure date of 29 March has now passed. The UK parliament has again rejected the withdrawal plan negotiated with the EU and the prime minister’s position is increasingly beleaguered. It remains uncertain whether an acceptable alternative will emerge or whether the outcome will be a ‘no-deal’ Brexit. GDP figures revealed a contraction in December 2018 as economic uncertainty took its toll. The UK’s composite PMI fell to 50 in March 2019 (a reading above 50 signifies expansion).`
Looking ahead
European equities are supported by encouraging profitability, by economic growth, which is slowing but still positive, and by attractive valuations relative to US equities. The market volatility seen in recent months presents us with investment opportunities. It will take time before the full effects of Brexit become clear. The same is true of Italian politics, where there have been well-publicised tensions with Brussels over the Budget. Other risks include heightened tensions with Russia, the threat of a global trade war, and slower global growth as the Chinese economy decelerates and the US nears the end of the economic upcycle. Our main focus in managing the portfolio is on stock selection, informed by macroeconomic and thematic views. We favour companies that have a competitive advantage and pricing power generated by brands, patented processes, regulatory barriers to entry and strong market positions.
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 STANLIB European Fund of Funds will aim to provide long-term capital growth from securities listed in continental Europe (excluding the United Kingdom). The portfolio will generally invest in, but not be restricted to medium to large market capitalisation sized companies. The portfolio will include listed securities and non-equity securities and any other securities which may be considered consistent with the portfolio's objective. The portfolio may also invest in the participatory interests of other collective investment schemes. This portfolio may have a maximum of 100% direct and/or indirect foreign exposure.

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