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-7.4  /  -1.7%

436.29

NAV on 2019/03/22
NAV on 2019/03/21 443.6884
52 week high on 2018/09/05 501.149
52 week low on 2019/01/04 374.2938
Total Expense Ratio on 2018/12/31 2.49
Total Expense Ratio (performance fee) on 2018/12/31 0
NAV Incl Dividends
1 month change 4.81% 4.81%
3 month change 12.29% 12.29%
6 month change -8.27% -8.27%
1 year change 8.72% 8.72%
5 year change 5.51% 5.51%
10 year change 12.38% 12.46%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 2.23 0.61%
Liquid Assets 1.64 0.45%
Offshore 361.92 98.94%
  • Top five holdings
O-SBEUGRO 361.92 98.94%
U-SBKIMM 2.23 0.61%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
1998/11/02
ISIN code:
ZAE000021614
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 - Sep 18

2019/01/03 00:00:00
Fund review
The underlying fund slightly lagged its benchmark index on a gross basis over the quarter. Sector selection added value, especially the zero weighting in utilities, but the underweighting in Switzerland was a hindrance. Stock selection was mixed. Positive relative contributors included Adidas and John Wood Group. Detractors included Continental (tyres and auto components) on concerns regarding trade tariffs, and a profit warning linked to declining volumes and a historical warranty issue. The zero weighting in Novartis was also disadvantageous as the stock outperformed.
Market overview
The portfolio’s benchmark index rose by 1.4% in euros during the third quarter. Switzerland, Norway and Sweden led the gains, while Ireland and Belgium were weaker. The Eurozone’s economic backdrop continued to be supportive and the composite PMI remained firmly in expansionary territory. Monetary policy in the region also remained accommodative. The ECB’s stimulus programme is to be wound up at the year-end, if inflationary conditions permit. UK interest rates edged upwards; the economic outlook is clouded by Brexit-related uncertainties and there are concerns that the UK may leave the EU without securing a deal. Markets were unsettled when the US exchanged protectionist threats with its major trading partners, and imposed tariffs on a range of imports from China and the EU. Merger and acquisition activity gathered pace, especially in media and finance, while energy stocks were bolstered by strength in oil prices. Italy’s new populist government unnerved investors by targeting a larger-than expected budget deficit for 2019. In Sweden, a general election saw gains for the anti-immigration party Sweden Democrats, mirroring the rise of populist parties in other countries. However, these gains were less than many had feared, and did not provide a major disruption to the Swedish political landscape. In Turkey, interest rates were raised sharply to 24% in an attempt to control inflation and prevent a further collapse in the lira.
Looking ahead
Columbia Threadneedle, the fund manager, believes that European equities are benefiting from encouraging corporate profitability, a supportive economic backdrop in the Eurozone, and resurgence in M&A activity; they are also cheap relative to US equities. Market volatility presents us with investment opportunities. It will take time before the full effects of Brexit; new governments in Spain and Italy, and Catalonia’s bid for independence become clear. Other risks include heightened tensions with Russia and the threat of a global trade war. Our main focus in managing this portfolio is on stock selection, informed by macro-economic 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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