1.52 /
0.58%
261.02
NAV on 2019/01/18
| NAV on 2019/01/17 |
259.4967 |
| 52 week high on 2018/09/04 |
291.3129 |
| 52 week low on 2019/01/04 |
252.7785 |
| Total Expense Ratio on 2018/09/30 |
1.38 |
| Total Expense Ratio (performance fee) on 2018/09/30 |
0 |
| General Equity |
174.24 |
52.20% |
| Liquid Assets |
2.98 |
0.89% |
| Real Estate |
7.64 |
2.29% |
| Spec Equity |
59.74 |
17.90% |
| Offshore |
89.21 |
26.72% |
|
U-SLMMEQA |
174.24 |
52.2% |
|
O-SBINTER |
89.21 |
26.72% |
|
U-AGSAEQU |
33.78 |
10.12% |
|
U-NEDENTR |
25.97 |
7.78% |
|
U-SLMMPRO |
7.64 |
2.29% |
Management company:
STANLIB Collective Investments (RF) Limited |
Formation date:
2006/10/17 |
ISIN code:
ZAE000084869 |
Short name:
U-SLBMMAS |
Risk:
Unknown |
Sector:
South African--Equity--General |
Benchmark:
Domestic Equity General Micropal Sector Mean |
Malcolm Holmes
Malcolm Holmes has 11 years investment experience and has been a portfolio manager in his own right, which makes him the perfect candidate to oversee the evaluation of the underlying managers and their portfolios. As the head portfolio manager, Malcolm is the key person responsible for product development and design at STANLIB Multi-Manager. He is responsible for ensuring that our products meet their investment objectives and that the underlying managers meet their mandates.
STANLIB Multi-Manager
STANLIB Multi-Manager was established in 1999 and is the centre of excellence for multi-managed solutions within STANLIB. The investment team, led by Chief Investment Officer Joao Frasco, consists of an experienced team with a diverse set of investment skills. We have offices in Johannesburg and London, and currently have mandates in excess of R90 billion under stewardship.
STANLIB Multi-Manager Funds are designed to deliver superior investment returns more consistently than through a single asset manager or mandate. Our approach allows investors’ to outsource the fund / manager selection decision, which includes the ongoing due diligence of managers and construction of portfolios, to meet pre-defined objectives over time.
Risk management is a fundamental component of our investment philosophy and process and is therefore approached holistically. It permeates every part of our investment process, requiring participation and accountability from all individuals involved in the process.
Naweed Hoosenmia
Naweed joined the STANLIB Multi-Manager Research and Development Team at as a Quantitative Analyst. Prior to STANLIB, Naweed was a Portfolio Risk Analyst at Eminence Partners, a Johannesburg-based long/short equity hedge fund operated under the Peregrine fund platform.
STANLIB MM All Stars Equity FoF Comment- Sep 18
2019/01/02 00:00:00
Market overview
The global trade war between the United States and China continued to dominate headlines during the quarter. The US intensified tariffs on Chinese goods and China retaliated. Despite the tussle between the two economic giants, the US economy remains strong. This is visible in the rally of the US dollar and their robust labour market. These positive developments gave the Fed room to hike interest rates in September from 2.0% to 2.3%.
Unfortunately, the higher developed market (DM) interest rates and stronger US dollar do not bode well for emerging market (EM) assets such as South Africa, and most EM countries saw their currencies weaken. SA fared worse than its EM peers as signs of poor economic growth surfaced during the quarter, resulting in SA moving into a technical recession.
SA equities lost 1.6% over the quarter, driven largely by poor returns from industrials. SA property fell 1.0% as Intu PLC, Hyprop and Growthpoint lost 12.6%, 5.2% and 4.9% respectively. The weaker rand provided a boost to offshore returns leading to a 7.4% return from global equities.
Portfolio review
The Fund outperformed peers by 1.5% over the quarter, resulting in the performance being ahead of peers over 12 months. The Fund’s three and fiveyear track records remain pleasing with approximately 2.5% and 1.9% alpha respectively, relative to peers.
At an underlying fund level, the Allan Gray SA Equity Fund outperformed its benchmark, given an increased exposure to Sasol and reduced exposure to Old Mutual and MTN.
The Nedgroup Investment Fund outperformed its mid/small equity peers for the quarter, continuing to add to its long-term of performance track record.
The STANLIB Multi-Manager SA Equity Fund marginally outperformed its benchmark for the quarter, while slightly lagging over the 12-month period. The longer-term performance of the fund is still recovering from the impact of Steinhoff.
The STANLIB Multi-Manager Property Fund outperformed its benchmark by 1.2% for the quarter as a result of its overweight positions in smaller UK and European-focused property companies such as EPP N.V. and MAS Plc. The fund benefited from being underweight large caps. Most notably, it was overweight the Resilient Group of companies, as they recovered.
The STANLIB Multi-Manager Global Equity Fund outperformed the MSCI ACWI IMI by 1.54% on a gross basis, in rand terms for the quarter.
Portfolio positioning and outlook
The economic outlook has not changed much from last quarter as we expect trade wars to continue to dominate headlines. In SA, asset prices have retreated to pre-Ramaphoria levels, which may provide a good entry point for local investors. Foreign outflows could also provide buying opportunities for local investors. To balance this view, the Fund has an overweight exposure to rand hedges. This would support performance should sentiment to EMs continue to deteriorate or SA’s economic conditions not improve, resulting in a weaker rand. The Fund’s continues to have an overweight exposure to global equities.
The Fund's investment objective is to provide long-term capital growth through investment in local and global equity markets. It is a fully invested, multi-managed equity portfolio managed within the guidelines of the ASISA South African Equity General Sector (currently a maximum of 25% global equity) allowed.
The Fund aims to achieve CPI+7% p.a over 7-year rolling periods.
The Fund is not regulation 28 compliant.
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