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  •  STANLIB Multi-Manager Shar’iah Balanced Fund of Funds (B1)
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-0.23  /  -0.2%

117.64

NAV on 2019/07/22
NAV on 2019/07/19 117.866
52 week high on 2018/09/05 122.2262
52 week low on 2019/01/04 111.3544
Total Expense Ratio on 2019/03/31 1.23
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -1.69% -0.7%
3 month change -2% -1.01%
6 month change 3.78% 4.83%
1 year change 1.86% 4.46%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
General Equity 130.42 10.55%
Liquid Assets 4.66 0.38%
Managed 1101.39 89.08%
  • Top five holdings
U-KAGISLB 607.07 49.1%
U-OMALBBA 494.32 39.98%
U-BCISHAR 130.42 10.55%
  • Performance against peers
  • Fund data  
Management company:
STANLIB Collective Investments (RF) Limited
Formation date:
2015/03/25
ISIN code:
ZAE000202529
Short name:
U-STSHAR
Risk:
Unknown
Sector:
South African--Multi Asset--High Equity
Benchmark:
45% FTSE/JSE Shariah ALSI, 35% STeFI Composite (less 0.5%), 15% Dow Jones Islamic World Index (priced in ZAR), 5% 3-month USD LIBOR (priced in ZAR)
Contact details

Email
contact@stanlib.com

Website
http://www.stanlib.com

Telephone
011-448-6000

  • Fund management  
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.
Suhail Mohamed
Suhail joined STANLIB in 2010 as the Shari’ah Manager, responsible for Shari’ah compliance as well as product development and enhancement. He began his career with Oasis Asset Management in 2005 and has since worked in various industries including Property Development, B-BBEE and Retail.
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.


  • Fund manager's comment

STANLIB MM Shari'ah Balanced FoF comment - Mar 19

2019/05/31 00:00:00
Market overview
Global equity markets recovered strongly from the significant sell-off in the fourth quarter of 2018, gaining 12.6% in rand terms as trade tensions between the US and China eased following months of negotiations. The US Federal Reserve provided further impetus to the recovery with their more dovish tone. European equities bucked the trend, retreating 0.8% for the quarter on the back of a broad economic slowdown in the region. The European Central Bank (ECB) retaliated and pledged more support for the economy, committing to keep rates unchanged this year and pledging additional stimulus when needed. SA equities benefited from the global recovery and the JSE All Share Index returned 8.0% for the quarter. The Capped SWIX gained 3.9%. Resource shares returned an impressive 18.0% while listed property lagged equity. Local bonds rose 3.8%.
Portfolio review
The Fund returned a promising 4.7% for the quarter. Both Kagiso and Old Mutual delivered good absolute returns, given the rally we’ve see in equities. Relative to Shariah industry peers, the Fund continues to perform well in the medium to long term. The Fund underperformed its composite benchmark in the quarter, but this benchmark has a very large skew to resource shares. Our managers tend to invest more broadly across different market sectors, which we believe is a better long-term construct.
The Kagiso Islamic Balanced Fund returned 4.8% for the quarter. The fund maintained its total equity exposure of around 60%, with 40% of the fund’s assets allocated to sukuks. A recovery in equity markets coupled with the fund’s resource holdings - in particular platinum exposure to Northam and Anglo American Platinum - contributed positively. Exposure to Tongaat Hulett was the single biggest detractor. Kagiso’s global exposure contributed positively to performance.
The Old Mutual Albaraka Balanced Fund performed in line with expectations. Total allocation to equities averages just less than 60%, with the residual invested in Shari’ah-compliant short term cash-type investments. The fund’s top local stock picks as identified by their low volatility multi-factor process includes Telkom, Anglo American Platinum and BHP Billiton. The fund’s 20% global equity allocation is very well diversified among approximately 80 global counters. These include Proctor & Gamble, PepsiCo, Chevron and Microsoft.
The BCI Shariah Equity Fund performed in line with expectations. Top stock picks included Anglo American, Microsoft, ADvTECH and Mondi Plc. Their large allocation to the educational group ADvTECH detracted from performance as ongoing concerns surrounding educational affordability weighed on margins and performance. While ADvTECH’s results were in line with expectations, the outlook for emigration - and semi-gration to areas such as Cape Town where ADvTECH has limited exposure - coupled with an inability to push sufficient fee increases have tempered short-term performance.
Portfolio positioning and outlook
SA still faces many headwinds and we are of the opinion that solid growth is not likely if severe load-shedding persists. A sustainable solution to the power crisis is critical. Our managers are cautiously optimistic around valuations for many of the SA centric companies in the Fund, while many of the global shares held provide excellent diversification benefits. There are some concerns around the negative global earnings revisions that we currently monitor, but optimism is expected to continue into the second quarter of 2019. Local bonds and income-type assets are expected to deliver promising real returns and are key ingredients in the Fund’s composition. On balance, we believe the Fund is well positioned to deliver on its long-term objectives.
  • Fund focus and objective  
The Fund is a multi-asset class (including foreign) Shari'ah compliant portfolio that is diversified across asset classes, sectors and asset managers. Its objective is to outperform the average return of investable peers i.e. the Shari'ah balanced peer average, at risk levels consistent with those of these peers.
The Fund aims to provide long-term growth of capital and income with volatility at levels consistent with Shari'ah balanced (± 60% equity) portfolios and is 28 compliant.
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