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3.13  /  0.83%


NAV on 2019/09/13
NAV on 2019/09/12 374.92
52 week high on 2019/05/03 413.09
52 week low on 2019/08/26 360.03
Total Expense Ratio on 2019/06/30 1.25
Total Expense Ratio (performance fee) on 2019/06/30 0.04
NAV Incl Dividends
1 month change 0.85% 1.65%
3 month change -5.14% -4.38%
6 month change -3.74% -2.96%
1 year change -5.24% -3.3%
5 year change -0.71% 1.21%
10 year change 6.69% 8.51%
Price data is updated once a day.
  • Sectoral allocations
Alt X 9.09 2.83%
Basic Materials 49.42 15.40%
Consumer Goods 25.79 8.04%
Consumer Services 34.17 10.65%
Financials 84.36 26.29%
Health Care 9.29 2.90%
Industrials 15.17 4.73%
Liquid Assets 18.78 5.85%
Oil & Gas 6.61 2.06%
Other Sec 1.05 0.33%
Technology 14.73 4.59%
Offshore 52.43 16.34%
  • Top five holdings
 NASPERS-N 14.73 4.59%
 SABVEST-N 11.17 3.48%
 PSG 10.08 3.14%
 STANBANK 9.46 2.95%
 BHP 9.26 2.88%
  • Performance against peers
  • Fund data  
Management company:
Boutique Collective Investments (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Equity--General
Contact details




  • Fund management  

  • Fund manager's comment

Efficient Equity comment - Dec 13

2014/03/17 00:00:00
It was another positive monthly return for equity investors as the local market earned 2.98% for December, taking the All Share Index annual return to an impressive 21.43%. The Efficient Equity Fund met its objective by outperforming the local market over the year, returning 24.88%. This strong year improves the fund's already impressive track record, which has seen it outperform the local market for the last four consecutive years.
On the macro front, the US Federal Reserve (Fed) announced (against the market's expectation) a $10 billion reduction in its monthly bond buying program. The decision was anchored on the Fed's view that the US economic recovery is on a sustainable path and therefore the need for additional monetary support is reducing. This 'perceived' strength in the US triggered a reversal of capital flows out of emerging markets and into improving developed markets. The outcome of this reversal is weakness in emerging market currencies. This unintended consequence of tapering was the reason behind the rand depreciating to the lowest level experienced in over four years.
As mentioned above, the local market reacted positively as the larger constituents of the index benefitted from a weaker rand - given that the majority of their sales are derived outside of South Africa. MTN, British American Tabacco and SABMiller were the standout beneficiaries of the currency weakness in the fund. Life Healthcare also performed well for the fund, returning 3.67% for the month. We have built a sizeable position in the company as we value its high quality characteristics of strong management, excellent margins and consistent cash flow generation. The healthcare provider's low cost business model makes its expansion strategy across the country's less developed regions more appealing as it attempts to meet the demand of the lower LSM healthcare consumer.
The Efficient Equity Fund is attracted to high quality businesses because their operations are largely unaffected by the wave of macroeconomic drivers. Holding these types of companies across our fund gives us exposure to our preferred asset class, equity, in addition to reducing the risks of unfavourable macroeconomic events in the short term.
  • Fund focus and objective  
The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes in South Africa or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa and which is consistent with the portfolio's primary objective. The portfolio may invest in derivatives that will only be limited by the statutory limitations placed on the inclusion of financial instruments in portfolios. The portfolio equity exposure will always exceed 80%.
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