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  •  Ampersand Sanlam Collective Investments CPI Plus 4 FoF (A)

0.05  /  0.03%


NAV on 2019/01/16
NAV on 2019/01/15 159.14
52 week high on 2018/09/05 174.48
52 week low on 2019/01/07 156.54
Total Expense Ratio on 2018/09/30 2.08
Total Expense Ratio (performance fee) on 2018/09/30 0
NAV Incl Dividends
1 month change -1.79% -1.06%
3 month change -2.6% -1.87%
6 month change -2.18% -1.44%
1 year change -4.95% -3.47%
5 year change 2.52% 4.43%
10 year change 5.4% 8.09%
Price data is updated once a day.
  • Sectoral allocations
Fixed Interest 114.14 8.46%
Liquid Assets 13.80 1.02%
Managed 263.52 19.52%
Spec Equity 455.73 33.77%
Offshore 502.49 37.23%
  • Top five holdings
U-AMPMOEQ 375.28 33.87%
U-AMFLXPR 194.01 17.51%
U-SAFFLC 30.24 2.73%
U-ELESPEC 23.22 2.1%
U-SAFFBON 19.16 1.73%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Multi Asset--Medium Equity
30% FTSE/JSE All Share Index / 70% STeFi Composite Index
Contact details

No email address listed.

No website listed.


  • Fund management  
Tom Barlow

  • Fund manager's comment

Fund Manager Comment - Sep 18

2019/01/04 00:00:00
Mark Twain’s observation of “History does not repeat, but it does rhyme” is an apt synopsis for what we experienced during the third quarter of 2018.
The trade tensions and threats of tariffs and protectionism between the US and its major trading partners have continued to upset the perceived calm and tranquillity across the globe, yet economic activity and growth have remained robust.
This robust economic performance provided support to developed equity markets yet the risk associated with higher tariffs and the rise of protectionist policies put pressure on emerging markets as many developed market investors decided to reduce overall risk exposure. This risk adjustment caused strife across most emerging markets as many EM currencies experienced significant losses with Argentina and Turkey being the most affected. However the events also scarred the local currency and stock market.
On the global front, tensions between the US and the rest of the world continue to dominate the narrative. This culminated in an open spat at the recently held G7 Summit in Canada in June 2018 but continued during many of Trump’s subsequent visits across the globe. This has again been evident in the negotiations around NAFTA where the United States has caused strained relations with both their closest neighbours and historic allies. It does appear that the changing of the guard in Mexico where a more conservative government has taken power has paved the way for a revised trade agreement between Mexico and the US, but the negotiations between the Trump administration and Canada has taken a distinctly different tone and seems likely to drag on.
On the local political front President Ramaphosa has dedicated a lot of energy to reviving the local economy and his strategy is focused on attracting foreign investment. He has already managed to convince various parties across the globe to keep supporting South Africa and we have seen public commitments from numerous countries and governments with the most significant coming from the Kingdom of Saudi Arabia, the UAE and China where the President has managed to secure funding of around $35billion. The bulk of this funding will go towards infrastructure and energy orientated project hence it does entrench a much needed longer term focus within the SA government which under the previous administration was more focused on self-enrichment and cadre politics.
The immediate economic growth and employment environment in South Africa however remains dire. The local economy entered a technical recession as the economy contracted for a second quarter in a row. This brought the annual growth rate to a meagre 0.4% yearon- year while the unemployment rate remained stubbornly high at 27.2%. The growth outlook for the local economy also does not appear very rosy as many sectors continue to struggle and it is likely that economic growth could continue to disappoint for the rest of 2018.
The US has continued to lead the global growth trajectory and the US economy has continued to surprise on the upside when it comes to growth and employment. Economic growth has hit a multi-year high, reaching 4.2% year-on-year as at the end of the second quarter of 2018. This culminated in strong US employment growth and the unemployment rate hitting a 49-year low of 3.7%. Expectations around growth remain positive and this has allowed the US Fed to continue with gradual interest rate increases which is expected to continue over the next 12 to 18 months.
Economic growth in the European Union has continued to recover and it finally appears as if the tide has turned. This is especially evident in some of the peripheral economies where the expected growth rates in some smaller economies (like Romania, Ireland, Poland and Bulgaria) are inching above 4% p.a. while the larger economies like Germany and France are slowly pushing above 2%. The one large risk to the region remains the possible negative impact of Brexit and the uncertainty relating to this. Hopefully the EU and the UK will come up with a workable solution but time is quickly running out as the cut-off date for the UK leaving the EU is 29 March 2019.
Portfolio Activity
The Ampersand Sanlam Collective Investments CPI+4% Fund of Funds generated a return of 3.23% for the quarter. The SA inflation plus 4% fund objective and Portfolio Benchmark (50% J203T/50% SteFi) returned 2.27% and -0.20% respectively. The biggest contributor to short term performance has been the offshore component as well as the property component. We are comfortable with the way the portfolio performed during the third quarter of 2018.
Position going forward
Our key positions across the portfolios have remained consistent for the majority of the past 12 to 18 months.
We retain a strong allocation to offshore assets and we also continue to hold a significant allocation to SA Listed Property. We will continue to monitor the position closely to effectively manage risks and embrace opportunities when they are presented. We remain concerned with market valuations and risk, however structurally we need to retain growth assets in the portfolio to ensure we achieve our longer term objectives.
Asset allocation and diversification therefore remain key to ensuring downside risk management while continuing to achieve our inflation-based returns. Our aim is to provide our investors with diverse exposure across various investment strategies, investment managers and assets. We feel strongly that the result of this diversification strategy should have a high probability of achieving our long term return objectives, while providing protection against short term swings and overall risk.
  • Fund focus and objective  
The Ampersand Momentum CPI Plus 4 Fund of Funds portfolio is an asset allocation fund of funds portfolio. The portfolio aims to beat inflation by four percent over a three-year rolling period. The portfolio will be managed to achieve relatively stable growth and will comply with the Prudential Investment Guidelines at all times. In order to achieve this objective, the assets normally included in the portfolio will consist of assets in liquid form and participatory interests of portfolios of collective investment schemes or other similar schemes in equity, bond, money or property markets, registered in South Africa, or portfolios of collective investment schemes 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. The portfolio may invest in multi-asset class portfolios and is not limited to certain asset classes. The manager will be permitted to invest on behalf of the portfolio in offshore investments as permitted by legislation. The portfolio will aim to achieve a minimum of 40% and a maximum of 50% in equity exposure. The trustees shall ensure that the investment policy, as set out above, is adhered to, provided that nothing in this supplemental deed shall preclude the manager from varying the ratios of participatory interests, to maximise capital growth and investment potential in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange formally recognised in terms of legislation and from retaining cash or placing cash on deposit in terms of the deed and the supplemental deed; provided that the manager shall ensure that the aggregate value of the assets comprising the portfolio shall consist of participatory interests and assets in liquid form of the aggregate value required from time to time by the Act. The manager will be permitted to invest on behalf of the portfolio in offshore investments as permitted by legislation. The portfolio shall be subject to all relevant provisions of the deed, as amended by this supplemental trust deed, the Regulations and any relevant further supplemental deeds entered into in the future. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager. The manager shall determine the critical size from time to time.
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