The fund aims to outperform the FTSE/JSE Capped All Share Index over the long term, with lower risk of loss.
FOR SOUTH AFRICAN INVESTORS
- With a higher risk profile
- Seeking long-term growth over periods exceeding five years
- From a portfolio of JSE-listed equity, commodity and property stocks
- And able to withstand investment volatility in the short to medium term.
|Year||Fund Return %||Benchmark Return %||SA Inflation %|
|2002 (from 01/Sep)||5.3||-2.9||3.1|
|2021 (to 30/Jun)||13.6||14.6||2.7|
Total return of the FTSE/JSE Capped All Share Index.
Longer than five years.
1 September 2002
R50 000 lump sum or R1 000 per month
SA equity exposure between 80% and 100%, with balance invested in cash and oither JSE listed securities.
End-February and end-August each year.
Low gross yield, similar to FTSE/JSE All Share Index dividend yield. Income distributions are reduced by the annual service charge, which varies with the relative performance of the fund against its benchmark.
A portfolio of quality JSE shares that present compelling long-term investment value.
|Risk of loss||
High in periods shorter than one year. Lower in periods greater than three years.
|Security description||Asset class||Market||Portfolio weight %|
Monthly Commentary – June 2021
- Developed (+1.4% in US dollars) and emerging (+1.3%) markets were led higher by US bourses (+2.8%) on strong economic data and vaccination rollouts—after first taking fright when the US Federal Reserve brought forward to 2023 the date by when it expected US interest rates would first rise
- Oil (+8.4%) rose above $70 a barrel for the first time in two years after OPEC+ signalled strong demand amid managed supply—precious metals gold (-6.9%) and silver (-6.7%) and industrial bellwether copper (-7.6%) fell sharply on easing inflation concerns and dollar strength
- The FTSE/JSE Capped All Share Index (-2.5% in rands) was dragged lower by sharp falls in resources (-6.4%) and financials (-3.0%), with only the industrials sector (+0.4%) registering a small gain—lower commodity prices and a rampant COVID-19 third wave weighed on sentiment
- The lower resources (-6.4%) weighting, and no precious metals miners (-14.7%) in particular, was the largest contributor to the fund’s outperformance—core resources holding BHP Group (+0.4%) outperformed the other sector heavyweight Anglo American (-6.9%) on the latter’s large exposure to platinum group metals miners
- The over-weight holdings in mid-cap industrials Foschini (+22.6%) and Omnia (+10.5%) also contributed to fund outperformance on good financial results—partially offset by the lower allocation to Richemont (+4.3%) and zero holding in telco company MTN (+4.1%)
- The lower weight to listed property (+3.4%) detracted at the margin—core holdings in London property company Capital & Counties (-5.2%) and SA counter Fortress A (-5.0%) underperformed the broader property sector
- The rand (-4.0% vs the US dollar) retraced some its recent gains on dollar strength, lower commodity prices and a rampant COVID-19 third wave—while further short-term strength is possible, the unit remains structurally vulnerable longer term
The fee is a performance based fee that varies around the at-benchmark fee rate as disclosed on the fact sheet. The daily fee rate is adjusted up or down based on the portfolio’s one-year rolling return relative to that of its benchmark. Minimum fee rates apply.