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9.02  /  1.28%


NAV on 2021/09/22
NAV on 2021/09/21 695.51
52 week high on 2021/04/16 750.05
52 week low on 2020/10/30 594.85
Total Expense Ratio on 2021/06/30 1.23
Total Expense Ratio (performance fee) on 0
Incl Dividends
1 month change -3.38% -3.38%
3 month change -1.23% -0.3%
6 month change -2.34% -1.43%
1 year change 14.77% 16.24%
5 year change -0.26% 1.89%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Basic Materials 111.11 26.69%
Consumer Discretionary 59.02 14.18%
Derivatives 1.12 0.27%
Energy 0.78 0.19%
Financials 65.38 15.71%
Health Care 1.14 0.27%
Industrials 13.99 3.36%
Liquid Assets 6.89 1.65%
Real Estate 9.08 2.18%
Spec Equity 4.90 1.18%
Specialist Securities 34.77 8.35%
Technology 49.57 11.91%
Telecommunications 10.60 2.55%
Offshore 47.89 11.50%
  • Top five holdings
 NASPERS-N 42.84 10.29%
 ANGLO 30.40 7.3%
 RICHEMONT 28.00 6.73%
 BHP 27.76 6.67%
U-RMBMIDC 26.84 6.45%
  • Performance against peers
  • Fund data  
Management company:
Ashburton Management Company (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Equity--General
FTSE/JSE All Share Index (Total Return)
  • Fund management  
Jason Forssman

  • Fund manager's comment

RMB Private Bank Equity comment - Sep 09

2010/01/04 00:00:00
The portfolio has had a good quarter, easily outperforming its benchmark and has attained a relative ranking of 18/78 funds. The fund has a very large overweight position in financial shares and an underweight position in resource and industrial shares. While there has been no material performance difference in the sectors on the JSE this year, we believe that the overweight position, especially in banks, will ultimately benefit from lower interest rates. Banks have in fact outperformed since the quarter end. While it may take a while for bank earnings to recover, once economic growth starts in 2010, the volume effect, coupled with a massive write-back in bad debt provisions, will result in very good earnings growth.
The portfolio is positioned for:
-Equity Market Weakness - Reduced the risk in the fund as we expect some weakness. -Rand Stability -Positive impact from the recent interest rate reductions. -The fund is not positioned for excessive Rand weakness. -The tracking error, at 3.4% & the portfolio beta (another form of risk measurement) are relatively low at the moment, a position congruent with our view on the equity market
  • Fund focus and objective  
The Ashburton Equity Fund is a general portfolio and the investment policy followed by the Manager will focus on achieving capital growth as its main objective, investing in a broad range of asset classes. In order to achieve this objective, the securities normally to be included in the Ashburton Equity Fund will comprise a combination of financially sound ordinary shares and fixed income securities embracing non-equity securities, stock, financially sound preference shares, debenture stock, debenture bonds and unsecured notes, all to be acquired at fair market values and any other non-equity securities listed on any recognised stock exchange which is considered consistent with the portfolio's primary objective and that the Act or Registrar may allow from time to time, all to be acquired at fair market value. The manager may from time to time invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time, and which are consistent with the portfolio's investment policy. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. The trustee shall ensure that the investment policy, as set out above, is adhered to, provided that nothing contained in the investment policy shall preclude the manager from varying the ratio of the aforementioned securities, or the securities themselves, should changing economic factors or market conditions so demand. There shall be no limit to the proportion of assets, which may be invested in any one country, and nothing contained in the investment policy shall preclude the manager from retaining cash in the portfolio and/or placing cash on deposit in terms of the Deed. The manager will be permitted to invest on behalf of the Ashburton Equity Fund in offshore investments as permitted by legislation. The trustee shall ensure that the investment policy set out in this Supplemental Deed is carried out. For the purposes of the Ashburton Equity Fund the manager shall reserve the right to close the fund to new investors. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager shall determine the critical size from time to time.

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