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0.55  /  0.33%


NAV on 2021/09/23
NAV on 2021/09/22 168.54
52 week high on 2021/08/17 174.79
52 week low on 2020/10/30 140.08
Total Expense Ratio on 2021/06/30 1.5
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -2.11% -2.11%
3 month change 4.11% 4.47%
6 month change 5.63% 5.99%
1 year change 17.96% 18.76%
5 year change 6.79% 7.9%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 104.41 17.89%
Consumer Discretionary 102.11 17.49%
Derivatives 0.99 0.17%
Energy 0.25 0.04%
Financials 89.97 15.41%
Liquid Assets 32.52 5.57%
Spec Equity 67.03 11.48%
Technology 41.71 7.15%
Telecommunications 41.49 7.11%
Offshore 103.21 17.68%
  • Top five holdings
U-BCIFLEX 67.03 11.48%
 ANGLO 37.08 6.35%
 FIRSTRAND 35.46 6.08%
 CAPITEC 32.02 5.49%
 MTN GROUP 26.91 4.61%
  • Performance against peers
  • Fund data  
Management company:
BlueAlpha Investment Management (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Equity--General
75% FTSE JSE SWIX J403T index / 25% MSCI All Countries index
  • Fund management  
Gary Quinn
Kyle Rix

  • Fund manager's comment

BlueAlpha BCI Select Equity comment - Dec 16

2017/03/16 00:00:00
Domestic Equity The US Presidential election has brought a very strong Dollar, a large rally in global cyclicals, and a much higher US Treasury 10 year yield. The Rand was stable against the dollar over the quarter.
The best performing sector was local banks, on the back of the stable Rand and the strength of Global Banks. The fund is overweight this sector. Gold and platinum shares have had a poor quarter and as the fund has no exposure, this was a large contributor to outperformance. Gold and Platinum stocks have struggled to earn acceptable returns over the last 8 years and in most cases barely generate enough cash to fund current capital spend. We see the current low ratings of Price to Book as being a reflection of the poor returns and not a signal that they are cheap.
We have sold our entire position in Steinhoff post their most recent results. Over the last 6 months, the company has continued to buy questionable assets funded with large share issuances, as well as change their year-end reporting date. Continual purchasing of companies makes analysing Steinhoff particularly difficult. However, since 2011, diluted EPS in Euro is unchanged and ROE has halved. We think that the new Steinhoff / Shoprite merger will bring a disappointing outcome for Shoprite minorities.
Domestic retailers continue to struggle with Pick n Pay and Woolworths being the two worst performers in the portfolio. Other domestic stocks such as Bidvest, Imperial and Telkom all did well. We have continued to add to the domestic cyclical portion of the fund. With short rates peaking alongside food inflation, the worst of the economic woe is probably behind us.
Global Equity Globally, our stock selection - which is overweight US stocks - has been beneficial in the current climate. Our exposure to the US is about 17% of the total portfolio and has added 40 basis points to outperformance. The two best sectors have been US banks and energy. The fund has very little exposure to Europe.
  • Fund focus and objective  
The BlueApha BCI Equity Fund is a general equity portfolio with the objective to deliver a high long-term total return. The portfolio will invest predominantly in local equity securities and the portfolio‘s minimum equity exposure will be 80% of its net asset value. The portfolio's investment universe consists of local and global equity securities, preference shares, money market instruments, property shares and property related securities listed on exchanges and assets in liquid form. The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes, registered in South Africa and 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 from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective. The manager may only include the following unlisted financial instruments: forward currency, interest rate and exchange rate swap transactions for efficient portfolio management purposes. 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 proportions of the aforementioned securities and assets in liquid form, or the assets themselves, should changing economic factors or market conditions so demand. 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.

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