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0.38  /  0.19%


NAV on 2021/09/17
NAV on 2021/09/16 204.41
52 week high on 2021/08/17 217.8
52 week low on 2020/10/29 163.46
Total Expense Ratio on 2021/06/30 1.93
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -5.97% -5.97%
3 month change 1.45% 2.11%
6 month change 0.82% 1.48%
1 year change 19.91% 20.7%
5 year change 4.74% 6.8%
10 year change 4.62% 6.26%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 915.77 28.11%
Consumer Discretionary 647.27 19.87%
Energy 80.66 2.48%
Financials 405.34 12.44%
Liquid Assets 64.87 1.99%
Technology 152.38 4.68%
Telecommunications 194.36 5.97%
Offshore 797.62 24.48%
  • Top five holdings
O-IINTEQU 404.22 12.41%
O-IINVGST 393.38 12.07%
 CAPITEC 207.72 6.38%
 ANGLO 203.78 6.25%
 BHP 179.69 5.51%
  • Performance against peers
  • Fund data  
Management company:
Discovery Life Collective Investments (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Equity--General
FTSE/JSE All Share index



  • Fund management  
Grant Irvine-Smith
Grant is a quantitative specialist within Ninety One’s 4Factor team. He is responsible for leading the factor research and quantitative development for the 4Factor models and universe screening tools applicable across all 4Factor strategies. Grant joined the firm in 2000, having previously worked in the engineering industry. He graduated as a Gold Medalist from the University of Cape Town with a Master of Business Administration degree in 1999 and holds a Bachelor of Science degree in Civil Engineering from the University of the Witwatersrand. Grant is a CFA Charterholder.
Terry Seaward
Terry is a portfolio manager responsible for Active Quants long only and hedge portfolios within Ninety One's 4Factor EquityTM team. His previous roles include quantitative analyst and investment risk manager. He joined the firm in 2011 having previously worked in the investment and management consulting industries. He holds a Masters in Mathematical Finance and a Master of Business Administration from the University of Cape Town, as well as a Bachelor of Science Honours degree in Mechanical Engineering (cum laude) from the University of Natal, Durban.

  • Fund manager's comment

Discovery Equity comment - Sep 15

2016/03/18 00:00:00
Portfolio review In similar vein to the preceding quarter, but to an even higher degree, volatility plagued global markets in the third quarter of 2015, reflecting the uncertain economic backdrop. With 'Grexit' fears receding, focus switched to China. The oft-discussed topic of slowing Chinese growth again took centre stage, with every data release and policy move scrutinised for clues about the true state of China's economy. On balance, Chinese economic data has underwhelmed, suggesting a sharper-than-expected slowdown. In acknowledgement of the less-than-rosy picture, the People's Bank of China (PBoC) employed an array of measures during the quarter intended to fend off economic headwinds. The most eye-catching move, which caught investors off guard, was the PBoC's decision to devalue China's currency, the renminbi.
Following the aftershock of the renminbi devaluation, the prospect of a Fed interest rate hike in September invariably began to appear less likely. Unsurprisingly, the Fed's meeting in September drew unparalleled attention as the prospect of the first rate hike since the GFC was arguably as strong as it had ever been. With the decision hanging in the balance, the Fed stood firm, keeping interest rates unchanged. A resilient domestic economy - albeit with signs of recent weakness - did not appear enough to prompt the Fed to disregard a fragile global economy and low inflation. Indeed, Fed Chair Janet Yellen warned that the recent global weakness, fuelled most prominently by the slowdown in China, may 'restrain US economic activity somewhat'. On the domestic front, July saw the South African Reserve Bank (SARB) follow through on its previously implied intentions and increase interest rates by 25 basis points (bps) in a bid to keep inflation in check. However, Governor Lesetja Kganyago highlighted the moderate nature of SARB's planned rate hiking cycle. This view was apparent in September, as rates were kept on hold - improvements in the inflation outlook due to falling oil prices and slowing core inflation allowed the SARB some room to manoeuvre. The subdued nature of economic newsflow served as a precursor to the disappointing second-quarter economic growth number, with South African gross domestic product (GDP) growth contracting by an annualised rate of 1.3% over the period, well short of market expectations. Low commodity prices and electricity supply issues left their mark on the economy, as the manufacturing and mining sectors shrunk considerably. Furthermore, agricultural output was hampered by the country's drought-afflicted maize-producing regions. For the quarter, the portfolio underperformed its benchmark. Our offshore equity allocation contributed positively to performance, with further impetus coming from a significantly weaker rand. Our overweight exposure to Telkom enhanced gains as the share rallied on the back of growing speculation regarding a potential bid to takeover Cell C. Our overweight position in Mondi also added to returns as the stock performed well due to strong earnings results. On the other hand, our overweight stake in Lewis Group detracted from performance as the company was affected by concerns over higher debtor costs as well as headwinds facing consumers. Not holding SABMiller dragged on relative returns as the share rallied on the back of Anheuser-Busch InBev's (AB InBev) takeover offer. Our underweight exposure to Rand-hedge industrial British American Tobacco also weighed on relative gains as the company benefited from the tailwind of a weaker rand.
Portfolio activity During the quarter, significant transactions included increasing our exposure to British American Tobacco on the back of improving earnings revisions and adding to our holding in FirstRand. We also trimmed our position in MTN Group due to negative earnings revisions and reduced our allocation to Sibanye Gold.
Portfolio positioning The portfolio's investment philosophy and process aims to deliver consistent returns for investors. We follow a multi-style investment approach which is dynamically adjusted to ensure that relative risk is actively managed throughout the business cycle. We have a preference for shares that are trading at a discount relative to the market. Some of the portfolio's largest overweight positions include Barclays Africa Group and Imperial Holdings, while its significant underweight holdings include MTN Group and Naspers. In particular, Barclays Africa Group scores well on earnings and dividend yield basis, while Imperial Holdings has received recommendation upgrades. In contrast, MTN Group has poor momentum, while Naspers scores poorly on a relative basis with respect to valuation criteria (earnings yield and dividend yield).
  • Fund focus and objective  
Investment Strategy The fund is biased in favour of value investment. The result of this approach is a relatively concentrated equity fund, comprising mostly of out-of-favour stocks. Consequently, the fund may behave very differently to the overall market with a defensive and above average yield. The fund may invest in all JSE listed companies as well as interest bearing securities, debenture stock, preference shares, liquid assets, participatory units in collective investment schemes and foreign investments. Fund Objective The fund will target returns in excess of the benchmark or peer group median, measured over rolling three-year periods, calculated on a total return basis with dividends reinvested. Investment Philosophy Stock prices do not always reflect the value of companies due to factors such as investor sentiment, the impact of news flow and other short-term considerations. The fund's contrarian approach focuses its research on exploiting these extremes. For example, the asset managers will assess which companies' intrinsic business values are higher than the price at which shares in that company can be purchased. This process combines a qualitative review of the business with the quantitative depth gained from the financial metrics.

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