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0.51  /  0.36%


NAV on 2021/09/17
NAV on 2021/09/16 142.16
52 week high on 2021/07/29 151.67
52 week low on 2020/10/30 122.03
Total Expense Ratio on 2021/06/30 1.3
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -5.32% -5.32%
3 month change -2.36% -2.36%
6 month change -4.85% -2.89%
1 year change 12.74% 15.06%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Additional 76.92 4.75%
Basic Materials 367.62 22.71%
Consumer Goods 2.62 0.16%
Consumer Services 120.84 7.46%
Financials 146.92 9.08%
General Equity 668.83 41.32%
Health Care 23.19 1.43%
Industrials 43.61 2.69%
Liquid Assets 54.50 3.37%
Technology 101.62 6.28%
Telecommunications 10.40 0.64%
Offshore 1.72 0.11%
  • Top five holdings
DOMESTICFUNDE 637.33 39.37%
BASICMATERIAL 367.62 22.71%
CONSUMERSRVS 120.84 7.46%
FINANCIALS 116.32 7.19%
TECHNOLOGY 101.62 6.28%
  • Performance against peers
  • Fund data  
Management company:
Fairtree Asset Management (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
60% FTSE/JSE Capped Shareholder Weighted Total Return Index (Capped SWIX); 40% JSE All Bond Total Return Index net of fees



  • Fund management  
Stephen Brown
Stephen completed his MBA at Stellenbosch Business School in 1996. He began his Asset Management career in 1997 as an Industrial Analyst with Southern Asset Management. In 2000 he joined RMB Asset Management as a Diversified Industrial Analyst and remained involved in industrial research until 2007. In 2001 he moved into the Resources team also as an analyst. He progressed to Head of Resources research in 2007, and held the position until the end of 2009 when he moved permanently onto portfolio management of institutional and retail portfolios. In 2001 he qualified as a CFA. He began his Portfolio Management career in 2002, managing the RMB Value Fund, and became a full time Portfolio Manager of Institutional Balanced Funds and Retail Equity Funds in 2010. Stephen joined Fairtree Capital in 2011 as a Portfolio Manager and currently manages the Fairtree Assegai Long Short Equity Fund and the Fairtree MET Equity Fund.
Jacobus Lacock
Jacobus joined Fairtree Capital in 2011. He currently co-manages the multi asset class portfolios and acts as macro strategist for the firm. Prior to Fairtree Capital he was at Goldman Sachs Asset Management in London where he was the head of fixed income and currency product management.
Fairtree Capital (Pty) Ltd

  • Fund manager's comment

Fairtree Balanced Prescient Comment - Dec 19

2020/02/17 00:00:00
South African assets performed well over the month of December as global economic sen..ment improved. The 10-year government bond (R2030) yield closed -19bps lower at 9.02%. The All Bond Index returned 1.9% over the month to bring the year to date return to 10.3%, while the All Share Index rose 3.3% to bring the year to date return to 12.1%. The Rand gained around 4.7% against the US dollar. Foreigners bought more than R6bn local bonds during the month.
Global were up 2.9%, improving the year to date returns to 25.2% while emerging market were up 7.7%, taking the year to date return to 15.4%. Sen..ment turned more op..mis..c and the outlook for growth improved as the trade tension between the US and China eased and Brexit tail risks declined. Global economic ac..vity data also improved the global manufacturing downturn may have bo..omed while consumers and the services side of the global economy remains healthy. Despite this improvement in the data the global central banks signalled that monetary policy will remain for a prolonged period. The ECB is set to con..nue with asset purchases un..l infla..on return, the Fed remains on hold and con..nue to expand their balance sheet and the PBOC in China announced a further RRR cut early in 2020. This easing of financial condi..ons, reduc..on in risk and improving economic ac..vity should support risk assets over the medium term. However, there are risks that may escalate quickly. The tension between the US and Iran are building and although neither party would want a war one cannot exclude the for miscalcula..on by one side.
In South Africa, the and economic reforms are happening at a slow pace while opera..onal and financial challenges at Eskom con..nue to pose the biggest downside risk to the economy. Ongoing electricity load shedding will be a drag on growth and the country’s fiscal health. The World Bank has downgraded SA’s growth to 0.9% for 2020 and the risk of ra..ngs downgrade by Moody’s has risen to an almost certainty. Local assets are already a large por..on of the downside scenario, signs of any economic improvement remain absent. While fiscal risks remain on the horizon the SARB’s hands are ..ed when it comes to providing more relief via monetary policy, despite infla..on falling and surprising to the downside. The outlook for global earnings growth has moderated but remain However, central bank policies and low yields will con..nue to provide some support to We do not expect a US recession soon and expect global infla..on to gradually move closer to target supported by higher input costs, including wages. It’s too early to get excited about local We do believe that the domes..c economy will start to benefit from interest rate cuts and more economic reforms, but this will take We like selected local and global exposed cyclical assets with strong global earnings growth and companies with the ability to generate cash sustainably. We con..nue to find protec..on in gold and precious metal stocks and ZAR hedged assets.
Fixed Income: South Africa’s infla..on will remain contained over the next few months and infla..on expecta..on should decrease further. Given current weak economic ac..vity and balanced risk to infla..on the SARB may decide to cut rates again over the next 6 months but fiscal risk have increased meaningfully and may lead to a pause over the short term. Currency: We believe the US dollar strength has stabilised. Given the for global growth to converge lower and Fed to remain on hold we believe the US dollar could weaken over the medium term.
Alterna..ves: Going forward we believe global monetary policy will be more data dependent while global fiscal policies will be used to support growth. We believe higher levels of vola..lity and lower correla..ons amongst asset classes and will increase dispersion and lead to a more favourable environment for assets to perform.
  • Fund focus and objective  
The fund will invest primarily in South African equities, fixed income, money markets, instruments based on the value of any precious metal, currencies and property, with the ability to diversify further with exposure to global equities, fixed income, money markets, instruments based on the value of any precious metal and property, as permitted by regulations. The fund will aim to deliver returns in excess of a blended benchmark. This will be obtained by following a disciplined and methodological investment process of selecting the most appropriate asset allocation for the market environment, and then selecting the securities which will maximise the probability of outperforming the benchmark over a rolling 3 year period.
The portfolio is permitted to invest in listed and unlisted financial instruments in line with the conditions as determined by legislation from time to time. The portfolio will predominately invest in South African markets, but is however permitted to include investments in offshore jurisdictions subject to the investment conditions determined by legislation from time to time. The portfolio will be subject to the Prudential Investment Guidelines for South African Retirement Funds, being Regulation 28 of the Pension Funds Act, or such other legislation published from time to time. The portfolio may apart from assets in liquid form also include participatory interests, exchange traded funds or any other form of participation in portfolios of collective investment schemes or other similar schemes. Where the aforementioned schemes are operated in territories other than in South Africa, participatory interests or any other form of participation in these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and trustee and is of a sufficient standard to provide investor protection at least equivalent to that in South Africa.

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