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30.03  /  1.93%


NAV on 2021/09/16
NAV on 2021/09/15 1527.48
52 week high on 2021/08/23 1601
52 week low on 2020/11/03 1297.55
Total Expense Ratio on 2021/06/30 1.35
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -0.69% -0.69%
3 month change 9.69% 9.69%
6 month change 11.65% 11.65%
1 year change 11.28% 11.28%
5 year change 14.81% 14.81%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Liquid Assets 190.53 0.75%
Offshore 25272.90 99.25%
  • Top five holdings
O-IGLFRAA 25272.90 99.25%
  • Performance against peers
  • Fund data  
Management company:
Ninety One Fund Managers SA (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
  • Fund management  
Clyde Rossouw
Clyde is Co-Head of Quality at Ninety One. He is a portfolio manager with a focus on multi-asset absolute return and low volatility real return equity investing. His portfolio manager duties include our flagship Opportunity Strategy that he has run since 2003 and our equity oriented Global Franchise and Global Quality Equity Income strategies. Clyde joined the firm in 1999, initially as an asset allocation and sector allocation strategist. Prior to joining the firm, Clyde was awarded a study bursary by Sanlam where he worked for eight years, including five years in asset management. His experience in investments there included fixed income analysis and portfolio management. Clyde graduated from the University of Cape Town with a Bachelor of Science degree in Statistics and Actuarial Science. He was awarded the Certificates in Actuarial Techniques in 1995, and Finance and Investments in 1997 by the Institute of Actuaries in London. Clyde is a CFA Charterholder.

  • Fund manager's comment

Investec Global Equity FoF comment - Jun 13

2013/09/06 00:00:00
Market review In financial markets good news can sometimes become bad news. This proved true in the second quarter of 2013. The good news - better economic data - prompted the US Federal Reserve (Fed) to indicate that it may start to wind down its quantitative easing (QE) programme. The bad news was the reaction by markets. Fears that such a withdrawal would drain some of the liquidity currently supporting markets, led to a massive sell-off in the bond market. Fed Chairman Ben Bernanke's announcement that the central bank could begin to slow the pace of its asset purchases if unemployment drops as projected, led to a sharp upward move in bond yields. The period witnessed large outflows from fixed income funds. As panic spread, global equity markets were also impacted as anxious investors rushed to sell their holdings. This pushed down all markets, with emerging market equities particularly hard hit. The MSCI AC World NR Index returned -0.4% in dollars over the quarter. Emerging market equities underperformed developed market equities, with the MSCI Emerging Markets NR Index losing 8.1% over the quarter.
Portfolio review The portfolio produced positive returns over the quarter, ahead of the MSCI AC World NR Index. Japan Tobacco experienced another good quarter in terms of performance. The company continued to gain market share in the local market, reaching 60.7% during May. We believe it remains attractively priced, with a free cash flow yield of 5.7%, despite its improving capital allocation and accelerating best-in-class earnings growth. Microsoft was a major driver of our positive performance during the period. The company announced the availability of Windows 8.1, highlighting the faster pace and cadence of innovation. The announcement of its partnership with Oracle Corp software to share intellectual property on its cloudbased platforms was also encouraging. It increases the overall value proposition of the Windows Azure platform, making it easier for many existing on-premise enterprise apps to move to Azure. Despite the strong performance this year, it still trades on a free cash flow yield of 12%. SK Telecom, South Korea's leading mobile operator, enjoyed a strong rerating over the past year, buoyed by impressive first quarter 2013 numbers. Two of the market's key concerns surrounding the company have been the regulatory environment and the group's investment in SK Hynix. For now, the industry appears to be enjoying a let-up in regulatory pressure, with less rate cut pressure and better management of subsidies. Meanwhile, SK Hynix has benefited from an upturn in the dynamic random-access memory (DRAM) cycle and the potential for a less competitive framework, thanks to industry consolidation. Medtronic also performed well during the quarter. Our belief that the slower growing parts of the group - Cardiac Rhythm Management and Spine - were on the verge of being superseded by more important, faster growing areas such as Cardiovascular was confirmed by the fourth quarter 2012 results, thanks to success in capturing market share. Management has high expectations going forward, driven by new product launches and emerging market growth. As with last quarter, gold shares continued to be a drag on performance. Already under significant pressure due to poor cost discipline and capital allocation by previous management, historically low valuations provided no support for the slump in the gold price. The second quarter of 2013 witnessed gold's worst quarterly performance since President Richard Nixon cut the link between the yellow metal and the dollar in the early 1970s. The falling gold price has magnified gold shares' leverage to the metal, both in terms of tighter margins and also through financial leverage owing to weakening balance sheets. The portfolio has exposure to high-quality, low risk investments (78%) and out-of-favour turnaround stocks (22%).
Portfolio positioning Emerging markets suffered a volatile quarter, with all markets posting a loss over the period. Despite the short term pain, we believe the long-term growth story in these markets remains enticing. Indeed, the consumption per capita trends in emerging markets compared to that of Europe or the US, show ample scope to grow. Add to this a growing population and improving GDP per capita, and you have an enticing cocktail for rapid volume growth. Superior volume growth can also translate into superior revenue growth - brands with excellent market positions and pricing power can raise local currency prices to offset any currency-led depreciation against a basket of developed world economies.
  • Fund focus and objective  
The Ninety One Global Franchise Feeder Fund aims to achieve long term capital growth. The Fund aims to achieve this by investing in the Ninety One Global Franchise Fund, a sub-fund in the Ninety One Global Strategy Fund umbrella scheme domiciled in Luxembourg.
The underlying fund primarily invests in shares of companies around the world. The underlying fund will have a blend of investments and will be unrestricted in its choice of companies either by size or industry or in terms of geographical make-up of the portfolio. It will focus investment on securities deemed to be of high quality which are typically associated with global brands or franchises.
The Feeder Fund consists solely of participatory interests in the underlying fund and other securities (including financial instruments and assets in liquid form) as allowed by the Act.

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