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  •  Alexander Forbes Investments Equity Fund of Funds (A)

-6.37  /  -0.86%


NAV on 2021/09/16
NAV on 2021/09/15 744.93
52 week high on 2021/04/16 777.35
52 week low on 2020/10/30 571.87
Total Expense Ratio on 2021/03/31 1.63
Total Expense Ratio (performance fee) on 2021/03/31 0
Incl Dividends
1 month change -3.42% -3.42%
3 month change -2.36% -2.36%
6 month change -3.23% -2.76%
1 year change 20.34% 21.97%
5 year change 3.37% 5.36%
10 year change 7.13% 8.81%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
General Equity 70.32 56.01%
Liquid Assets 0.48 0.38%
Spec Equity 54.75 43.61%
  • Top five holdings
U-CORTP20 38.28 30.49%
U-ABSSEEQ 37.55 29.91%
U-BCIGENE 32.76 26.1%
U-INVVAL 16.48 13.12%
  • Performance against peers
  • Fund data  
Management company:
Alexander Forbes Investments Unit Trusts Limited
Formation date:
ISIN code:
Short name:
South African--Equity--General
South African Equity General Unit Trust Category Average
  • Fund management  
Glenn T Silverman
Glenn qualified as a chartered accountant in 1990 after completing his articles with firm Kessel Feinstein. He then spent two years in commerce before joining a major asset management company where he gained two and a half years practical experience in research and fund management. He worked for the RMB Asset Management team before joining Investment Solutions
Alexander Forbes Investments

  • Fund manager's comment

Investment Solutions MM Equity comment - Mar 16

2016/06/28 00:00:00
The IS Equity Fund of Funds experienced one of the strongest quarters in history, returning 16.84% net of fees. This was well ahead of its benchmark's 4.50%. This has pushed outperformance into green territory over one and three years, and rapidly towards the five- and 10-year numbers.
All of the outperformance came from Investec and Coronation, which have lagged behind of late. Investec returned close to 40% for the quarter alone, delivering its best quarterly absolute and relative return since inception 19 years ago. The sharp recovery in Gold and Platinum shares was the main driver of performance as positions in Anglo American Platinum (+95%), AngloGold Ashanti (+92%), Gold Fields (+39%) and Impala Platinum Holdings (+88%) contributed positively - these four stocks account for nearly half of the portfolio. Despite the market moves seen in the first quarter, the positioning of the fund remains broadly the same, with the exception of Sappi, which has been replaced with ArcelorMittal. Coronation's strong performance mainly came from its Resources and Financials exposure. In its view, the rerating in the Resource sector was a consequence of the companies showing in their reported results that they were able to respond to a weakening environment in a more pragmatic than expected manner. Markets had also factored in too negative an outcome, and as a result prices had to re-rate. Likewise, Banks started to release results that made it evident that these business are well run, well provisioned and have good capital buffers that support their forward dividend yields despite the negative sentiment in December after the dismissal of Finance Minister Nhlanhla Nene and the threat of downgrades. Another positive was Old Mutual's announcement regarding the break-up of the group, which should unlock value for shareholders. Absa performed largely in line with the benchmark, with mixed results from its overweights and underweights. On the positive side, the zero holding in Naspers, Mondi, Woolies and Discovery, and being overweight Anglos, Bidvest, Standard Bank and AVI all contributed to performance. However, not holding Steinhoff or many of the precious metal counters (Sibanye, Harmony, Implats and Amplats) detracted from performance. Finally, the continued overweight to Mr Price, albeit it at a lower holding, negatively affected the portfolio. In an environment where deeply undervalued stocks rerate, Visio can be expected to lag behind its peers, and this quarter was no different. Being underweight precious-metal stocks and Financials resulted in the portfolio underperforming the benchmark. However, the manager's strong stock-picking ability was evident as Industrials outperformed the sector as a whole and helped nudge the portfolio into positive territory.
  • Fund focus and objective  
The Alexander Forbes Equity Fund of Funds will seek to provide returns above benchmark with greater diversification than traditional equity funds. The universe will consist of all equity CIS portfolios. Investment into other Fund of Funds CIS portfolios is not permitted. The Investment Solutions Multi-Manager Equity Unit Trust Fund of Funds portfolio will compete directly with other Equity Funds of Funds in the South African market. The fund is a medium risk equity portfolio aimed at adding value through buying participatory interests of other collective investment scheme portfolios. Investments to be included in the fund will, apart from assets in liquid form, consist solely of participatory interests in local and global portfolios in equities (including listed property) as legislation permits. With respect to participatory interests of portfolios operated outside of South Africa, the Manager and the Trustees will first satisfy themselves that the regulatory environment in which these portfolios are operated are of a sufficient standard to provide investors protection, as a minimum, equivalent to that in South Africa. The portfolio will have a minimum exposure of 80% in equities. Investments to be included in the portfolio will, apart from assets in liquid form, invest solely in a range of participatory interests of portfolios of collective investment schemes that have exposure to domestic and offshore equities, listed property, listed and unlisted financial instruments, as permitted by the Collective Investment Schemes Control Act no. 45 of 2002 (“CISCA”), and subordinate legislation promulgated thereunder. With respect to participatory interests of portfolios operated outside of South Africa, the manager and the trustees will first satisfy themselves that the regulatory environment in which these portfolios are operated, are of a sufficient standard to provide investors protection, as a minimum, equivalent to that in South Africa. The portfolio will be diversified among investment styles. The effective exposure of equities, excluding listed property, will vary in accordance with the requirements of the South African Equity General Portfolios ASISA Fund classification category, as amended from time to time. The manager will be permitted to invest, on behalf of the portfolio, in offshore investments, as legislation permits. There are no additional mandate investment limitations.

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