NAV on 2021/09/17
|NAV on 2021/09/16
|52 week high on 2021/06/01
|52 week low on 2020/10/30
|Total Expense Ratio on 2021/06/30
|Total Expense Ratio (performance fee) on
Kagiso Collective Investments Limited (RF)
South African--Equity--Large Cap
FTSE/JSE Africa Top 40 index
Aslam graduated from the University of Cape Town in 2000 with a BBusSc. He started his career as an analyst with Coronation Fund Managers in 2001 and joined Kagiso Asset Management in 2004. He is currently a senior investment analyst and portfolio manager.Kagiso Asset ManagementKagiso Asset Management was established in 2001 as a (51%:49%) joint venture between the Kagiso Group and Coronation Fund Managers. In 2005 Coronation Fund Managers exited our business and Kagiso Asset Management and staff bought 30%. Independent administration and infrastructure was installed in 2006 and full operational independence from Coronation was established.On 1 October 2010, Kagiso launched its own unit trust management company, Kagiso Collective Investments Limited. Kagiso Collective Investments Limited is a subsidiary of Kagiso Asset Management. The Kagiso unit trust range is offered by Kagiso Collective Investments Limited.In 2011, management and staff increased their shareholding in Kagiso Asset Management to 49.9%.
Kagiso Top 40 Tracker comment - Sep 17
Meaningful and synchronized improvement in global growth has continued this quarter. Business sentiment indicators remain very strong with improvements across emerging markets. Over the quarter, developed equity markets were yet again strong across the board in dollar terms. Hong Kong (up 8.5%), Germany (up 7.7%) and France (up 7.8%) were again the outperformers. Emerging markets were also strong (up 8.0% in dollar terms).
The local economic outlook remains weak as confidence remains damaged by the actions of government and continuous news of rampant corruption in the public sector. Investment has contracted and household consumption growth has slowed to a crawl. State owned enterprises continue to be generally mismanaged, the mining sector faces a huge threat from a poorly constructed new Mining Charter, and there have been signs of the hollowing out of experience and credibility within the National Treasury. Against a very favourable global growth backdrop, South Africa's growth outlook is expected to remain one of weakest amongst emerging markets. The outcome of the ANC elective conference in December will be very important in determining the direction of future policy and the government's capacity to effectively implement it, and hence long-term growth prospects.
Despite the economic issues, the local equity market was also strong over the quarter (the All Share Index up 8.9%). Resources (up 17.7%) outperformed this quarter, with Anglo American and BHP Billiton contributing materially (up 42.2% and 22.2% respectively). Other strong performers were Kumba Iron Ore (up 39.8%) and African Rainbow Minerals (up 28.9%).
Industrials were also strong (up 8.3%), with heavyweights Naspers (up 15.0%) and Richemont (up 16.0%) contributing significantly, while British American Tobacco (down 4.2%) lagged. With the exception of Pick 'n Pay (down 2.4%) and Woolworths (flat), retailers were stronger after the weak previous quarter (Clicks up 12.9%, Truworths up 10.5%, Shoprite up 5.3%). Food producers were again weak this quarter (index down 1.0%). Financials were stronger this quarter (up 6.1%) as Insurers rebounded and Banks performed well.
The fund performed marginally below its Benchmark, the FTSE/JSE Top 40 Index, which closed the quarter up 9.98%.
The Kagiso Top 40 Tracker Fund is a specialist equity fund which is designed to replicate the performance of the top 40 shares of the FTSE/JSE Africa Top 40 index over time. The share portfolio is a selection of financially sound ordinary shares as indicated in the All Share Index. The fund manager aims to track the movements and replicate the performance of the FTSE/JSE Africa Top 40 index over time by investing in the correct ratios, weightings and proportions of the top 40 shares. The fund manager also uses derivatives to take advantage of undervalued shares and uses efficient trading strategies to minimise fund costs. This fund has no capacity for offshore exposure.