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-0.75  /  -0.64%


NAV on 2021/09/16
NAV on 2021/09/15 118.77
52 week high on 2021/03/11 127.95
52 week low on 2020/10/29 99.49
Total Expense Ratio on 2021/06/30 1.14
Total Expense Ratio (performance fee) on 2021/06/30 0.18
Incl Dividends
1 month change -4.8% -4.8%
3 month change -3.74% -3.74%
6 month change -6.27% -4.42%
1 year change 7.79% 9.92%
5 year change -1.81% 0.95%
10 year change 0% 0%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 32.67 33.10%
Consumer Discretionary 8.41 8.52%
Financials 13.50 13.68%
Health Care 2.27 2.30%
Industrials 1.79 1.81%
Liquid Assets 4.36 4.42%
Other Sec 5.03 5.09%
Specialist Securities 17.39 17.61%
Technology 10.37 10.51%
Telecommunications 2.91 2.95%
  • Top five holdings
U-NFEVAL 8.77 8.88%
 RICHEMONT 8.41 8.52%
 BHP 7.29 7.39%
 NASPERS-N 7.25 7.35%
U-NEWEQM 6.51 6.59%
  • Performance against peers
  • Fund data  
Management company:
IP Management Company
Formation date:
ISIN code:
Short name:
South African--Equity--General
FTSE/JSE All Share Capped index (J303)

No website listed.


  • Fund management  
Roeloff Horne
Roeloff has over 20 years’ experience in managing portfolios. He founded Eagle Asset Management and Bond Street Financial Services which became part of the MitonOptimal Group in 2002. Roeloff is responsible for the management of the suite of local and offshore multi-asset funds and portfolios.

  • Fund manager's comment

IP High Conviction Equity comment - Dec 19

2020/02/20 00:00:00
The Capped Swix Index delivered a positive 3.1% return in December 2019, taking the total return for the year to a positive 6.8%. All the major JSE sectors enjoyed a December Christmas / Year- end rally but it was resources leading the way with a 7% return compared to financials with a paltry 0.7%, once again being the laggards. Resource shares and particularly the gold and platinum sectors were the winners of 2019 rising by 107% and 202% respectively. The SA economy focused Small CAp Index lost 4% and financials gained a paltry 0.6% for the whole year. Global Equities were strong in December with the SA economy focused Small Cap Index lost 4% and financials gained a paltry 0.6% for the whole year. GlobalEquities were strong in December with the MSCI World gaining 2.9% and the MSCI Emerging Markets Index gaining 7.2%. (All in US dollars terms). Year to date the MSCI World rose 25% and the MSCI EM 15.4% The Rand rallied by 4.8% in December and ended the year marginally stronger againsst the US Dollar. Foreigners were continued sellers of SA equities but only sold R4.6bn in December bringing the total sales to R54.2bn in 2019 after selling R60bn in 2018.
The SARB disappointed and kept its policy rate unchanged for the fourth quarter of 2019 despite inflation declining to about a ten year low at 4.1% and Eskom once again announced unplanned breakdowns of 12300MW with stage 2 4 and even an uprecedented stage 6 load shedding. This electricity rationing will more than likely force a weak fourth quarter GDP outcome and the SA economy into recession once again. The early indicators for growth in October were positive with both mining and maufacturing growing again
The global scene in the fourth quarter of 2019 was dominated by encouraging news o n the progress made on the signing of a stage one trade deal between the world's two largest economies China and the US. Global equities and specifically value stocks have run hard on signs of a stabilization in global growth amidst further central bank looseing activity and fiscal stimulus from countries such as India, Australia, the UK and France. A clear victory for the Conservatives in the UK also removed the brexit uncertainty with the UK's departure from the EU now guaranteed at the end of January 2020. Global bond yields have also reversed their moves to new lows with the US 10 year bond settling in the 1.8 to 1.95% range.
As stated previously in 2019 we continue to see quite a fe areas of value on the Johannesburg Stock Exchange with several domestic sectors and shares trading at discounts to their 5 and 10 year average ratings. However, with the slow pace of reform and continued disappointments in critical areas of delivery such as electricity generation the prospects for growth in South Africa in 2020 remian poor and thus we are gognizant that these shares could remain cheap for the foreseeable future, as there is no near term catalyst to drive positive sentiment to unlock the inherent value. In addition, the prosepects of a full downgrade by all rating agencies of SA's credit rating to junk status in early 2020 could further impact negatively o n domestic sentiment and growth prospects although there is good argument to be made that this development has been priced into SA assets already. In these circumstances we have somewhat increased the weightings of our offshore exposure via additional purchases of naspers, BHP, Mondi and Anglos during the past quarter whilst keeping ecposure to cheap Sa economy focused shares such ABSA and Standard Bank amongst others. Any marked pick up in the pace of demonstrably deiverable reforms such as the award of further IPP contracts and sale of 5G bandwidth, state capture prosecutions and other signs that the Ramaphosa faction is firmly in control of the ANC economic agenda could result in a second wave of positive sentiment towards SA domestic focused companies.
  • Fund focus and objective  
The MitonOptimal IP High Conviction Equity Fund is a concentrated general equity fund. The investment objective of the portfolio is to maximise long term total returns by outperforming the FTSE JSE SWIX Index over 3 to 5 years.
The fund will typically hold no more than 20 stocks at any point in time. This results in a concentrated portfolio which reflects MitonOptimal's best investment view on the opportunities available in the local share market. The emphasis is on active stock selection and the portfolio is constructed on a basis, often
resulting in performance that is very different to that produced by the overall market. The Fund will not invest in foreign markets or other asset classes, but may hold foreign shares listed on the JSE. The holdings in the portfolio are selected from all of the economic sectors, including resources, financials and industrials and may include small/mid and large cap stocks within regulatory limits. It may invest in a broad range of participatory interests and other forms of participation in schemes covering a broad range of investment philosophies in order to achieve a portfolio that reflects the investment objectives of the portfolio.

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