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  •  Northstar Sanlam Collective Investments Equity Fund (A)

4.79  /  0.52%


NAV on 2021/09/17
NAV on 2021/09/16 921.64
52 week high on 2021/06/02 968.6
52 week low on 2020/10/30 738.55
Total Expense Ratio on 2021/06/30 1.01
Total Expense Ratio (performance fee) on 2021/06/30 -0.09
Incl Dividends
1 month change -3.1% -3.1%
3 month change -2.31% -1.54%
6 month change 0.61% 1.4%
1 year change 21.06% 23.05%
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
Basic Materials 59.75 18.13%
Consumer Discretionary 71.94 21.83%
Derivatives 0.07 0.02%
Energy 2.81 0.85%
Financials 90.52 27.46%
Health Care 9.29 2.82%
Industrials 19.12 5.80%
Liquid Assets 11.36 3.45%
Real Estate 0.05 0.01%
Specialist Securities 4.21 1.28%
Technology 39.38 11.95%
Telecommunications 21.11 6.40%
  • Top five holdings
 NASPERS-N 30.50 9.25%
 BATS 18.52 5.62%
 FIRSTRAND 14.95 4.53%
 STANBANK 14.25 4.32%
 SASOL 11.66 3.54%
  • Performance against peers
  • Fund data  
Management company:
Sanlam Collective Investments
Formation date:
ISIN code:
Short name:
South African--Equity--General
ASISA Category Average
No email address listed.

No website listed.


  • Fund management  
Adrian Clayton
Marco Barbieri

  • Fund manager's comment

Northstar SCI Equity Fund - Dec 19

2020/02/27 00:00:00
The JSE Capped SWIX returned 6.8% in 2019, with the equity component of the Northstar SCI Equity Fund returning 5.18%. For the quarter the benchmark gained 5.28% and the por..olio 3.65%.
Although our chosen slightly underperformed the benchmark, 2019 was not a year for the fund with regards to our core competency, stock selec..on. Our research team generated 1% of alpha from this source over the year.
Our philosophy is around owning quality companies that are undervalued. This philosophy tends to deselect resource businesses – as they fail to show persistency of characteris..cs inherent within quality businesses low levels of debt, strong cash genera..on and consistency in producing returns on capital above the cost of that capital. The majority of resource company share prices bo..omed in early 2016, at the, they were producing losses, returns on capital and had indebted balance sheets. These companies are the top share price performers of 2019.
Being philosophically underweight resources resulted in a alloca..on effect (not being exposed to the top performing sectors of the JSE) for our fund of 2.45% over the past year. To understand this, one needs only look at the performance of the gold and pla..num sectors this year – 108% and 203% respec..vely. Of the top ten share performers on the JSE in 2019, eight were resource stocks. For the next 20 best performing stocks on the JSE for the year, we owned 11 of these.
We appreciate that the underexposure to resources detracted 2.45% for our clients and our strong stock selec..on skills (which added 1.1% of returns) could not fully offset that, implying that the fund underperformed its benchmark last year. However, we stress that although resources have delivered outstanding returns over the past three years of 20.5% annualized against the Capped SWIX of 3.5% annualized, have significantly underperformed the general market over longer frames – since the Capped SWIX was created 8 years ago, it has annualized 10.1% versus resources at 3.5%. Added to this, the level of vola..lity in commodity returns are elevated to the overall market.
The Northstar SCI Equity fund has 40 equity posi..ons which are trading on a weighted average discount to Northstar’s calculated intrinsic values of 18%. Although tail risks are present on the JSE, 18% is a fair margin of safety and we feel that investors should be well compensated for the rela..vely low risk posi..ons held within the fund.
  • Fund focus and objective  
The por..olio's investment universe consists of equity listed on the Johannesburg Stock Exchange and assets in liquid form. The por..olio may also invest in par..cipatory interests and other forms of par..cipa..on in por..olios of investment schemes, registered in the Republic of South Africa. The por..olio will be allowed to invest in listed and unlisted financial instruments (deriva..ves) as allowed by the Investment Schemes Control Act from to in order to achieve its investment The manager shall be permi..ed to invest on behalf of the por..olio in offshore investments as legisla..on permits.

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