You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

7.91  /  0.52%


NAV on 2021/09/17
NAV on 2021/09/16 1500.65
52 week high on 2021/06/02 1585.13
52 week low on 2020/09/25 1215.11
Total Expense Ratio on 2021/03/31 1.76
Total Expense Ratio (performance fee) on 2021/03/31 0
Incl Dividends
1 month change -2% -2%
3 month change -2.22% -2.22%
6 month change -1.63% -1.63%
1 year change 20.69% 23.61%
5 year change -2.4% -0.43%
10 year change 7.58% 9.38%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 249.68 16.17%
Consumer Discretionary 307.51 19.92%
Financials 373.75 24.21%
Fixed Interest 7.51 0.49%
Health Care 65.87 4.27%
Industrials 303.79 19.68%
Liquid Assets 10.20 0.66%
Real Estate 14.70 0.95%
Technology 169.96 11.01%
Telecommunications 40.66 2.63%
  • Top five holdings
 NASPERS-N 118.30 7.66%
 RBPLAT 114.71 7.43%
 SANTAM 78.94 5.11%
 AFRIMAT 78.22 5.07%
 KAP 66.40 4.3%
  • Performance against peers
  • Fund data  
Management company:
Nedgroup Collective Investments (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Equity--Mid and Small Cap
ASISA category average
No email address listed.


0860-123-263(RSA only)/+27-21-416-6011(Outside SA)

  • Fund management  
Abax Investments

  • Fund manager's comment

Nedgroup Investments Entrepreneur comment - Aug 17

2017/09/27 00:00:00
The Nedgroup Investments Entrepreneur Fund had a another reasonable month in August 2017 appreciating by 2.4% in comparison with its benchmarks, the JSE Mid-Cap Index up 4.5% and the JSE Small Cap Indices +2.1%.
Primary contributors to the fund’s performance in the month were Supergroup (solid results especially from separately listed Australian fleet leasing business), Italtile (eventually received Competition Commission approval for acquisition of Ceramic Industries minorities), Barloworld (encouraging news of accelerating activity in DRC where associate has been loss making) and KAP (another set of very encouraging financial results and a positive outlook communicated).
The fund’s under-performance against one of its benchmarks - the JSE Mid-Cap Index - over the last two months is primarily attributable to our tobacco exposure which has under-performed in the short term for reasons discussed last month; as well as zero exposure to gold shares, notably Sibanye and Gold Fields, which are heavy weightings in that benchmark. We do not see any value in these highly unpredictable, risky and difficult to manage businesses which are unlikely to ever be included in the fund and as a result we caution investors against drawing investment conclusions based on the short-term relative performance of the fund against this benchmark.
As we look to the future we note the recent very weak trading updates from Pioneer Foods (not owned), Rhodes Food (not owned) and Oceana Fishing (2.3% position) as a guide to just how tough things are for the South African consumer. While each of these companies have specific problems varying from currency translation effects, poor raw material acquisition decisions, management changes and weak commodity prices which have had an impact on the poor trading performance, we also read that a very weak consumer demand environment even for basic foodstuffs is a guide to just how much pressure the local consumer is currently experiencing. This continues to inform our South African consumer exposure in the fund which remains very limited.
As at the end of August 2017 the Nedgroup Investments Entrepreneur Fund’s weighted Price to Earnings, dividend yield and Price to Book ratios were 12.4X, 3.1% and 1.9X respectively.
  • Fund focus and objective  
The portfolio is suitable for investors who require specific exposure to small- and mid-cap sector shares as part of their overall investment strategy , with maximum capital appreciation as their primary goal over the long term.

Follow us:

Search Articles:
Click a Company: