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40.08  /  0.44%


NAV on 2021/09/23
NAV on 2021/09/22 9149.05
52 week high on 2021/06/02 9555.09
52 week low on 2020/10/30 7102.45
Total Expense Ratio on 2021/06/30 1.57
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -0.97% -0.97%
3 month change 1.75% 2.64%
6 month change 2.59% 3.49%
1 year change 24.37% 26.28%
5 year change 0.03% 2.45%
10 year change 7.55% 9.71%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Basic Materials 536.18 30.15%
Consumer Discretionary 287.48 16.16%
Consumer Services 0.00 0.00%
Derivatives -0.06 0.00%
Energy 27.92 1.57%
Financials 414.85 23.32%
Health Care 9.27 0.52%
Industrials 101.86 5.73%
Liquid Assets 34.29 1.93%
Oil & Gas 0.00 0.00%
Real Estate 78.16 4.39%
Technology 196.31 11.04%
Telecommunications 92.37 5.19%
  • Top five holdings
 NASPERS-N 148.58 8.35%
 ANGLO 92.55 5.2%
 FIRSTRAND 77.45 4.35%
 IMPLATS 69.56 3.91%
 MTN GROUP 56.51 3.18%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
South African--Equity--General
FTSE/JSE Capped Shareholder Weighted Index



  • Fund management  
Grant Watson
- 24 years of investment experience
Warren Mcleod
- 19 years of investment experience

  • Fund manager's comment

Old Mutual Managed Alpha Equity comment - Dec 19

2020/02/24 00:00:00
Globally, towards the end of quarter 3 2019, there were increased recession risks. Thanks to the easing of trade tensions and monetary policy the outlook of recession risks was dampened, which resulted in improved business sentiment. There are still lingering uncertainties around geopolitical tensions and the US elections could dampen corporate confidence. Global monetary policy is expected to remain expansionary. Low inflation will result in continued low interest rates.
The South African economy felt the effects of poor global economic growth support in 2019. The Moody’s downgrade reduced investor confidence. Inflation was low in 2019 and it is expected to continue in the early part of 2020 but to gradually lift through the later part of 2020. Interest rate cuts are expected in 2020 but a confidence improvement will have a far stronger impact on growth than a cut in interest rates. Politics, lack of reform and Eskom’s load-shedding are the biggest risks to the South African economy.
The FTSE/JSE Capped Shareholder Weighted Index (Capped SWIX) ended the fourth quarter in the positive, up 5.27%. The subsectors which performed best for the quarter were platinam & precious metals (up 46.96%) and pharmaceuticals and biotechnology (up 30.87%). The two subsectors which were hurt were fixed-line telecommunications (down 49.89%) and beverages (down 15.04%). The local currency strengthened against the greenback, pound sterling and euro for the quarter ending December 2019.
We continue to focus on constructing a portfolio enabled to profit from the varying market themes. We strongly believe that it is different themes or factors that drive the market at a point in time. It is through this investment belief and rigorous risk management that we are capable of maximising long-term capital growth. Prevalent sector tilt remains, with the resources sector preferred, shown in an overweight position in basic materials. Medium-term momentum or sentiment is attractive and our portfolio is positioned accordingly. High beta shares relative to the overall equity market are attractive
  • Fund focus and objective  
OLD MUTUAL MANAGED ALPHA EQUITY FUND is a general equity domestic portfolio. In selecting securities for this portfolio, the Manager shall seek to achieve an investment medium for investors, which shall have as its main objective to obtain steady growth of capital by endeavoring to exceed the long term average return of the general equity funds. In order to achieve this objective, the portfolio will invest mainly in South African investments at all times as required of domestic funds. The portfolio will predominantly invest in equities. The portfolio will further invest in non-equity, money market instruments and listed property to the limits as required of portfolios to be listed under the general equity sector. The portfolio will be managed using a proprietary quantitative investment process that entails the analysis of investment styles such as value, growth, momentum and other proprietary research factors. This portfolio may make use of derivatives, within the limitations prescribed by the Regulations, in order to achieve its investment objectives.

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