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3.07  /  1.41%


NAV on 2021/09/22
NAV on 2021/09/21 214.61
52 week high on 2021/08/31 223.55
52 week low on 2020/10/30 164.51
Total Expense Ratio on 2021/06/30 1.66
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -1.66% -1.66%
3 month change 2.58% 2.86%
6 month change 5.6% 5.88%
1 year change 28.14% 28.62%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Basic Materials 869.15 18.13%
Consumer Discretionary 711.65 14.85%
Derivatives -0.03 0.00%
Financials 1065.97 22.24%
Fixed Interest 25.00 0.52%
Health Care 127.56 2.66%
Industrials 450.47 9.40%
Liquid Assets 13.31 0.28%
Real Estate 49.70 1.04%
Technology 213.89 4.46%
Telecommunications 230.48 4.81%
Offshore 1035.93 21.61%
  • Top five holdings
OLDMUTMACEQ 715.17 14.92%
RUOMMSEMERG 320.68 6.69%
 FIRSTRAND 292.22 6.1%
 ABSA 245.37 5.12%
 ANGLO 245.25 5.12%
  • 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
ASISA Category Average



  • Fund management  
Brian Pyle
Brian joined Old Mutual in 1998 and moved to Old Mutual Equities in 2012. In addition to his role as portfolio manager, Brian is the assigned analyst of many companies within the consumer and industrial sectors. Before joining Old Mutual Equities, Brian headed up Old Mutual Investment Group's Equity Research Unit, where he had oversight of a team of specialist equity portfolio managers and analysts. Brian has 19 years of industry experience. Brian is currently the portfolio manager of the Old Mutual Industrial Fund, an SA based mutual fund. He is also an analyst for the industrial sector.
Siboniso Nxumalo
- 14 years of investment experience

  • Fund manager's comment

Old Mutual Equity comment - Dec 19

2020/02/24 00:00:00
As the 2010s ended, the FTSE/JSE SWIX Index recorded a 9% return for 2019. Resources, led by precious metals, were the outperformer yielding a 29% return, followed by industrials and financials with 9% and 0.6%, respectively.
The last decade started with euphoria as South Africa proved doubters wrong by successfully hosting the FIFA World Cup. The rest of the decade was less effervescent. Nelson Mandela’s passing three years later seemed to underscore the rising corruption and falling confidence that was stifling economic growth. There was no global boom to counter our home-grown problems. The global financial crisis cast a longer shadow than many had forecast. The global growth engine sputtered inspiring unprecedented levels of quantitative easing and ultralow interest rates in the developed world. Europe flirted with Grexit and then Brexit. The US elected the most controversial president in recent history. Governance scandals and climate change concerns moved ESG into focus. All the while, increasingly powerful smartphones and ubiquitous internet changed what we take for granted. Ten years ago this sentence wouldn’t have made sense to most South Africans: I watched Netflix on my iPhone while I Uber’d to my Airbnb.
Now we have witnessed the dawn of a new decade. What are the risks and opportunities facing investors as we enter the 2020s? The status of the US as global economic and military leader is facing greater challenges. Rising inequality and youth unemployment are not uniquely local problems, nor is the resultant populism. Geopolitical tensions and trade spats are therefore likely to remain a long-term risk. Fortunately for consumers, conflicts in the Middle East will have a less dramatic impact on the oil price due to the US shale boom during the last decade. Ageing populations and growing government debt will be a drag on first world growth. From electric vehicles to blockchain, technological change will continue to creatively disrupt established business models. South Africa may prove doubters wrong again but as with the 2010s we are unlikely to be bailed out by soaring global growth.
How are we building portfolios in this environment? Our large positions in British American Tobacco, telecommunications and banks reflect our view that companies with strong management teams and resilient balance sheets that can deliver growing dividends will become increasingly attractive. We seek out counters with overly pessimistic expectations implied in their prices and catalysts on the horizon to unlock value. There are pockets of value emerging within “SA Inc” in companies that will benefit once green shoots emerge in the local economy. One such company is Wilson Bayly Holmes. True, the chunky contracts of the 2010 World Cup era are not on the table. However, faced with little competition, their order book is filling up with less traditional work like repurposing office space into residential property. Simultaneously, state-owned enterprise tenders are starting to flow again after a period of focusing on cleaning up governance. We look forward to unearthing more overlooked opportunities in 2020.
  • Fund focus and objective  
The fund aims to offer long-term capital growth through investing in a broad spectrum of South African and international shares.
This fund is suited to investors seeking long-term capital growth through exposure to a broadly diversified portfolio of South African and international shares. These investors can tolerate South African and international stock market volatility and exchange rate fluctuations
The fund invests in shares across all sectors of the South African and international stock market. The exposure to South African shares will focus predominantly on the top 100 shares by market capitalisation as listed on the FTSE/JSE All Share Index (J203). The offshore exposure is limited to 30% of its portfolio (with an additional 10% for African ex- SA investments).
The fund aims to achieve its performance objective through well-researched and superior share selection. Derivatives may be used for efficient portfolio management purposes. The fund aims to achieve long-term inflation-beating growth, and therefore may hold a higher allocation to equities than what is allowed in terms of Regulation 28 of the Pension Funds Act. This fund is therefore not Regulation 28 compliant.

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