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-21.85  /  -0.3%


NAV on 2021/09/17
NAV on 2021/09/16 7187.79
52 week high on 2021/08/23 7451.8
52 week low on 2020/10/30 5634.39
Total Expense Ratio on 2020/12/31 0.86
Total Expense Ratio (performance fee) on 2020/12/31 0
Incl Dividends
1 month change -2.96% -2.96%
3 month change 1.36% 2.7%
6 month change 4.6% 5.98%
1 year change 12.07% 13.98%
5 year change 8.93% 11.39%
10 year change 12.48% 15.41%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Liquid Assets 0.03 0.00%
Offshore 3090.20 100.00%
  • Top five holdings
ASMLHOLDING 249.61 8.08%
LVMH 180.05 5.83%
SAP 133.34 4.31%
LINDEPLC 129.82 4.2%
SANOFI-AVENT 103.71 3.36%
  • Performance against peers
  • Fund data  
Management company:
Sygnia Collective Investments RF (Pty) Ltd
Formation date:
ISIN code:
Short name:
EURO STOXX 50 index



  • Fund management  
db x-trackers (Proprietary) Ltd.

  • Fund manager's comment

Sygnia Itrix Eurostoxx50 ETF - Jun19

2019/08/29 00:00:00
Developed-market central-bank policy easing has contributed to the longest-ever economic expansion - over 10 years. Global monetary policy easing reached new highs as the universe of negative-yielding bonds jumped to a record $13tn, gold to six-year highs and the S&P500 to all-time highs. Both the US Fed and ECB vowed to cut rates if necessary. The Bank of Japan has continued to ease monetary policy, because, on the back of trade tensions, global-manufacturing confidence indices have fallen into contraction, Citi's Global Economic Surprise Index has experienced the longest period of disappointing economic data on record and the Brent crude oil price dropped 20%. Amid escalating disputes, the World Bank downgraded its global growth outlook to the weakest pace in three years, forecasting 2.6% this year. The largest threat to the economic outlook is U.S. President Donald Trump's trade and tech wars, the latter being of particular concern, as 27% of the S&P500 Tech sector's revenue is exposed to China. Trump has an incentive to keep the market buoyant with 2020 elections around the corner, but the risk of miscalculation is high when using untested tools. Trump said that his meeting with China's President Xi Jinping at the G20 leaders' summit in Osaka went far better than expected and that he would not increase tariffs. He added, however, that he was 'in no hurry' to cut a trade deal.
South Africa's Q1 GDP fell the most in a decade, down 3.2% on the back of loadshedding issues. Seven of nine areas of the economy are in decline: agriculture declined a massive 13%, with farmers still unsure of their property rights, and mining was down 10% on power concerns. The rand lost considerable ground, breaking above R15 to the USD, and the yield curve rose to its steepest levels on record in response to a statement by ANC Secretary-General Ace Magashule that the organisation had decided to change the Reserve Bank mandate and begin 'quantity' easing. The ANC's economic transformation head, Enoch Godongwana, SARB governor Lesetja Kganyago, Finance Minister Tito Mboweni and President Cyril Ramaphosa confirmed that the party would not seek to nationalise the central bank nor expand its mandate. The South African Chamber of Commerce expressed concern that the government is 'at war with itself'. The debt market is concerned about continuing to fund state-owned enterprises, after Ramaphosa announced more front-end loaded support for Eskom in his State of the Nation address. Inflation rose to 4.5% in May, but the SARB's forecasting model suggests there is room for interest rate cuts. The IHS Markit US manufacturing purchasing managers index (PMI) declined to 50.1, its lowest level since September 2009, and consumer confidence is at two-year lows. The Fed cut its inflation forecast and suggested a rate cut could happen as early as July unless trade tensions and economic data improve. The 10-year Treasury note yield fell below 2% as US rates markets moved to price in roughly three rate cuts from the Federal Open Market Committee (FOMC) in 2019. This aggressive move is normally only associated with an economic recession, but the Fed is changing the reaction function that will encourage an inflation overshoot.
Eurozone inflation expectations plunged to a record low (1.1% on the five-year forward rate) as investors worry that the economy is slipping into 'Japanification', an inescapable period of stagnant growth and low interest rates. Unsatisfied with the market's view, Mario Draghi, President of the ECB, announced possible interest rates cuts and a fresh round of bond purchases. The TLTRO-III stimulus programme will start in September, and tax cuts have been announced in some of the major economies.
After three years of political deadlock over Brexit, the ruling Conservative Party is picking a new leader. Boris Johnson is the favourite to succeed Prime Minister Theresa May, and the new prime minister should be in place by the end of July. Johnson vowed to deliver Brexit with or without a deal. Brussels has underlined that it will not reopen Britain's EU withdrawal deal, stressing that the next prime minister should honour the deal that Theresa May brokered.
China's central bank added 500 billion yuan ($72 billion) to the financial system, the second-largest injection on record. The financial support was required after the government's first seizure of a bank in more than two decades drove up funding costs. The Chinese services sector is holding up well despite a slowing manufacturing sector (Chinese factory output slowed to its weakest pace on record), and infrastructure investment is being encouraged in order to ensure growth does not slow beyond the government's 'reasonable range'.
India's central bank cut its benchmark interest rate for the third time this year, to 5.75%, the lowest level in nine years, and signalled the possibility of further easing in a bid to support growth. However, the central bank suffered a blow to its credibility after the resignation of deputy governor Viral Acharya.
Russia's central bank cut the key interest rate and hinted at future reductions. Australia's central bank cut interest rates to a record low of 1.25%.
Fitch and Moody downgraded Mexico's credit rating against the backdrop of rising trade tensions. Fortunately, President Trump 'indefinitely suspended' his plans for U.S. tariffs on Mexico, removing the threat of a 5% tariff on Mexican imports.
Turkey's opposition party, the Republican People's Party, secured 54.2% of the vote in a re-run Istanbul mayoral election, striking a blow to President Tayyip Erdogan. FUND PERFORMANCE
The Sygnia Itrix Euro Stoxx 50 ETF delivered 3.0% for the quarter in rand terms, in line with its benchmark, the Euro Stoxx 50 Index.
The Fund benefitted from exposure to SAP, LVMH Moet Hennessy Louis Vuitton and Linde, while its exposure to Intesa Sanpaolo, Koninklijke Ahold Delhaize and Nokia detracted from performance. There were no changes in the tracked index’s constituents over the quarter. The Fund remains true to its investment objective of delivering returns that mirror those of the Euro Stoxx 50 Index.
  • Fund focus and objective  
Key points
* Diversify your investment portfolio offshore without exchange control limits.
* Protect yourself against rand fluctuations.
* Invest at low cost from as little as 0.20% p.a.
* Buy and sell real-time through a local stock broker.
* View the shares included in your investment portfolio at all times.
Exchange Traded Funds (ETFs) are passively managed investment funds that track the performance of an underlying index by investing directly in the underlying blue chip constituent shares. ETFs therefore allow investors to buy and sell an entire basket of stocks with a single trade.
ETFs are usually offered at lower costs than traditional managed investment funds because no active management is required. ETFs are listed on stock exchanges and can therefore be traded like single shares. Market makers provide real-time buy and sell prices and ensure liquidity. The international ETF market has grown exponentially in recent years as investors have become more aware of the negative impact of high costs on performance.
The underlying of the Sygnia Itrix Eurostoxx50 is the Dow Jones Euro STOXX 50®. This is one of the most widely known European Blue Chip Indices. The index is a free float market capitalisation weighted index, containing the 50 most liquid blue chip stocks from countries within the Eurozone.

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