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We believe that the benchmark choice and resulting returns form the most important elements of an equity strategy - by investing in a passive vehicle the returns to investment strategies are known. By applying a full replication strategy there is no risk of deviation from the chosen benchmark.
Cumulative Growth Over Time
Minimum Disclosure Document (Fund Fact Sheet)
Source of graph: Morningstar and Sanlam Investments
This graph illustrates how an investment of R100 would have grown had you invested for the time period displayed. Like everything in life, all investments can change and come with some degree of risk. That’s why we need this disclaimer, to tell you that past performances are not necessarily a guide to future performances, and that the value of investments/units/unit trusts may go down as well as up. The performance shown by this graph happened in the past and is not guaranteed. The performance is calculated by taking into account initial and ongoing fund manager fees and assumes that you reinvested all the income earned by the fund over this period.
The other line on the graph is for the performance of the designated benchmark of the fund – normally either an index or other funds in the industry that are comparable to the fund you’ve chosen.
The Manager has the right to close the portfolio to new investors in order to manage it more efficiently in accordance with its mandate. The actual fund performance can be viewed on the Minimum Disclosure Document. Annualised return is the weighted average compound growth rate over the period measured.
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Chief Executive Officer – Satrix
With a CFA and multiple degrees in Maths and Applied Maths, Helena clearly knows numbers. She started in a small start-up investment team, cut her teeth as a statistical research officer at Sanlam Life and also worked on the creation of Sanlam’s linked-product company, now known as Glacier. Since rejoining Sanlam Investment Management in 2000, Helena has built up a smart-thinking team that manages the largest equity portfolio of exchange traded funds (ETFs) in South Africa. They also have more than R30 billion in assets under management. That's quite a number.
Retail Class (%)
Advice fee | Any advice fee is negotiable between the client and their financial advisor. An annual
advice fee negotiated is paid via a repurchase of units from the investor.
The portfolio manager may borrow up to 10% of the market value of the portfolio to bridge insufficient
liquidity. This fund is also available via certain LISPS (Linked Investment Service Providers), which
levy their own fees.
Total Expense Ratio (TER) | The Total Expense Ratio (TER) is the charges incurred by the portfolio,
for the payment of services rendered in the administration of the CIS. The TER is expressed as a
percentage of the daily NAV of the CIS and calculated over a period of 1 year. The TER is calculated
from 01 July 2016 to 30 June 2017. A higher TER does not imply a poor return nor does a low TER
imply a good return.
The Transaction Cost (TC) is the cost incurred by the portfolio in the buying and selling of underlying
assets. This is expressed as a percentage of the daily NAV of the CIS and calculated over a period
of 1 year. Obtain the costs of an investment prior to investing by using the EAC calculator provided
Traditionally, investment advice come with a fee of up to 1%. But our smart online system is working to make investing cheaper and more profitable for you and hence no initial or annual advice fees will be charged. The management fee you do pay is based on the fund selected and calculated on your total contributions, and then applied to the overall value of your portfolio.
YOUR INVESTMENT WILL NOT CHARGE THE FOLLOWING FEES
SO YOU’RE ONLY CHARGED THE RELEVANT FUND-MANAGEMENT FEE
Satrix is a South African ETF pioneer and caused a shake-up in the SA investment space when it introduced the country to ETFs in 2000 by launching the first ETF listed on the JSE. The Satrix TOP 40 ETF needs no introduction and serves as the go-to broad market exposure investment option for professional and amateur investors alike. So transformative have the Satrix product set and access options been to South Africans that people often (erroneously) refer to all index trackers as Satrix.
Since 2000 Satrix has listed 12 more ETFs. In fact, in 2017 alone it added a property ETF, an inflation-linked bond ETF, a Quality factor ETF and three offshore ETFs to its range. You can now build a completely diversified portfolio of local asset classes using only low-cost Satrix ETFs.
To make investing ever easier and cheaper (and online) we started working with the ground-breaking team at EasyEquities. The low-cost, no-minimum, online platform they had developed, which allowed fractional share trading, is perfect for our clients too. In no time at all we had our very own www.SatrixNOW.co.za platform up and running, which allows you to do everything online with no annual fees and extremely low trading costs. With SatrixNOW there really are no excuses as you can invest as little as R10.
Political uncertainty remained an important feature globally, as US President Donald
Trump dismissed FBI director James Comey, which raised doubts over the ability of
the administration to push its fiscally expansive policies. In Europe, French and
Italian political uncertainty faded, as the moderate Emmanuel Macron won the
French presidential and later parliamentary elections convincingly, while the
possibility of an early election in Italy was ruled out.
South Africa started the last quarter on the wrong foot with the unexpected Cabinet
reshuffle at the end of March. This markedly increased political uncertainty, and
coupled with credit downgrades, weighed heavily on domestic confidence and
subsequent consumer sentiment. As such, a business cycle recovery will likely be
protracted until such time that confidence recovers. To add insult to injury, firstquarter
GDP posted a dismal -0.7%, plunging the economy into a technical
recession. Growth expectations for 2017 is seen at 0.75% (down from about 1.5% at
the start of the year), with a recovery to 1.25% in 2018, mostly driven by a rebound
in household demand.
Global equity markets advanced in the second quarter of 2017 with the MSCI World
Index returning 4.2% in US dollars, and 12% year-to-date. A strong corporate
earnings season and generally positive economic data supported gains, while
political risk eased in Europe. Emerging market (EM) equities, however,
outperformed their developed world counterparts, returning 18.2% during the first
half of 2017. This streak of outperformance is now six months long, as this region
continues to benefit from a supportive global backdrop. Top performers in EM were
Poland (+33%), Turkey (+29%) and South Korea (+28%), while Russia experienced
a sharp decline (-15%) amid a fall in Brent crude prices. In terms of global style
performance, Growth (+7.0%), Quality (+5.1%) and Price Momentum (+5.5%) have
been the clear outperformers since the start of the year.
Year to date, South African equities (SWIX) delivered a mild 3.3%, slightly
underperforming bonds (+4.0%) and cash (+3.7%) as expectations of a delayed
economic recovery and political uncertainty weighed on equities. Within equities we
saw divergent sector performances, as Industrials added 9.0%, while Resources fell
4.6% and Financials added 1.1% over the first half of 2017.
Over the last three months, the SWIX return was flat. In terms of major contributions
to this return, Media (Naspers) was the star performer, as Tencent continued to
improve its competitive position and market share, although June saw profit-taking
in the global tech sector. Some noticeable contributions also came from Steinhoff
(+4.5%), which outperformed as it announced the proposed listing of its SA retail
assets. Aspen (+4.5%) also bounced back, driven by a rally in the euro/US dollar
exchange rate. Materials (-6.7%) detracted the most, given weaker precious metal
prices, exacerbated by the introduction of the new mining charter. This was followed
by Discretionary Retailers (-9.3%), out of favour, as business/consumer confidence
nosedived. Telecoms also contributed negatively, as MTN (-6.5%) fell again, partly
driven by oil prices declining (Nigeria) over the quarter.
Dividend yield, as well as other Value measures experienced a fantastic
performance during the 2016 calendar year, shedding a forgettable Value cycle
since 2012. Thus far in 2017, the yield factor has struggled to get out of the blocks
despite the continuing high levels of economic and policy uncertainty typically being
a fertile environment for this factor. While it appears that the Value style turnaround
from 2016 has somewhat stalled in line with protracted domestic economic recovery,
this portfolio strategy is also positioned with a meaningful overweight in Resource
counters, in line with the attractive relative dividend yields in the sector. With
industrial metal prices down in the second quarter, and iron ore prices falling heavily
on concern of weaker demand from China and elevated stockpiles in the country,
South African Resources struggled, contributing negatively to the fund’s
underperformance. Exposure to Exxaro (EXX), Sibanye Gold (SGL) and African
Rainbow Minerals (ARI) played a strong role here. The concentrated nature of our
market index proxies and its Naspers exposure also largely contributed to the
relative underperformance; this index holds no Naspers exposure. Holdings in
Liberty Holdings (LBH), Vodacom (VOD) and Barclays Group (BGA) added to the
index’s relative performance. The FTSE/JSE Dividend Plus Index had no changes
during the prior quarter.