The Fund aims to provide capital growth over the long term
The Fund invests primarily in equities (e.g. company shares) that are trading below the rating (e.g. share price divided by company earnings) at which they traditionally traded in the past, relative to the market. The Fund also invests in shares trading at a discount to the net asset value of the company. The Fund will invest a minimum of 10% of its value in foreign equities up to a maximum of 30%,
other investments may include the units of other funds (including foreign funds) and derivatives (financial contracts whose value is linked to the price of an underlying asset)
Fund features
An equity-only fund where the manager prefers to buy out-of-favor, undervalued stocks which may lag the rest of the market for long periods. This means the Fund should be considered as a long-term investment to be held through an entire market cycle
Takes concentrated positions in stocks, which may lead to significant exposure to a particular sector or industry
Relative to the ALSI, periods of outperformance from purist value portfolios tend to be short and sharp, while periods of underperformance can be long. The Fund’s long-term track record of meaningful outperformance must be viewed in this context
John Biccard
Portfolio Manager
John is a portfolio manager at Ninety One with responsibility for our Value Equity Strategy. He...
Investment objective summary
The Fund aims to provide capital growth over the long term
The Fund invests primarily in equities (e.g. company shares) that are trading below the rating (e.g. share price divided by company earnings) at which they traditionally traded in the past, relative to the market. The Fund also invests in shares trading at a discount to the net asset value of the company. The Fund will invest a minimum of 10% of its value in foreign equities up to a maximum of 30%,
other investments may include the units of other funds (including foreign funds) and derivatives (financial contracts whose value is linked to the price of an underlying asset)
Fund features
An equity-only fund where the manager prefers to buy out-of-favor, undervalued stocks which may lag the rest of the market for long periods. This means the Fund should be considered as a long-term investment to be held through an entire market cycle
Takes concentrated positions in stocks, which may lead to significant exposure to a particular sector or industry
Relative to the ALSI, periods of outperformance from purist value portfolios tend to be short and sharp, while periods of underperformance can be long. The Fund’s long-term track record of meaningful outperformance must be viewed in this context
John Biccard
Portfolio Manager
John is a portfolio manager at Ninety One with responsibility for our Value Equity Strategy. He joined the firm in 2000 as the Sector Head of Industrials, a position he held until early 2003. Prior to joining the firm, John worked at HSBC Asset Management as a director of Institutional Asset Management for two years and prior to that, at Simpson McKie Stockbrokers (now HSBC Securities) as the head of financial and industrial research. He was also a director of the company. From 1990 to 1996, John was an analyst in the retail, construction, furniture, motor, media and general industrial sectors, and was ranked in the Financial Mail rankings between 1991 and 1996 in most of these sectors, achieving the top ranking in retail in 1994. John graduated from the University of the Witwatersrand with a Bachelor of Commerce degree in Economics and obtained his Honours through the University of South Africa. He is a CFA® Charterholder.
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