SA Unit Trust

Ninety One Value Fund

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Objective

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...

      Performance & returns

      Literature & factsheets

      Portfolio & Holdings

      Date as of 31/01/2026
      Sum Of Local Assets
      98.2
      Equities
      70.3
      FX
      26.6
      Cash / Money Market
      1.1
      Property
      0.2
      Sum Of Foreign Assets
      1.8
      Equities
      23.8
      Cash / Money Market
      3.2
      FX
      -25.2

      Distributions & yields

      Inclusive in the TER of 1.94%, a performance fee of 0.93% of the net asset value of the class of fund was recovered. The annual management fee is accrued daily, and the daily fee rate depends on fund performance over the previous 24 months (net of the A-class minimum annual fee rate) relative to a fee hurdle, 70% FTSE/JSE All Share Index + 30% MSCI AC World Index. If the fund underperforms this hurdle then the minimum annual fee rate applies. If the fund outperforms this hurdle then the annual fee rate is increased by 20% of the outperformance, subject to a minimum fee of 0.85% and a maximum fee rate 3% p.a.Please note the performance fee portion is the actual performance fee accrued expressed as a percentage of the average daily net asset value of the fund for the past three years.

      Specific fund risks

      Currency exchange

      Changes in the relative values of different currencies may adversely affect the value of investments and any related income.

      Derivatives

      The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.

      Equity investment

      The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company.

      Foreign Investment

      Investing in foreign securities may be subject to specific material risks pertaining to overseas jurisdictions and markets, including (but not limited to) potential constraints to local liquidity and the repatriation of funds, macroeconomic, political, tax, settlement risks, potential limitations on available market information and foreign exchange or currency fluctuations.

      Geographic / Sector

      Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may result in wider fluctuations in the value of the portfolio compared to more broadly invested portfolios.

      Important information

      The information, views and opinions provided are general in nature, for informational purposes only, and should not be construed as advice.

      No action should be taken without appropriate professional guidance. We do not act as advisors or in a fiduciary capacity.

      While we strive for accuracy and timeliness, we make no guarantees as to completeness or correctness and are not obliged to update the information.

      This material does not constitute a full summary of the risks associated with any product, fund, service or strategy.

      Relevant risk disclosures are available in the applicable documents, which can be requested free of charge.

      For details on specific funds, please refer to the relevant fact sheets.

      For mandatory disclosures about this investment, further important information on indices, fund ratings, yields, targeted or projected performance returns, back tested results, model return results, hypothetical performance returns, the investment team, the investment process and specific portfolio names, please click here.