SA Unit Trust

Ninety One Value Fund

Latest NAV Price

15.28
25 November 2020

NAV daily change %

1.38

Dealing currency

ZAR

Fund size

ZAR 3.31 B
30 October 2020

Latest NAV Price

15.28
25 November 2020

NAV daily change %

1.38

Dealing currency

ZAR

Fund size

ZAR 3.31 B
30 October 2020

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

      25/11/2020
      The value of investments, and any income generated from them, can fall as well as rise. Past performance is not a reliable indicator of future results. If the currency shown differs from your home currency, returns may increase or decrease as a result of currency fluctuations. Investment objectives and performance targets may not necessarily be achieved, losses may be made. We recommend that you seek independent financial advice to ensure this Fund is suitable for your investment needs. Where a shareclass has been in existence for less than 12 months, performance is not disclosed. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. The Trailing Returns chart may use different Sector performance start dates compared to other performance charts or other marketing literature which may result in minor differences.

      Key facts & Downloads

      • Domicile

        South Africa
      • ISIN

        ZAE000171575
      • Risk profile

        6
      • Benchmark

        87.5% FTSE/JSE All Share Index TR (ALSI) + 12.5% MSCI AC World NR (ACWI)
      • ASISA category

        ASISA SA Equity General
      • Fund inception date

        02/05/1997
      • Unit inception date

        01/10/2012
      • Minimum investment

        LISPs or R10,000,000
      • Valuation & transaction cut-off

        16.00 SA Time (forward pricing)

      Portfolio & Holdings

      Date as of 31/10/2020
      Sum Of Local Assets
      61
      Equities
      60.5
      Cash / Money Market
      0.3
      Property (listed)
      0.2
      Sum Of Foreign Assets
      39
      Equities
      30.9
      Cash / Money Market
      4.7
      Commodities
      3.4

      Distributions & yields

      Most recent distribution payments
      Distribution amount
      ZAR0.0281
      Declaration Date
      31 March 2014
      Ex-distribution date
      01 April 2014
      Payable date
      07 April 2014

      Charges

      Initial fund fee %

      0.00

      Annual management fee %

      0.45

      Maximum annual management fee %

      2.60

      Total expense ratio (TER) %

      1.48

      Transaction cost %

      0.48

      Total investment charge %

      1.96
      Fees rates are shown excluding VAT. TER, Transaction Cost and Total Investment Charge are shown including VAT.
      Inclusive in the TER of 1.48%, a performance fee of 0.80% 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, 87.5% FTSE/JSE All Share Index + 12.5% 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 0.45% and a maximum fee of 2.60% 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.

      Geographic / Sector

      Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean that the resulting value may decrease whilst portfolios more broadly invested might grow.

      All information provided is product related, and is not intended to address the circumstances of any particular individual or entity. We are not acting and do not purport to act in any way as an advisor or in a fiduciary capacity. No one should act upon such information without appropriate professional advice after a thorough examination of a particular situation.

      Collective investment scheme funds are generally medium to long term investments and the manager, Ninety One Fund Managers SA (RF) (Pty) Ltd, gives no guarantee with respect to the capital or the return of the fund. The value of participatory interests (units) may go down as well as up. Funds are traded at ruling prices and can engage in borrowing and scrip lending. The fund may borrow up to 10% of fund net asset value to bridge insufficient liquidity. A schedule of charges, fees and advisor fees is available on request from the Manager which is registered under the Collective Investment Schemes Control Act. Additional advisor fees may be paid and if so, are subject to the relevant FAIS disclosure requirements. Performance shown is that of the fund and individual investor performance may differ as a result of initial fees, actual investment date, date of any subsequent reinvestment and any dividend withholding tax. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Where the fund invests in the units of foreign collective investment schemes, these may levy additional charges which are included in the relevant Total Expense Ratio (TER). A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The ratio does not include transaction costs. The current TER cannot be regarded as an indication of the future TERs. Additional information on the funds may be obtained, free of charge, at www.ninetyone.com. Ninety One SA (Pty) Ltd is an authorised financial services provider and a member of the Association for Savings and Investment SA (ASISA).
       
      A feeder fund is a fund that, apart from assets in liquid form, consists solely of units in a single fund of a collective investment scheme which levies its own charges which could then result in a higher fee structure for the feeder fund.

      Money Market funds are not a bank deposit account. The price of each unit is aimed at a constant value. The total return to the investor is primarily made up of interest received and may also include any gain or loss made on any particular instrument.  In most cases this will merely have the effect of increasing or decreasing the daily yield, but in an extreme case it can have the effect of reducing the capital value of the fund.

      Offshore funds are sub-funds in the Investec Global Strategy Fund, 49 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg.

      Performance data source: © Morningstar.
      SA unit trusts: NAV-NAV, net of fees, gross income reinvested, in ZAR.
      GSF funds: NAV based, (net of fees, excluding initial charges), total return, in the share class dealing currency. Performance would be lower had initial charges been included.

      Morningstar Analyst rating™: Copyright © 2020. Morningstar. All Rights Reserved. The information, data and opinions expressed and contained herein are proprietary to Morningstar and/or its content providers and are not intended to represent investment advice or recommendation to buy or sell any security; are not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this Rating, Rating Report or Information contained therein.

      The overall rating for a fund, often called the ‘star rating’, is a third party rating derived from a quantitative methodology that rates funds based on an enhanced Morningstar™ Risk-Adjusted Return measure. ‘Star ratings’ run from 1 star (lowest) to 5 stars (highest) and are reviewed at the end of every calendar month. The various funds are ranked by their Morningstar™ Risk-Adjusted Return scores and relevant stars are assigned. It is important to note that individual share classes of each fund are evaluated separately and their ratings may differ depending on the launch date, fees and expenses relevant to the share class. In order to achieve a rating the share class of a fund must have a minimum three-year performance track record.

      For a full description of the ratings, please see our ratings guide. A rating is not a recommendation to buy, sell or hold a fund.

      The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular security. Figures may not always sum to 100 due to rounding.

      For an explanation of statistical terms, please see our glossary.