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OLD MUTUAL TOP COMPANIES FUND
This fund has 69 515 unitholders and assets of R873-million. Launched in November 1991, it is managed by Adrian Allardice for Old Mutual Asset Management
OBJECTIVE: The fund invests in selected large and emerging SA shares showing above-average prospects for capital gains.
TARGET MARKET: Investors wanting access to a diversified portfolio of large and emerging shares and who wish to benefit from an equity investment devoid of direct mining and property investments.
CHARGES (incl VAT): Compulsory: 0.7%. Initial: 5.46% (on a sliding scale). Annual service fee: 1.14%.
MINIMUM INVESTMENT: Lump sum: R500; monthly: R100.
PAST PERFORMANCE (per Micropal): FIVE YEARS Fund: 157.9% Inflation: 48.8% JSE all-share index: 92.9% Sector average: 125.4% Volatility: 3.22 THREE YEARS Fund: 81.6% Inflation: 23.5% JSE all-share index: 31% Sector average: 51.3% Volatility: 3.22 Performance is calculated on a buy-to-sell basis with income reinvested.
PAST TWO INCOME DISTRIBUTIONS: June 1997: 7.62c (55% interest; 45% dividends). December 1997: 8.50c (49% interest; 51% dividends).
TOP 10 HOLDINGS: Didata; Anamint/De Beers; FNB; Fedsure; Richemont; Investec; Nedcor; Absa; Bidvest; Rembrandt/ Remgro/Tegkor.
TOLL-FREE: 0860 234 234
ABOUT THE FUND MANAGER
AGE: 43
QUALIFICATIONS: BCom; FIA
EXPERIENCE: Has been in investment management for 21 years, of which 10 were with Old Mutual. He is responsible for the Old Mutual Asset Management asset allocation process and has managed the fund since inception.
INVESTMENT ATTITUDE: We have taken the disciplined and consistent approach of looking for investments that offer good value. Our experienced team of analysts generates superior research over a large number of stocks listed on the JSE and other international exchanges.
VIEW ON PAST PERFORMANCE: The emphasis on electronic and financial shares has substantially benefited the performance of the fund over the past year. Remaining fully invested through the correction in the share market at the end of last year initially hurt the fund, but it has benefited fully from the subsequent recovery in prices.
THE FUTURE: Volatility is still high in the equity market, but returns are expected to improve once short-term interest rates start to fall. The focus remains on quality growth companies which are reasonably priced. Many of this type of share have already run hard over the past year and the fund has been picking up shares that have been temporarily neglected in expectation of good performance from them when the economic growth rate recovers.
INDEPENDENT ASSESSMENT
This fund was initially created to focus on the larger, established companies in SA. Over time, however, the fund has adopted a slightly more aggressive approach and has included emerging companies within its focus. The fund appears to lack some direction, though, in that it was created to focus on blue chip shares and is now including smaller companies. It is the more aggressive of the three Old Mutual general equity funds.
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