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Unit trusts in double troubl... An 'afterthought' with a kick... JSE computer settlements may reduce ta... Where there's a will, there's a way to a... Financial regulation laggin... Investment vehicle for the well-heele... UNIT TRUSTS:Sanlam Income Fun... Does windfall make investor a provisiona... Cover for those silly mistakes that cos... The ins and outs of personal liability c... R11 000 demutualisation bonus for policy... If banks let you down, vote with your fe... SA taxman casts his net towards foreign ... Building a nest egg for your old ag... Avoid past performance trap... The truth behind all those figure... |
FLEMING MARTIN ACORN GROWTHThis fund has 1 507 unitholders and assets under management of R163-million. Launched in February 1996, it is managed by Donald Glyn for Fleming Martin
OBJECTIVE: To outperform the JSE all-share index over the longer term.
TARGET MARKET: Investors wanting superior, long-term performance from a quality portfolio comprising established and emerging growth companies. CHARGES (incl VAT): Compulsory: 0.75%. Initial: 5.46% (on sliding scale). Annual service fee: 1.14%.
MINIMUM INVESTMENT: Lump sum: R1 000; monthly: R100.
PAST PERFORMANCE (per Micropal): SINCE LAUNCH Fund: 23.3% Inflation: 17% JSE all-share index: 6.3% Sector average: 18.5% Performance is calculated on a buy-to-sell basis with income reinvested.
PAST TWO INCOME DISTRIBUTIONS: March 1997: 1.00 cent (49% interest, 51% dividends). September 1997: 0.91 cent (34% interest, 66% dividends).
TOP 10 HOLDINGS: Profurn; Orion Selections; Momentum; Investec; Persetel; QData; Libhold; Teljoy; Bidvest; Metlife; Reggies.
TELEPHONE NUMBER: (011) 447-7200
ABOUT THE FUND MANAGER
AGE: 43
QUALIFICATIONS: BCom; BAcc; CA (SA)
EXPERIENCE: Fourteen years in asset management with Martin & Co stockbrokers and Fleming Martin. Has managed the fund since inception.
INVESTMENT ATTITUDE: The fund's investment approach has fundamental research at its core. Scouring blue chips for value and identifying the blue chips of tomorrow lies at the heart of our approach to share selection. In American parlance, our investment style is perhaps best described as "growth at a reasonable price". The portfolio is therefore likely to comprise a mix of well-known, large capitalisation shares and lesser-known medium and small capitalisation shares which we have identified as having superior potential. The fund is likely to be fully invested as a norm.
VIEW ON PAST PERFORMANCE: The fund has achieved its longer-term objective of consistently outperforming the JSE all-share index. This consistency in performance has helped to maintain the fund in the upper quartile of general equity unit trusts.
THE FUTURE: The proposed demutualisation of Sanlam and Old Mutual will have a significant impact on the economy. Its principal result will be a windfall gain to private investors who we expect will consume at least a part of it. With the amount to be spent likely to be R20-billion to R25-billion, we expect private consumption expenditure, especially durables spending, to benefit most strongly. The fund is already well-positioned to take full advantage of this.
INDEPENDENT ASSESSMENT
This is a small fund formed early in 1996. It has shown relatively good, steady performance since then, beating the relevant indices. Fund manager Donald Glyn has 14 years' experience in asset management at Martin & Co and Fleming Martin, so the fund can be expected to continue its good performance.
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