MI-PLAN IP Beta Equity Fund comment - Mar 16 - Fund Manager Comment24 Jun 2016
The first quarter of 2016 was positive for South African equities with the FTSE/JSE SWIX index posting 5.88%, the FTSE/JSE Allshare 3.87% and the FTSE/JSE Top 40 1.50%. The unusually large discrepancies between these indices can be explained due to their relative holdings in shares impacted mostly by the stronger rand and extreme rally in gold and platinum shares. The FTSE/JSE Swix outperformance of the FTSE/JSE Allshare was due almost entirely to the much lower exposure to SAB and Richemont, thus benefitting from the stronger Rand. The FTSE/JSE Top 40 underperformed the FTSE/JSE Allshare due to the absence of gold and platinum shares in a quarter where the gold index delivered over 92% and the platinum index over 74%.
In the short term this fund continues to deliver returns in line with the median of the general equity unit trust sector, however in the long term it outperforms most competitors. The fund remains one of the most cost effective general equity unit trusts due to low trading costs and low fees.
MI-PLAN IP Beta Equity Fund comment - Dec 15 - Fund Manager Comment24 Feb 2016
Although this fund delivered a small positive returned for 2015, individual shares and sectors experienced more extreme outcomes. The Top 10 Resource index fell by 36.4% whilst the Top 25 Industrial Index gained 17.8%. The ongoing MTN fine saga found this share to be the second largest negative contributor to the fund, after Anglo American PLC. Once large mining shares, saw their values slashed in the wake of continued commodity weakness and spiralling debt. It was the stellar contributions of companies such as Naspers, South African Breweries and British American Tobacco that helped the fund end in positive territory. Exposure to foreign equity via the Sarasin feeder fund, also contributed positively in a year of Rand weakness.
In the short term this fund continues to deliver returns in line with the median of the general equity unit trust sector, however in the long term it outperforms most competitors. The fund remains one of the most cost effective general equity unit trusts due to low trading costs and low fees.