STANLIB Index comment - Sep 10 - Fund Manager Comment23 Dec 2010
The STANLlB Index Fund is a passively managed index-tracking fund. The aim is to replicate the performance of the FTSE IJSE All Share Index as closely as possible. The Fund is aimed at investors who seek exposure to the All Share Index at a reduced cost. This exposure is achieved by purchasing the index constituents in the correct proportions. At the end of September 201 0, Life healthcare was introduced to the index and the fund has been repositioned for this change. The Fund returned 13.39% for the quarter ending September 2010, compared to the benchmark FTSE I JSE All Share Index return of 13.29%.
Looking ahead
We will maintain our tight tracking error to the FTSE I JSE All Share Index whilst keeping track of and adjusting for quarterly index reviews. British American Tobacco remains excluded from all JSE indices. We assume that Massmart will be de-listed if a firm offer from Wal-Mart is accepted by shareholders. This transaction is in the early stages and completion will only be achieved during 2011.
STANLIB Index comment - Dec 09 - Fund Manager Comment24 Feb 2010
Fund Review
The STANLIB Index Fund is a passively managed index-tracking fund. The aim is to replicate the performance of the FTSE IJSE All Share Index. The fund purchases a portfolio of stocks, which should very closely track the performance of the FTSE IJSE All Share Index. The fund is aimed at investors who seek exposure to the All Share Index at a reduced cost. The fund returned 10.35% for the quarter ending December 2009, compared to the benchmark FTSE I JSE All Share Index return of 11.44%.
Looking Ahead
It is clear from the latest GDP data release that the local economy is slowly exiting the recession. The combination of a global economic recovery, sustainably low domestic interest rates, the hosting of the 2010 Soccer World Cup, ongoing infrastructural activity and a sound banking system should provide the basis for a solid, albeit somewhat unexciting, economic recovery in South Africa during the next 12 months which should be good for the local equity market. We will maintain our tight tracking error to the FTSE I JSE All Share Index whilst keeping track of and adjusting for quarterly index reviews.