STANLIB Index comment - Sep 11 - Fund Manager Comment21 Nov 2011
Fund Review
The STANLIB Index Fund is a passively managed index-tracking fund. The aim is to replicate the performance of the FTSE/JSE All Share Index ("the 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 most optimal proportions. Holdsports Limited, a sports, leisure and recreational goods retailer, as well as Property company Rebosis, were included in the index during the quarter. The Fund was repositioned for this change.
The Fund returned -5.9% for the quarter ending September 2011, compared to the benchmark FTSE/JSE All Share Index return of -5.8%. For the year ending September 2011, the Fund returned 3.7% against the Index return of 3.6%.
Looking Ahead
We will maintain our tight tracking error to the FTSE/JSE All Share Index whilst keeping track of, and adjusting for, quarterly index reviews
STANLIB Index comment - Jun 11 - Fund Manager Comment30 Aug 2011
Fund Review
The STANLIB Index Fund is a passively managed index-tracking fund. The aim is to replicate the performance of the FTSE/JSE All Share Index ("the 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 most optimal proportions. There were no additions or removals of constituents to the All Share Index. The acquisition of a 51 % stake in Massmart by WalMart was approved by the Competition Tribunal and as a result the free float of Massmart shares halved in value. The Fund returned -0.46% for the quarter ending June 2011, compared to the benchmark FTSE/JSE All Share Index return of 0.61%. For the year ending June 2011, the Fund returned 24.94% against the Index return of 24.64%.
Looking Ahead
We will maintain our tight tracking error to the FTSE/JSE All Share Index whilst keeping track of and adjusting for quarterly index reviews
STANLIB Index comment - Mar 11 - Fund Manager Comment24 May 2011
Fund Review
The STANLIB Index Fund is a passively managed index-tracking fund. The aim is to replicate the performance of the FTSE/JSE All Share Index ("the 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 most optimal proportions. In the first quarter of 2011, there were a number of free float changes, among the changes, Exxaro's free float factor increased to 30% from 20%, Telkom's rose to 75% from 50%, and Life Healthcare's decreased to 75% from 100%. The Fund has been repositioned for these changes.
The Fund returned 1.24% for the quarter ending March 2011, compared to the benchmark FTSE/JSE All Share Index return of 1.12%. For the year ending March 2011, the Fund returned 14.82% against the Index return of 15.15%.
Looking Ahead
We will maintain our tight tracking error to the FTSE/JSE All Share Index whilst keeping track of and adjusting for quarterly index reviews. The acquisition of a 51% stake in Massmart by Wal-Mart is on hold pending the outcome of the Competition tribunal on issues of competition raised by government. We will adjust the fund for any index changes brought by the deal.
STANLIB Index comment - Dec 10 - Fund Manager Comment02 Mar 2011
Fund Review
The STANLIB Index Fund is a passively managed index-tracking fund. The aim is to replicate the performance of the FTSE/JSE All Share Index ("the 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. In the last quarter of 201 0, there was a merger between the life companies Metropolitan and Momentum, and at the start of December 201 0 the merged entity was listed on the FTSE/JSE All Share Index. The Fund has been repositioned for this change. The Fund returned 9.5% for the quarter ending December 201 0, compared to the benchmark FTSE/JSE All Share Index return of 9.4%. For the year ending December 2010, the Fund returned 18.0% against the Index return of 19.0%. The small variation in performance is due to trading costs and inflows cash flows in a volatile market.
Looking Ahead
We will maintain our tight tracking error to the FTSE/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. Completion of the transaction is likely to be achieved during 2011.