BoE Core Equity Fund Comment- Sep 08 - Fund Manager Comment30 Oct 2008
The All Share exhibited high volatility during September losing13.2% on a total return basis, and lost 3,866 points closing at 23,836. Resources fell the hardest; losing 21.9% on a total return basis. Industrials were down 7.1% and Financials lost 2.4% for the month. The resource heavy Top40 declined 14.3%, while both Mid Caps and Small Caps were down 6.0%.
South Africa experienced net foreign equity outflows of R7.6 bn for the month. The Rand weakened 6.7% resulting in the ALSI generating a total return in US$ terms of -19.0%. The ALSI outperformed the MSCI Emerging Markets Index return of -17.5%.
The top three sub-sectors were Gold Mining (+2.9%), Food & Drug Retailers (+0.7%) and General Industries (-0.6%). Platinum Mining (-21.6%), Fixed line Telecomm (-24.6%) and General Mining (-26.3%) were the worst performing sub-sectors.
The Portfolio under-performed the ALSI by 2.2% for the month.
BoE Core Equity Fund Comment- Jun 08 - Fund Manager Comment25 Aug 2008
The ALSI lost 4.36% on a total return basis and closed the month 1,300 points lower at 31,413. Resources managed a positive return of 1.3%, while Industrials (-10.5%) and Financials (-10.0%)continued with their divergent performance. Large caps (-4.0%) were not spared and both Mid Caps (-6.7%) and Small Caps (-8.4%) were under even more pressure than the previous month.
Net foreign equity inflows improved to R1.3bn for the month. Year to date, net outflows are still negative (-R5.4bn). The Rand depreciated 2.9% resulting in the ALSI generating a total return in US$ terms of -7.1%, but still managed to out-perform the MSCI Emerging Markets Index return of -10.0%. The top three sub sectors were Fixed Line Telecommunications (+8.1%), General Mining (+3.4%) and Gold Mining (+1.4%). Household Goods (-18.8%), Mobile Telecommunications (-18.1%) and Automobiles & Parts (-17.0%) were the worst performing sub-sectors. The portfolio out-performed the ALSI by 1.26% for the month. The non-exposure to life insurers was the significant positive contributor for the month. The Fund is 4.64% ahead of its benchmark year-to date.
BoE Core Equity Fund Comment- Mar 08 - Fund Manager Comment25 Apr 2008
The ALSI rallied 12.5% on a total return basis in February. Resources were the major contributor +17.8%, Industrials were up 7.9% and Financials were up 7.0%. This positive return was in contrast to a negative February on US markets and marginally positive returns in Europe. The Rand weakened 3.4% against the US Dollar and Sterling and 6.5% against the Euro. For February, foreigners were net sellers of SA equities (R1.7billion).
The portfolio increased by 12.09% but underperformed the ALSI by 0.36% for the month. Top performers in the portfolio included Arcelor Mittal (+30.6%), Billiton (+19.0%), Anglo (+26.7%), Aveng (+20.3%) and KIO (+19.7%). Laggards include Investec (-5.0%), Gold Fields (-2.5%) and SABMiller (+3.8%),
BoE Core Equity Fund Comment- Dec 07 - Fund Manager Comment13 Mar 2008
The ALSI ended 2007 on a negative note with December yielding a negative total return of 4.36% for the month. Financials were down 4.96%, Industrials down 1.85% and Resources down 6.17%. There were once again produced excellent equity returns in 2007 with the ALSI +19.2%, Resources +29.1%, Industrials +17.85% and Financials muted at 3.0%.
Following November, there were more large movements in shares: Anglos -8.8%, Goldfields -14%, Naspers -10% and ABSA - 12.9%. On the upside were WBHO +10%, Aveng +4.9%, Angloplats +4.0% and KIO +5.6%.
The portfolio outperformed its benchmark by 0.67% for the month and ends the year 3.4% ahead of the ALSI. Last month's contributors to underperformance all reversed with the portfolio's lack of exposure to MTN (-6.9%), underweight positioning relative to Gold Mining (-12.0%) and an overweight position in Construction (+3.7%) contributed to 0.67% underperformance relative to the ALSI.