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Sanlam Global High Quality UCITS Strategy

Access the global equity market with an award winning, top performing strategy.

The Sanlam Global High Quality UCITS Fund ranks second over 3 years and first since its inception under its equity international peer group. (Source: Financial Express) and recently won Best Fund at the City of London Wealth Management Awards™.

Quick Facts About The Strategy

Purpose: Aims to provide a compound total returns in excess of the MSCI World net of fees and with lower risk
Product: UCITS IV Fund, Segregated Mandates
AUM: Strategy: GBP 827m, Fund: GBP 218m
Currencies: GBP – base. US$,€, CHF hedge to GBP – available in Q3 2017
Inception: Strategy: 30 April 2008
Fund: 28 February 2014
Annual management charge: 0.75% (F shares)
Ongoing charges figure: 0.86% (F shares)

Proposition

Actively managed portfolio of global equities with a high quality bias. High conviction and benchmark agnostic, with sector and regional positioning driven by bottom-up stock selection. The strategy also tactically utilises cash (maximum 22%) as risk management tool or while awaiting preferred price entry levels.


Performance

1 Month 1.24%
3 Months 4.95%
6 Months 5.16%
YTD 17.51%
1 Year 17.51%
Since inception 243.18%

Fund Characteristics

Fund Index
Number of Holdings 33 1653
Average Market Cap (£ billions) 124.88 18.11
Return On Equity 20.00% 11.50%
Net Debt/EBITDA 0.70x 2.09x
Price/Earnings (NTM) 20.70x 17.04x
Price/Book Value 6.10 2.43
Operating Margin 31.20% 11.59%
Dividend Yield * 1.60% 2.40%

*estimated 12 months forward
Sources: Sanlam UK/Bloomberg/MSCI

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 1.39 5.19 0.52 0.28 4.36 -0.41 0.83 2.61 -3.15 3.11 0.53 1.24 17.51
2016 1.58 1.05 2.44 -1.48 2.54 9.67 4.62 1.03 2.16 4.49 -4.17 2.20 28.72
2015 2.73 3.22 0.23 -0.08 1.03 -4.86 3.16 -3.71 0.26 6.18 2.78 1.08 12.14
2014 -5.75 3.21 1.62 1.47 2.56 -2.76 -2.06 4.11 0.10 3.01 5.59 -1.48 9.39
2013 6.64 5.18 2.95 -0.37 1.20 -1.86 2.50 -4.43 -0.16 4.23 -0.52 0.24 16.15
2012 -1.64 3.80 1.67 -1.52 0.35 3.45 3.10 0.73 0.84 -0.67 2.23 -2.00 10.58
2011 -2.64 1.38 0.49 1.94 2.53 -0.40 -0.96 -1.45 -0.80 2.65 3.18 1.78 7.77
2010 -2.01 5.51 3.63 -2.16 -5.08 -5.15 2.24 -0.07 4.05 5.74 -1.18 2.16 7.11
2009 -5.20 -2.94 2.22 2.93 -2.70 -0.99 4.60 5.57 4.13 -2.75 3.19 3.42 11.31
2008 - - - - 0.84 -3.59 -0.26 8.50 -0.73 0.93 0.43 5.88 12.08

*Sources: Sanlam UK, Bloomberg. Basis: GBP C share class (Base/Local currency and class). NAV based, total return (net of fees). Period: 30.04.2008 to 28.02.2017 and represents a composite of the manager’s global equity track record. Past performance disclaimer. The Fund was launched on 28.02.2014 (BLUE) and therefore no earlier UCITS Fund performance numbers are available. Performance from 30.04.2008 to 31.08.2012 (GREY) is that of the manager’s ACPI segregated global equity mandate after all fees including transactions fees. From 31.08.2012 to 30.09.2012 (PURPLE) is that of the MSCI World Index while the manager transitioned to the Sanlam group and from 30.09.2012 to 28.02.2014 (TURQUOISE) is that of the Sanlam Private Wealth Global Equity Diversified Portfolio (net of all costs including transaction fees). ACPI Investment Managers is an independently owned investment management company. Past performance should not be taken as an indicator of future performance. Since investors may be liable to external fees, charges and taxes, the illustrated returns are not meant to provide a measure of actual return to investors. Class C shares are only available to those investors who have a separate investment management mandate with the Investment Manager.

1. Reckitt Benckiser Consumer Staples 4.60%
2. Oracle Information Technology 4.20%
3. Alphabet Information Technology 4.20%
4. Medtronic Health Care 4.10%
5. Roche Health Care 3.50%
Sources: SPW and Bloomberg
6. Priceline Information Technology 3.30%
7. PepsiCo Consumer Staples 3.30%
8. Fresenius Health Care 3.20%
9. Diageo PLC Consumer Staples 3.20%
10. Diageo PLC Consumer Staples 3.10%
Total 36.70%
1. Reckitt Benckiser Consumer Staples 4.60%
2. Oracle Information Technology 4.20%
3. Alphabet Information Technology 4.20%
4. Medtronic Health Care 4.10%
5. Roche Health Care 3.50%
6. Priceline Information Technology 3.30%
7. PepsiCo Consumer Staples 3.30%
8. Fresenius Health Care 3.20%
9. Diageo PLC Consumer Staples 3.20%
10. Diageo PLC Consumer Staples 3.10%
Total 36.70%
Sources: SPW and Bloomberg
  • Global outlook for widest opportunity set
  • Invest in high return on capital businesses
  • Seek predictable cash flow and revenue growth over the long-term
  • Sustainable growth combined with disciplined capital allocation
  • Focus on ‘margin of safety’ to intrinsic value
  • Quantitative screen (Income & Cash Flow/Balance sheet etc.)
  • Qualitative analysis (Business fundamentals, valuation, risk-reward etc.)
  • Bottom up portfolio construction (Targeting free cash flow etc.)
  • Identify enduring businesses with economic moats
  • Risk management (Multi-faceted framework)
  • Fundamental changes act as catalyst for selling discipline

PIETER FOURIE, CFA CA (SA)

Head of Global Equities As Head of Global Equities, Pieter is the lead fund manager for the Sanlam Global High Quality Equity Fund having joined the firm in mid-2012. His responsibilities include the design, management and implementation of our global equity client offering including segregated mandates for high net worth individuals. Pieter oversees a team of five analysts focusing on global and UK equities across multiple industries. Current assets under management managed by the investment team in direct global and UK equity mandates is more than $0.7bn.

WILLIAM BALL

Senior Equity Analyst William is a senior equity analyst, who has been the deputy fund manager of the Sanlam Global High Quality Fund since inception on 28 February 2014. In conjunction with the Head of Global Equities, William is responsible for global equity research and managing the high net worth global equity mandates and the global equity offering. He has over 10 years of investment experience and a track record of investing in equities. Prior to joining Sanlam in 2009, William worked at Brown Shipley before moving to Merrill Lynch.

The Sanlam Global High Quality Fund performed in line with the MSCI World Index during the month, with the fund gaining 1.2%. Pandora (+8.9%) was the best performer of the month. We added the name to the portfolio after the company had had a tough year over concerns over growth rates in their primary markets, namely the US and the UK. Given the growth opportunities available to the company, both in terms of product and geographically, we believe that these concerns are now heavily overdone. British American Tobacco (+8.0%) and Reckitt Benckiser (+6.7%) also performed well. Edwards Lifesciences (-3.9%) and Oracle (-3.7%) were the laggards.

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