Investec Emerging Companies Fund
MANAGEMENT Fund Manager's Comment
Andrew Joannou, BBus Science (Honours) (Finance), CFA
Andrew is the assistant portfolio manager on value equities at Investec Asset Management. In addition, he is the sector head on small to mid cap companies. His experience in these areas includes one year at Prudential Asset Management and three years at Investec Asset Management. Andrew graduated from the University of Cape Town with a Bachelor of Business Science (Honours) (Finance) degree in 1998 and gained his Chartered Financial Analyst qualification in 2002.
FUND OBJECTIVES AND FOCUS

Investment objective The Investec Emerging Companies Fund aims to grow capital over the long term. The objective is to achieve returns well in excess of a composite of the FTSE/JSE Mid Cap Index and the FTSE/JSE Small Cap Index, measured over three year periods. Strategy The fund aims to give investors a focused exposure to medium and small cap companies listed on the JSE. The investable universe will typically exclude the JSE top 40 listed shares. Where investments have been made in companies that subsequently enter the FTSE/JSE Top 40 Index, these are retained until circumstances necessitate their disposal (e.g. expensive relative to valuation). Fund features - The longest running domestic smaller companies fund - An excellent long-term track record - A specialist equity fund for investors who want dedicated exposure to the small and mid cap sector - Uses the Investec proprietary research model and a dedicated team of analysts to assist in the screening and the selection of companies - Provides portfolio diversification - More volatile than a general equity fund


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WEBGRAPH
RANKING
SectorSouth African-Equity-Mid and Small Cap
SizeR2,210,152,047
Sector Rank: 6 out of 8
(lump sum over 3 years to 31 July 2019)
Overall Rank: 1031 out of 1038
(lump sum over 3 years to 31 July 2019)
R1000 invested on 31 July 2016 was worth R 783 at 31 July 2019
( -7.85% annual compound return)
R100 per month since 31 July 2016 was worth R 3307 at 31 July 2019
( -5.57% annual return compounded monthly)
TECHNICAL OVERVIEW
Formation Date:01 FEB 1995 Holdings:47
Original Price:105 Pricing:Forward
Top Holdings on 31 July 2019
Share (Sector)No.Value% of Fund
IMPLATS (Mining)3,246,894226,470,857 10.25 %
METAIR (Automobiles - Parts)2,640,28762,178,759 2.81 %
MASSMART (General Retailers)2,765,945172,041,779 7.78 %
HCI (General Financial)1,260,868134,660,702 6.09 %
NETCARE (Health Care Equipment - Services)2,233,60340,160,182 1.82 %
RAUBEX (Construction - Materials)4,542,97388,179,106 3.99 %
CASH (Cash on call)041,656,843 1.88 %
ALTRON (Software - Computer Services)2,326,52761,769,292 2.79 %
TOTAL R827,117,52037.41%

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