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Portfolio Description and Investment Objective

This multi-asset class portfolio invests in equities, bonds, money market instruments and property, both locally and offshore. This portfolio will aim for long-term capital growth through active stock picking and asset allocation.

This portfolio may have a maximum effective equity exposure (including international equity) of up to 40% and a maximum effective property exposure (including international property) of up to 25% of the market value of the portfolio. Total allowable offshore exposure is 30%. Due to the lower exposure to equities in the portfolio, lower levels of volatility can be expected.

Your Personal Balanced Portfolio

Sanlam Private Wealth Conservative Balanced Model Portfolio is constructed by the Investment Team based on an intensive and rigorous investment process. The model portfolio acts as a guide to your portfolio manager in customising your personal portfolio to suite your individual requirements. It is important to note that the performance on this fact sheet is based on the model portfolio and the performance of your portfolio may vary depending on the level of deviation from the model portfolio and the fees charged.

Why Select a Personal Portfolio

A personal portfolio is suitable to more discerning investors who might have unique factors to consider during the investment process. With a personal portfolio, your investment can be tailored to your unique requirements. You will have the benefit of more direct access to your portfolio manager Your portfolio will not be affected by the cash investment and withdrawals of other investors.


31 Dec 2019

Portfolio Information

Risk Rating


Inception Date

December 2004

Minimum Investment

R1 Million


Multi-asset Low Equity

Management Company

Sanlam Private Wealth

Portfolio Manager

Alwyn van der Merwe

Initial Fees


Annual Management

Fee Slider Scale (refer to mandate)

Top 5 Share Holdings

Stor-age Property




BHP Group Plc


Multichoice Group Ltd




Please note:
Your portfolio might vary from this

1. The net of fee calculation assumes a 1.15% Annual Management Charge and a Total Trading Costs of 1% (both inclusive of vat) on the value of actual portfolio turnover

Percentage Returns

portfolio manager's comment

Along with emerging markets, South African equities rebounded firmly in December with the FTSE/JSE All Share Index (ALSI) posting a total return gain of 3.3%. Increased clarity regarding trade negotiations between the US and China, and a Conservative Party victory in the UK local elections boosted the so-called risk-on trade. Global markets were strong, emerging markets leading the way with a 7.5% advance in equity prices, while the MSCI World Index gained 3.0% in US dollar terms.

The SA resources sector gained 7.0% in December, followed by industrials (+2.3%). SA financials managed to eke out a total return of only +0.7%. It was another very strong month for precious metal equities. The top SA resources equity sector performance came from gold (+19.5%) and platinum (+17.6%), followed by chemicals (+13.2%). Losing sectors were populated by industrial and financial counters. The telecoms sectors struggled again, with fixed line losing -25.7% and mobile down 9.0%. The All Bond Index (ALBI) return of 1.9% was the best monthly performance of H2 2019. Cash returned 0.6%. SA listed property was the worst performing asset class, shedding 2.1%.

These monthly returns were instrumental for the Q4 2019 outcome. In Q4, the ALSI posted a total return of +4.6% versus -4.6% in Q3. Cash and the ALBI each posted a total return of +1.7% in Q4 (+1.8% and +0.7% respectively in Q3). Listed property was the Q4 2019 overall asset class loser with a total return of +0.6%.

The portfolio delivered a return of 8.0% for the 12 months to the end of December, marginally underperforming the peer group average of 8.6%. The conservative asset allocation stance – low global and local equity exposure – did not work in favour of the portfolio as both local and global equities ended the year strongly. When compared to competing low-equity unit trusts, the portfolio was in the top half of the peer group over the past 12 months as well as over five years.

The equity exposure in the portfolio was maintained at 28%. Since we hold the view that we are in an advanced stage of a global equity bull market, the equity position remains underweight relative to the maximum allowable equity exposure of 40%. We maintained the property holdings in the portfolio. The South African fixed interest exposure remains conservatively positioned.


Alwyn Van Der Merwe


About Sanlam Private Wealth

Sanlam Private Wealth is a holistic, integrated wealth management business that provides advice and manages assets for high net worth private individuals, cultural organizations, charitable institutions and similar entities with investable assets of more than R1 million

Mandatory Disclosure

Participation in the Sanlam Private Wealth’s Conservative Balanced Model Portfolio is a medium to long-term investment. The value of this portfolio is subject to fluctuation and past performance is not necessarily a guide as to its future performance. Calculations are based on a lump sum investment with gross income reinvested on the ex-dividend date. All performance figures exclude costs. Actual investment performance will differ based on the fees applicable, the actual investment date and the date of reinvestment of income. A schedule of fees and maximum commissions is available from the manager. Sanlam Private Wealth (Pty) Ltd, registration number 2000/023234/07, is a member of the Johannesburg Stock Exchange, a licensed Financial Services Provide (FSP 37473) and a Registered Credit Provide (NCRCP1867).

Treating Customers Fairly (TCF)

As a business we are committed to the principles of TCF, practicing a specific business philosophy that is based on client-centricity and treating customers fairly. Our clients can be confident they are dealing with a company where TCF is central to what we do and be reassured that we have a holistic wealth management product offering that is tailored to their needs, and a service that is of a high standard.

Contact Us

Tel: 021 950 2770


Farm 1, Vineyards Office Estate, 99 Jip de Jager Dr, Welgemoed 7530

Tyger Valley Tel: 021 950 2300

Claremont Tel: 021 672 1888

Stellenbosch Tel: 021 861 3700

Johannesburg Tel: 011 778 6600

Pretoria Tel: 012 470 0622

Durban Tel: 031 560 3600

Knysna Tel: 044 606 1100

George Tel: 044 805 5900

About the
portfolio manager


Alwyn van der Merwe

B.Com(Hons), MBA

Alwyn was appointed as Director of Investments for Sanlam Private Wealth in 2007. He has over 24 years' investment industry experience and managed institutional and unit trust portfolios successfully for 14 years. Alwyn leads and chairs Sanlam Private Wealth's formal investment committee.

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