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Portfolio Description and Investment Objective

This is a diversified local equity portfolio. The portfolio aims to outperform the JSE All Share Index on a total return basis, over an investment horizon of three years or more, by investing in high-quality companies that we feel are undervalued. This portfolio is suitable for investors who can withstand potential capital volatility in the shorter term

The portfolio offers a carefully selected, well diversified basket of shares from all sectors on the JSE. However, it may also provide exposure to unlisted shares. The investments in the portfolio are subject to rigorous, in-depth research and adhere to our pragmatic value investment philosophy

Your Personal Equity Portfolio

Sanlam Private Wealth Equity 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 2020

Portfolio Information

Risk Rating


Inception Date

April 2011

Minimum Investment

R1 Million


Share TR Index

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



BHP Group Plc


Anglo American Tobacco Plc


British AmericanTobacco Plc


Compagnie Financiere


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

December saw a continuation of November’s strong equity market performance both in SA and internationally. SA equity prices increased by 4.2% for the month on a total return basis, as measured by the FTSE/JSE All Share Index. Globally, the picture was similar, with developed market share prices rising 4.3% in US dollar terms, as measured by the MSCI World Index, while emerging markets gained a healthy 7.4% in the month, as measured by the MSCI Emerging Market Index.

In a remarkable year on many fronts, the SA market delivered a total return of 7.0% over 2020, while developed markets rose 16.5% in US dollar terms and emerging markets were up 18.7% despite the global macro-economic woes in the wake of the COVID-19 pandemic.

The SA resources sector gained 9.2% in December, closely followed by financials (+8.3%), while industrials declined 1.1% in the month. Within resources, the performance came from platinum miners (+20.8%) and industrial metals (+18.2%). Losing sectors were travel and leisure (-5.2%) and telecommunication (-4.0%). For the full year, resources returned 21.1% and industrials 14.3%, but financials struggled, losing 19.5%.

The All Bond Index (ALBI) returned 2.4% in December and an equity-beating 8.7% for the year, almost all of which came in the second half. Cash returned 0.3% for the month and 5.4% for the year. SA listed property had a strong December, up 13.7%, but was still the worst-performing asset class for the year, losing 33.8%.

The portfolio recorded a return of 5.4% – net of fees – for the 12 months to the end of December, underperforming the benchmark return of 7.0%, but comfortably ahead of the median peer return of 2.4%. The portfolio’s underperformance relative to the static benchmark over the past year was driven by the overweight position in Sasol and the lack of exposure to gold mining companies, partially countered by the positive effects of a relatively high cash holding in February and March when the market sold off, and good timing in our Northam holding.

When compared to competing general equity unit trusts, the portfolio was in the top third of the peer group over the past 12 months and in the top quartile over five, seven and 10 years. The portfolio maintained its value bias by being overweight in SA banks, SA retailers and tobacco, and a zero holding in gold shares which are expensive based on our views on the shares.


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 Equity 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


Tel: 021 672 1888


Tel: 021 861 3700


Tel: 011 778 6600


Tel: 012 470 0622


Tel: 031 560 3600


Tel: 044 606 1100


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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