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Fund Profile
Manager's Commentary
Old Mutual Investors Fund | South African–Equity–General
385.1588    +4.8312    (+1.270%)
NAV price (ZAR) Thu 22 Jul 2021 (change prev day)
Old Mutual Investors comment - Sep 02 - Fund Manager Comment24 Oct 2002
The fund's overweight exposure to platinum shares, which hurt the fund's performance during July, eventually paid off handsomely as these shares continued to recover from their very low levels in July. In the financial sector, where the fund is also significantly overweight, the returns were mixed. The fund benefited from the decent recovery in the life assurance sector during August. Although the fund manager's subsequently trimmed the fund's overweight position to this sector, the significant decline of these shares in September had a negative impact on fund performance during that month. However during September, bank shares clawed back some of the ground they lost during August and provided a buffer against the weak returns of the assurance sector. The woes of the TMT sector continued during the quarter. Although this sector is now arguably trading at levels that can be regarded as cheap the fund remained underweight in the sector. The current problems for IT shares in particular, outweigh the value arguments.
Old Mutual Investors' Fund requests mandate change - Official Announcement20 Aug 2002
Subject to the approval of the FSB the Old Mutual Investors' fund Trust Deeds are to be amended to allow the fund to invest in other unit trusts. This change will give the funds quick and easy access to a spread of investments from a specific market sector or asset class. The funds can then quickly respond to a market opportunity, without having to take time in building up a diversified exposure. This will not affect the fund's risk profile or positioning.

Old Mutual Investors comment - Jun 02 - Fund Manager Comment05 Aug 2002
The major features of the financial markets over the past quarter were very weak global stock markets, a depreciating US dollar and a rising gold price. South African financial markets weathered the global storm pretty well. The main influences on the market were the stronger dollar gold price, stronger rand, higher inflation and rising short term interest rates. Looking forward, the fund managers are of the view that this will be the last rate hike this year and they look forward to declining interest rates during 2003. The Investors' Fund, which reaped the benefits of a high resources weighting during 2001 and early 2002, reduced its gold and mining house exposure a little and added to banks over the quarter. The major purchase was Investec. The fund managers believe its London listing in July will focus market attention on this undervalued company.
Fund Focus: Old Mutual Investors' Fund - 12 Jul 02 - General Market Analysis16 Jul 2002
The major features of the financial markets over the past quarter were very weak global stock markets, a depreciating US dollar and a rising gold price. South African financial markets weathered the global storm pretty well. The main influences on the market were the stronger dollar gold price, stronger rand, higher inflation and rising short-term interest rates.

Looking forward, we are of the view that this will be the last rate hike this year and we look forward to declining interest rates during 2003. The Investors' Fund, which reaped the benefits of a high resources weighting during 2001 and early 2002, reduced its gold and mining house exposure a little and added to banks over the quarter. The major purchase was Investec. OM believe its London listing in July will focus market attention on this undervalued company.
Fund Focus: Old Mutual Investors' Fund - 3 July 02 - General Market Analysis03 Jul 2002
South African listed equities had another good month in May. The stronger rand, rising gold price and a good export performance helped confidence and some foreign buying of our shares has become evident.

The Investors' Fund once again benefited from a reasonably full resources exposure. It has also had the benefit of good stock selection in the industrial area. Following the exceptionally strong performance of financial shares in April, this sector has been the laggard in May, but still offers good value.

The overweight position in gold shares has been reduced in strength, while there has been some addition to bank shares.

Old Mutual Investors comment - March 02 - Fund Manager Comment15 May 2002
Much of the market action on the JSE during the latter part of the first quarter of 2002 was dominated by perceptions surrounding the elections in Zimbabwe - both before and after the event. Although the currency has been particularly volatile over the last six months, the Rand now seems to have found a new trading range and appears to be relatively stable at these levels. The fund manager believes that future movements in the Rand will depend in part on further political developments in Zimbabwe. Resources stocks have thus remained strong, and have further been benefiting from increasing positive newsflow regarding a likely economic recovery in the USA. Based partly on the overweight exposure to this sector, the Investors' Fund has had another quarter of satisfactory performance, both in relative and absolute terms. A focus on Rand hedge shares is maintained, as the fund manager does not believe that all the currency benefits have been fully discounted in some of the share prices.
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