search menu Home > Sanlam Investments > Our fund range EQUITIES Sanlam Global High Quality Fund A focused portfolio of the highest quality and attractively priced global companies. Managed by Pieter Fourie and his team since launch in February 2014, the fund focuses on capital growth and aims to deliver excess returns over the MSCI World Index over the long term. The fund: Is managed by a highly experienced team with an award winning track record Invests in best of class, high quality companies with strong growth prospects Focuses on 25-35 companies and is unconstrained by the benchmark Sections: 5 reasons to invest Philosophy Investment process Fund commentary Related articles Fund literature Factsheet KIIDs Regulatory Fund information Awards and ratings Meet the Global High Quality Team Pieter Fourie, CFA Head of Global Equities View profile William Ball Senior Equity Analyst View profile Nicholas Bell Global Portfolio Manager View profile Why invest in the fund? 5 reasons to invest Fund philosophy Investment process Invest in 25 – 35 high quality positions at one time. High conviction and manageable Attractive long-term strategy of investing in high quality companies, at reasonable valuations Unchanged investment philosophy since 2008 Team culture of debate and discussion to exploit diverse experience Current dislocation in the market offers a compelling entry point. Our years of experience in active management is what adds value and our risk controlled framework is what protects us. Pieter Fourie, Fund Manager Fund Commentary Monthly Commentary Quarterly Update October 2021 Market/macro backdrop During the September Federal Open Market Committee meeting the Fed indicated that a reduction in its monthly purchases of bonds might be warranted. In anticipation of FED “tapering” equity markets were weak in September but this reversed completely in October with global equity markets reaching new highs. There was another strong performance from the US equity markets which increased 7% this month to a new all-time high. In the process of making new highs the under-performance of the rest of the world versus the US continues unabated. Over the last 12 years the rest of the world’s equity markets outside the US have continued to underperform in a steady fashion. The US’s weight in global equity markets is approaching 70%; a rather lopsided scenario. Any investors who are underinvested in the US versus the rest of the world will find this position a drag on relative performance. As some of our top 10 names like Anthem, Alphabet and Microsoft soar to new highs we remain vigilant on : balancing strong fundamentals against valuations which have increased over the last year the opportunity set elsewhere in the world against large US growth stocks which continue to impress with their growth profiles Performance The Fund produced a performance of 1.3% October (source: Morningstar – C Acc share class). Past performance is not a guide to future performance. Total return, NAV to NAV basis, net of charges. Positive and negative attributors at stock level Positive: Microsoft (+16%), Anthem (+15%) and NetEase (+12%) Negative: Sabre (-12%), Fiserv (-11%) and Visa (-6%) Significant portfolio changes - buy/sells We increased our positions in Visa this month and the London Stock Exchange Group. Visa continues to benefit from accelerated cash digitisation globally. Contactless volumes continue to trend higher in the US, while overall US volumes benefited from fiscal stimulus and strong eCommerce growth. Visa Direct continues to see robust transaction growth. Recent integrations included WhatsApp payment integration in Brazil, which has already seen significant enrollment of Visa credentials. Visa Direct addresses increased digitisation of new flows (i.e. Govt to Consumer, Business to Consumer, Consumer to Consumer), exploding used cases and growth in value-added services. For example, Visa now has partnerships with 5 of the top 7 remittance providers (i.e. WesternUnion etc) and 7 of the top 10 property and casualty insurers currently use Visa Direct to disburse some funds in emergency situations. The company is accelerating investments to capitalise on these powerful new flows and the adjacent value-added services opportunity. These all support the structural growth tailwinds for Visa over the next 5-10 years. We estimate free cash flow to grow double digits over the medium term. We view Visa’s network of networks strategy as putting it in a strong competitive position in payment volumes outside of the traditional core consumer. Explore the details A focused portfolio of the highest quality and attractively priced global companies. Read the latest factsheet Related articles MARKET OUTLOOK 03 September 2021 Economic output has recovered, but should we fear a financial reckoning? From the rapid nosedive following lockdowns in March 2020 to springing earnings in the first half of ‘21, we’ve moved through this business cycle at top speed. It’s time to take a look at potential market implications and ask ourselves: Does economic payback await? INSIGHTS 02 September 2021 Lovely grub The world's population is rapidly expanding and food consumption will also grow exponentially over the coming years. Could insects be the answer? The insect farming industry has been steadily growing for many years, and insects look set to be a key food source of the future. MARKET OUTLOOK 04 August 2021 Adapting to the new, more nuanced position for markets Over the past 18 months, our commentaries have often reflected on markets either falling dramatically or staging a remarkable revival. Now the position looks less clear-cut and increasingly nuanced. Read all Fund Risks Past performance is not a guide to future performance. Do remember that the value of an investment and the income generated from them can fall as well as rise and is not guaranteed, therefore, you may not get back the amount originally invested and potentially risk total loss of capital. A table with five years’ performance is available in the fund factsheets. The Fund may invest in companies based in emerging markets which may involve additional risks not typically associated with other more established markets such as increased risk of social, economic and political uncertainty. The Fund has holdings which are denominated in currencies other than sterling and may be affected by movements in exchange rates. Consequently the value of an investment may rise or fall in line with the exchange rates. Deemed authorised and regulated by the Financial Conduct Authority. The nature and extent of consumer protections may differ from those for firms based in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website. (Notes 1, 3 and 4). Ready to invest? Contact us Create a downloadable brochure You can use these buttons to add a page, edit, or print your own brochure Add to brochure Add to brochure Brochure 0 Print Share Contact Us Terms of Use Website Privacy Policy Cookie Policy Modern Slavery Act Transparency Statement Accessibility Legal and Regulatory Sitemap © Sanlam. All rights reserved. Sanlam UK Limited is the provider of the Sanlam website. If you would like to view the regulatory and legal status of each Sanlam company to which this website relates, and the services and products which they provide, please click here. Please agree to proceed. By doing so you agree that you have read and understood the foregoing disclaimer and confirm that you are a professional investor. View disclaimer Cookie Consent We have to collect some data when you use this website so it works and is secure. We'd also like your consent to collect data to study how people use our site. This will help us improve our service and tailor the marketing you see on apps and other websites. Select 'Accept all' to agree or 'Manage consents' to chose which cookies we use. Accept all Manage consents The value of investments and any income from them can fall and you may get back less than you invested.