search menu Home > Sanlam Investments > Our fund range EQUITIES SVS Sanlam UK Equity Growth Fund A high conviction, long-only UK equity fund with a growth style bias. Focused on growth themes & companies within the UK which are adapting to the modern economy. The Fund seeks to achieve long-term capital growth by investing primarily in companies deemed by the manager to have above average growth prospects. The fund Targets long-term capital growth. Invests primarily in established UK companies. Managed by a highly experienced team. Sections: 5 reasons to invest Philosophy Investment process Fund commentary Related articles Fund literature Factsheet KIIDs Regulatory Fund information Meet the UK Equities team Chris Rodgers Head of UK Equities View profile Andrew Evans, CFA Fund Manager View profile Mark Boucher Fund Manager View profile Why invest in the fund? 5 reasons to invest Fund philosophy Investment process High-conviction, active, growth portfolio taking advantage of thematic opportunities Focussed on those companies best positioned or adapting to the modern economy Avoiding mature or old economy business models Co-managers have over 50 years’ combined experience of managing UK equities Unconstrained by a benchmark with a pragmatic investment approach. Superior idea generation and stock selection can be married with disciplined risk controls and portfolio exposure management to generate alpha. Mark Swain, Fund Manager Fund Commentary Monthly Commentary Quarterly Update October 2021 Market/macro backdrop October saw a rally in UK equities with the MSCI UK index producing a sterling total return of 2.3% (Source: MSCI and Bloomberg). The ‘old economy’ areas of the market – particularly bank stocks – had a good month as ‘risk-free’ bond yields began to rise amid concerns that the Bank of England could be about to raise interest rates to mitigate inflation risks. Performance The Fund produced a performance of -0.2% in October (source: Morningstar – A Inc units). Past performance is not a guide to future performance. Total return, NAV to NAV basis, net of charges. Positive and negative contributors Highlights over the month included our holding in Watches of Switzerland as it recovered strongly from the ‘growth’ sell-off at the end of September. Hydrogen plays have been buoyed by the growing realisation amongst many policymakers that time is running out if we are to avoid the worst effects of climate change, and this drove strong performance from our holding in Ceres Power. Structural growth holdings such as Ashtead also performed well. The main stock level detractor over the month was S4 Capital after a broker downgraded it to hold. Future and Saietta, which had delivered stellar performance in prior months, also gave back some performance in October. Significant portfolio changes - buy/sells Purchases in October included clothes retailer Next as the shares pulled back after the very impressive results the previous month. We funded this by selling JD Wetherspoon and builders’ merchant Travis Perkins, leaving our aggregate exposure to the UK consumer broadly the same. Fund/corporate/team highlights NA Outlook As we have discussed in our recent updates, the benefits of further economic recovery and global growth are now more finely balanced against the risks of higher valuations, tightening liquidity and rising inflation. The surge in wholesale energy prices will inevitably cause serious pain for some UK industries (particularly those that haven’t hedged their energy costs) and carries with it the risk of further supply chain disruption. Against this backdrop, we believe that astute security selection and in particular a focus on genuine structural growth opportunities and self-help will be an important driver of returns. We also think that it is important that investors realise that the pandemic continues to transform the UK economy and we will continue to reflect that reality within the composition of the Fund. Explore the details A high conviction, long-only UK equity fund with a growth style bias. Focused on growth themes & companies within the UK which are adapting to the modern economy. 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? MARKET OUTLOOK 02 June 2021 Why haven't markets rewarded company results? The first quarter was favourable for equities; companies generally beat earnings expectations, in some cases quite strongly. Recovery is well underway, helped by Covid vaccines and an influx of cash to American pockets courtesy of the Biden administration. So why then are outperforming equities reaping so little reward from their stock prices? MARKET OUTLOOK 01 April 2021 A positive outlook but beware of economic euphoria The global economic outlook is strengthening, and this view has been reinforced by many companies reporting expectation-beating earnings for the last quarter of 2020. But while good business results go some way towards explaining the confidence in equity markets, are they enough to justify inflated prices? 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 primarily invests in company shares listed on stock exchanges in the United Kingdom and will therefore have greater exposure to the market, political and economic risks in the UK. Ready to invest? 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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.