performers over the last five years,
with Mr Price up 390% over that
period and Woolworths up 300%.
Both are also sitting on price-toearnings ratios in the mid-20s,
which one would not ordinarily
consider cheap.
The Integre portfolio is extremely
stable and has changed very little
over the last year. The only major
shift is that the fund has sold out of
Truworths and Imperial in favour
of more diversified exposure to
industrial counters through the
Satrix Indi.
The fund makes quite extensive use
of index trackers, with substantial
positions in the Satrix 40 and Satrix
Divi as well. It then tilts its exposure
with only a handful of direct
shareholdings. At the end of June,
it had only nine other stocks in the
fund.
This allows it to take high conviction
positions in specific stocks. A
particular area of the market that
it favours is listed property, as
apart from increasing its position in
Growthpoint it also holds nearly 9%
of its assets in Intu. ■
ISSUE 6 – SEPTEMBER 2015
37