This was the most successful unit trust in the Investec stable back in the late 1990s, under renowned portfolio manager Rhett Hammond. In recent years it has fallen behind the pack, so a year ago it was decided to take a completely different approach from its peers. Daniel Sacks, head of commodities, was appointed as the portfolio manager. He is part of the Investec Equity team, which focuses on earnings revisions as its main screening tool. The Investec Equity fund has a significant direct holding in the fund. Sacks had plenty of opportunities to buy low-priced commodity shares for this fund. Even heavyweight companies such as Anglogold Ashanti and Impala Platinum had fallen out of the Top 40. Sacks says he has never quite believed reports of a large deficit in platinum, but nonetheless the sector was starting to look cheap. He is excited about resources from these levels. At the end of September, 37% of the fund was in basic materials, with the largest holdings in Impala, South32,...
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