Source: Morningstar

What is interesting about these funds, however, is that their portfolios are starting to look very different to each other. They are clearly seeing value in very different parts of the market.

The Investec Value Fund is still heavily weighted towards mining counters. At the end of August just under 65% of its portfolio was held in basic materials stocks, with particularly big positions in Impala Platinum, Anglo American, and AngloGold Ashanti.

The Stanlib Value Fund also favours resources, with 39% of its portfolio in this part of the market. It is, however, also heavily exposed to consumer goods businesses, which really sets it apart from all the other funds listed above. It gives the sector a weighting of 21%, while none of the others hold more than 10% of their assets in these companies.

In contrast to these two, the SIM Value Fund has less than 15% of its assets in basic materials stocks. Its biggest position is offshore, to which it assigns 22% of its portfolio. Locally, it is most exposed to the financials sector.

The Cannon Equity Fund is also most exposed to financials, at 29% of its portfolio. Its most interesting holdings in this regard are in Sasfin Holdings and Peregrine.

Cannon has however been upping its resources exposure in the last few months. Specifically it has been buying Anglo American and Glencore, which are now the two biggest positions in the fund.

Perpetua sits in something of a middle ground, with relatively large exposures to both financials and basic materials, at 27% and 21% of its portfolio respectively. Its largest holding is however MTN.

To some extent these disparities show how value managers are seeing much broader potential in the current market than they have for some time. There is a much wider opportunity set for them.

So far this year, however, this value has not unlocked. The question is how much longer investors will have to wait.

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