Overview
South African equity via Naspers, Anglo American, and Standard Bank. Africa's most developed equity market. Naspers provides indirect Tencent exposure at a persistent NAV discount. Resources and fintech mix.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| NPN | Naspers Ltd. | 22.4% |
| GLN | Glencore PLC | 8.4% |
| BIL | BHP Group | 7.8% |
| SBK | Standard Bank | 7.4% |
| FSR | FirstRand Ltd. | 6.8% |
| ABG | Absa Group | 5.8% |
| NED | Nedbank Group | 5.4% |
| AGL | Anglo American | 4.8% |
| SOL | Sasol Ltd. | 4.4% |
| SHP | Shoprite Holdings | 4.2% |
Fund Details
Investment Thesis
South Africa offers the most developed equity market on the African continent with a well-established banking sector, world-class mining companies, and the unique Naspers holding providing indirect exposure to Tencent through a South African-listed vehicle. Naspers's persistent Tencent stake discount to NAV represents a value opportunity that has attracted sophisticated global investors. Anglo American and Glencore provide direct commodity exposure to platinum group metals, copper, coal, and diamonds. South Africa's electricity infrastructure challenges have been partially resolved, improving the corporate earnings environment.
Who It's For
Emerging market investors who want access to Africa's most developed equity market and sophisticated institutional framework, and those seeking Naspers/Tencent exposure through a different vehicle than direct Chinese internet funds. EZA suits those building a comprehensive global emerging market allocation that includes African exposure, and contrarian investors who believe South African equities are undervalued relative to their earnings power as infrastructure constraints ease.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $46.42 | -- |
| 2017 | $58.42 | +25.9% |
| 2018 | $48.42 | -17.1% |
| 2019 | $54.42 | +12.4% |
| 2020 | $46.42 | -14.7% |
| 2021 | $54.42 | +17.2% |
| 2022 | $48.42 | -11.0% |
| 2023 | $52.42 | +8.3% |
| 2024 | $50.42 | -3.8% |
| 2025 | $54.46 | +8.0% |
| Year | Yield |
|---|---|
| 2016 | 3.12% |
| 2017 | 2.88% |
| 2018 | 3.22% |
| 2019 | 2.98% |
| 2020 | 2.72% |
| 2021 | 2.48% |
| 2022 | 2.98% |
| 2023 | 2.78% |
| 2024 | 2.92% |
| 2025 | 3.12% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.5B | -- |
| 2017 | $0.7B | +40.0% |
| 2018 | $0.5B | -28.6% |
| 2019 | $0.6B | +20.0% |
| 2020 | $0.5B | -16.7% |
| 2021 | $0.6B | +20.0% |
| 2022 | $0.5B | -16.7% |
| 2023 | $0.5B | 0.0% |
| 2024 | $0.5B | 0.0% |
| 2025 | $0.42B | -16.0% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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