Personal Finance Magazine

Welcome to the first magazine of 2023 in its new free digital format. While we have pared it down by about a third, from 76 to about 50 pages, we aim to retain the quality of content, which, as always, has been on managing your money and growing your wealth. And we’re retaining the useful unit trust performance and tax data in the Databank at the back. This edition of the magazine is almost entirely devoted to the recent Raging Bull Awards, which rewarded unit trust performance to the end of 2022. The eight trophy-winning funds are profiled in the form of interviews with the fund managers, who give insights into the investment processes they employ and their views on the markets going forward. While the volatile markets in 2022…

AT the Raging Bull Awards gala dinner on Tuesday 28 February, PSG Asset Management emerged ahead of last year’s winner, Ninety One, to clinch the coveted title of South African Manager of the Year. The awards were for investment performance to the end of 2022. The awards ceremony is hosted annually by Personal Finance in partnership with data providers ProfileData and PlexCrown Fund Ratings. The event was sponsored this year by the JSE, PSG and Mellville Douglas. It recognises top performance in the unit trust industry, which has grown exponentially since its launch in 1997. After scaling down to a streamed video presentation for two years as a result of the Covid-19 pandemic, the event reverted to its lavish gala dinner format – a calendar highlight for the asset management…

CERTIFICATES STRAIGHT PERFORMANCE OVER THREE YEARS Best South African Equity Resources Fund Coronation Resources Fund Best South African Equity Mid- and Small-Cap Fund Sanlam Investment Management Small Cap Fund Best South African Multi-Asset Flexible Fund Flagship IP Flexible Value Fund Best South African Multi-Asset Low Equity Fund PSG Multi-Management Cautious Fund of Funds Best South African Multi-Asset Medium Equity Fund Nedgroup Investments Opportunity Fund Best South African Multi-Asset High Equity Fund Aylett Balanced Prescient Fund Best South African Multi-Asset Income Fund PSG Diversified Income Fund Best South African Interest-Bearing Short-Term Fund Sasfin BCI High Yield Fund Best South African Interest-Bearing Variable-Term Fund Portfoliometrix BCI SA Bond Fund Best South African Real Estate Fund Harvard House BCI Property Fund Best (SA-Domiciled) Global Multi-Asset Flexible Fund PSG Global Flexible Feeder Fund Best…

INVESTEC’S Dynamic Equity Fund, marketed under a Boutique Collective Investments licence, was launched in 2015. Almost entirely invested in South African listed shares (including listed property shares), it delivered an annualised 25.6% a year over the three-year period under review. In contrast, the FTSE/JSE All Share Index (total return) returned 12.72%, the FTSE/JSE Mid/Small-Cap Index 9.5%, and the fund’s benchmark, the FTSE/JSE Capped Shareholder Weighted Index (Swix) 10.1%. Portfolio manager Barry Shamley responded to the following questions from Personal Finance: Please state the objectives of the fund and describe your investment approach. BS: The objective of the Investec BCI Dynamic Equity Fund is to provide investors with capital growth and income over the long term. The fund employs a primarily "bottom-up" investment approach, attempting to identify equities that offer above-average…

PSG’S Diversified Income Fund is in the multi-asset income Asisa category, one of three income categories (the other two being the interest-bearing variable and interest-bearing short-term) that fall within the ambit of this award. According to its fact sheet, the fund delivered an annualised 7.99% a year for investors over the three-year period, considerably more than its benchmark, CPI+1%, which averaged 6.33%. The fund’s managers, Lyle Sankar, Ané Craig and John Gilchrist, responded to the following questions from Personal Finance: The fund is essentially an interest-bearing income fund, limited to only 10% exposure to equity. What is the significance of this in accomplishing the fund’s objectives? LS, AC & JG:The fund is a core fixed-income portfolio and over time consists of around 90% fixed-income/interest-bearing assets. With a globally integrated investment…

PSG’S Global Equity Feeder Fund is a randdenominated equity feeder fund that invests solely in the PSG Global Equity Sub-Fund, a sub-fund of PSG Global Funds SICAV PLC, denominated in US dollars. Over three years it delivered an annualised 17.75% a year in rands, more than 5% a year above its benchmark, the MSCI World Index. Remarkably, the fund returned 14.82% in 2022, when the index dropped by 12.73%. Personal Finance put the following questions to fund managers Greg Hopkins, Philipp Wörz and Justin Floor: Can you outline your investment process, referring to stock selection and regional allocation? GH, PW & JF: Our process is research driven, long-term, benchmark agnostic and fundamentally bottom-up. We have been investing in global markets since 2008 by consistently applying our 3M (moat, management, margin…