How unit trust com­pa­nies lined up at the end of the sec­ond quar­ter

Weekend Argus (Saturday Edition) - - LIFE - MARK BECHARD

Al­lan Gray has re­tained its po­si­tion as the top man­ager of South African unit trust funds, while Ned­group In­vest­ments re­mains the best man­ager of off­shore funds, ac­cord­ing to the PlexCrown sur­vey of man­age­ment com­pa­nies for the quar­ter to the end of June.

Al­lan Gray’s over­all rating de­creased slightly to 4.304 PlexCrowns from 4.306 in the first quar­ter of this year, when it at­tained first place, a po­si­tion it had not held since the fourth quar­ter of 2013.

As in the first quar­ter, Ned­group In­vest­ments was run­ner- up to Al­lan Gray in the do­mes­tic rank­ings. Its over­all rating also de­clined slightly, to 3.909 from 3.972 PlexCrowns in March.

In Jan­uary, Ned­group In­vest­ments won the Rag­ing Bull Awards for the best South African and the best off­shore man­age­ment com­pany of 2015.

Coro­na­tion Fund Man­agers slipped down the rank­ings in the sec­ond quar­ter this year, mov­ing into fourth place, while Mar­riott moved up into third.

The PlexCrown sur­vey, which is con­ducted quar­terly, rates ac­tively man­aged col­lec­tive in­vest­ment schemes and scheme man­agers based on the risk-ad­justed re­turns of their funds. The fund rat­ings take into ac­count con­sis­tency of per­for­mance and the risk a fund man­ager takes when in­vest­ing, with man­agers scor­ing higher for good re­turns at low risk. Funds are rated from one to five PlexCrowns.

AL­LAN GRAY

Al­lan Gray’s top rating in the sur­vey was char­ac­terised by solid in­vest­ment pro­fi­cien­cies across all the broad as­set classes. The com­pany shared third place (with Ash­bur­ton, Fo­ord, Met­ro­pol­i­tan and San­lam) in the broad South African eq­uity and real es­tate cat­e­gory, with 4.000 PlexCrowns, and was ranked third in the broad global and world­wide cat­e­gory, with 4.283 PlexCrowns, ac­cord­ing to Ryk de Klerk, a direc­tor of PlexCrown Fund Rat­ings.

Al­lan Gray had the third-high­est rank­ing in the broad South African multi- as­set non- in­come cat­e­gory with 4.738 PlexCrowns, and it shared fourth place (with Com­mu­nity Growth and Oasis) in the broad South African in­ter­est-bear­ing and in­come cat­e­gory, with 4.000 PlexCrowns, De Klerk says.

Six of Al­lan Gray’s eight funds that qual­ify for PlexCrown rat­ings achieved above-av­er­age rat­ings of four or five PlexCrowns.

The Al­lan Gray- Or­bis Global Fund of Funds and the Al­lan Gray Bal­anced Fund achieved five PlexCrowns. The Global Fund of Funds was the top-rated fund in the global multi- as­set high- eq­uity sub- cat­e­gory, while the Bal­anced Fund was the sec­ond-best-rated fund in the South African multi-as­set high­e­quity sub-cat­e­gory.

The fol­low­ing funds achieved four PlexCrowns: the Al­lan GrayOr­bis Global Eq­uity Feeder Fund (up from three PlexCrowns in the first quar­ter), and the Al­lan Gray Eq­uity, Bond and Sta­ble (down from five PlexCrowns) funds.

NED­GROUP IN­VEST­MENTS

The in­vest­ment house was ranked third in the broad South African in­ter­est-bear­ing and in­come cat­e­gory with 4.326 PlexCrowns, shared fifth place (with Grindrod and Fo­ord) in the global and world­wide cat­e­gory with 4.000 PlexCrowns, and had the sixth-high­est rank­ing in the broad South African multi- as­set non- in­come cat­e­gory with 4.092 PlexCrowns.

Four­teen of Ned­group In­vest­ments’s 20 funds that qual­ify for a rating achieved above-av­er­age rat­ings of four or more PlexCrowns.

The fol­low­ing seven funds achieved five PlexCrowns: the Fi­nan­cials Fund (top fund in the South African eq­uity fi­nan­cial sub-cat­e­gory); Pri­vate Wealth Eq­uity Fund (top fund in the South African eq­uity and large-cap sub-cat­e­gory); En­tre­pre­neur Fund (top fund in the South African eq­uity mid- and small-cap sub- cat­e­gory); Core Di­ver­si­fied Fund (a South African multi-as­set high-eq­uity fund); Flex­i­ble In­come Fund (sec­ond-best fund in the South African multi-as­set in­come sub-cat­e­gory); Core Guarded Fund (South African multi- as­set low eq­uity sub-cat­e­gory); and the Op­por­tu­nity Fund (sec­ond-best fund in the South African multi-as­set medium-eq­uity sub-cat­e­gory).

The fol­low­ing funds achieved four PlexCrowns: the Global Eq­uity Feeder Fund, Global Flex­i­ble Feeder Fund, Global Cau­tious Feeder Fund (which gained a PlexCrown since the first quar­ter), Min­ing and Re­source Fund, Core In­come Fund (which gained a PlexCrown), Sta­ble Fund (which lost a PlexCrown) and Bra­vata World­wide Flex­i­ble Fund.

MAR­RIOTT

Third-placed Mar­riott’s over­all rating im­proved to 3.743 PlexCrowns, from 3.397 PlexCrowns in the first quar­ter and up from 3.046 PlexCrowns at the end of 2015.

The in­vest­ment house had the sec­ond-high­est rating in both the broad South African eq­uity and real es­tate cat­e­gory with 4.675 PlexCrowns, and the broad global and world­wide cat­e­gory with 4.304 PlexCrowns.

Six of Mar­riott’s 12 rated funds had above-av­er­age rat­ings of four or five PlexCrowns.

The fol­low­ing five funds achieved five PlexCrowns: the Global In­come Fund (top-rated fund in the global in­ter­est-bear­ing short­term sub-cat­e­gory); In­ter­na­tional Growth Feeder Fund (first in the global multi-as­set flex­i­ble sub-cat­e­gory); Div­i­dend Growth Fund (a South African eq­uity gen­eral fund); Bal­anced Fund of Funds (a South African multi- as­set high eq­uity fund); and the World­wide Flex­i­ble Fund of Funds (sec­ond-best fund in the world­wide multi-as­set flex­i­ble sub-cat­e­gory).

The First World Eq­uity Feeder Fund achieved four PlexCrowns.

OFF­SHORE RAT­INGS

Ned­group In­vest­ments again topped the rank­ing of man­agers of for­eign funds ap­proved by the Fi­nan­cial Ser­vices Board for South African in­vestors. ACPI main­tained sec­ond po­si­tion, but Mar­riott fell to fifth place, while Oasis moved into third.

Ned­group In­vest­ments’s rating re­mained at 5.000 PlexCrowns. The in­vest­ment house topped the charts in the broad eq­uity and real es­tate cat­e­gory with 5.000 PlexCrowns, and shared top spot with ACPI and Mar­riott in the broad off­shore as­set al­lo­ca­tion cat­e­gory with 5.000 PlexCrowns.

All three of Ned­group In­vest­ments’s rated funds achieved rat­ings of five PlexCrowns: the Global Cau­tious Fund (top-rated fund in the global as­set al­lo­ca­tion flex­i­ble cat­e­gory); Global Flex­i­ble Fund; and the Global Eq­uity Fund (run­ner-up in the global eq­uity gen­eral sub-cat­e­gory).

ACPI main­tained its rating of 4.500 PlexCrowns in the sec­ond quar­ter. It was the lead­ing man­age­ment com­pany in the broad global fixed-in­ter­est cat­e­gory with 4.000 PlexCrowns, and shared the top spot in global as­set al­lo­ca­tion cat­e­gory.

Four of ACPI’s five rated funds had four or five PlexCrowns. Two funds achieved to top rating of five PlexCrowns: the Bal­anced Uc­its Fund and the Rubrics Global Credit Uc­its Fund.

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