RAGING BULL AWARDS VERSUS MORNINGSTAR AWARDS

RAGING BULL AWARDS

Funds of domestic managers and funds of offshore managers approved by the Financial Sector Conduct Authority (FSCA).

Thirty-one certificate categories aligned with the Asisa classification system for collective investment schemes and eight broader Raging Bull Award categories. Awards are divided into straight performance over three years and riskadjusted performance over five years (using the PlexCrown methodology). Awards for South African manager of the year and offshore manager of the year.

Where applicable, the risk-adjusted returns (Sharpe and Sortino ratios), manager’s skill measures (Jensen’s Alpha and Treynor Ratio) and risk-reward ratios (Omega) are calculated for each fund over both three- and five-year periods. Weights of 40% and 60% are applied to the funds’ three- and five- year rankings respectively. Funds are rated according to their scores on a bell curve: Top 10% = 5 PlexCrowns Next 22.5% = 4 PlexCrowns Next 35% = 3 PlexCrowns Next 22.5% = 2 PlexCrowns Bottom 10% = 1 PlexCrown

Companies are rated on the PlexCrown ratings of their qualifying funds. They must have at least one qualifying fund in each of four broad categories: Global and worldwide; SA equity and real estate; SA interest-bearing and income; and SA multi-asset excluding income.

MORNINGSTAR AWARDS

Funds of domestic managers (and FSCAapproved funds of their offshore operations for the Best Global Equity Fund award).

Seven fund awards under the broad classifications of equity, fixed interest and allocation (multi-asset funds), and two fund house awards: for companies with a smaller fund range and those with a larger fund range.

The methodology emphasises the one-year period, while demanding that funds must also have delivered strong three-and five-year returns after adjusting for risk within the awards peer groups, and they must have been at least in the top half of their respective peer groups in at least three of the past five calendar years. Funds are rated on straight returns over one-, three and five-year periods (80% of total score) and on risk over three- and five-year periods (20% of total score). Note that Morningstar’s monthly star rating of funds (one to five stars) is not used in determining the awards.

Large fund house award: houses with at least 10 eligible funds. Small fund house award: houses with at least three, but less than 10, eligible funds.