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Allan Gray was again the leading manager of domestic unit trusts once the risk-adjusted performance of the range of funds that local companies manage was averaged and compared for the quarter to the end of June.
Allan Gray topped the PlexCrown Fund Ratings survey for the 15th consecutive quarter this past quarter, beating 11 other qualifying fund managers, according to Ryk de Klerk, director of PlexCrown Fund Ratings.
The PlexCrown survey assigns a single rating to each qualifying unit trust fund based on its performance across four or five different measures of risk-adjusted performance over periods up to five years.
The top-scoring funds are thus those that not only achieved good returns without taking too many risks but also those that delivered good performance consistently.
A manager’s fund ratings in the different broad unit trust sectors are averaged to determine the leading manager in each sector. From these averages, the leading managers of funds that invest in domestic and in foreign markets are determined.
The overall leading manager is determined from averages calculated for each manager, with the average score for domestic funds given a weighting of 75 percent and the average score for foreign funds given a weighting of 25 percent.
Allan Gray achieved an overall rating of 4.250 out of a maximum of 5.000 PlexCrowns, De Klerk says.
Allan Gray has six funds that qualify for a PlexCrown rating. The company’s Balanced Fund and Equity Fund each achieved the highest rating of five PlexCrowns.
The Bond Fund, Stable Fund and Orbis Global Equity Feeder Fund each achieved the second-highest rating of four PlexCrowns, while Allan Gray’s sixth fund, the Orbis Global Fund of Funds, achieved three PlexCrowns.
As a result of these individual fund ratings, Allan Gray had the highest average score for all its domestic funds among the qualifying managers – 4.500 PlexCrowns, De Klerk says.
It was in joint-first place in the domestic equity sector, came joint-second in the domestic fixed-interest sector and was joint-seventh in domestic asset allocation, he says.
Allan Gray came joint-third in the ratings for the management of foreign funds, with an average score of 3.500. In the foreign equity sector, the asset manager was in joint-second position, De Klerk says.
Coronation was again the runner-up in the rankings of domestic managers, with an overall rating of 3.958 PlexCrowns.
Coronation has 13 funds that qualify for a PlexCrown rating. Its Balanced Plus Fund (A), Industrial Fund, Balanced Defensive Fund (A) and World Equity (ZAR) Fund of Funds (A) each achieved the top rating of five PlexCrowns. Six of Coronation’s funds each achieved a rating of four PlexCrowns and three achieved three PlexCrowns each.
Among the qualifying managers, Coronation was joint-third for all its domestic funds, with an average score of 3.778, De Klerk says. It was also joint-third in the domestic real estate sector, and was joint-seventh in both the domestic asset allocation and the domestic fixed-interest sectors.
In the domestic equity sector, Coronation was ranked 11th out of 38 investment houses.
On its average rating for its foreign funds, Coronation achieved first place among the managers with foreign funds, with an average score of 4.500, De Klerk says.
Coronation’s foreign general equity fund earned it first place in the foreign equity sector, and Coronation was fourth among its peers in the foreign and worldwide flexible sector.
Nedgroup Investments moved into third position overall, edging out Prudential, which was in third place at the quarter to the end of March. Nedgroup achieved an overall rating of 3.759 PlexCrowns, De Klerk says.
Nedgroup Investments also has 13 funds that qualify for PlexCrown ratings. Its Financials Fund (A), Mining & Resources Fund (A) and Value Fund each achieved five PlexCrowns. Six funds achieved four PlexCrowns and four achieved three PlexCrowns.
On its average score for domestic funds, Nedgroup Investments was just ahead of Coronation, with a total rating of 3.929 PlexCrowns.
Nedgroup Investments was sixth in domestic equity and joint-second out of 15 investment houses in the domestic fixed-interest sector.
Nedgroup Investments’ overall rating was held back somewhat by its joint-sixth position in the total foreign ratings, where it achieved a score of 3.250, De Klerk says.
Investec, Stanlib change places in offshore manager rankings
Investec reclaimed its leading position among managers of offshore funds in the quarter to the end of June, with an overall average score of 3.694, Ryk de Klerk, director of PlexCrown Fund Ratings, says.
Stanlib, the leading manager in the quarter to the end of April, dropped back into second position among the managers of offshore funds.
PlexCrown Fund Ratings also rates foreign-domiciled funds that are registered with the Financial Services Board (FSB) as suitable for South African investors, and from these ratings the top manager of offshore funds for South Africans is determined.
To be ranked as an offshore manager, an investment house must have at least three offshore funds, including one with a five-year history in either the global equity general or the global asset allocation category.
Investec has 10 offshore funds that qualify for PlexCrown Fund Ratings.
Its GSF Global Strategic Managed Fund (A) Accumulating and its GSF Global Strategic Managed Fund (A) Income each achieved five PlexCrowns.
Three funds each achieved four PlexCrowns, four each achieved three PlexCrowns and one, the GSF American Equity Fund (A) Income, achieved only one PlexCrown.
As a result of these individual ratings, Investec was placed first among the managers of FSB-registered offshore funds in the global asset allocation and Far East equity sectors.
It shared first place in the Europe equity sector, and it shared fourth place in the global fixed-interest bond and the total fixed-interest sectors.
Stanlib had an overall offshore rating of 3.361 PlexCrowns, De Klerk says.
The manager has 10 funds that qualify for PlexCrown ratings.
The Stanlib Global Bond Fund obtained five PlexCrowns.
Two of its funds obtained four PlexCrowns each and four obtained three PlexCrowns each.
Three funds obtained two PlexCrowns each.
As a result of these fund ratings, Stanlib achieved first place in the global fixed-interest bond and the total fixed-interest sectors.
Stanlib shared third place in the Europe equity, United States equity and Far East equity sectors, but its total equity rating was watered down by a relatively weak showing in the global equity sector, De Klerk says.
Nedgroup Investments International was placed third among managers of FSB-registered offshore funds. It achieved an overall offshore rating of 3.250 PlexCrowns.
Nedgroup Investments International has three offshore funds that qualify for a PlexCrown rating.
Its Global Cautious Fund obtained four PlexCrowns, while the other funds achieved three PlexCrowns each.
Nedgroup Investments International was fourth in the global asset allocation sector, and it shared eighth position in the global equity general sector.