TOP MANAGEMENT COMPANIES
The unit trust management companies with the most impressive and most consistent overall performance across their families of funds taking into account all factors (performance, risk-management and consistency). The awards are based on the highest average PlexCrown rating for the suite of funds per major asset class managed by each management company, with weights being applied to asset classes. Passive funds are not rated, and funds in non-rated sub-categories and sectors (for example, money market funds) are not taken into consideration.
SOUTH AFRICAN MANAGEMENT COMPANY OF THE YEAR
The South African-domiciled management company with the best overall performance across sectors consisting of a suite of five or more rand-denominated funds with at least five years’ history. Asset class management skill and fund sizes are incorporated.
ALLAN GRAY
Certificate for Second-best South African Management Company: PSG
Certificate for Third-best South African Management Company: NEDGROUP INVESTMENTS
OFFSHORE MANAGEMENT COMPANY OF THE YEAR
The overseas-domiciled management company with the best overall performance across sectors consisting of a suite of five or more non-rand-denominated funds with at least five years’ history.
NEDGROUP INVESTMENTS
SPECIAL RAGING BULL AWARDS
For Straight Performance by a South African Equity General Fund over 21 Years
INVESTEC EQUITY FUND
For Risk-adjusted Performance by a South African Multi-asset Equity Fund over 21 Years
INVESTEC MANAGED FUND (R/A)
TOP FUNDS ON STRAIGHT PERFORMANCE
The top performers to December 31, 2016 on a straight performance basis in asset- and sector-specific Association for Savings & Investment South Africa (Asisa) categories, including the main multi-asset sub-categories). Funds are ranked on a three-year lump sum NAV-to-NAV basis (entry costs not taken into account) with income distributions reinvested at the ex-dividend date.
Best South African Equity General Fund. The fund with the highest ProfileData total investment return ranking over three years in the Asisa South African equity general sub-category.
INVESTEC VALUE FUND
Best South African Interest-bearing Fund. The fund with the highest ProfileData total investment return ranking over three years in the Asisa South African interest-bearing short-term, variable-term sub-categories and the Asisa South African multi-asset income sub-category.
PRESCIENT INCOME PROVIDER FUND
Best South African-domiciled Global Equity General Fund. The fund with the highest ProfileData total investment return ranking over three years in the Asisa global equity general sub-category.
OLD MUTUAL GLOBAL EQUITY FUND
Best Offshore Global Equity Fund. The fund with the highest ProfileData total investment return ranking over three years in ProfileData’s offshore global equity general sector.
CONTRARIUS GLOBAL EQUITY FUND (IRELAND)
TOP FUNDS ON RISK-ADJUSTED PERFORMANCE
The top performers to December 31, 2016 on a risk-adjusted basis in the asset allocation and real estate sectors, as well as the largest other Asisa sectors based on market capitalisation. The PlexCrown fund rating methodology, which incorporates risk-adjusted returns and consistency of performance, is used to rate and rank funds for these awards. Passive funds are not rated, and funds in non-rated sub-categories and sectors (for example, money market) are not taken into consideration. To qualify for a rating, a fund must have a return history of at least five years in a sub-category or sector with at least five qualifying funds.
Best South African General Equity Fund. The fund with the highest PlexCrown rating and rank in the Asisa South African equity general sub-category.
NEDGROUP INVESTMENTS PRIVATE WEALTH EQUITY FUND (A)
Best South African Multi-asset Equity Fund. The fund with the highest PlexCrown rating and rank in the Asisa South African multi-asset high-equity, medium-equity and low-equity sub-categories.
NFB CI CAUTIOUS FUND OF FUNDS (A)
Best South African Multi-asset Flexible Fund. The fund with the highest PlexCrown rating and rank in the Asisa South African multi-asset flexible sector.
CENTAUR BCI FLEXIBLE FUND (A)
Best Offshore Global Asset Allocation Fund. The fund with the highest PlexCrown rating and rank in ProfileData’s offshore global asset allocation flexible and prudential sectors.
NEDGROUP INVESTMENTS GLOBAL FLEXIBLE FUND
HOW THE PLEXCROWN FUND RATINGS SYSTEM RATES FUNDS
The PlexCrown Fund Ratings, which form the basis of the Raging Bull Awards, are in line with guidelines set by the Association for Savings & Investment South Africa and criteria set by PlexCrown Fund Ratings:
• Unclassified funds are not rated.
• Gold and precious metal funds are excluded.
• A sub-category is rated only if it consists of at least five funds.
• Only funds with a performance history of at least five years can qualify for a rating.
• Pure index-tracking funds are excluded.
• Funds in the South African equity general and large-cap sub-categories that track indices where investment methodologies are involved are rated with other funds in their sub-category.
• Funds in the South African interest-bearing money market sub-category are excluded.
• The Financial Services Board-approved global asset allocation prudential and flexible sub-categories are rated in the broader global asset allocation category.
• Where a fund has more than one class, the returns of the higher-cost A-class fund are used.
• Funds in non-multi-asset and interest-bearing variable-term sub-categories are ranked on a percentile basis over five- and three-year periods according to the Sharpe Ratio, Alpha, Treynor Ratio, Sortino Ratio and Omega.
• Funds in the multi-asset sub-categories (excluding multi-asset income) are ranked over five- and three-year periods according to the Sharpe Ratio, Alpha, Sortino Ratio and Omega.
• Funds in the multi-asset income and interest-bearing short-term sub-categories are ranked over five- and three-year periods according to the Sharpe Ratio, Alpha and Sortino Ratio.
• The funds’ percentile rankings per measure over three and five years are time-weighted by applying weights of 40 percent and 60 percent. The total percentile ranking of funds in the non-multi-asset and interest-bearing variable-term sub-categories are then calculated by applying a weight of 20 percent to each fund’s percentile rankings per measure.
• In the multi-asset sub-categories (excluding multi-asset income), a weighting of 25 percent is given to the four performance measures: the Sharpe Ratio, the Sortino Ratio, Alpha and Omega.
• In the multi-asset income and interest-bearing short-term sub-categories, a weighting of 33.33 percent is given to the three performance measures: the Sharpe Ratio, the Sortino Ratio and Alpha.
• The fund with the highest weighted percentile ranking is therefore the winner in its sub-category.