Coronation claimed the title of the top manager of domestic funds in this quarter’s PlexCrown survey – the third time in a row that it has been ranked number one.
Sixteen managers of collective investments qualified for an overall rating based on the risk-adjusted performance of most of their funds for periods of up to five years to June 30.
The PlexCrown survey determines the leading fund manager on the basis of the PlexCrown ratings, which measure risk-adjusted performance and the consistency of that performance over five years.
The survey determines a manager’s strengths in various broad unit trust categories.
Coronation achieved an overall rating of 4.657 out of a maximum of five PlexCrowns.
The asset manager was ranked third relative to its peers in three broad categories in which managers’ unit trust funds invest in the South African financial markets: equity and real estate, interest-bearing and income, and multi-asset.
Coronation shared fifth place with Absa and Marriott in the rankings for the management of funds in the global and worldwide categories.
Coronation has 19 funds that qualify for PlexCrown ratings. Seven of its funds each achieved the highest rating of five PlexCrowns: the Equity Fund, the Industrial Fund, the Property Equity Fund, the Balanced Defensive Fund, the Balanced Plus Fund, the Capital Plus Fund and the Strategic Income Fund.
Four of Coronation’s funds were ranked top in their respective sub-categories, while 16 of the 19 funds, or 84 percent of the company’s rated funds, achieved an above-average rating of four or more PlexCrowns.
Allan Gray was placed second in the overall ranking of managers. It achieved an average score of 4.523 out of a maximum of five PlexCrowns.
Allan Gray has seven funds that qualify for PlexCrown ratings. Four of its funds achieved five PlexCrowns each: the Balanced Fund, the Bond Fund, the Orbis Global Equity Feeder Fund and the Orbis Global Fund of Funds. Three of these four funds were placed first in their respective unit trust categories.
Allan Gray achieved the second-highest rating among its peers for the management of funds that invest in South African markets.
The investment house shared first place with Cadiz in the broad South African interest-bearing and income category, and in the global and worldwide category, Allan Gray shared the lead with Old Mutual and Regarding Capital Management.
Allan Gray was placed fifth out of 77 managers in the South African multi-asset (excluding multi-asset income) category. It shared sixth position in the South African equity and real estate category with Metropolitan Collective Investments, Personal Trust and Satrix.
Nedgroup Investments edged out PSG to take third spot overall, with a rating of 4.152 PlexCrowns.
Nedgroup obtained the third-highest rating among its peers for the management of funds that invest in South African markets.
It was placed fourth in both the South African interest-bearing and income category and the South African multi-asset category.
Nedgroup has 15 funds that qualify for a PlexCrown rating. Five of the funds achieved five PlexCrowns each: the Core Income Fund, the Entrepreneur Fund, the Financials Fund, the Stable Fund and the Mining & Resources Fund.
Although it did not qualify for an overall management company rating, Foord did very well in the sector rankings. It was first in the South African equity and real estate category, and in the South African multi-asset (excluding income funds) sector, Foord was joint first with Rezco. It was fourth in the global and worldwide category.
OASIS IS FIRST IN FOREIGN RANKINGS
Oasis was the leading manager of offshore funds among the managers that are registered with the Financial Services Board (FSB) to market foreign-domiciled funds to South Africans, the PlexCrown survey of management companies to June 30 shows.
Oasis achieved an overall average PlexCrown rating of 4.750 out of a maximum of five PlexCrowns for the three offshore funds it manages.
Oasis’s three offshore funds are domiciled in Ireland, and two of them, the Crescent Global Equity Fund and the Crescent Global Property Fund, each obtained five PlexCrowns. Its Global Fund obtained four PlexCrowns.
The Crescent Global Property Fund gave Oasis first place among its peers in the offshore real estate sector, while the ratings of the Crescent Global Equity Fund and the Global Fund gave it third place among its peers in the global equity sector.
Momentum was placed second among the offshore managers of FSB-registered funds, with an overall average score of four PlexCrowns.
Momentum had three qualifying offshore funds. Its Global Managed Fund achieved five PlexCrowns and gave Momentum second place for the management of global asset allocation flexible funds.
Alexander Forbes Strategic and Orbis, Allan Gray’s offshore sister company, shared third place in the offshore manager rankings, with an overall average rating of 3.750 PlexCrowns each. Both investment houses had four qualifying offshore funds, and among these, each had one fund that achieved five PlexCrowns.
The Strategic Global Aggressive Fund gave Alexander Forbes first place in the global asset allocation asset flexible sector, while the SICAV Asia Ex-Japan Equity Fund gave Orbis first place in the Far East equity general sector.
HOW THE LEADING SA MANAGERS ARE DECIDED
PlexCrown Fund Ratings assign each qualifying unit trust fund a score, or rating, based on its performance over four or five different measures of risk-adjusted performance over periods up to five years. These scores are used to determine the average scores of each manager in each unit trust sector, with the rating of an individual fund weighted according to the size of the fund.
The scores that a manager achieves in each unit trust sector are in turn used to determine an overall score for that manager in four broad categories: South Africa equity and real estate, South African interest-bearing, South African multi-asset, and global and worldwide. An average rating for the management of funds that invest mostly in South Africa is determined using the average scores for the three South African categories.
To determine a manager’s overall rating, the averages for the four broad categories are combined according to the following weights: South African equity and real estate, 25 percent; South African interest-bearing and multi-asset income, 25 percent; South African multi-asset (excluding multi-asset income), 35 percent; and global and worldwide, 15 percent.